Simone Morgan was in fine shooting form as he helped Fire Services keep a clean slate after defeating Police, 57-43 in the First Division of the 79th Edition of the Lystra Lewis Port-of-Spain Netball League (LLPOSNL). This was on Thursday at the Nelson Mandela Park in St Clair.

The former national netball shooter connected on 42 goals from 52 attempts on a slippery court due to rain. However, that did not diminish the level of play between the two teams as they battled from the first pass but it was Fire taking the early lead, 17-8 at the end of the first quarter.

Police, through the shooting of Jillisa Allan (20/33) and Jeselle Navarro (18/24) made a minor comeback in the second session, reducing its deficit to seven (27-20) at the halfway mark.

Fire though stepped its play in the third period and with the combination of Morgan and utility player Candice Guerero in the gaol-attack bib, operating the circle, the firewomen managed to pull further ahead by double-figures, 15, entering the final quarter (45-30).

Kaysha Duncan was installed as the goal-shooter but her five from eight was enough to effect much change in the score and her team went away with a 14-goal loss.

In the second match of the evening, Horizon missing a number of players in its line-up promoted two players, shooters Crystal Jones and Sharda “Sherry” Thomas from its Second Division team and both players lifted the unit to a 55-29 win over CHIPS.

Jones was most influential in the victory, scoring an impressive 44 off 59 tries which helped her team to an 11-8 lead in the first quarter and 27-14 at the half. When the third session concluded the advantage had swelled to 41-21 and victory was claimed by a 26-goal margin.

Working with her in the first three quarters was goal-attack Jocelyn Marcelle, who poured in seven of 14 and later Thomas, who hit each of her four attempts.

For CHIPS, Denise Rose netted 16 in 28 and Shannon Duncan, 13 of 30.

Last Monday, Soul City led by 12 in 26 from Sheniqua Griffith won the Third Division after topping Ebony, 19-9 in the first and second playoff. Finishing third was Gems.

Also, Transcend comfortably beat Malta Carib Senators, 52-34 to place third in the Second Division. Horizon and Malvern are carded to meet in the title-match today.

Results

Thursday
First Division
Fire 57 (Simone Morgan 42/52, Candice Guerero 15/20) vs Police 43 (Jillisa Allan 20/33, Jeselle Navarro 18/24, Kaysha Duncan 5/8). Quarter scores: 1st. 17-8 (Fire), 2nd. 27-20 (Fire), 3rd. 45-30 (Fire).
Horizon 55 (Crystal Jones 44/59, Jocelyn Marcelle 7/14) vs CHIPS 29 (Denise Rose 16/28, Shannon Duncan 13/30). Quarter scores: 1st. 11-8 (Horizon), 2nd. 27-14 (Horizon), 3rd. 41-21 (Horizon).
June 25
Third Division (First/Second playoff)
Soul City 19 (Sheniqua Griffith 12/26, Correne Torres 1/1, Nicola Alleyne 6/11) vs Ebony 9 (Tyeka Marquis 2/5, Cheneil Millette 4/9, Kaffi Horsford 0/1, Georgia-Lee Gill 3/3). Quarter scores: 1st. 6-3 (Soul City), 2nd. 8-5 (Soul City), 3rd. 15-6 (Soul City).
Second Division (Third/Fourth playoff)
Senators 34 (Christie Snaggs 9/14, Zakiya McKenna 25/33) vs Transcend 52 (Nicola Solomon 20/35, Reeka Seerattan 32/44). Quarter scores: 1st. 12-5 (Transcend), 2nd. 26-13 (Transcend), 3rd. 36-22 (Transcend).

The trio of Zoe Anthony, Zarek Wilson and Nikoli Blackman continued to excel for defending overall champion T&T with a gold medal each at the Central American and Caribbean Confederation Amateur Swimming Confederation (CCCAN) Championship on Monday night.

Competing at the Roly Bisslik Olympic Pool in Oranjestad, Savaneta, Aruba, the T&T swimmers won three gold, six silver and three bronze medals on the penultimate night of competition to improve to a four-day total of 40 medals (ten gold, 19 silver and 11 bronze) for 757.5 points.

Anthony was first to add to T&T’s gold medal haul when she out-swam her rivals in the 11-12 Girls 200m individual medal in two minutes and 32.91 seconds, well ahead of Cayman Islands’ Jillian Crooks (2:36.70) and Jamaica’s Morgan Cogle (2:37.44), who were second and third, respectively.

The inseparable pair of Wilson (2:24.32) and Blackman (2:27.46) then produced yet another one-two T&T for gold and silver in the 11-12 Boys 200m individual medley with Cayman Islands’ Stefano Bonati, third in 2:29.75.

Blackman, then returned to win his first individual gold medal of the meet in the 11-12 Boys 100m freestyle in 57.61 followed by Bahamians Nigel Forbes (57.79) and Marvin Johnson (58.75) with T&T’s Josiah Changar, fourth in 59.26.

It was a very busy night for Blackman as he also picked up another silver medal, along with Wilson, Anthony, Gabrielle Vickles, and Malik Nelson.

In the 11-12 Boys 50m breaststroke, Forbes exacted revenge with gold in a meet record time of 32.15, well clear of Blackman (34.74) and Panama’s Edu Trejos (34.75) with Changar, fifth in 35.96.

Wilson had to settle for silver in the 11-12 Boys 200m butterfly in 2:21.11 behind Guatemalan Christopher Gossmann (2:18.28) with T&T’s Blackman, taking bronze in 2:27.83.

Anthony was a distant second in the 11-12 Girls 200m butterfly in 2:38.54 with Cayman Islands’ Allyson Belfonte taking gold in 2:36.35 and Colombia’s Sophia Ospina, bronze in 2:38.90 with T&T’s Caitlyn Look Fong (2:40.58), fifth.

Cayman Island’s Crooks topped the 11-12 Girls 100m freestyle in 1:01.72 ahead of Vickles (1:02.33) and Jamaican Morgan Cogle (1:02.59) with Anthony, fourth in 1:02.98.

Nelson was T&T’s other silver medal winner on the night, competing in the 13-14 Boys 100m freestyle with a time of 54.81 to trail Bahamian Lamar Taylor (53.09) with Honduran, Robelto Lorios, third, in 55.56.

A gold medal winner on Sunday night, Kael Yorke had to settle for a joint bronze medal finish 24 hours later in the 15-17 Boys 200m butterfly in 2:08.27, the same time as Honduran, Carlos Vasquez, and under the Youth Olympic Games (YOG) B standard time of 2:10.13.

Colombian Juan Urbano won gold in 2:04.94, well under the YOG A time of 2:05.73 while Guatemalan Fernando Ponce ended with silver in 2:07.51.

In the 15-17 Boys 800m freestyle relay, the quartet of Graham Chatoor, Aqeel Joseph, Yorke and Josiah Parag combined for a time of 8:06.30 for bronze. Colombia won gold in 7:55.98 and Curacao, silver in 8:00.68.

The swimming competition was expected to conclude last night.

Today, the CCCAN Open Water Championships will begin until Friday at Mangel Halto Beach with Anthony and Blackman competing in the 3 kilometres events.

