标签： Trinidad and Tobago

The retail sector continues to face significant challenges, as highlighted by the recent developments surrounding Standard Distributors, a long-standing furniture and appliance retailer. Established in 1945, Standard Distributors has been a household name for decades. However, on November 1, all its branches, including one in Barbados, were reportedly closed. Ansa McAL, the parent company, announced the sale of Standard Distributors to Term Finance, which plans to transform the brand into a dedicated credit provider and e-commerce platform under the new name Standard Credit. The transaction, expected to be finalized by December 31 pending approvals, aims to leverage Standard’s 80-year expertise in hire-purchase agreements to offer innovative credit products. This move comes amidst a broader decline in the retail sector, exacerbated by the lingering effects of the COVID-19 pandemic. The Central Statistical Office reported a 7.8% drop in the index of retail sales for household appliances and furnishings in the first quarter of 2025, with the overall retail index falling by 3.7%. Central Bank data further indicates a consistent decline in retail sales since 2024, reflecting reduced consumer spending and low confidence. While online shopping platforms like Amazon and Shein have impacted physical stores, high shipping costs for bulky items had previously given furniture retailers an edge. However, the sector now faces additional pressures, including unmet housing demand and consumers’ reluctance to spend. The government’s efforts to stimulate economic growth through sustained spending and institutional strengthening may provide some relief, but the ongoing challenges in the furnishings sector underscore the depth of the issue.

In a significant move to aid Jamaica’s recovery from the devastation caused by Hurricane Melissa, the Guardian Group Charitable Foundation has committed US$312,000. This donation, one of the largest single contributions from Trinidad and Tobago (TT), is part of the broader ‘Building a Better Jamaica Fund,’ a coordinated recovery initiative led by the National Commercial Bank Jamaica Ltd (NCB) and managed by the NCB Foundation. The fund has already raised approximately US$2.8 million, including an initial US$1.25 million from NCB, supplemented by partner contributions and Guardian Group’s substantial donation. Hurricane Melissa, which struck Jamaica on October 28, left widespread destruction across the island, damaging infrastructure, agriculture, and housing, and displacing thousands of residents. The Jamaican government declared a national disaster, prompting a large-scale relief and reconstruction effort supported by regional governments, businesses, and aid agencies. Guardian Group’s contribution will support both immediate relief and long-term rebuilding, working through experienced partners such as the American Friends of Jamaica, Food for the Poor Jamaica, Unicef Jamaica, and the Global Empowerment Mission. Shinelle Grant-Sealey, Guardian Group’s vice-president for environment, social and governance, emphasized the organization’s regional commitment to recovery and resilience, stating that the donation is an immediate investment in stability for affected families and institutions. Guardian Group has also provided care packages and internal support for its employees in Jamaica impacted by the storm. With operations across TT, Jamaica, Barbados, and the Dutch Caribbean, the group remains dedicated to helping Caribbean communities rebuild and recover.

Supply Solutions Ltd, a prominent player in engineering and construction, is now positioning itself as a leading procurement service provider, particularly for small to medium-sized enterprises (SMEs). The company is broadening its horizons by targeting both regional and international markets while reinforcing its domestic presence. CEO Nicholas Ottley emphasized the company’s unique approach: \”My product is the ability to take your problem and implement the mechanism to solve it.\

In a landmark move reshaping the Caribbean insurance landscape, General Accident Insurance Co (Jamaica) Ltd has finalized its acquisition of Beacon Insurance Company Ltd. The transaction, completed on October 31, saw General Accident’s parent company, Musson (Jamaica) Ltd, acquire 100% of Beacon’s shares. Once regulatory approvals are secured, Beacon will operate as a subsidiary of General Accident, marking a significant expansion of the latter’s presence in Trinidad and Tobago (TT) and Barbados, while also granting access to new markets in Dominica, Grenada, St Kitts, St Lucia, and St Vincent. The merger is projected to elevate General Accident’s annual gross written premiums to over J$32 billion. Despite the acquisition, both brands will continue to operate independently in TT and Barbados, with Beacon’s existing management, led by CEO Christopher Woodhams, remaining intact. Woodhams will now report directly to General Accident Group CEO Sharon Donaldson and oversee the combined operations in TT. Additionally, Woodhams and Beacon director Christian Hadeed will join General Accident’s board, while the Hadeed family, founders of Beacon, will become minority shareholders in General Accident. This strategic partnership aims to preserve Beacon’s core values and ensure continuity within the broader regional group. Gerald Hadeed, Beacon’s founder, expressed confidence in the alignment of both companies’ insurance principles, emphasizing their shared commitment to client service and investment in people and technology. General Accident chairman PB Scott praised Beacon’s leadership and performance, highlighting the opportunity to create a powerful platform across the Caribbean. Founded in 1981, Beacon has been a dominant player in TT’s insurance sector, specializing in motor, property, and casualty insurance. General Accident, headquartered in Kingston and listed on the Jamaica Stock Exchange, has steadily expanded its regional footprint through strategic acquisitions.

