Heavy gains and losses mark Monday’s trading Loop Jamaica

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Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

The Jamaica Stock Exchange (JSE) lost 1.5 per cent on the day which equated to its heaviest loss since March.

Heavy gains and losses marked Monday’s trading.

Top gainers were Medical Disposables and Supplies up 20 per cent to $6.90, Margaritaville Turks up 14 per cent to US$0.12 and Ciboney up 13 per cent to $0.51.

Meanwhile, the day’s top decliners were Transjamaican Highway preference shares down 25 per cent to $1.47 with 26.5 million units trading hands. Followed by CAC preference shares down 15 per cent to $0.90, followed by Blue Power Group down 13 per cent to $3.03.

The combined market declined 1.49 per cent, which was the biggest market decline since March 16, 2022, when the market lost 2.5 per cent in a single day.

The market continues to reel from increased interest rates with the benchmark rate at 6.0 per cent or more than tenfold higher than a year ago. The rates are geared at tackling the highest inflation in a decade. These factors are slowly pulling down stocks, many times even when a company releases stellar results.

Looking closer at the index movements: The JSE Index declined by 5,339.22 points (1.47 per cent) to close at 357,194.84 points and the volume traded amounted to 32,269,822 valued at $90,087,830.39.

The Junior Market Index advanced by 22.70 points (0.55 per cent) to close at 4,123.51 points and the volume traded amounted to 8,102,411 valued at $24,915,028.45. The JSE Combined Index declined by 4,788.06 points (1.27 per cent) to close at 371,061.04 points and the volume traded amounted to 40,372,233 valued at $115,002,858.84. The JSE USD Equities Index advanced by 4.49 points (2.24 per cent) to close at 204.80 points and the volume traded amounted to 388,269 valued at $14,533.62.

Overall market activity resulted from trading in 109 stocks of which 49 advanced, 44 declined and 16 traded firm. The JA$ Market Volume (excluding blocks) amounted to 40,372,233 units valued at $115,002,858.84. The US$ Market Volume (excluding blocks) amounted to 388,269 units valued at $14,533.62.

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Two systems in the Atlantic

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Black Immigrant Daily News

The content originally appeared on: Antigua News Room

This Tuesday morning, shower activity remains minimal in association with a tropical wave located several hundred miles west of the Cabo Verde Islands.

Development, if any, of this system is expected to be slow to occur during the next several days while the system moves westward to west-northwestward at 10 to 15 mph across the tropical Atlantic.

It has a near zero chance of formation during the next 48 hours and a low (10 percent) chance in the next 5 days.

A tropical wave is forecast to move off the west coast of Africa in a couple of days.

Environmental conditions could support some slow development of this system late this week or over the weekend while it moves westward at 10 to 15 mph.

It has a near zero chance of formation during the next 48 hours and a low (20 percent) chance in the next 5 days. www.hurricanes.gov

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$50M new well commissioned in Wakenaam

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Black Immigrant Daily News

The content originally appeared on: INews Guyana

President Dr Irfaan Ali assured the people of Wakenaam, Region Three (Essequibo Islands-West Demerara), during a visit on Monday to commission a new well, that under his Government, millions of dollars in development has come and will continue to come to their island.

According to the President, this development includes plans for a 750-kilowatt solar-powered system for Wakenaam and other developments that, even excluding monies disbursed to the elderly and children, is close to $1 billion.

“We are planning a 750-kilowatt solar-powered system for this island. This system will start within two months, hopefully, and cost US$2.3 million or GY$460 million. If you look now at what we’ve invested in drainage and irrigation, sea defences and roads, that perhaps is another $500 million. That’s close to $1 billion.”

“We’ve already said to you, that we’re going to do 1 kilometre of road in this island every year, until we fix the roads completely. But I’ll go a step further and say to you that in the next three years, we’re going to complete the entire road network in this island in a phased and structured manner,” Ali also said.

