The late Bernard Dulal-Whiteway, former CEO of Neal and Massy Holdings Ltd, and businessman Oscar Francois will be inducted into the Business Hall of Fame when the T&T Chamber of Industry and Commerce hosts its annual Champions of Business gala event on November 7 at the Hyatt Regency, in Port-of-Spain. They top the list of honourees for this year’s event released by the Chamber yesterday.

Dulal-Whiteway, who died in 2009 at age 62, had been an executive at Neal & Massy for more than 25 years and was a recipient of the Chaconia Gold medal for his contribution to business development in T&T.

Oscar H Francois began his trading company in 1958 after a long career as a sales manager. It started off as a small distribution company to supply a range of American, Canadian and European prescription pharmaceuticals to pharmacies in T&T. By 1961, the company had expanded into personal care products and today markets a wide range of International and local brands.

Others to be honoured this year include the Kenson Group of Companies, entrepreneur Lisa Wickham, businessman Derek Chin and his Dachin Group of Companies, as well as Michael Aboud of Amalgamated Security Services Limited.

The T&T Chamber also announced yesterday that Marvin E Odum, president of Shell Oil Company, will be this year’s keynote speaker. 

Odum, who began his Shell career as an engineer in 1982, has served in several of management positions with responsibility in both technical and commercial aspects of energy.

He was named president of the company in 2008 and had previously served as executive vice president since 2005, with responsibility for Shell’s exploration and production businesses in the western hemisphere.

The Chamber has partnered with EY (formerly Ernst & Young) for the Entrepreneur of the Year category to recognise winners in the spheres of Emerging Entrepreneur and Master Entrepreneur. 

Recognition will be given to ten people in the categories of the Business Hall of Fame, Internationally Known...T&T Owned and EY Entrepreneur of the Year (Master Entrepreneur & Emerging Entrepreneur).  

The List

The full list of inductees and finalists is as follows:

Business Hall of Fame Inductees: 

Bernard Dulal-Whiteway (posthumous)

Oscar Francois 

Internationally Known...T&T Owned Winner:

Kenson Group of Companies 

EY Entrepreneur of the Year Finalists—Emerging Entrepreneur:

Lisa Wickham (Imagine Media International Ltd)

Christian & David Stone (More Vino Ltd)

Marcus Sun Kow 

(Fresh Start Ltd)

EY Entrepreneur of the Year Finalists—Master Entrepreneur: 

(The winner will compete in the 2016 Global Entrepreneur of the Year competition) 

Derek Chin (The Dachin Group of Companies)

Dominic Hadeed (Blue Waters Products Ltd)

Michael Aboud (Amalgamated Security Services Ltd)

Mario Sabga-Aboud (Global Brands Ltd)

In a big week for literature, Marlon James on Tuesday became the first Jamaican to win the Man Booker Prize and, on Monday last week, the world lost Henning Mankel, creator of Kurt Wallander, the Swedish police detective; but a big week for world and Caribbean literature just serves to underscore our own pettiness.

It’s a bit of a personal vindication that A Brief History of Seven Killings should take Marlon James to first-time-in-47-years Booker history. 

Earlier this year, in this space, I extremely comfortably—and just as wrongly—predicted it would win our own Bocas Lit Fest prize ahead of the other good books hapless enough to be in competition with it—though there’s no shame in losing to a masterpiece, and that is what A Brief History of Seven Killings is.

It encapsulates a modern history of and explains Jamaica to everyone else in the world in one easy (if lengthy) read. The last book I know that did something like that was A House for Mr Biswas, which my old pupil master summed up magnificently in this sentence: If there could be a scale to measure such things, you could put every academic work about East Indians in the West Indies by every professor and student at the University in one pan and put a paperback of A House for Mr Biswas in the other—and the scale would come crashing down on Biswas’ side.

Marlon James’ book does for Jamaica what William Faulkner’s book, Absalom, Absalom! did for the American South. Marlon James could die now and be remembered forever without lifting a pen again—except if, like Jimi Hendrix, he can follow Axis: Bold as Love with Electric Ladyland.

But joy for Marlon can’t dissipate the sadness at the loss of Henning. In his honour, I picked an as-yet-unread book of his off my shelf, which I had been saving, to celebrate and remember him—but then almost put it back, so thrown was I by the now-transformed blurb on the cover below the author’s name: Sweden’s greatest living mystery writer; they’ll have to change that for future editions.

And there will be many future editions. His 40 books (only 11 of which starred Kurt Wallander) will sell many more millions. Like Walther Mosely’s Easy Rawlins, Henning Mankel’s Kurt Wallander speaks for the rest of us trying to make sense of our insane times. In all his books, Mankel’s personal convictions of what is decent and right filters on to every page. Even in what are supposed to be detective stories, Mankel reveals the real crime to be, not the exceptional and grisly murders of which we, as a species, are capable, not the taking of human lives, but the mundane and easy dismissal of them. 

Kurt Wallander (and The Man from Beijing and the Chronicler of the Winds) reflected Henning Mankel’s bewilderment over humanity’s ability to see, but somehow not to notice, the suffering we could alleviate, if we only had the will to do it.

Mankel died of cancer and, early in The Return of the Dancing Master, the story I’m reading, the lead character is diagnosed with cancer; and anyone in the creative writing game sees the writer’s worry take shape in his character’s thoughts: “He ran his tongue over his teeth. The lump was still there. I’m carrying death in my mouth, he thought.” And again, another of many examples, “He switched off his mobile and remained sitting there in the darkness. Then he left the car and walked back to Allegatan. He wondered if this what death looked like, a solitary figure walking through the night.”

For 67 years, Henning Mankel wrestled with matters greater than himself and, for nearly 50 of them, served up the only answer any of us who think about it can make: the game is loaded against you from the start and you will lose; but throw the dice with all the flair you’ve got, while you’ve got ’em in your hand. In the long term, the loss of such a strong player for my side will seem less of a loss; and new and strong substitutes, like Marlon James, will come on; in the immediate term, though, my own sub-species does not cheer me up much.

Henning and Marlon, substantial figures in the world in which I live, won’t even register in the place in which I work—no—labour; neither their glories nor their tragedies. The only notice Marlon James may get in Trinidad’s most important circles might not be for his work, but for whom he chooses to play with: Marlon James is gay, and that is all you have to be to disappear as a person in the West Indies and reappear as a cheap political target.

As our stink mout’ Parliamentarians gallery themselves to show.

One of the few positives of the dreadful, soul-destroying, election campaign was the new Princes Town MP, Barry Padarath, who, on TV, flicked off his pads with grace, Keith Rowley’s election hustings bouncer of the mispronunciation of his name as “Padder-Rat.”

To see PNM hacks attack him is to understand what we’re up against, in trying to stem the tide of the evil of our species.

Instead of floating to the top of it.

Marlon James won this week. But we lost; Henning Mankel was not in his grave a week and our Parliament had him turning in it.

It’s been obvious for ages our politicians have no pride.

But must they demonstrate so determinedly they have no shame?

BC Pires is a human being sick and tired of human hatred. You can email your homo jokes to him at DarylSmith@Closet.com

In the sacred Ramayan it is quoted that the King of Lanka, Ravana had ten heads and battled Lord Rama. 

Well the King of Lanka yesterday was not Ravana but Rangana, and he had seven heads, to devour the West Indies on the second day of the opening Test at Galle.

The ten heads of Ravana was an indication of his intelligence and spinner Rangana Herath exhibited great brilliance in outfoxing the West Indies batsmen, who at the end of the day was struggling to avoid an innings defeat. 

In response to Sri Lanka’s 484 the West Indies was bowled out for 251, 233 runs adrift. 

Batting a second time they were 67 for two with Darren Bravo on 20 not out and Devendra Bishoo on six.

Herath grabbed his eighth five-wicket haul at Galle to finish off the innings with 6/68 (and one in the second innings thus far) to continue his dominance of opposition at this venue. 

West Indies got a half-century (50) from Bravo in the first innings and matters could have been even worse but for a significant rearguard action by bowlers Kemar Roach (22), Jerome Taylor (31) and Bishoo (23 not out).

The West Indies started the day with overnight batsmen Bravo and Marlon Samuels, the best of their batsmen leading the charge. 

Herath would however cut down the Jamaican early in the piece to give Sri Lanka control.

It happens the world over, irregardless of how good you are, you always have a bogey in the team and that presents itself in the form of Sri Lanka to Samuels. 