The United States of America observes its 242nd year of Independence today and, to mark the auspicious occasion, chargé d’affaires John W McIntyre added an exotic touch to the celebrations when he hosted a Hawaiian themed reception at O2 Park, Chaguaramas on June 20.

On a night befitting the occasion, its live entertainment programme featured the Shara Sarab Dance Company doing Hula dancing with a dance-along for guests, Malick Folk Performers performing a well-received Limbo dance and the T&T Prison Band moving the crowd with a repertoire of Rock and Roll, R&R rhythms and popular calypsoes to keep the party swinging.

So, why is July 4 USA Independence some may ask? Well, celebrations take place on the fourth of July every year because it was on that date, in 1776, that Congress officially adopted the Declaration of Independence.

Beforehand, a motion for independence was put forward by Richard Henry Lee and was voted upon on July 1, 1776, when 12 of the 13 colonies voted in favour.

The official Declaration of Independence was then drafted by future president Thomas Jefferson.

A double victory for the Gandhi Memorial Vedic School today as the two top SEA students came from the school.

The top SEA student is Saiesh Ramersad and the 2nd place student is Jada Ramnath.

Both are students of Gandhi Memorial Vedic School.

Education Minister Anthony Garcia who visited the school this morning announcement that the two top students came from Gandhi Memorial Vedic was greeted with screams and applause as students, parents and teachers expressed their overwhelming joy at the announcement.

Garcia also announced that Saiesh Rampersad the top student ”had a perfect score,” attaining 100 percent in all the subject areas in the examination.

He also announced that from his information “the great majority” of students who wrote the exams at Gandhi Memorial had passed the exam for their first choice.

They are off to Presentation College, Chaguanas and St. Augustine Girls High School.

Our failure to carefully consider the big picture, to sensibly weigh all options in setting developmental goals, is possibly the biggest reason why so much energy and effort is wasted on matters that are of short duration, unsustainable or doomed never to see the light of day.|

We are continually “spinning top in mud”, consistently failing to get a viable tourism industry off the ground because of repeated failure to address the things that matter, preferring to go the route of political expediency rather than long-term sustainability.

As anyone who has travelled through the region knows very well, in terms of natural attractions, history, culture and entertainment, the destinations in this region that have successful tourism industries don’t have a marked advantage over T&T. Where they outdo us is in terms of the hospitality infrastructure, quality of service, promotions and marketing.

So while we talk about tourism development, we are no where close to developing that sector into an important contributor to GDP because we still don’t get it. We are in a situation where we are lagging so far behind the regional competition that we are not in a position to reap the benefits of the industry in any significant way.

Strangely enough, however, we are face the same threats that they do and will suffer the fall out from that critical aspect of tourism that should be high on the agenda for every single nation in the Caribbean basin—connectivity through air travel.

Indeed, efficient air transportation is critical in the wider region given the heavy dependence of most economies, with the exception of T&T, on tourism. For most Caribbean nations, the highest proportion of GDP and a significant number of jobs are derived from travel and tourism.

Efficient airlift is not only vital to bring business and leisure travellers but is also needed to transport the goods and services for the various accommodation, hospitality and entertainment operations that underpin the entire tourism infrastructure.

For those reasons, I hope industry stakeholders here paid some attention to the deliberations at Aviation Day, hosted in Barbados last week.

The concerns raised at that forum, which was attended by aviation experts, airline executives, airport officials and government representatives from across the region, should have the full attention of local stakeholders who have been speaking so optimistically about making tourism a key revenue generating sector in the T&T economy.

The key message coming out of that forum underscores the views of one analyst who some years ago described the region’s aviation industry as “a disaster, staggering from one financial and operating crisis to another, too often micromanaged by governments, costing taxpayers millions of dollars in subsidies while becoming expensive to use to the point at which the cost of interregional travel is now resulting in rapidly declining passenger traffic.”

Indeed, it looks like the situation has actually become worse, given the concerns raised by CDB president Dr Warren Smith, Caribbean Hotel and Tourism Association (CHTA) director general and chief executive officer Frank Comito and others about high aviation taxes and fees and other regulatory barriers and make it so expensive and so difficult to travel across the Caribbean.

Dr Smith described aviation taxes as a deterrent to travel which makes the fares offered by regional airlines uncompetitive. Mr Comito warned that the situation was serious enough to turn away visitors from travelling to or through the region and stated quite bluntly:

“We recognise the challenges facing countries, but it is our duty to point out that taxing for additional revenue may have a reverse effect as tourists may choose not to travel to or within the Caribbean and instead select other destinations because of the high cost of our destinations.”

Vital to our connectivity are the various regional airlines, both private and state owned, that operate intra-regionally, as well as to international destinations. However, almost without exception, these carriers operate at a loss.

Our very own Caribbean Airlines (CAL) has been mired in debt for most of its existence even though, as the largest of the Caricom-based carriers, it has the lion’s share of the non-stop traffic.

LIAT, also a loss-making entity, is redeemed only by the fact that it provides the only regular scheduled flights to some islands which do not have airport infrastructure for larger aircraft.

However, since 11 separate Caribbean governments have some stake in LIAT, conflicting objectives make it almost impossible to operate that airline in a way that is financially viable.

The concerns raised at Aviation Day highlight the extent to which decades of political interference and protectionism have damaged aviation and made it impossible to have even one genuinely profitable airline that is not heavily reliant on subsidies to survive.

The sector is in a mess—and that is putting it very mildly. Plasters have been applied to festering sores, so that instead of looking at the big picture to get things right once and go all, a series of stop gap, doomed to fail measure have been implemented.

Governments continue to subsidise foreign carriers to fly in, subsidise regional airlines, and subsidise fuel, then they turn around and try to recover monies lost through these subsidies by imposing high taxes on travel and travellers.

The situation is so severe that in some Caribbean markets, taxes and charges constitute more than 30 per cent of the cost of an airline ticket.

As if that wasn’t bad enough, unfortunately, excessive taxes are only part of a bigger, more deeply rooted problem. The high cost of operating some of the region’s airports due to high fees and charges, plus restrictive air service agreements which reduce the number of routes airlines operate further complicate the situation.

Solving the region’s connectivity problems is no easy fix but it is necessary to resuscitate the vital tourism industry. Ways must be found to free regional carriers from recurring losses, high debts, bankruptcies and bailouts

This region, made up of islands covering a vast geographic space that extends from the tip of Florida in the United States to just off the coast of Venezuela in South America, needs a strong competitive aviation industry to support the tourism that is so essential for our collective economic survival.

As it now stands, the Caribbean’s share of the global tourism market has been eroding and visitor arrivals growth is not where it should be.

The air transport problem needs to improve quickly—there isn’t the luxury of time in which to do it.

Unless there is a marked upgrade in the near future that will attract an increasing the flow of visitors to T&T and other parts of the Caribbean, there will be major economic consequences.

Since there is no time to waste, there should be a quick follow up to the Aviation Day deliberations, perhaps at the Caricom Heads of Government Summit which starts tomorrow, to set a recovery plan in train.

Studies have been done, experts have made recommendations over the year which were either ignored or not properly followed. Time for a fresh start, a different approach, with a commitment to do things properly. Otherwise, what has already been lost may never be recovered.

