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.
分类： business
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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.
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OPINION: What cannabis legislation can teach us about foreign direct investment (Part 2)
In the competitive landscape of foreign direct investment (FDI), Saint Lucia and other Caribbean nations offer substantial tax concessions to attract investors. These incentives include VAT relief on building materials, income tax exemptions, property tax waivers, and customs duty exemptions on imports. Such measures are part of a broader strategy to stimulate economic growth and job creation. However, the International Monetary Fund (IMF) has raised concerns about the sustainability of these incentives, noting that the cost per job in the formal sector can be as high as $2,500. Research also indicates that some countries forfeit up to 16% of their annual GDP through tax incentives, with limited tangible benefits. Despite these criticisms, proponents argue that without such incentives, investment and job creation would stagnate. To address these challenges, the Regulated Substance Authority (RSA) and other stakeholders are focusing on sector-specific incentives that prioritize corporate social responsibility, environmental protection, and compliance with national and international laws. Additionally, efforts are underway to improve the ease of doing business in Saint Lucia, addressing issues such as limited access to financing, weak insolvency mechanisms, and high energy costs. The RSA is also working to integrate traditional communities, such as the Rastafari, into the burgeoning cannabis industry, ensuring that development does not displace local stakeholders. The consultative process undertaken by the RSA serves as a model for broader legislative and policy initiatives, emphasizing public engagement and transparency. As Saint Lucia navigates the complexities of FDI, balancing economic growth with sustainable development remains a critical challenge.
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Blue Ocean Dredging Equipment En Route to Antigua
In a significant move to bolster coastal resilience and infrastructure development, Antigua and Barbuda has acquired a state-of-the-art dredging excavator and barge. Prime Minister Gaston Browne confirmed that the equipment, purchased by the government for Blue Ocean, has been disassembled and shipped from the Port of Holland to Antigua and Barbuda. This acquisition positions the government as the majority shareholder in Blue Ocean, marking a strategic investment in the nation’s future. The heavy-duty machinery is set to play a pivotal role in dredging, beach replenishment, and land reclamation projects, which are essential for mitigating coastal erosion and enhancing environmental sustainability. The initiative underscores the government’s commitment to safeguarding the nation’s coastline and fostering long-term economic growth. Additionally, the government has emphasized the importance of such infrastructure projects in attracting tourism and supporting local industries. The move is part of a broader strategy to strengthen Antigua and Barbuda’s resilience against climate change and natural disasters, ensuring a sustainable future for its citizens.
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Government Moves Forward with New Port in Barbuda for Trade and Tourism
The government of Antigua and Barbuda has announced significant progress in its plans to construct a new port in Barbuda, aiming to enhance the island’s trade and tourism sectors. During a post-Cabinet press briefing on Thursday, Maurice Merchant, the Director General of Communications, revealed that a potential site for the port has been identified after extensive discussions. Merchant emphasized the necessity of the project, stating, ‘There is a clear need for a new port in Barbuda to improve trade and tourism, particularly for the docking of yachts and other vessels.’ Senior government officials recently visited the proposed site to evaluate its suitability, with a comprehensive report expected shortly. The new port is expected to bolster Barbuda’s rapidly growing tourism industry, which has seen a surge in investment in recent years. Merchant highlighted, ‘Barbuda has been developing rapidly, and tourism remains one of its key economic drivers.’ Once the site assessment is finalized, the Cabinet will review design and construction proposals before proceeding with the project. This initiative is part of the government’s broader strategy to strengthen Barbuda’s economic foundation through enhanced maritime infrastructure and improved regional trade connections.
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Wijnerman woont jaarvergadering IMF/Wereldbank bij
The 2025 Annual Meetings of the International Monetary Fund (IMF) and the World Bank commenced on Monday, October 13, in Washington, D.C., and will continue through Saturday, October 18. Suriname’s Minister of Finance & Planning, Adelien Wijnerman, is leading a delegation to participate in this pivotal global event. The meetings serve as a critical platform for discussions on pressing economic issues, including debt reform, climate action, development strategies, macroeconomic policies, and financial stability. The Surinamese delegation is set to engage in bilateral talks, attend plenary sessions, and participate in key agenda items such as the Development Committee and International Monetary and Financial Committee meetings, regional briefings, and press conferences. Suriname, having recently completed an IMF Extended Fund Facility (EFF) program, aims to focus on institutional strengthening, securing investment flows, promoting sustainable growth, and monitoring external risks during the meetings. The outcomes of these discussions could significantly influence future financing opportunities, international partnerships, and policy support for Suriname amidst a rapidly evolving global economic landscape. Minister Wijnerman anticipates providing further updates as the week progresses.
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Economy : 3.7 billion from the Public Treasury to support the purchasing power of families
In a significant move to bolster economic stability, the Haitian government has unveiled a $3.7 billion gourdes initiative under the Multisectoral Emergency Program (PUM). Spearheaded by Prime Minister Alix Didier Fils-Aimé, this financial package aims to enhance the purchasing power of Haitian families while stimulating national economic recovery. The program targets 286,833 households, focusing on those most impacted by the ongoing economic crisis. Between September and October 2026, three key groups will benefit: parents of schoolchildren (70%), vulnerable households (19%), and workers in the textile and domestic production sectors (11%). Cash transfers, facilitated through Mon Cash and Nat Cash, will provide approximately 15,000 gourdes per recipient, with the government covering all withdrawal fees. Workers will receive their support either through employers or directly into their bank accounts. As of October 11, 2025, over 94,000 transfers had been processed within 48 hours, demonstrating the program’s rapid implementation. The identification of beneficiaries relies on robust databases and institutional partnerships, including SIGE (MENFP) for parents of schoolchildren, SIMAST (MAST) for vulnerable households, and ADIH and labor unions for industrial sector employees. Prime Minister Alix Didier emphasized the moral and national responsibility to support Haiti’s most vulnerable populations, stating, ‘Education remains the cornerstone of development and the pathway to a brighter future for our beloved Haiti.’
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Brian Branker recognised for energy innovation at WOW Factor Awards
Brian Branker, a prominent figure at Caribbean LNG Inc, has been awarded the prestigious WOW Factor Award 2025 in the Manufacturing, Energy, and Telecoms category. This accolade highlights his exceptional contributions to advancing sustainable energy solutions across the Caribbean region. The WOW Factor Awards, known for celebrating innovation and leadership across various industries, recognized Branker’s efforts in driving environmental and economic progress through cutting-edge energy initiatives. His work has not only positioned Caribbean LNG Inc as a leader in the energy sector but also underscored the importance of sustainable practices in addressing global energy challenges. The award ceremony, held in Antigua, brought together industry leaders and innovators to honor those making significant impacts in their respective fields. Branker’s achievement serves as a testament to the transformative power of visionary leadership in the energy sector.