The West Indian Tobacco Company Ltd (Witco) has witnessed a significant change in its leadership as Luis Verenzuela resigned from his position as a director, effective October 10. Verenzuela, who joined the board in July 2023, is set to transition into a new role within the British American Tobacco (BAT) group. His departure was officially announced on the TT Stock Exchange website on October 21. Taking over Verenzuela’s responsibilities is Gustavo Gonzalez, who assumed the role of director on October 16. Gonzalez boasts an impressive track record, having spent over two decades with the BAT group, most recently serving as the operations director for Latin America North and Caribbean. The board of directors expressed gratitude for Verenzuela’s contributions and extended a warm welcome to Gonzalez, highlighting his extensive experience and expertise.
分类： business
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Agostini extends Prestige closing date for a fourth time
Agostini Ltd has once again postponed the closing date for its acquisition bid of Prestige Holdings Ltd, the local operator of prominent franchises including KFC, TGI Fridays, Subway, and Starbucks. This marks the fourth extension, with the new deadline now set for November 18. The announcement was made public on October 21 through a notice in local newspapers and on the Trinidad and Tobago Stock Exchange website. According to the notice, the delay is intended to allow for the completion of all necessary regulatory approvals, particularly the merger application submitted to the TT Fair Trade Commission. The initial share-swap proposal, introduced in June, offered one Agostini share for every 4.8 Prestige Holdings shares. Agostini has committed to purchasing all deposited shares within the timeframe mandated by securities law. The original closing date was July 20, with subsequent extensions pushing the deadline to August 5, September 5, and October 21. Agostini CEO Barry Davis previously cited delays in the share-swap process, attributing them to issues such as misplaced share certificates and the passing of some shareholders. Despite these challenges, Agostini confirmed on September 10 that it had secured the minimum shareholding required to proceed with the takeover.
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Canadian company to shutdown operations in Trinidad
PORT OF SPAIN, Trinidad (CMC) – Nutrien, the world’s leading potash producer, has announced the commencement of a controlled shutdown of its nitrogen operations at the Point Lisas facility in Trinidad. The shutdown, effective from Thursday this week, is attributed to port access restrictions imposed by Trinidad and Tobago’s National Energy Corporation (NEC) and an unreliable, uneconomical natural gas supply, which has significantly impacted the facility’s free cash flow over time. Nutrien emphasized that it will continue engaging with stakeholders and evaluating options for its remaining operations in Trinidad. The company produces approximately 85,000 tonnes of ammonia and 55,000 tonnes of urea monthly in Trinidad and Tobago. Despite the shutdown, Nutrien remains confident in achieving its 2025 annual nitrogen sales target of 10.7 to 11.2 million tonnes, bolstered by robust performance in its North American operations. Nutrien Ltd, a global leader in crop inputs and services, continues to navigate operational challenges while maintaining its strategic outlook.
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Melania Trump’s crypto architects accused of fraud
NEW YORK, United States (AFP) — The creators of the $MELANIA cryptocurrency, launched by US First Lady Melania Trump in January, are now facing serious allegations of orchestrating a scheme to manipulate its market value. Court documents filed on Tuesday reveal that the executives behind the Meteora cryptocurrency exchange platform, where $MELANIA was initially traded, are accused of facilitating a fraudulent operation that led to the coin’s dramatic price collapse.
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Transforming Tobago tourism
In a compelling appeal to Tobago’s tourism leaders, a concerned citizen has called for a transformative shift in the island’s tourism strategy. The current focus on luxury tourism, while beneficial in some aspects, risks creating economic exclusion and limiting opportunities for local communities. The author advocates for a more inclusive model termed ‘equal tourism,’ which aims to broaden participation and ensure that the benefits of tourism growth are shared equitably among citizens, small businesses, and communities. The proposal emphasizes the need for a balanced approach that prioritizes affordability, community engagement, and sustainable development. Key recommendations include reframing connectivity strategies, supporting mid-tier accommodations, expanding community-based tourism, and upgrading infrastructure. Additionally, the author stresses the importance of smarter marketing, stronger governance, and local empowerment to ensure Tobago’s tourism sector thrives in a way that benefits all stakeholders. The article highlights the success of similar strategies in other Caribbean nations and urges Tobago to embrace a model that reflects its unique identity and values. By fostering a tourism industry rooted in fairness and accessibility, Tobago can protect its natural beauty, cultural heritage, and community spirit while achieving long-term economic resilience.
