GOLF-Jamaica secure sixth CGA 4-ball title on home soil

In one of the closest finishes, Team Jamaica successfully defended their crown, capturing the overall title at the Caribbean Golf Association (CGA) Four-Ball Championship in a nail-biting finish at the picturesque Cinnamon Hill Golf Course here on Sunday.

The host nation clinched the coveted Ambrose Gouthro Trophy for the sixth consecutive year, but it was far from a simple stroll along the fairways.

In a dramatic conclusion, Jamaica amassed 91 total points, edging out a fierce challenge from Trinidad and Tobago by a single, heart-stopping point.

Bermuda finished in third place with 79 points, cementing Jamaica’s dominance in the regional golfing landscape.

Adding to the celebratory atmosphere, the formidable Jamaican pair of Owen Samuda and Dr Mark Newnham etched their names deeper into the tournament’s history books.

They retained the Francis Steele and Perkins Senior Men’s Trophy for an impressive third year in a row, proving their partnership is a force to be reckoned with.

Speaking after their victory, Dr Newnham shed light on the unique chemistry that fuels their success. ‘The special thing about this partnership is that Owen and I don’t spend a lot of time playing golf together. Owen is in the States most of the year,’ Newnham explained. ‘But there’s a chemistry, there’s a synergy, there’s a belief, and trust in each other that makes us play our best golf together.’

The path to their three-peat, however, was not without its early pressures. The duo admitted to feeling the weight of expectation competing on home turf.

‘We wanted to defend the trophy at home, so I think we put ourselves under a little too much pressure. The first day, we only shot one under, but then once we got a little relaxed, we realised that we were only two strokes off the lead. And we shot a blistering seven under on the second day. The third day was almost an anticlimax. We kind of cruised till the end.’

While the senior men’s team secured the only individual Jamaican victory, the squad showcased remarkable depth with several strong second-place finishes.

The female pair of Jodi Munn Barrow and Lisa Gardner secured a runner-up position in the highly competitive ladies 25-plus category, which was won by Trinidad and Tobago.

Jamaica also finished second in the ladies 45-plus category, behind eventual winners Bermuda, as well as in the mid-amateur and super senior men’s categories.

BERMUDA-POLITICS-Bermuda’s membership fees to CARICOM since 2002 unveiled

Bermuda has paid more than US$3.7 million in membership fees to the Caribbean Community (CARICOM) since 2002, The Royal Gazette newspaper reported on Monday.

It said that the information was released by the Accountant-General’s Department, which shared a list of more than 100 payments to the Guyana-based CARICOM Secretariat in response to a public access to information request from the newspaper.

According to The Royal Gazette, the sums, paid between March 2002 and July this year, totalled US$3,734,070, while related records show the island’s financial obligation to the intergovernmental organisation stood at US$67,823 a quarter, or US$271,292 a year, in 2024.

That was a 40 per cent increase on the 2023 fees, which were US$48,313 a quarter, or US$193,252 a year.

The 2024 annual fee of US$271,292 represents a 177 per cent increase on the US$98,000 payable when Bermuda became an associate member of ARICOM more than two decades ago, after having briefly held non-fee-paying observer status.

Bermuda is now pursuing full membership of the 15-member regional integration grouping and Premier David Burt, who is also the Finance Minister, has said he does not know how much it will cost.

The US$271,292-a-year figure does not include travel expenses for ministers and civil servants attending CARICOM events.

Meanwhile, the newspaper is reporting that after almost two years since it announced plans to become a full member of CARICOM

It said that the Ministry of Home Affairs, which is tasked with implementing the plan, said in a statement last week that it was ‘working towards finalising its CARICOM discussion document’ ahead of ‘formal awareness efforts’ beginning next month.

Bermuda, along with four other British Overseas Territories, the Dutch island of Curaçao and the French island of Martinique, is an associate member of the Caribbean Community.

According to the Home Affairs statement, the discussion document will include the ‘anticipated benefits’ of changing from associate to ‘full membership, as well as costs’.

The statement note the ‘importance of this national discussion and is committed to ensuring the public has a voice’, even as it acknowledged that ‘this is a sensitive time, and, in the interim, we urge media outlets to exercise care in their reporting’.

‘We also encourage the media and public to await the ministry’s official communications, which will provide the necessary context and clarity.’