Tourism is a major economic pillar of the region.

In the case of T&T, it is a potential high revenue earner that must be given greater priority . However, all the natural beauty, vibrant culture and hospitality will be for nought is there isn’t a cost effective and efficient way to bring visitors to our corner of the world.

Let try to get it right.

T&T’s cocoa industry has been through good and bad times for almost 100 years.

From the heyday of production in the 1920s to recent drastic declines, the industry has seen it all.

Today, it is a $100 billion industry worldwide which T&T can tap into. To finally turn the T&T industry into a successful 21st century business, the International Fine Cocoa Innovation Centre is being set up at Valsayn.

Path Umaharan, director of the Cocoa Research Centre at the University of the West Indies, St Augustine, said the effort involves exporTT working and a variety of private and state entities.

“If you do not have a set up that brings these players together in a cohesive way, ultimately, the stakeholder does not benefit,” he said.

“The overall objective of that centre is to bring players together in a focused manner to build a cocoa value chain. If people can learn from our model here, T&T can export this model and sell it anywhere in the world.”

The centre is located on a 12-acre piece of land allocated by UWI and includes a model cocoa farm showcasing innovations and best practices and a model processing facility.

A chocolate factory is also being built on the site to showcase best practices in manufacturing.

“We have purchased the equipment already, and have applied to the government to support the building. We are still waiting for the resources to be released. We want the whole value chain showcased at that centre,” he said.

The evolution

The cocoa industry has declined from the “Golden Age” in the 1920s and 1930s when T&T used to produce 40,000 tonnes per annum, to a mere 400 tonnes annually.

“The decline was precipitated by a disease that entered into Trinidad during that era called the Witches’ Broom Disease. That actually was the reason why this research centre was established because the global cocoa industry was heavily reliant on the production from T&T at that time,” Umaharan said.
Other factors also contributed to the decline of the industry. With the growth of the energy sector, many workers began to migrate away from the labour intensive cocoa industry to the higher paying oil industry.

In addition, the establishment of the West African cocoa industry in the 1940s provided an alternative to T&T’s industry. Today that region in Africa produces 75 per cent of the world’s cocoa.

Local farmers were only capturing five per cent of the value chain and it did not make business sense for many people to continue working in the sector.

Umaharan explained: “Many of them abandoned their estates because of a lack of labour and a lack of profitability. In the early 2000s, there was change in the market place. The chocolate industry started to morph into a bean-to-bar chocolate industry. Some call it an ultra-niche industry providing consumers with very high quality chocolates at high prices particularly in the metropolis.

“It started in Europe and has spread to other metropolitan cities of the world where people wanted to taste the delicate flavours.”

He said a lot of the big brand chocolates actually have a lower percentage of cocoa in them. The remainder is milk and sugar.

“The international niche marketplace offered consumers chocolates with a wider range of new flavours that people never knew existed in cocoa.

“These dark chocolates also gave a better health benefit as cocoa itself is said to have nutraceuticals that are good for cardiovascular and other benefits. These demand characteristics in the market created a new segment which can be referred to as boutique industries,” he said

According to Umaharan, from having four to five big chocolate companies producing all the chocolates for the world, there are now thousands of small boutiques cropping everywhere producing bean-to-bar chocolates. This created a new business model where instead of going through middlemen, bean-to-bar chocolatiers bought directly from farmers which increased their profit margin.
“That has given an impetus to cocoa producers in T&T. Those that had once abandoned estates now see the benefit of rehabilitating it to sell beans to the boutique market internationally,” he said.

Local potential

Umaharan estimates that there are about 1,300 small cocoa farmers and ten large farmers in the country. He said there is now a “resurgence of interest” in the industry.

“Farmers used to get about US$2,800 a tonne. Now there are farmers who are directly selling are getting US$7,500 per tonne. That is a value increase that is now allowing them to invest back into the cocoa industry and get better yields,” he said.

However, there is much more farmers need to do to harness the value chain.

“If they can make chocolates then there is an opportunity to get even higher percentages of the value being retained in T&T. We have trained more than 200 people in chocolate making.

“There are over 60 value added entrepreneurs in T&T. Most of them are into chocolates and chocolate products but some are making soaps, cocoa nibs and other things. They need to be made into viable businesses who can export into the 30 million tourist market which is on T&T’s door steps.”

Ashmeer Mohamed, chairman of exporTT, said there are a few bigger chocolate makers who are doing well. He listed T&T Fine Cocoa Company and Montserrat Hills Cocoa which have their products in Europe.

Mohamed said local chocolate producers must look beyond Caricom.

He said Montserrat Hills Cocoa represents 27 farmers who grow and process the beans and export them as a co-operative and they have done well.

“They are producing seven types of bars and each bar is named after one of the towns and areas. Each one of the chocolates carries the story of a town. One of the things that foreign buyers are looking for is that if there is a story that goes with it, they are very happy to see that.

“They are the only local company association to get a geographic indicator (GI) for their fine cocoa. This GI gives it a protection similar to champagne in France,” he said.

Mohamed said that Montserrat Hills applied for and was granted a direct assistance grant from the Ministry of Trade which will be used to purchase equipment.

Umaharan—noting that T&T is home to the world famous Trinitario cocoa and the world’s largest gene bank for cocoa— said what failed in the past was a wrong business model.

“We were not able to exploit what we had was because the business model was wrong as we were trying to compete in the bulk market instead of the ultra-niche market. I think we can create a new cocoa industry which is profitable to all the people along the value chain which includes farmers, chocolatiers and marketeers.”

As T&T slowly forges ahead to economic diversification, is the country on the correct path?

Is expanding business portfolios the answer or are deeper discussions between the Government and the private sector to ensure the country is steered in the right direction?

According to Ronald Hinds, president of T&T Chamber of Industry and Commerce, “We have confused having more businesses with diversification. It’s not the same thing. What has happened in T&T is we have become accustomed to thinking about the inflows of the energy sector in a particular way.

“We are talking about how can we make any of these additional industries internationally competitive but the reality is we often don’t. We want to develop industries on our own terms except nobody buys on your own terms and that’s the basis we sell internationally competitive things. There’s a willing buyer who you cannot force to buy.”

Discussions on diversification, he advised, should centred around the international market.

“Every time we have a discussion on diversification the first question you have to ask is whether that economic activity that you’re talking about has any realistic hope of being purchased on the international market. If the answer is no then it’s is a nice additional business, it’s another store. I’m not opposed to another store but it’s not going to diversify the economy,” he said.

Hinds was part of a panel at a pre-budget discussion, Diversification and Confidence for T&T, hosted by the T&T Group of Professional Associates Ltd at the Hilton Trinidad and Conference Centre.

He said one of the biggest imperatives, even before diversification can begin, is ensuring T&T is in a position to export internationally competitive goods and services.

“It’s not what you feel will be nice, it’s what somebody will actually pay you for and not somebody whose arm you could twist, not somebody you could block off by protection, it’s somebody who you’re competing with the rest of the world with,” he said. 

“We have been able to export a range of globally competitive commodities but relying on a narrow range of commodities that are exposed to the same type of risk leads to the boom and bust. It’s guaranteed to happen. So even if this economy was to recover and oil was at US$150 a barrel, we are supposed to know for sure that the US$30, US$15 and the US$8 is going to come back again.”