Noting the island is a predominantly rice farming one, the President also referenced his Administration’s efforts to reverse the damage to the rice industry that was done by the actions, or lack thereof, of the former Government.“I see our Member of Parliament and a man who has been involved in rice all his life here, (Dharamkumar) Seeraj. And he would tell you about the effect the increase in drainage and irrigation costs, the neglect of our drainage and irrigation system.”

“The lack of investment in research and development. And the total collapse in the agriculture system. And it is the truth. No investment and priority were placed in the agricultural sector. We have to reverse this,” the President further said.

The well that was commissioned on Monday cost $50 million to construct, which, according to Guyana Water Incorporated (GWI) Chief Executive Officer Shaik Baksh, is half of what it would have cost to drill a similar well.

He further explained that the well, which follows another botched attempt to install a well on the island under the former A Partnership for National Unity/Alliance For Change (APNU/AFC) Government, is 340 feet deep and the Pounds per Square Inch (PSI) pressure is 58.

Additionally, this new well will provide 3500 residents with 24-hour water supply.

Earlier this year, the new well at Noitgedacht was activated. It is providing water to the residents of Sans Souci, Belle Plaine, Noitgedacht and Good Success, where their level of service has more than doubled.

At the time, however, GWI had said that residents in Caledonia, Zeelandia and Maria’s Pleasure were not yet benefitting from the new well and that an action programme would be implemented to improve the efficiency of the distribution network.

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VP challenges IDPADA-G to detail how almost $500M in State funding spent

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Black Immigrant Daily News

The content originally appeared on: INews Guyana
Vice President Dr Bharrat Jagdeo

Vice President Bharrat Jagdeo on Monday made it clear that he would not be apologising to International Decade for People of African Descent Assembly – Guyana (IDPADA-G) Chairman Vincent Alexander, going on to challenge him to properly account for the almost $500 million that was allocated to the organisation by the State.

Alexander took part in a press conference on Monday alongside other IDPADA-G directors, where he had defended the organisation and Jagdeo’s earlier assertions that the organisation has not been utilising State funds adequately to benefit African-Guyanese.

In his subsequent statement, Jagdeo said that Alexander’s press conference left more questions than answers. Jagdeo posed the questions in his statement, such as questions on how much of the $100 million IDPADA-G received since 2019 was spent on salaries and details on those that were paid.

“First off let me state that I have absolutely no intention of apologising to Vincent Alexander and he is free to take whatever course of action he wishes. Afro-Guyanese still remain in the dark as it relates to the benefits of the close to half a billion dollars utilised. He should therefore provide details on the following.”

“How much of the $100M allocated annually since 2019 and $68M in 2018 was spent on paying salaries, who are individuals that were paid, what amounts were they being paid and how were they selected? How much of that sum was spent on rental, who owns the buildings rented, and what process was used for the selection of the buildings?” Jagdeo questioned.

Jagdeo also questioned how many persons benefitted from capacity training, the types of training offered, who conducted the training, and what process was used to select both the trainers and beneficiaries of the training.“Why was IDPADA-G registered as a private limited liability company where a number of persons (inclusive of yourself) are listed as the beneficial owners instead of a not-for-profit organisation? These are just a few questions for the moment. I will address this matter in greater detail shortly,” Jagdeo further said in his statement.

During the press conference, Alexander refuted much of what Jagdeo said at a press conference last week. Among Alexander’s assertions was that he is not paid for his work with IDPADA-G, that Jagdeo is trying to vilify the organisation and that the organisation has been spending money in the African-Guyanese community.

“We are proud of the fact that we are able to fund the night schools which have brought back children into the loop of the education system. This we do in Georgetown and in the Corentyne. So that’s another instance of the outreach.”

“And many people would know of the work that was done in the Mocha Arcadia market day, which we also funded. Many people would know of the exhibitions we have had, at Square of the Revolution and the avenue,” Alexander said, describing this as physical manifestations of their work.

The organisation also sent out a statement in which it further defended itself and detailed more of its work. While they did not deny that staff were paid $42 million in 2020 as Jagdeo had laid out, IDPADA-G explained that staff provide a myriad of services to the African-Guyanese community.