TRINIDAD-ECONOMY-Government optimistic of economic growth in medium term

The Trinidad and Tobago government Monday said it expects stabilisation and positive growth in 2026, as it rolls its development plans and initiate the rebuilding of the country.

‘Trinidad and Tobago’s economic prosperity, energy security and regional stability have also been given a significant boost with the recent United States support for the Dragon Gas proposal,’ Finance Minister Davendranath Tancoo, said as he delivered a TT$59.2 billion (One TT dollar=US$0.16 cents) budget to Parliament.

Tancoo told legislators that the government as part of its medium term economic outlook, will also be exploring all avenues to advance this project.

He said after years of underperformance, natural gas production is projected to recover from the current levels of approximately 2.6 billion cubic feet per day (bcf/d) to over 3.2 bcf/d by 2027.

‘As new fields come online, the development of the Manatee field alone, with estimated reserves of more than two trillion cubic feet of gas, will be groundbreaking for our economy.

‘On the other hand, oil production, which has averaged just 60,000 barrels per day in recent years, is alsoexpected to benefit from enhanced exploration and development initiatives.

Diversification remains at the heart of our strategy,’ Tancoo said.

He said that the coalition government is already focusing on agriculture, manufacturing, tourism and the service industry, amongst others.

‘Increasing investments and facilitating growth in agriculture and agro-processing will not only support the diversification thrust but also strengthen our agricultural base for food security and reduce our food import bill.

‘We will also focus on expanding manufacturing exports, boosting medical, sport, health, educational, and cultural tourism, and accelerating digital transformation, among other,’ he said, adding hat ‘these are expected to generate employment, increase foreign exchange currency inflows, and create opportunities for young people and small businesses’.

Tancoo said that the issue of foreign exchange shortages remains a challenge for businesses, limiting access to raw materials and production and that the ‘unfair practices at major commercial banks and the Exim Bank have exacerbated these shortages.

‘This administration will act decisively to stabilise the external position. By restoring energy production and creating an enabling environment for business and investment, we will increase foreign currency inflow,’ he said, promising ‘we will ensure that productive sectors have access to foreign exchange’.

Tancoo said that by accelerating energy production, broadening and deepening diversification, consolidating the fiscal accounts, and taking proactive steps to stabilize the external sector, the government will protect Trinidad and Tobago’s investment-grade standing and deliver sustainable growth.

‘Above all, our medium-term plan is about restoring confidence, protecting livelihoods, and creating diverse opportunities for every citizen,’ he said.

Meanwhile, Tancoo said that the government will implement new policies aimed at preventing the collapse of the National Insurance System (NIS) and in the process safeguard the dignity of retirees while providing income security for workers and their families.

He said currently the annual benefit expenditure is well over six billion TT dollars, an increase of more than 65 per cent over the last two decades, but that after a’ decade of neglect, this system is in crisis today.

‘To do nothing would be irresponsible. Since 2020, benefit pay-outs have consistently exceeded contributions, forcing the NIB to liquidate its assets to meet obligations. The 11th Actuarial Review projects that, if nothing is done, the Fund will be depleted by 2033 to 2034.

‘We will not allow the Fund to collapse, jeopardizing the very benefits that over 200,000 of our most vulnerable citizens depend on

He said additionally, beginning in January 2028, the age at which a person can receive a full NIS retirement pension will gradually increase over a 10-year period.

‘There will be no change for anyone who retires at age 60 before January 1, 2028. These retirees will continue to qualify for a full NIS pension (with a minimum of $3,000) at age 60.

Furthermore, existing pensioners will not be affected by this change.

‘Starting in January 2028, the age for a full NIS pension will increase by one year every two years until it reaches age 65 in 2036. This means that to access the full minimum pension of $3,000:’

Tancoo said that from January 1, 2028, to December 31, 2029, a retiree must be 61 years of age; from January 1, 2030, to December 31, 2031, a retiree must be 62 years of age; from January 1, 2032, to December 31, 2033, a retiree must be 63 years of age, from January 1, 2034, to December 31, 2035, a retiree must be 64 years of age; and from January 1, 2036 onward, a retiree must be 65 years of age.

He said for clarification, these adjustments mean that the retirement age for a full NIS pension will move from 60 to 65 over the next decade, but that persons who retire early will still receive a pension, but at a reduced rate.

