money

Economist: Diversification absolutely imperative in next decade

Economist Dr Indera Sagewan says diversifying the Trinidad and Tobago economy beyond oil and gas, has become an absolute imperative in the next decade.

As she looked ahead to 2020 and beyond, Dr Sagewan warns that an over-reliance on any one particular sector can no longer continue.

She notes that the political administrations which governed over the past decade did make a start at diversification, but those efforts have not borne fruit, nor did they get the kind of support they needed.

CRBC businesses concerned over sales dip

This isn't the season to be jolly for retailers, as business chambers across the country are reporting a dip in sales this Christmas season.

The Confederation of Regional Business Chambers (CRBC) believes there are many factors which may have contributed to this decline.

CRBC Coordinator, Jai Leladharsingh, says this Christmas season has recorded a less than satisfactory level of sales.

In South Trinidad, Leladharsingh says sales have dropped significantly. He believes there are a number of factors which may have contributed to this...

Central Bank extended hours for $100 notes exchange

The Central Bank says it will be open to the public again this weekend—from 9:00 a.m. to 3:00 p.m.—on Saturday 28 and Sunday 29 December, to facilitate the transfer of cotton based $100 bills for the new polymer notes.

In an official statement, the Bank reminds the public it will be closed on Christmas Day and Boxing Day… but will be open again on Friday 27 December, between 8:00 a.m. and 3:00 p.m.

Zoo accepting old $100 to year end

The Emperor Valley Zoo has confirmed that it will continue to accept the cotton-based $100 bill as legal tender, right up the deadline date of 31 December 2019.

In an official statement issued in its social media platforms, the Zoo indicated that it will accept the old bills beyond that date, but only the new polymer $100 notes.

Cotton-based $100 notes will no longer be legal tender after 31 December 2019.

The full text of the Zoo’s statement, follows…

Public Notice

DOMA: Not so easy to copy new polymer $100

The president of the Downtown Owners and Merchants Association (DOMA) believes too much fuss is being made over the alleged counterfeiting of the new one hundred dollar polymer note.

A video circulating on social media purporting to show the fake bill has raised questions about its security features.

However, according to Gregory Aboud, copying the recently introduced new note is not as easy as it seems.

Mr Aboud is confident that the roll out of the new blue bills will combat counterfeiting.

DOMA businesses accepting old $100 until deadline

The Downtown Owners and Merchants Association (DOMA) is advising that its member businesses will continue accepting the cotton based $100 notes, until the deadline date of Tuesday 31 December 2019.

In an official statement issued today, DOMA expressed concerned that some businesses are refusing to accept old $100 currency notes beyond December 15th 2019.

The organisation says such a move will only make the transition period even more confusing and stressful for everyone concerned, and is advising businesses to do their part to make the process as smooth as possible.

Ummah T&T: Muslims Disrespected Again

UMMAH T&T Muslim Federation has instructed its attorney to initiate moves to file a constitutional motion against the legislation to take out of circulation the existing $100 dollar bills within a restricted period of time.

This was revealed by Imam Rasheed Karim, chairman of the largest local group of independent Islamic organizations who criticized the move.

According to the Imam, the switch to the polymer bills infringes on the rights of the 180,000 strong Muslim community.

Lewis: “Need better business environment for real growth…”

The TTMA's Ryan Lewis says it's becoming more difficult to do and get business done in Trinidad and Tobago, and government needs to work towards creating a more enabling environment.

According to Ryan Lewis, increased taxes are hurting businesses, and this is combined with the reality that government's business-related processes and procedures are not as efficient as they should be.

The TTMA head is urging government to start doing what is required to create the enabling environment business needs to reignite the T&T economy.

$1.4 million mistakenly deposited into dismissed worker's account

An elec­tri­cal en­gi­neer is ex­pect­ed to ap­pear in the San Fer­nan­do Mag­is­trates Court on Fri­day charged for mon­ey laun­der­ing and lar­ce­ny of over $1.4 mil­lion af­ter the mon­ey was re­port­ed­ly mis­tak­en­ly de­posit­ed in­to his bank ac­count by his em­ploy­er and he al­leged­ly re­fused to re­turn it.

The 47-year-old man was ar­rest­ed at his Ed­in­burgh, Ch­agua­nas home by of­fi­cers of the Fraud Squad fol­low­ing a year-long in­ves­ti­ga­tion.

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