On Saturday night, after walking a mile and a half, Kenny’s Big Yard Community Tent was eventually located on Coora Road, in Siparia, and what a night it was.

With a full house in attendance, Lystra Nurse, singing under the moniker of Lady Lystra, took on a field of 11 other quality acts to capture the 2018 Community Tents Calypso Monarch competition held on Saturday, at the Kenny’s Big yard, Coora Road, Siparia.

Singing in position 11, Lady Lystra performed Hurricanes Irma and Maria. She wooed the audience and the judges with a unique and riveting presentation which called on Caribbean people to assist our neighbours in need.

Second place went to Francisca “Sweet Merle” Lewis Francois who performed a nation-building ditty entitled Can We Rise. Third place went to veteran TTPS calypso campaigner Terry “Di Masso” Marcelle singing Feed The World, a plea to the developed nations to use their resources for the good of all mankind.

McMorris Edwards performed his calypso Dying which copped fourth place, followed by Melissa Rodriques.

Notable performances came from another veteran Errol “Bingo” Rowe, Reneisha Alexander and Anthony “De Juba” Charles.

Trinbago Unified Calypsonians Organisation (Tuco) South Central Zone and Tuco PRO Steve “Ras Kommanda” Pascal was in attendance, brining greetings for the calypsonians umbrella body.

Pascal hailed the community tents model, adding that they provided opportunities for many more artistes.

Saturday’s production was enhanced by performances by a few of calypsoes better known calypsonians including former National Monarch Luta, Kenny J, Impulse and Young Rose.

ANTHONY HOWELL
tonyclick10@yahoo.com
 

People are always asking what are the signs of mental illness; I am forever trying to answer that with first teaching what are the signs of mental wellness.

“Good mental health isn’t just the absence of mental health problems,” says helpguide.org. “Being mentally or emotionally healthy is much more than being free of depression, anxiety, or other psychological issues. Rather than the absence of mental illness, mental health refers to the presence of positive characteristics.”

No one has all the signs of good mental wellbeing all the time, but we can and should strive to attain as many as possible.

According to the US the National Mental Health Association these are ten characteristics of people who are mentally healthy:

1. They feel good about themselves.
2. They do not become overwhelmed by emotions, such as fear, anger, love, jealousy, guilt, or anxiety.
3. They have lasting and satisfying personal relationships.
4. They feel comfortable with other people.
5. They can laugh at themselves and with others.
6. They have respect for themselves and for others even if there are differences.
7. They are able to accept life’s disappointments.
8. They can meet life’s demands and handle their problems when they arise.
9. They make their own decisions.
10. They shape their environment whenever possible and adjust to it when necessary.

The site Psychology Today says: “When reflecting on how you are faring on the journey toward mental health, check in with yourself to see if your life is trending toward these seven core capacities:

1. Commitment to truth—a fundamental orientation to what is real rather than ideal;
2. Tolerance—the capacity to embrace conflicting aspects of oneself and others;
3. Patience—the capacity to remain present to difficult experiences and work them through slowly over time;
4. Vitality—the experience of being more alive, more engaged, and more free of inhibition;
5. Self-control—the capacity to own and take responsibility for oneself;
6. Love—rooted in gratitude and the effort to make repair for damage done to loved ones; and
7. Internal peace and harmony—rooted in a sense of deeper security with oneself and with others, experienced as the feeling of being more whole.

“As we trend toward living out these seven core capacities, we find that we feel better and do better in life. And this extra bit—the being better bit—allows us to feel more satisfied, content, and grounded along the way” (Copyright 2015 by Jennifer Kunst, PhD).

To respond to the question: “What are the signs of mental illness?” here is an excerpt from the Mayo Clinic.

“Signs and symptoms of mental illness can vary, depending on the disorder, circumstances and other factors. Mental illness symptoms can affect emotions, thoughts and behaviours.”

Here are some examples of signs and symptoms, but bear in mind that it is a combination of symptoms over a period of time that constitute or suggest mental ill health or bad mental wellbeing:

• Feeling sad or down
• Confused thinking or reduced ability to concentrate
• Excessive fears or worries, or extreme feelings of guilt
• Extreme mood changes of highs and lows
• Withdrawal from friends and activities
• Significant tiredness, low energy or problems sleeping
• Detachment from reality (delusions), paranoia or hallucinations
• Inability to cope with daily problems or stress
• Trouble understanding and relating to situations and to people
• Alcohol or drug abuse
• Major changes in eating habits
• Sex drive changes
• Excessive anger, hostility or violence
• Suicidal thinking

“Sometimes symptoms of a mental health disorder appear as physical problems, such as stomach pain, back pain, headache, or other unexplained aches and pains” (mayoclinic.com).

It’s okay to ask for help

It is important to get help when our mental wellbeing is threatened. Talking to someone you trust is always my first recommendation for getting an intervention. The problem is that most people with whom I relate would readily speak of the fact that the worst fear is that of being judged by those to whom we turn for help.

Stigma and prejudice are the most common factors preventing people from accessing mental health services. People are reluctant because according to healthylife.com: “Society has a tendency to view mental (ill health or mental distress) differently from medical ones. When someone breaks a leg, has chest pains, or needs to get a prescription, they’ll see a doctor.

“However, when they experience depression, excessive fears, or a problem with alcohol, they may be embarrassed to seek help.”

“Many people view these conditions as ‘weaknesses’ they should handle themselves” but “to recognise an emotional problem and receive help is not at all a sign of weakness. Rather, these positive actions are characteristics of strong individuals” (healthylife.com).

CAROLINE C RAVELLO is a strategic communications and media professional and a public health practitioner. She holds an MA with Merit in Mass Communications (University of Leicester) and is a Master of Public Health With Distinction (UWI). Write to: mindful.tt@gmail.com

Before gaining fame as a Roman statesman, Marcus Tullius Cicero (106 BC-43 BC) began his career as a lawyer.

His first major case was the defence of a man accused of patricide, the penalty of which was death and the forfeiture of property.

Throughout the trial, Cicero repeatedly asked “cui bono,” translated as “to whom is it a benefit,” which revealed that other people profited from the death of the client’s father, having purchased part of the confiscated inheritance.

It’s a simple question that can lead to incredible revelations, one that should precede any investigation into a government’s maleficence, especially when it involves the mishandling of state finances.

The MV Galleons Passage, the recently acquired ferry intended to service our country’s collapsed sea bridge, is steadily making its way towards Trinidad to undergo its final repairs and refit. At least that’s what acting Prime Minister Colm Imbert told the Parliament on June 20.

The story has since changed and the public was informed last Friday (July 6) that the vessel was still docked in Cuba, awaiting an inspection team from Trinidad to sign off on the work before it departs. This confusion is sounding eerily familiar.

Remember the Ocean Flower II? That buoyant bastion of “bawbawl” was also plagued with a litany of mechanical problems. And it was only after it arrived in our waters that it was deemed unfit for use. So it’s left to be seen what destiny has in store for the Galleons Passage. By the way…speaking of the Ocean Flower…whatever became of the “Mouttet Report”?

My first column for 2018 was a tongue-in-cheek collection of “preon what we could expect over the course of the coming year. Number three on the list was the public fiasco of the Ocean Flower. I pessimistically stated that “…the truth surrounding this scandal will vanish into obscurity and no one will be held accountable.”

Well, it seems that I was right. It’s been almost ten months since the Mouttet Report was delivered to the Prime Minister and it has never been made public. Despite all the chaos that followed in its wake, the details pertaining to the acquisition of the Ocean Flower II remain largely a mystery.

Of course, we shouldn’t be surprised. Ours is a country where it’s common practice for those in power to claim ignorance and plausible deniability when it comes to allegations of corruption.

But the question we should have asked and should be asking still, is in the spirit of “cui bono”—who stood to benefit from the leasing of the Ocean Flower II? And should we be concerned that a similar situation is at work with purchase of the Galleons Passage?

To the credit of some of our local journalists, they did scrutinise the weak link in the whole affair, ie, the Bridgemans Services Group, going so far as to visit their foreign-based offices. What they found was a company that didn’t seem to exist, the first real sign that things weren’t “floating” right. And how did things eventually turn out? Bridgemans Services disappeared, their ferry disappeared, and apparently, so did the Mouttet Report. So we never did find out who benefited from the arrangement. Now a new ferry lies just over the horizon…and along with its glaring mechanical problems is a possible red flag.

