分类： business

In a significant move to address long-standing financial mismanagement, Caribbean Airlines (CAL) has appointed a new board of directors tasked with rectifying what Finance Minister Davendranath Tancoo described as ‘criminal negligence’ under the previous administration. During the 2025/2026 budget presentation in Parliament on October 13, Tancoo revealed that CAL had spent over $60 million on audits conducted by Ernst & Young and PriceWaterhouseCoopers (PwC) but failed to submit audited financial statements for nearly a decade. Despite this lack of transparency, the former finance minister repeatedly approved funding for CAL between 2017 and 2025 to cover operational pressures. Tancoo condemned this as a failure of governance, stating that the airline had descended into inefficiency and fiscal indiscipline. The new board, appointed by the Ministry of Finance, is expected to implement stringent measures to restore accountability and modernize governance standards. This includes updating the outdated State Enterprise Performance Monitoring Manual to align with international best practices in corporate governance, transparency, and fiscal responsibility. The leadership transition also saw the immediate resignation of CEO Garvin Medera, who was replaced by Chief Operating Officer Nirmala Ramai. Medera expressed gratitude to employees, partners, and customers for their support during his tenure. Under Ramai’s leadership, CAL will focus on five key initiatives: enhancing employee and stakeholder communication, improving operational efficiency, elevating customer experience, developing a sustainable growth plan, and conducting comprehensive audits to strengthen governance and accountability. The airline remains committed to its full schedule and aims to prioritize internal talent development for career advancement opportunities.

Trinidad and Tobago’s Minister of Finance, Davendranath Tancoo, has justified the government’s decision to base its fiscal 2026 budget on an oil price of US$73.25 per barrel and natural gas at $4.25 per million British thermal units (MMBtu). The announcement was made during a post-budget forum organized by the TT Chamber of Industry and Commerce on October 14 in San Fernando. The event saw Tancoo addressing concerns raised by Nalini Ramkissoon, the business development manager at Heritage Petroleum Ltd, regarding the rationale behind the selected prices. Tancoo explained that the figures were derived from projections by the Ministry of Energy and Energy Industries, which utilized a ‘basket of prices’ methodology developed under the previous administration. The projections included optimistic, pessimistic, and moderate estimates, with the government opting for the middle figure to ensure realism. Tancoo acknowledged that this approach might differ from other metrics, such as the Brent crude oil price. He also emphasized that the budget incorporates various contingencies to account for potential fluctuations in oil and gas prices. The US Energy Information Administration (US EIA) has forecasted a decline in oil prices, with Brent crude expected to drop to US$52 per barrel by early 2026. Similarly, natural gas prices are projected to average US$3.90/MMBtu in 2026. Tancoo’s maiden budget, presented on October 13, outlined expenditures of $59.2 billion and revenues of $55.4 billion, resulting in a $3.9 billion deficit. Oil revenue is anticipated to contribute $11.254 billion, while non-oil revenue is forecasted at $43.402 billion, with capital revenue expected to reach $0.711 billion.

In a landmark announcement during the 2026 national budget presentation on October 13, Finance Minister Davendranath Tancoo unveiled sweeping reforms for the National Insurance Scheme (NIS). Without immediate action, Tancoo warned, the fund could face collapse within the next decade, leaving hundreds of thousands of retirees without income protection. The proposed measures include a phased increase in contribution rates and a gradual rise in the retirement age from 60 to 65 over the next ten years. Effective January 5, 2026, contribution rates will rise by three per cent, with another three per cent increase scheduled for January 4, 2027. Starting in January 2028, the retirement age for full NIS pensions will incrementally increase by one year every two years, reaching 65 by 2036. Tancoo assured that those retiring before January 1, 2028, and all existing pensioners will remain unaffected. Early retirees will still qualify for reduced pensions, with a minimum of $3,000. The Finance Minister emphasized the urgency of these reforms, citing years of inaction under the previous administration that allowed the NIS’s financial challenges to deepen. Annual benefit payments now exceed $6 billion, a 65 per cent increase over two decades, while payouts have consistently outpaced contributions since 2020, forcing the National Insurance Board (NIB) to liquidate assets. The 11th Actuarial Review projected fund depletion by 2033 or 2034 without intervention. Tancoo criticized the former PNM government for ignoring repeated warnings and delaying necessary reforms. He pledged that under his administration, the NIS would not be allowed to fail, ensuring protection for over 200,000 vulnerable citizens. Additionally, private pensions will be exempt from income tax starting January 1, as previously promised.

