Silvestre de Souza signalled his intention to retain the recently-formatted jockeys’ championship with a ubiquitous treble at Epsom, Monday. Before play started SDS had been caught and passed by erstwhile challenger Jim Crowley.

Resolve of the diminutive Brazilian is impressive, we recognise what this championship means to Silvestre but, hopefully, challenges will be maintained for the next seven weeks, punters wont have to complain about being on 100 per cent triers!

We’ll certainly be keeping tabs on the exciting situation and landing a few winners if indeed de Souza, Crowley, James Boyle and outsider Oisin Murphy give everything in their quest for statistical glory.

Crowley’s agent, Tony Hind, is determined to have another champion on his books, Richard Hughes was his flagship and so he knows just how much his man needs to achieve. Both title leaders are scheduled for Lingfield today where One Too Many is top-weight for a nursery over five furlongs of good to firm on the back of two promising efforts.

Two-year-olds need to run three times and be placed in the frame which means first four; One Too Many is qualified, clear best-in and napped, again!

Trainer David Brown dropped One Too Many back to five at Beverley last month after this Zebedee filly had improved considerably on a quiet debut, beaten only three-quarters of a length at Nottingham.

A replication of that run should suffice, this is an extremely moderate race and you can bet owner John Fretwell, a well-known heavy-hitter with his juveniles, will be reaching deep into those long pockets.

Mark Johnston and Joe Fanning will be expecting twice-raced, clear top-rated, Celestation, to oblige in the Maiden Auction Fillies’ Stakes over seven furlongs and at good to firm Bath don’t miss Ernststavroblofeld when he attempts to supplement recent Yarmouth gains in the Novice Stakes over an extended five furlongs. 

As we celebrate 54 years of Independence today, let us all be certain we know that talk is cheap!

Talking is for pretenders!

It is time for action, where words mean nothing if we cannot substantiate it with the appropriate action and momentum that will give true meaning to the word “Support.”

As a people that talk a lot and are always quick to kick our athletes when they are down, it is time for every citizen to demonstrate that they care about our national teams by spending their own money and attending the very important football match against Guatemala on Friday.

 Our Soca Warriors lead the group with 10 points from USA (7 points), Guatemala (6 points). We need only a draw, but after the experiences of November 1989 and December 2014, the nerves will be tingling.

Guatemala media have already issued a do or die cry so their team, having already arrived early for the encounter, are seeking to entrench in their minds the will to succeed. Information from the Guatemalan media suggests there is a strong belief that there is no home advantage for T&T, based on previous results and the passive nature of the home supporters. 

As T&T’s captain Kenwyne Jones said on Isports Saturday on i95.5fm: “The cost of tickets to this match is less than the cost of a boat ride.” 

It was a damning comment, as truthful as it was sincere, as biting as it was realistic and as telling as it was honest. In this country, people will pay $3,000 to play mas or to buy two tickets for an all inclusive fete. But with ticket prices at $150 (uncovered) and $300 (covered), we are hearing of persons who can afford asking for complementaries or free tickets. This is just wrong. It is time we forget about this freeness attitude and focus on being patriotic.

So what Jones is asking is that as a man, as a woman, as a child, as a citizen, stand up and be counted in this march to Russia 2018. How many of us can remember the pleasure of 2006 in Germany and the feeling of pride when your national anthem was played. It did not matter which part of T&T you were from, everyone was proud that day.

So there is a strong belief that coach Stephen Hart, this wise and experienced tactician, has a plan for Guatemala, who appear to be quite “cocky” and upbeat, given their run of good form. In that regard, we need the entire T&T squad to be focussed, including those players not selected on the starting eleven .

Honestly, given the current mood in the country and the lack of enthusiasm that has permeated whether through social, political or financial issues, T&T needs to exhale and this time with a concerted and united smile. A full stadium is not an option. It must be a certainty and we must demand of each other the assurances required to maintain that momentum all the way through to our next match against the USA on September 6.

Guatemalan spies arrived here over two weeks ago, flying from the USA and other venues. One hopes that the immigration authorities would be vigilant of this, given the number of Spanish speaking persons that appear to arrive here everyday. On our return flight from Brazil, via Panama, 3/4 of the aircraft was filled with non residents and on my previous trips from South America, I witnessed similar numbers. I understand that many are coming through Miami but whatever it is the Guatemalan officials were here and did their independent work and observed everything from the mood of the country to the playing surfaces and even hotels. We must learn to be as competitive. This sometimes makes the difference between winning and losing.