According to La Patilla (The Watermelon), a Spanish news website based out of Venezuela, the Galleons Passage was formerly known as the Doña Mercedes, which belonged to a Venezuelan shipping company.

Considering that our mutual governments are entangled in negotiations, it’s not far-fetched to wonder if that’s the reason why Nidco was able to purchase the ferry at half its estimated value. And if that be the case, is there to be a “quid pro quo” in return?

Regarding Cicero’s first case, his defence of “cui bono” won him an acquittal. And just as his client’s life was at stake, so too is the integrity of this PNM Government. They must be called upon to answer the same question. Because when we ask, “Who stands to benefit from the purchase of the Galleons Passage?” Chances are the answer isn’t the citizenry of T&T.

Ryan Hadeed

At the 2017 post-budget analysis of the T&T Chamber of Industry and commerce, Finance Minister Colm Imbert dismissed his hosts not having come for “sterile debate and academic discussion.” The Planning Minister and others have also spoken of the private sector’s propensity to import distribution. The Prime Minister at the PNM public meeting in Barataria on June 7, 2018, spoke scathingly of those calling for diversification concluding “Our diversification is to find the things we can do and just do them.”

The Trade and Industry Minister on a more conciliatory note, appealed to the business community on June 29 at a Union Club luncheon to get on board the country’s diversification strategy, noting that the Government could not do it alone. She also noted that there were a multitude of incentives in agriculture, tourism, and the creative sector that were not being accessed. She noted “The relationship has to be there. We certainly cannot do it without the private sector.” So, what is the problem?

To start with, there is no diversification strategy. (That deserves a separate article). Also, no business venture was ever started because the incentives were attractive or the interest rate low. The primary reason investors undertake new ventures is the profit motive. Incentives and rates are secondary and help to sweeten the deal. What matters most is confidence: confidence in the opportunity and that the business environment will remain stable. Businesses understand risk: what they do not want is uncertainty. And there are several factors which make the current environment uncertain. I will only identify four.

First, whilst the labour statistics show a low unemployment rate, many HR departments in the private sector complain of staffing vacancies and that the required experience and skill sets are not available at all levels. Even when those vacancies are filled, the turnover rate is high. Further, whilst T&T is a diverse society, applicants tend not to reflect that diversity. This is to be compared with the Energy Minister’s complaint that energy sector companies were not doing their job well as over 241 engineers applied for the six vacancies advertised. Similarly, the Minister of Health complained of a surplus of doctors whilst simultaneously recruiting medical staff externally.

The labour supply shortfall is a significant impediment to any business, especially the diversification effort. Is the education system structured correctly? Manpower planning has been ignored and there is no immigration policy that addresses this issue. Also, the demographic data indicate an impending crisis as both the labour participation rate and the birth rate have fallen. The NIB actuarial report indicates that labour availability will decline from 2020 onwards.
Poor rating for T&T in institutional capacity

Second, it is not sufficient to employ bodies. Productivity is a vital competitive driver in the international arena. To be productive, employees have to arrive at work in the right frame of mind, and on time. That requires a dependable transportation system to get them to work and their children to school safely. Therefore, organizational discipline is always under stress and productivity low.

Third, foreign exchange availability is a critical success factor. No business can survive without it. Since the decline in energy prices, demand for foreign exchange has outstripped supply leading to a continuous shortage. Since T&T officially operates a floating rate system, this ought to have led to an automatic rate adjustment, thus filtering out excess demand. Instead, the exchange rate has been maintained at an artificially low rate, thereby leading to a fall in reserves and rationing. No investor is going to start a new business venture requiring forex when availability, at the right time and in the right amount, is uncertain.

Fourth, personal security and safety in which to conduct business without fear is not be underestimated. The current national security environment does not reassure anyone. We cannot “find” a Commissioner of Police, nor develop an adequate process to do so. Meanwhile, the level of violent gun-related crime and murder is rising. And the spectre of kidnapping is ever present. As a result, some have emigrated; some have sent their children to school abroad. But your business is where your mind is. If your children are abroad, you will set up business there too and the children may never return. This is the human face of capital flight.

Commentators, ministers included, accuse the private sector of rent-seeking behaviour. It is paradoxical that the Government’s crown jewel, the National Gas company, is a distribution company as it depends on the upstream firms to produce the gas which it “aggregates” and distributes to the petrochemical sector. This state monopoly model is now outmoded with the upstreamers holding the upper hand. The real issue is that the Government’s policy stance encourages rent-seeking behaviour.

These are just a few highlights. There are other compelling issues. Government’s job is to facilitate; that means adequate transportation, health, security, education, and financial/exchange rate systems backed by appropriate policies.

The Global Competitiveness Index rates T&T poorly in institutional capacity. Leadership and management are required to get them all working in sync. They are not in sync now.

Mariano Brown

T&T sprint duo Jenea Spinks and Akilah Lewis reached the semifinal round in the Women’s 100 metres at the IAAF World Under-20 Championships in Tampere, Finland, yesterday.

Both runners were automatic qualifiers from their respective races, with Spinks moving on after placing third in the opening heat in a time of 11.58 seconds and Lewis in heat three, crossing fourth in 11.67.

Today in the semifinals, Lewis, who enters with a season’ best (sb) time of 11.51, also her personal best (pb), will be on track first in the second heat running out of lane seven.

Spinks, whose pb and sb is 11.45 seconds, will be in lane three in the third and final heat.

If either can be among the first two finishers in each race or clock the next fastest time, they will advance to the final set to run-off later on.

In the Men’s 100m, Tyrell Edwards did not make it to final after placing fifth in 10.55 in the third semifinal heat. Later in the medal race, Lalu Muhammed Zohri of Indonesia bettered his country national U-20record of 10.18 to win gold while Americans Anthony Schwartz (10.22) and Eric Harrison (10.22-pb), to cop the silver and bronze, respectively.

Earlier in the Men’s 400m heats, Onal Mitchell placed sixth with a 47.77-clocking in heat five, not progressing to the next round.

Ianna Roach suffered a similar fate in the women’s shot put. The junior “Sportswoman of the Year” failed to register a mark in her three attempts.

Today, Timothy Fredericks will chase glory in the Men’s 200m events after failing to make it out of the first round in the 100m dash on Tuesday. Fredericks, who has clocked a personal and season’s best time of 20.81, will line up in lane one of the opening heat.

Ako Hislop will also face the starter in the half-lap event, running out of lane three in the third of five heats. Hislop enters with a season’s best time of 21.23.

Both T&T will certainly have to lift their performance to challenge the likes of US junior champion Harrison, who enters as the fastest in the field courtesy his pb of 20.39 and South African Thando Dlodlo, who clocked a PB of 20.41 in March at his country’s national championship.

Tomorrow, four-time Carifta javelin champion Tyriq Horsford will be in action, competing in the qualification round of the men’s javelin event; Iantha Wright will compete in the women’s 200m heats, so too the men’s 4x100m relay team which include Edwards, Fredericks and Hislop, along with Carlon Hosten, Kion Benjamin and David Pierce. The final for each event will be on Saturday.

The unwillingness of members of the T&T Table Tennis Association (TTTTA) to be part of a special selection committee may lead to this country not having a men’s team at next week’s Central American and Caribbean (CAC) Games.

The issue was raised by TTTTA president Ian Joseph in email correspondence with T&T Olympic Committee (TTOC) officials on Tuesday.

The correspondence was forwarded to attorneys for veteran player Dexter St Louis in response to a request for information on why the TTTTA failed to meet the deadline for selecting a new team, as set by TTOC’s Arbitration Panel.

“I have made numerous attempts to people within the organisation and nobody is prepared to serve on the selection committee. Most have indicated that in light of what is being published on the newspapers and shown on television, they are not interested in serving as they do not want their names in the media,” Joseph said in an email to Lovie Santana, a senior administrative officer in the TTOC.

He went on: “We reiterate that the TTTTA, while it is willing to comply, is not in a position to garner any persons to serve on a new selection committee.”

Joseph also stated that the TTTTA constitution required that the committee consists of the president or a vice president, the general secretary and three other members. The arbitration panel stipulated that members on the initial panel cannot sit on the second selection committee.

