标签： Trinidad and Tobago

The Unicomer Group, a leading retail conglomerate, has unveiled its largest Courts Megastore in Trinidad and Tobago, marking a significant milestone in its regional operations. The new store, located on Don Miguel Road in Barataria, spans 4,600 square feet, offering 30% more retail space than its predecessor. The facility also includes a Starbucks outlet, enhancing its appeal as a one-stop shopping destination. The project, which cost nearly $180 million and took 28 months to complete, has created over 60 direct and indirect jobs, adding to the more than 1,000 jobs Courts has generated in the past two decades. During the grand opening on November 19, Unicomer executives expressed their commitment to the Trinidadian market despite ongoing challenges such as the foreign exchange (forex) shortage. Guillermo Siman, executive vice president of Unicomer Group, revealed that the company had declined an offer from Ansa McAl to acquire Standard Distributors, a major competitor, due to overlapping store locations. Standard Distributors, a long-standing Trinidadian business, was recently sold to fintech company Term Finance, ending its 80-year legacy. Both Guillermo and Felix Siman, vice president and managing director of Unicomer’s Caribbean operations, emphasized the importance of competition and market growth. Felix highlighted Unicomer’s strategies to navigate the forex crisis, leveraging its multinational capacity to import products while also expanding partnerships with local vendors. He expressed optimism that the government would address forex constraints to support local businesses. The company’s continued investment in Trinidad and Tobago, including plans to replace the old Megastore with a new retail plaza, underscores its confidence in the market’s future. Felix reiterated Unicomer’s commitment to providing world-class products and services, ensuring that Courts remains a trusted brand in the region.

The deployment of the USS Gerald R Ford, one of the world’s largest aircraft carriers, to the Caribbean has heightened tensions in an already militarized region. This move, coupled with rising US-Venezuela tensions and global shipping instability, has significant implications for Trinidad and Tobago’s economy, particularly its small and medium enterprises (SMEs).

Over the past few months, the southern Caribbean has become a hotspot for military activity, with US naval vessels operating near local waters. This escalation, combined with ongoing global conflicts, has disrupted shipping routes and increased freight costs. For SMEs in Trinidad and Tobago, which rely heavily on imported goods, these developments pose a serious threat to their operations and profitability.

The vulnerability of Trinidad and Tobago’s SMEs stems from their business model: importing goods from abroad, shipping them in, and selling them locally. While this model works well in stable times, it becomes precarious when global events disrupt supply chains. The COVID-19 pandemic offered a glimpse of what can happen when supply chains break down, with skyrocketing freight costs, delayed shipments, and unpredictable lead times. Geopolitical tensions and military conflicts can cause similar, if not more severe, disruptions.

For instance, when an area becomes militarized or classified as high-risk, several consequences follow: freight costs increase due to war-risk premiums, shipments become unpredictable as vessels are rerouted or delayed, marine insurance premiums rise, and consumer behavior shifts as households prioritize essential spending over non-essential goods. These changes create immediate pressure on SMEs, affecting their cash flow, sales, and long-term viability.

Trinidad and Tobago’s SMEs face additional challenges, including persistent foreign exchange shortages, high dependence on imports, thin profit margins, and long supply chains. These factors make the sector highly sensitive to global shocks. The COVID-19 pandemic revealed how quickly things can fall apart, and a major geopolitical event could have even more severe consequences.

To mitigate these risks, SMEs must adopt more resilient business models. This includes diversifying their offerings, reducing dependence on distant supply chains, building hybrid digital and service-based businesses, strengthening regional or local sourcing, and creating more forex-generating enterprises. Resilience is no longer optional in an increasingly volatile global environment.

The decision to pause a promising business venture in light of these risks underscores the need for SMEs to pay attention to the broader environment, not just the strength of their ideas. As the backbone of Trinidad and Tobago’s economy, SMEs must rethink how they build and protect their businesses to survive in an unpredictable world.

BP Trinidad and Tobago (bpTT) has announced the successful completion of its Cypre gas field development, marking a significant milestone in the region’s energy sector. The project, which involved drilling seven wells tied back to the existing Juniper platform, achieved first gas delivery in April 2025. The final three wells were drilled, completed, and commissioned recently, bringing the entire development to fruition. At its peak, Cypre is expected to produce approximately 45,000 barrels of oil equivalent per day, equivalent to 250 million standard cubic feet of gas daily. This makes Cypre bpTT’s third subsea development. David Campbell, bpTT president, emphasized the project’s success as a testament to the company’s commitment to maximizing production from the Columbus Basin and its ongoing investment in Trinidad and Tobago’s energy sector. The Cypre gas field, located 78 kilometers off the southeast coast of Trinidad in the East Mayaro Block, is entirely owned by bpTT, a joint venture between bp (70%) and Repsol (30%). Former Energy Minister Stuart Young lauded the project’s completion, highlighting its importance in offsetting the natural gas decline in the region. The development, negotiated between 2017 and 2023, underscores bpTT’s dedication to unlocking Trinidad and Tobago’s energy future.

In a landmark ruling, the High Court has adjudicated on the $30 million fraud case involving ANSA Merchant Bank (AMB) and its former employees. Justice Frank Seepersad, in a comprehensive 100-plus page judgment, dismissed claims against four former employees but found former business development officer Dwayne Rojas guilty of breaching contractual and fiduciary duties. Rojas was implicated in a fraudulent loan scheme, colluding with roll-on/roll-off car dealers to defraud the bank of $30 million over two and a half years. The scheme involved falsified job letters and fabricated vehicle documents, with non-existent vehicles listed as loan collateral. Justice Seepersad ruled that Rojas knowingly processed fraudulent applications, causing substantial financial loss to AMB. The court also dismissed cases against Zaria Sankar, Reyvaan Rampersad, Kerry Ramsaroop, and Adriana Ramsingh, citing insufficient evidence of wrongdoing. However, summary judgments were granted against five roll-on/roll-off companies, ordering them to repay $24 million. Justice Seepersad criticized AMB for targeting junior staff while neglecting to hold senior officers accountable. He highlighted the bank’s inadequate internal controls and risk management practices, which facilitated the fraud. The judge recommended that the case be forwarded to the Director of Public Prosecutions and the Commissioner of Police for potential criminal charges. Additionally, he urged the Minister of Trade, Industry, and Tourism to review the operating licenses of the implicated dealerships. The ruling underscores the need for stricter financial oversight and accountability in the banking sector.