Herath bowled him to continue this trend, finishing him off for 11 which now results in his 13 innings against Sri Lanka bringing him an average of 10.58.

While the focus was on Herath and the spinning ball, Jermaine Blackwood edged the fast bowler Dhamika Prasad to first slip for 11. 

Bravo continued to bat well in the company of Denesh Ramdin but just as he glimpsed the food van pulling up for lunch, he licked his chops and went after a Herath offering that resulted in the ‘catch of the century’ from Dinesh Chandimal. 

With the ball coming to him at full speed at mid-on, he leaped off the ground to gobble it and was left spread-eagled on the ground after the feat.

Bravo’s 12th Test fifty was made off 105 balls and included one six and eight fours.

T&T Under-20 national women’s team will be confident of clinching a semifinal spot from Group B of the Caribbean Football Union (CFU) Women’s U-20 Championship when it comes up against St Vincent and the Grenadines at the Stade Sylvio Cator, Port-au-Prince, Haiti from 4 pm today. 

Two hours later, defending champion Jamaica will also fancy its chances of securing a spot in the tournament’s last-four when it meets Curacao.

Currently, T&T and Jamaica sit at the top of the four-team table with three points each after winning their opening matches on Thursday night, by similar 4-1 margins over Curacao and St Vincent and the Grenadines, respectively,

For the Jason Spence-coached T&T women, Tsainne Leander scored in each half in its come-from-behind 4-1 win on Thursday.

Winners of their first round three-team pool with wins over St Vincent and The Grenadines (6-0) and Dominica (2-0) in July,  the Women Soca Warriors suffered an early set-back when Curacao which booked its placed in the finals as runner-up to Puerto Rico in Group One took a second minute lead through Ketsiah Wahr with a long-range shot that caught T&T goalkeeper Rebecca Almandoz off her line. 

Curaçao would then defend throughout first half, frustrating the Women Soca Warriors until eight minutes from the half-time whistle when Leander, who scored both goals in the first round defeat of Dominica, got T&T level.

Th second-half was a different story as the Rene Mike-captained T&T women displayed cool heads and carved out three goals in just five minutes.

First, Leander scored in the 48th minute to put her team ahead 2-1 before Maya Matouk and debutant Kedia Johnson added items in the 52nd and 53rd minutes for a 4-1 lead, which T&T held until the final whistle. 

Spence credited his team for their efforts, particularly their ability to remain composed and orchestrate a comeback following the early goal scored by Curacao.

 “Overall it was a great team effort. Curacao got the very early goal and that was a bit of a setback but we never lost our cool and we kept our shape and composure.

 “The players dug deep and once we leveled the scores we were able to show our class and surge ahead early in the second half. I think it was a good start for us result wise but we will work on a few areas before going into our remaining matches in the group.”

In the night’s second match, Jamaica defeated St Vincent and the Grenadines by a similar 4-1 margin led by a hat-trick from Khadija Shaw.

On Wednesday in Group A, Aaliyah Nolan got the lone goal as Bermuda edging Puerto Rico, which came up against host Haiti, last night.

Results

Group A: Wednesday

Bermuda 1 (Aaliyah Nolan 29th) vs Puerto Rico 0

Group B: Thursday

T&T 4 (Tsainne Leander 37th, 48th, Maya Matouk 52nd, Kedie Johnson 53rd) vs Curacao 1 (Ketsiah Wahr 2nd).

Jamaica 4 (Khadija Shaw 15th, 46th, 52nd, Rasha Roberts 70th) vs SVG 1 (Konya Plummer o.g 29th

West Indies batsman Darren Bravo says the key to performing with the bat in the current Test match against Sri Lanka is staying positive.

Bravo will resume batting this today on 20 not out with the West Indies on 67/2 following on against the home team.

Sri Lanka batted first and scored 484 all out to which the West Indies replied with 251. Asked to follow on they have so far lost Shai Hope (6) and Kraigg Brathwaite (34).

Bravo who topscored with an even 50 in the first essay said: “It is important as a batting unit that we stay positive out there. “(Rangana) Herath is the threat and we need to respect him but at the same time when a bad ball comes our way we need to put it away.

“It is a very good batting wicket and once you spend time out there, runs will come.” 

The West Indies struggled in the first innings and Bravo thought many of the batsmen including himself got starts and threw it away. 

“We won’t able to capitalise after getting starts. I myself threw away my hand after scoring a half century and it worked against us. We need to try to build on those starts and from now look to keep Sri Lanka out in the sun for as long as possible. 

“We have to learn from the mistakes made, sometimes you play a particular way but things don’t work out.” 

Bravo averages 69.00 in Sri Lanka having five half centuries in six innings and thinks his defence has worked well. 

“The key to my success here is that I back my defence which is most important. I like to hit the spinners down the ground but with the wicket taking spin I need to take my time, build partnerships with my teammates and look to take this match far.

“Herath will remain a threat because he is very consistent and this is why he is one of the best spinners in the world. He is not too difficult for me to pick but when he is bowling to the right hands, he gets the ball to drift.

“We need to trust in our abilities for things to work out. To be quite honest we are behind the eight ball but we have a lot of time to bat and it is important that we bat as long as possible. take it one ball at a time.”

Herath who claimed 6/68 in the first innings and has taken one of the two wickets to fall thus far in the second innings said Bravo was the best of the batsmen he bowled to in the innings. 

“Bravo batted really well out there. He got out to a fantastic catch by (Dinesh) Chandimal but other than that he was playing the situation really good and we will have to look to get him soon tomorrow.”

There are only two juvenile races this afternoon, both at ‘soft’ Catterick, and Richard ‘winning machine’ Fahey has prospects of landing both with Dacoity and disappointing, hitherto luckless, Sunnua.

‘You can’t beat experience’ and Sunnua could well prove a classic example in the Maiden Fillies’ Stakes over seven furlongs of the popular North-eastern venue where a wide draw is usually a major advantage when ground is demanding.

A stands-side pitch usually pays off in such conditions and from stall eleven Sunnua will be ‘aimed’ away from the far rails by Tony Hamilton as this twelve-strong field rounds the long, left-handed, bend; indeed a scramble for placings is anticipated.

Nine days ago Sunnua raced in handicap company for the first time, this Dark Angel filly failed to justify favouritism at the sixth attempt but appeared to stay six furlongs well, beaten a head by Swirral Edge at Ayr with the rest three lengths and upwards in arrears.

Distance is my only concern and doubtless ‘winning machine’ Fahey feels similarly but the TH mark of Sunnua is way superior and if odds of 3/1, or better, are available she will justify a ‘price to chance’ wager.

Dacoity is is one of eight ‘decs’ for the opening Maiden Stakes over five furlongs, what happened ten days ago?

On the back of an eye-catching third on his Pontefract debut three weeks earlier, beaten a length, Dacoity was our fancy at Nottingham but ‘drifted like a barge’ in betting and finished five lengths behind Kadrizzi on ‘soft’ ground; why has Richard declared this Dick Turpin gelding knowing he’ll encounter a similar scenario?

Mine is not to wonder, just relate his obvious chance based on two time-figures which put Dacoity firmly ‘on the premises!’

Of course it’s the annual finale at  ‘good to soft’ Ascot where ‘Champions Day’ will probably be a bonanza for bookmakers; if it’s difficult for yours truly a tremendous crowd will be filling their coffers in a ‘guessing game’ but we do fancy The Corsican, one of thirteen in the group one Champion Stakes over ten furlongs.

We’ve layed Jack Hobbs, drawn in the ‘car park,’ whereas in-form The Corsican is slotted four; portents for success are excellent and veteran Jamie Spencer is, apparently, ‘chaffing at the bit!’

Stick to the daily patent, you know it makes sense on such an overwhelming day.

As I take in the opening Test match of the Sobers/Tissera series at Galle in Sri Lanka, I am also using the opportunity to get familiarised with the cricketing administration here and its development methods.

Whilst, the administration of the game here is as fickle as the West Indies batting order, I must say that there is work being done at the Provincial level that makes one take serious notice. 

The government in this Island has interfered in the administration of the game too much, so much so that the International Cricket Council (ICC) has lost confidence and is now actually overseeing the financial aspects of the cricket. At the Provincial level, there seems to be some order and stability and it may well be a case of the tail needing to wag the dog in order to get Sri Lanka’s cricket stabilised in the boardroom. 