St Louis’ lawyer Matthew Gayle confirmed receipt of the forwarded email correspondence and questioned whether any possible change in position would be valid after Tuesday’s deadline.

“While I note your practical obstacles to compliance with the award, the regrettable fact remains at this point that any selection now would be in breach of the award,” Gayle said.

The T&T Guardian understands that there was no change in position, up to late yesterday.

If the issue cannot be resolved by the end of this week, it would mean that T&T would be without a men’s team for the games, which are due to be held in Barranquilla, Columbia, from July 19 to August 3.

In his challenge, St Louis, who is based in France and is a two-time CAC silver medallist, claimed that the committee ignored TTTTA policy and selected players who were able to pay their own travel costs to participate in a qualification event in Cuba between February 28 and March 3.

Although it admitted that several players were self-funded or sponsored due to cuts in Government subvention, the TTTTA claimed that its selections for participation in tournaments are based on merit.

It said that only local players attended the qualification event in Cuba and that both local and foreign-based players were then invited for trials. The TTTTA claimed that only the local players responded by the deadline and were selected.

St Louis’ stepdaughter Rheann Chung was eventually put on the women’s team as local player Aleena Edwards was unavailable for the games.

Delivering a decision on Monday, TTOC’s Arbitration Panel ruled that the selection of the men’s team was flawed and that a new selection committee should select a new team by 4 pm on Tuesday.

The arbitration panel consisted of sports lawyers Tyrone Marcus (chairman), Stefan Fabien and Christophe Brathwaite.

This is the second time for the year that St Louis has brought legal action against the TTTTA over its selection policy.

Earlier this year, St Louis and Chung were forced to file a lawsuit against the TTTTA after they were left out of the team representing T&T at the Commonwealth Games in Australia. In that case, St Louis and Chung also challenged the selection process used by the committee.

St Louis and Chung had initially obtained an injunction barring the TTTTA from sending a team pending the determination of their case. The TTOC eventually intervened and afforded St Louis and Chung, the most decorated athletes to ever represent T&T in the sport, additional places on the team. 

E-Class campaigners Mobil Outlaw sharpened up for this year’s Carib Great Race in August by being crowned ‘Boat of the year high points champion’ at the T&T Power Boat Association’s fifth and final Regatta on on July 1 at the T&T Yacht Club in Chaguaramas.

Under stormy conditions, the team of Brent Branker (driver) and throttleman Jason Ross continued their dominance in the 80mph class, by being among the winners on the day to earn themselves one of five ‘boats of the day’ award.

However, their crowning moment came after a tally of the points for the five regattas to date put them ahead on national points with 3, 460.

Though much slower than its competitors in the 130mph ‘A Class’ and the 95mph ‘D Class’, Mobil Outlaw still accumulated more points at each regatta, with 650 in the first, 700 in the second and 880, 635 and 595 respectively in the other three regattas. Motul Monster, the 130 mph A Class winner posted points of 600, 660 and 865 as it failed to show up for the two other events for a total of 2125 points.

In spite of Monster’s overall triumph in its class, it was Cat Killer that got the nod for the ‘boat of the day’ prize. Also claiming ‘boat of the day’ awards were Energiza in the 95 mph D Class: Chris Gone Wild in the 70 mph F Class and Soul Rebel in the 60 mph G Class.

The final regatta, known as the “Shakedown” before the T&T Great Race carded for August 18 also saw three other boats claiming the top national championship positions in their respective classes, namely Ultra Rush in the 95 mph D Class: Fire Chief II in the 70 mph F Class and Trident in 60 mph G Class.

WALTER ALIBEY
 

President of the T&T Super League Keith Look Loy has intensified his efforts to ensure that there are transparency and accountability within the operations of the T&T Football Association (TTFA) by serving a pre-action protocol letter yesterday on the President David John-Williams, as a final request for financial information on the now controversial Home of Football in Balmain, Couva.

Look Loy’s Attorneys Matthew GW Gayle, Barrister & Attorney at Law, delivered a two-page document outlining a list of requests he made to David John-Williams, the TTFA president, concerning the construction of the multi-million dollar football home which is set to be equipped with indoor and outdoor fields, a hotel and restaurant area, among other things.

Look Loy’s attorneys noted that as a TTFA board member by virtue of being the representative for the T&T Super League, their client was entitled to the information requested.

Look Loy’s list of requests which were made initially in December 2017 included the contribution made by FIFA, TTFA and the Government in respect to the technical centre under construction; the names of all the companies/parties which submitted construction/professional bids in connection of the construction; the committee, delegate or employees responsible for the selection of contractor or sub-contractors; the name of the project manager; the name of the contractors; and any sub-contractors who have been, who are, and who it is intended to be involved in the project.

Look Loy, who has received the support of key stakeholders such as Anthony Harford, Clynt Taylor, Collin Partap, Jason Labon and Steve Gopeesingh, also requested the value, duration and terms of all contracts, sub-contracts and/or any other instruments under which services are engaged and/ or managed and the current financial and construction status of the project, together with the documentary evidence. At an emergency general  meeting recently, John-Williams

released the name of some of the contractors employed at the football project, namely ECOTEC EPC Construction Technologies, Transbrokerage Services Limited, Ready Mix (West Indies) Trinidad Limited, Trinrico Steel and Wire  Products Ltd,Ramlagan General Hardware,

Point Lisas Steel Products Ltd and Alescon Ready Mix.

He, however, did not provide the contracts or any financial  agreement with the contractorsfor works to be done.  \Look Loy, a former national player and coach as well as a football administrator, sought to expanscope of the disclosurby asking for further documents relevant to the project, seeking invoices and receipts for paymentregarding expenditure in relationto the companies.

Look Loy’s attorneys said their client has been seeking information on the financial affairs of the Home of Football for the past months, including as
recently as July 1, but has been
ignored.

Any columnist ought to have at the forefront of his or her aims and objectives, the notion to be as forthright as possible without misleading readers or being irresponsible.

Furthermore, it is my duty as an independent columnist to expose bad governance especially when it comes to a sport; this as I have been on both sides of the fence, as a player and as an administrator. Therefore, when I write critically, it is constructive criticism and meant to show the respective organisation, board or association a way to right their wrongs.

When I wrote about events in T&T cricket being synonymous with a non-stop movie, I ended by saying that we await the continuation of the ‘movie’. Never in my wildest dreams would I have imagined that we would have this complete ignominy of the T&T Cricket Board (TTCB) taking place by a sponsor in the National Gas Company (NGC).

It is a damning indictment when a sponsor has to confirm publicly the authenticity of their financial audit and suggest that they reserve the right to take action if necessary. Ouch!

The audit stated that 24 percent of funds advanced by the NGC were not spent in accordance with the Memorandum of Understanding (MoU). Approximately TT$3,000,000 was unilaterally transferred to other categories by the TTCB without the knowledge or approval of the NGC. Really?

The audit also cited two instances where information contained in published financial statements of 2014 and 2015 were incorrect as it related to NGC contribution and alleged duplication in the reporting of expenditure. Unbelievable!I do not think I need to go further into the audit report by the NGC as it so damning and disappointing on the part of the TTCB

When a company decides on sponsorship with an organisation, it is more than just a sponsorship. It becomes a partnership and the type of trust you put into the organisation not only with funds but in how they govern, decides whether you have made the right decision.

I can say without contradiction that when Carib was a sponsor of local cricket, prior to President Azim Bassarath-led administration, all our sponsorship monies were accounted for and if for some reason money was to be allocated differently, I would receive a phone call indicating same or asking if I would like the money reallocated in a different area. That is how you deal with sponsors.

Of note is that the NGC has ended its long-standing relationship with the TTCB, the latter of which cancelled its local 50-over Tournament as well as changing the three-day tournament to a two-day tournament this year.

Back to the ignominy; after the audit become public knowledge, it left some serious questions unanswered - if the audit was dated March 15, 2017, how come it only came to light in June 2018?

Did someone or some persons in the TTCB know about the report and were waiting on the right time to expose it? How come it was not dealt with at the level of the general council? Who in the TTCB knows how the funds from the NGC were used or misused? Were the levels of sponsorship by the NGC ever brought to the general council?

If this report was not bad enough, President Bassarath then stood up before the public at a news conference and questioned the authenticity of the NGC report, saying that there was nothing to discuss with the three Zonal Councils who had demanded a police investigation and an urgent meeting following the story breaking. Really?

