分类： business

The retail sector continues to face significant challenges, as highlighted by the recent developments surrounding Standard Distributors, a long-standing furniture and appliance retailer. Established in 1945, Standard Distributors has been a household name for decades. However, on November 1, all its branches, including one in Barbados, were reportedly closed. Ansa McAL, the parent company, announced the sale of Standard Distributors to Term Finance, which plans to transform the brand into a dedicated credit provider and e-commerce platform under the new name Standard Credit. The transaction, expected to be finalized by December 31 pending approvals, aims to leverage Standard’s 80-year expertise in hire-purchase agreements to offer innovative credit products. This move comes amidst a broader decline in the retail sector, exacerbated by the lingering effects of the COVID-19 pandemic. The Central Statistical Office reported a 7.8% drop in the index of retail sales for household appliances and furnishings in the first quarter of 2025, with the overall retail index falling by 3.7%. Central Bank data further indicates a consistent decline in retail sales since 2024, reflecting reduced consumer spending and low confidence. While online shopping platforms like Amazon and Shein have impacted physical stores, high shipping costs for bulky items had previously given furniture retailers an edge. However, the sector now faces additional pressures, including unmet housing demand and consumers’ reluctance to spend. The government’s efforts to stimulate economic growth through sustained spending and institutional strengthening may provide some relief, but the ongoing challenges in the furnishings sector underscore the depth of the issue.

Supply Solutions Ltd, a prominent player in engineering and construction, is now positioning itself as a leading procurement service provider, particularly for small to medium-sized enterprises (SMEs). The company is broadening its horizons by targeting both regional and international markets while reinforcing its domestic presence. CEO Nicholas Ottley emphasized the company’s unique approach: \”My product is the ability to take your problem and implement the mechanism to solve it.\

The closure of Standard Distributors, a long-standing retail giant in Trinidad and Tobago, marks the end of an era for traditional brick-and-mortar home furnishings and electronics stores. Simultaneously, American Stores, a family-run competitor, has opened a new branch in Arima, symbolizing the shifting dynamics in the local retail market. The contrasting events highlight the challenges faced by traditional retailers in adapting to online competition, squeezed profit margins, and evolving consumer preferences. Standard Distributors, founded in 1945 and acquired by the Ansa McAL Group in 1967, officially closed its doors on November 1, 2025. Its operations have been sold to Term Finance (TT) Ltd, a regional fintech company, which plans to rebrand the business as Standard Credit, focusing on credit and e-commerce services. Sarah Inglefield, Ansa McAL’s head of marketing, emphasized that the divestment aligns with the group’s strategic growth priorities, allowing it to focus on high-growth sectors. Meanwhile, American Stores, founded in 1950, is reclaiming its position in the market. The company, now led by the third generation of the Hosein family, has opened a new branch in Arima, replacing a smaller, congested location. COO Tana de Freitas highlighted the company’s resilience and commitment to customer service, despite challenges such as foreign exchange shortages and shipping costs. While Standard Distributors’ closure reflects the harsh realities of traditional retail, American Stores’ expansion demonstrates the enduring potential of family-owned businesses in a rapidly changing market.

The Trinidad and Tobago Manufacturers’ Association (TTMA) recently hosted its annual President’s Dinner and Awards at the Hyatt Regency in Port of Spain, celebrating the resilience, innovation, and economic contributions of the nation’s manufacturing sector. The event, held on November 5, 2025, highlighted the industry’s pivotal role in national development, with TTMA President Dale Parson emphasizing its employment of over 60,000 people and its status as a key economic stabilizer. Parson also revealed that the TTMA, in partnership with the government, raised over $5 million in goods and cash within 24 hours to support Jamaica’s recovery efforts following Hurricane Melissa. The manufacturing sector accounts for approximately 18% of Trinidad and Tobago’s Gross Domestic Product (GDP), making it the second-largest employer after the state. Small and medium-sized enterprises (SMEs) were recognized as the backbone of the industry, comprising nearly 65% of manufacturers nationwide. Parson outlined initiatives to enhance SME export readiness, including participation in trade conventions, international missions, and collaboration with the Eximbank. Looking ahead, the TTMA has proposed redeveloping the Caroni Racing Complex into a world-class convention center, aiming to position Trinidad and Tobago as a regional manufacturing and trade hub. The event also featured calls for deeper bilateral collaboration between Trinidad and Tobago and Guyana, with Guyana Manufacturing and Services Association President Rafeek Khan urging the resolution of trade barriers to unlock regional opportunities. Trade Minister Satyakama Maharaj commended manufacturers for their role in economic diversification, announcing ambitious targets to expand exports by $5 billion and attract $9 billion in investments over the next five years. The evening concluded with awards recognizing industry leaders, including Angostura Ltd, which won Exporter of the Year (Large Category), and Novo Farms Ltd, honored as Manufacturer of the Year (Medium Category).