You might ask why I am writing this, when it has no bearings on West Indies cricket. However, on the contrary, what is happening here is a lesson for us to learn from. There has been many voices in the Caribbean echoing the sentiments that for West Indies cricket to improve, there must be improvements at the territorial level. I totally agree with this but then are we sure that the territorial boards are so poorly run?

I am now wondering if the same that is happening in Sri Lanka can take place in the West Indies because there are some boards in my opinion that are doing a good job and the WICB can take a page out of their book.

We need to throw arrogance out the window if we are to take cricket forward in the Caribbean. We need to understand that not everything the WICB does is bad or will lead to the demise of the game in the region.

It is high time that the blame game stops and we work together to save the sport in the region. Everywhere in the world I visit people look at West Indies cricket as if it is a sick person that is getting no nursing. 

While the Indian fiasco has thrust us onto the world stage for the all the wrong reasons, we have to understand that there are other happenings in West Indies cricket that we must build on.

Prior to the Indian situation, the main problem afflicting West Indies cricket was the relationship between the board and the West Indies Players Association (WIPA) which resulted in many embarrassments to West Indian cricket and its people. 

Say what you like, you have to admit that the Dave Cameron-led WICB has been able to mend that problem that was eating away at the heart of West Indies cricket. We now focus on the Indian fiasco but we must also give credit where it is due and the improved relations between the board and the players association had brought a degree of stability before what happened in India. Cameron mentioned in Trinidad recently that improved relations between the board and the players association has resulted in the WICB saving millions in legal fees. This is a positive in West Indies cricket that we must build on.

One of the best things to have happened to our cricket is the establishment of the Professional Cricket League (PCL), which will enter its second year in a couple weeks time. This was brought in by the current administration and everyone on board must take credit for this. All the representatives of all the territorial boards must take a bow and of course the president, whose brainchild it was. 

I see people having problems with the call that territorial boards must put together a plan to show how they can become sustainable in the a couple years time. A high ranking official recently told me that the board is speaking rubbish by asking this because, if they know they could not fund such a move, they should not have started it. My response to the ignorant gentleman was that the board has more than extended themselves here by funding this for four years in the initial stages, while giving the boards enough time to come up with a workable business plan.

You see officials like these are accustomed to running cricket from their car trunks and they can’t come to terms with the fact that cricket is now big business. They want to continue this “gimme gimme” attitude and hope to survive in this modern day. 

The call by the WICB for the territorial boards to become proactive will work well and will lead to growth in West Indies cricket. So while we criticise which is what we all are very good at, we need to sit back at times and realise that we don’t have all the answers and maybe just maybe that same WICB that we all slam, might have some ideas of taking the game where we all want it to reach.

The Powergen Secondary Schools Cricket League (SSCL) led by president Surujdath Mahabir has made many strides over the last three years and has further plans to make the SSCL the premier school sporting organisation in T&T.

At a press conference on Thursday at the VIP Lounge of the Hasely Crawford Stadium, Port-of-Spain, the SSCL members outlined their achievements.

Mahabir said: “Having taking over the mantle of president of the Secondary Schools Cricket League  in 2013, we set about in trying to build the league and grow the league and make the Secondary Schools Cricket League the premier school sporting organisation in T&T.”

One of the SSCL’s major accomplishments has been the introduction of the technical assistance programme. This programme includes videotaping cricketers to be assessed by qualified coaches, to improve the students cricketing skills. The league has made efforts in preventing players from bowling illegally.  

“One major development has been in throwing, whereby in partnership with the T&T Cricket Board we did the taping of fast bowlers. There were a number of concerns over the (bowling) actions of some of the boys participating in schools cricket.”

The president explained that the SSCL corrected the action of two boys who would have struggled to make any team because their actions were suspect.

Mahabir added that the organisation made changes to the constitution such as  removing the right of outgoing members to have a vote. “We recognised it was an unfair and unjust system so we removed that from the constitution. We also instituted term limits in that the officer can now serve two three-year terms.”

The SSCL also attempted to increase participation among students especially in girl’s cricket. Last year the SSCL also started a girl’s cork ball cricket competition.

The League also knows the importance of balancing cricket and academics and has moved Intercol matches to public holidays or after school. Mahabir explained the players will not miss as much school and it allows more supporters to view the matches.

The SSCL has encouraged sport tourism, by inviting foreign schools to come to T&T, allowing the T&T cricketers to match their skills against foreign opposition.

In an effort to improve the standard of the matches, the SSCL has tried to improve the cricket fields, while Tobago is now involved in school’s cricket after being absent for a number of years.

…SSCL wants changes in TTCB constitution

Six National League representatives led by Dinanath Ramnarine are making calls for a change in the TTCB constitution. Mahabir and SSCL first vice-president Sharaz Mohammed is supporting the National League representatives. Mohammed said that the SSCL has made some changes and hoped that the people who govern cricket at the highest level implements changes.

Mahabir said: “We are making a call to the T&T Cricket Board to review the constitution. We think it is unfair and unjust and undemocratic for outgoing members to have a vote. We are calling on the T&T Cricket Board to do the honourable thing.”

Among the changes Ramnarine and his team would like to see is the removal of the 12 outgoing votes from the executive and nominated members and term limits for the TTCB president - no more than two consecutive four-year terms

SSCL 2016 Plans

 •To continue to increase greater participation amongst students. 

•Pre-season training workshop for coaches, teachers and students.

•Pre-game warm up module and workshop.

•SSCL in partnership with the National Training Agency will be undertaking a Curatorship Programme where schools which have turf pitches will be provided with a curator trainee.

•First Aid Training for all secondary Schools teachers and coaches.

•Coaching course especially for female teachers and coaches.

•National Secondary Schools Girls Hardball Team will be selected. We propose to arrange a tour for this team.

•Scoring module has been created which will be taught to students from Secondary schools.

•We propose to continue and expand the Remedial Lessons Programme which was started in 2015.

Nrityanjali Theatre’s production for 2015 is a ballet/dance drama at Queen’s Hall entitled The Divine Flute.  

In association with the Mahatma Gandhi Institute for Cultural Co-operation, this presentation, dedicated in devotion to the divine flute player Krishna, concentrates on two main aspects of Krishna, a release said.  

The first is the love between Krishna and Radha: Radha’s love symbolises the soul’s intense longing and willingness for the ultimate unification with the divine. The second aspect is Krishna of the Mahabharata who counsels us to “go out and fight” because we have to do our dharma (duty in life). 

The Divine Flute is a symbol of man’s experience of spirituality through unconditional love, as portrayed by the devotion of the gopis to Krishna’s flute-playing. Later in his life Krishna teaches that spirituality is attained by carrying out your duty in life without expectations. The ultimate goal of life is to attain salvation — this is depicted by Krishna playing the flute with seven holes.  The holes symbolise the seven chakras which must be awakened to attain eternal peace and happiness as described in yoga.

The Divine Flute will be mostly danced to live music with Dr Karn of the Mahatma Gandhi Institute for Cultural Co-operation and Shri Prashant Patasar on percussion, Dr Sharda Patasar on the sitar, popular local singer Shri Rooplal Girdharie and Surja Chakravorty among the talented others. The dedicated dancers of Nrityanjali—Denyse Musai and Priya Ramlakhan—will be leading a cast of more than 20 dancers.  

Nrityanjali Theatre was awarded the Humming Bird Medal (Gold) for its contribution to Culture in 1993.

Songstress Gerelle Forbes and her band of musical gentlemen go into their November 1 engagement at Beveca Sports Lounge in Tacarigua on the heels of an energetic, unforgettable September 26 performance at Fiesta Plaza, MovieTowne. 

Anyone who had missed the fact that the Caribbean was well into a hurricane season would have been dragged back to reality screaming and dancing the minute the broadcaster/singer launched into her set comprising an eclectic mix of musical genres including her own kaiso/blues/pop creations and a conflated version of two of pan player Mikhail Salcedo’s outstanding compositions, The Beginning, and Demerara. 

Not one for much musical foreplay, Forbes launched immediately into a foot-tapping interpretation of Luther Vandross’ Never Too Much which at the same time established the credentials of her band, The Gentlemen, comprising Mark Brewster on the keyboard, guitarist Aaron Lowchewtung, Anton Ricardo on bass, percussionist Keron “Trak” Robinson, Joshua Williams on the drums and Salcedo on pan. 