Of course, it immediately brought a response from the president of NGC who confirmed the findings of the report and of particular note, confirmed that the findings of the audit report were shared with the TTCB. This brings forth an even more serious question.

Assuming that Darren Ganga attached a copy of the audit report in his letter to the TTCB as would be expected, did Bassarath deny the authenticity of a report which he knew to be true, in front of the entire nation?

The NGC as a corporate sponsor has pumped an estimated $13Million into the TTCB for the period 2014 to 2016. I would hope that the TTCB would have obtained other sponsors over this particular period so it begs the question, where has this money been allocated?

Has an audit been done into the allocation of any other sponsor’s contributions? The TTCB is claiming they are broke. Unfortunately for them, they must inform the public as to where all this money has gone.

When this particular administration that called themselves the “Movement for Change” came into power in 2009, they were left with over $9Million and a minimum of eight corporate sponsors. It would be extremely interesting to ask the question of what this money was spent on in their first four years of governance.

Then from 2013 to 2016, it has been reported that the amount of money given to the TTCB was $13.5Million. Now two years later in 2018, they are apparently broke. One has to ask the question, where have the funds gone? Just show us. That is all T&T deserves to know at the very least.

It is unfortunate that some people do not accept the facts when they are put before them. When I wrote a few months ago about the TTCB asking Bassarath to put his house in order, I pointed out to him the golden era of T&T cricket from 2005 to 2009, not only from a playing perspective but from an administration level as there was a template for him to follow.

At the time, he served as first vice-president but we in the cricketing fraternity all know what played out and unfortunately, cricket has gone back into the dark ages.

It is another dark period in the annals of cricket in this country and all of the current executive of the TTCB should do the honourable thing and step down. It is my sincerest wish that all the clubs in this country get together and put who they feel will be able to take our cricket forward.

Please, I beg you, choose wisely as the future of T&T’s cricket is firmly in your hands.

San Juan Jabloteh was voted as the ‘Team of the Year’ when the 2018 Flow Youth Pro League end-ofseason awards function came off at the VIP Lounge, Hasely Crawford Stadium, Mucurapo, yesterday.

The San Juan club, enjoyed a very productive season capturing both the Under-14 and Under-16 Division League titles for a record fourth straight year each, while they just came up short in the Under-18 age-group of completing the beaver-trick of crowns as well, with a third-place finish behind Pt Fortin Civic and W Connection.

In addition, Jabloteh also had to settle for the runner-up in the three divisional knockout competitions to W Connection (Under- 14); Club Sando (Under-16) and W Connection (Under-18).

Under-14 Division

League: 1. San Juan Jabloteh; 2.
Morvant Caledonia; 3.W Connection.
Knockout: 1. W Connection; 2.
San Juan Jabloteh
Player of the Month (March):
Molik Khan (W Connection)
Player of the Month (April):
Diego Ramkissoon (Central FC)
Coach of the Year: Andre Morales
(San Juan Jabloteh)
Most Outstanding Goalkeeper:
Aidan Haynes (Defence Force)
Most Outstanding Defender:
Jael Ransome (Defence Force)
Most Outstanding Midfielder:
Luke Phillip (Pt Fortin Civic)
Most Outstanding Forward:
Molik Khan (W Connection)
Leading Goalscorer: Jaheim
Faustin (San Juan Jabloteh)
Most Valuable Player: Molik
Khan (W Connection)

Under-16 Division

League: 1. San Juan Jabloteh; 2.
W Connection; 3. Club Sando
Knockout: 1. Club Sando; 2. San
Juan Jabloteh
Player of the Month (March):
Menes Jahra (Club Sando)
Player of the Month (April): Justin
Araujo-Wilson (Club Sando FC)
Coach of the Year: Steve Neptune
(San Juan Jabloteh)
Most Outstanding Goalkeeper:
Rashad Hart (Club Sando)
Most Outstanding Defender:
Jordan Britto (San Juan Jabloteh)
Most Outstanding Midfielder:
Jesus Delicia (Police FC)
Most Outstanding Forward:
Adica Ash (Central FC)
Leading Goalscorer: Kiron Manswell
(W Connection)
Most Valuable Player: Adica Ash
(Central FC)

Under-18 Division

League: 1. Pt Fortin Civic; 2.W
Connection; 3. San Juan Jabloteh.
Knockout: 1. W Connection; 2.
San Juan Jabloteh
Player of the Month (March): Isa
Bramble (Club Sando FC)
Player of the Month (April):
Akeel Jacob (Pt Fortin Civic)
Coach of the Year: Brian Williams
(W Connection)
Most Outstanding Goalkeeper:
Raheem Lee (Club Sando FC)
Most Outstanding Defender:
Justin Cornwall (Pt Fortin Civic)
Most Outstanding Midfielder:
John-Paul Rochford (North East
Stars)
Most Outstanding Forward: Isa
Bramble (Club Sando)
Leading Goalscorer: Kai Phillip
(Police FC)
Most Valuable Player: Isa Bramble
(Club Sando FC)
2018 Team of the Year: San Juan
Jabloteh

Even though the high interest tax-free bonds in the National Investment Fund Holding Company Ltd (NIFHCL) would be available from July 11, business leaders believe the investment climate is in place to facilitate the fund.

The leaders gave their views about the NIF bond which would be offered in three tranches: five years with an interest rate of 4.5 per cent, 12 years with an interest rate of 5.7 per cent and 20 years at 6.6 per cent.

The NIFHCL was formed as a vehicle to monetise assets transferred to the Government from CL Financial and its subsidiaries, so the Government can recover funds owed from the $23 billion bailout of Clico after the insurance giant’s 2009 collapse.

The leaders spoke at the Business Outlook conference hosted by the T&T Chamber of Industry and Commerce (TTCIC) last Wednesday.

Blue Waters Products Ltd

Managing director, Blue Waters Products Ltd Dominic Hadeed urged the investing public if they are not satisfied with the returns that they are getting from the banks, they should invest in the NIFHCL.

“We are putting a lot of investment in plant and equipment and that is what we are spending a lot of money on this year. If we have extra money then definitely we are going to look at the NIF. For people who have liquid money and they are not happy with the rates at banks it may be a good opportunity.”

Commenting on the state of the economy, Hadeed said it is looking stable and it’s not getting worse; it looks as though it can move forward toward further growth. He added if business people are not investing in the NIF it is because there are more viable projects in the country in which to invest.

“If we don’t participate (in the NIF), it is actually a good thing, but it does not mean NIF is a bad investment.”
 

Amera Caribbean Development Ltd

Managing director Joseph Hadeed said he preferred to wait until the prospectus for the fund was available, but expressed confidence in the economy that there would be further growth.

“There is a lot of pent up capital that is in T&T awaiting deployment, and I think the more investments that come to market the better it gives us the private sector, a proper amount of variety in order to make proper business decisions.

Investment is certainly positive the economy is on a rebound, that’s a positive outlook, the leading indicators are pointing in the right direction so we are confident that things would turnaround by the end of 2018/2019.”

Amera Caribbean’s investment projects have mainly been projects within the real estate sector. Explaining why he had confidence in the economy despite a slow in the construction sector, Hadeed said the gestation period of the sector is one which takes time to develop, adding that construction normally happens heavily during the period between January and June.

“It is not something you make a decision today and you see a new building or a new office building tomorrow. It requires a lot of planning, site planning, design, finance requirements and then the actual construction. The lack of new construction taking place in the market now should not be seen as a negative, because once the economy starts generating more positive movements, then you would see construction.”

He added that one of his concerns when the economy starts to turn around is that there would be a problem accessing “quality” labour and material on a timely basis and on a price competitive basis.

“Once things start turning around, is there the right infrastructure in place to assist in having the right labour environment and the right material environment so we can continue to develop at the right pace?”

He called on the Government to put the right infrastructure in place so when the economy starts turning around even further, the business community can continue with their investment.

National Gas Company

Gerry Brooks, chairman of the National Gas Company, described the NIF as a good opportunity and urged business leaders to look at it and then make some informed decisions. Referring to the TTNGL public offering he said it is an excellent example of people making an investment and getting a lucrative return.

