分类： business

In 1968, BWIA International Airways underwent a significant corporate transformation through a series of complex negotiations and agreements. The culmination of nine months of intense discussions resulted in binding contractual obligations for the Trinidad and Tobago government and the airline, formalized through agreements dated May 24, 1968. These arrangements did not represent a departure from previously contemplated plans but rather established an acceptable framework for executing agreed undertakings, with copies promptly distributed to interested West Indian governments.

The restructuring initiative began with a board reconstitution in February 1968, following Sir Patrick Hobson’s resignation. Hobson explicitly noted that BWIA’s viability depended on association with strong external financial interests, modern equipment acquisition, and managerial reorganization. The newly formed board, chaired by Sir Ellis Clarke with directors J M Scoon, Gerald Montes de Oca, and Donald J Urgo, immediately engaged Trans World Airlines (TWA) through a 90-day interim management and technical assistance agreement.

A three-member TWA advisory team led by J I Greenwald arrived in Port of Spain on February 12, 1968. Within two days, the board designated Greenwald as acting CEO to implement essential organizational reforms, addressing the managerial and technical skill deficiencies identified by the previous leadership. This advisory contract was subsequently extended to July 1968 pending US Civil Aeronautics Board (CAB) approval of a proposed three-year management agreement.

The comprehensive arrangement included a ground handling agreement at New York’s JFK Airport effective November 1, 1968, and a reciprocal sales agency agreement originally scheduled for October 1, 1968. However, neither the management assistance nor sales agency agreements were implemented due to adverse rulings from the CAB, which held jurisdiction over TWA. These interconnected agreements formed a composite arrangement whose failure in one component undermined the entire structure.

Simultaneously, an investment agreement involving Goldfield Corporation—whose shares traded on the American Stock Exchange—Caribbean International Ltd, R W Pressprich and Co International Ltd, and Lorenzo, Carney and Company Inc., collapsed when Goldfield deemed US Foreign Direct Investment Regulations too onerous. By December 1968, it became apparent that Caribbean International could not fulfill its obligations under the May 24 agreements.

Subsequent negotiations produced revised agreements in 1969 that increased BWIA’s compensation from $6 million to $8 million while maintaining hotel development commitments at Rockly Point, Tobago. The government facilitated this arrangement by repurchasing British Overseas Airways Corporation’s 10% shareholding for $250,000—the same price originally paid in 1961. Payments of $2 million on January 31, 1969, and $6 million on June 23, 1969, were ultimately executed under these revised terms.

Ramps Logistics concluded its most transformative year with an extraordinary celebration that blended corporate achievement with cultural festivity. The company’s annual Aura 2025 event, held on November 28 at Vice nightclub in Port of Spain, served as both a recognition ceremony and a testament to the organization’s expanding regional influence.

The evening transformed into a vibrant tapestry of high-energy performances and heartfelt acknowledgments, creating an atmosphere that resonated with the company’s core values of unity and excellence. From the moment guests arrived, the venue pulsed with an infectious energy that reflected the collective spirit of a team that has consistently elevated service standards across the logistics industry.

CEO Shaun Rampersad set the tone for the evening, emphasizing the fundamental role of human capital in the company’s success. ‘Aura represents a moment of reflection—a powerful reminder that our people constitute our greatest competitive advantage, while our ambition serves as our driving force,’ Rampersad declared. He highlighted the significant contributions from teams across Trinidad and Tobago, Guyana, Suriname, and other operational territories that made 2025 a breakthrough year.

The entertainment lineup featured an impressive roster of Caribbean talent, including electrifying performances by Ravi B, Patrice Roberts, Travis World, and Salty. These artists carried the audience on a musical journey that transformed the event into a shared cultural experience. The celebration was further enhanced by aerial performances, expertly crafted signature cocktails, and gourmet food stations that provided a sophisticated backdrop for networking and camaraderie.

Beyond the festivities, Aura 2025 served as a strategic platform showcasing the company’s expanding footprint across the Caribbean and South America. The presence of diplomatic representatives from Colombia, Panama, and Chile underscored Ramps Logistics’ growing international partnerships and regional significance.

The event effectively woven together the year’s accomplishments in logistics innovation, technological adoption, and customer service excellence into its celebratory fabric. As the evening culminated in high spirits, it not only celebrated past achievements but also signaled the company’s ambitious trajectory for 2026, positioning Ramps Logistics for continued regional leadership and operational excellence.