‘These reforms are not easy, but they are now urgently required given the years of inaction that allowed these challenges to deepen under the last administration. These measures are projected to extend the life of the NIS Fund, securing pensions for today’s workers and tomorrow’s retirees.’

CARIBBEAN-ENVIRONMENT- US issues warning to Caribbean countries ahead of IMO vote on net zero- shipping framework

The United States has warned countries, including those in the Caribbean that vote later this month in support of measures being pushed by the International Maritime Organization (IMO) on whether or not to support a Net-Zero Shipping Framework (NZF) aimed at reducing reducing emissions in the maritime sector.

‘The United States will be moving to levy these remedies against nations that sponsor this European-led neocolonial export of global climate regulations. We will fight hard to protect our economic interests by imposing costs on countries if they support the NZF. Our fellow IMO members should be on notice,’ according to a joint statement issued by the Secretary of State Rubio, Secretary of Energy Chris Wright, and Secretary of Transportation Sean P. Duffy.

The measure, which as approved in April 2025, is set for adoption in October 2025, during the Marine Environmental Protection Committee that is meeting that takes place until October 17.

IMO officials say 108 members are eligible to vote, including 10 from CARICOM and if adopted, it will come into effect in 2028.

But Washington has said that President Donald Trump has made it clear that the United States will not accept any international environmental agreement that unduly or unfairly burdens the United States or harms the interests of the American people.

It said that this week’s vote on the adoption ‘will be the first time that a UN organization levies a global carbon tax on the world.

‘The Administration unequivocally rejects this proposal before the IMO and will not tolerate any action that increases costs for our citizens, energy providers, shipping companies and their customers, or tourists.

‘The economic impacts from this measure could be disastrous, with some estimates forecasting global shipping costs increasing as much as 10 per cent or more. We ask you to join us in rejecting adoption of the NZF at the October meeting and to work together on our collective economic and energy security,’ the joint statement said.

The NZF seeks to reduce greenhouse gas (GHG) emissions from international shipping to align with the 2050 net-zero target. Key components include a Global Fuel Standard (GFS) setting annual GHG intensity reduction targets, a two-tier carbon price mechanism, and a credit trading system funded by penalties to reward zero and near-zero emission fuels and support a just transition.

The NZF presents a new regulatory era in which ships will be required to gradually adopt fuels that are typically three to four times more expensive compared with conventional fossil fuels. Given the long lifespan of ships, shipowners should prepare now for the new net-zero GHG emission regulations to ensure cost-effective compliance, both at the ship and the fleet level.

The Framework will apply to all oceangoing ships over 5,000 gross tonnage (GT). These ships are responsible for over 85 per cent of global shipping emissions and are already covered by reporting requirements for fuel data collection. Ships under 5,000 GT are currently not covered.

Washington said that the NZF proposal poses significant risks to the global economy and subjects not just Americans, but all IMO member states ‘to an unsanctioned global tax regime that levies punitive and regressive financial penalties, which could be avoided.’

The United States says it is considering several actions against countries that support ‘this global carbon tax on American consumers’.

Among the measures being contemplated are pursuing investigations and considering potential regulations to combat anti-competitive practices from certain flagged countries and potential blocking vessels registered in those countries from U.S. ports; imposing visa restrictions including an increase in fees and processing, mandatory re-interview requirements and/or revisions of quotas for C-1/D maritime crew member visas.

In addition, Washington said it will impose commercial penalties stemming from US government contracts including new commercial ships, liquified natural gas terminals and infrastructure, and/or other financial penalties on ships flagged under nations in favor of the NZF;

It will also be imposing additional port fees on ships owned, operated, or flagged by countries supporting the framework as well as evaluating sanctions on officials sponsoring activist-driven climate policies that would burden American consumers, among other measures under consideration.

CRICKET-IND/WIS-LEAD India on verge of series sweep despite centuries from Campbell, Hope

Despite fighting centuries by John Campbell and Shai Hope, India are on the brink of a series winning victory over the West Indies at the end of day four in the second Test match here on Monday.

Campbell scored his maiden Test century, while Hope ended an eight-year wait for his third Test century, but their hard work was undone by a middle order collapse that saw them eventually being dismissed for 390.

Needing a paltry 121 for victory, India ended the day on 63 for one, requiring just 58 more runs on Tuesday’s fifth and final day to seal a 2-0 series win over the visitors.

However, India’s target could have been more sizeable had the West Indies not collapsed from a comfortable position of 271 for three to 311 for nine in the space of 11 overs.

