The highly anticipated Extraordinary General Meeting (EGM) of Staatsolie, scheduled for today, was abruptly canceled at the last minute. The meeting, convened by Board Chairman Gonda Asadang and the Ministry of Natural Resources (NH), was set to address critical governance changes within the company. Notably, the Ministry of Oil & Gas, which oversees policy in the sector, appeared conspicuously absent from the discussions. The primary agenda items included the resignation of current Board of Commissioners (BOC) members and the appointment of new appointees: Rudolf Elias (Chairman), Sergio Akiemboto (Chief of Staff at the President’s Office), Aroon Samjhawan, Ewald Poetisi, Rudie Chin Jen Sem, Chantal Doekhie, and Edgar Caffé. Staatsolie’s Managing Director, Annand Jagesar, confirmed to Starnieuws that the management was informed of the cancellation this morning. ‘We were notified that the EGM will not proceed today. Beyond that, the management is unaware of the reasons behind this decision,’ Jagesar stated. According to Staatsolie’s statutes, an EGM must be convened at least 15 days in advance, though deviations can be approved during the meeting itself. The reasons for the postponement and the new date for the meeting remain undisclosed, leaving stakeholders in the dark about the future of the company’s leadership.
分类： business
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PM Browne Meets with The Antigua and Barbuda and Montserrat Bankers Association
The Antigua and Barbuda and Montserrat Bankers Association (ABMBA) recently convened with Prime Minister Gaston Browne and senior officials from the Ministry of Finance and Corporate Governance to bolster collaboration on financial inclusion and sector resilience. The meeting, held in recognition of October as Financial Literacy Month within the Eastern Caribbean Currency Union (ECCU), emphasized the importance of integrating financial education into national school curricula.
Discussions centered on improving access to financial services for underserved and vulnerable groups, as well as enhancing business confidence across the nation. Both parties reaffirmed their commitment to developing innovative financial products and expanding credit access for small and medium-sized enterprises (SMEs). This initiative is part of a broader roadmap aimed at promoting economic empowerment and fostering long-term collaboration in the banking sector.
Addressing regional and local concerns, the ABMBA and the Ministry of Finance highlighted the rise in banking-related crimes. They urged the public to remain vigilant against scams and fraudulent schemes, agreeing to expand public awareness campaigns that promote responsible banking practices.
The Ministry of Finance and the ABMBA reiterated their dedication to building a secure, inclusive, and resilient financial system that supports the economic advancement of citizens across Antigua and Barbuda and Montserrat.
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Economy : Summary, key points of the 2025-2026 budget
The Haitian Council of Ministers has officially approved the 2025-2026 national budget, totaling 345 billion gourdes, marking a 6.8% increase from the previous fiscal year. This budget is strategically designed to address critical priorities such as public security, electoral organization, and macroeconomic stabilization, as outlined by the Transitional Government. The budget aims to restore confidence, consolidate progress, and lay the groundwork for inclusive and sustainable growth. Key areas of focus include the restoration of public security, the organization of general elections, economic recovery, and the modernization of tax administration. The budget also emphasizes a territorialized approach to public spending, ensuring greater transparency and efficiency in resource allocation. Macroeconomic projections indicate a modest real GDP growth rate of 0.3%, with an end-of-period inflation rate of 23.4%. The budget will be primarily financed through domestic resources, including tax and customs revenues, which account for 70.5% of the total funding. Capital expenditures, representing 38.2% of the budget, will focus on infrastructure rehabilitation, regional recovery, and social protection systems. Specific initiatives include the rehabilitation of police stations, the strengthening of the Haitian National Police and Army, and the introduction of reliable technologies to ensure transparent elections. Additionally, the budget allocates resources for food security, healthcare, education, and gender-based violence prevention, aiming to address the needs of the most vulnerable populations.
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IMF projects continued global growth despite trade tensions and potential economic headwinds
The International Monetary Fund (IMF) has projected a resilient global economic growth trajectory, forecasting expansions of 3.2% in 2025 and 3.1% in 2026, despite persistent trade tensions and broader economic uncertainties. These projections were unveiled during the IMF-World Bank Annual Meetings in Washington, D.C., where officials highlighted the complex interplay of evolving trade policies and fiscal dynamics shaping the global outlook. Pierre-Olivier Gourinchas, IMF’s Chief Economist, emphasized that while inflationary pressures have increased modestly, the impact of tariff shocks has been mitigated by trade exemptions and new agreements. He noted that many countries have avoided retaliatory tariffs, and private-sector adaptability has cushioned the effects of policy shifts. However, Gourinchas warned that risks remain, particularly in advanced economies like the U.S., where growth projections have been revised downward due to inflationary and labor market challenges. In Latin America and the Caribbean, the IMF has revised growth forecasts upward, with Mexico leading the region. Guyana, driven by its booming oil sector, remains the Caribbean’s fastest-growing economy, though growth is expected to slow significantly in 2025.
