T&T’s exports grew 68.7% in 2022
The value of exports from Trinidad and Tobago is estimated to have increased by 68.7 percent for the first 11 months of 2022, according to a report from the Inter-American Development Bank (IDB) entitled “Trade Trends Estimates Latin America and the Caribbean 2023 edition”.
The report states that T&T’s exports “maintained a remarkable growth rate in 2022, driven by high oil and gas prices”.
The report also noted that the country’s export growth in 2022 over 2021 followed an increase in the value of exports by 70.6 percent in 2021 over 2020.
The European Union, the United States, Latin America, and the Caribbean accounted for most of the expansion, said the IDB report.
“Exports from Caribbean countries increased at an estimated rate of 38 percent in 2022, after growing by 44.4 percent in 2021. The United States accounted for almost two-thirds of the expansion, and the European Union contributed an additional third.
“Performance varied widely in the subregion. Exports continued to contract in Suriname, while in Jamaica, they grew only slightly. Exports accelerated in Barbados and Belize and continued on a growth path in Guyana, but at a lower rate than that observed in 2021. In Trinidad and Tobago, they continued to expand strongly,” said the IDB report.
The region’s export performance was mainly explained by higher prices, while volumes lost momentum.
The report said the value of goods exports from Latin America and the Caribbean increased at an estimated rate of 18.8 percent in 2022, but that this was a reduction from the export growth of 27.8 per cent in 2021.
In 2022, the prices of most commodities exported by Latin America and the Caribbean climbed.
Between January and November 2022, the year-on-year prices of oil (43 percent), coffee (29.1 percent), soybeans (13 percent), and sugar (5.5 percent) all increased. In contrast, the prices of iron ore and copper fell by 28.9 percent and 4.9 percent year-on-year, respectively.
According to the report, the shock caused by the Russian invasion of Ukraine “further increased the prices of Latin America and the Caribbean’s main export commodities”.
However, “in most countries, the uptrend changed direction in the middle of the year in response to slowing global demand, forecasts of low growth, and the appreciation of the US dollar.”
The report said Russia’s invasion of Ukraine boosted exports via the price channel. But the price increase mainly favored the Latin American and Caribbean economies that are net commodity exporters, most of which are in South America.
“However, going forward, the trade performance of the region will depend on demand from its main partners: growth forecasts are weak due to the impact of the war in Ukraine, accelerating inflation, restrictive monetary policies, and new outbreaks of Covid, particularly in China. These factors are likely to affect LAC’s export volumes in the coming months,” according to the report.
In the coming months, the export growth rate is expected to slow in response to the downward trend in commodity prices, the war in Ukraine, restrictive monetary policies to reduce inflation, and the slowdown in global growth, the latest edition of Trade Trends Estimates: Latin America and the Caribbean has found.
“After a rapid recovery in 2021, a series of global shocks have sent exports from Latin America and the Caribbean into a slowdown that will continue into 2023. Reversing this trend will be key to shoring up economic growth in the region,” said Paolo Giordano, principal economist at the IDB’s Integration and Trade Sector, who coordinated the publication.
This estimate draws on data from 18 Latin American countries: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, Uruguay and Venezuela. The six Caribbean countries that provided data for the report are Barbados, Belize, Guyana, Jamaica, Suriname, and Trinidad and Tobago.
The records for Honduras and Panama do not include special trade regimes (STR), which account for about 50 percent of total exports from Honduras and 80 percent of those from Panama.
Source-Trinidad Express
Study Launched on TCI’s Queen Conch Sustainability
The Department of Fisheries and Marine Resource Management, under the Ministry of Tourism, Environment, Fisheries and Marine Affairs, Culture and Heritage, Agriculture, and Religious Affairs, in collaboration with Consultants from the Joint Nature Conservation Committee (JNCC, based in the United Kingdom) held a press conference on Friday morning to introduce the Queen Conch project called “Sustaining Queen Conch Fisheries and Livelihoods in Turks and Caicos Islands”.
The aim to collect essential new data on the queen conch fishery, ensuring that future international trade is at sustainable levels that meets the requirements of the CITES Convention (Convention in International Trade in Endangered Species), while sustaining food security in the TCI.