Diversification, therefore, speaks to holding a portfolio of assets that are not subject to the same risks.

Using Ariapita Avenue as a reference, he noted the popular entertainment strip is largely supported by locals. At St Lawrence Gap, Barbados a similar setting to the avenue, 90 per cent of the patrons are foreigners.

“On one level it’s the same kind of thing but it’s very different in terms of its role to the respective economies. It’s the same business but Ariapita Avenue is subject to the identical risk like the rest of the economy. When energy prices decline, the economy declines and all other things being equal, Ariapita Avenue will decline.

“The issue is not Ariapita Avenue, it’s what is the role in the economy. What is it dependent on. If you’re not focused on that we are not talking about diversification,” Hinds said.

If a change in discussion does not happen, no substantial benefit will be achieved, he said.

“We have to change the discussion. We have to realise that the things we are saying are the solutions is just a manifestation of what the problem is and, until we do that, we’ll come up with more lists on diversification, another list of incentives to avoid the disincentives and we will have Tamana Intec Parks 20 years after conception still largely unoccupied,” Hinds warned.

Tourism in crisis

Poor customer relations, bureaucratic red tape and competition from the Government are leading to a worrying decline of the tourism sector.

Stephen Broadbridge, vice president of the T&T Incoming Tour Operators Association, who brought these issues to the fore, described the industry as rewarding yet frustrating.

After being n the business for 25 years, he sees lack of investment as the biggest impediment.

“Marketing is something in Trinidad we seem to refuse to do. We resist it. Improving the facilities at Maracas—that’s not going to bring tourist. Let’s not fool ourselves.

“Whatever you spend on the beaches, it’s not going to bring anybody. The marketing is going to do that,” Broadbridge said..

He was critical of the Tourism Ministry’s Stay To Getaway campaign, saying this strategy is not a foreign exchange generator.

“This doesn’t have any meaning. It does not affect hotel rooms, it does not affect people in restaurants,” he said.

Broadbridge, who brings groups to T&T, said this as a viable means of generating jobs and showcasing the many offerings of T&T.

“This also has an impact on the smaller businesses. When visitors leave the hotels and hire taxis, go to the bars and seek guides. I am dumbfounded when I think of the wasted opportunity,” he said.

Customer service, especially in the cities and built-up areas, is daunting.

“When visitors go to the country areas the feedback is the hospitality is amazing. My guests tell me that when they went into the mall to buy something the staff would be talking or walk away. There’s a massive difference in attitude and service between the rural and built-up communities,” Broadbridge added.

He said no government has done anything meaningful for tourism and the Tourism Minister is yet to hold talks with his association.

Broadbridge who facilitates international camera crews like BBC and National Geographic to shoot documentaries in T&T, complained that bringing equipment into the country is often problematic.

“The red tape you have to go through to get any kind of tax relief is almost impossible. They are slowly dismantling the tourism industry,” he said.

“They are taking away the concessions we had before. It’s a funny thing with T&T. When we have oil, we don’t want tourism. When the oil goes we no longer have money to invest in it and then we remove more tourists. We are in a real lose-lose situation,” he said.

He also accused the Government of competing with tourist organisations, dealing another deadly blow to the sector.

“We have the PTSC who are running substandard tours. Why is the Government trying to compete against us? Is it fair that the Government is regulating us by telling us what kind of vehicles we can use, how many vehicles we can import? How can the people that’s competing against you be allowed to regulate you? Why is the Government partaking in the tourist industry. They are facilitators, they are not supposed to participate,” Broadbridge asked.

T&T, biggest polluters in region

More than six years ago, a proposal was put forward to establish wind farms along T&T’s eastern coast. This, experts had then advised, was crucial for energy regeneration.
It represented sound research conducted by the University of the West Indies but no implementation followed.

Solar expert, physicist and lecturer at the University of the West Indies, St Augustine, Dr Indra Haraksingh noted that if the initiative was put into action it would have not only reduced T&T’s carbon footprint but propelled the diversification strategy.

“In the east coast of Trinidad we found very good wind regime and it’s an area we are targeting for setting up wind farms. We are looking at Manzanilla. A student has already completed his master thesis and did an excellent study on this. We have the information but no implementation.

“The Government has also been looking at a wind resource assessment programme and the UWI works with stakeholders like the UTT. We are responsible for the technical aspect of it.

There have been problems with it. It has been planned but not facilitated as yet,” Haraksingh said.

But T&T is far from achieving its ten per cent target of electricity regeneration from renewables by 2021. It has only achieved some two per cent.

The problem, simply put, is the will to get it done, she said.

“Some of the policies are in place but the enabling environment is not necessarily in place,” Haraksingh said as she appealed to the Government to look at alternate forms of energy, especially since T&T is a huge polluter.

“We may have a small carbon footprint than the rest of the world but with respect to the Caribbean region we are the biggest polluter. We are highly industrialised,” Haraksingh noted.

Saying that the entire region has great possibility to harness solar and wind energy, Haraksingh explained that renewable energy can lead to a host of positive factors such as job creation.

Profits can also stay within the region or country and not flow out to external investors.

“In T&T, in particular, we need to look at conservation and energy efficiency because it’s cheap. We waste a hell of a lot.

“Our focus should be solar and wind and, perhaps, biomass. We need to look at climate smart technologies and climate smart agriculture. If there are renewables injected into the agricultural sector it can work very well to the benefit of this sector and make it more attractive for people to get into this area,” she said.

But for T&T to really move forward regarding diversification, it must overcome several challenges.

Barriers to growth, Haraksingh identified include:

• Lack of access to finance/credit/land
• Ineffective support programmes
• Exacerbating social inequities
• Corruption and political instability
• Customs and trade regulations
• Lack of economies of scale
• Lack of operational efficiency
• Higher rates of failure
• Longer-term returns on investments
• Inadequately educated workforce

Training and having the correct skillset are also key if T&T is to develop its solar energy sector.

Referencing solar water heaters, there’s the need for more plumbers in this field, for instance.

While she noted that Caricom has been doing its part in terms of promotion of renewables, Haraksingh said T&T must be competitive to ensure access to modern, clean and reliable energy supplies.

“There are institutional frameworks that must be put in place to get this on board. A steering committee to look at renewable energy development in the region, co-operation with and strengthening of regional institutions, co-operation with external agencies, financing mechanism and co-ordinated regional approach.”

There must be the political will to ensure implementation.

Overcoming challenges include:

• Provide access to finance and natural resources
• Provide policy support
• Adopt and support collaborative approaches among SMEs (small and medium-sized enterprises) among support agencies, and between SMEs and support agencies
• Explicit support in greening of SMEs
• Adopt and support collaborative approaches among SMEs, among support agencies, and between SMEs and support agencies
• Mentoring and coaching to change consumer behaviour and build capacity
• Conduct training programmes for different categories of population—short courses, degree programmes
• Expand school curriculum, university programmes
• Set up incubation investment facility/Green Fund

Over the last week there have been two very important developments that could have long lasting impact on the local energy sector and, by extension, the economy of T&T.