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Travel : Sunrise Airways wants to open a direct route between Haiti and Newark (NJ)
Sunrise Airways, a privately owned Haitian airline, is taking significant strides to expand its international reach by proposing a wet lease agreement for a direct flight route between Haiti and Newark Liberty International Airport (EWR) in the United States. This innovative approach involves leasing an aircraft and its crew from a third-party operator, along with outsourcing insurance, maintenance, and other operational aspects. This strategy allows Sunrise Airways to expedite the launch of the Newark route without the need to invest in owning or leasing entire aircraft and staffing. The proposal is under close scrutiny by aviation regulators and industry experts, as its success could mark a pivotal moment in Haiti’s efforts to rebuild its tourism sector and enhance its global appeal. To proceed, Sunrise Airways must secure approval from U.S. aviation authorities, who will evaluate compliance with safety, security, and bilateral agreements. This process includes rigorous reviews of maintenance records, crew credentials, insurance, and liability provisions, as well as adherence to U.S. aviation standards. Regulators will also ensure that the wet lease agreement does not compromise safety or oversight, potentially requiring additional safeguards such as joint oversight or insurance guarantees. If approved, the direct Haiti-Newark route would have far-reaching implications, opening new tourism opportunities, improving travel conditions for Americans, and facilitating access to the U.S. for Haitians and the large Haitian diaspora. The route would also strengthen ties between Haiti and its largest trading partner, the United States, while serving as a vital transportation link for the Haitian diaspora in New Jersey, New York, and Florida. Newark Liberty International Airport, a major hub in the Northeast, would provide convenient access for travelers, further enhancing the route’s potential impact.
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Converting into liquefied natural gas not a priority – ExxonMobil Guyana’s chief
ExxonMobil Guyana’s CEO, Alistair Routledge, announced on Monday that the company’s focus in Guyana will be on utilizing natural gas for domestic growth rather than converting it into Liquefied Natural Gas (LNG) for export. This decision comes as ExxonMobil prepares to develop its first non-associated gas field at Longtail in the Stabroek Block. Routledge emphasized that the gas would primarily support power generation, data centers, and an alumina plant, aligning with Guyana’s broader economic development goals. While LNG conversion remains an option, the immediate priority is to maximize the gas’s value within the country. The company aims to complete environmental impact studies by late 2026 and submit a field development plan (FDP) to the Guyanese government. Initial production will focus on condensate, a liquid byproduct of natural gas, for global export. Gas reinjection into wells will also be employed to enhance condensate recovery, with natural gas extraction expected to begin 10 to 15 years after Longtail’s condensate production starts. ExxonMobil forecasts a daily production rate of over one billion cubic feet of natural gas from Longtail. In contrast, water reinjection will be used at the Hammerhead field, which contains heavier oil, with gas potentially exported to existing pipelines or the Liza Unity FPSO to boost oil recovery.
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Tancoo’s tightrope bets on growth
In a landmark parliamentary session on October 13, Finance Minister Davendranath Tancoo presented the 2025-2026 budget, marking the first budget under the UNC administration in a decade. The fiscal plan, described as bold and ambitious, hinges on sustained public investment, institutional reforms, and the preservation of social safety nets. Key highlights include an anticipated boost in staffing at the Board of Inland Revenue by February, a projected GDP growth by 2026, and a promised 10% salary increase for civil servants. Despite these optimistic measures, the budget reflects cautious optimism rather than radical economic transformation. Energy revenues, though declining, still account for 20% of total income, while diversification efforts remain modest, with token mentions of agriculture, university business labs, and renewable energy. The budget deficit stands at $3.89 billion, the lowest in years, though concerns linger over optimistic oil and gas price assumptions. Tancoo’s three-hour speech, marked by directness and enthusiasm, avoided excessive criticism of the previous PNM administration while acknowledging structural economic challenges. The budget balances short-term gains, such as increased education spending and VAT reductions on select items, with potential drawbacks like higher duties on cigars and alcohol, increased NIS rates, and new levies on private enterprises. The absence of clarity on the Petrotrin refinery’s future suggests the budget is part of a broader, long-term strategy.