As we look ahead to Friday, let us all not only wear “Red” on the outside but also on the inside, with true pride and let the foreigners understand that this is our culture, our way and they will have to learn it the hard way on Friday and beyond. It may not be pretty when there is so much on the line and so much at stake. For Guatemala, nothing but a win will ensure they move into the round of six. This makes them especially dangerous.

We can expect the Central Americans to come out full steam and throw everything, looking for that early goal to upset the flow of the national team and quiet the home fans. So a testing time is ahead for the Warriors. They must expect such and hopefully will be ready.

Scoring first is critical and if the Warriors can do this, it will force Guatemala to take more chances which could lead to more goals.

It is going to be a most defining game for several on both teams, with not only careers, but positions and pride at stake .

So let us find our voice on Friday and support your team in “RED”, the Soca Warriors.

National Under-21 netball coach Rhonda John-Davis is not thrilled that her team failed to cop the Americas Federation of Netball Associations (AFNA) title, but is happy that the local side achieved the ultimate goal of progressing to next year’s Netball Youth World Cup carded to take place in Botswana.

“I am not satisfied with second place finish,” said John-Davis yesterday. “But I am very proud of the girls for qualifying for the World Cup.”

On Sunday in St Maarten, the junior “Calypso Girls” faced off against Barbados in the title decider and came up short, suffering a narrow two-goal (50-48) defeat in an intense encounter which turned out to be the most thrilling match of the seven-team tournament.

“It’s not that they did not play well but crucial errors resulted in the loss. The most important thing though is that we qualified and for that I am proud of them,” said the former national senior captain.

The T&T team, which entered the AFNA Qualifiers as the top seed, ninth in world netball, had a relatively easy ride through the round-robin competition, easily knocking off Canada (69-9) in its opening match, followed by Argentina (87-4), St Maarten (72-12), St Kitts and Nevis (68-35) and Grenada (52-28), respectively.

“We went in there with a very inexperienced team and they stood up to the challenge,” said John-Davis, who was assisted by another former senior national player Kemba Duncan. “They were able to execute the game plan so all in all, I am pleased with the effort they put in.”

The local side was captained by Kalifa McCollin and she was supported by vice-captain Jeneisha Cassimy. Two players which John-Davis declared stood out during the seven-day competition as well as Shaniece Seemungal and Shaquanda Greene.

“Kalifa was on a next level. She did very well leading the team. I must commend Cassimy for her versability on the court. She played every position that was asked of her and she fulfilled all that was required of her. Shaniece performed well in the centre-court and Shaquanda was vital in defence for us.”

McCollin partnered with six-footer Jameela McCathy in the circle and they scored the bulk of T&T’s goals throughout the competition. Overall, McCarthy netted with 149 goals from 173 attempts and McCollin, 98 off 110 tries. Tiana Dillon (42/69) and Tahirah Hollingsworth (38/70) were the other shooters used.

Second-placed T&T, champion Barbados and third-placed Grenada, move on to the World Cup set to unfold in the city of Gaborone. The Caribbean trio will join 11 other teams that have already qualified from New Zealand, Australia, Caribbean neighbour Jamaica, England, host Botswana, Malaysia, Sri Lanka, Singapore, South Africa, Zimbabwe and Uganda. Next will be the Oceania Qualifiers next month and finally the European Qualifiers in October.

The quality of teams that T&T will meet in Botswana will of course be at a higher grade and coach John-Davis is quite aware of this.

She said, “We know the level of play at the World Cup will be higher that is expected. The team showed what their strengths are and we used that to our advantage but we know we have work to do.”

Unfortunately, John-Davis will not have the services of some key players as they will be over the age limit come next year for the World U-21 tournament.

“We will not have Kalifa, Jameela and Shaquanda so we definitely have to get to work and see how best we can be ready for the World Cup in Botswana next year,” said the national youth coach.

The players will get some two weeks off to rest and recuperate and will restart training on Septmeber 14 according to John-Davis.

Around the Queen’s Park Savannah, stands President’s House, built in 1876 and once described as one of the best pieces of architecture in the West Indies. The building, described as neo-Renaissance and Victorian, was the home of a string of colonial governors, including Governor General of the Federated West Indies, Lord Hailes. It was called the Governor’s House during that time.