Between tracks, during her radio shifts, Forbes is known to often belt out energetic renditions of Stevie Wonder’s extensive repertoire to the delight of everyone else in studio, so it was no surprise that Vandross was followed by a feisty delivery of Stevie’s Do I Do. This introduced a faithful cover of Bruno Mars’ Treasure. 

Most of all, Forbes’ competence as a composer was as much on show as her vocal skills and her ability to command every single inch of space on stage…in high heels. 

Properly marketed, her Better You can be spotlighted as no less a marvel than any other pop hit making the international rounds nowadays and should be on the playlists of stations everywhere. Her capabilities as a composer are also on display with This is Love—a melodic paean somewhat lyrically reminiscent of Corinne Bailey Rae’s dreamy version of Bob Marley’s classic Is This Love but with the kick of a throbbing Caribbean heart. 

It must also be that Forbes is a fan of the enigmatic Welsh vocalist, Shirley Bassey whose I Am What I Am was interwoven with Alicia Keys’ Girl on Fire to constitute an anthemic chorus joined by women in the overflowing audience. 

At her side were singers Aaron Ifill and Keishon Jack. Ifill is an amazing talent in his own right and Forbes paid the necessary tribute. Jack is no vocal slouch himself and offered solo interludes along the way. 

Salcedo was his usual amazing and energetic self and will hopefully remain as one of Forbes’ “gentlemen” on stage. With him on board, there would usually be two simultaneous shows featuring a lovely lady of song and a delightfully out of control gentleman.

Reference is made to “the lesson” given in Parliament to newly elected MP for Princes Town Barry Padarath by Moruga MP Dr Lovell Francis, the Junior Minister of Education. Lovell sought “to school” Padarath on his surname telling him he is giving “a lesson” about “the Sanskrit origin and pronunciation of Padarath’s name.” The Junior Minister erred in aspects of his understanding of Sanskrit and its relevance/importance in “naming” of newborn as well as overall in the Indian way of life.

Although thousands of years old and it has lost its global dominance in being the root of numerous languages, Sanskrit still influences Indian society and the globe through computer languages; tech experts say Sanskrit plays a key role in the functioning of computers.

The language is not widely spoken but many Indians still speak Sanskrit—the mother of numerous languages.

It is noted that virtually all Indian (Hindu) names are Sanskrit in origin. Names are assigned depending on the calendar and time of birth and are taken (prescribed) from a Sanskrit book after consultation with a spiritual leader. Thus, Padarath’s name has a meaning and significance and pronunciation of the name has nothing to do with “finickiness”.

The minister is right that Sanskrit was used by scholars, but it was/is also spoken by many in their communication. Five times, I visited the ancient city of Ayodha, a Hindu Kingdom where the famed Lord Rama was born, lived, and ruled, experiencing difficulty in communication because Sanskrit is the lingua franca. Sanskrit is the mother of many Indian as well as European languages. Sanskrit was a dominant spoken language at one point and declined in importance with time, being replaced with other regional languages. But it has not completely ceased to be spoken; it is still spoken in remote villages as well as in suburban parts of Karnataka and UP. It is also taught at several universities in India and the US and Germany. Prof MB Srinidhi of Karnataka stated in a report in an Indian newspaper, speaking in a BBC interview: “Just like the European languages are spoken in Europe, we also need to speak in Sanskrit. The interesting aspect is that Sanskrit is a language that will help in understanding not just Indian languages but also German or French or other European languages.”

Not long ago, Sanskrit was taught at City College of New York (part of CUNY) where I studied and is offered at Columbia and Harvard Universities. And Sanskrit has relevance in computer language used in programming. Computer specialists urge programmers to learn Sanskrit to help them master computer language.

It is not clear if “Padarath” is correctly spelt since, historically, Indian names were misspelt when newborns were registered going back to early period of indentureship.

Indian names have meanings and significance.“Par-da-rath”, as pronounced by Minister Lovell, is not listed in any dictionary. It does not mean that “Par-da-rath” does not exist as a name. Barry’s last name could have been “Pada Rath” named after “Pada yatra” (foot journey or pilgrimage undertaken by a prominent person like a famed politician or religious leader to educate people about society. The Great Mahatma Gandhi utilised Pada Yatras (foot pilgrimages) to win over support for India’s independence.

Spelt as is, Padarath means spiritual enlightenment. And the Hindu scriptures say there are four Padarath—Dharma, Artha, Kama and Moksha. They are the essentials a soul needs to attain the supreme spiritual bliss (nirvana) ie attainment of godliness. It is a name to be proud of and that has offered guidance on how we should live. 

Dr Vishnu Bisram

Via email

It took one of life's curve balls to help Nicholas Gomez find his place. Of course, Gomez may refer to it as a googly, being a former cricketer. “I played a lot of sport, but my favourite sport was cricket. I played for Fatima,” reminisced Gomez, a former EY (Ernst &Young) country manager for Trinidad and Tobago.

Gomez left his position at one of the world's top four accounting companies in August this year to pursue a lifelong ambition, no, not cricket, but coaching and mentoring teenagers. But cricket plays an important role in bringing him to this point.

In 1982, Gomez entered Lower Six. He had his A-Level subjects picked: math, physics and chemistry. He had the game. Until one afternoon practice session.

“I was training and my coach Kenny Roberts pulled me aside and said there is something wrong,” said Gomez, who was bowling. The coach's experienced eye had picked up something wrong with Gomez's delivery.

“My family took me to a back specialist and he concluded that I had a spinal condition, which needed to be operated on, because if I fell awkwardly, I could be paralysed.” Alarmed by the diagnosis, Gomez's family took him abroad where another doctor confirmed the news, but told them that he could continue playing for the while.

“So I came back to college having missed some school,” said Gomez. “I asked them to repeat Lower Six, dropped physics and picked up economics.” 

This is the first time Gomez said he realised how alone students preparing for exams could

be.

“They presented me with a text book. It was like an encyclopaedia and I have to tell you extremely intimidating. I actually did not engage with it.”

The former EY country manager said he eventually found some economics texts that he could follow.

“The moral of that story is that when I was actually confronted with this textbook, I told myself there must be a way you can be in service to kids and not make it as daunting as that. It occurred to me that this was something I could do later on, an area in which I could contribute.”

Making tough decisions

In the meantime he sat exams and left Fatima in 1984. He continued playing cricket, this time on the national under-19 team. However, what he really wanted was a spot on the national team, but his condition was always at the back of his mind. “I was also a little concerned about when would I make the team,” he said. “You had all the big honchos back in the day, the team was fantastic, unbeatable.”

While preparing for his shot at national trials, he tutored Math, an experience he said he thoroughly enjoyed, not only because he was able to teach, but because he was able to coach and mentor his younger charges. He then went to work for Pannell Kerr Forster, the firm that eventually became the T&T branch of EY.

“I worked there for a number of months and then got a scholarship to go abroad, one of four players, to Alf Grove Cricket School, where all of the West Indies cricketers went for coaching,” Gomez recalled.

He also played cricket with the Queen's Park Cricket Club as well as the T&T team. “I played against England. It was a very enjoyable experience. I batted at number 3 and in the second innings made 39. But in that moment, when I left the field, I felt I had to make a decision about what I was going to do.

“I decided to stop playing to pursue a career in accounting. It was the most difficult decision in my life. It was probably very sensible and practical but I had to stop cold turkey. The reason was I was such a competitive athlete and I couldn't play. People ask me why I stopped all the time, but I never played cricket after that. I rejoined EY in January 1991.” At EY, Gomez had the opportunity to mentor young people all of the time.

“I loved working at EY and what was so special about it, I think, it is a fabulous environment for young people aspiring to be professionals, accountants, financial comptrollers, finance directors. The environment, while intense, provided a vast depth of experience in all forms.”

Gomez came through the ranks, attaining the position of Assurance Leader for the region, as well as being country manager. But in the last three years, his thoughts again returned to the troubles young people all over the country were having. During this period, he took up giving lessons at a homework centre run by the St. Finbar's Roman Catholic Church. “The children were from areas like La Puerta and what became apparent to me was the lack of engagement and the waning engagement between student and teacher,” said Gomez, “I saw all these kids who started to dislike education and I thought this was so unfortunate because education is a gift to all of us, learning new stuff is a gift. I couldn't sit back any longer and do nothing about it. I had this compelling feeling and started to think about how I could intervene.”

In those three years, the form of that “intervention” took shape and solidified late last year. Regarding the lack of engagement he saw, Gomez thought about how teens interacted with their laptops and smartphones.