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Netflix shares sink as quarterly profit misses mark
Netflix experienced a significant drop in its share price on Tuesday following the release of its quarterly earnings report, which revealed profits falling short of market expectations. The streaming giant reported a profit of $2.5 billion on revenue of $11.5 billion for the recently concluded quarter. However, the company faced a substantial $619 million expense due to an ongoing tax dispute with Brazilian authorities. Netflix CFO Spencer Neumann clarified that this expense was not an income tax but rather a cost associated with operating in Brazil, potentially affecting other companies as well. Neumann attributed the timing of this expense to a recent court ruling involving another company in Brazil. Consequently, Netflix shares plummeted over six percent in after-market trading, settling just below $1,163. Despite this setback, Netflix highlighted strong viewership in the UK and the US, driven by popular content such as ‘KPop Demon Hunters’ and the final season of ‘Stranger Things.’ The company also expressed optimism about its ad-supported membership tier, which saw its best sales quarter to date. Additionally, Netflix hinted at potential acquisitions, including Warner Brothers Discovery, as it continues to focus on organic growth and strategic opportunities.
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IMF Managing Director says global economy performing better than expected, but challenges persist
In a press conference held during the IMF/World Bank Annual Meetings in Washington, D.C., IMF Managing Director Kristalina Georgieva provided a cautiously optimistic assessment of the global economy. Despite facing significant geopolitical and economic pressures, the global economy has demonstrated unexpected resilience, performing ‘better than expected, but worse than needed.’ Georgieva highlighted the impact of fluctuating tariffs, political uncertainty, and recession fears over the past six months, which have tested economic stability worldwide. The IMF’s latest World Economic Outlook reveals that global growth remains steady, with projections indicating a slight slowdown from 3.3 percent in the previous year to 3.2 percent this year and 3.1 percent in 2026. Georgieva attributed this resilience to stronger policy fundamentals in emerging markets and the private sector’s swift adaptation through frontloading imports and reinforcing supply chains. However, she cautioned that medium-term growth prospects remain weak, with public debt nearing record highs and global imbalances persisting. Georgieva emphasized the need for countries to focus on unlocking private sector growth, securing strong macroeconomic fundamentals, and addressing global imbalances to strengthen economic resilience. The meetings concluded on Friday at the IMF headquarters in Washington, D.C.
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VIDEO: Most government vehicles with ‘A’ plates to be recalled and given ‘G’ plates
Vehicle Shipped to Dominica an A.i creation
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Farmers, exporters warn of trouble beneath Saint Lucia’s sea moss boom
Saint Lucia’s burgeoning sea moss industry, once celebrated for its premium quality and unique harvesting methods, is now facing a crisis of devaluation due to weak oversight and increasing competition. Local farmers and exporters are urging authorities to expedite efforts to regulate and standardize the sector, warning that the island’s once-lucrative product is losing its market edge.
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Selena Whyte’s St Thomas no longer the forgotten parish for business
St Thomas, often referred to as Jamaica’s ‘forgotten parish,’ is undergoing a significant transformation, emerging as a vibrant hub for micro, small, and medium-sized enterprises (MSMEs). Spearheaded by the Jamaica Business Development Corporation (JBDC), the parish is witnessing a surge in entrepreneurial activity, particularly in sectors like cosmetology, skincare, aromatherapy, and retail. Located at 49 Queen Street in Morant Bay, the JBDC Business Centre serves as a pivotal resource for local entrepreneurs, offering a range of support services to help them formalize and scale their operations. Selena Whyte, a dedicated business development officer at the centre, has been instrumental in this shift. With years of experience and a deep understanding of the parish’s cultural and economic landscape, Whyte provides hands-on coaching, formalization support, and access to critical resources. Despite the parish’s potential, entrepreneurs in St Thomas face significant challenges, particularly in securing funding. Many MSMEs start with minimal capital, relying on personal savings or family support. Whyte emphasizes that while funding is a major hurdle, other obstacles like marketing, packaging, and market research also impede growth. To address these issues, the JBDC offers a structured program that guides entrepreneurs through business registration, market validation, pricing strategies, and regulatory compliance. Whyte’s commitment to fostering business development is deeply personal, rooted in her own journey from assisting her mother’s corner shop to becoming a trusted advisor at JBDC. She believes that empowering local businesses is key to transforming St Thomas and its communities. Entrepreneurs interested in tapping into this growing business ecosystem can contact Selena Whyte at 876-516-8158 or 876-436-3925 for a consultation.