Trade Ministry

Trade Minister Paula Gopee-Scoon also said it is an excellent opportunity with guaranteed returns and is available to every level of society, not only to businesses but to the man on the street.

Rationale for offering bonds

Finance Minister Colm Imbert who spoke in the Parliament last Tuesday had given the rationale for offering bonds to the public through the NIF.

“From market soundings, it was determined neither a fund issuing units nor a company issuing shares could generate the $4 billion through a public offering given restrictions governing the structuring of portfolios within the institutional sector including pension funds and life insurance companies. It was agreed an asset backed corporate bond with appropriate tenors and coupons would be adequate to meet the varying investor requirements of the individual, corporate and institutional sectors.”

The offer to the public of tax-free bonds by the National Investment Fund Holding Company Limited (NIFHCL) is expected to cost $40 million to launch and market. Individuals will have first preference over institutions in the allocation process and foreigners will be allowed to invest in the fund.

This was revealed during a pre-launch briefing hosted recently by lead broker First Citizens Brokerage and Advisory Services Ltd.

The bond is guaranteed by dividend flows from five companies which are sufficient to repay obligations of the bonds. Republic Financial Holdings will form 54.7 per cent of the fund, Trinidad Generation Unlimited 25.7 per cent, Angostura Holdings 12.3 per cent, Witco 5.1 per cent and One Caribbean Media 2.2 per cent. (See pie chart)

Since the Government is the 100 per cent shareholder of NIFHCL there is an implied support to ensure payment of the bonds. However, there is no explicit government guarantee, so the bonds are priced about one per cent above current government bond returns to provide investors with added returns.

Some assets that have been put in the NIF and the flows from these have been captured and ring-fenced by assigning them to a trustee. The expectation is that the dividend flows should be sufficient to repay the obligations which are the principal and interest over the 20 years of the bonds.

How the investment works

The NIF will benefit corporations which invest in it as they will not be taxed on the investment. A company with a 30 per cent corporation tax rate will have to invest the equivalent of 6.4 per cent five-year taxable bond to get the same net income returns as the five year 4.5 per cent bond from NIFHCL. This is where bonds from NIF become an attractive investment.

The fund comprises five assets: Republic Financial Holdings Ltd (RFHL), Angostura Holdings, Witco, One Caribbean Media and Trinidad Generation, collectively worth $7.9 billion. These assets will cover the $4 billion bonds.

There will be an operating fund and a sinking fund. All dividends from the $7.9 billion in assets will go into an operating account where the trustee, First Citizens Trustee Services, has deed of charge.

A deed of charge means all the dividend payments that go into the two accounts will be used only for payment of interest and principal on the bonds. There is then a deed of charge, similar to a mortgage charge, on the share assigned and on the account.

Once the dividends go into the operating account they stay there for six months until the end of the period when the coupon is due. The coupon is then paid to the T&T Central Depository, the paying agent.

Any excess gets swept into a sinking fund account which is then used for redemption of the bonds. Only the dividend flows will be used to service the coupon and principal.

When the dividends come in, the only thing that is going to be deducted are the NIF’s annual operating expenses.

NIF has a board of directors with no management. The directors are all internal, all public servants. Any other function is outsourced, such as payments to auditors to prepare financials, payments to paying agents and registrar and website maintenance fees.

Senior management of First Citizens would not be allowed to invest in NIF.

Company profiles

Republic Financial Holdings Ltd—a financial services group comprising several subsidiaries and associated companies. The group is engaged in a wide range of banking financial and related activities, mainly in the Caricom region and Ghana.

Outlook:

• Profits may be impacted by higher industry tax rate
• The tempered growth prospects in the domestic economy would be cushioned by growth in overseas subsidiaries
• There may be some downside risks related to the Government of Barbados
• Future dividends over the near term are expected to remain at historic levels
• In the medium to long term, dividends are anticipated to increase as the domestic economy’s performance improves

Angostura Holdings Ltd—through its subsidiaries it engages in the manufacture and sale of rum, aromatic bitters and other spirits worldwide.

Outlook:

• In 2017, the group rationalised and restructured their operations, changed its executive management team and business model
• The group strategically reduced its dividend payment in 2017 in order to facilitate greater reinvestment in the development of its export markets
• The benefits of the restructuring was evident In the Q1 results where the cost of goods sold fell by 10 per cent year on year, boosting net profit by 75 per cent
• Over the near term, future dividend payments are expected to remain on par with 2017 payments given the group’s export strategy and improved profitability
• In the medium to long term, dividends are projected to increase as the group’s international strategy gains traction

Witco—a subsidiary of British American Tobacco (Investments) Limited, a company registered in the United Kingdom. Its ultimate parent company is British American Tobacco plc, a company registered in the United Kingdom. The principal business activities of the company are the manufacture and sale of cigarettes.

Outlook:

• The company’s diversification strategy into lower end products would continue to bode well as the domestic economy slowly recovers.
• The company will continue to face competitive pressures from illicit brands
• The change in customer behaviour to low priced brands is expected to be permanent in nature. Thus performance and dividends are expected to remain subdued in the near term
• Once the economic recovery picks up, the company’s financial results should also improve

Trinidad Generation Unlimited (TGU)—Incorporated in December 2006, TGU’s principal activity is to engage in the acquisition, construction, ownership and the operation, management and maintenance of power generation facilities. The company is wholly owned by the Union Estate Electricity Generation Company Ltd, an entity controlled by the Government

Outlook:

• TGU has a reliable revenue stream; T&TEC (currently its only customer) is obligated to make payments for up to 93 per cent of contracted capacity regardless of whether T&TEC takes full delivery of power generated, force majeure events, regulatory changes or certain TGU defaults
• These payment obligations are under a Purchase Power Agreement (PPA) and are fully and unconditionally GORTT guaranteed.
• The PPA ends in 2041 which exceed the life of the NIF bonds
• TGU can invoice up to a maximum of 95 per cent payments in US-dollars under the PPA. This hedges operating, maintenance and finance costs that are denominated and/or paid in US dollars

One Caribbean Media—through its subsidiaries, the company is engaged in media services, wholesale distribution, broadband services and the sale of other goods and services.

Outlook:

• With 67 per cent of its revenues coming from T&T and 33 per cent from Barbados, the group’s growth prospects are expected to be tempered in the near term, evident by its Q1 2018 results.
• The rebound of the domestic economy should serve to boost OCM’s revenues and in turn dividend payments in the medium to long term.

— Information provided by First Citizens Investment Services Ltd

Encouraged by the latest International Monetary Fund (IMF) report on T&T, Finance Minister Colm Imbert wasted no time in sharing the good news via a press release and a series of tweets from his Twitter account over the weekend.

The report by the IMF mission, released last Friday following its regular annual Article IV consultation in this country, confirms much of what Mr Imbert announced in his mid-year review of the 2018 Budget in May, so it is easy to see why he would be keen to share when he described as “a very positive report.”

Certainly, there was a lot of encouraging news in the release, including improvements in fiscal and external balances which the IMF attributed to the Government’s ongoing fiscal consolidation efforts. All these are welcome developments after the years of economic downturn with the difficult adjustments experienced in the country over the last two years.

However, don’t take this as a reason to break out in wild celebration—there is still a lot to do to get the economy on a sound footing and Mr Imbert and Finance Ministry staff—in planning their next moves in managing the still recovering T&T economy—would do well to heed some of the IMF’s advice. There was a lot of it in the preliminary report, as well as some lingering concerns, particularly with the forex market, that ought not to be overlooked.

Of course for some citizens, particularly those who lived through those difficult years of structural adjustment from the mid-1980s, it might be hard to see the IMF in any positive light as an adviser and supporter of economic progress.

The agency’s intervention to steer the country out of a severe fiscal deficit involved some painful measures—suspension of cost of living allowances for public sector employees; a voluntary severance programme; credit controls.

However, the recent IMF visit to T&T was not about that but rather helping this country achieve macroeconomic stability by providing policy and advice. Often overlooked is that the agency’s mandate is to reduce poverty—perhaps an idea hard to accept by those who endured the belt-tightening measures the country endured during the years of IMF conditionalities.

In any case, as Prime Minister Dr Keith Rowley has repeatedly assured, this nation is not in imminent danger of having to go back to the IMF. It might be a good idea, though, for those in charge of the country’s economic fortunes, to pay some attention to what the agency has to say.