The Trinidad and Tobago agriculture sector is cautiously optimistic about the promises outlined in the 2025/2026 national budget, presented by Finance Minister Davendranath Tancoo on October 13. With a total expenditure of $59.232 billion, the agriculture sector is set to receive $1.13 billion, a slight decrease from the previous year’s allocation of $1.184 billion. However, stakeholders are urging the government to move beyond rhetoric and deliver tangible results. Darryl Rampersad, president of the Agriculture Society, expressed skepticism, noting that past government pledges often failed to materialize. He emphasized the need for agriculture to be prioritized and for existing incentive programs to be expanded, including the removal of VAT on essential agricultural items. Minister Tancoo announced several measures aimed at revitalizing the sector, including VAT exemptions on machinery and equipment for agricultural use, hydroponic and greenhouse farming components, and locally grown produce. Additionally, Customs Duty on feed for poultry, cattle, and pigs will be removed starting January 1, 2026. The government is also aligning with Caricom’s ’25 by 2025′ initiative, aiming to reduce food imports by 25% by 2030. Key strategies include a three-year priority commodities program, climate-resilient farming, crop insurance, and investments in agri-tech and smart agriculture. With $793.7 million allocated for infrastructure, irrigation, and fisheries, the government is targeting $1 billion in agricultural exports in the next fiscal year.

In a significant move during the 2025/2026 budget presentation on October 13, Trinidad and Tobago’s Finance Minister Davendranath Tancoo announced an immediate reduction of $1 per litre in the price of super gasoline. This decision, mandated by Prime Minister Kamla Persad-Bissessar, aims to provide financial relief to citizens by reversing part of the previous administration’s phased removal of fuel subsidies, which had led to consistent price hikes over the past decade. Drivers expressed their delight at the news, with one stating, ‘Yuh can’t go wrong. Is ah ease up; ah dollar could help a lot.’ Another driver highlighted the potential savings, saying, ‘That supposed to help we. That’s a plus. More gas, less money.’ However, not all reactions were positive. Some drivers were disappointed that the price reduction did not take immediate effect at the pumps, as promised. ‘If they say immediately, they supposed to remove it immediately,’ one driver remarked. Additionally, users of premium gasoline and diesel expressed frustration that the price cut was limited to super gasoline, with one driver noting, ‘It’s only for super, it doesn’t do anything for people using premium.’ A diesel user added, ‘If the consideration was made for one type of fuel, it should have been made across the board.’ While the announcement was generally welcomed, many drivers remain cautious, hoping for broader economic improvements in the budget.

In a significant move to combat illegal gambling and strengthen regulatory oversight, the Gambling (Gaming and Betting) Control Commission has proposed amendments to the Gambling and Betting Act. Corporate Communications Manager Shahad Ali emphasized that these changes, which include harsher penalties for illegal operators, aim to create a fairer playing field for licensed businesses and foster sustainable industry growth. Ali highlighted that the reforms prioritize responsible gaming practices and the protection of vulnerable groups, aligning with public expectations and regulatory mandates. Finance Minister Davendranath Tancoo, during his 2025/2026 budget presentation, underscored the financial toll of illegal gambling, estimating a $9 billion illegal market that deprives the state of significant tax revenue and fuels criminal activities like money laundering and human trafficking. To address this, the amendments introduce penalties of up to $3 million and seven years’ imprisonment for illegal operators. Additionally, the National Lotteries Control Board (NLCB) will now make quarterly payments into the Consolidated Fund to enhance revenue oversight. These measures are part of a broader fiscal strategy to improve compliance and boost state revenue collection.

In a groundbreaking move to democratize state-owned assets and enhance public participation in national wealth creation, Finance Minister Davendranath Tancoo announced the establishment of a Real Estate Investment Trust (REIT) and a $1 billion bond under the National Investment Fund (NIF). The announcement was made during the presentation of the $59 billion budget on October 13, marking a significant step toward innovative financing in Trinidad and Tobago. The REIT, described as a ‘landmark initiative,’ will include high-value income-generating properties such as land, office buildings, and commercial infrastructure. These assets will be transferred to the REIT and listed on the local stock exchange, enabling both individual and institutional investors to earn dividends from real estate investments. Minister Tancoo emphasized that the state will retain a strategic stake in these assets, ensuring transparency and accountability through a high-level technical committee. Additionally, the NIF will launch a $1 billion bond in the 2026 fiscal year, offering citizens and small businesses a safe, tax-free investment opportunity. The bond will be backed by 21% of the shareholding of First Citizens Group Financial Holdings Ltd (FCGFH), valued at approximately $2 billion. The government retains a 60.11% majority ownership in First Citizens Group, ensuring indirect control over these assets. Both initiatives aim to strengthen the capital market, diversify investment opportunities, and contribute significantly to government revenue.

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.