分类： business

In the wake of Navin Dookeran’s abrupt termination as CEO of Eximbank, Trinidad and Tobago’s business chambers are urgently calling for fundamental reforms in foreign exchange allocation policies. The newly appointed board, chaired by Edwin Chariah with Suresh Maharaj as deputy chairman, now faces mounting pressure to establish more equitable distribution mechanisms that serve a broader spectrum of the business community.

Vivek Charran, President of the Confederation of Regional Business Chambers, emphasized the critical nature of this transition: ‘Our primary concern is ensuring this new administration develops a fair and balanced approach to forex distribution for our most vulnerable enterprises. We’re discussing generational family businesses and retail SMEs that are fundamentally fighting for survival.’

The business community’s consensus reveals deep-seated frustrations with the previous system’s limitations. Ramon Gregorio of the Greater Tunapuna Chamber of Industry and Commerce noted the essential balancing act required: ‘This is about reconciling the needs of large manufacturers with enabling SMEs to develop into larger organizations. Achieving proper equity and balance remains our central advocacy point.’

Baldath Maharaj of the Chaguanas Chamber of Industry and Commerce stressed the institutional requirements for effective reform: ‘Our chamber consistently emphasizes fairness, predictability, and transparency in allocation processes. Whatever strategic direction emerges, businesses must have confidence in an equitable and accessible system—this stability is indispensable for investment, growth, and national development.’

The chambers collectively expressed hope that the new directorship would expand forex allocation policies beyond the manufacturing sector to include goods and services industries frequently excluded from the equation. Gregorio added, ‘We urgently need a holistic approach that addresses the distinct challenges all sectors face in securing foreign exchange.’

Despite understanding the underlying forex shortages and national challenges, business leaders highlighted the practical realities: many retailers and manufacturers depend on Eximbank’s window to maintain operations, meet payroll obligations, and settle long-pending foreign supplier invoices. Charran revealed that during previous meetings with bank officials and former Finance Minister Colm Imbert, chambers were explicitly told no forex was available despite the operating window—with indications that stricter controls might be implemented.

Regarding leadership transition, chambers expressed confidence in the board’s diligence in selecting a replacement CEO while emphasizing the need for continuity. Maharaj noted, ‘History demonstrates that leadership transitions involve adjustment periods. We need a CEO with substantial expertise in export development and manufacturing who can maintain operational continuity while addressing the immediate needs of the business community.’

Dookeran, when contacted for comment, referred to a previous article expressing pride in his accomplishments since his 2019 appointment but declined further statement. The business community’s unified message remains clear: systemic reform, not personnel changes, represents the true path toward resolving Trinidad and Tobago’s foreign exchange distribution challenges.

The San Fernando Business Association (SFBA) has enthusiastically endorsed the Trinidadian government’s decision to recommission the Pointe-a-Pierre petroleum refinery, characterizing the move as a crucial economic stimulus for southern Trinidad and a transformative development for national prosperity.

SFBA President Daphne Bartlett, in an official December 7 statement, expressed the association’s profound satisfaction with Prime Minister Kamla Persad-Bissessar’s administration for honoring its campaign commitment to restart refinery operations. Bartlett emphasized that the facility’s 2018 closure severely disrupted foreign exchange revenues, paralyzed ancillary industries, and exacerbated resource allocation challenges.

“During its operational peak, the refinery generated substantial profitability through aviation fuel exports and international sales, earning critical foreign currency,” Bartlett explained. “Domestically, we utilized Trinidad and Tobago dollars for fuel purchases while bitumen by-products maintained our road infrastructure. Since the shutdown, we’ve been forced to import these commodities with limited foreign reserves, directly contributing to our deteriorating road conditions.”

Bartlett further highlighted the reactivation’s potential to revitalize adjacent communities historically dependent on Petrotrin and its supply chain for employment. “Economic activity generates commercial vitality. Enterprises throughout the San Fernando region will experience renewed growth, and secondary operations will reactivate. This initiative represents a comprehensive national advantage,” she affirmed.

Addressing feedstock concerns, Bartlett noted the refinery’s historical reliance on imported crude to supplement domestic production. With emerging oil producers like Guyana and Suriname, plus potential Venezuelan supply partnerships, she expressed confidence in sustainable operational continuity. “The reopening illuminates a prosperous future. We appreciate the Prime Minister’s exemplary seasonal offering,” Bartlett concluded.

