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Caribbean L 14 ife, April 26–May 2, 2019 BQ
CARIBBEAN ROUNDUP
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for locals, both in the construction
phase and as permanent staff and when
the facility is operational.
Mitchell said the government welcomes
any initiative that will provide
gainful employment for Grenadians.
Suriname
The Suriname-based Caribbean Community
(CARICOM) Competition Commission
(CCC) says the intended sale of
Scotiabank’s assets in nine Caribbean
countries could have
anti-competitive effects
in at least three Caricom
member states.
In a statement the
Commission said it remains cognizant
of the provisions of Article 175 of the
RTC (Revised Treaty of Chaguaramas)
and at this time reminds national competition
authorities and member states
of this critical provision.
Last November, the Trinidad-based
Republic Financial Holdings Limited
(RFHL) announced that it was seeking
to acquire Scotiabank operations in several
Caribbean countries.
A RFHL statement said that the
banks being acquired are located in
Guyana, St. Maarten, Anguilla, Antigua
and Barbuda, Dominica, Grenada, St.
Kitts and Nevis, St Lucia and St. Vincent
and the Grenadines.
In a statement, the CCC recalled that
in December last year, it had advised
the public that it had taken “note” of
the announcement regarding the proposed
sale as well as the life insurance
operations in another two territories,
namely Jamaica and Trinidad and Tobago,
to Sagicor Financial Corporation.
Trinidad
The International Monetary Fund
(IMF) is projecting zero percent growth
for Trinidad and Tobago in 2019.
In its World Economic Outlook,
released recently, the
IMF also noted the
Trinidad and Tobago
economy grew just 0.3
percent — a marked difference
from the 1.9 percent the Government
suggested in the budget last
October.
Overall, the IMF reduced its outlook
for global growth to 3.3 percent, from
3.5 percent in January.
According to the IMF, T&T’s growth
estimates for 2018 are based on fullyear
energy sector data from the Ministry
of Energy and Ministry of Finance,
preliminary national accounts data for
the first three quarters of the year from
the Central Statistical Office.
It added that growth estimates are
subject to revision once the finalized
data for the full year becomes available
.— Compiled by Azad Ali
Continued from Page 4
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