The first was a major announcement by chairman of the National Gas Company, Gerry Brooks, that the present natural gas curtailment will continue past 2020 and that some inefficient plants will have to close down as gas is sent to the more efficient ones. He also indicated that even with the gas curtailment issues the NGC intends to have significant growth in its profits over the next five years.

The second major issue was the announcement by a subsidiary of the Proman group of the start up of the largest methanol plant in the United States. The Proman release read that Consolidated Energy Ltd (CEL), OCI NV, and Natgasoline LLC have started commercial methanol production at their 5,000-metric tonne per day methanol plant in Beaumont, Texas.

Industrial Plant Services Ltd (IPSL), a leading provider of plant management services based on the Point Lisas Industrial Estate, provided extensive technical expertise in the construction and commissioning of the facility, including training staff who will be responsible for its operations and maintenance.

“The plant, which was completed in April, will be the United States’ largest methanol production facility. It is the only new capacity expected in the Americas to come online in 2018, and will continue its ramp-up in the coming weeks while under-going normal fine-tuning of equipment,” the release read.

CEL, a global leader in methanol, is a subsidiary of Proman Holding AG (Proman) and Helm AG (Helm).

David Cassidy, chief executive of Proman and chairman of both IPSL and CEL, said: “I am delighted to see the Natgasoline facility come online. Its considerable production capacity will be instrumental in meeting customer demand for methanol.

It is an important operational milestone for us, allowing us to diversify our operations and grow our production capacity in the US market. The involvement of the IPSL team has been instrumental in delivering this project, and has been an outstanding example of bringing the talent and skills from across the Proman business together to deliver results as a team.

“The successful start of production at Natgasoline is a significant step forward in our capacity expansion programme and marks the completion of OCI’s second major greenfield facility in the United States within as many years,” said Nassef Sawiris, chief executive officer of OCI NV.

“Natgasoline helps to position OCI as one of the largest merchant methanol producers globally, thus providing an enhanced platform to serve our customers better, while generating attractive returns for our shareholders.”

To put it into context, plants at the Point Lisas Industrial estate bring in billions of dollars in revenue to the country. They do so by their payment of taxes on profits, they are the largest customers of both T&TEC and WASA, they employ thousands of citizens in high paying, high skilled jobs and through their purchase of goods and services are significant players in the welfare of T&T.

Those companies have for the last six years faced an increasing natural gas shortage that has significantly impacted their operations, their profitability and cost the Treasury billions of dollars.

For the chairman of the NGC, the company that supplies gas to the downstream operations, to project continued gas shortage and to further threaten that some of these companies may have to be shut down because of inefficiency, will no doubt lead to further insecurity and have the effect of companies seeking to simply cream whatever profits they can get now rather than being here for an uncertain future.

It must be noted that the line Minister Franklin Khan quickly sought to rubbish Brooks’ assertion that plants will be closed down but he did talk about the need for plants to be more efficient.

Further, the announcement by Brooks of increased profits must beg the questions how and where?

Perhaps the NGC might continue its cost containment efforts, maybe it is based on the projected increased gas supply, or greater margins on higher negotiated prices. But when you take the uncertainty of gas supply and the higher gas prices, one sees why the Proman announcement is important.

For those who don’t know, Proman is a major player in this country’s energy sector, with massive investments in methanol, melamine, ammonia and urea and now upstream in natural gas exploration and production.

It has pursued in the past a growth strategy based on continued investment in T&T, but with no additional gas available, higher costs, and an uncertain investment environment it has apparently sought new opportunities in the United States.

Proman is just one of the companies operating in T&T that are now either building of exploring the possibility of new plants in the United States, the country where we export most of our petrochemicals.

Cheap shale gas is partly driving them but so too is the uncertainty surrounding gas prices and production. Government has made good on its promise to increase production but, if Brooks is correct, it is not enough and the question is: how much longer will companies be prepared to be patient, or are we at risk of there being gas but no takers?

In T&T, the haves and the have-nots both have one thing in common—they are concerned about the price of oil.

In early May, citizens welcomed Minister Colm Imbert’s announcement of the hike in the West Texas Intermediate (WTI) oil price from roughly US$ 30 per barrel in 2016 to US$ 70 at the time of his announcement.

For some citizens, the higher price implies “party-time”—a farewell to job cuts and layoffs, cuts in government spending, shortages in US foreign currency and cuts to the fuel subsidy. Other observers, who are more conservative, think that regardless of price spikes; we should be sober in our expectations and concentrate on optimising the revenue we earn from the sector.

Where should our focus lie?

Why did the oil price crash?

How did we even get to the period of low prices and belt tightening in the first place?

In June 2014, the average price of crude oil was as high as WTI US$ 105.79 per barrel but then fell to US $59.29 per barrel in December. Crude oil then sold for as little at US$ 30.32 per barrel in 2016 in global markets. How did this happen? The 2014 crash in global oil prices was triggered by:

1. Decreased oil demand by emerging countries (Brazil, India, Russia and China) due to slower growth,

2. Increased US and Canadian oil production which cut their oil imports and

3. OPEC’s decision to keep its production stable despite lower prices, in order to retain its market share.

In addition, local oil production remained low and continued to decrease. Consider that average crude oil and condensate production moved from a peak of 230,000 barrels of oil per day (bopd) in 1978 to an annual average of 71,811 bopd in 2017.

At the same time, natural gas (Henry Hub) prices decreased and T&T struggled with persistent natural gas shortages. For T&T, lower commodity prices married with lower production resulted in severely less tax revenue and other payments to the government from oil and gas companies.

Government expenditure then collapsed by roughly 72 per cent between 2014 and 2017. This resulted in a depressed economy in which the Government and citizens sought to adjust to the new norm of forex shortages, lower capital investment, unemployment and other attendant effects.

Why the increase in oil price?

Since September 2016, OPEC announced its plan to collectively cut its oil production (with Russia) by a total of 1.8 million barrels per day to reduce global oil stocks and prop up prices.

Despite this cut, prices did not budge much. However, they began creeping upward since November 2017 when OPEC reaffirmed its position to maintain its production cuts through 2018.

According to Bloomberg analysis, OPEC exceeded its production cuts with compliance reaching 162 per cent in May 2018 due to supply outages in Venezuela, Libya and Angola. At its June 2018 meeting, the cartel took the decision to return to 100 per cent compliance with its original production cut target, which would see an increase in its oil output.

The WTI oil price stands at US$69.91 as at June 25 2018 and bullish indicators signal that the upward pressure on prices may be sustained for some time. These include OPEC’s commitment to honour its production cap, Venezuela’s production outages, US- Iran oil import sanctions, the conflict in Libya over key oil export terminals, low US crude inventories and the US-China trade dispute. Possibly the only foreseen threats to high prices are a global recession or OPEC flooding the market as it did in 2014, which may not be likely given the price it paid for doing so.

Is it all about oil?

Notwithstanding Minister Imbert’s statement that T&T’s expected recovery is also due to improvements in the natural gas sector, many are not aware that the natural sector contributes the lion’s share of T&T’s hydrocarbon revenues—T&T is no longer an oil economy. Estimates tell that T&T’s LNG export revenues surpass that of oil and that the ratio of LNG to total energy exports is much higher than that of oil.