Queen conch is the second most economically important commercial fishery in the Turks and Caicos Islands, supporting a large export trade and significant domestic consumption by locals and visitors alike. However, the fishery throughout the Caribbean region, which previously provided a reliable and plentiful food resource, is in decline.
The sustainability of the fishery is threatened, and without a comprehensive stock assessment for the species, the region and TCI specifically could face complications for trade. We do have a closed season for conch export in the TCI, from July 15th through October 15th.
Therefore, TCI Government Departments, Fisheries and Marine Resources Management (FMRM) and Department of Environment and Coastal Resources (DECR), in Partnership with JNCC (Joint Nature Conservation Committee, UK), Marine Conservation Society, and Wild Conscience, secured project funding from the European Union in May 2022 under the “RESEMBID” (Resilience, Sustainable Energy and Marine Biodiversity Programme).
Additionally, the extent of domestic and tourist consumption is also poorly understood and under-reporting which makes it impossible to optimize fisheries production in a sustainable manner, causing economic losses to the sector.
This project will address these critical data gaps and provide new independent information which can be utilised to mitigate the risk of over-harvesting of the species.
The online version of the survey has also been released and will be available for completion until January 20th. Over 300 surveys have been completed so far, which will provide excellent data on the extent of queen conch consumption in TCI.
This 18-month long project is urgently needed to better understand the status of the queen conch population in TCI and inform future management decisions by: completing new conch abundance surveys; assessing domestic and tourist consumption; capacity building within TCI government departments; and producing a CITES non-detriment finding (NDF) to determine sustainable trade levels.
The survey can be completed at: www.smartsurvey.co.uk/s/TCIQueenConch
Just a reminder to those of you listening, some of your hottest shows on the Nation’s Station have returned after Christmas Break, for example this morning the iconic Robert Hall was back with Expressions - airing on Mondays Wednesdays and Fridays, then your favorite duo Cheryl-Ann Forman and Zhavago Jolly resume First Edition on Tuesday and Thursday mornings and Drexwell Seymour comes back to the airwaves with Financially Speaking on Tuesdays.
Her Ladyship, Chief Justice Mabel Agyemang’s contract extended until 2026
His Excellency the Governor Nigel Dakin has accepted the Judicial Service Commission’s (JSC) recommendation to extend Her Ladyship, Chief Justice Mabel Agyemang’s contract until March 2026.
The Governor said he was very pleased to accept the JSC’s recommendation, given the zeal exhibited by the Chief Justice, and the changes she has made to better the judicial system of the Turks and Caicos Islands.
As part of her successes, she helped lead the way with virtual trials during the COVID 19 pandemic, established A mediation centre and associated rules.
There is now a restorative justice programme, and a new judicial and legal education institute, and civil procedure rules that will help to modernise the courts.
Just last week a contract was signed by the Chief Justice to deliver electronic filing and the Chief Justice’s website provides new resources, which includes practice directions.
She also chairs the monthly criminal justice stakeholder group that allows all those who lead in the justice sector to come together to solve shared challenges.
Her biggest task and one which she would like to see through completion was after the death of Judge Paul Harrison, her Ladyship chose to take on the most complex trial in TCIs history - the SIPT investigation.
Antigua & Barbuda prepares for election
Antigua and Barbuda’s Electoral Commission has confirmed that 53 candidates have successfully submitted their bids to be on the ballot for this month’s general election.
The ruling Antigua and Barbuda Labour Party (ABLP) has candidates for all 16 electoral districts in Antigua and the one in Barbuda.
The United Progressive Party (UPP) and the recently established Democratic National Alliance (DNA) have submitted candidates only for the 16 seats in Antigua.
The Barbuda People’s Movement (BPM) has only submitted one candidate.
Three independent candidates will also contest the election.
Elections in Antigua and Barbuda are set to take place on January 18th, 2023.
Hugh Jackman denies steroid use, explains he has six months to bulk up for Deadpool 3
In a chat with the titular host of Who's Talking to Chris Wallace? on HBO, Hugh Jackman shed some light on his next appearance as Wolverine, this time in 2024's Deadpool 3.
The Tony-winning actor had vowed to hang up the claws after 2017's Oscar-nominated Logan, but thanks to the actor's bestie Ryan Reynolds joining the Marvel Cinematic Universe with the threequel — and the multiverse — Jackman will be able to pick the claws up for a 10th time.
