Anthony Wilson

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A NEW wave of natural gas pain hit Trinidad and Tobago yesterday.

The pain came when the country’s largest producer of methanol, the Switzerland-headquartered Proman group, announced it was idling its M4 and M5000 methanol plants on the Point Lisas Industrial Estate effective immediately.

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WHILE other Caribbean countries are moving quickly to implement Central Bank Digital Currencies (CBDCs), the Central Bank of T&T said on Friday that it would seek to consult with members of the public to gauge acceptance of a CBDC, while it focuses on updating the national payments system legislation.

A CBDC is a high-security digital instrument; like paper bank notes, it is a means of payment, a unit of account, and a store of value, according to a definition on Wikipedia. And like paper currency, each unit is uniquely identifiable to prevent counterfeit. Digital fiat currency is part of the base money supply, together with other forms of the currency.

THE DECISION by Guardian Holdings (GHL) board to cross-list its stock on the Jamaica Stock Exchange is likely to have a positive impact on the pan-Caribbean insurance company’s share price on the local stock market, says GHL group CEO, Ravi Tewari.

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CL FINANCIAL liquidator Grant Thornton is selling the group’s 94.24 per cent shareholding in Colfire (Colonial Fire and General Insurance Company), the local property and casualty (P&C) insurer.

On Wednesday, a newspaper advertisement announcing the sale of Colfire described it as “one of the top non-life insurance businesses in the (T&T) market, with a large customer base, high retention rates and an extensive network of agents throughout the country”.

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AGOSTINI’S Ltd, a publicly listed company that is majority owed by the Mouttet family, announced yesterday that its pharmaceutical distribution subsidiary, Smith Robertson, acquired 100 per cent of a smaller pharmaceutical distributor, Oscar Francois Ltd, and an associate company.

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Majority State-owned First Citizens Bank Ltd on Wednesday reached an agreement to acquire the banking operations of Scotiabank in Guyana.

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CHRISTOPHER Kelshall, the liquidator of the ArcelorMittal company on the Point Lisas Industrial Estate, is making a third attempt to sell the iron and steel-manufacturing assets, which were mothballed in March 2016.

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The Cabinet sub-committee on the Water and Sewerage Authority (WASA) has concluded that the public utility is too expensive to maintain, too dysfunctional to fix, and should be phased out by September 2023.

In WASA’s place, the sub-committee is recommending a water management company, which will be registered under the Companies Act, publicly owned and vested with the unencumbered operating assets of WASA.

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DRIVEN by the impact of the Covid-19 pandemic, RBC Financial (Caribbean) declared an after-tax loss of $1.84 billion for its financial year ending October 31, 2020, which was mainly caused by goodwill impairment expense of $1.91 billion and provisioning for credit losses on loans and securities of $486.96 million.

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