Data from the Ministry of Energy and Energy Industries show that natural gas production figures are up by 13 per cent, from 3303 mmscf/d in April 2017 to 3730 mmscf/d in March 2018, due to the coming-on-stream of bpTT’s Trinidad Onshore Compression (TROC) and Juniper projects in 2017.

At the 2018 Energy Resources Conference and Exhibition of the Society of the Petroleum Engineers of T&T (SPETT) in June, the Minister of Energy Franklin Khan listed a range of projects on the horizon that would have a positive impact on the gas supply situation over the medium term.

These include bpTT’s Angelin Project, Shell’s Starfish and Colibri (NCMA 4 and Block 22) Projects and DeNovo’s Iguana Project. He also stated that new gas fields beginning production would see gas production increase from 3.8 billion cubic feet in 2018 to 4.14 billion cubic feet during 2020-2022. The Government is also hopeful that the project agreement among the companies for the development of Venezuelan cross-border gas will be signed in July of this year. This agreement will see natural gas from Venezuela’s Dragon Field supplied to NGC via Shell’s infrastructure. These developments have positive implications for the revenues generated from the gas sector.

Implications for T&T?

The increase in future natural gas supply will undoubtedly help to plug the natural gas shortage that has hurt the country’s major consumers: petrochemical companies and Atlantic. In fact, in 2016 former CEO of Atlantic Nigel Darlow stated that the shortfall resulted in 75 lost LNG cargoes every year for the company. Now the national purse can expect to receive even higher dividend payments from NGC as well as higher corporation tax contributions from downstream companies, Atlantic and the NGC.

T&T can also look forward to receiving higher crude oil revenues with the increasing WTI oil prices and the Q2 2018 Shallow Water and Onshore Bid Round, if successful, may help to increase oil production. However, T&T is a mature hydrocarbon province. The stark reality is that unlike our Caricom neighbours Guyana, T&T is not likely to experience a return to peak oil production of the late 1970s when output reached 230,000 bopd.

In addition, the most certain thing about an oil price forecast is that it is not certain. As explained, energy markets are extremely volatile due to a mix of unforeseen dynamics.

A lesson that citizens and the Government can attest to learning is that riding the wave of high-energy prices is not a good economic model. T&T will do well to continue discussions and efforts towards developing the non-energy sector and to cut back on wasteful spending. Reforming social programs to improve their quality and impact is also key.

The latest T&T Extractive Industries Transparency Initiative (TTEITI) report also recommends ways in which the country should optimally manage its extractive sectors that are relevant despite the energy price situation. For example, the independent auditor/ administrator (IA) who authors the report shows how the system of auditing and monitoring Production Sharing Contract (PSC) payments leaves room for revenue leakages.

Currently, there are outstanding PSC payments due to the Government that are likely to be in excess of $10 million. As it relates to the mining sector, the IA points to revenue shortfalls due to the inefficient licensing allocation process, staffing constraints and the lack of a system to independently verify mineral production.

Conclusion

Considering the volatility of energy markets, it is too early to crow. Nevertheless, speculating energy prices should not be T&T’s focus. In our race against time, efficiency of spend and reforming systems in the extractive sector is imperative. All bets can be placed on including this in T&T’s strategy, because it will better ensure that the country’s depleting resources are optimally utilised to the benefit of all citizens.

To access the latest T&T EITI Report, See: www.tteiti.org.tt/explore-data/reports/.

Nazera Abdul-Haqq, policy co-ordinator, TTEITI Secretariat

Artist Debra Evans is incorporating her deep love for nature into the intricacies of her work. Evans is a resident of Maraval where her studio Design Workshop has been established for almost two decades.

Speaking with Guardian Media, Evans expressed her self comfortably, “I am an artist. I’m an animal and nature lover, and find it peaceful to surround myself with both. I have an extensive background in advertising and print but my real passion is creating three-dimensional art. My dad was an artist and a mas man, so I grew up in a creative and eclectic environment where I developed an aptitude for not only design but costume construction as well.

“My formal introduction to graphic design came through internships at first at a printing company then straight into advertising agencies. After many years of training and paying my dues, I opened Design Workshop, my art studio. I provided services for mainly regional clients.”

During her stint as an advertising professional, Evans was involved in mainly corporate work that include annual reports, press advertisements and logo designs, with the occasional foray into radio and television ads. She said: “The workshop aspect was what I considered the more artistic side. While my focus over the years was on my design and print work, I indulged my artistic side by creating unusual and prize-winning carnival costumes for kiddies Carnival. I also was a member of Callaloo Company, Peter Minshall’s Performance Group.

“As a way of releasing my creative energy I started making unique art pieces which I would gift to my closest friends. What I wanted was a way to remind them of how loved and special they are. They showed tremendous appreciation for the time and effort that went into these pieces… and they also felt I had a gift to share with the world.

“Three months ago I took the step to create Elysian Charms and Carvings. In creating these pieces I just went with the flow, working in a relaxed, peaceful state of mind. In this almost meditative state, while often painstaking, the work seems like a joy, smooth, delicate… divinely inspired, as the name Elysian suggests.” Evans continued: “During the process I choose powerful words like love, confidence, calm, trust, faith etc, and write them on the wood or clay. These words are then sealed into the piece. My intention is to imbue my art with the power of those words, making it not just something decorative, but changing it into a talisman.

“The idea is that Elysian art will help to bring and keep an aura of harmony to your space. I add my positive energy, my good intentions. I believe that everything we need to thrive is already inside of us. Sometimes we need little reminders, little talismans to keep us focused on positive things, like visual affirmations that we are right where we need to be at this time.

“What inspires my work is the need to create meaningful art, to add value. Life can be stressful. It’s great to create a serene space where you can unwind and recharge. It could be anywhere, a simple little nook where you can sit and read or have tea or coffee or wine. This is the perfect space for an Elysian piece.”

Evans said she wants want her pieces to be a part of the process that would allow individuals to ground themselves and ease the stress of everyday challenges.

She said: “I wish to create beautiful work that you want to look at and touch and which will help you to feel soothed and comforted. I see beauty everywhere, even where there’s pain. I am a firm believer in the No mud no lotus school of thought.”

Elysian art is visible at Evans’ studio in Maraval, online at deedotevansartist on Instagram and on facebook as Elysian Charms and Carvings—Debra Evans. Her range of items includes, hand carved mirrors, wood carvings, painted stone mandalas, chakra wall hangings, jewelry and hand crafted clay mobiles and wind chimes.

Over the past 25 years ALTA has had great impact on people around the country who have gone on to gain full-time employment, CSEC passes and self-confidence through the programme.

ALTA also had significant impact on families. By working with parents who are non-readers, the programme has also taught their children to read, write and spell. The column today tells the story of how the programme impacts families. Kernisha Skeete daughter of past ALTA student Jackie Skeete shares her story.

She couldn’t read but for the sake of my education she went back to school. Some say I taught my momma to read but the reality is she taught me. She allowed me to spend my evenings at the library until they had to ask me to leave. My mother went out of her way to ensure I went to school whether we had money or not. My mother taught me the importance of education as she attended ALTA classes at various locations in Arima. I grew up attending ALTA field trips and gaining new aunties and uncles as she progressed through each level, sometimes doing one level multiple times.