Resuming the day on 173 for two, still trailing India by 97 runs with Campbell and Hope at the crease, there would have been high hopes for the Windies.

Campbell, who was on 87, didn’t take long to register his first-ever Test century in his 25th Test, doing so in emphatic fashion by clobbering left-arm spinner Ravindra Jadeja over long on for six.

He also became the first West Indian to score a Test century in India since Wavell Hinds in 2002.

Campbell then brought up the 200 for the Windies by cutting pacer Mohammed Siraj behind point for four.

However, Jadeja finally broke the 177-run partnership between the two when Campbell missed his reverse sweep and was trapped lbw for 115 to leave the score 212 for three.

In all, his innings lasted 199 balls and he struck 12 fours and three sixes in his almost four and a half hour stay at the crease.

Hope and skipper Roston Chase then carried the West Indies to lunch at 252 for three, with Hope unbeaten on 90 and eyeing his first Test century since 2017.

It didn’t take him long to reach the landmark after the resumption, guiding Siraj to third man for a boundary to reach three figures.

Together with Chase, they added 69 runs for the fourth wicket and looked well poised to carry their side to a mammoth total until spectacularly collapsing.

Siraj triggered the meltdown by bowling Hope off the inside edge for 103 from 214 balls, with 12 fours and two sixes.

Tevin Imlach was undone by a ball from Kuldeep Yadav that kept extremely low and trapped him plumb in front for 12, Chase was caught off the bowling of Yadav for 40, and two balls later he had Khary Pierre caught at cover for a duck as he attempted a slog sweep, to see the Windies slip to 298 for seven.

Jomel Warrican then inside edged Jasprit Bumrah onto his stumps, with the pacer also accounting for the wicket of Anderson Phillip, whose thin edge was taken by the wicketkeeper.

Justin Greaves and Jayden Seales then combined for 79 runs, the second highest West Indies partnership for the 10th wicket in a Test against India.

It helped to add some respectability to the final total, with Greaves finishing unbeaten on an even 50, before Bumrah returned to dismiss Seales for a well-played 32.

Bumrah was India’s best bowler with 3-44, Yadav took 3-104 and Siraj 2-43.

In their run chase, India’s first innings centurion Yashasvi Jaiswal was caught on the long on boundary off the bowling of Warrican as he tried to pick up quick runs and possibly end the contest in the final session.

However, following his dismissal, Sai Sudharson, who is unbeaten on 30 and KL Rahul, who is 25 not out, navigated the final few overs to put them in prime position to complete the win early on the last day.

TRINIDAD-BUSINESS-Finance Minister says CAL spent millions of dollars on audits without submitting a ‘single audited statement

Finance Minister Davendranath Tancoo Monday said that the state-owned Caribbean Airlines (CAL) had spent more than TT$60 million (One TT dollar=US$0.16 cents) on audits, but had failed to submit ‘a single audited financial statement to the Ministry of Finance in over nine years’.

Tancoo, delivering the first budget of the Kamla Persad Bissessar coalition administration, told legislators that the money had been paid to Ernst and Young and PricewaterhouseCoopers.

‘Shockingly, even in the absence of these audited accounts, the former Minister of Finance repeatedly approved financing for CAL in 2017, 2018, 2019 and as recently as March 2025 to cover operational shortfalls.’

Tancoo accused the former finance minister Colm Imbert of closing ‘his eyes as CAL descended into inefficiency, non-compliance and fiscal indiscipline, leaving behind not a national airline but a national liability.

‘Worse yet, he actively fueled this reckless behaviour by repeatedly approving billions in financing without demanding accountability,’ Tancoo said, adding that in so doing, the forme government minister ‘facilitated mismanagement, normalized waste and corruption and abandoned his responsibility of fiduciary oversight.

‘This is nothing short of criminal negligence. We have now installed a strong board of directors who are making the hard decisions required to fix our national airline,’ he told legislators.

Earlier, CAL confirmed the immediate resignation of its chief executive officer Garvin Medera and that to ensure continuity and stability, chief operating officer, Nirmala Ramai, has been appointed acting chief executive officer ‘until further notice’.

It said that under the ‘guidance’ of the board of directors she ‘will work closely with the senior leadership team to support the airline through this transition’.

The statement gave no reasons for the ‘immediate resignation’ but thanked Medera ‘for his years of service and leadership and wishes him the very best in his future endeavours’.

