Business

Moody's predicts growth in next two years

Moody’s Investors Service has predicted that the T&T economy will grow in the next two years but says economic diversification remains weak.

The report said that although growth is expected institutional shortcomings are present in the country and ineffective policy-making institutions are constraining the country’s credit rating. 

Moody's said: "Although full-year data is not yet available, short-term indicators suggest that after almost a decade of stagnation, the economy returned to growth in 2018. We expect economic growth to be around 1.5%-2.5% in 2019-20.”

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. 

Imbert approves VAT deal for Paria

Mo­torists will not ben­e­fit from a de­ci­sion by the Min­istry of Fi­nance to ex­empt Paria Fu­els Trad­ing com­pa­ny from pay­ing more than $382 mil­lion in Val­ue Added Tax.

Fi­nance Min­is­ter Colm Im­bert con­firmed that he had giv­en ap­proval for the new­ly mint­ed State en­ter­prise not to pay VAT to Gov­ern­ment on fu­el it had im­port­ed and in a what­sap mes­sage told Guardian Me­dia that there is no re­la­tion­ship be­tween VAT on im­port­ed fu­el and on VAT be­ing paid at the pump.

BHP president joins RBL board

Republic Bank Limited has announced that Vincent Pereira has joined its Board of Directors.

The appointment is effective July 1, 2019. 

Pereira is the current president of BHP Trinidad and Tobago, a position he has has since 2005. 

He has more than 35 years’ experience in the energy sector, having worked in Trinidad and Tobago and in the United States of America. 

In his role, Pereira was responsible for the firm’s safe and reliable operations and for the growth of a legacy business in Trinidad and Tobago. 

Russian gas giant could use T&T's LNG trains - Bloomberg report

An article carried by Manhattan-based financial news service, Bloomberg, is suggesting that Russian state-controlled gas giant Rosneft PJSC could seek to develop close ties with Trinidad and Tobago, to produce gas from two gas fields given to it by Venezuela.

The article suggests that Trinidad and Tobago's LNG trains in Point Fortin could be used to develop the gas for export.

An accord signed by both Russia and Venezuela earlier this month will give Rosneft tax breaks to produce and export gas from the Patao and Mejillones fields off Venezuela’s east coast.

21 local companies in Cuba for expo

Twenty-one (21) local companies are part of a delegation participating in Expo Caribe 2019 in Santiago de Cuba over the period 19-20 June 2019. 

The delegation is headed by the Minister of Trade and Industry Paula Gopee-Scoon. 

The Trinidad and Tobago team also includes representation from the Tobago House of Assembly, Export Centres Company Limited under the Ministry of Community Development, Culture and the Arts, the energy sector, exporTT,  the Trinidad and  Tobago Manufacturers’ Association (TTMA) and the Ministry of Trade and Industry.

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