“The idea was, if we could leverage technology, approaches that are inspiring, motivating and engaging. If we can bring that to the table in an exciting, fun environment, there was a greater probability that we could enhance engagement. Those words that I mentioned to you are very powerful words, not easy to generate.”

He knew if he was going to take on this project it would have to be soon. He was nearing 50.

“The project required a whole lot of energy and a whole heap of courage. I couldn't say that at the age of 60, if I stayed at EY that I would have the energy to take that on.” And in August 2015, making what he termed the “second most difficult decision of his life,” Gomez said goodbye to the accounting firm.

A 'light bulb' goes on

Partnering with Scott Hilton-Clarke Gomez came up with the concept for Exam- Guru. Private lessons centres have proliferated in a society that has always seen education as the ultimate stepping stone. But the numbers show that something has been going wrong with our education system, and possibly, the private lessons industry which has sprung up around it, for some time now.

Gomez said he has reviewed CXC results for the past several years. Typically, for Accounting, two-thirds of the 24,000 students sitting it were failing. In Math, twothirds of 95,000 students around the region sitting the exam were failing.

Results were particularly dismal for the the multiple choice and long paper segments, but a hint at where the system may be failing students lies in the fact that many made up much needed marks in the SBA (School Based Assessment) segment.

“This is where the teachers support the kids and help them,” said Gomez, a critical component of the ExamGuru experience he and Hilton-Clarke want to offer. Too often, said Gomez, the focus was on getting students to pass the exam, with memorisation and rote learning.

“I think every individual in life needs coaching and mentorship.The school environment is somewhere coaching and mentorship must be provided as well.”

According to Gomez, ExamGuru “is a catalyst to demonstrate that with expert facilitation in a fun, immersive environment, kids can build the capacity to ace the exam.” Gomez said ExamGuru is guided by one philosophy: “If they (the students) bring the will, we'll give them the skill”.

Add to this is a cutting-edge facility, currently being constructed at Bay Road in St. James, called the “Light Bulb.” The building is a place Gomez envisions teenagers will be able to come together and collaborate, or have quiet study time. When completed, the Light Bulb will feature glass and white writing walls, high speed Internet access, computers, tablets and a cafe. It is expected that the facility will be completed some time in December.

Gomez said so far, accounting is Exam- Guru's only subject offering, with himself as tutor. Given his 25 years experience in the area, he thought this would be the best subject to pilot the project.

Eventually though, he wants to branch into other subject areas and use the MOOC (Massive Open Online Course) format of delivery to have online broadcasts of lecturers by some of the best subject teachers in the country.

Public/Private partnership in education ExamGuru is a private enterprise. “No funding other than the owners. So I have to charge a fee. I can’t not charge a fee. I have no way of doing that financially at this point,” said Gomez. “ This is private enterprise, stepping into a space that has always been held as a public good.”

The former EY country manager said he has been leveraging his contacts within the business community, has been having meetings with several people who are very supportive of the concept.

If the pilot is successful, Gomez plans to eventually approach the Ministry of Education to partner with it to mainstream the project.

“I feel that private enterprise needs to step into certain roles and this is an ideal opportunity for a private/public partnership. Government can at least allow private enterprise to show the way, together we can collaborate on how this can becoming more widespread.

“Private enterprise has to take a greater role in society and step up their game and let us not just continue to look at government to make everything happen. I think there is a place for private enterprise to step into things that they may not have traditionally. That can make a huge difference in society.”

Gomez told the Sunday BG that he has had meetings with several school principals in the vicinity and he has been well received.

The registration process is ongoing and classes are expected to begin in January2016.

In the 2016 budget presentation, Minister of Finance Colm Imbert put the country on notice about the impact that the combination of lower international energy prices, a reduction in production of T&T’s oil, natural gas and petrochemical exports and a fall in tax revenues due to higher capital allowances for energy companies foreign exchange earnings would have on the domestic economy.

The 2016 Draft Estimates of Revenue document predicts that the amount of taxes that T&T expects to collect from “oil” companies in the current fiscal year could plummet by 75 per cent compared with the original 2015 estimates. 

The original estimate of revenue from “oil” companies for the 2015 fiscal year was $19.9 billion—comprising $17 billion in taxes, $2 billion in royalties and $850 million as the Government’s share of profits under profit sharing contracts (PSC). This revenue is expected to decline to $4.8 billion during the 2016 fiscal year—comprising taxes of $3.2 billion, royalties of $1.1 billion and $450 million as the Government’s share of the PSCs.

This means that the Government expects that the revenue from the energy sector in 2016 will be $15 billion less in 2016 than the original estimate for 2015 and that the sector’s contribution to T&T’s revenue is expected to decline from 34 per cent at the original 2015 estimate to 8.2 per cent for the original 2016 estimate.

The revised estimate for fiscal 2015 indicates that the Government expects to collect $12.1 billion by September 30, 2015, which was the end of the last fiscal year. This means that the $4.86 billion that the Government expects to collect during 2016 is 60 per cent less than it collected in 2015.

This reduction in the tax revenue from energy companies has two significant implications for the management of the domestic economy in the next year:

1. Less energy revenue will mean a sharp decline in the amount of US dollars going into the Government’s consolidated fund, from where the US dollars are sold to the Central Bank in exchange for TT dollars:

• If the Government’s original estimate of energy revenue was US$3.12 billion (and its revised estimate was US$1.9 billion or $12.13 billion) and its forecast of energy revenue in the 2016 fiscal year is US$763 million ($4.86 billion), then that means the amount of foreign exchange flowing into the Central Bank from the Government will be US$2.3 billion less than the original estimate and US$1.1 billion less than the revised estimate.

The fact that there will be a sharp reduction in the supply of US dollars to the Central Bank from the Government must be placed in the context of the new administration’s desire for a stable exchange rate.

In his 2016 budget presentation, Mr Imbert said rebuilding confidence in the management of the foreign exchange market represented a central thrust in its attempt to revitalise the national economy.

“As an initial step, the Central Bank in the discharge of its mandate for the management of the foreign exchange market, will be requested to re-establish the foreign exchange distribution system that existed prior to 2014. The Central Bank will also be requested to clear the backlog of arrears of foreign exchange demand and ensure that legitimate demands for foreign exchange are met, as well as ensure the stability of the exchange rate.”

This combination of these four factors—the collaboration of the Central Bank and the Government to ensure the stability of the exchange rate, the commitment to satisfy legitimate demand for foreign exchange, the sharp decline in the supply of US dollars to the Central Bank and undiminished demand for foreign exchange—is likely to lead to a significant decline in T&T’s foreign exchange reserves.

• The 2016 Estimates of Expenditure document indicates that the Government projects that it will spend $1.36 billion on the principal and interest on foreign loans during the current fiscal year. The interest payments on these loans are a charge on account of the public debt, which I believe means that those payments take precedence over all others. While the interest payments are in Yen, Yuan, US$, euro and the Australian dollar, a rough estimate indicates that the Central Bank would need to sequester about US$214 million in order for T&T to remain up to date on its interest payments.

If that is the case, there would be US$763 million in “new” energy revenue coming in for 2016, of which US$214 million would be a charge on account of the public debt. From my calculation, therefore, the amount of “new” foreign exchange from energy revenue available for the Central Bank to sell to the population would be US$549 million— and this column would welcome some clarification from the Central Bank on the foreign exchange impact of debt payments.

In its July Economic Bulletin, the Central Bank said the conditions in the domestic foreign exchange market “remained relatively tight” over the period January to June 2015.

The document reported that sales to the public by authorized foreign exchange dealers were 9 per cent higher on a year-on-year basis at US$3.66 billion between January and June this year, while the dealers purchased a total of US$2.55 billion from the public (which includes energy companies, converting US dollars to pay their local bills).

According to the Central Bank: “To support the market, the Central Bank sold US$1.12 billion to authorized dealers in the first half of 2015, significantly more than the US$690 million provided by the Bank in the first half of 2014.” 

If the revised estimate of energy revenue for 2015 was US$1.9 billion, and the estimate for energy revenues in 2016 is US$763 million—or US$549 million net of interest and principal payments—the scenario is likely to be less foreign exchange coming in and more going out.

With stability of the exchange rate a mandate of the Government, and demand for foreign exchange outstripping the supply of it, the consequences for T&T’s foreign exchange reserves are expected to be dire. There may also be further attempts by commercial banks to ration available foreign exchange

2. Less energy revenue means the Government will have to rely more heavily on other sectors of the economy to generate taxes.

