分类： business

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.

A comprehensive business survey reveals Trinidad and Tobago’s private sector is navigating significant short-term challenges while maintaining guarded optimism for medium-term recovery. The Q4 2025 Business Outlook Index, jointly compiled by the TT Chamber of Industry and Commerce and Arthur Lok Jack Global School of Business and released December 10, presents a complex picture of an economy in transition.

The data indicates substantial current pressures, with 54% of executives reporting worsened financial performance over the past six months. Only 3% of businesses described their performance as “much better” compared to the beginning of the year, while 43% reported some improvement. The survey reveals stark sectoral variations: while administrative and support services saw 100% of respondents reporting better conditions, the agricultural sector experienced universal deterioration with 100% reporting worse conditions.

The energy sector emerged as particularly challenged, with over 66% of respondents noting deteriorated economic conditions. Conversely, accommodation and food services showed remarkable resilience with 75% reporting improved conditions (50% better, 25% much better). Construction and manufacturing displayed mixed signals, with 45% and 54.55% respectively reporting better conditions.

Significant uncertainty surrounds government policy impacts, with 24% of businesses unsure which areas would benefit from current policies. Only 17% anticipated enhanced public-private collaboration, while 16% predicted better foreign exchange access and 14% expected improved ease of doing business.

The recent 100% excise duty increase on alcohol announced in the October budget has dramatically altered hiring intentions in the food and beverage sector. Pre-announcement, 75% of accommodation and food service businesses planned hiring within 6-12 months. Post-announcement, 40% anticipate employment decreases within six months, while 50% expect reductions within twelve months.

Despite these challenges, businesses maintain medium-term confidence. The global economic outlook shows improvement from negative to positive over the next year, reflecting expectations of easing inflation, recovering energy demand, and improved logistical conditions. The chamber notes that for an energy-exporting nation like Trinidad and Tobago, improved global prospects typically translate to enhanced business confidence.

The report concludes that while current conditions remain challenging, businesses view these as cyclical rather than permanent. The chamber recommends strengthened public-private dialogue to reduce policy uncertainty and support sector-specific adjustments following recent fiscal changes.

The digital marketing paradigm that has dominated for over a decade is undergoing its most profound transformation as we approach 2026. For fifteen years, brands operated under the assumption that social media supremacy—achieved through relentless posting, engagement, and algorithm manipulation—was the ultimate path to growth. This era is now concluding, not due to the disappearance of social platforms, but because fundamental changes in consumer behavior are rewriting the rules of digital engagement.

Global social media usage has begun its first sustained decline since the early 2010s, with users—particularly younger demographics—spending less time scrolling and engaging with more intentionality. The feed has lost its central position in digital life, now competing with streaming services, podcasts, private messaging, gaming, and increasingly, AI-powered tools. This shift reflects growing user fatigue with repetitive content, misinformation, and algorithmic noise.

The most significant disruption emerges from artificial intelligence’s rapid evolution into the internet’s new gateway. Consumers are increasingly turning to AI assistants for tasks previously reserved for search engines: product comparisons, local business recommendations, and purchasing decisions. Unlike traditional search results that provide links, AI delivers direct answers, creating a new battleground for brand visibility. Those without optimized product information, structured data, and review systems risk digital invisibility.

Remarkably, consumers now rate AI recommendations as more trustworthy than influencer endorsements, representing a seismic shift in digital credibility. This trust transfer stems from influencer marketing’s perceived shortcomings: paid promotions, undisclosed partnerships, and credibility scandals. In contrast, AI systems draw from diverse sources, provide balanced comparisons, and maintain contextual awareness without brand bias.

The consumer journey has compressed dramatically. What once involved multiple stages—awareness, research, comparison, and decision—now frequently occurs within a single AI conversation. Discovery happens across fragmented touchpoints: AI chats, Reddit discussions, YouTube explainers, private communities, and niche reviews rather than traditional social feeds.

In this new landscape, trust emerges as the ultimate competitive advantage. Brands demonstrating authentic human experience, transparency, consistent expertise, and community validation will thrive amidst AI-generated content and misinformation. Successful businesses are building diversified ecosystems encompassing email newsletters, YouTube channels, private communities, podcasts, and offline events rather than relying on unpredictable algorithms.