As I observed my mother persevere to one day write post primary examinations after completing ALTA’s Level 3, I gained an appreciation for education. She continuously reminded me of the importance of acquiring an education and explained to me how it would impact my life. As a child, I listened, not fully grasping the significance of her words. As she practiced her syllables, vocabulary and spellings, I practiced too. In retrospect, I can say ALTA taught us both. Her cards were my cards, her books were my leisure reading. I love to read and seeing my mother progress from a struggling student to someone who was able to stand before a crowd and read fluently marvelled me. Seeing her progress from spelling words completely different to their actual spelling to minor misspellings touched my life in a way I cannot translate into words.

The tutors of ALTA played a significant role in my mother’s learning as they inspired her with each session: they encouraged, applauded and corrected her as necessary.

When an external issue impacted her learning, they sat and listened patiently to ensure she was able to learn without hindrance.

I would not be where I am had my mother not seen the importance of education. I may not have performed as well as I did in SEA had it not been for our attendance at ALTA classes.

ALTA, like a number of persons and institutions, has contributed to our lives in ways we simply cannot pinpoint because we have gained in almost every area of our lives from what many may consider as just a class.

My mummy, my hero, my role model.

• Kernisha is currently a fourth year medical student. Her mom passed away some years ago. She was a market vendor during the day and an Alta student on evenings. Unfortunately, she didn’t live to see her daughter enroll in medical school.

• Volunteer, donate or sponsor-a-student. Call 621-5708 or email altapos.tt@gmail.com for more info. Keep up to date with ALTA on Fbook, Twitter and Instagram: ALTA.

The Opposition UNC has been discussing the notification of nomination of DCP Harold Phillip for the post of Police Commissioner and its position will be revealed in Parliament next Monday when the matter is debated, UNC whip David Lee says.

Notification of nomination of Phillip for the post was sent on Tuesday by the Police Service Commission to the Parliament.

This, after the notification of nomination of DCP Deodat Dulalchan for the post was rejected by Government last month on the basis that PSC’s process was flawed. PSC chairman Bliss Seepersad, in a July 1 letter on Phillip’s notification, stated Senior Counsel advised that the second ranked candidate on the merit list (for CoP) should be submitted to Parliament according to Legal Notice 218 of 2015 on the matter.

Phillip is the second ranked on that list done by the previous PSC, she noted.

Government in Parliament on Tuesday refused to debate the notification sent to the Parliament, maintaining PSC’s process was flawed.

UNC MP Ganga Singh said refusal to debate the notification was constitutionally wrong and on Wednesday Government House leader Camille Robinson-Regis said Government would debate it next Monday. She said she’d only seen a letter from the Police Service Commission concerning the notification after Tuesday’s sitting and Government would debate it especially after issues in Seepersad’s letter. She declined to say if Government would support or reject notification on Philip.

In recent debate on Dulalchan, the UNC called for Government to appoint him as CoP. UNC’s Lee said yesterday the position on Phillip will be known Monday.

After Government’s turnabout on the situation Wednesday, Singh and other MPs bashed Government and Robinson-Regis.

Singh said: “The Leader of Government Business clearly erred in seeking to instruct the Clerk of the House not to proceed with the notification from the President, that’s why I spoke out against the subversion of the Constitution and usurping of Parliament’s power to debate the process. The Speaker also erred in allowing an impermissible intrusion on Parliament’s role in this matter.”

“Their action created gridlock between the constitutionally entrenched PSC, the President and Parliament. It demonstrates Government’s incompetence and insidious attempts to stymie democracy and ‘strong-arm’ the Parliament’s processes. The Speaker attempted to give me a ‘red card’ when the ‘foul’ was really committed by Government. It’s clear: democracy requires eternal vigilance.”

UNC’s Roodal Moonilal added: “Disturbing conclusions were raised by the PSC’s letter which stated they don’t have the ‘time, money and resources to do over the process.’ Therefore a crate of eggs has fallen on Government’s collective face. ‘WPC’ Camille should be demoted to SRP. She boldly and wrongfully declared government won’t consider the President’s notification for the CoP’s. But within 24 hours they understood the notification is for the consideration of Parliament, not government.”

“She’s brought the President into disrepute and conspired to misdirect the House Speaker to join the government in violating the Constitution—she must resign as Leader of Government Business.”

Opposition Leader Kamla Persad-Bissessar added: “Once again, we see the gross incompetence and deceit of this Rowley Government. Government has now backed down on that position following the Opposition’s strong objections. They cannot unilaterally decide they won’t proceed with Parliamentary debate on the President’s Notification—the law must be followed.”

A 25-year-old Rio Claro businessman was granted $195,000 bail when appeared before a San Fernando magistrate on Wednesday charged with stealing $108,366 from his customers.

Kriston Seepersad, of Ecclesville, appeared before Magistrate Alicia Chankar in the San Fernando Magistrates’ Court on Wednesday to answer for three counts of larceny.

He was accused of taking money from three victims between November 2016 and April 2018.

The first incident is alleged to have occurred on November 11, 2016, when Seepersad received $68,000 from a man as a down payment for the importation and delivery of two Suzuki Swift hatchbacks.

It was also alleged that he received $29,666 from a woman between November 7, 2017, and December 29, 2017 as a down payment for the importation and delivery of a Nissan Navara pick up and a number of construction materials.

On April 27, he allegedly received $10,700, from a man for the importation of a Nissan Almera shell and a number of construction materials.

He was accused of failing to deliver the items to the victims and their attempts to have their monies refunded proved futile.

The three victims made reports to the Fraud Squad, which led to investigations being launched under the supervision of Snr Supt Totaram Dookhie.

On Monday, Seepersad was arrested in Rio Claro and after questioning him, the Fraud Squad’s Cpl Khalil Hosein laid the charges.

Chankar transferred the matter to the Rio Claro Magistrates’ Court. He is also expected to appear at the Princes Town Magistrates’ Court today.

Childish, fast, loose with her language, ridiculous and absurd.

That’s how acting Prime Minister and Finance Minister Colm Imbert yesterday described the actions of Opposition Leader Kamla Persad-Bissessar, who on Monday at a public meeting in Fyzabad claimed that Government’s National Investment Fund (NIF) is a Ponzi scheme and urged the population not to invest in NIF bonds.

But speaking at yesterday’s post-Cabinet press briefing, Imbert said in the 2018 national budget he made it clear that in order to meet our expenditure targets, they would rely upon the recovery of Clico’s assets using the NIF to generate capital revenue of $4 billion.

Without the $4 billion, Imbert said, it would be difficult for Government to meet its expenditure for 2018, which includes payments of salaries, pensions and basic goods and services.

“For reasons best known to herself, the Opposition Leader has tried to undermine the national budget, because she is bad mouthing the NIF that is going to be launched on July 15.”

He said if Persad-Bissessar’s propaganda campaign against the NIF works in a small way, “it can undermine the budget and the ability of the country to operate.”

Imbert said Persad-Bissessar’s statement was highly irresponsible, reprehensible and “disturbs the country’s equilibrium and poisons the mind of the little people” from benefiting from this tremendous opportunity.