In delivering the 2016 budget, Finance Minister Imbert said the Government would mobilise additional revenue equivalent to $18.6 billion or 11.4 per cent of GDP. 

He estimated that the Government would collect $13.4 billion from the sale of assets and the receipt of extraordinary dividends from state enterprises and $5.2 billion from increased taxes, enhanced tax collection and compliance and reforms to the fuel subsidy.

Is it realistic for the Government to expect that it can mobilise $18.6 billion in additional revenue?

That expectation is unrealistic, and for the following reasons, may lead to a higher deficit:

• It is noteworthy that the budget documents refer to the sale of shares in Methanol Holding (International) Ltd generating $2 billion (US$313 million) for the Government, when the Central Bank’s March 27 Clico resolution plan is clear that the proceeds of sale of Clico’s MHIL shares “will meet the balance owed to statutory fund STIP holders including the Government.” 

In other words, the proceeds from the sale of the MHIL shares are supposed to be for the assenting policyholders, the non-assenting policyholders and the Government, not for the Government alone. For the sake of the negotiations to sell Clico’s shares in MHIL, one also hopes that the minority shareholders in MHIL (the European grouping called Consolidated Energy Ltd) have provided the Government with an indicative price that they are prepared to pay for those shares. Some clarification from the Ministry of Finance is required.

• It is also noteworthy that there is an indication that the Government expects $5.8 billion of extraordinary receipts in 2016, with absolutely no indication in the documents as to where that money is coming from. All from NGC dividends?

• The documents also indicate a $5.6 billion increase in VAT receipts in 2016 to $12.36 billion, compared with the revised estimates of $6.70 billion for 2015. Given that the broadening of the VAT base and the reduction in VAT from 15 to 12.5 per cent take effect from January 1, 2016 and take place in the context of a contracting economy, expecting VAT tax collection to increase by 85 per cent is highly unrealistic.

Gabby, aged 32, is an administrative professional and a single mother of two young children. When the children’s father left, Gabby moved into a smaller apartment and assumed all of the family’s financial responsibilities on her salary of $9,000 after tax. She desperately needed money to make a smooth transition into the new place and had no choice but to borrow from anyone who was wiling to help. 

Her list of creditors is long and includes, friends, relatives, banks, non-banks and hire purchase companies. When all sources of credit dried up, she started juggling her monthly payments on loans, utilities and now, most worrisome of all, the rent. Arrears letters started coming in, while every other phone call is a from a debt collection agency demanding payment and threatening legal or some other type of “serious” action. 

Apart from her monthly debt obligations, Gabby still has to meet all other basic needs including: rent $2,500, groceries $1,300, taxi fares $600, day care $800, personal care $300 and other miscellaneous expenses $300. 

Apart from owing $3,500 in rent, Gabby is worried that the hire purchase company is moving to repossess her fridge, stove and washing machine if she doesn’t pay something on the three accounts soon. Balances, payments and late fees on each item respectively are: $11,000, $2,700, $2,500; $917, $225, $269; and $30 for each appliance. The interest rate on all accounts is 36 per cent APR. 

Gabby also has arrears on a finance company debt, a bank loan and a credit card. Balances, monthly payments and late fees or charges are: $7,900, $7,000, $5,700; $595, $447, $143: $35, $25, $55 (Includes overlimit fee of $30) respectively. 

The interest rates on these accounts are 41 per cent, 18 per cent, and 30 per cent respectively. She owes two cousins a total of $4,000 and had promised to pay back $400 per month but could not continue and relations have become a little strained. 

Some utilities have also been disconnected because of non-payment. These include: cable, home phone and Internet with balances and previous monthly payments of: $1,200, $1,800, $900: $299, $300 and $250 respectively. These accounts are now in the hands of debt collectors but do not attract any further charges. 

Gabby is desperately seeking some solution to dig herself out of this pit of debt. 

Nick’s assessment and advice

Gabby’s situation is often one of the most difficult aspects of a separation or divorce, especially when living expenses and other obligations may have been shared, but now squarely rest on the shoulders on one person. 

Apart from the dire debt situation, the fact that Gabby has no savings makes the family more susceptible to further financial misfortune. 

What would she do if there was a medical or other type of emergency? Her credit rating is anything but good so the chance of a consolidation or refinance is quite remote. Even if she could borrow, how would she be able to pay the installments? 

When a person is faced with a situation to choose between a loan payment and food or medication for a child, the survival instinct kicks in. Gabby naturally started juggling bills just to stay afloat and, in so doing, payments accumulated. As long as there is an overall negative cash flow something has to be sacrificed. 

Priorities

We can assume that most of the debts are unsecured with the exception of the hire purchase accounts. 

Gabby needs to survive and, in doing so, she has to make some tough decisions. Not everything can be paid as arranged so she has to focus on the critical items. These include rent, appliances, emergencies and then outstanding debt. She has to have a plan that will ultimately solve the problem, not make things worse

The good news is that her salary more than adequately covers her month living expenses which add up to $5,800 leaving $3,200 to deal with savings and debt. Yes, savings! 

Debt strategy

The flip side to giving into intimidation is ignoring creditors altogether.

Debt collectors are relentless and will try to squeeze blood from stone but they fully well know if a person does not have, they simply cannot pay regardless of how scary they are. 

Communicating with creditors is essential but one must also be realistic with the promises one makes. She should never promise what she cannot deliver, however, something is better than nothing and no creditor will refuse even the smallest of payments. Their job is to press for payment and the debtor’s job is to pay without hurting himself or herself financially. 

Gabby can pay everyone out of her $3,200 and still have some money left over for savings. Sounds impossible? Have a look at Table 1. 

Rent and hire purchase accounts

These are the most critical debts she owes and deserve the most attention. 

Even though several other debts have higher interest rates, none of them can take away her appliances at least in the short term. 

We suggest that Gabby step up her payments to the hire purchase accounts and try to not miss any subsequent payments. We also suggest that she makes a concerted effort to pay the rent on time and a little something extra besides what is owed. 

In either of these cases, the debts will eventually be regularised and eliminated. The payment on these will then be rolled over into the next most critical debt. 

Finance company, bank and credit card

These three debts attract high interest and severe penalties. If these costs are not paid, the balances and charges will increase. The key with these is to identify the monthly costs and pay that alone until better can be done. This ensures that the principal will not go up and, when cash flow permits, she can address it then. 

When she can pay extra, the credit card should be the first thing she brings within the limit. She will avoid the over limit fee of $30 and it is also the smallest of the three. 

Family and utility bills

While these do not attract interest, they should still be paid to take some heat off her back. Small regular payments are the key and creditors will see she is making an effort and may be more accommodating and patient. 

Savings

When we tally up all of the allocations we have $368 left which she must commit to saving in case of emergencies. 

Casual readers may be forgiven for thinking that Jamaican-based Supreme Ventures Ltd is simply that country’s lottery operator. In fact, Trinidadian-based investors have a significant stake in that company.

This ownership is held via Zodiac Investments and Holdings Ltd; this is a Trinidad registered company, which holds a 49.95 per cent stake in Intralot Caribbean Ventures Ltd. Intralot Caribbean, which is registered in St Lucia, is the legal owner of 49.9 per cent of Supreme Ventures Ltd. Consequently, Zodiac is the indirect owner of 24.95 per cent of SVL.

Zodiac associate, Nicholas Mouttet resigned from the board of SVL on August 4, 2015, and was replaced by Robert Nader.

According to SVL’s press release, Nader is the president and managing partner of Gaming & Entertainment Management-Illinois, LLC (dba GEM) and ARES/ICE-Jamaica. GEM is a licenced terminal operator in Illinois, USA with approximately 20,000 active video lottery gaming terminals in a route system. ARES is active in the Caribbean with a similar route system of terminals.

Helped by lower finance costs and an improved operational performance, SVL delivered a net profit increase of almost 63 per cent for the six-month period to June 2015.

Let us now review its half-year results for that period in some greater detail.

Changes in financial position

Total assets declined from the December 2014 figure of J$5.9 billion to J$5.04 billion as at June 30, 2015.

Long-term assets fell marginally to J$2.88 billion from J$2.91 billion last December. The bulk of this decline was recorded under disposals or write-offs of video lottery terminals, which consumed almost J$77 million. The end of period balance moved to J$89.3 million from J$137.4 million as at last December.Two line items recorded increases over the six-month period; long-term receivables moved from J$406 million to J$484 million while deferred tax assets advanced to J$140 million from J$98 million.

