TTMA IN THE NEWS
Tax hike$ unavoidable amid fiscal realities
Executive chairman of EY Caribbean Wade George says that although higher taxes are never popular, the nation’s fiscal realities make them unavoidable. “Whilst few of us welcome the prospect of increased taxation, the realities of our fiscal position have made it necessary to narrow the unsustainable capacity. Recognising this, the Government has opted for a measured asset levy approach on vital insurance companies,” George said while speaking at the Trinidad and Tobago Manufacturers’ Association (TTMA) post-budget forum at the Hyatt Regency, Port of Spain. Delivering the national budget last Monday, Finance Minister Davendranath Tancoo proposed the introduction of an Asset Levy of 0.25% to be charged against the assets of commercial banks and insurance companies operating in Trinidad and Tobago. Read more here
NEWS
Nutrien shutdown puts 1,600 jobs at risk
More than 1,600 people may be at risk of losing their jobs in the wake of a controlled shutdown of Nutrien Trinidad, one of the leading global providers of crop inputs and services. The shutdown would also be a blow to TT as Nutrien earns considerable foreign exchange via its export of ammonia and urea to customers primarily in North and South America, Europe, and Africa. The Point Lisas facility is a key production site for Nutrien's global fertiliser supply chain. On October 21, Nutrien, which has operated at the Point Lisas industrial estate since 1998, announced that it will engage in a controlled shutdown of its operations effective October 23. Read more here
Hope and frustration as jobseekers crowd Govt’s hiring fair
As hundreds, possibly thousands, of people sign up for jobs under the Government’s National Recruitment Drive, several ministries are preparing to shortlist applicants and begin interviews in the coming weeks. At the National Cycling Velodrome, there was a steady flow of applicants, many of whom said they had trouble applying for vacancies on the employtt.gov.tt website over the weekend or weren’t tech-savvy. Others said they had already applied online and were now submitting physical copies. Staff said the turnout included former CEPEP workers seeking daily-paid employment, along with many young jobseekers and a noticeable number of applicants over 40. One heavy equipment operator said he already has a job but wants greater stability, as his current work depends on job availability. Meanwhile, some parents came with their adult children, hoping to help them secure employment in a difficult job market. Among them was Mena Ragbir, who accompanied her 27-year-old son, Darrian Kenneth. They visited several ministry booths and applied for available positions, although she noted that some were short-term contracts. Ragbir said her son, a former machine maintenance operator at Trinidad Cement Ltd, has been unemployed since the COVID-19 pandemic began in 2020. She admitted it has been frustrating watching him struggle to find work despite multiple applications. Read more here
POLITICS
Tancoo, Manning clash over query about 10% hike
Finance Minister Davendranath Tancoo and San Fernando East MP Brian Manning argued over government's promise in the 2025/2026 budget to give public servants a ten per cent wage increase. Their argument took place during a meeting of the Standing Finance Committee of the House of Representatives on October 21 as it examined a budgetary allocation of $6,012,215,208 for the Social Development Ministry. Manning, a former minister in the ministry of finance in the former PNM administration, asked Tancoo if there was any allocation in the budget to handle the promised ten per cent wage increase. Read more here
Young accuses People’s Ministry of breaching procurement law
Opposition MP Stuart Young has accused the Ministry of the People of failing to comply with the Public Procurement and Disposal of Public Property Act by not posting information on security services tenders on its website, despite claims to the contrary by Minister of the People Vandana Mohit. The exchange took place during yesterday’s Standing Finance Committee’s examination of the ministry’s 2026 expenditure. Mohit told the committee that tenders were invited for security services in the last fiscal year and that the information had been publicly posted online. Young responded that checks of the ministry’s website showed no such posting. “I was told, in no uncertain terms, that it was on the website. But if you check right now under ‘Procurement and Tenders,’ there’s absolutely nothing about the procurement of security services—only a listing for a high-security fence,” Young said. Read more here
BUSINESS
Agostini extends Prestige closing date for a fourth time
For a fourth time, Agostini Ltd has extended the closing date for its takeover bid of Prestige Holdings Ltd, local owners of franchises such as KFC, TGI Fridays, Subway and Starbucks. The news of the extension came through a notice in local newspapers and on the TT Stock Exchange website on October 21. The extension will now go to November 18. The notice said the extension was to "await all regulatory approvals, including the approval by the merger application made to the TT Fair Trade Commission." Read more here
NIS reforms seen as crucial toward long-term sustainability
Stakeholders have largely welcomed the Government’s proposed National Insurance System (NIS) reforms in the budget, describing them as long overdue but necessary steps to ensure the fund’s long-term sustainability. Delivering the national budget last week, Finance Minister Davendranath Tancoo stated that after a decade of neglect, the NIS was in crisis today. Benefit payouts exceed contributions. Read more here
REGIONAL
NAMILCO announces $10B expansion to boost Guyana’s food production capacity
The National Milling Company of Guyana (NAMILCO), owned and managed by Seaboard Corporation, on Tuesday announced a major $10 billion investment to expand and modernise the country’s flour-milling industry, a move that will strengthen local production, enhance export capacity and advance Guyana’s role in regional food security. According to the company, the landmark project includes the construction of a state-of-the-art processing mill, expanded wheat-storage facilities and an enhanced wharf to handle growing domestic and export demand. It marks one of the largest single investments in Guyana’s agro-industrial sector to date. “This expansion represents more than an investment in infrastructure — it’s an investment in people, skills and the sustainable future of Guyana’s food industry,” said Mr Jack Bresky, CEO and President of the Seaboard Overseas Trading Group. Read more here
INTERNATIONAL
'Fatal combination' of disease, injuries and famine in Gaza is generational crisis, WHO tells BBC
Gaza is experiencing a health "catastrophe" that will last for "generations to come", the director-general of the World Health Organization (WHO) has warned. Dr Tedros Adhanom Ghebreyesus told BBC Radio 4's Today programme that a massive increase in aid is needed to begin to address the complex needs of the Strip's population. Israel has allowed more medical supplies and other aid to cross into Gaza since a ceasefire with Hamas came into effect on 10 October, but Dr Tedros said levels are below those needed to rebuild the territory's healthcare system. Read more here
22nd October 2025