The Florida Third District Court of Appeal has reaffirmed a $131 million judgment against businessman Steve Ferguson, marking the conclusion of a 19-year legal saga. Ferguson was accused of orchestrating a multimillion-dollar fraud scheme tied to the construction of Trinidad and Tobago’s Piarco International Airport. In a November 5 ruling, judges Thomas Logue, Monica Gordo, and Fleur Lobree upheld a Miami-Dade County jury’s verdict, which found Ferguson guilty of civil fraud, conspiracy to commit fraud, and violations of Florida’s Civil Remedies for Criminal Practices Act and the Racketeer Influenced and Corrupt Organizations Act (RICO). The court dismissed Ferguson’s argument that the Republic of Trinidad and Tobago failed to prove a ‘domestic injury,’ a critical requirement under federal RICO law. The judges highlighted evidence of bribes, bid manipulation, and money transfers through Miami-based companies and bank accounts, establishing Florida as a central hub for the fraudulent activities. The court also noted the use of Florida corporations to inflate bids, funnel kickbacks through Bahamian shell accounts, and purchase Miami properties for government officials involved in the conspiracy. The ruling emphasized Florida’s role as a global financial and business hub, underscoring the state’s interest in addressing criminal enterprises operating within its jurisdiction. The case, which began in 2004, saw most defendants settle or be dismissed before trial. In 2023, Ferguson and two co-defendants were found jointly liable for $32 million in damages, later tripled under Florida’s RICO provisions and increased to $131.3 million with prejudgment interest.

LJ Williams Ltd, the parent company of The Home Store Ltd, has disclosed a slight enhancement in its financial performance for the six months ending September 30. Despite a decline in turnover from $73.30 million to $71.35 million compared to the previous year, the company has managed to reduce its losses. The group reported a pre-tax loss of $488,000, a significant improvement from the $974,000 loss recorded in the same period last year. According to the condensed financials released on November 6, the half-year sales amounted to $71.355 million, with an operating profit of $2.14 million, which was offset by finance costs of $2.63 million. After accounting for taxation and minority adjustments, the net loss attributable to shareholders was $867,000, with a total comprehensive loss of $875,000. Total assets were reported at $225.71 million, bolstered by non-current assets of $145.14 million and current assets of $80.57 million. Management credited the improved loss position to cost-cutting measures implemented in response to a challenging retail environment. Chairman Lawford Dupres noted that the reduction in losses represents an improvement over the previous year’s performance. He highlighted weaker consumer spending and limited access to foreign exchange as significant challenges for the distribution business. Operational adjustments included reducing the number of Home Store outlets to focus resources on higher-performing locations and lower overhead costs. The Home Store operation in Guyana exceeded budget expectations, while the Food & Allied division, the company’s mainstay, achieved a 7.5% sales growth. Conversely, the Hardware division experienced weaker sales, partly due to reduced exports, whereas the Shipping division saw a 17% increase in sales compared to the previous period. Retained earnings were $44.398 million, and reserves stood at $34.597 million. The group’s statement emphasized that foreign exchange availability will remain a critical factor for the import distribution business in the coming months, with management continuing to prioritize cost control and focus on outlets with greater potential.

The closure of Standard Distributors, a long-standing retail giant in Trinidad and Tobago, marks the end of an era for traditional brick-and-mortar home furnishings and electronics stores. Simultaneously, American Stores, a family-run competitor, has opened a new branch in Arima, symbolizing the shifting dynamics in the local retail market. The contrasting events highlight the challenges faced by traditional retailers in adapting to online competition, squeezed profit margins, and evolving consumer preferences. Standard Distributors, founded in 1945 and acquired by the Ansa McAL Group in 1967, officially closed its doors on November 1, 2025. Its operations have been sold to Term Finance (TT) Ltd, a regional fintech company, which plans to rebrand the business as Standard Credit, focusing on credit and e-commerce services. Sarah Inglefield, Ansa McAL’s head of marketing, emphasized that the divestment aligns with the group’s strategic growth priorities, allowing it to focus on high-growth sectors. Meanwhile, American Stores, founded in 1950, is reclaiming its position in the market. The company, now led by the third generation of the Hosein family, has opened a new branch in Arima, replacing a smaller, congested location. COO Tana de Freitas highlighted the company’s resilience and commitment to customer service, despite challenges such as foreign exchange shortages and shipping costs. While Standard Distributors’ closure reflects the harsh realities of traditional retail, American Stores’ expansion demonstrates the enduring potential of family-owned businesses in a rapidly changing market.