Scotiabank Trinidad and Tobago Ltd (Scotiabank) today reported income after taxation of $644 million for year ended 31 October 2018, a decrease of $13 million or 2% over the comparative period last year.
Scotiabank says this reduction in profitability was driven by the increased corporation tax rate levied on commercial banks at 35%, combined with higher levels of loan loss provisioning.
It says it continues to highlight its financial strength with Return on Equity at 16.05% and Return on Assets at 2.69%.
Minister of Works and Transport, Rohan Sinanan says Sunwing Airline Inc has made no application to operate direct flights between Tobago to Toronto, despite the airline saying it will begin service on December 20.
The minister was asked about it at today's sitting of the Senate.
He said that before any airline can operate in T&T's fly-zone, permission must be granted by the Civil Aviation Authority and adds that since no application has been made, then no permission has been granted.
The Oilfields Workers’ Trade Union is denying worker involvement in the sabotaging of Petrotrin assets following the shutdown of the company on Friday.
The union made the comment in response to a media release by Trinidad Petroleum Holdings Ltd (TPHL), the company taking over Petrotrin assets, which stated access to all its facilities was suspended following acts of sabotage by union members and employees. Petrotrin is now a legacy company but is a subsidiary of the newly formed TPHL.
Petrotrin says it has today paid out $2.7 billion to former workers as the company's operations come to an end.
Petrotrin issued a statement on the matter on Friday afternoon.
"Today marks the end of Petrotrin’s operations and is an understandably difficult period for all of those affected.
Consistent with its commitment, the Company has today disbursed $2.7 billion in exit and other payments to its employees.