Current assets fell to J$2.16 billion from J$2.99 billion.

All components recorded declines. Inventories contracted to J$37.6 million from J$101.7 million. Meanwhile, trade and other receivables closed at J$589.4 million from the year-end balance of J$664.5 million.

In addition, cash and cash equivalents ended at J$1.53 billion, reflecting a decline of nearly J$700 million from the J$2.23 billion balance last December. Partly accounting for this decline was the almost 200 per cent increase in dividends paid in the half-year; this disbursement moved from less than J$400 million in the 2014 period to J$1.19 billion in the current half-year.

Non-current liabilities declined to zero from less than J$8 million as at December 2014.

Current liabilities also trended downward, moving from J$1.85 billion to J$1.48 billion as at June 2015. The major decline was recorded under prize liabilities, which fell to J$143.2 million from J$599.1 million last December.

On the other hand, and in line with its higher profits, income tax payable rose to J$213.3 million from J$33.2 million last year-end.

Shareholders’ equity

Stockholders’ equity contracted to J$3.56 billion from J$4.05 billion.

The major change was in the retained earnings component, which fell to J$1.53 billion from J$2.02 billion. This reduction was consistent as the current dividends to shareholders of J$1.19 billion surpassed the current period’s profit of J$705 million.

With 2,637,254,926 shares outstanding, each share had a book value of J$1.35 (December 2014: J$1.53).

Revenues and profits

Half-year revenues rose by 9.9 per cent to J$22.18 billion from 2014 half-year of J$20.19 billion. The major contributors to this increase were lottery and pin code revenues.

Direct expenses rose by 8.3 per cent to J$19.74 billion from J$18.23 billion. This lower rate of change helped SVL produce a gross profit of J$2.43 billion; this result represented an improvement of 24.5 per cent over the J$1.95 billion reported from the 2014 period.

Operating expenses, at J$1.47 billion, were 6 per cent higher than the J$1.39 billion incurred for the six months to June 2014.

These changes allowed SVL to register profit from operations of J$961.6 million; this represented an improvement of J$394.2 million or 69.5 per cent over the 2014 figure of J$567.4 million.

In line with its lower cash balances, interest income declined to J$35 million from J$40.6 million in the 2014 period.

Net foreign exchange gains rose to J$3.7 million from J$1.1 million.

Finance costs fell to J$2.9 million from J$9.9 million in the first half of 2014. SVL has now reduced its debts to a nominal figure of J$7.2 million.

After including other gains of J$17.9 million (2014: zero), pre-tax profit registered at J$1.02 billion; this was 69.5 per cent greater than the comparative 2014 result of J$599.2 million.

Tax allocation rose from J$166.3 million to the current period’s J$310.3 million. This resulted in SVL reporting an after-tax profit of J$705 million versus J$432.9 million for the first six months of 2014, reflecting a 62.9 per cent improvement.

This result translated into EPS of J$0.27 (2014: J$0.16).

Segment results

The two major segments that generate the most profit are lottery and pin codes.

Lottery revenues rose by 7.7 per cent while its profit contribution soared by 45.2 per cent. The robust improvement in profit can be attributed to a reconfiguration of the Cash Pot game; previously, this game design allowed payments in excess of the designed liability of 72.22 per cent. During this period, the highest jackpot payment of J$395 million (almost TT$22 million) was hit on May 27, 2015.

Pin code revenues advanced by 33 per cent but its profit contribution declined by almost 35 per cent. Since November 1, 2014, this activity has been conducted by its subsidiary, Big ‘A’ Track 2003 Ltd. The lower profitability may be attributable to one-off transitional costs.

The sports betting segment initiated a rebranding and upgrading exercise which is expected to allow it to improve its contribution to the bottom line.

Dividends, share price and prospects

In the first half of 2015 SVL paid dividends totalling J$0.45. On March 20, a dividend of J$0.27 was disbursed and this was followed on May 27 by a payment of J$0.18.

On September 2, 2015, shareholders received a dividend of J$0.10. A board meeting, scheduled for November 5, 2015, will also consider the payment of another dividend, probably an amount of J$0.10 in early December.It seems very likely that the total dividend for calendar 2015 could then be J$0.65.

SVL’s share price closed at J$1.82 on January 5, 2015. From that base, the price rose steadily, barring occasional pull-backs. On May 11, 2015, it closed at J$3.93 and then peaked at J$4.09 on September 7, 2015. It was recently traded at J$3.65.

Using a projected calendar dividend of J$0.65, the recent price of J$3.65 gives investors an extremely high yield of 17.8 per cent.

Can this level of dividends be sustained? In the short-term, the answer is probably yes.

Even if we project a full year EPS of J$0.60, the likely dividend pay-out will probably exceed its current earnings; this can easily be funded by using some of its retained earnings.

We might further project a year-end share price of J$4.00. If that price were attained, then the capital appreciation for the year would be J$2.18. Combining this appreciation with the anticipated dividend of J$0.65 we get a total gain of J$2.83 over the one-year period.

When that gain is related to the opening price of J$1.82, we would derive an annual gain (dividend and capital appreciation) of 155.5 per cent. For external investors, even if the currency might have depreciated marginally, that is a very respectable one-year return!

For a company that has no debt, has built up substantial retained earnings and essentially operates on a cash basis, this strategy can work for a long time. This arrangement keeps investors interested and helps support the share price.

Any future major capital projects can probably be easily funded by its international partners and significant shareholders, Intralot/Zodiac (49.9 per cent owner) and GTECH (0.603 per cent owner), at favourable rates and terms.

SVL’s operations might remind us of how the local companies Witco and Unilever function.

Pending litigation

SVL continues to be a defendant in two cases brought against it by some of its founders. These matters involve the forward sale of shares in SVL and the claimants are Epsilon Global Equities and Talisman Capital Alternative Investment Fund joined with EGE Ltd.

Both matters were previously settled in the company’s favour in the Jamaican courts; they were subsequently moved to and re-tried in the Florida (USA) courts, where SVL also won dismissals. Currently, both matters are under appeal and final decisions (expected in SVL’s favour) should be forthcoming before the end of the year.

For the nine-month period ended September 30, 2015 (NM15), indices movement was mixed with both the Composite and All T&T Indices closing lower than its opening values while the Cross Listed Index extended its gain from the previous quarter. 

The Composite Index shaved 0.29 per cent or 3.34 points in NM15 to close at 1,147.57, the All T&T Index lost 1.67 per cent or 33.06 points to 1,950.12 and the Cross Listed Index increased 8.51 per cent or 3.55 points to end the nine month period at 45.27. 

In the Third Quarter (Q315) alone, the Composite Index, All Trinidad and Tobago Index and Cross Listed Index posted declines of 1.24 per cent, 1.04 per cent and 2.37 per cent respectively. The advance to decline ratio ended NM15 at 14 to 11.

Trading activity for NM15 on the first tier market registered 50,996,484 shares changing ownership. This represented a decline of 24.97 per cent when compared to the 67,968,423 shares traded for the same period in 2014. Q315 on Q314, volumes traded were down 22.59 per cent from 18,041,250 shares (Q314) to 13,966,215 shares (Q315). When compared to the previous quarter (Q215), market activity fell 29.63 per cent from 19,845,892 shares. The value of shares traded in NM15 was $658,401,834.95, down 20.41 per cent from $827,265,316.82 in NM14.

For the nine-month period under review, the volume leader was Trinidad Cement Ltd (TCL) commanding 23.54 per cent of the total volume traded with 12,006,591 shares. This was followed by Jamaica Money Market Brokers Group Ltd (JMMBGL) with 12.34 per cent of all trades or 6,292,183 shares changing hands. National Commercial Bank Jamaica Ltd (NCBJ) was the third volume leader with 12.16 per cent of the traded volume or 6,200,261 shares changing ownership. 

Next was Sagicor Financial Corporation (SFC) which captured 8.88 per cent of trading activity or 4,528,351 shares traded. National Flour Mills Ltd (NFM) followed with 5.85 per cent of the market or 2,981,348 shares crossing the floor of the exchange. 

NM15 also saw 61,000 Sagicor Financial Corporation Convertible Redeemable Preference (SFCP) shares traded with a value of US$67,100.00. The price remained unchanged at US$1.10.

