The Bankers Association of Trinidad and Tobago (BATT) has adopted a cautious stance regarding the government’s newly proposed 0.25% levy on assets held by banks and insurance companies. Announced by Finance Minister Davendranath Tancoo on October 13, the levy is set to take effect on January 1, 2026, and is projected to generate $575 million annually. Tancoo justified the measure by highlighting the robust financial health of these institutions, citing their sustained earnings, high liquidity ratios, and strong asset base growth, while lamenting the ‘unreasonably high fees and near-zero returns’ faced by average citizens. Prime Minister Kamla Persad-Bissessar assured the public that the government would prevent banks from passing the levy’s cost onto customers, emphasizing her administration’s readiness to address such practices. BATT, in its response, expressed a desire for detailed discussions on the levy’s implementation, seeking exemptions or reduced rates for government securities and inter-bank placements, as well as clarity on its deductibility from corporate income tax. The association stressed the importance of balancing the government’s revenue needs with the stability and growth of the banking sector. Consultant Paul Traboulay noted that similar levies are already in place in Barbados and Jamaica, with Jamaica’s 0.25% levy applying to all assets of insurers, regardless of location. Barbados, meanwhile, imposes a 0.35% levy exclusively on domestic assets held in the national currency. Audit firms PriceWaterhouseCooper (PWC) and Ernst and Young (E&Y) observed that the levy aligns with a growing regional trend of fiscal reform, though PWC warned of potential increases in insurance premiums. Critics, including MP Stuart Young, have raised concerns about the levy’s inflationary impact, predicting that the costs will ultimately be borne by consumers.
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Howai heads delegation at World Bank, IMF meeting
Central Bank Governor Larry Howai is currently in Washington, DC, participating in the 2025 annual meetings of the World Bank Group, the International Monetary Fund (IMF), and the Inter-Governmental Group of Twenty Four on International Monetary Affairs and Development (G-24). The meetings, which span from October 13 to 18, bring together global financial leaders to discuss pressing economic issues. Howai is leading the Trinidad and Tobago (TT) delegation, which includes key figures such as Delvin Cox, advisor to the executive director of the World Bank Group; Kimberly Roberts, TT’s IMF representative; Zarah Mohammed, manager of debt management; and Stephanie Toolsie, assistant manager of debt management at the Ministry of Finance. During his address to the G-24 group on October 14, Howai emphasized the urgent need for international cooperation to eliminate tariff and non-tariff barriers that hinder trade and disproportionately impact developing economies. He stressed that restoring confidence in a fair and transparent multilateral trading system is crucial for revitalizing global demand, encouraging investment, and supporting economic diversification across all regions.
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1 dead, 2 schoolboys among 3 wounded in Brasso shooting
A tragic shooting in Brasso Village, central Trinidad, has left a family in mourning and a community in shock. On October 15, 20-year-old construction worker Christopher Ricardo “Ricky” Joseph was killed when gunmen opened fire at a house along Caparo Valley Brasso Road. His brother, Colly Joseph, 23, and two teenagers, Jerryl Ganness, 15, and Darias Shadrack, 16, were also injured in the attack. The incident occurred around 2 am inside an unfinished wooden structure on the compound of Darias’s relatives. Villagers reported hearing gunshots and later discovered Christopher’s body with multiple bullet wounds. The wounded were initially taken to the Chaguanas Health Centre before being transferred to Mt Hope Hospital. Christopher’s mother, Marsha Joseph, 45, who is visually impaired, recounted her last conversation with her son, who had called to express his love for her just hours before his death. She described Ricky as a reserved individual who, despite his interest in gangster music, was not involved in criminal activities. The family has faced tragedy before, with Marsha’s uncle, Rajindra “Syo” Ramcharan, 33, being shot and killed in February. Christopher’s father, Smith Joseph, 65, who suffered a stroke in 2020 and had a leg amputated, urged the police to fully commit to solving all crimes. The family is now seeking justice for Christopher’s death and his brother’s shooting, expressing their faith in divine justice if the legal system fails. The shooting is believed to be drug-related, and police investigations are ongoing. This incident adds to the growing concern over the rising crime rate in Trinidad, with 299 murders recorded so far this year, including more than two dozen in the past two weeks. Despite the ongoing state of emergency, the monthly murder toll for October has surpassed last year’s figures, highlighting the urgent need for effective crime control measures.
