Business

Scotiabank reports $644 million after-tax income

Scotiabank Trinidad and Tobago Ltd (Scotiabank) today reported income after taxation of $644 million for year ended 31 October 2018, a decrease of $13 million or 2% over the comparative period last year.

Scotiabank says this reduction in profitability was driven by the increased corporation tax rate levied on commercial banks at 35%, combined with higher levels of loan loss provisioning.

It says it continues to highlight its financial strength with Return on Equity at 16.05% and Return on Assets at 2.69%.

Sunwing's proposed Toronto-Tobago flights a mystery

Minister of Works and Transport, Rohan Sinanan says Sunwing Airline Inc has made no application to operate direct flights between Tobago to Toronto, despite the airline saying it will begin service on December 20.

The minister was asked about it at today's sitting of the Senate.

He said that before any airline can operate in T&T's fly-zone, permission must be granted by the Civil Aviation Authority and adds that since no application has been made, then no permission has been granted.

OWTU denies workers sabotaging oil assets

The Oil­fields Work­ers’ Trade Union is deny­ing work­er in­volve­ment in the sab­o­tag­ing of Petrotrin as­sets fol­low­ing the shut­down of the com­pa­ny on Fri­day.

The union made the com­ment in re­sponse to a me­dia re­lease by Trinidad Pe­tro­le­um Hold­ings Ltd (TPHL), the com­pa­ny tak­ing over Petrotrin as­sets, which stat­ed ac­cess to all its fa­cil­i­ties was sus­pend­ed fol­low­ing acts of sab­o­tage by union mem­bers and em­ploy­ees. Petrotrin is now a lega­cy com­pa­ny but is a sub­sidiary of the new­ly formed TPHL.

Petrotrin pays $2.7 billion to employees as company closes

Petrotrin says it has today paid out $2.7 billion to former workers as the company's operations come to an end.

Petrotrin issued a statement on the matter on Friday afternoon.

"Today marks the end of Petrotrin’s operations and is an understandably difficult period for all of those affected.

Consistent with its commitment, the Company has today disbursed $2.7 billion in exit and other payments to its employees.

42 hired by replacement companies, 18 are former Petrotrin workers

Minister of Energy and Energy Industries, Franklin Khan has confirmed that 42 people have so far been hired to fill places in the three new companies that will replace Petrotrin.

The minister told the House of Representatives today that 18 of the 42 are former employees of Petrotrin and 24 are new.

Minister Khan said that the Heritage Petroleum Company Limited has hired 39 senior and middle managers.

Of the 39, 16 are former Petrotrin employees and 23 did not work with Petrotrin before.

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