Subscribe
Sign up for our daily email newsletter and get the latest business news delivered straight to your inbox. Fill out the form below to join our growing community of informed professionals, or email us at publications@sheppard.tt
Local News
Nidco, NIB Heads Step Down Following Election
Herbert George has stepped down as chairman of the National Infrastructure Development Company Ltd (Nidco), and Patrick Ferreira has resigned as chairman of the National Insurance Board, the Trinidad and Tobago Mortgage Bank, and its subsidiary, the Home Mortgage Bank, as the reconfiguration of State boards continues following the April 28 general election.
Witco Defers Decision On First Quarter Dividend
The directors of West Indian Tobacco Company Ltd have deferred consideration of a dividend for the first quarter ended March 31, 2025, according to chairman Ingrid Lashley. Lashley made the statement her chairman’s remarks for the unaudited interim results for the three months ended March 31, 2025.
Agostini Posts ‘Flat’ $169.8M Half-Year Profit
Agostini Ltd has reported a profit of $169.8 million for the half-year ended March 31, 2025, marking an increase of $381,000 compared to the previous period, with chairman Christian Mouttet describing the performance as ‘flat’.
Mobile Scanners Slowing Down Ports, Say Business Groups
Division will lead to significant delays and increased costs. This comes as on Monday, Customs advised that all less-than container-load cargo must be scanned before being deposited or stored in any transit shed, while the port transfer record must reflect completed scanning information before cargo is permitted to be removed from storage to the transit shed.
Republic To Apply US$500 Limit To New Credit Cards
Republic Bank Ltd has announced that all newly issued credit cards will now carry a maximum limit of US$500. Also, existing credit card customers will not be issued additional cards, Republic Bank stated. ‘Republic Bank Ltd has reduced the limit on new credit cards issued to customers to US$500. This change in limit does not affect the limits applicable to existing credit card customers.
One Caribbean Media Notes A Reduction In Profitability
The Group reported Revenues of TT$68M / US$10M (2024: TT$71M / US$10.5M) and a NPBT TT$4M / US$0.6M (2024: TT$6M / US$0.9M). The major contributor to the reduction in profitability is the discontinuation of accounting for the share of results in an associated company (2024: TT$1.5M / US$0.2M).
Massy’s Profit Before Tax Rises 16%
The Group’s results for the second quarter of FY2025. We continue to make steady progress, with third-party revenue rising to TT$7.9 billion, an increase of TT$297 million or 4% over the prior year.
Guardian Media Reports $6.16M Loss For Q1
Guardian Media Ltd has reported a total comprehensive loss of $6.16 million for the first quarter (Q1) ended March 31, 2025, more than double the $3 million loss recorded in the same period last year.
NFM $13.6M Profit After Tax
National Flour Mills Limited delivered a profitable first quarter. For the period under review. NFM recorded revenue of $129.4 million, up from $127 million in QI 2024. A 1.7% reduction in the cost of sales-from $89.7 million to $88.2 million-contributed to a Gross Profit of $41 million, compared to $37.2 million in the prior year. While expenses saw a marginal increase. NFM still achieved an Operating Profit of $17 million and Profit After Tax of $13.6 million.
Regional News
Guyana: Treated Water Coverage To Hit 90% By End Of 2025
Treated water coverage across Guyana is expected to reach 90 per cent by the end of 2025, as the Government intensifies its investment in the country’s water infrastructure, Minister of Housing and Water, Collin Croal, has announced.
Cemex Boost Royalty Fees
Four years after pushing through a royalty fee on Caribbean Cement Company Limited (CCC) and Trinidad Cement Limited (TCL), Cemex S.A.B. de C.V. has increased the royalty fee charged on its Caribbean businesses.
Guyana: No Disruption In Operations Despite Venezuela Controversy
Kathy Smith, President of the Georgetown Chamber of Commerce and Industry (GCCI), has made it clear that there has been no break in business operations in Guyana due to Venezuela’s increasingly aggressive posture regarding its claim to Guyana’s territory.
B’Dos: U.S. Tariffs Could Push Debt To 112%
Barbados faces potential economic damage from escalating US trade tensions, with economic output possibly falling by more than two per cent and public debt rising to 112 per cent of gross domestic product if global trade conflicts intensify, according to research by Central Bank Governor Dr Kevin Greenidge.
Guyana’s Welcomes IMF’s Favourable Assessment
Senior Finance Minister Dr Ashni Singh on Thursday welcomed the favourable assessment given by the International Monetary Fund (IMF) on both the economic policies being implemented by the government and the strong performance of the Guyanese economy.