CAL said that it would ‘continue to operate its full schedule, with no disruption to customers or partners’ and that the board of directors ’emphasises that this leadership transition comes at an important time for the airline and is part of its ongoing focus on stability, safety and accountability’

The statement by CAL on Monday said that as part of the new transition, the board and senior leadership team will be focusing on five key initiatives, namely supporting employees and stakeholders with open communication and care, reviewing operations to increase efficiency and modernisation, enhancing the customer experience with improved services, developing a long-term, financially responsible and sustainable growth plan and conducting full and thorough audits of all departments and processes, to strengthen governance, safety, and accountability.

‘The airline also reaffirmed its commitment to developing and promoting talent from within the organization, before seeking external candidates, to provide employees with clear opportunities for growth and career advancement.

‘Caribbean Airlines will continue to serve the region with pride, reliability and a steadfast commitment to safety. The Board of Directors remains committed to open and timely communication with employees, customers and stakeholders as this leadership transition and strategic plan are implemented,’ the statement added.

TRINIDAD-BUDGET-Government presents TT$59.2 billion budget to Parliament

The Trinidad and Tobago government Monday presented a budget of TT$59.2 billion (One TT dollar=US$0.16 cents) to Parliament acknowledging a fiscal deficit of TT$3.8 billion and announcing a series of tax measures to finance the fiscal package.

The debate on the budget will begin on Friday.

Finance Minister Davendranath Tancoo, delivering his first ever budget to Parliament, said that the fiscal package is ‘more than just an accounting of revenues and expenditures, plans and policies,’ adding it represents a shift towards fairness’.

In his three hours and 15 minute presentation, Tancoo said that for too long, the government’s fiscal policy has been seen as a technical exercise and today ‘we redefine it as a human one’.

According to Tancoo, the Kamla Persad Bissessar administration on assuming offence in April found an economy in trouble and that the preliminary outturn for fiscal 2025 is for a deficit of TT$8.7 billion with revenue of TT$50.6 billion and expenditure of TT$59.3 billion.

‘This shortfall could have been far greater had we not acted swiftly and decisively to continue spending and strengthen revenue streams,’ he told legislators, adding that the budget is based on our oil price assumption for 2026 of US$73.25 per barrel, natural gas price assumption of US$4.25 per million British thermal units (MMBtu).

‘As a result of these commodity price estimates, we expect total revenue TT$55.367 billion, total expenditure of TT$59.232 billion (and) a fiscal deficit of TT$3.865 billion.

Tancoo said that the total estimated revenue comprises oil revenue of TT$11.254 billion, non-oil revenue TT$43.402 billion and capital revenue of TT$0.711 billion, adding that the fiscal deficit is 2.17 per cent of gross domestic product (GDP), which is within the international benchmark of three per cent.

Tancoo said that the government in this fiscal year is allocating TT$2.96 billion to the Tobago House of Assembly (THA, which represents the full five per cent of the national budget. In addition, a further TT$763 million will be spent by various ministries on Tobago.

Tancoo said that in total, then, the allocation to Tobago for the fiscal year 2026 will be TT$3.724 billion, which equates to 6.3 per cent of the national budget.

The finance minister said that the government had also agreed on a several tax measures, noting fr instance that commercial banks and insurance companies, due to their large size, profitability and capitalisation, have reported sustained earnings, high liquidity ratios and strong asset base growth.

He said conservative lending practices and favourable monetary conditions have driven these outcomes.

‘Despite this, the average citizen continues to be subjected to unreasonably high fees and near-zero returns on their savings and investments. Against this backdrop, I proposed to introduce an Asset Levy of 0.25 per cent, which is to be charged against the assets of commercial banks and insurance companies operating in Trinidad and Tobago.’

Tancoo said that importantly, the Asset Levy will not be applied to financial institutions and insurance companies operating under the provisions of the Special Economic Zones Act and that this measure, which is expected to contribute TT$575 million in revenues, will become effective January 1 2026.

Tancoo also told legislators that in recent times, there has been an explosion of unregistered commercial and residential rental properties with many of these landlords avoiding paying their fair share of taxes.