In 1960, it became the home of the first locally appointed governor, Sir Solomon Hochoy. After Independence, on August 1, 1976, when T&T became a Republic, the Governor-General's House became President’s House and became the residence of presidents Ellis Clarke, Noor Hassanali and ANR Robinson.

But by 2010, the roof of the termite-ridden building was so bad, it collapsed.

Former head of the History Department of the University of the West Indies, Professor Dr Brinsley Samaroo, said successive governments have said a lot about preserving physical heritage but, by and large, have not put these promises into effect. As a result, there has been continuous decay of the President’s House, Red House and other heritage buildings, he said.

“From time to time, ministers go and look at it and make good plans about rebuilding, and then you never hear from them again,” he commented.

Samaroo blames the decay of these heritage buildings on our lack of a sense of valuing our own history.

“T&T does not have a sense of history except for a small minority. The vast majority of people do not think history is important. They don’t think these buildings hold any rich cultural heritage. Generally, there is no pressure on the Government to refurbish or resuscitate them. This lack of interest is a reflection of an ignorance of our history. It shows a lack of a spirit of commitment to the country.”

At the President’s House grounds, incumbent President Anthony Carmona has moved into the renovated cottage, originally reserved for guests, and staff are reportedly working from containers. The media previously ran stories about the controversial $28,000 monthly tax-free housing allowance which was being paid to the President, in addition to him being accommodated at temporary quarters while the cottage was being renovated.

Impetus to renovate and repair seems constantly to be stymied. For instance, museum curator Claire Broadbridge wrote in the book Zalayhar Hassanali—Life of a First Lady of how under a previous PNM administration, the Canadian government had offered money to repair President’s House. Canada offered the funds (reportedly a large sum) as part of its thrust, at the time, to help restore heritage buildings in the Caribbean. But, Broadbridge said, unfortunately the repairs to President’s House never took place.

More recently, on November 2, 2015, after the current PNM Government was sworn into power, Works Minister Fitzgerald Hinds, in an online news report, said the refurbishment and renovation of President's House in St Ann's was a top priority. Hinds said a small allocation was made in the 2016 budget towards this project.

“We have been given assurances that whatever other monies are required, to the extent that we can afford it, will be made available for the refurbishment and renovation of this wonderful edifice,” Hinds said.

He said Rowley believed it was scandalous the building was allowed to languish over the past five years and had signalled to him and Finance Minister Colm Imbert that they had a mandate to get on with this job.

Meanwhile, architect Rudylyn Roberts, who heads the group Citizens for Conservation (CFC), believes there is no maintenance programme or proper system in place to deal with old buildings.

“They are like an old grandmother who is fragile and needs special care. After all these years, the buildings are still not repaired,” she said.

She said during a former PNM administration, repair work on President’s House was supposed to start. “A drawing was done. Work was started and it stopped.”

Roberts felt this administration was showing more interest by setting up a committee headed by Rowley himself.

“We are very hopeful. The CFC is looking on with fingers and toes crossed that this time, restoration will really start.”

Roberts believes this will take time and is not worried by the delays.

“You can’t make a decision to fix a building, and start renovations at once. They need to go in and establish what needs to be done, appoint consultants, do surveys, redo the drawing, go out for tenders, prepare budgets, go back to Town & Country, start over again.”

Roberts said the process to renovate the Red House and President’s House was already started with the appointment of consultants and added, “I can’t see it taking less than three years.”

She lamented that there is no national outcry to preserve these old buildings

“Preservation and heritage are usually low on the totem pole in a country when you’ve got issues like crime and health on the front burner. These are the things the man in the street looks to see progress in.

“The CFC tries to educate the public that the building belongs to us. Our parents and grandparents helped to build them. They brought sand and stone from Laventille.”

Roberts dismissed the notion that T&T’s unpleasant colonial history is causing the indifference from citizens.

“So what?” she said. “Look at Cuba. They threw out the Americans but have not knocked down any buildings constructed during their era in Cuba. They repaired them.

“We want to see our national heritage restored and taken care of for future generations. I want my great grandchildren to be able to see the Red House.

Despite all the promises, the Red House and President’s House are still in the same state.

Many attempts to get information from President’s House on the state of the building and the status of repair works were futile. 

