分类： business

ANSA McAL Ltd has unveiled significant changes to its leadership structure, appointing Dr. Marlene Attzs and Joel ‘Monty’ Pemberton to its board of directors, effective November 1. The announcement, filed with the TT Stock Exchange on October 22, highlights the company’s commitment to strengthening its governance framework. Dr. Attzs, a distinguished development economist and lecturer at the University of the West Indies, brings expertise in sustainable development, climate resilience, and disaster-risk management. Pemberton, a seasoned energy-sector executive, offers extensive regional and local experience. These appointments come as ANSA McAL navigates a transformative phase, marked by strategic acquisitions and financial recalibration. The company’s latest financial disclosure revealed a 14% decline in profit after tax for the first half of 2025, totaling $310 million compared to $362 million in the same period of 2024. However, second-quarter revenue surged by 12% year-on-year to $1.99 billion, with profit before tax climbing to $217 million from $189 million. Earnings before interest, tax, depreciation, and amortization (EBITDA) also grew by 31% to $409 million. In March 2025, ANSA McAL announced a three-year suspension of dividend payments to channel capital toward expansion and debt reduction, following its $327 million acquisition of Bleachtech LLC, a U.S.-based chlor-alkali manufacturer. Despite initial share price fluctuations post-announcement, the company’s diversified business model and robust balance sheet have since stabilized investor confidence. ANSA McAL, a conglomerate with interests spanning automotive, beverages, construction, financial services, and utilities, remains focused on long-term regional growth and portfolio diversification. The roles of the new board members in specific committees or additional responsibilities have yet to be disclosed.

In a landmark move toward sustainable energy innovation, the University of the West Indies (UWI) has entered into a strategic partnership with Japan’s Niterra Co Ltd and Trinidad and Tobago’s Kenesjay Green Ltd (KGL). The collaboration, formalized through a Memorandum of Understanding (MoU) signed on October 15 at UWI’s St Augustine Campus, aims to revolutionize green hydrogen production through advanced Solid Oxide Electrolyser Cell (SOEC) technology. This high-temperature electrolyser system, developed by Niterra, boasts a 30% higher efficiency compared to traditional methods, leveraging steam to generate hydrogen and oxygen. Trinidad and Tobago’s robust petrochemical infrastructure and access to process waste heat at the Point Lisas Industrial Estate make it an ideal location for Niterra’s pilot study. The initiative aligns with UWI’s Hydrogen Research Collaborative (H2RC), established in 2023 to foster academia-industry partnerships in building a viable hydrogen economy for the Caribbean. The partnership will establish a green hydrogen centre of excellence, conduct model-based studies, and develop a dedicated hydrogen laboratory at UWI. The project will also involve the installation and operation of production-scale SOEC electrolysers, with real-world performance data collected over two phases to scale up green hydrogen generation. The MoU was signed by Koichi Arimitsu of Niterra, Dr. Graham King of UWI, and Philip Julien of KGL, with key stakeholders from the Energy Chamber of Trinidad and Tobago in attendance. This collaboration marks a significant step in Trinidad and Tobago’s transition to sustainable energy, positioning the nation as a regional leader in green hydrogen research and low-carbon innovation.

The story of British West Indian Airways (BWIA) is a testament to the resilience and strategic foresight of the Caribbean aviation industry. Established in 1941 during the tumultuous years of World War II, BWIA emerged as a vital lifeline for the British colonies in the West Indies, which were isolated due to the suspension of air services by major international carriers like Pan American World Airways and Royal Dutch Airlines. The UK Air Ministry proposed the creation of a regional airline based in Trinidad and Tobago (TT), a vision that materialized with the involvement of Lowell Yerex, founder of Transportes Aeros Centro Americanoes (TACA).

Yerex, with the support of Lady Young, wife of Governor Sir Hubert Young, initiated BWIA as a public limited liability company in 1943. The airline began operations with two Lockheed Model 18 Lodestar aircraft, offering daily services from TT to Barbados. The initial share capital of $1 million was allocated with 60% to Yerex, 20% to TT, and 20% to the West Indian public. Over time, the shareholding structure evolved, with Yerex selling 40% of his stake to American interests in TACA, prompting a strategic decision to ensure British control over the airline.

BWIA rapidly expanded its route network, connecting islands across the Eastern Caribbean and extending services to Dominica, Jamaica, and Belize by 1944. The airline also secured contracts with the United States Army Engineer Department, operating flights between Miami and Trinidad. Airmail services were introduced, charging five cents per half-ounce letter, further solidifying BWIA’s role in regional connectivity.

In 1947, British South American Airways Corporation (BSAA) acquired BWIA, restructuring it as a private limited company in 1948. The new entity, British West Indian Airways Ltd, inherited exclusive rights to operate inter-island services and carry mail, supported by government subsidies and infrastructure provisions. The merger of BOAC and BSAA in 1949 further strengthened BWIA’s position, integrating operations with British Caribbean Airways Ltd and establishing navigation and engineering schools in Trinidad to enhance technical standards.

By the 1950s, BWIA had fully paid up its issued capital of $2.5 million and expanded its services to include routes between Jamaica and the Cayman Islands, marking a significant milestone in its evolution as a regional aviation leader. The story of BWIA continues in Part II, highlighting its enduring legacy in Caribbean aviation.

The longstanding partnership between Nutrien, the world’s largest upstream fertilizer producer, and Trinidad and Tobago (TT) is now at risk due to a financial impasse with the state-owned National Gas Company (NGC). The dispute, centered around a $610 million debt owed by companies using the Point Lisas port, has forced Nutrien to initiate a phased shutdown of its operations in the region. This development threatens not only the company’s future but also the livelihoods of hundreds of workers and TT’s reputation as a global leader in the petrochemical sector.