Jamaica In ‘Good Position’ To Respond To Shocks
Jamaica’s careful economic management is paying off, the International Monetary Fund (IMF) said Thursday, crediting steady fiscal and monetary policies for putting the nation in a “good position” to face emerging global economic challenges.
BVI Tourism Surges 6.4%
The British Virgin Islands has recorded a strong start to 2025, welcoming 106,750 overnight visitors in the first quarter – a 6.4 per cent increase compared to the same period last year.
Jamaica Wants Visitor Arrivals To Double
Jamaica’s Minister of Tourism, Edmund Bartlett, says the island’s tourism sector could see visitor arrivals double or even triple, provided the ongoing downward trend in crime continues.
PetroWork Solution Enters Guyana
In a landmark move that highlights the rise of South-South energy alliances, Angola-based PetroWork Solution announced its entry into Guyana’s booming oil and gas sector, becoming the first African energy services company to establish operations in the country.
International News
Maersk Says US-China Deal Is A Step In The Right Direction
Danish shipping group Maersk said on Monday that the agreement between China and the United States to introduce a 90-day pause on tariffs and reciprocal duties was a step in the right direction.
Polestar Narrows Quarterly Loss On Cost-Saving Push
Swedish electric-vehicle maker Polestar reported a 31% reduction in its quarterly loss on Monday, in a sign that the company’s efforts to cut costs across its business and push sales of its higher-priced models were bearing fruit.
Apple Considers Raising iPhone Prices
Apple is weighing price hikes for its upcoming fall iPhone lineup but is keen to avoid linking any increases to U.S. tariffs on imports from China, where most of its devices are assembled, the Wall Street Journal reported on Monday.
Oil Leads Commodity Rally After US-China Truce As Gold Retreats
Oil powered higher with most other commodities, while gold fell, after China and the US agreed to lower tariffs on each other, following a weekend of trade talks.
Wall St Stock Futures Soar As US, China Slash Tariffs
U.S. stock index futures jumped on Monday after the United States and China reached a deal to reduce tariffs, signaling a truce in a punishing trade war that had kept markets on edge for weeks.
TSMC April Sales Surge After US Tariffs Spur Device Rush Orders
Taiwan Semiconductor Manufacturing Co.’s revenue jumped 48% in April, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect.
Nippon Steel Expects Profit To Drop 43%
Nippon Steel expects net profit to slide 43% in the fiscal year ending March 2026, it said on Friday, citing a weak global steel market pressured by China’s exports and the impact of new U.S. tariffs.
SMIC Warns Production Issues Hit Sales
Semiconductor Manufacturing International Corp. plunged Friday after China’s leading chipmaker warned sales could fall as much as 6% this quarter because of production disruptions.
US Stock Index Futures Muted After Rally; China Talks Awaited
U.S. stock index futures were subdued on Friday after a rally in the previous session, when a new trade agreement between the United States and Britain had fueled expectations of more such deals to ease the sting of the global trade war.
Reports
Offshore Series Factsheets – March 2025
Pelagic Series Factsheets – March 2025
Earnings News – March 2025
In March, Scotiabank Trinidad and Tobago Limited (SBTT) reported a TT$2 million or 1% increase in f irst-quarter profit due to strong growth in total revenue, which can be attributed to higher interest earnings from the group’s interest-bearing assets. Joining SBTT, ANSA Merchant Bank (AMBL) delivered a positive performance, recording a rise in operating income and profit for the year, despite lower before tax profits, and thanks to a reduction in taxation expenses.
US Federal Funds Target Rate – March 2025
On March 19, 2025, the Federal Open Market Committee (FOMC) announced its decision to keep the target range for the federal funds rate at 4.25% to 4.50%. However, officials at the central bank still anticipate cutting the fed funds rate 0.5%, to a range of 3.75% to 4%, by the end of 2025.
Earnings News – February 2025
In February, Massy Holdings (MASSY) grew, helped by a 6% uplift in Revenue and a 2% rise in Profit After Tax. This increase was driven by the robust performance of the Group’s various portfolios and was accompanied by an improvement in its cash position.
Earnings News – January 2025
US Federal Funds Target Rate – January 2025
On January 29th, 2025, the decision was made by the Federal Open Market Committee (FOMC) to maintain its target range for the federal funds rate at 4.25%-4.50%. This interest rate decision was informed by the Fed’s dual mandate to foster full employment and keep prices low and stable.
Local Equity Market Overview – 4Q 2024
Locally, indicators of economic activity were somewhat positive, with growth in the non-energy sector partially offsetting declines in energy sector, which faced challenges due to constraints in natural gas availability.
Earnings News – December 2024