Opposition Senator Vishnu Dhanpaul has raised alarms over the potential dire consequences of the 2025/2026 budget collapse, warning that the upcoming holiday season could be particularly harsh for civil servants and citizens reliant on public assistance. Speaking at a media conference on November 6, Dhanpaul highlighted that the opposition had foreseen the $59.2 billion fiscal package’s failure, predicting it would unravel before the end of January 2026 during their contributions to the budget debate in Parliament. As a former finance minister and permanent secretary, Dhanpaul pointed out that the signs of impending financial distress were evident, with delayed payments over the past few months. He anticipates that Finance Minister Davendranath Tancoo will soon seek additional funds from Parliament to address the shortfall. Newsday has attempted to reach Tancoo for a response to these claims, but no statement has been issued yet.
标签： Trinidad and Tobago
特立尼达和多巴哥
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OSHA: No existing regulations for LPG tanks, regulators, hoses
Trinidad and Tobago is grappling with a series of fatal LPG gas cylinder explosions, with four lives lost since April. The Occupational Health and Safety Agency (OSHA) has confirmed that there are no existing regulations or standards for the manufacture of LPG gas cylinders or the importation of regulators and hoses. This regulatory gap has led to a market flooded with varying quality and safety standards of these critical components. LPG producers have attributed the recent tragedies to faulty regulators and hoses, urging the public to use only those compliant with international safety standards. A visit to hardware stores in San Fernando revealed a wide range of regulators priced between $60 and $150, with some lacking credible safety certifications. The absence of standardized regulations has raised significant safety concerns, prompting OSHA and the TT Bureau of Standards (TTBS) to work on drafting new policies. Meanwhile, the Ministry of Energy and Energy Industries (MEEI) has initiated measures to address the issue, including reconvening the Specifications Committee for LPG to review and update national standards. Stakeholders are expected to meet soon to discuss these developments, as public anxiety over the safety of LPG usage continues to grow.
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TCL reports $86m in profits
TCL Group has announced a substantial quarterly profit of $86 million for the period ending September 30, as revealed in its consolidated interim financial report published on the Trinidad and Tobago Stock Exchange’s website. This marks a notable increase compared to the $34.6 million profit recorded during the same period the previous year. The surge in earnings is attributed to heightened revenues, strategic cost optimization measures, and improved market conditions. For the quarter, the group generated $607 million in revenue, up from $522.4 million in the prior year, while operating earnings soared to $149.5 million from $43.8 million. Earnings before tax also saw a significant rise, reaching $141 million compared to $43.7 million in 2024. The directors, Chairman David G. Inglefield and Managing Director Francisco Aguilera Mendoza, highlighted robust sales in Jamaica and Guyana, alongside favorable regional pricing, as key drivers of this growth. These gains offset weaker domestic sales in Trinidad and Tobago. Approximately 88% of the profit increase stemmed from Jamaica’s operations, with Trinidad and Tobago, Guyana, and Barbados each contributing 4%. The group also benefited from a strategic restructuring program implemented in 2025, which reduced administrative expenses. However, the group faced challenges, including the adverse impact of Hurricane Beryl, which affected operations in St. Vincent and the Grenadines and Jamaica in 2024. Despite the strong quarterly performance, TCL Group reported a decline in annual profits for the year ending September 30, 2025, with profits dropping to $159.6 million from $210.6 million the previous year. This was due to lower sales in Trinidad and Tobago and increased expenses related to fixed asset impairments and restructuring costs in Barbados. Nevertheless, the group’s revenue for the year rose to $1.8 billion from $1.7 billion, driven by growth in Jamaica and Guyana.
