economy

Energy ministry working to resolve petro dealers issues

The Ministry of Energy and Energy Industries (MEEI) has given assurances that is working with petroleum dealers to find a solution to the current impasse in the liquid petroleum fuels sector.

In an official statement released yesterday, the ministry noted it was aware of the concerns raised by the Petroleum Dealers Association (PDA) and United Independent Petroleum Marketing Company (UNIPET), with respect to operating margins in the sector.

Lewis: “Need better business environment for real growth…”

The TTMA's Ryan Lewis says it's becoming more difficult to do and get business done in Trinidad and Tobago, and government needs to work towards creating a more enabling environment.

According to Ryan Lewis, increased taxes are hurting businesses, and this is combined with the reality that government's business-related processes and procedures are not as efficient as they should be.

The TTMA head is urging government to start doing what is required to create the enabling environment business needs to reignite the T&T economy.

Nutrien to further investment in T&T

Canadian-based fertilizer company, Nutrien, has signaled its intention to further its investment in Trinidad and Tobago. 

The commitment came via a meeting of the company's executives and prime minister Dr Keith Rowley at the Diplomatic Centre in St Ann's on Tuesday.

Over the next six months, the company will execute a multimillion-dollar plant upgrade as it continues to position itself as a major player in the local hydrocarbon industry.

PM: Country's business, future in good hands

Despite T&T being given a downgrade from Rating Agency Standard and Poor's, Prime Minister Dr Keith Rowley is assuring the country that its business and its future are in good hands.

In a message posted o his Facebook page, Dr Rowley admitted that while T&T is still rated with an investment grade, the country is still in serious difficulties.

The downgrade is as a result of S&P’s projection of a reduction in gas production. 

THA wants $4.7 billion for next fiscal year

The Tobago House of Assembly (THA) wants $4.72 billion to run Tobago's affairs for the financial year 2019/2020.

Of that sum, the THA is projected to collect $212.9 million in taxes and non-taxes in Tobago.

This from Finance and the Economy Secretary Joel Jack as he presented the draft estimates for revenue and expenditure at the THA's 27th Plenary Sitting held in the Assembly  Chamber, Jerningham Street, Scarborough on Monday, June 24.

Dr Farrell: Sustainability of downstream petrochemical sector under threat

A study by Dr Terrence Farrell has found that the sustainability of the downstream petrochemical sector is under threat because of uncompetitive natural gas prices. 

Dr Farrell this morning presented his year-long study of the country’s downstream sector.

The economist said both natural gas shortage and price has led to a reduction in methanol and ammonia production and a loss of jobs in the sector.

He predicted that unless there is a change in policy the sector will get to a point of no return and there will be a collapse of the Point Lisa’s Industrial Estate.

Jamaica's economic turnaround

Fol­low­ing decades of eco­nom­ic stag­na­tion, the largest Eng­lish-speak­ing coun­try in Cari­com has wit­nessed an eco­nom­ic turn­around, with grow­ing lev­els for­eign ex­change, four years on un­in­ter­rupt­ed growth and un­em­ploy­ment now at its low­est in the coun­try's re­cent his­to­ry. Ja­maica's econ­o­my has roared back and it was done on the back of a strin­gent IMF pro­gramme.

In an ex­clu­sive in­ter­view with the Busi­ness Guardian's Hema Ramkisson the coun­try's Fi­nance Min­is­ter ex­plained the se­cret to a re­al turn­around.

Central Bank Governor: Hosting Venezuelans could cost $620M/year

The Central Bank Governor has estimated that it will cost the state around $620 million dollars a year to support the Venezuelans who have migrated to this country.

Dr Alvin Hilaire said at first he was skeptical about that figure but then said after looking at the impact on Colombia, that 600-odd million-dollar figure seemed plausible.

Colombia has so far taken in almost 1.2 million Venezuelan migrants and refugees. This has cost that country around 0.4% of its GDP.

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