The rise of artificial intelligence (AI) is fundamentally transforming the global workforce, challenging traditional job structures and reshaping industries. While the phrase ‘AI won’t take your job – but someone using AI will’ offers a sense of optimism, the reality is far more complex. Companies worldwide are increasingly citing AI as a reason for cutting thousands of white-collar roles. Amazon’s CEO, Andy Jassy, recently highlighted that AI enables teams to achieve more with fewer people, signaling a shift in workforce dynamics.

Jobs are not monolithic but rather collections of tasks. Research from McKinsey & Company reveals that AI can perform 30 to 70 percent of these tasks, altering the economic viability of many roles. When AI handles half of a job’s workload more efficiently, companies face three choices: eliminate the role, merge it with another function, or redesign it into an AI-assisted position. This gradual erosion of tasks is particularly evident in routine cognitive work, such as data entry, report writing, and document review, which AI now manages with near-professional precision.

Gartner predicts that by 2026, 20 percent of organizations will use AI to flatten their hierarchies, eliminating half of their middle-management layers. AI systems are now capable of handling coordination, analytics, and communication—functions traditionally overseen by managers. This shift is creating what McKinsey terms the ‘agentic organization,’ where small human teams supervise networks of AI agents, resulting in leaner companies and faster decision-making.

While AI is automating many tasks, it is also driving job transformation. In medicine, surgeons use AI to enhance decision-making during operations. In law, AI tools save lawyers an estimated 240 hours annually by handling contract analysis and legal research. In marketing, generative AI has reduced content creation costs by 30 to 50 percent. AI acts as a copilot, handling repetitive work so humans can focus on creativity and judgment. However, companies often fail to replace eliminated tasks with new creative roles, leading to workforce reductions.

AI is also reshaping income distribution. According to PwC’s Global AI Jobs Barometer (2025), industries like finance, IT, and professional services are experiencing productivity growth five times faster than sectors like manufacturing or transport. Workers with advanced AI skills command a 56 percent wage premium, while routine professional roles face decline. This dynamic is compressing the middle class and rewarding those who can direct, train, or govern AI systems.

One of the most pressing concerns is the hollowing-out of the career ladder. AI is automating entry-level tasks that once provided young professionals with learning opportunities. Simultaneously, firms are adopting ‘AI-first’ hiring policies, deploying automation before opening new roles. This trend raises questions about how the next generation of managers and specialists will be trained.

Governments are responding differently to these challenges. The European Union’s AI Act classifies workplace AI as ‘high-risk,’ demanding transparency and safety protocols, which slows innovation but protects workers. In contrast, Singapore is rapidly building an AI-fluent workforce through national upskilling initiatives and a government-backed ethics framework called AI Verify.

In conclusion, AI is not eliminating all jobs but is dismantling the structure of work as we know it. Tasks are being automated, hierarchies flattened, and entry points erased. The future will favor individuals and nations that master AI literacy, creative judgment, and the ability to design systems rather than merely operate within them. As companies in the Caribbean and beyond adopt digital tools more aggressively, the question is no longer if AI affects our jobs, but how quickly we adapt. When half of your tasks vanish, what remains is a test of the true value of the human element in your work.

First Citizens Bank has recently celebrated the academic excellence of 16 young achievers through its Neo Education Awards. This annual event, held to honor student account holders nationwide, underscores the bank’s dedication to fostering youth empowerment and financial literacy. The Neo account, a savings product tailored for individuals from birth to age 25, aims to instill sound financial habits early in life. This year, the bank doubled the number of awardees from eight in 2024 to 16, reflecting its growing commitment to education and youth development. Recipients received cash prizes directly deposited into their Neo accounts, ranging from $1,000 for Secondary Entrance Assessment (SEA) achievers to $6,000 for top tertiary-level performers. CSEC and CAPE students were awarded $2,500 and $3,000, respectively. Lyndon Balkran, Acting Senior Manager for Market Development, Intelligence, and Promotions, praised the awardees, emphasizing the bank’s belief in nurturing a financially confident generation. Parents and students expressed gratitude, viewing the ceremony as both a celebration of academic success and a motivation to pursue excellence. The Neo Education Awards are a key component of First Citizens’ strategy to promote lifelong financial awareness, bridging academic achievement with responsible money management.

