Commerce

Bank employee charged with stealing over $300,000 from customers' accounts

A 22-year-old bank employee has been charged with syphoning monies from customers’ accounts totalling just over $.3 million.

Police said during the period September 2017 to January 2018, a total of $315,700 was discovered missing from the accounts of several Republic Bank customers without their consent and knowledge.

Republic Bank made a report to the Fraud Squad and a criminal investigation was conducted.

RIC pushes closer to WASA, T&TEC rate hikes

The Regulated Industries Commission will be consulting with members of the public in late April or early May on a proposed rate increase for the T&T Electricity Commission (T&TEC) and by the end of July or early August will hold public consultations on recommended increases for the Water and Sewerage Authority.

And although there is no guarantee that the recommended increases will be implemented those with the authority to implement the recommended increases are being urged to consider the current economic challenges before asking citizens to pay more for the utilities.

CNC: Accepting NGC's offer would make us uncompetitive in global ammonia market

The Caribbean Nitrogen Company (CNC) said it risked becoming uncompetitive in the global ammonia market if it had accepted proposals for a long-term contract by the National Gas Company (NGC).

According to a release issued by the company, it did not accept NGC's final offer as it would have put the plant in a negative financial position.

The move it said would have led to business becoming unsustainable.

The release also sought to clarify information that may affect its future.

Finance Minister: US$3 billion spent on credit card purchases yearly

T&T's credit card holders utilise US$3 billion annually in foreign exchange.

The whopping figure was revealed yesterday by Finance Minister Colm Imbert in response to questions for oral answers in Parliament.

Responding to a question posed by Naparima Member of Parliament Rodney Charles as to whether an equitable system had been developed to ensure that small businesses are not significantly disadvantaged by foreign exchange shortages, Imbert said T&T liberalised its exchange rate regime in 1983, thereby removing control on foreign exchange transactions.

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