Trinidad and Tobago’s hospitality industry is mounting a significant challenge against the government’s unprecedented 400% tax increase on gaming machines, setting the stage for a crucial meeting between industry representatives and Finance Minister Dave Tancoo on December 11.\n\nThe TT Coalition of Bars and Restaurants (TTCOBAR) and the Barkeepers Owners/Operators Association of TT (BOATT) characterize the tax hike as \”drastic and illogical,\\” warning it will devastate legal operators while driving gambling activities underground. Both organizations maintain that enhanced enforcement of existing tax rates—not increased taxation—represents the solution to revenue collection challenges.\n\nBOATT representative Satesh Moonessar expressed surprise at receiving the minister’s invitation, coming just days after Parliament passed sweeping gambling legislation that instituted fines up to $3 million for illegal operations. The government contends these measures address tax evasion, money laundering, and other criminal activities associated with unregulated gambling.\n\nMoonessar vigorously challenged the government’s rationale, arguing that compliance issues stem from chronic enforcement failures rather than tax rates. \”If someone was not paying the tax at $6,000, how in God’s name are they going to become compliant now when you’ve raised it by 400 percent?\” he questioned, noting that selective enforcement practices have undermined compliance efforts.\n\nThe industry representative projected that 50-75% of bars cannot afford the increased tax burden, potentially forcing widespread closures. He warned of cascading economic consequences, including job losses and impacts on related businesses such as food vendors and suppliers.\n\nTTCOBAR advocates for a modified approach that includes quarterly tax payments instead of full upfront payments and a reduced rate increase. The association estimates that a 50% reduction from the proposed hike could generate approximately $200 million annually through improved compliance.\n\nIndustry representatives emphasize that gaming revenue provides essential financial support for bars operating on thin profit margins. They contest government estimates of machine profitability, asserting that typical monthly earnings per machine are approximately $2,000—far below the official $10,000 projection.\n\nIn response, Minister Tancoo acknowledged significant tax evasion and fraud within the industry, noting that many amusement machines operated unregistered for years while generating unreported revenue. Despite his firm stance on ending these practices, he expressed openness to dialogue.\n\nThe dispute escalated on December 9 when approximately 30 bar operators gathered peacefully at Woodford Square near Parliament, accusing the government of victimization through consecutive measures targeting their industry, including increased alcohol taxes, commercial electricity rates, and landlord taxes.

In a sweeping financial sector overhaul, Trinidad and Tobago’s government has intensified its crackdown on foreign exchange management with the dismissal of Eximbank CEO Navin Dookeran on December 6. This move represents the latest in a series of high-profile executive removals that began in June with the abrupt revocation of Central Bank Governor Alvin Hilaire’s appointment, followed by the August departure of First Citizens Group CEO Karen Darbasie.

The government maintains strategic silence regarding these personnel changes, yet evidence suggests profound disagreements over forex data disclosure and auditing protocols precipitated these actions. Dr. Hilaire’s dismissal reportedly followed contentious debates about transparency, while Ms. Darbasie’s exit has been linked to examinations of forex distribution channels and potential leakage.

This executive purge coincides with alarming economic indicators: foreign exchange purchases plummeted by 19.2% year-on-year as of August, creating severe disequilibrium between supply and demand. Central Bank Governor Larry Howai’s September presentation highlighted the Eximbank’s increasingly pivotal role in forex dynamics, noting the urgent need to ‘address the Eximbank facility with respect to pricing and revolving.’

Mr. Dookeran, who had led Eximbank since 2019, declined extensive commentary but previously expressed pride in his tenure accomplishments. His departure signals heightened governmental scrutiny of financial institutions amid growing pressure to resolve the currency crisis.

Prime Minister Kamla Persad-Bissessar’s administration promises forthcoming revelations from its comprehensive review of financial systems and key operatives. However, business leaders like Vivek Charran, president of the Confederation of Regional Business Chambers, emphasize that rhetoric and dismissals cannot substitute for actionable solutions. ‘We are talking about generational family businesses fighting for survival,’ Charran stated, underscoring the urgent need for ‘fair and equitable means of forex distribution.’

While Governor Howai has found no evidence of the ‘forex cartel’ alleged by the Prime Minister, he acknowledges that foreign exchange management may require stricter controls. The business community now awaits substantive policy measures rather than symbolic personnel changes as the nation grapples with one of its most significant financial challenges in decades.

In a powerful address at the inaugural Women in Tourism Caribbean Retreat, former Jamaican Parliament member Lisa Hanna issued a compelling call for women across the region to actively prepare for the artificial intelligence revolution and embrace professional reinvention. The landmark gathering, held November 13-16 in the Turks and Caicos Islands, brought together female tourism professionals from across the Caribbean basin for a transformative professional development experience.

Hanna delivered her keynote message during the November 15 Brunch and Conversation event, where she emphasized the critical importance of women remaining vigilant to global geopolitical shifts while leveraging their unique ability to combine passion with pragmatic decision-making. Her address formed the centerpiece of a retreat specifically designed to explore challenges including work-life balance, navigation of male-dominated environments, leadership development, and mutual support systems among women in the industry.

The retreat, conceptualized by Turks and Caicos Hotel and Tourism Association CEO Stacy Cox, represented the physical evolution of a virtual platform initially launched during the pandemic to recognize women driving the tourism sector forward. Participants from Dominica, Belize, Grenada, Barbados, Saint Lucia, the US Virgin Islands, The Bahamas, Jamaica, and Toronto engaged in carefully curated activities including school outreach visits, with Hanna joining delegates at the Special Needs Association Providenciales (SNAP) Centre.

In a gesture of regional solidarity, organizers presented Hanna with a charitable donation to support relief efforts for victims of Hurricane Melissa in Jamaica. The retreat’s significance was further underscored by the attendance of prominent government officials including Deputy Governor Anya Williams, Tourism Minister Zhavargo Jolly, and permanent secretary Wesley Clerveaux at the opening reception hosted at Beaches Turks and Caicos.

Reflecting on the event’s success, Cox expressed profound satisfaction: ‘This retreat provided a space for women to remove their masks, discuss authentic life challenges, draw strength from shared experiences, and ultimately build a powerful sisterhood.’ Buoyed by its inaugural success, organizers have already announced that the Women in Tourism Caribbean Retreat will return to the Turks and Caicos Islands in November 2026.