But first, he's gotta pick up some weights to once again bulk up as the adamantium-skeletoned X-Man.
The actor, now 54, explained to Wallace: "I've learned you can't rush it. I've learned that it takes time … So, we have six months from when I finish [The Music Man on Broadway] to when I started filming. And I'm not doing any other work. I'm going to be with my family and train. That’s going to be my job for six months."
The star also denied rumors that his comic book physique could be found in a bottle. Jackman laughed and shook his head when asked about rumors he took steroids to bulk up. "No, I love my job. And I love Wolverine. I got to be careful what I say here, but I had been told anecdotally what the side effects are of that. And I was like, 'I don't love it that much.'"
Instead, Jackman has to once again rely on some fine feathered friends, as he did in the past. "I tell you, I've eaten more chickens — I'm so sorry to all the vegans and vegetarians and to the chickens of the world. Literally, the karma is not good for me. If the deity has anything related to chickens, I'm in trouble."
Logan Paul apologises for CryptoZoo project failure
YouTuber Logan Paul has apologised to fans who lost money after investing in his cryptocurrency game, CryptoZoo.
The 27-year-old encouraged people to buy cryptocurrency collectables for what he called a "really fun game that makes you money".
But more than a year after its launch, no game has materialised and Paul has apparently abandoned the project.
Now, in response to another YouTuber's investigation into the business, Paul says he wants to "make this right".
CryptoZoo was launched in 2021 after first being discussed on Paul's podcast Impaulsive.
Paul, who has more than 23 million YouTube subscribers, said he had spent "probably about one million" dollars on developing CryptoZoo, and had a "massive team behind the project".
The CryptoZoo website says it is "undergoing upgrades".
In a now-deleted description, it was described as "an autonomous ecosystem that allows ZooKeepers to buy, sell, and trade exotic animals and hybrids. CryptoZoo incorporates cryptocurrency and Non Fungible Tokens (NFTs) into a simple, fun game with familiar mechanics".
The project sold images of cartoon eggs as NFTs, with the promise that collectors would be able to hatch them into randomly chosen animal images.
Collectors would then be able to "breed" their animal images to create new species and win coins in a linked cryptocurrency called $ZOO.
In a since-removed project roadmap, many games were promised in 2022 that would incorporate the animal NFT images but no playable features were delivered.
It is not known how many investors CryptoZoo has, but the project's Discord server has about 500 members.
However, after selling millions of dollars worth of NFTs and crypto coins, Paul stopped talking about CrytpoZoo and seemingly abandoned the project.
Paul's team has not responded to the BBC's request for comment.
Source-BBC
WEATHER FOR THE TCI
GENERAL SITUATION
LOW LEVEL CONVERGENCE ALONG A WEAK DISSIPATING FRONTAL BOUNDARY ACROSS THE CENTRAL BAHAMAS WILL PROMOTE SHOWERS AND THUNDERSTORMS ACROSS THE CENTRAL AND NORTHWEST BAHAMAS…MEANWHILE, A SURFACE TROUGH ACROSS HISPANIOLA WILL ALSO SUPPORT SOME SHOWERS ACROSS THE SOUTHERN BAHAMAS THROUGH TONIGHT…
SPECIAL WARNINGS
BEACHGOERS AND SWIMMERS SHOULD REMAIN VIGILANT DUE TO THE SLIGHT RISK OF RIP CURRENTS ALONG EAST COAST AND ATLANTIC BEACHES…
BAHAMAS
WEATHER: VARIABLY CLOUDY AND HUMID WITH WIDELY SCATTERED SHOWERS AND A FEW ISOLATED THUNDERSTORMS TODAY THROUGH TONIGHT…
ADVISORY: GUSTY WINDS AND HIGHER SEAS CAN BE EXPECTED IN SHOWERS AND THUNDERSTORMS…
WINDS: SOUTHEAST TO SOUTH AT 10 TO 15 KNOTS SHIFTING NORTHWESTERLY IN THE NORTHWEST BAHAMAS BY AFTERNOON HOURS…
SEAS: 2 TO 4 FEET OVER THE OCEAN BUILDING UP TO 6 FEET ALONG ATLANTIC EXPOSED SHORELINES IN EASTERLY SWELLS…
TURKS & CAICOS
WEATHER: PARTLY SUNNY AND WARM WITH THE CHANCE OF A FEW ISOLATED SHOWERS… VARIABLY CLOUDY TONIGHT WITH A PASSING SHOWER OR TWO POSSIBLE…
WINDS: EAST TO SOUTHEAST AT 10 TO 15 KNOTS…
SEAS: 2 TO 4 FEET OVER THE OCEAN BUILDING UP TO 6 FEET ALONG ATLANTIC EXPOSED SHORELINES IN EASTERLY SWELLS…
HIGH-TEMPERATURE TODAY: 81°F 27°C
LOW-TEMPERATURE TONIGHT: 70°F 21°C
SUNRISE: 6:56 AM MOONSET: 8:59 AM HIGH TIDE:9:12AM & 9:31 PM
SUNSET: 5:37 PM MOONRISE: 8:04 PM LOW TIDE: 3:42 PM & 3:29 AM TUE
Indian police have arrested an unruly Airline passenger
Indian police have arrested an unruly airline passenger following a complaint by a woman aboard an Air India flight from New York that he urinated on her in business class.
