economy

NGC, CNC return to the table

The National Gas Company Limited (NGC) and Caribbean Nitrogen Company (CNC) have quietly returned to the negotiating table after a major stand-off that resulted in the NGC cutting off natural gas to the company and CNC taking the State-owned enterprise to the UK Court of Arbitration.

The stand-off earlier this year, led to the Government accusing CNC of trying to bully the NGC for gas and saying it is not a secret that NGC will have to pay significantly higher prices for gas in 2019.

TT owes China $2.229 billion in loan debts

Trinidad and Tobago currently owes the People's Republic of China TT$2.229 billion dollars, according to Minister of Finance Colm Imbert.

The debt is in the form of loans and financing facilities as at January 31st, 2018.

The debt includes the construction of the National Academy for the Performing Arts and Southern Academy for the Performing Arts.

The outstanding debts from loans for the two are $440,295,212 and $180,835,533 respectively.

The debt own on a loan for the construction of the Couva Hospital currently stands at $924,511,500.

Petrotrin to take control of Catshill field by noon today

State-owned oil company Petrotrin will be taking possession of the Catshill field by noon today.

The move comes a day after a and v oil and gas was defeated in the privy council. It meant a and v was unable to prevent Petrotrin from terminating its multi-million dollar contract with them.

The Catshill field was previously operated by A&V Oil and Gas.

Airport upgrade for Sandals project

The 750-room hotel by Sandals Resorts on the ultra-exclusive Buccoo Estate, No Man’s Land, in Tobago can only be a reality if there is a significant upgrade of the Arthur NR Robinson Airport, smoother, friendlier immigration process and litter-free environment.

These are what deputy chairman of Sandals Resorts International Adam Stewart described as the “tough-love part of the conversation” in hammering out the multi-million dollar deal which has the potential of reigniting the tourism industry on the island.

Roget: No job safe in T&T

Oilfield Workers Trade Union (OWTU) President-General Ancel Roget says the Joint Trade Union Movement (JTUM) is on a rapid mobilisation campaign to raise awareness and consciousness that no worker is safe in T&T.

He was speaking at JTUM's campaign for national resistance against austerity at the Banking, Insurance and General Workers Union's (BIGWU) head office in Barataria, yesterday.

Roget said “We give people a job to ensure that they maintain and increase the standard of living for everybody, but by accepting that job, they're allowing our jobs to slip away.

500 workers could be cut

More than 500 workers from Tobago’s Unemployment Relief Programme (URP) are facing the possibility of losing their jobs over the upcoming weeks because of financial difficulties facing the programme.

Tobago House of Assembly (THA) Assistant Secretary of the Division of Infrastructure, Quarries and the Environment, Sheldon Cunningham, said yesterday that a press conference will be held on Tuesday to disclose exactly what is the way forward for the programme.

In Tobago, the URP falls under the purview of the DIQE.

Imbert: US$1.25 billion spent on credit card purchases last year

Finance Minister Colm Imbert has told the House of Representatives that the credit card purchases originating in Trinidad and Tobago, consumed US$1.2 billion in 2017.

A further US$1.8 billion dollars was injected by the Central Bank to buffer the TT dollar to the US dollar exchange rate.

The breakdown is as follows:

Credit Card Purchases in 2017:

January - US$108.5 million

February - US$70.5 million

March - US$94.1 million

April - US$68.3 million

May - US$100.5 million

June - US$90.4 million

July - US$101.6 million

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