As the IMF points out in its assessment, while economic improvements in T&T have been driven mainly by last year’s increase in energy prices, it is difficult to predict the “level and direction of change” in those prices. It therefore recommends that mechanisms be in place to maintain the momentum of fiscal adjustment and, not surprisingly, also urged continuation of diversification efforts.

The agency also recommended further measures to put the public debt on a “sustainable, downward trajectory” that would keep central government debt at around 30 per cent of GDP and public debt below 55 per cent.

“Transfers to public utilities continue to represent a significant fiscal drain. Staff concurs with the authorities that raising utility tariffs should be guided by a rate determination exercise by the Regulated Industry Commission, and implemented with urgency,” the IMF stated in a preliminary release following the T&T mission.

Echoing concerns that have been expressed in the recent past by economists and local financial experts, the IMF recommends managing public debt and the Heritage and Stabilisation Fund (HSF) in a manner that limits the need to draw down on that fund.

But of even greater importance is the assessment of the still difficult forex situation. This is an issue that the IMF has addressed in all of its recent reports on this country and this time, while noting that tightness in the market has eased compared to last year, warns that it is still “in a state of disequilibrium with strong excess demand.”

According to the agency, foreign exchange shortages persist despite a seven per cent nominal depreciation in 2016, the current account surplus of 2017, increased inflows from energy companies and regular Central Bank interventions to maintain a stable exchange rate. This, says the IMF, suggests the existence of an informal parallel market.

It further noted that uncertainty about the availability of forex or expectations of a further depreciation might be leading to hoarding, contributing to tightness in the market.

The recommendation to the Government, in the context of further potential volatility in energy prices, is that they take advantage of the current relatively stable period with low inflation to address the shortages, by adjusting the price or supplying foreign exchange at the given exchange rate.

The IMF also had some words of caution on the US$100-million Exim Bank facility introduced in May 2018 to help local manufacturers to finance their inputs, noting that it could add to market distortions if not carefully designed and implemented, creating incentives for misuse “as well as possibly introducing an exchange measure subject to the IMF’s Article VIII.”

The agency underscores the need for the facility to be carefully designed to ensure transparency and consistency with international standards and the authorities to provide sufficient foreign exchange to meet demand for all current international transactions.

The agency also see a more active role for the exchange rate as an automatic stabiliser and to help manage the transition to a more balanced/flexible foreign exchange market.

“The currency remained broadly stable since the depreciation in 2016, while vulnerability to terms-of-trade shocks continues. Greater flexibility, implemented through a mechanism that allows some market force in determining the exchange rate, would facilitate adjustment to external shocks, help restore competitiveness and safeguard foreign reserves.

“Implementing exchange rate adjustment gradually (within more flexible forms of a peg, such as widening bands) would permit two-way exchange-rate variation, and, in so doing, reduce incentives for FX-hoarding and one-way currency bets, while maintaining the exchange rate as nominal anchor,” it states.

On the matter of sustainable growth, Mr Imbert and his technocrats might also want to pay to the IMF’s suggestions for achieving and maintaining sustainable growth, such as introducing reforms to improve the business environment which it says are “crucial to support fiscal adjustment and boost economic growth.”

The report states: “With the economy heavily-dependent on the energy sector, obstacles to non-energy growth must be addressed and diversification efforts intensified. Efforts to support tourism should continue, given its linkages to agriculture, services, and light manufacturing, and obstacles to its growth (eg, air/sea connectivity, cost of doing business, and access to finance) should be addressed.

“Institutional reforms should focus on improving paying taxes and enforcing contracts, and legal frameworks should facilitate legislative-passage of ongoing reforms.”

However, I want to add some emphasis to this part which, in my view, needs to be an area of greater focus because of its debilitating effect on the country’s economic health: “Violent crime, with homicide rates one of the highest in the Caribbean, presents a drag on the economy, with direct crime-related costs from public, private, and social spending estimated at 3.5 per cent of GDP—around the average for the Latam and Caribbean region.

“Staff supports government efforts for crime reduction and suggests a balanced approach with prevention and crime-control programmes.”

All this, of course, is just the tip of the iceberg. The IMF assessment addresses a wide range of issues and these are just a handful of the more pressing matters highlighted in the report.

What will help here is clear headed consideration of all recommendations, strongly resisting any temptations to add any political spin to any of them. After all, the aim should be to put this country on a path to long-term economic sustainability.

This is by no means an easy task and no one should envy the heavy responsibilities now being shouldered by Mr Imbert as Finance Minister. However, the IMF’s recommendations, as well as others from the other reputable institutions keeping a keen eye on the country’s economic progress, could be the basis for policies and programmes.

Insurance complaints continued to dominate grievances against local financial institutions, the majority of which are motor-related claims. These are among the findings in the 2017 report of the Office of the Financial Services Ombudsman (OFSO) for the period January 1, 2017 to December 31, 2017.

The report includes a statistical review of the number and types of complaints processed, the time frames within which complaints were resolved and enquires received at the Office. It also highlights the number of persons visiting its offices at San Fernando, Sangre Grande, Point Fortin and Tobago.

The total number of complaints received for 2017 was 302, compared to 203 for 2016. Insurance complaints account for just over 93 per cent of the total received for the year.

“The significant increase in total complaints can be attributed almost entirely to insurance complaints,” the OFSO said.

Banking sector complaints remained characteristically low, with just 20 received in 2017— seven per cent of the total complaints—an increase from the 15 recorded in 2016.

“The increase in complaints is partly a reflection of greater public awareness and increased vigilance among financial customers,” the report stated.

The OFSO also recorded 770 enquiries in 2017, a marginal increase over 764 in 2016. These were received from various sources and were related to products and services provided by insurance companies, banks and non-bank financial institutions.

The OFSO received several enquiries about products and services provided by institutions not falling under its mandate, including the Unit Trust Corporation, credit unions and government ministries and agencies. In such instances, customers were either provided with an appropriate response to their enquiries or redirected to the relevant institutions where their matters might be addressed.

The OFSO continues to hold external office days and on those occasions 225 people visited as compared to 234 during the corresponding period in 2016.

According to Central Bank Governor Dr Alvin Hilaire, the OFSO serves as an important vanguard to the public by providing a means through which ordinary citizens and small businesses can seek mediation and redress arising out of complaints against financial institutions.

“Fundamental to every well-functioning financial system is a mechanism for recourse for the public in instances where disputes with financial services providers arise. Consumer protection, fairness and reasonable resolution remain at the core of the OFSO’s operations,” he said.

At the heart of consumer empowerment, he added, is awareness of financial products, risk, choices, rights and responsibilities. In this regard, the OFSO continues to work closely with the National Financial Literacy Programme (NFLP) to raise the level of financial education in the country and to empower citizens to make more informed financial decisions.

Financial Services Ombudsman Dominic Stoddard said the agency has accomplished a major milestone as it has been in existence for 15 years.

“It gives pause for reflection on its purpose and mandate and allows for an assessment of whether these are still valid in the light of the many changes that would have taken place in the financial sector over the years,” Stoddard said.

While the OFSO continues to play a pivotal role in the financial sector, there is still much to be done, he admitted.

“The scheme is still voluntary and not grounded in legislation. Many of the complaints received fall outside of our terms of reference and there are financial consumers whose complaints we cannot address because the institutions involved are not part of the scheme.

“In such cases, the customers are at a distinct disadvantage even where the institution in question has an internal complaints mechanism,” he said.

Despite these challenges, the OFSO continued to streamline its internal operations during 2017 by transforming its case management system.

Beta testing of the system was completed and the OFSO is now positioned to improve the level of its reporting, with an expanded range of reports and the availability of additional detailed data.

Banking services

During 2017, 22 banking complaints were addressed by the OFSO. This included two unresolved complaints brought forward from 2016 and 20 new complaints received during the reporting period.

Of those, 11 complaints were resolved by the OFSO during 2017—50 per cent of the total for processing.

In 2016, 90 per cent of all pending complaints were resolved. There were 11 unresolved complaints that continued to engage the attention of the OFSO and the relevant commercial banks at the end of 2017.

The OFSO recorded the majority of banking complaints under the four main categories: accounts and transactions, card services, loans and credit and other.

Complaints related to accounts and transactions accounted for 50 per cent of the total received in 2017, compared to 40 per cent in 2016.