In a decisive move to safeguard over 700 jobs and maintain vital air connections across the Caribbean and the eastern United States, the Trinidad and Tobago (TT) government, under the leadership of Premier Dr. Eric Williams, took control of British West Indian Airways (BWIA) in 1961. This action was prompted by the British Overseas Airways Corporation’s (BOAC) proposed austerity measures, which threatened significant staff retrenchments and disruptions to regional air services. Premier Williams, addressing the House of Representatives on March 23, 1962, highlighted the government’s intervention to acquire BWIA, emphasizing the need to preserve employment and sustain air links. BOAC, in a letter dated June 16, 1961, valued BWIA at £1,034,036 (BWI$5,445,726), but independent technical advice was sought to facilitate negotiations. The TT government engaged C.S. Sundaram, a consultant from the International Civil Aviation Organisation (ICAO), whose report on September 27, 1961, influenced the decision to acquire BWIA on October 3, 1961. The TT government’s acquisition plan included purchasing BWIA as a going concern, negotiating pooling arrangements with BOAC, and offering BOAC a 20% equity stake. The final agreement, concluded on October 7, 1961, saw BOAC agree to the acquisition for $2.5 million, less than half the initial valuation. This strategic move underscored the TT government’s commitment to regional connectivity and employment stability, independent of broader federal plans.

As the global economy increasingly relies on cutting-edge technologies like artificial intelligence (AI) and robotics, Trinidad and Tobago (TT) faces a critical question: Is the nation prepared to seize the opportunities these innovations present? The answer, unfortunately, is far from reassuring. Recent data paints a troubling picture of TT’s declining performance in global innovation benchmarks. On the 2024 Global Innovation Index, TT ranked 108th, a significant drop from its peak at 68th in 2008. Similarly, the UNCTAD Frontier Technology Readiness Index shows TT slipping to 86th in 2025, down from 75th in 2021. These rankings highlight systemic weaknesses in industrial capacity and research and development (R&D), with TT scoring 122nd and 130th globally in these areas, respectively. The nation’s R&D expenditure remains below 0.5% of GDP, and patent filings are alarmingly low, averaging just one per year. Despite these challenges, there are glimmers of hope. Ramps Logistics’ AI-driven solution, MAWI, is revolutionizing customs brokerage and generating foreign exchange, while Carib Brewery’s $200 million smart manufacturing initiative marks a bold step toward industrial modernization. These successes underscore the potential for TT to tap into the $2.5 trillion global frontier technology market, projected to grow to $16.4 trillion by 2033. To bridge the innovation gap, TT must prioritize R&D and industrial capacity, strengthen governance frameworks, and support SMEs in adopting advanced technologies. The urgency of these reforms cannot be overstated, as failure to act risks leaving TT behind in the rapidly evolving global economy.

In a significant move to aid Jamaica’s recovery from the devastation caused by Hurricane Melissa, the Guardian Group Charitable Foundation has committed US$312,000. This donation, one of the largest single contributions from Trinidad and Tobago (TT), is part of the broader ‘Building a Better Jamaica Fund,’ a coordinated recovery initiative led by the National Commercial Bank Jamaica Ltd (NCB) and managed by the NCB Foundation. The fund has already raised approximately US$2.8 million, including an initial US$1.25 million from NCB, supplemented by partner contributions and Guardian Group’s substantial donation. Hurricane Melissa, which struck Jamaica on October 28, left widespread destruction across the island, damaging infrastructure, agriculture, and housing, and displacing thousands of residents. The Jamaican government declared a national disaster, prompting a large-scale relief and reconstruction effort supported by regional governments, businesses, and aid agencies. Guardian Group’s contribution will support both immediate relief and long-term rebuilding, working through experienced partners such as the American Friends of Jamaica, Food for the Poor Jamaica, Unicef Jamaica, and the Global Empowerment Mission. Shinelle Grant-Sealey, Guardian Group’s vice-president for environment, social and governance, emphasized the organization’s regional commitment to recovery and resilience, stating that the donation is an immediate investment in stability for affected families and institutions. Guardian Group has also provided care packages and internal support for its employees in Jamaica impacted by the storm. With operations across TT, Jamaica, Barbados, and the Dutch Caribbean, the group remains dedicated to helping Caribbean communities rebuild and recover.

The Caribbean’s economic narrative has long been shaped by its exports—oil, gas, tourism, and rum. However, the region’s future prosperity hinges on empowering its women, innovators, and small enterprises. This was the central message delivered by Vashti Guyadeen, CEO of the TT Chamber of Industry and Commerce and President of Caribbean Women in Trade (CWIT), at the Caribbean Women in Trade conference in Saint Lucia.