To prepare for 2026, brands must prioritize AI discoverability, invest in high-quality content, highlight human elements, develop owned platforms, create hybrid experiences, and foster genuine communities. Organizations embracing this transformation will gain significant competitive advantage, while those clinging to outdated social media playbooks face gradual digital irrelevance.

First Citizens Group has demonstrated formidable financial resilience with an after-tax profit of $989.6 million for the fiscal year concluding September 30, 2025. The Trinidad-based financial institution revealed total assets soaring to $49.167 billion, marking another year of substantial growth and stability.

Audited by PricewaterhouseCoopers, with engagement partner Sean Ramirez overseeing the process, the consolidated financial statements received an unmodified audit opinion on December 8, affirming their accuracy and compliance with accounting standards. The board officially approved these results on December 4.

The group’s pre-tax profit climbed significantly to $1.365 billion, up from $1.270 billion in 2024. Revenue streams showed positive momentum with net interest income reaching $2.101 billion and fee and commission income growing to $552.9 million. Total net revenue expanded to $2.875 billion, bolstered by increased other income.

Basic earnings per share stood at $3.93, calculated on a weighted average of 251.35 million ordinary shares. The balance sheet exhibited robust growth with total loans before allowances climbing to $24.198 billion. Net loans settled at $23.780 billion after accounting for a loan-loss allowance of $417.6 million.

While non-performing loans experienced a slight increase to $776.6 million from $746.2 million the previous year, impairment expenses rose to $54.5 million from $13.7 million in 2024. Customer deposits, the group’s primary funding source, grew to $30.895 billion.

Shareholders’ equity strengthened to $9.131 billion, supported by annual profits and a positive $149.8 million movement in other comprehensive income. This included an $86.6 million gain from re-measuring the group’s defined benefit plan and fair value gains on equity instruments.

PwC highlighted the valuation of expected credit losses on credit-impaired demand loans as a key audit matter. These loans totaled $647 million with an expected credit loss allowance of $128 million, requiring significant judgment in collateral assessment and recovery estimation.

Business segment performance varied: retail banking earned $447.1 million, corporate banking $635.4 million, treasury and investment banking $241.1 million, and trustee and asset management $38.3 million. Group functions contributed $1.179 billion, collectively generating $2.917 billion in pre-tax profit before consolidating to $989.6 million after tax.

Operating costs remained substantial with administrative expenses at $854.9 million and other operating expenses at $634.3 million. Depreciation and amortization of intangible assets amounted to $102.1 million and $27.1 million respectively.

Liquidity metrics remained solid with cash and bank balances at $2.130 billion and short-term investments totaling $2.695 billion. Net cash and cash equivalents stood at $1.959 billion after deducting amounts owed to other banks. Statutory deposits with the Central Bank were $2.268 billion.

The group reported higher average interest rates on short-term deposits throughout the year. Equity method investments, including stakes in St Lucia Electricity Services Ltd, Term Finance Holdings Ltd and Infolink Services Ltd, totaled $285.2 million, generating $28.6 million in profit share.

Dividend distributions reached $608.1 million during the year. Treasury share activities reduced recorded share capital from $458.6 million to $427.3 million, while retained earnings closed at $6.402 billion.

PwC’s audit opinion confirmed that the financial statements ‘present fairly, in all material respects, the financial position of the Group as at 30 September 2025,’ validating the institution’s strong capital position and operational excellence.

PORT OF SPAIN – Trinidad and Tobago’s small and medium enterprises (SMEs) received a powerful infusion of inspiration and practical strategies at the groundbreaking Catalyst 2025 conference, hosted by the TT Chamber of Industry and Commerce on February 11-12. The event, held at the Leon Agostini Conference Hall, brought together established business leaders and emerging entrepreneurs for a transformative dialogue on navigating today’s challenging economic landscape.

The conference moved beyond theoretical concepts to deliver actionable insights through lived experiences, with prominent business figures including SM Jaleel director Eesa Mohammed, Cher-Mère CEO Cheryl Bowles, Solis chairman Angella Persad, and Aegis Business Solutions Limited chairman Angela Lee Loy sharing their journeys from humble beginnings to commercial success.

