分类： business

The impending controlled shutdown of Nutrien Trinidad, a global leader in crop inputs and services, has raised concerns over the potential loss of more than 1,600 jobs. The shutdown, effective October 23, stems from limited port access and challenges in securing affordable natural gas supplies. Nutrien’s Point Lisas facility, operational since 1998, is a critical hub for its global fertilizer supply chain, exporting ammonia and urea to markets in North and South America, Europe, and Africa. The closure could significantly impact Trinidad and Tobago’s economy, as Nutrien contributes substantial foreign exchange earnings.

The National Energy Corporation (NEC), a subsidiary of the National Gas Company (NGC), issued formal notices to companies with significant arrears, including Nutrien, warning of suspended port access if balances exceeding $610 million were not settled within 14 days. Edmond Thompson, Nutrien’s Vice President and Managing Director, stated that the company disputes NEC’s claims of retroactive port service fees and has been engaged in constructive dialogue to resolve the matter. However, NEC’s decision to restrict port access has left Nutrien with no choice but to initiate a temporary shutdown.

Thompson acknowledged the potential need for temporary workforce adjustments, including short-term layoffs, while maintaining essential services and safeguarding assets. He emphasized the company’s commitment to supporting employees through the Employee Assistance Programme. The shutdown has sparked political tensions, with Energy Minister Roodal Moonilal attributing the crisis to the previous administration’s failure to negotiate new contractual arrangements with downstream operators. Former Energy Minister Stuart Young criticized the current government, warning that the energy sector is collapsing under its management.

The American Chamber of Commerce (Amcham) and the Energy Chamber of Trinidad and Tobago have called for continued collaboration among stakeholders to address operational and infrastructural challenges. Both chambers emphasized the importance of maintaining investor confidence and ensuring Trinidad and Tobago remains an attractive destination for energy investment. The government’s efforts to resolve gas supply and infrastructure issues are seen as critical to safeguarding jobs and the future of Point Lisas.

In a landmark presentation at the Red House in Port of Spain on October 13, Trinidad and Tobago’s Finance Minister Davendranath Tancoo unveiled a meticulously crafted budget that has been hailed as a masterstroke of economic ingenuity. The budget focuses on policies directly impacting citizens, distinguishing between long-term debt financing and short-term needs, and addressing critical financial challenges with precision. A key highlight is the resolution of the longstanding Cepep-URP contract deadlock, paving the way for more effective and fulfilling employment models. Additionally, the government has abolished the Value Added Tax (VAT), replacing it with a more adaptable sales tax system that minimizes economic disruption. The budget also addresses the contentious Property Tax proposals, restoring normalcy to landlord taxation arrangements. Furthermore, the government has taken a firm stance against unfair practices by banks and insurers, introducing measures to protect consumers from financial exploitation. A five-point plan for the energy industry underscores the government’s commitment to transparency and sustainability. This budget not only rectifies past inefficiencies but also sets a robust foundation for future economic stability and growth.

The Grande Riviere Visitor Centre, a cornerstone of the eco-tourism village in Trinidad and Tobago, has achieved a significant milestone in sustainability. Known for its chocolate factory, guided tours, and turtle hatchery, the centre has transitioned into a self-sustaining hub powered by renewable energy. This transformation was made possible through the Extraordinary Projects Impacting Communities (EPIC) grant programme, which provided $150,000 in funding for the installation of a Mango Power solar system. Completed in July, the system has drastically reduced the centre’s electricity costs, which previously averaged $4,000 per bill. Len Peters, president of the Grande Riviere Tourism Development Organisation (GRTDO), highlighted the initiative’s transformative impact on the remote north coast village. ‘We can now better withstand power outages and reduce the costs and disruptions that come with blackouts,’ Peters stated. ‘The future of our community-driven sustainable projects has been given a boost with the installation of the Mango Power solar system.’ The project, titled ‘Solar Solutions for Tomorrow,’ was one of ten EPIC initiatives funded in 2024 by the Digicel Foundation and Shell TT, reflecting their joint commitment to clean energy and community resilience. Cindyann Currency, head of operations at Digicel Foundation, praised the initiative for its forward-thinking approach. ‘This ‘up-river project’ tackles key challenges in a sustainable, climate-friendly way, empowering residents to continue shaping their community into the change they want to see,’ she said. Since its launch in 2016, the EPIC programme has funded 160 projects nationwide, totaling an $8.8 million investment in community empowerment. Shell TT, which became a co-funding partner in 2023, recently extended its support for another three years with a $1.9 million investment, reaffirming its dedication to environmental sustainability across Trinidad and Tobago.