“Members of the public can walk in and be given services such as the preparation of business plans, project and grant request proposals for Government and donor funding. The sum that Mr Jagdeo did not mention goes towards projects in the sphere of education and training, disaster response, public education, entrepreneurial facilitation, and youth development, to mention a few.”

“Examples including the G$5M exercise to register persons for flood relief, will be provided on the work of IDPADA-G, by the next presenter. A more comprehensive fact sheet will be made available to you,” the organisation promised.

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Dominica tops the CBI Index for sixth consecutive time, scores full marks in six out of nine pillars

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Black Immigrant Daily News

News Americas, Roseau, Dominica, Aug. 23, 2022: The Commonwealth of Dominica came out tops in the annual CBI Index, a rating system designed to measure the performance and appeal of global citizenship by investment (CBI) programmes across a diverse range of indicators.

The CBI Index is intended as a practical tool to compare CBI programmes as a whole and specific aspects of each programme. These aspects are reflected by the CBI Index’s nine pillars which Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.

Number one for six consecutive years, Dominica beat 11 other nations with active citizenship by investment programmes and scored full marks in the areas of Minimum Outlay, Mandatory travel or residence, Ease of Processing, Due Diligence, Family and Certainty of Product.

These nations include Antigua and Barbuda, Austria, Cambodia, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.

“For the last 29 years we have ensured that our CBI programme really meets the needs of an ever-changing global investor. We’re proud to yet again be ranked as one of the best CBI offering in the world and look to increase our scores across all nine pillars next year,” commented Dominica’s Prime Minister, Dr Roosevelt Skerrit.

Dominica continues to be on a concerted drive to offer investors – through its Economic Diversification Fund and government-approve real estate options – a reliable safe haven amidst the constant global upheavals. Accompanied by a robust due diligence process, Dominica uses a multi-layered process in partnership with third-party due diligence firms from the USA and the UK, investors can be confident that they are buying a product that will enhance their portfolio.

Dominica’s scoring in the nine pillars: 

Freedom of Movement: Dominica scored seven out of 10 as the country offers visa-free and visa-on-arrival access to 14 countries across the world, including the globe’s most sought-after business hubs.

Freedom of movement within and between countries is paramount to global investors seeking second citizenship and this year, the Index placed emphasis on the total number of countries and territories that can be visited without applying for a visa.

Standard of Living: Dominica scored five in this area due to its low average expected years of schooling, but it must be noted that the country has the highest life expectancy at 78.2 and a perfect freedom score when compared to Egypt, Jordan, St Kitts and Nevis and Vanuatu – who also shared the same score.

Minimum Investment Outlay: Dominica received a perfect score of 10 here as the minimum investment outlay for their CBI programme is only US$100,000 per applicant, one of the lowest citizenship investment outlays in the industry.

Mandatory Travel or Residence: As last year, Dominica kept its score of 10 out of 10 as the country does not require mandatory travel or residence in the country for processing its citizenship application.

Citizenship Timeline: Dominica scored a nine in the citizenship timeline pillar. The pillar accesses the duration to get the application processed.

Ease of Processing: The citizenship by investment unit of Dominica continues to make the application process straightforward and more robust, helping the country secure a score full marks in this area.

Due Diligence: Dominica is recognized for its stringent and comprehensive due diligence checks on applicants seeking second citizenship and once again retained the score of 10 for due diligence processing. The country requires the provision of either fingerprints or a biometric passport and has robust external due diligence procedures that are undertaken by internationally renowned third-party due diligence firms. 

Family: As Dominica allows main applicants to add additional dependents under a single application, once again making it easy to bring in additional family members, the country scored 10 under this pillar.

Certainty of Product: Dominica, along with St Kitts and Nevis, attained a perfect score for Certainty of Product Pillar thanks to the programme’s longevity, popularity, renown, stability, and adaptability. The CBI Index also lauded Dominica for its transparent two-track investment routes. 

Regarded as an industry voice and reputable benchmark for CBI programmes across the globe, this year’s CBI Index offers readers a glimpse of the possibility that could in the CBI industry should all relevant parties cooperate.