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First Citizens doubles Neo Achievers student awards
First Citizens Bank has recently celebrated the academic excellence of 16 young achievers through its Neo Education Awards. This annual event, held to honor student account holders nationwide, underscores the bank’s dedication to fostering youth empowerment and financial literacy. The Neo account, a savings product tailored for individuals from birth to age 25, aims to instill sound financial habits early in life. This year, the bank doubled the number of awardees from eight in 2024 to 16, reflecting its growing commitment to education and youth development. Recipients received cash prizes directly deposited into their Neo accounts, ranging from $1,000 for Secondary Entrance Assessment (SEA) achievers to $6,000 for top tertiary-level performers. CSEC and CAPE students were awarded $2,500 and $3,000, respectively. Lyndon Balkran, Acting Senior Manager for Market Development, Intelligence, and Promotions, praised the awardees, emphasizing the bank’s belief in nurturing a financially confident generation. Parents and students expressed gratitude, viewing the ceremony as both a celebration of academic success and a motivation to pursue excellence. The Neo Education Awards are a key component of First Citizens’ strategy to promote lifelong financial awareness, bridging academic achievement with responsible money management.
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Morris slams PM’s ‘mamagism’, Duke excited
Prime Minister Kamla Persad-Bissessar’s inaugural address to the Tobago House of Assembly (THA) on November 4 has sparked a spectrum of reactions among stakeholders. Speaking at the Assembly Legislature in Scarborough, Tobago, the Prime Minister unveiled a series of initiatives aimed at bolstering the island’s financial autonomy and economic prospects. Key among these was the introduction of an export licence to market Tobago’s aggregate regionally, a move designed to generate foreign exchange and stimulate economic growth. Additionally, Persad-Bissessar pledged to implement a fair-share model for budgetary allocations and collaborate with the THA to establish a localised police force to address crime on the island. However, THA Minority Leader Kelvon Morris dismissed the speech as politically motivated, accusing the Prime Minister of prioritizing the upcoming THA elections over pressing issues affecting both Tobago and Trinidad. Morris criticized the lack of progress on autonomy, labeling the address as a repetition of long-standing promises. In contrast, Progressive Democratic Patriots (PDP) leader Watson Duke praised the initiatives, describing them as significant steps toward greater self-determination. He highlighted the potential economic benefits of the export licence and the enhanced security a localised police force could bring. The Tobago Chamber of Industry and Commerce also welcomed the focus on Tobago, though it emphasized the importance of effective implementation and transparency.
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Standard Distributors sale amid retail sluggishness
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.
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Guardian Group pledges US$312k hurricane relief
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.
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Stakeholders on PM’s project-based funding: What is Tobago’s vision?
Businesswoman Diane Hadad, former chair of the Tobago branch of the TT Chamber of Industry and Commerce, has praised the government’s initiative to shift towards project-based budget allocations for Tobago. This proposal, unveiled by Prime Minister Kamla Persad-Bissessar during a special sitting of the Tobago House of Assembly (THA) on November 4, aims to replace the current population percentage-based budgeting system with a more equitable and transparent model. However, Hadad emphasized the necessity of a comprehensive development plan for Tobago before any fiscal policy changes are implemented. Speaking to Newsday on November 5, she highlighted the island’s lack of a clear strategy for its 116 square miles, which she believes has hindered its progress. “Tobago needs to articulate its vision and goals before discussing autonomy or funding,” she stated. Hadad compared the situation to seeking a bank loan, where a solid business plan is essential to secure investment. She also criticized the past two decades of PNM-led governance, noting that Tobago’s infrastructure and human capital have not significantly improved despite budget allocations. Meanwhile, Mariano Browne, former trade minister and current CEO of the Arthur Lok Jack School of Business, cautioned that the Prime Minister’s proposal lacks detailed implementation strategies. He pointed out the nation’s strained fiscal capacity, with expenditures exceeding revenues, and questioned the feasibility of additional funding for Tobago. Browne explained that an equalization fund aims to redistribute resources to reduce regional disparities but stressed the importance of objective criteria for project selection and funding. He raised concerns about project viability, including technical, financial, operational, market, and legal considerations. While the shift to project-based budgeting is seen as a positive step, both Hadad and Browne agree that meticulous planning and transparency are crucial for Tobago’s sustainable development.
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Supply Solutions strengthens SME procurement
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.\
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General Accident acquires Beacon Insurance
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.