‘This contributes to significant revenue loss and a lack of reliable data to support policy development. The introduction of this Landlord Business Surcharge, based on actual rental income, will broaden the tax revenue base, promoting fairness, transparency and accountability. ‘

He said that the measure requires all landlords to register with the Board of Inland Revenue and pay a one-time registration fee of TT$2,500 and that the surcharge will be 2.5 per cent of the gross annual rental income of TT$20,000.00 or less and 3.5 per cent of the gross annual rental income exceeding TT$20,000.

The measure takes effect on January 1 next year and is expected to yield a minimum of TT$70 million from the one-time registration fee.

Tancoo said that the government is also proposing the introduction of an electricity surcharge as a targeted fiscal measure to address the growing cost of electricity subsidies and promote efficiency in energy use.

The surcharge will take the form of a fixed, bill-level charge of $0.05 cents per kWh for commercial customers and industrial customers.

‘The policy is designed to encourage energy conservation, reduce the government’s subsidy burden and generate a predictable revenue stream. It must be noted that our electricity rates will remain substantially below those of our trading partners.

‘Essential public services such as schools, hospitals and street lighting will be exempted.

At current consumption levels, this initiative is estimated to contribute an additional TT$269 million to revenues,’ Tancoo said, adding that the measure takes effect on January 1 next year.

In his presentation, Tancoo said that the cost of administering and offering public services in Trinidad and Tobago has risen significantly and notwithstanding, many administrative charges, including licence and permit fees and processing charges, have remained unchanged, in some instances, for as long as 30 years.

He said this places additional pressure on the Consolidated Fund and that updating the fee structures in line with the current cost of doing business is therefore necessary to ensure cost-reflectivity, fairness and sustainability, while also safeguarding service quality and enabling modernisation.

Tancoo said that 80 per cent of the projected revenue increases are attributable to Customs Duties on rum and spirits, beer and tobacco products and that the new measures will contribute an additional one billion dollars to revenues, adding that the increase in Customs Duties on rum and spirits, beer and cigarettes will take immediate effect.

Tancoo said that the concession for electric vehicles has been abused with the data showing that significant foreign exchange has been used to import high-end electric vehicles, which attract no Customs Duty, Motor Vehicle Tax and Value-Added Tax.

‘We recognise the importance of electric vehicles in reducing carbon emissions and propose adjusting the applicable taxation regime to preserve relief levels for mid to lower-priced vehicles. Accordingly, I propose the following on vehicles whose CIF value exceeds $400,000, a rate of duty of 10 per cent; VAT of 12.5 per cent; and a tiered rate of Motor Vehicle Tax applicable to the Electric Motor Size will be applied on vehicles whose CIF value exceeds $400,000.

Tancoo said that at current demand, this initiative will contribute an additional TT$40 million to revenues and goes into effect from January1 next year.

The finance minister said that the government is committed to protecting the environment and that single-use plastics contribute heavily to clogged waterways, land and marine pollution, and overburdened waste management systems; ultimately harming public health, biodiversity and the economy.

He said he will introduce a five per cent tax on the CIF value of these products at the point of importation and that the proceeds will be earmarked to support national recycling programmes, waste management initiatives and public environmental education.

Tancoo said in the upcoming fiscal year, the government will establish a state-sponsored Real Estate Investment Trust (REIT), a landmark initiative to democratise state-owned assets, strengthen and diversify our capital market and broaden public participation in national wealth creation.

‘This is another bold step to unlock new avenues of non-debt financing. Through this vehicle, high-value income-generating properties such as land, office buildings and commercial infrastructure will be transferred into a professionally managed REIT’ he said, adding that shares will be listed on the Trinidad and Tobago Stock Exchange, allowing both ordinary and institutional investors to earn regular dividends from real estate.

He said at the same time, the state retains a strategic stake in these assets and that a high-level technical committee will be appointed to guide this process for greater transparency and accountability.

Tancoo said that this position puts Trinidad and Tobago as a regional pioneer in innovative financing and empowers citizens to share directly in the prosperity of the nation.

‘Given the healthy domestic investor appetite, this measure is expected to contribute significantly to the government’s revenue stream,’ he said, noting that in the new fiscal year, the National Investment Fund Holding Company Limited (NIF) will launch a one billion dollar NIF bond.

‘This is yet another opportunity provided by this government to afford ordinary citizens, small businesses and institutions the opportunity to invest and build personal wealth, in a safe, tax-free environment without increasing public debt.’