“There was also an increase in the percentage of complaints related to card services in 2017 compared to the same period in 2016. Three complaints related to loans and credit were recorded in 2017, the same was recorded in 2016,” the report said.

The majority of banking complaints were resolved by agreement between the parties involved and withdrawals by complainants due to corrective action by the financial institutions.

During 2017, seven complaints were resolved under the category of agreement, while four were resolved under the category of withdrawals by complainants.

Insurance services

Between January to December 2017, the OFSO received 28 new complaints from customers against insurance companies. For the corresponding period of 2016, the number of new complaints was 188.

This represented a significant increase of 50 per cent in the overall number of complaints submitted to the OFSO.

The majority of complaints were motor related claims. The OFSO recorded 266 such complaints which accounted for 94 per cent of the total number received.

There were 13 complaints related to life or health Insurance policies and individual annuity contracts.

Categories of complaints

The OFSO has seen a marginal increase in the number of complaints about denial of claim, while complaints about inadequate settlement were virtually unchanged compared to the previous year.

One of the major issues affecting customers continues to be the amount offered for settlement of claims. This accounted for 38 per cent of the total number of complaints received.

There was also an increase in denial of claims which now accounts for 37 per cent.

The single largest decline in terms of category of complaints was in undue delays, an indication that once liability is established there is an improvement in the time taken to settle outstanding claims.

Resolution of complaints

There were 345 complaints available for processing. This included 63 unresolved complaints brought forward from 2016 and 282 new complaints .

The OFSO resolved 235 complaints which represented 68 per cent of the total for processing—a decrease compared with 2016 when 77 per cent of the complaints available for processing were resolved.

There were 110 unresolved complaints at the end of 2017. The majority were resolved by agreement and withdrawals by the OFSO.

Withdrawals included matters where the insurance companies maintained their denial of claims, complainants breached terms of their policies, or complainants or third parties chose to pursue legal action.

During 2017, 72 per cent of complaints were resolved under the category of agreement and 25 per cent were withdrawals by the OFSO. Three per cent of all complaints lodged were closed under the category of withdrawals by complainants.

The OFSO recorded similar statistics under these categories in 2016.

The OFSO resolved 123 complaints within nine days of receipt, accounting for 52 per cent of the total number of complaints resolved. This represents a decline from the 65 per cent for the same category in 2016. Eighty-seven complaints took in excess of 120 days to be resolved.

Meetings with insurance companies

The OFSO continues to receive complex insurance complaints, including some related to multi-vehicular accidents and company referrals. In an effort to resolve these matters, it engages the respective companies in extensive multi-party mediation.

During the review period, the OFSO convened 12 meetings with insurance companies, including three multi-party mediation meetings.

There have been many attempts to link World Cup football to various activities in a country.

From our local experience we know that taking time to watch World Cup matches has an effect on national productivity.

This, of course, is more pronounced in countries that are actually playing in the World Cup and the further into the World Cup a country goes the greater the distraction.

Other linkages have been made between the results of World Cup matches and incidences of domestic violence, alcohol consumption and attendance at work the day after a game. One of the more curious linkages has been the outcome of World Cup matches against the next day stock market returns.

The argument here is that the collective mood and emotions of investors have an impact on their trading pattern that then impact stock market returns. So, a team that wins a World Cup match will have stock market participants that are more upbeat and that mood will be reflected in their trading patterns.

One of the things to appreciate in these discussions is that it is very difficult to distinguish between a correlation and causation.

This is because the World Cup is a so infrequent and a team’s performance in each tournament is unique so it is very difficult to generate enough statistical data. Some of the linkages may be caused by the World Cup but others are simply correlated and could be chalked off as coincidence.

The World Cup match last week between Brazil and Belgium would surely have captured the imagination of local sports fans.

One interesting statistic is that Belgium had up to this point nine different goal scorers at the 2018 World Cup, excluding own goals. Only Italy and France in 2006 and 1982 respectively have ever had more in a single tournament, with the record being ten.

On the other side, prior to the quarter-final match up, Brazil’s Neymar had recorded 48 touches in the opposition penalty area which was, at the time, 16 more than any other player at the World Cup.

These two statistics can start a debate on whether Belgium won because they played more as a team and Brazil lost because of their reliance on Neymar. Recognise again that these linkages are correlated to the result but it takes a more in depth analysis to determine the cause of Brazil’s defeat and Belgium’s victory.

Portfolio construction

We can, however, take some lessons from the World Cup and some of its matches in terms of how we craft an investment portfolio.

Some World Cup teams rely on a couple of super stars, or one big star for their overall success.

In the example of Brazil, at least statistically, there was an overreliance on Neymar to get the ball into the opposition penalty area.

When a star player is on top of his game, the other players in the team seem to look good as well even if many of the players involved might be below average.

If you juxtapose this analogy into a stock portfolio you may find a portfolio with a big winner like, say, Apple and a number of other companies that are really below average but when they all come together the portfolio has still done reasonably well.

A portfolio constructed in this manner is likely to have a bit more randomness to its performance and return as it is heavily skewed based on the “star’s” performance of lack thereof.

There are other options to portfolio construction and it is useful to return to the football analogy to make the contrast. A bunch of average or seemingly below average players on a team can win matches.

We have seen this with the performance of a number of so called “under dog” teams at this World Cup. This occurs for one simple reason—football is first and foremost a team game.

So the super star player may really be a super star but the rest of his team has to string together a few passes before the ball can get to him and when it does he sometimes needs to pass to someone else for a goal to be scored.

One likely outcome of having the super star player is that most of the play is directed to or through that player. This makes it easier for the opposing team to anticipate what is likely to happen and so they can plan for these eventualities and manage the situation to their ultimate advantage.

The team of average players has an entirely different strategy.

They need to seek ways to link together that makes the whole greater than the sum of the parts.

This is also a fundamental theory of portfolio management. It is the reason why it is considered better to own a portfolio of stocks as opposed to placing your entire investment into one stock. You don’t bet on the performance of the “star” stock but you build a portfolio of stocks that in combination can produce a result that is less variable and more consistent.

Appreciating this dynamic is important in a world where we often chase after the big winner. A frequent question is “what is a good stock to own” as opposed to “how can I put together a stable team of stocks”.

A stable team is less exciting and in some cases may be outright boring but when it comes to your financial security it’s the result more than the excitement that matters.

Role of luck Compartmentalising is important in terms of knowing what you want to accomplish.

For a World Cup you can relish the allure of a star player and support a team on that basis. However when it comes to your money it is better to build a good team (portfolio) of average players what can produce reasonable and consistent results over time. For many Germany may be the team that best defines this portfolio objective.

Yet Germany also flopped at this World Cup.

Germany’s reality brings me to the final World Cup/investing lesson.

There is always an element of luck. Based on shots on goal you would have expected Germany to score far more goals than they actually did, that they didn’t show the importance of getting the correct mix in your portfolio. Growth stocks and dividend stocks are to a stock portfolio what attack and defence is to football. You need to have both working properly together in order to get the result that you are seeking.

Then at the end of it all do not underestimate the role that luck plays in success.

Last weekend’s quarter finals saw the winning team score two goals each. None of those winning teams had more than three shots on target. Overall the four winners scored eight goals from just ten shots. This is an amazingly high conversion rate. The four losers scored three goals from twenty one shots (Brazil was one from nine).

You would expect that in a knock out round the team that is behind would leave more room for the opposition to get better chances. Adjusting for when the scores were level, the four winners had three goals plus an own goal from four shots on target and twenty nine in total. The losers had one goal form four shots on target out of a total of 14 shots on goal.

The lesson is simple. Fortune favours the brave and there is always an element of luck in success.

For the investor that means that you position yourself so that you can remain invested through the up and down market cycles. If you are brave through the market cycle and try to maintain a balanced portfolio throughout then with a bit of luck you will achieve your objectives. Unlike a World Cup the investor’s game doesn’t end unless you decide to end it, so time is on your side.

Ian Narine can be contacted at
ian.narine@gmail.com

The local trio of Derron Douglas, Luc O’Young and Javier King were swept aside by Peru 3-0 in their consolation semifinal match-up of the 2018 Pan American Junior Table Tennis Championship in Santo Domingo, the Dominican Republic on Wednesday night.