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Additional sailings for Tobago carnival, Minority wants more flights
As the highly anticipated Tobago Carnival approaches, scheduled for October 24 to 26, concerns over transportation logistics have taken center stage. THA Minority Leader Kelvon Morris has urged Caribbean Airlines (CAL) to increase daily flights to accommodate the surge in demand for the event, now in its fourth year. Speaking at a media conference on October 15 at the Magdalena Grand Beach and Golf Resort, Morris revealed that CAL’s management has declined to add new flights, despite the overwhelming interest in the carnival. He called on the Chief Secretary to intervene, emphasizing the importance of ensuring smooth travel for attendees from Trinidad and beyond. Reports indicate that hotels, villas, and guesthouses are nearly fully booked, with hoteliers expressing concerns that visitors may struggle to reach the island due to limited transportation options. In response, The Port Authority has announced additional roundtrips on the TT Spirit ferry between October 22 and 29, with four inter-island vessels operating outside their regular schedules. Dexter Sandy, president of the Tobago October Carnival Association (TOCO), had previously appealed for increased air and sea transport to support the event, highlighting the need for collaboration with Caribbean Airlines and the TT Inter-Island Ferry. The carnival’s official events, including the Monarchs of Mas, Pan Omega, and the Parade of Bands, are expected to draw significant crowds, further underscoring the urgency of addressing transportation challenges.
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CL Financial shareholders welcome halt on Trincity Mall sale
In a significant development, the Trinidad and Tobago government has intervened to halt the controversial sale of Trincity Mall, a move hailed by businessman Carlton Reis as “the start of justice” and a long-overdue crackdown on white-collar crime. Reis, who controls a majority of the voting rights in CL Financial Ltd (CLF), praised the government’s action, emphasizing the need for accountability in the liquidation process of the once-dominant conglomerate. The injunction, granted by Justice Kevin Ramcharan on October 13, stopped the sale just minutes before its completion, following years of alleged mismanagement and irregularities. Reis, representing Dalco, CLF’s largest shareholder, revealed that his group had previously urged a criminal probe into the sale of CLF assets, including Trincity Mall, which was reportedly sold for $505 million—nearly half its 2021 court-approved valuation of $900 million. He criticized the liquidation process as lacking transparency, accusing state-appointed overseers of “corporate dismantling” and selling assets below value. Reis also highlighted missed opportunities, such as a proposed medical tourism and retirement hub in Tobago, which could have spurred economic growth. He expressed hope for dialogue with the government, particularly with the Prime Minister, Attorney General, and Finance Minister, to rebuild CL Financial and contribute to national development. The High Court will resume discussions on the injunction’s terms on October 27. Reis further lauded the recent election victory of the United National Congress (UNC) under Kamla Persad-Bissessar, describing it as a turning point for accountability and reform.
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T&TEC ordered to provide policy on high-tension power lines on private property
The Trinidad and Tobago Electricity Commission (T&TEC) has been mandated by the High Court to disclose its policy on installing high-tension power lines over private property within 14 days. Justice Frank Seepersad issued the ruling on October 15, 2024, following a legal challenge by Dr. Fayard Mohammed, who accused T&TEC of breaching its obligations under the Freedom of Information Act (FOIA).
Dr. Mohammed initiated the case after T&TEC installed power lines on his private property without providing the policy justifying such actions. Despite his initial request for information, T&TEC failed to respond within the legally required 30-day period, prompting Dr. Mohammed to seek judicial review. Justice Seepersad found T&TEC’s delay and subsequent refusal, citing the sub judice rule and allegations of a ‘fishing expedition,’ to be unlawful and unsupported by valid exemptions under the FOIA.
The judge emphasized that administrative inefficiency or resource constraints cannot excuse non-compliance with statutory obligations. He declared that T&TEC violated Sections 13, 15, and 23 of the FOIA by failing to notify Dr. Mohammed of its decision, provide written reasons for refusal, and uphold his legitimate expectation of lawful and fair processing of his request. Justice Seepersad also dismissed T&TEC’s claims of procedural abuse and nondisclosure, labeling them as disingenuous deflections.
In his ruling, Justice Seepersad underscored the importance of transparency and accountability, stating that the FOIA is designed to empower citizens to access information held by public bodies. He ordered T&TEC to pay Dr. Mohammed’s legal costs, reinforcing the principle that such requests are fundamental rights, not litigation tactics. Dr. Mohammed was represented by attorneys Farai Hove Masaisai and Chelsea Edwards, while T&TEC’s legal team included Senior Counsel Keith Scotland, Asha Watkins-Montserin, and Keisha Kydd-Hannibal.
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Industry 360, CultureCon honour Caribbean icons in New York
The third annual Caribbean Cultural Diplomats Experience, held on October 1 in New York, showcased the vibrant essence of Caribbean culture, creativity, and grace. Organized by Trinidad and Tobago-based social impact agency Industry 360 in collaboration with CultureCon, the event celebrated the lifetime achievements of two distinguished figures: Neal Farinah, the Trinidad-born celebrity hairstylist for Grammy-winning artist Beyoncé, and Petra Roach, a seasoned tourism professional and director of sales and marketing at the Wyndham Grand Barbados. The exclusive dinner, themed ‘Mille Fleur: The Secret Garden,’ was a lush tribute to Caribbean brilliance, featuring stunning decor, gourmet cuisine, and performances by Jamaican artist Hector Roots Lewis and Barbadian singer Tionne Hernandez. Attendees included TT consul general to New York Andre Laveau, Haitian-American media personality Jessie Woo, and Peter Mayers, US director of Barbados Tourism and Marketing Inc. Farinah, receiving his first award from a Caribbean-based organization, emotionally recounted his journey from humble beginnings to global success, while Roach emphasized the importance of celebrating and protecting the Caribbean’s cultural heritage. Industry 360 founder Tenille Clarke highlighted the event’s success, underscoring the power of community and the Caribbean’s enduring resilience and excellence.