“She was very fast and loose with her language. The very idea of referring to the NIF bonds as a Ponzi scheme is absurd. I would even say it is childish coming from the Leader of the Opposition. Childish and unpatriotic. Ridiculous... dangerous assertions...baseless, groundless, irrational statements coming out of the Leader of the Opposition.”

Imbert said anyone who is familiar with a Ponzi scheme would know it is a form of fraud.

“It’s an illusion. In a Ponzi scheme, you trick investors into investing into an imaginary product. You don’t have the money to repay them.”

Imbert said the NIF would own $8 billion in assets but was only offering $4 billion in bonds, which he said was a gift to the nation.

“So it has $4 billion in reserves. The only way the Leader of the Opposition’s assertion could possibly be true is if $4 billion just disappears from Republic Bank’s balance sheet.”

He said anyone who invests in the NIF would get a guaranteed return.

On Wednesday, Imbert said the Caribbean Credit Rating Agency gave the NIF bonds a double A investment rating. (See page A18)

Imbert said while Persad-Bissessar tried to paint the NIF in a bad light, she had offered no suggestions as to what could have been done to the Clico assets.

In response last evening however, Persad-Bissessar maintained that the NIF “is an ill-conceived, vague, deceptive Ponzi-like scheme being piloted by an equally vague and deceptive and incompetent Government”.

Persad-Bissessar called on Imbert to address the ten NIF concerns she raised. She also questioned why Government was borrowing from the public by way of bonds instead of selling shares to the public as promised and asked if Imbert had calculated the profits of the companies placed in the NIF over the life of the bonds.

Regional rating agency Caribbean Information and Credit Ratings Services Limited (CariCRIS) has assigned initial credit ratings of CariAA on the regional rating scale and ttAA on the national scale to the proposed $4 billion debt issue of the National Investment Fund Holding Company Limited (NIF).

In a release yesterday, the agency said the ratings, which are of investment grade quality, indicate that the level of creditworthiness of this debt obligation is high.

“Notwithstanding the absence of an explicit Government guarantee for the bond, our ratings include a one-notch upgrade for the high likelihood of support for moral and economic reasons from the Government of the Republic of Trinidad and Tobago, should this be required,” CariCRIS said.

The agency assigned a stable outlook for the ratings “based on our expectations that over the next 12-15 months, the net dividend payments from the underlying assets of the NIF will be more than adequate to meet the coupon payments that will come due on bond during the period.”

CariCRIS said the ratings of the NIF are supported by the high asset quality of its underlying assets, which “lends to stable and reliable cash flows throughout the life of the bond and also provide adequate debt servicing capacity.”

The agency added: “Debt service coverage, inclusive of the sinking fund balance, remains comfortably above one for the life of the bond, indicative of a comfortable cushion for the NIF in meeting its total debt obligations (interest and principal).

“These ratings’ strengths are tempered by the discretionary nature of the NIF’s cash flows which are primarily sourced from dividends, as well as a high level of concentration risk given that 88.5 per cent of its earnings are derived from two entities, though this risk, to a large extent, is mitigated by the strong and healthy financial performance of both companies, as well as their history of strong dividend payments.

“The risk of possibly having to refinance the two tranches of the bond at higher interest rates also tempers the ratings.”

Overall Market activity resulted from trading in 17 securities of which three advanced, four declined and 10 traded firm.

Trading activity on the First Tier Market registered a volume of 91,928 shares crossing the floor of the Exchange valued at $978,237.69.

NCB Financial Group Ltd was the volume leader with 50,503 shares changing hands for a value of $271,201.11, followed by L J Williams Ltd B with a volume of 10,000 shares being traded for $6,800. National Flour Mills Ltd contributed 7,456 shares with a value of $13,048.00, while Massy Holding Ltd added 5,653 shares valued at $266,821.60.

Calypso Macro Index Fund registered the day’s largest gain, increasing $0.06 to end the day at $16.56. Conversely, the West Indian Tobacco Company Ltd registered the day’s largest decline, falling $1.02 to close at $87.

On the Mutual Fund Market 88,458 shares changed hands for a value of $1,802,157.30. Clico Investment Fund was the most active security, with a volume of 85,608 shares valued at $1,754,964.00. Clico Investment Fund remained at $20.50. Calypso Macro Index Fund advanced by $0.06 to end at $16.56. Fortress Caribbean Property Fund Limited SCC - Development Fund remained at $0.67. Fortress Caribbean Property Fund Ltd SCC —Value Fund remained at $1.70. Praetorian Property Mutual Fund remained at $3.05.

The Second Tier Market did not witness any activity. Mora Ven Holding Ltd remained at $14.49.

In Thursday’s trading session the following reflect the movement of the TTSE Indices:

• The Composite Index declined by 1.49 points (0.12 per cent) to close at 1,231.99

• The All T&T Index declined by 1.73 points (0.10 per cent) to close at 1,723.94

• The Cross Listed Index declined by 0.17 points (0.17 per cent) to close at 99.44

The People’s National Movement and United National Congress return to Parliament on Monday to discuss a matter which, as far as this media house is concerned, is a waste of their time and John Public’s. At this point, the T&T Police Service (TTPS) is still without a full-time Police Commissioner and the preceding exercise to find a candidate has cost taxpayers $10 million with absolutely nothing to show for it. Monday’s exercise it would be easy to reason can also come to no other conclusion.

Given all that transpired during the flawed process conducted by the Police Service Commission (PSC), there is almost no chance of recovering anything from it. The entire exercise must be restarted because of the questions that linger over the method of recruitment. In fact, it is now almost impossible for the PSC as currently constituted to conduct the exercise.

However, there is no escaping the urgency of recruiting and installing a CoP in the shortest time possible. Regardless of the PSC’s financial woes, efforts should be made to restart the process ensuring that a proper system is employed and that it is conducted by individuals whose credibility has not been tainted by the recent fiasco.

Education and awareness

A lot of trouble and confusion could be avoided if the Government and state agencies would put more effort into communication.

Take, for example, the recent matter of motor vehicle inspections. It was bad enough that the Ministry of Works and its agencies did not even have inspection stickers in stock. However, adding to the confusion was the lack of accurate information about the process, so that even motorists who had complied with the regulation were in a panic over the possibility of being fined $5000 for not having that unavailable sticker.

There was, not unexpectedly, a lot of panic as vehicle owners formed long queues at inspection stations and Licensing Division offices.

To bring some ease to the situation, there is now a five-month moratorium, giving motorists time to get things in order before they face a penalty.

All this could have been avoided if, starting months ahead of any compliance deadlines, a campaign of public education and awareness had been conducted.

It is important that these campaigns be carried out not only on social media platforms but through legacy media and in public spaces. The time and effort spent to get the message out is sure to spare citizens stress and panic.

Hello and goodbye

There has been a changing of the guard at the Caribbean Court of Justice. On Wednesday evening, during the official opening ceremony of the Caricom Heads of Government Summit in Jamaica, Justice Adrian Saunders was officially installed as the new CCJ President.

Best wishes to Justice Saunders for a successful tenure and deepest gratitude to outgoing President Sir Denis Byron for his years of service.