Central to the discussions was the theme of calculated risk-taking, with multiple case studies demonstrating how businesses successfully pivoted to e-commerce, expanded into regional exports, and leveraged technology despite resource constraints. Participants emphasized that strategic boldness – rather than reckless gambling – separates thriving enterprises from stagnant operations.

Innovation emerged as a practical tool rather than abstract buzzword, with concrete examples including agri-tech solutions to reduce food import dependency, cultural heritage commercialization through the orange economy, and digital platforms connecting local businesses with international markets. The conference featured a pitch competition where newcomers presented innovative business concepts to industry authorities.

The resilience narrative resonated deeply among attendees, with business leaders openly discussing setbacks and recovery strategies in Trinidad and Tobago’s challenging operating environment. High operational costs, financing limitations, and market volatility were addressed through practical workshops on cash flow management, revenue diversification, and organizational development.

The event’s most significant impact may have been its creation of a collaborative ecosystem where entrepreneurs discovered shared challenges and solutions. Numerous participants reported leaving with renewed motivation and concrete implementation plans, having connected with mentors and peers who provided both technical knowledge and moral support.

The TT Chamber has already announced plans for Catalyst 2026, encouraging SMEs to apply the conference’s key principles: taking calculated risks, implementing innovation incrementally, building financial resilience, leveraging professional networks, and acting promptly on new inspiration.

Trinidad and Tobago’s agricultural industry is experiencing sustained contraction despite abundant natural resources and emerging innovations, with official data revealing a 2.9% decline in the first quarter of 2025 following a 2.7% drop in the final quarter of 2024. This persistent downturn has simultaneously dragged down non-energy exports, which fell by 4.8% during the same period, raising concerns about the sector’s long-term viability as it continues to contribute only single-digit percentages to the national GDP.

In response to these challenges, the government has unveiled an ambitious strategy aiming to generate US$1 billion in agricultural export revenue. Agriculture Minister Ravi Ratiram recently announced plans to reactivate processing facilities nationwide, including the Brechin Castle Packing House and the substantial 3,000-square-foot Brickfield Packing House. This initiative follows the distribution of Brazilian dwarf coconut seedlings designed to rejuvenate the coconut industry.

At the ‘Exploring Opportunities with India’ seminar hosted by the India High Commission, Minister Ratiram pointed to India’s remarkable transformation from major food importer to global exporter as a model for Trinidad and Tobago’s aspirations. “TT is working to achieve this very shift—from raw production to processed and certified goods that can be exported, creating jobs, strengthening rural communities, and earning foreign exchange,” Ratiram stated.

The national strategy encompasses multiple approaches: strengthening food security through improved production systems and technology transfer, implementing climate-smart agriculture, modernizing farming via greenhouse technology and digital tools, enhancing water management, and expanding processing capabilities to develop new revenue streams and export opportunities.

Indian High Commissioner Dr. Pradeep Rajpurohit expressed strong confidence in Trinidad and Tobago’s agricultural potential, noting the country’s exceptionally fertile soil and favorable climate conditions. “I see that there is sizeable import of food commodities including fruits and vegetables, but living here I can tell you that TT has some of the most fertile soil and favorable weather for agriculture…the potential is immense,” Dr. Rajpurohit remarked. He specifically highlighted Julie mangoes, local pineapples, papaya, and even dragon fruit as products with significant export potential, suggesting that India could become a major market for these commodities, especially during winter months when certain produce becomes scarce.

The seminar, attended by dozens of agricultural stakeholders, also addressed critical systemic challenges. Farmers highlighted the absence of a local certification process for organic goods, which prevents Trinidad and Tobago from accessing premium export markets despite many practitioners already employing organic farming methods. Minister Ratiram acknowledged this limitation and expressed commitment to discussing solutions with India’s Agricultural and Processed Food Export Development Authority (APEDA).

Complementing these agricultural initiatives, the government has revealed comprehensive plans to modernize approximately 142 acres of port land, including upgrades to the Port of Spain, Galeota Mega Energy, and Point Lisas Industrial Port. The centerpiece of this infrastructure development is the proposed ‘Port City’—a major offshore cargo port on reclaimed land west of Port of Spain that will accommodate next-generation vessels and feature modern logistics systems, dry-dock facilities, expanded container-handling capacity, and climate-resilient infrastructure. These port enhancements are expected to significantly improve regional export capabilities through expanded berth capacity, deeper channels, and more efficient intermodal connections.