Nutrien, formed in 2018 through the merger of PCS and Agrium Inc., has been a key player in TT’s economy, leveraging the country’s natural gas resources to produce ammonia and urea for global markets. However, declining natural gas production, exacerbated by the COVID-19 pandemic, has strained operations. In 2020, Nutrien announced the indefinite closure of one of its four ammonia plants, and production levels have since fallen significantly from their peak.

Despite these challenges, Nutrien has shown commitment to TT, investing $130 million in 2024 for facility upgrades and maintenance. However, the recent shutdown announcement on October 21, set to take effect on October 23, has raised concerns among local business and energy chambers. The American Chamber of Commerce (Amcham TT) and the Energy Chamber have called for collaboration to resolve the issue, emphasizing the need to maintain TT’s attractiveness as an energy investment destination.

NGC’s subsidiary, the National Energy Corporation (NEC), has issued formal notices to companies with significant arrears, warning of suspended access to port facilities if payments are not cleared. NEC has also mandated that service tariffs be paid exclusively in US dollars, a move that has added to the financial pressure on operators.

Minister of Energy Roodal Moonilal confirmed ongoing discussions with Nutrien and other stakeholders, but no resolution has been reached. The shutdown’s potential impact on TT’s economy and employment has sparked calls for urgent negotiations to avert a crisis. As the situation unfolds, the fate of Nutrien’s operations in TT remains uncertain, casting a shadow over the country’s petrochemical ambitions.

In a landmark ruling, the Court of Appeal has reinstated NOVO Technology’s multimillion-dollar claim against the Airports Authority of Trinidad and Tobago (AATT), overturning a High Court decision that had dismissed the case as an abuse of process. The appeal, presided over by Justices Peter Rajkumar, Ronnie Boodoosingh, and James Aboud, unanimously found that NOVO’s second claim, filed after the termination of a contract during the COVID-19 pandemic, was legitimate and not an abuse of process. The judges criticized the High Court’s earlier decision, stating that it had erred in striking out the claim. NOVO is seeking over $50 million in damages for alleged breach of contract and non-payment, following what it claims was an unlawful termination by the AATT under a force majeure clause. The Court of Appeal emphasized that the doctrine of abuse of process should only apply where a defendant can demonstrate oppression or harassment, which the AATT failed to prove. The court ordered the consolidation of NOVO’s first and second claims, remitting the case to a new High Court judge for case management and trial. The ruling also highlighted that the matters in dispute arose after the initial suit was filed, making the second claim a genuine subject of litigation. Additionally, the court ordered the AATT to pay NOVO’s legal costs, totaling $262,500. This decision paves the way for the continuation of the airport modernization project, which includes the installation of eGates, boarding gates, and automated kiosks designed to streamline immigration processing and reduce passenger wait times. NOVO has previously implemented similar border control systems in Guyana, significantly improving efficiency and traveler convenience.

The Caricom Single Market and Economy (CSME) Skills Certificate has emerged as a transformative tool for skilled Caribbean nationals, enabling them to live, work, and thrive across member states without the need for a work permit. This initiative, formally known as the Certificate of Recognition of Caricom Skills Qualification, has empowered hundreds of individuals to pursue careers, establish businesses, and maintain family unity while relocating to another Caribbean country.

The Trinidad and Tobago Bureau of Standards (TTBS) recently hosted members of the Trinidad and Tobago Chapter of the International Facility Management Association (TTIFMA) for an insightful tour of its Macoya headquarters on October 22. The visit underscored the critical role of standards, testing, and measurement in ensuring safe and efficient facilities nationwide. Participants explored various laboratories, including chemical, electrical, fibre, and materials testing units, as well as the metrology division, which offers calibration services for mass, pressure, temperature, and electrical measurements. The tour emphasized the application of international standards, such as ISO 15189:2022, to improve operational efficiency and competitiveness in facility management. Acting TTBS Executive Director Karlene Lewis described the event as a vital link between science, standards, and sustainability, highlighting the importance of integrating technical standards into everyday operations to enhance safety, efficiency, and quality of life. TTBS and TTIFMA also reaffirmed their commitment to advancing Trinidad and Tobago’s national quality infrastructure and ensuring compliance with global standards. Edward Kacal, Chair of the National Mirror Committee, praised the collaboration for fostering professional practice and operational excellence in the country.

Sagicor Financial Company Ltd has achieved a significant milestone as global credit rating agency Fitch Ratings elevated its long-term issuer default rating from BBB- to BBB. Additionally, the company’s senior unsecured debt rating was upgraded from BB+ to BBB-. Fitch also assigned Sagicor a ‘stable’ outlook, reflecting confidence in the company’s financial health. The upgrade was attributed to Sagicor’s improved core profitability, consolidated contributions from its Canadian subsidiary ivari over the past two years, reduced debt financing costs, and a robust capitalisation profile. Fitch further affirmed ivari’s financial strength rating at A-, maintaining a stable outlook. Andre Mousseau, Sagicor’s President and CEO, expressed satisfaction with the upgrade, emphasizing its validation of the company’s strong capitalisation and its alignment with stable and profitable growth strategies. He noted that the enhanced rating would improve Sagicor’s access to capital and support the execution of its strategic initiatives. Founded over 180 years ago, Sagicor is a leading financial services provider headquartered in Barbados, offering a diverse portfolio of products and services, including life, health, and general insurance, banking, pensions, annuities, investment management, and real estate across the Caribbean.