The current turmoil has certainly brought a negative spotlight to the investment migration industry and overlooked the fundamentals of CBI – offering honest, hardworking families and entrepreneurs to explore and participate in meaningful global opportunities, especially where they have been let down by their own home countries.

Findings in the CBI Index state that in 2023, it is predicted over 125,000 millionaires will look to relocate to more secure and attractive destinations around the world and this trend is expected to continue and increase to 2030. Political fragmentation, instability, social polarisation are some of the reasons why investors look for second citizenship options. 

It is for this reason that countries like the Commonwealth of Dominica are a popular investment choice, offering political and economic stability, a currency pegged against the US-dollar and, even more appealing is an eco-conscious government working its way to be carbon-neutral and sustainable.

“People who invest in our programme can be 100% sure that they are also investing in a country that cares about the planet and one that is taking tangible, measurable steps to protect the planet,” continues Prime Minister Skerrit.

The CBI Index is the world’s most definitive guide on citizenship by investment and is published today by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners.

Download and read the full report here.

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Gemeenschapsprojecten Commewijne stap dichterbij

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Black Immigrant Daily News

The content originally appeared on: De Ware Tijd Online

NIEUW-AMSTERDAM — Met het ondertekenen van een memorandum of understanding (MoU) tussen het districtscommissariaat van Commewijne en het Bureau Gemeenschapsprojecten

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Union leaders warn: Workers to take matters into own hands

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Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

Ceron Richards –

Union leaders are now concerned by the growing restlessness among its members who are convinced their Push Back movement to demand a higher wage offer in ongoing negotiations with the Chief Personnel Officer will be ineffective. They say public servants have had enough and are planning to bypass their unions to take matters into their own hands to get a fair wage increase.

In a joint press conference at the Public Services Association (PSA) headquarters in Port of Spain on Monday, Prison Officers’ Association president Ceron Richards and Fire Service Association president Leo Ramkissoon warned that, based on workers’ level of frustration, there is a rude awakening coming to government.

PSA leader Leroy Baptiste said the unions would have no control over what happens next.

“We have assessed the situation and now we have to look at the next move because our members are becoming extremely agitated and they all want us to do something about it. This will end when workers are able to maintain their standard of living. Any attempt to call use slaves or use the law as a whip, we shall respond.”

Richards said his members were deeply aggrieved and warned the government of a possible revolution.

“There is no strategy here, all we have is members of the PSA, Prison officers and other unions that are despondent and are willing. This is not a plan generated by the various organisations. This is members who have reached the breaking point.

“They have reached the end. They are seeing the disparity in how they are treated and how parliamentarians treat themselves. They would have maintained significant increases over the years putting their pension on par with higher salaries and consolidated allowances to bump up their salaries.

“This is the breaking point, our members are saying they will take this no more. TT will seriously be disrupted.

“I say to the Finance Minister that, no matter what you do, members of the protective services are not going to accept that. They are not doing to succumb to an 18 per cent reduction in wages.

Asked what his union would describe as a fair and satisfactory offer, Richard said it must be one that will allow public servants to live comfortably.

He said the government’s inability to offer a fair wage increase is a recipe for disaster in TT.

“I’m speaking this strongly because our members are saying, hearing and telling us TT will change very soon.”

He further accused the government of pushing around, undermining and ignoring essential workers because they were bound by law that prevents them from taking industrial action.

Fire Service Association Leo Ramkissoon said his members were also angry and disappointed by the government’s treatment of workers.

Contacted for comment, Acting Commissioner of Prisons Deopersad Ramoutar said he was not worried by the union leader’s “sabre rattling.”

“It’s nothing for me to be alarmed about. That’s just industrial language, and it is common language or vocabulary from that kind of forum.

“Things are always in place for the proper operational personnel. We have officers on standby, our dedicated officers will not walk off the job.

“The union leader has a role to play and, yes, the prison service has a lot of room for improvement. There are due processes to get things done.

“When there is a lack of resources, we have to understand that not all have to be the ones we need can be given at this point. My officers are very dedicated, and hardworking, and we go beyond the call of duty.