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Canadian trade mission arrives in Guyana
A high-profile Canadian business delegation has arrived in Georgetown, Guyana, for a four-day visit aimed at bolstering trade and investment ties between the two nations. The delegation, comprising representatives from Bionetix International, Sprig Learning Inc., 4Pay Inc., FreeBalance Inc., and E-Magic Solutions, spans diverse sectors including financial technology (FinTech), information and communications technology (ICT), infrastructure, education, and sanitation. Organized by the High Commission of Canada, the visit is part of a broader strategy to enhance commercial cooperation with Guyana and the wider Caribbean region. The delegation’s agenda includes market knowledge sessions, high-level meetings with government officials, and a business-to-business (B2B) program designed to connect Canadian firms with local enterprises. A key feature of the visit will be on-the-ground site tours, offering participants firsthand insights into Guyana’s rapidly evolving infrastructure and investment landscape. These visits aim to bridge the gap between theoretical discussions and practical understanding of opportunities and challenges across various sectors. Canada’s High Commissioner to Guyana, Sebastien Sigouin, emphasized the initiative’s focus on aligning Canadian innovation with Guyanese opportunities. He highlighted the long-standing relationship between the two countries, rooted in trust, cooperation, and mutual respect. The visit underscores Canada’s commitment to supporting Guyana’s development priorities through partnerships that promote innovation, knowledge transfer, and sustainable growth. The High Commission also noted that the mission is not solely about advancing Canadian business interests but also about fostering inclusive, long-term benefits for both nations. The delegation’s presence reflects Canada’s confidence in Guyana’s economic trajectory and the value of building transparent, sustainable, and mutually prosperous partnerships. This visit marks a significant step in strengthening Canada-Guyana commercial relations and unlocking shared opportunities for a resilient and innovative future.
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Tunapuna Chamber welcomes ‘economic fairness’ budget
The Greater Tunapuna Chamber of Industry and Commerce (GTCIC) has expressed its support for the government’s emphasis on ‘economic fairness’ and fiscal accountability in the 2026 national budget. However, the business lobby group has raised concerns about the persistent liquidity and competitiveness challenges faced by small and medium-sized enterprises (SMEs), calling for immediate and practical solutions. In a statement following Finance Minister Davendranath Tancoo’s budget presentation, GTCIC President Ramon Gregorio acknowledged the budget’s focus on tax modernization, institutional renewal, and digital transformation as steps toward reform. Yet, he emphasized the need for ‘concrete, time-bound measures’ to address foreign exchange shortages, improve SME financing, and bolster business confidence. Gregorio stated, ‘The business community seeks accountability matched by delivery – a Trinidad and Tobago where entrepreneurship thrives, forex flows freely, and SMEs drive inclusive growth.’ The chamber welcomed the reduction in super gasoline prices as a relief measure for transport and manufacturing sectors, potentially lowering logistics costs and inflation. It also praised initiatives in the energy sector, such as the Dragon Gas project and expanded exploration, as crucial for stabilizing foreign exchange inflows. Additionally, the GTCIC commended the creation of an employment fund and the replacement of CEPEP and URP with formal, productivity-driven jobs, viewing these as steps toward long-term economic restructuring. Gregorio highlighted the government’s digitization efforts, including the National Payment and Innovation Company of TT’s online payment system and the ‘Anansi’ virtual assistant, as tools to reduce bureaucracy and corruption. However, the chamber urged the government to ensure transparent and equitable forex distribution, especially for manufacturers reliant on imported raw materials. It also called for direct SME funding and credit guarantees, beyond recent reforms to the Export Academy and Eximbank. On tax reform, the GTCIC stressed the need for detailed consultation with small businesses to avoid disruptions in pricing and compliance systems. It also emphasized the importance of sustained crime reduction for investor and business confidence. The GTCIC expressed its willingness to collaborate with the Ministry of Finance, the Ministry of Trade and Industry, and the newly established Private Sector Organisation of TT (PSOTT) to translate policy intentions into measurable outcomes. ‘We stand ready to collaborate to ensure that policies translate into tangible results for business owners, workers, and consumers alike,’ the statement concluded.
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EU hits Gucci, Chloe, Loewe with 157-mn-euro fines for price fixing
In a significant move to uphold fair competition, the European Union has levied fines totaling over €157 million ($182 million) against luxury fashion giants Gucci, Chloe, and Loewe for engaging in resale price-fixing practices. The European Commission, following surprise raids in April 2023 and a formal antitrust investigation launched in July 2024, found that the brands had restricted independent retailers from setting their own prices both online and in physical stores. This anticompetitive behavior, according to the EU, not only inflated prices but also limited consumer choice.