Finance Minister Dave Tancoo’s inaugural budget presentation has been widely praised as one of the most disciplined and impactful in decades. Delivered with remarkable eloquence and clarity, the budget has been described as visionary, ambitious, and transformative, earning the admiration of both the public and critics alike. Tancoo, though not formally trained as an economist, demonstrated a masterful understanding of fiscal policy, presenting a well-structured plan aimed at rescuing a stagnant economy. The budget focuses on prudent fiscal responsibility, growth, and targeted interventions to reduce unemployment, while also promising tax relief and fostering private sector partnerships in housing and industrialization. Despite its ambitious nature, the budget has been lauded for its creativity and responsibility, with even the opposition largely silent in its critique. Tancoo’s presentation also included a thorough critique of past administrations, highlighting their failures and contrasting them with the current government’s achievements. The budget is expected to drive meaningful, long-term economic reform and stabilize prices, marking a potential turning point for the nation’s economic recovery.

Prominent businessman Danny Guerra, along with 14 other individuals, appeared in court for the first time following charges related to the unlawful processing of aggregate without a license from the Ministry of Energy. Guerra, 50, the proprietor of DG Homes and manager of D Guerra Ltd, was among 17 people detained during a significant police operation on October 9. The operation targeted an alleged illegal quarry in Manuel Congo, Guanapo, resulting in the seizure of a multi-million-dollar washplant, trucks, excavators, and other heavy machinery. Guerra’s son, Garvin Guerra, 28, was also among those detained. The group, which includes Carminco Ltd supervisor Hannah Bovell, several truck drivers, and foreign nationals, was granted $50,000 bail on October 11, though three foreign nationals remain in custody due to their inability to access bail. Magistrate Avoinne Gill upheld the existing bail terms. Police informed the court that their investigation remains incomplete, requesting two months for the Director of Public Prosecutions to assign state counsel. Defence attorneys objected to the delay, prompting the court to order interim disclosure by October 24. Volumetric testing of materials from the site is still pending. Attorney Dayadai Harripaul, representing Guerra, indicated her client’s intent to seek High Court relief for the release of seized property, urging the police to return the equipment. The group faces charges under Section 45(1)(a) of the Minerals Act for processing minerals without a license at Lot A, San Carlos Estate, Manuel Congo. The case is set to resume on November 11.

In a recent national budget announcement, Finance Minister Davendranath Tancoo revealed a $1 reduction in the price of super gasoline, a move expected to save citizens between $400 million and $500 million annually. Prime Minister Persad-Bissessar emphasized that such a reduction would have been unthinkable under the previous PNM administration. To compensate for the lost revenue, the government introduced a new tax on the assets of banks, effective from January 1, 2026. Using 2024 audited financial statements, preliminary calculations indicate that major banks like Republic Financial Holdings, First Citizens Holding, Scotiabank, JMMB (TT) Bank, and RBC TT will collectively pay approximately $565.403 million in asset levies. This figure excludes contributions from ANSA Bank, CIBC, and Citibank. Additionally, these banks already contribute significantly through corporate income taxes and dividends. For instance, Republic Holdings alone paid $1.262 billion in taxes and dividends in 2024, with the new levy pushing this total to around $1.83 billion. Finance Minister Tancoo projected that the government would generate approximately $575 million annually from this tax in 2026, based on the banks’ 2025 asset base. However, concerns have been raised that banks may pass this additional cost onto customers. Furthermore, the budget’s revenue projections were based on optimistic oil and gas prices, which were already below market rates at the time of the budget presentation. This discrepancy raises questions about the government’s financial planning and the omission of an estimated $19 billion borrowing requirement for 2025-2026.

At just 15 years old, Rachel Kirton, a student at Holy Name Convent, has turned her passion for baking into a thriving business venture called The Pink Oven. Combining her love for baking, her favorite color pink, and an entrepreneurial spirit, Rachel has created a brand that is as vibrant as it is successful. Her journey began in her family’s kitchen at the age of eight, where she first discovered her love for baking. Despite her young age, Rachel’s determination and creativity have propelled her business forward, proving that age is no barrier to success. With the support of her family, particularly her mother Sherry-Ann Jack, who serves as her first investor and business advisor, Rachel has managed to balance her academic responsibilities with her entrepreneurial ambitions. The Pink Oven officially launched five months ago, but Rachel had been baking for friends and family long before that. Her business focuses on creating delightful cupcakes for birthdays and other special occasions, a niche she is deeply passionate about. Rachel’s approach to business is both practical and resilient. She emphasizes the importance of learning from failures and maintaining a positive mindset. Her advice to other young entrepreneurs is to believe in themselves and their unique talents. Rachel’s future aspirations include expanding The Pink Oven into multiple pink-themed stores, offering baking kits and utensils, and even teaching children how to bake. She is also considering a career in accounting to complement her baking business. Rachel’s story is a testament to the power of passion, hard work, and a strong support system. As The Pink Oven continues to grow, Rachel’s future looks as bright and promising as the pink frosting on her cupcakes.