The business endorsement coincides with governmental advances in the reactivation process. Prime Minister Persad-Bissessar convened with the refinery recommissioning committee—chaired by former energy minister Kevin Ramnarine—at the Diplomatic Centre on December 5 to evaluate progress. She reiterated commitments to procedural transparency and assured citizens that national interests would remain paramount.

Photographs from the December 4 meeting depicted Persad-Bissessar, Energy Minister Dr. Roodal Moonilal, and committee members examining interim strategic recommendations. Moonilal previously indicated that technical feasibility evaluations would conclude in early December, informing decisions regarding implementation schedules, financial investments, and capital needs.

Preliminary estimates suggest partial production could restart within 12-18 months, with complete operational restoration anticipated within three years. “We expect the assessment to deliver thorough analysis and a definitive strategic roadmap,” Moonilal stated, emphasizing that fiscal allocations and capital investments remain pivotal factors.

The refinery, formerly a cornerstone of Trinidad and Tobago’s economy, ceased operations in November 2018 during Petrotrin’s restructuring into Trinidad Petroleum Holdings Ltd. Its restoration constitutes one of the current administration’s most significant industrial projects, drawing intense scrutiny from energy sector participants, labor organizations, and regional allies.

As committee deliberations continue, the Prime Minister has guaranteed ongoing public updates—a commitment aligning with SFBA’s advocacy for economic confidence and regional rejuvenation in southern Trinidad.

As the Christmas shopping season reaches its peak, consumers face a critical purchasing decision: authentic branded footwear versus counterfeit alternatives. This choice carries significant implications for both personal wellness and economic integrity.

Premium footwear manufacturers like Nike, Adidas, and Crocs have built their market dominance through decades of research and development. Their products incorporate engineered materials specifically designed for anatomical support, impact absorption, and long-term durability. The manufacturing processes undergo rigorous quality control measures to ensure consistent performance standards.

Conversely, counterfeit footwear operations prioritize cost reduction over quality and safety. These unauthorized manufacturers typically utilize substandard materials that compromise structural integrity and comfort. The absence of proper biomechanical engineering in knockoff designs can lead to foot discomfort, improper alignment, and potential injury with extended use.

From an economic perspective, authentic purchases support legitimate businesses that invest in innovation, employment, and consumer protection. Counterfeit transactions inadvertently fund unregulated operations that often violate intellectual property rights and labor standards.

Consumer protection experts emphasize that branded footwear represents more than just a logo—it embodies scientific research into foot health, quality materials sourcing, and manufacturing accountability. The higher initial investment typically translates to longer product lifespan and better value per wear.

This holiday season, consumers should consider that gifting footwear involves not just immediate satisfaction but long-term foot health and ethical consumption practices. While counterfeit options may present tempting short-term savings, they carry hidden costs in comfort, durability, and potential health implications.

Industry professionals like Delicia Burris, owner of Glorious Touch Health and Wellness Spa, reinforce that footwear choices directly impact musculoskeletal health and overall wellbeing during seasonal activities.

Republic Financial Holdings Ltd (RFHL) is undergoing significant boardroom changes with the confirmed departure of director Robert Riley, effective December 6. This marks the fourth high-level resignation from the financial institution’s leadership in just over two months, creating a substantial shift in corporate governance.

The resignation was formally disclosed through public channels and the Trinidad and Tobago Stock Exchange on December 9, in compliance with Section 64(1)(B) of the Securities Act 2012. This regulatory framework requires listed entities to promptly announce material alterations to their board composition.

Robert Riley, an experienced energy-sector executive and corporate veteran, had served on RFHL’s board since October 2016. His departure follows those of Shameer Ronnie Mohammed (October 3), Waltnel X Sosa (October 7), and Jason Mootoo (November 21).

This wave of resignations coincides with the government’s publicly stated objective to secure majority representation on RFHL’s board. Finance Minister Davendranath Tancoo initially signaled this strategic move during his presentation of the 2025-2026 national budget on October 13.

According to RFHL’s 2025 annual report, the board comprised twelve directors as of September 30. Further changes are anticipated at the upcoming annual meeting scheduled for December 15 at Port of Spain’s Hyatt Regency. Current chairman Vincent Pereira is expected to step down due to reaching the bank’s mandatory retirement age of 70, while director Kristine Thompson is also anticipated to retire during the AGM proceedings.