Finance Ministry: Meeting with PSA was 'productive'

The Ministry of Finance says the meeting it held with the president of the Public Services Association, Watson Duke about the Revenue Authority, was productive.

The Ministry says workers employed with the Customs and Excise Division and the Inland Revenue Division will enjoy terms that are no less favourable than they currently do, when the Revenue Authority is formed.

The Ministry issued the following statement today:

Republic records net profit of $1.25 billion

Republic Financial Holdings Limited (RFHL) has recorded a net profit attributable to shareholders of $1.25 billion for the year ended September 30, 2017, RFHL said in a statement.

This represents an increase of $69 million (5.8%) over the core profit of $1.18 billion reported for the prior year. 

Compared with the actual reported profit of $946 million for 2016, which was negatively impacted by three significant one-off items, totalling $237 million, the increase is $306 million (32.3%).

Five years jail for Singaporean who defrauded RBC Royal Bank of $4.4 million of Nipdec's money

A senior director of a Singapore construction and engineering firm has been sentenced to five years in jail for fraudulently causing the transfer of more than $4.4 million from a Nipdec account at RBC Royal Bank Trinidad and Tobago to a bank in Singapore. 

A court in Singapore was told that employees of RBC Royal Bank were duped into transferring the money into the Singapore bank account in 2013.

JMMB limits international point-of-sale purchases to US$500/month

JMMB Bank Trinidad and Tobago Limited has notified its clients about a reduction in the foreign currency access via its International Visa Debit Card.

The bank says the reduction will impact clients across the bank as online purchases from international vendors, and international Point of Sale (POS) purchases will be limited to $500 USD monthly.

Overseas withdrawals at ATMs have been suspended.

The bank says that clients wishing to access foreign currency are asked to call the JMMB directly.

Imbert: "Sterile debate" comment was targeted at one person, not entire Chamber audience

Finance Minister Colm Imbert is insisting that a statement he made at a Chamber of Industry and Commerce's post-budget forum was taken out of context by the media.

Minister Imbert says what was highlighted in the media was a total misrepresentation of what occurred at the chamber.

In a release Minister Imbert says, "One of the two invited speakers, Ms Marla Dukharan, spent most of her contribution demanding an immediate devaluation of the Trinidad and Tobago dollar, as well as huge cutbacks in government spending and increases in utility rates".