While Ramoutar supported the desire for better working conditions and a fair salary, he was against any move that would interfere with operations at the prison and compromise the safety of the country.

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Woman killed in Couva crash, children injured

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Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

Pricilla Ramcharitar, 38, –

A 38-year-old woman died on the spot in an accident over the weekend that left her husband and two young children with injuries.

Pricilla Ramcharitar, of Perseverance Village in Carapichaima, was the mother of five.

Her common-law husband, Damian Straughn, 37, and their seven-year-old son, Shevon Straughn, were discharged from the San Fernando hospital on Monday.

But the couple’s four-year-old son, Shiva Straughn, remained warded. His left leg was broken.

Two other people, Damian’s nephew Shawn Hosein, 15, and a co-worker Shiva Joseph, 20, also survived the crash. Hosein was still hospitalised with a broken leg and Joseph had been discharged.

The crash happened on Sunday before 11 am in Exchange Village, Couva on a road that is in poor condition. The road, relatives said, links Waterloo Road to Exchange Village.

Damian Straughn, a construction worker, was driving a Toyota Hilux on his way to meet his employer at Roystonia in Couva. Ramcharitar was in the front seat. The others were in the back seat.

They had plans to go to Tyrico Beach together.

On the way, Straughn hit a pothole, causing the van to flip four times before landing on its side on a tree stump.

“The two Shivas were thrown out. Pricilla died in the front seat. We heard he was driving fast, and the road has many potholes,” Damian’s sister, Hosein’s mother, Shelly-Ann Jackson, said. She spoke to Newsday on Monday at the family’s home.

“Damian was discharged today but had to stay with his son on the ward. My son is also a minor, so we are taking turns staying with them. My son had to crawl out of the van. He has spine injuries. I was in the hospital with my nephew (Shevon), but he came home today.”

Sumentra Straughn, the mother-in-law of Pricilla Ramcharitar, who was killed in an accident on Sunday in Couva. – Marvin Hamilton

Shevon was asleep on a nearby couch.

Ramcharitar’s mother-in-law Sumentra Straughn, 73, said the incident has further devastated the already grieving family.

Sumentra’s grandson Dillon Daniel Straughn, 24, of the same address, was shot dead on April 30 at Waterloo Road in Bank Village, Carapichaima. A man is charged, and the case is pending.

“We just paid for his funeral. We have to make up the money to pay for Pricilla’s funeral. We are still trying to get over Dillon’s murder, and now we are dealing with this,” Sumentra said.

About eight years ago, Ramcharitar’s 17-day-old newborn died from natural causes.

Sumentra called on drivers to drive with care on the road to prevent the loss of lives.

PC Nanan of the Couva police station is leading investigations.

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COVID-19: 8 muertos y 321 hospitalizados

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Black Immigrant Daily News

The content originally appeared on: Radio Isla TV

El informe preliminar de COVID-19 del Departamento de Salud (DS) reportó el martes 8 muertos y 321 personas hospitalizadas.

El total de muertes atribuidas es de 4,909.

Hay 263 adultos hospitalizados y 58 menores. El monitoreo cubre el periodo del 8 al 21 de agosto de 2022.

La tasa de positividad está a 27.47 por ciento.

Se reportan 8 defunciones adicionales a causa del COVID-19. Unas 321 personas están hospitalizadas; 263 adultos y 58 pediátricos. Al medio día se ofrece una actualización de los datos que incluye el status de vacunación; https://t.co/8KaFLZcGta

— Departamento de Salud de Puerto Rico (@desaludpr) August 23, 2022

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Se llevan a cabo unas 8 órdenes de allanamiento por armas y otros delitos en el residencial Juana Matos

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Black Immigrant Daily News

The content originally appeared on: Radio Isla TV

Agentes federales, la Fuerza de Choque y el Negociado de Drogas de la Policía de Puerto Rico se encuentran en el residencial Juana Matos en Cataño realizando algunas 8 órdenes de allanamiento por armas, drogas y delitos.

Pendientes a futuros detalles

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