Shankar Mishra was picked up by police in the southern city of Bengaluru and brought to the Indian capital on Saturday.
The Times of India newspaper cited Mishra as saying that he was drunk and could not believe what he had done.
A New Delhi court sent him to prison for 14 days as police investigate the complaint accusing Mishra of outraging the modesty of a woman during the New York to New Delhi flight. If convicted, he faces up to three years in prison.
Mishra’s job as a Mumbai-based executive has been terminated by his employer Wells Fargo & Company, an American multinational financial services firm.
Drug Bust in Portland Jamaica involving Women and Minors
A police team from the Portland division in Jamaica seized approximately 600 pounds of compressed marijuana during an operation in the parish on Saturday, January 7th.
Thirteen people, including six women and two minors, were taken into custody in relation to the seizure.
Reports state that around 9am, law enforcement officials were in the area when they signalled for the driver of an Isuzu motor truck carrying 12 passengers to stop.
The driver complied and the vehicle was searched under the Dangerous Drugs Act.
During the search, 600 pounds of compressed marijuana was found in the vehicle.
All persons in the vehicle, including the driver were subsequently taken into custody. Their identities are being withheld pending further investigation by the police.
The illicit drug has an estimated street value of $3.3 million dollars.
Goodyear's New Tire Is Made From Soybean
While most experts agree that EVs are more environmentally friendly than internal combustion vehicles, the quest for greening transportation goes beyond what's under the hood. For Goodyear, it literally starts where the rubber meets the road. Tires are obviously a very important component of any vehicle, but let's face it, they contain materials and are made with processes that are fairly toxic to the environment.
Considering there are at least two tires for every road-going vehicle in the world today, making those round rubber things more sustainable could go a long way in cleaning up this blue marble we're all living on.
Goodyear's contribution looks like it might be promisingly close to reality. At CES 2023, the company revealed a tire in which 90 percent of its components are materials that come from sustainable sources. Goodyear says there are 17 sustainable ingredients that include things like recycled polyester and plant-based components like soybean oil, rice husk waste, and "bio-renewable" pine tree resin. It also uses steel with "high recycled content" and "ISCC certified mass balance polymers from bio- and bio-circular feedstock."
It all sounds pretty impressive but you may be thinking that this is just a blue-sky concept and won't go much further. However, Goodyear is taking this fairly seriously. The demonstration tire it brought to CES has been put through—and passed—regulatory testing and Goodyear's internal testing.
That doesn't mean it is going to be on the road tomorrow, as Goodyear admits it still needs to work with its suppliers to figure out a way to scale up to mass production. The company also has another tire made from 70 percent sustainable materials in the works, and already launched a website for customers who are interested in purchasing it. Goodyear says it wants to develop a 100-percent sustainable tire by the end of the decade. Considering that, we may see the 70 percent tire (or this 90-percenter) on the road sooner than we think.
In the meantime, if you already own an EV like the Hyundai Ioniq 5 then you may want to check out our EV Tires Learning Center to help you figure out the best way to go when buying rubber for your vehicle. Of course, sustainable tires will be available more broadly, not just for EVs.
Source-Motor Trend