标签： Trinidad and Tobago

Finance Minister Davendranath Tancoo has reassured the public that the newly introduced 0.25% asset levy on commercial banks and insurance companies, effective January 1, 2026, will not adversely affect customers. Speaking at the ICATT conference held at the Hyatt Regency in Port of Spain, Tancoo emphasized that the Central Bank would be tasked with ensuring that these institutions absorb the levy without passing additional costs onto consumers. The levy is expected to generate significant revenue, with commercial banks and insurance companies holding combined assets of over $230 billion, yielding an estimated $5 billion and $75 million annually, respectively. Tancoo highlighted the importance of financial responsibility and equity, urging the Central Bank to maintain strict oversight. Despite concerns from critics about potential cost transfers to customers, Tancoo expressed confidence in the public’s digital awareness and ability to seek better financial options if necessary. Additionally, the government is focusing on enhancing the efficiency of the Board of Inland Revenue (BIR) and Customs and Excise to address tax evasion and reduce the budget deficit, which currently stands at 2.17% of GDP. Tancoo also mentioned ongoing efforts to modernize the BIR, aiming to improve accountability and revenue collection to support national development.

The successful completion of bpTT’s Cypre seven-well drilling program has garnered praise from both current and former Energy Ministers, underscoring its pivotal role in Trinidad and Tobago’s energy landscape. Energy Minister Dr. Roodal Moonilal lauded the project’s early delivery, noting that Phase 2’s three wells were operational ahead of their 2026 schedule. The Cypre subsea development, tied to bpTT’s Juniper platform, is expected to produce 45,000 barrels of oil equivalent daily at peak capacity, significantly bolstering the nation’s natural gas supply. Moonilal attributed the project’s success to policies enacted by the People’s Partnership government in 2014, including exploration incentives that spurred investments like the Macadamia-1 well in 2017. Former Energy Minister Stuart R Young also commended bpTT, emphasizing the project’s role in mitigating natural gas decline. Despite concerns raised by former Prime Minister Dr. Keith Rowley about declining gas production, the Cypre project represents a critical step toward securing Trinidad and Tobago’s energy future. Located 78 kilometers off the southeast coast, the Cypre gas field is wholly owned by bpTT, a joint venture of bp and Repsol.

Agostini has announced its fifth extension of the closing date for its takeover bid of Prestige Holdings, pushing the deadline to January 20, 2026. The extension was disclosed in a notice issued to the Trinidad and Tobago Stock Exchange on November 18, which was subsequently published on the exchange’s website and in local newspapers. The delay is attributed to the pending approval of regulatory bodies, including the TT Fair Trade Commission, which is reviewing the merger application. Agostini’s share-swap offer, which proposes acquiring Prestige Holdings by trading one Agostini share for every 4.8 Prestige Holdings shares, will remain open until the new deadline. The company has assured shareholders that it will acquire and pay for all deposited shares within the timeframe mandated by securities law. Initially set to close on July 20, the offer has seen multiple extensions, with previous deadlines extended to August 5, September 5, October 21, and November 18. Despite securing the minimum required shareholding on September 10, Agostini continues to navigate regulatory hurdles to finalize the acquisition.

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.