Business

FCB records a quarterly profit of $311.5m

First Cit­i­zens Bank Ltd (FCB) record­ed a prof­itable first quar­ter for the three months end­ed 31 De­cem­ber 2018. FCB record­ed a prof­it be­fore tax of $311.5 mil­lion, a growth of 22.7 mil­lion or 7.9 per cent when com­pared to the cor­re­spond­ing pe­ri­od in 2017. The com­pa­ny’s prof­it af­ter tax was post­ed as $214.5 mil­lion, which ac­counts for a 5.5 per cent in­crease, as com­pared to De­cem­ber 2017.

Stock Exchange suspends Mora Ven for failure to submit financials

The Trinidad and Tobago Stock Exchange Limited (TTSE) has suspended Mora Ven Holdings Limited from the Stock Exchange, for failing to submit financial statements, effective Friday, February 1st.

The announcement came via a statement by the TTSE, saying it was in keeping with Rules 600 (8) and 601 (5) of the Stock Exchange rules.

Rule 600 (8) which relates to audited quarterly financials states: "The Exchange may suspend trading in a company’s shares for failure to submit financials within the stipulated timeframes."

Republic announces 1st quarter profit of $350.5 million

Republic Financial Holdings Limited (RFHL) has announced that the group recorded profit attributable to shareholders of $350.5 million for the quarter ending December 31, 2018.

This represents an increase of $10.5 million or 3.1% over the corresponding period of the previous financial year.

At December 31, 2018, RFHL's total assets stood at $72.5 billion, an increase of 3.6% over the total assets at December, 2017 and 2.9% over September, 2018.

Uncertainty over T&T-Venezuela gas deal following sanctions

Minister in the Office of the Prime Minister Stuart Young has said that the government does not know as yet if the US sanctions on Venezuela's state-owned oil company PDVSA would affected the gas deal between Venezuela and Trinidad and Tobago.

"We are seeking advice to determine how they may affect the deal," Young said in response to a question by Opposition Leader in the Senate, Wade Mark.

He said it was premature at this time to say what, if any, effects it may have.

McDonald's to hire 70 new staff members in 2019

Arcos Dorados, the biggest independent franchiser of McDonald's in the world, says it plans to offer 70 new jobs in Trinidad and Tobago this year.

"We are proud to be recognised as one of the companies that generates more job opportunities for young people throughout Latin America and the Caribbean. We entrust our business to them, from ensuring our quality standards to providing an extraordinary experience to the millions of customers we serve across the region every day," McDonald’s market supervisor Kalifa Duncan said in a statement Tuesday,

Oil prices rise after US sanctions on Venezuela

Oil rose above $52 a barrel as the White House announced new sanctions against Venezuela’s state oil company Monday, bringing another supply risk to the market.

Futures rose as much as 1.2 percent in New York, following a 3.2 percent drop Monday.

The Trump administration issued fresh sanctions on PDVSA which effectively block President Nicolas Maduro’s regime from exporting Venezuela’s crude to the U.S.

That came hours after Saudi Arabia pledged deeper cuts in February as part of a deal with its allies to cut oil production.to the market.

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