Douglas was beaten by Rodrigo Hidalgo 3-0; King went under to Jhon Loli 6-11, 4-11, 4-11, and O’Young fell to Felipe Duffoo, 6-11, 3-11, 5-11.

On Tuesday morning, the T&T boys ended at the bottom of their four-team Group Two round-robin series with a 0-3 record against Puerto Rico, Costa Rica and Argentina In their opening fixture on Tuesday morning, T&T went under to Puerto Rico 0-3.

This was followed by a battling 2-3 loss, at the hands of Costa Rica on Tuesday night in which O’Young and Douglas won for T&T.

For the Central Americans, Daniel Araya defeated Douglas 11-7, 11-4, 9-11, 11-5 and Bryan Solis swept past King 13-11, 11-6, 11-8 for a 2-0 lead in the best-of-five series.

Luc O’Young then mounted a come-back for T&T when he rallied past Henry Alvarez 8-11, 11-7, 10-12, 11-7, 11-9 while Douglas overcame Solis 11-9, 11-13, 12-10, 11-5 to level the tie at 2-2.

However, it was not to be for T&T as King fell to Araya, 4-11, 6-11, 7-11 in the fifth and deciding contest.

T&T then returned to action on Wednesday morning in their final round-robin match against Argentina which defeated Costa Rica 3-0 in its opener, and Puerto Rico 3-0 as well, and was also swept aside by a similar scoreline.

Douglas went under to Santiago Lorenzo 4-11, 11-8, 3-11, 2-11; O’Young was humbled by Leandro Fuentes 8-11, 4-11, 6-11, and King was overpowered by Alexis Orencel, 6-11, 5-11, 9-11.

Today, (July 13), the Junior Boys Singles serves off with all three T&T players in action.

O’Young will compete in Group Four against Chile’s Andres Martinez and Noel Almonte of Dominican Republic.

King will compete in Group Eight alongside Pablo Palou of Uruguay; Canada’s Alexander Bu, and Dominican Republic’s Omar Andujar,

And in Group Ten, Douglas faces Canada’s Terrence Yeung, Sergio Bignardi of Brazil, and Jean-Claude Hoek of Aruba.

Tomorrow (Saturday), Douglas and OYoung will compete in the Boys Doubles versus Puerto Rico’s Angel Noranjo and Jabdiel Torres in the round-of-16.

Moving. Emotional. Spiritual. Powerful. All adjectives used by audience members to describe the launch of Freetown Collective’s debut album, Born in Darkness. The launch took place at Callaloo Company’s space in Chaguaramas on June 30.

The popular band, comprised of lead guitarists Muhammad Muwakil and Lou Lyons, along with backup vocalists Shanna and Malene Joseph and Tishanna Williams, added a variety of instrumentalists and vocalists to their line up. These included members of The Lydians, All Stars Brass, guitarist Kiwan Landreth-Smith, and producer Jayron “Rawkus” Remy, with live visual projections by North Eleven. The music drew from all genres, including rock, ballads, and soca, infused with the unique sound that is Freetown Collective.

The performances, including favourites such as Normal, Born Swimma and Born Soldiers as well as new music like the album’s title track Born in Darkness, Red Eye and Human Form, drew an enthusiastic response from the patrons, who sang along, screamed, chanted, jumped around and cried and cried throughout the two hour concert. The vibe was an intimate one throughout, as Muwakil paused to regale the capacity audience with stories about the making of the album and the journey the group has taken over the three years it took to bring the project to completion.

The full song list included Incantation, featuring The Lydians; Human Form featuring The Lydians and Kiwan Landreth-Smith, whose guitar solo had fans screaming; Born In Darkness, Lightman and where I am, featuring The Lydians & All Star Brass; interludes Cure and Vice and Hired Guns; Red Eye; Normal; Feel This; Space For A Heart; Believe Me; Born Soldiers; Good Swimma; Go; and Bless Them.

The group released a new video for their song Space For A Heart, which had many audience members in tears. The video, done in collaboration with Nadia Huggins, Oliver Milne and Maya Cozier, told the story of an old man who built a makeshift boat to go back to the spot where the love of his life drowned when they were young. Muwakil revealed that the video was dedicated to a Trinbagonian poet named Eric Roach who died by drowning. He said the band was able to feel Roach’s spirit with them while they were recording the track, which was a moving experience for everyone involved.

Many patrons brought their children with them, and one child even requested that the band perform Born Soldier.

Muwakil said he was proud to see this, as the group felt that their music was for everyone.

Opening acts Rheon Elbourne and Deneka Thomas set the tone for the rest of the show, inspiring the audience to participate with their music and poetry.

Elbourne’s song Pam Pam was a hit, while Thomas performed her Trini dialect poem as well as the poem which won her the 2018 First Citizens National Poetry Slam championship, The Closet.

At the end of the main performance, the crowd was so hyped that they called for an encore, and the band obliged by singing Mama Africa and Love Transition. Many patrons expressed satisfaction with the concert and said they were going to buy the album immediately.

Longtime fans noted that the group’s sound had evolved well over time and expressed hope that they would continue to grow.

INFO

Freetown Collective’s album Born in Darkness is available on Amazon, iTunes, Spotify and Apple Music. For more information, find Freetown Collective on Facebook and go to www.wearefreetown.love

July is a significant month for the Emancipation Support Committee of T&T (ESCTT), as it rolls out its flag-ship events of the Pan African Festival TT, the activities at the Lidj Yasu Omowale Village, the Trade and Investment Symposium and the Kambule on Emancipation Day August 1.

This year, activities at the Village will take place for five days during the last week of July, starting from the morning of July 28. But the events cannot begin without the Blessing of the Ground at 6 pm on Sunday evening July 22. The Blessing of the Grounds of the Lidj Yasu Omowale Emancipation Village, takes place at the Queen’s Park Savannah, Port-of-Spain, and is a necessary part of the Festival as it focuses on bringing positive energies to the venue which will be the centre for all cultural events during the period.

The Lidj Yasu Omowale Emancipation Village will be formally opened on July 28 at 10 am. The Village was named after the early co-chair of the Emancipation Support Committee, which was formed 26 years ago, to strengthen activities focused on the celebration of freedom from chattel slavery. The Emancipation Village will host a series of events that aims not only at celebration of this victory but at guiding our people to chart the way forward.

The morning opening allows visitors to have a head-start on shopping, as entrepreneurs from the African continent, the Caribbean and the best of T&T will have a wide variety of products on sale – authentic African and Caribbean clothing, shoes, fabric, pottery, handbags, accessories, and a host of natural products and a variety of tasty foods and drinks. From just after lunch, Rhythm and Voices of Africa will take over the Village and the Youth Concert, highlighting the talented young bloods, will be staged from 8 pm.

On July 29, it is Family Day at the village. The population are encouraged to “turn down your pot” and enjoy authentic African and Caribbean dishes. Sounds of the Youth Steel Explosion fill the Village from 2 pm featuring popular youth steel orchestras. From 6 pm, Jazz at Sunset and Pan Night will highlight local talented artists in the jazz genre and feature some of the country’s leading steel orchestras.

July 30 has been designated Youth Day, between 9 am and 3 pm. Organised by youth for youth, the day is meant for children from youth camps, communities and families to participate in creative and learning workshops. Attendance is free, but interested groups are advised to book early by calling the ESCTT office. Later in the evening, at 7.30 pm, Shikamoo – Ancestral Rhythms pays tribute to calypsonian Composer for his contribution to the artform. Leading bards will lift their voices in praise to his years of song.

The Pan African concert on July 31, brings to a climax the celebration of African culture with the presentation of the Kalabante, Guinea’s world renowned acrobatic dancers. Comprising young and talented acrobats and dancers from the West African State of Guinea, the group has received rave reviews across Canada and North America.

This will be group’s first visit to the Caribbean and T&T.

The finale of the celebrations is on August 1, starting with the Drum Call at 4 am at Trinidad All Stars Pan Yard which signals the start of this glorious day. The Kambule – the street procession which makes its way through the streets of Port of Spain - assembles in front of the Treasury Building on Independence Square, the historic site where the Emancipation Proclamation was read 180years ago.

Cultural performances will greet those families who mark the day at the Village and at 7 pm, the traditional flambeaux procession winds its way from the Queens Park Savannah back to the All Stars Pan Yard.