This multi-faceted approach forms part of the government’s broader revitalization blueprint aimed at creating 50,000 jobs through infrastructure upgrades and sector stimulation, representing a comprehensive effort to transform Trinidad and Tobago’s agricultural and export economy.

PORT OF SPAIN, TRINIDAD AND TOBAGO – The Human Resource Management Association of Trinidad and Tobago (HRMATT) recently convened its esteemed Legacy Awards and Hall of Fame Induction Ceremony, a premier gathering celebrating the profound influence of human resources professionals throughout the Caribbean region. Held on November 29 at the Hyatt Regency in Port of Spain under the dynamic theme ‘Legacy in Motion,’ the event spotlighted visionary leaders and organizations actively shaping the future of work.

Dubbed the ‘Oscars for HR professionals,’ the ceremony assembled government officials, corporate executives, regional collaborators, and HR practitioners for an evening dedicated to recognition, inspiration, and strategic networking. The 2025 awards specifically highlighted HR management’s transformative role in advancing national development through human capital investment, emphasizing the profession’s growing strategic importance amid rapid technological evolution and shifting workplace expectations.

In her opening address, HRMATT President Cavelle Joseph-St Omer articulated the association’s core mission to empower professionals and foster excellence, asserting that ‘human resources must be at the heart of any economic revitalization.’ She framed ‘legacy in motion’ as a compelling call to action rooted in transformational leadership, advocacy, and innovation.

Senator Leroy Baptiste, Minister of Labour, Small and Micro Enterprise Development, delivered the keynote address, connecting economic diversification directly to workforce preparedness. He challenged HR leaders to champion digital literacy, reskilling initiatives, data-driven talent strategies, and equity-focused practices, reinforcing HR’s critical function as architects of workplace inclusion and well-being.

The Legacy Awards were established to honor HRMATT’s founding visionaries who pioneered HR professionalization in the region, advocating for ethical standards, strategic leadership, and continuous development. This annual celebration reinforces the association’s dedication to preserving its heritage while stimulating innovation in the evolving world of work.

A strategic milestone occurred in 2024 with the establishment of the HR Hall of Fame, designed to preserve historical achievements, inspire excellence through role modeling, and strengthen professional identity by showcasing HR’s impact on organizational success and national development. The 2025 ceremony honored five inaugural inductees: Gordon Draper (posthumously), recognized as HRMATT’s founding father; Dr. Rudrawatee Nan Gosine-Ramgoolam for public service HR reform; Dr. Kwame Charles for organizational development and engagement; Sandra Marchack for employee well-being advocacy; and Dr. Roland Baptiste for learning and culture transformation.

Expanding its regional impact, HRMATT introduced two new Caribbean-wide awards in 2023 recognizing outstanding HR professionals and organizations. Human Resource Management Association of Barbados President Tisha Peters emphasized the necessity of visionary leadership, mentorship, and cross-border partnerships during the proceedings.

The 2025 Legacy Awards celebrated excellence across nine categories, honoring recipients from both public and private sectors. Notable awards included the Gordon Draper Award for Public Service Transformation to Davi Ramkallawan of Nalis, the Maxine Barnett Award for HR Excellence to Dr. Sterling Frost of UWI, and the Coreen Jones Award for Best Place to Work to Regency Recruitment and Resources Ltd. Additional recognitions went to Gerard Pinard, Guardian Shared Services, Rotary Club of Central Port of Spain, Fallon Estrado, Tiersa Smith-Hall, and Republic Bank Ltd.

These awards function as strategic instruments for professional advancement by elevating standards, driving transformation aligned with national development goals, fostering engagement, and building collaborative communities across sectors. As Minister Baptiste observed, ‘Legacy is a challenge, a call, a responsibility’ – a sentiment embodying the evening’s affirmation that HR constitutes not merely a profession but an active legacy continuously evolving to shape inclusive, future-ready workplaces.

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.