Business

Tewarie: Sandals exit is unfortunate for Tobago

Central MP and former planning minister in the People's Partnership government Dr Bhoe Tewarie says what has happened to the Sandals project is unfortunate for Tobago and for the tourism sector in T&T. 

However, he has put the blame at the feet of the government.

"Dr Rowley and his obstinate, belligerent ministers are directly responsible for this failure. From the very beginning, no one in the Government would explain the project properly. The story changed as they moved from one explanation to another as if no citizen would remember what they said before," he said.

Cara Hotels to manage Napa hotel

Cara Ho­tels has leased the 53-room ho­tel at­tached to the Na­tion­al Acad­e­my of the Per­form­ing Arts (Na­pa).

Ac­cord­ing to a De­cem­ber 2018 Cab­i­net note about the deal, the com­pa­ny will pay some $390,000 per year to lease the Na­pa Ho­tel, payable in quar­ter­ly tranch­es.

The first pay­ment is not ex­pect­ed un­til 2021.

Petrotrin pays $50 million backpay to former non-permanent workers

Petrotrin says that it has transferred $50 million to commercial banks to fulfill its commitment to pay all former non-permanent workers outstanding backpay for the period 2011 to 2018.

Some 2069 individuals will benefit from the payout.

A statement by Petrotrin says that a team from PricewaterhouseCoopers (PWC) worked diligently during the past several weeks to ensure the company met its commitment to pay workers by January 15.

Petrotrin ceased operations on November 30, 2018, but the process for determining the amounts owed to each worker required detailed work.

Tobago Chamber expresses "great sadness & regret" over Sandals exit

The Tobago Business Chamber says it is saddened by the decision of Sandals Resorts International to pull out of Tobago.

The Chamber says the potential loss of associated projects would be catastrophic for the economy of Tobago.

The Tobago Chamber issued the following statement today:

"It is with great sadness and regret, that the Tobago Business Chamber notes the announcement of the withdrawal of the Sandals group from its proposed investment in the development of two major Brand Name Hotels in Tobago.

Netflix rates to rise

Netflix is raising prices in the United States as the streaming service invests heavily in new programs.

All three of the company's plans will increase in price by $1-$2.

The standard $11 plan, for example, will increase to $13 per month.

The price hikes will be applied to all existing members over the next few months.

New members will be charged the new price immediately.

Netflix (NFLX) stock spiked 6% at market open.

- CNN

PM meets with officials of Chinese companies

Prime Minister Dr Keith Rowley has met with a high-level team from CIC Capital Corporation (CIC) and China ZhenHua Oil Company.

CIC is the largest Sovereign Wealth Fund in the People’s Republic of China with over US$1 trillion in assets and investments under its management.

CIC is a 10 percent shareholder in Train 1 of Atlantic LNG and is considered an important strategic partner.

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