Tancoo said that the bond will be backed by 21 per cent of the shareholding of First Citizens Group Financial Holdings Limited (FCGFH) valued at approximately two billion dollars, while the government retains indirect and beneficial ownership of the majority of FCGFH at 60.11 per cent.

He said that the bond will be issued in the second quarter of Fiscal 2026.

The government has also announced increased fines for persons not adhering to the laws.

For example, the environment tyre tax moves from three to five thousand dollars, application for registration of pesticides from two to four thousand, driving while disqualified from holding or obtaining a driving permit from zero dollars to five thousand, while careless driving and driving or being in charge of a vehicle while blood alcohol levels exceed prescribed limit will result in an introductory fine of TT$15, 000

‘These increases in penalties will contribute an additional TT$180 million to revenues,’ he said, adding that the government is also removing the motor-vehicle tax concessions for returning nationals

Tancoo said that in January, 2023, the Financial Intelligence Unit issued to the Ministry of Finance its Strategic Analysis Report on the Abuse of the Duty Relief Concession Granted for personal vehicles imported by returning nationals and found that fraud and abuse of duty relief by persons claiming Returning National Exemptions October 2016 – September 2018.

‘To this end, I propose that Customs duty relief and related tax concessions (Valued Added Tax and Motor Vehicle Tax) on motor vehicles imported by returning nationals be removed.

This measure will take effect on January 1 2026,’ he said.

The government has also announced a reduction in the price petrol, liquified natural gas (LNG), the removal of VAT from all machinery and equipment intended explicitly for agricultural use as well as the removal of VAT from a multiplicity of basic food items among other relief measures.

SURINAME-INCIDENT-Four children among passengers rescued after boat capsizes

Police Monday said nine people, including four children, were rescued after a boat laden with goods capisized on the Corantijn River, the longest river in the country which creates the border between Suriname and the East Berbice-Corentyne region of Guyana.

Police said that due to persistently high water levels, the vessel has not yet been salvaged and that they do not believe that anyone is missing as a result of the incident over the last weekend.

The Police Public Relations said the boat, which was en route to Apoera, a town in western Suriname, capsized due to presumably rough water and high waves. It said that a passing boat, along with the Maritime Police and the National Army, immediately came to the rescue and managed to bring all the people on board safely to shore.

The victims are now being temporarily housed in the State Guest House and that the police and the maritime authorities are continuing their investigation into the cause of the accident.

DOMINICA-POLITICS-Dominica to award highest national awards to former prime ministers

The Dominica government Monday said it will be presenting a motion of Parliament on Tuesday seeking approval to confer the country’s highest award posthumously on the late prime ministers Roosevelt ‘Rosie” Douglas and Pierre Charles.

According to a statement from the Office of the Prime Minister, ‘the motion recognizes the extraordinary national service and leadership of both former prime ministers, whose contributions advanced Dominica’s development and who inspired citizens through their dedication to social justice, education, and community upliftment.’

Prime Minister Roosevelt Skerrit

It said that both Douglas and Charles led Dominica with ‘vision and courage’ and that ‘this is a moment for the nation to honour two leaders who gave their all to our people, and their example continues to inspire our spirit of resilience and our collective pursuit of a stronger, more united Dominica.’

The Award of Honour (D.A.H.)will be conferred posthumously during the official 47th anniversary of independence observance ceremony on November 3.

Douglas assumed office as prime minister in February 2000 and served until his death on October 1, 2000. Following his death, Charles succeeded him ashead of government on October 3, 2000, until his passing on January 6, 2004.

The government said it is inviting all citizens to join in honouring their ‘legacy of service, unity, and nation-building’.

CRICKET-IND/WIS-CLOSE India (518-5 dec’d & 63-1) vs West Indies (248 & 390) – 4th day, 2nd Test

India require 58 more runs for victory against West Indies after reaching 63 for one at the close of play on the fourth day of the second Test here at the Arun Jaitley Stadium on Monday.

Scores

INDIA 518-5 dec’d and 63-1 in 18 overs (Sai Sudharsan 30 not out, KL Rahul 25 not out).

WEST INDIES 248 and 390 in 118.5 overs (John Campbell 115, Shai Hope 103, Justin Greaves 50 not out, Roston Chase 40, Jayden Seales 32, Tevin Imlach 12, Tagenarine Chanderpaul 10; Jasprit Bumrah 3-44, Kuldeep Yadav 3-92, Mohammed Siraj 2-43).