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Fatima coach: No pressure on team ahead of ‘Naps’ clash
In a highly anticipated match of the Secondary Schools Football League (SSFL) premier division, league leaders Fatima College will face second-placed Naparima College on October 15 at Lewis Street in San Fernando. Both teams have been in formidable form this season, with Fatima securing 22 points from seven wins and one draw, while Naparima boasts a perfect record of seven wins, scoring 28 goals and conceding just one. The clash, set to kick off at 3:30 pm, promises to be a thrilling encounter as the defending champions aim to maintain their lead. Fatima’s coach, Kerdyn Moe, emphasized the team’s focus on taking each game as it comes, despite the pressure of being the target of every opponent. Meanwhile, Naparima’s coach, Angus Eve, has led his team to a dominant run, with 12 different players contributing to their goal tally. The match is part of a packed schedule for Fatima, who will also face Arima North Secondary and Presentation College San Fernando in the coming weeks. Elsewhere, other key fixtures include Presentation College’s attempt to bounce back from a recent loss and the ‘Battle of the Saints’ between St Anthony’s College and St Mary’s College. The SSFL standings reflect a competitive season, with Fatima and Naparima leading the pack, followed by Presentation College and Queen’s Royal College.
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PSA head eyes 10% wage settlement by Christmas
Public Service Association (PSA) President Felisha Thomas has announced the union’s commitment to finalizing public sector wage negotiations by Christmas, ensuring workers receive long-overdue payments. Speaking at a media conference on October 14, Thomas addressed what she termed ‘misinformation from the opposition’ regarding the recent ten per cent wage offer proposed by Finance Minister Davendranath Tancoo during the October 13 budget presentation.
Thomas emphasized the PSA’s dedication to resolving the negotiations swiftly, stating, ‘We are serious about settling your negotiations. Our aim is to have your negotiation settled by Christmas so that your money will be in your pockets.’ She also criticized former Finance Ministry official Brian Manning for his public remarks, urging him to refrain from interfering in public servants’ affairs.
Thomas accused the opposition of spreading ‘lies’ and attempting to undermine the PSA’s achievements on behalf of civil servants, statutory authority workers, and the Tobago House of Assembly (THA). She referenced a May 2022 memorandum of agreement from the chief personnel officer (CPO), which outlined previous wage proposals, describing the earlier two per cent offers as ‘disrespectful’ and a catalyst for protests.
Thomas hailed the revised ten per cent offer as a turning point for public sector workers, restoring dignity to the negotiation process. She confirmed that the CPO had acknowledged the PSA’s request for a meeting and expressed optimism about commencing formal talks.
Labour Minister Leroy Baptiste praised the ten per cent offer as a victory for public workers, condemning the previous ‘unjust’ four and five per cent offers. He highlighted the government’s efforts to save jobs and improve the standard of living for working-class citizens, emphasizing its people-centred approach. Additionally, the government announced initiatives to support small and micro enterprises, including mentorship and financing for aspiring entrepreneurs.
Thomas concluded by urging public servants to rely solely on the PSA for accurate information regarding the negotiations, warning against the opposition’s attempts to ‘create mischief.’
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Bassarath set to retain Trinidad and Tobago Cricket Board presidency unopposed
Azim Bassarath is poised to secure an unprecedented sixth consecutive term as president of the Trinidad and Tobago Cricket Board (TTCB) in the upcoming national executive elections on October 25. With nominations closing on October 10, Bassarath emerged as the sole candidate for the presidency, ensuring his retention of the position without opposition. He has held the role since 2009, succeeding Deryck Murray. Joining him in retaining their positions unopposed are first vice-president Altaf Baksh and general secretary Henry Chase. However, the election will see competitive races for other key roles. Kerwin John, the incumbent second vice-president and head of the Tobago Cricket Association, faces a challenge from Rajendra Mangalie, a former national cricketer and Red Force chairman of selectors. Similarly, third vice-president Parasram Singh will contend with Avinash Suruj of the central zone, while treasurer Stephen Ramkissoon is up against Richard Ramkissoon, owner and coach of Central Sports cricket club. Additionally, six candidates—Ann Browne-John, Mitra Ragoonanan, Frank Simmons, Ravi Teeluck, Dr. Anand Rampersad, and Sharaz Mohammed—are vying for five executive member positions. The elected officials will serve a four-year term. The deadline for candidates to withdraw nominations is October 22, with the TTCB elections committee overseeing the printing of ballot papers on October 23. Voting will take place at the Alloy Lequay Administrative Centre on October 25 from 9 am to 1 pm.