On the TTD Mutual Fund Market, 13,480,672 Clico Investment Fund (CIF) units traded in NM15 with a value of $304,745,561.36 compared to NM14 which saw 9,683,774 units traded with a value of $212,481,806.03. CIF closed NM15 at $22.50, down 2.43 per cent or $0.56 for the nine-month period. Additionally, 62,150 Praetorian Property Mutual Fund (PPMF) units traded with a value of $192,072.50. PPMF’s price fell 12.57 per cent or $0.44 to end at $3.06.

NFM was the major advance for NM15 rising a substantial 72.17 per cent or $0.83 to end the period under review at $1.98. Following was NCBJ, up 41.74 per cent or $0.48 to close at $1.63. Next in line was TCL which advanced 26.00 per cent or $0.65 to close at its 52 week high of $3.15.

Leading the declines for NM15 was One Caribbean Media Ltd (OCM), which fell 12.00 per cent or $3.00 to close at $22.00. This was followed by Massy Holdings Ltd (MASSY), which slipped 8.42 per cent or $5.75 to $62.50. Republic Bank Ltd (RBL) was the third major decline, down 6.46 per cent or $7.74 to end the nine month period at $112. Both OCM and RBL closed NM15 at their 52-week lows.

Third quarter dividend payments

Highlights for the third quarter of 2015

September 2015

The T&T Stock Exchange Ltd (TTSE) received notice from FCI that its wholly owned subsidiary FirstCaribbean International Bank (Barbados) Ltd has entered into an agreement on August 3, 2015 with Heritage Bank Ltd of Belize that will see Heritage Bank Ltd and related entity Heritage International Bank & Trust Ltd acquiring certain net assets of the Belize operations of FirstCaribbean International Bank (Barbados) Ltd.

The TTSE was further advised that the transaction is subject to regulatory approval and the requisite applications have been submitted to the Central Bank of Belize and the Central Bank of Barbados. The transaction is expected to be finalised in the coming months. The transaction will not have a material impact on FirstCaribbean International Bank Ltd’s Tier I and total capital ratios.

August 2015

Sagicor Finance (2015) Ltd, a member of the Sagicor Group, successfully issued a new seven-year bond on August 11, 2015 in order to refinance debt, including the US$150 million 10-year bond due in 2016. This new US$320 million bond matures in 2022, and comes with an 8.875 per cent fixed rate of interest for the period with interest payable semi-annually.

In previous publications in May 2015, Trinidad Cement Ltd (“TCL/”the Company”) advised (inter alia):

• That it had secured bridge loan financing in the amount of US$245M, effective as of May 12,

• 2015, in order to repay loans and take advantage of the maximum amount of the prepayment discounts afforded under the debt restructuring arrangements agreed to in March 2015; and

• That the TCL Board of Directors had agreed to the engagement of arrangers for long-term financing to repay the bridge loan.

TCL is pleased to advise that the process of acquiring long-term financing to repay the bridge loan has been successfully completed. 

On August 4, 2015, the company took a decision to close the syndicated loan process, having received its targeted commitments of the equivalent of US$210 million. 

On August 6, 2015, the TCL Board of Directors considered the various draft refinancing agreements in relation to the syndicated loan, and passed resolutions approving (inter alia) the terms and conditions outlined therein. 

The proceeds of the loan, together with internally generated cash of US$35 million, were used to settle the bridge loan amount, effective August 11, 2015. The refinancing agreements were fully executed on and became effective from August 06, 2015. The key terms of the refinancing are as follows:

• The loan amount is the sum of US$210 million (comprising US$153.3million and TT$361.4million);

• The term of the loan is five years;

• The interest rate is LIBOR + 5.50 per cent, on USD drawdowns and three-month TT Treasury Bill + 5.50 per cent on TT$ drawdowns, with a floor of 0.75 per cent for LIBOR and the three-month TT Treasury Bill;

• The loan will be guaranteed by TCL’s subsidiaries;

The joint lead arrangers are Citigroup Global Markets Inc and Credit Suisse Securities (USA) LLC

July 2015

Further to the notice published on April 2, 2015 pursuant to section 64(1)(b) of the Securities Act, 2012, Republic Bank Ltd (“Republic Bank”) advised that on July 31, 2015, it officially acquired RBC Royal Bank (Suriname) NV from RBC Financial (Caribbean) Ltd through the purchase of Royal Overseas Holdings (St Lucia) Ltd at an estimated cost of US$45.3 million.

Fixed income market summary

On September 25, 2015, the Central Bank of T&T (CBTT) announced that Headline Inflation slowed to 4.00 per cent year on year to August 2015, from just over 5.50 per cent in June 2015. 

As stated in the report, food inflation, which drives the headline inflation rate, decelerated to around 8.00 per cent from 11.50 per cent in July 2015. For the first half of 2015, the economy contracted by “close to two per cent” year on year and excess liquidity is currently estimated at a daily average of 3.3 billion over the period July to September 21, 2015.

In September 2015, the yields on the three-month, six-month and one-year Open Market Operations (OMOs) rose to 0.84 per cent 1.25 per cent and 2.35 per cent respectively from 0.79 per cent, 1.11 per cent and 2.22 per cent in August 2015. 

The Central Bank increase the Repo Rate, the rate at which it lends to commercial banks, for a seventh consecutive time by 25-basis points to 4.50 per cent.

(Statistics provided were based on price and indices data available as at September 30, 2015)

Over the course of the last 35 years, the T&T Stock Exchange has evolved and now boasts many of the key companies which drive the growth and development of our local economy. The T&T Unit Trust Corporation (TTUTC), therefore, views the launch its Calypso Macro Index Fund as a surgical insertion in to the financial landscape. It would be appropriate to examine the fund and, in the process, reflect on some of the basics of index investing and how the passive investing approach can benefit the rank and file investor. 

What is an index?

An index is a way of measuring and tracking changes in an economy or a securities market. It is typically a portfolio of securities which is assembled together to represent a geographic region, sector or portion of a market. 

What is an index fund?

An index fund is simply a group of assets put together to track a particular market, geographic region or sector. These funds require limited management and so the related management fees for index funds are typically lower than those of mutual funds. However, the risks associated with index funds are similar to that of the assets which they track.

Index investing makes it possible to shift the power of portfolio management from financial institutions to the retail investor. Through the appropriate use of index funds the average investor can take passive but broad investment exposure in various geographic regions and economic sectors at a low cost. 

By simply acquiring several index funds, the investor would be able to establish on his/her own a viable portfolio of securities. Therefore what may have once been a complex portfolio management function can now be achieved through one simple order to your stockbroker. 

What are the benefits of index investing?

One of the major benefits of index investing is diversification. Diversification is a way to reduce the probability of loss in your portfolio by spreading the risk among many securities. Thus if one of your assets does not perform, it would be compensated by the positive performance of the other assets in your portfolio.

Another great benefit of index investing is its low cost. Traditionally a mutual fund would have a management fee ranging between one per cent and two per cent. However, the management fees charged by index funds are generally less than one per cent as the objective of the fund is merely to track the index. 

With indexing, the power of portfolio management is handed over to the investor. The investor can now choose which asset class, geographic region or sector he would like to hold and change the portfolio to suit, through the purchases and sales of various index funds.

‘Buy the market’

The launch of the fund will now enable local investors for the first time to own the local All T&T Index with a single purchase, and follow a passive indexing investment strategy. With the purchase of a single security—a unit of the Calypso Macro Index Fund—investors will automatically own a wide cross-section of local stocks. 

Local investors will also have the opportunity to utilise TT dollars to access equity exposure in the energy sector, and do so on a widely diversified and global basis.

The fund will be listed on the TTSE. Prior to listing there will be an initial public offering (IPO) from now till November 6, 2015. The fixed number of units on offer (20 million) and limited tenor of the fund (10 years) makes the fund a closed-end fund. The 0.50 per cent management fee for this fund is in line with the fees charged by other international index funds. 

The minimum initial investment is $1,000 and a unit will be priced at $25.

As this is the first time a UTC fund will be listed on the local stock exchange, units of the Calypso Macro Index Fund can only be bought or sold through a stockbroker. By doing so, the UTC is empowering and encouraging unitholders to diversify their portfolios by not only holding broad T&T exposure but encouraging investors to open brokerage accounts to go on to owning additional local stocks. 

For the local capital market, the Calypso Macro Index Fund represents an opportunity to keep TT dollars at home and invest in companies that drive the local economy. It cements T&T as the financial capital of the Caribbean.