So were efforts to get updates on restoration work on the Red House from project managers, Udecott. Udecott is also in charge of repairs to President’s House.

Many other buildings need repairs, including some of the Magnificent Seven around the Queen’s Park Savannah, like Mille Fleurs, Hayes Court, Whitehall and Roomoor. Some are privately owned, some State-owned.

Sevilla House, the only existing sugar plantation house in T&T, renovated for a sugar museum under the last People’s Partnership administration, is now under lock and key once again and closed until further notice.

There are many other small historical buildings scattered all over T&T, like old post offices, temples, mosques and churches, which are deteriorating—with no one seeming to pay any mind.

Have the Red House, President’s House and other heritage buildings in T&T now become symbols of national decay? Why were they allowed to decay, and why have attempts to restore them consistently failed?  

Some believe it simply has to do with a lack of national pride and a sense of history, while others, more discreetly, said it was because in a country where crime and health issues are paramount, people pay little attention to symbols of our past.

I am concluding the thoughts on tolerance but, until improved, it will remain an outstanding issue so I will be getting back to it. State and national intolerance weigh heavily on my heart because this forum allows me interaction with people’s situation that you may never encounter, indeed you probably would find incredulous.

My credit line encourages people to write to me and many people take opportunity to request straightforward information, to engage me in research, to commend my openness, to thank me for being part of their struggle, or to share their struggles without expectation. I encourage and I am encouraged by those expressions.

There are others, though, who desperately require an intervention and they write with the hope that I can lead them to someone somewhere, or something that would provide a response, if not a solution, to their situations. Generally, they intervene for someone they know or love.

In almost five years, I am uncertain that I have found anything in the “system” that provided an answer/ solution to anyone. So, quite apart from managing my own emotions, I have had to harbour the despair of others and endure the indignity of non-existent mental health caregiving in T&T. The last such email broke my heart and all I can do is apologise to the individual.

In the earlier years of this feature, I would delightedly promise to contact this officer here or this service there, or try to put people in touch with someone. Apart from a few who found interventions at the North Central Regional Heath Authority psychiatric clinic at Mt Hope, and some others who accessed the psychiatrists in private practice whom I recommended, I have found nothing to give to people—nothing of substance when and where it really matters.

In the last year, a mother in the eastern region reached out to me about her son. He was refusing to take his medication and the consequent issues distressed me where I sat, far more her. I reached out to someone in the health system who should have been able to give support.

The mother called me back and said no one had communicated with her. I called the person again and got the promise again to help the family. Two more weeks passed and hearing nothing from either of them, I thought—we’re doing better. 

When I messaged the mother, she told me she had had no help and in fact, she was at that very time hospitalised, having suffered a heart attack. She survived, came out of the hospital and to date there has only been one phone call from the mental health professional to say she would get back to the mother.

Recently, I began saying up front that, so far, I’ve not been able to find anything or anyone in the “system” who has helped anyone whose case I have presented. Now I’m thinking I would just tell people there is nothing I can do to get any help in T&T. That way there would be no issue of deferred hope for a family already burdened.

I know that it is not entirely on the individuals in the health ministry to whom I have reached out. It is greater than that, though; their nebulousness compounds the issue. It is that the Health Minister and health ministers before him and the health ministry have never taken the issue of mental health and mental illnesses as seriously as it needs to be. And I am sounding like a stuck record, so I’m saying no more about that today.

My own interventions over the years cannot be attributed to state mediation or resources. When I was a teenager, I was warded at the San Fernando General Hospital, receiving medication, counselling and occupational therapy as an in-patient. But for the rest of my life, I have had to pay for the services I need in order to be as well as I should be, despite my diagnosis.

It is a deep, despairing feeling to realise so many people are ill and families, neighbours and friends suffer as T&T provides next to nothing to which many people do not have access.

So, to the beautiful soul that reached out to me about the neighbour’s daughter whose mother died, whose father would not allow her in her home, and who was allowed to sleep in your brother’s car in your yard (only because of your children’s safety and the destruction of your property); for rescuing her from the neighbour’s yard and putting her up in a hotel for a few nights with your money, many thanks for your compassion and generosity. 

I have nothing…the system has given me no answers. 

In the fires of hope and prayer, where we should find an equal place, I continue to seek tolerance—resources, investiture, lenience, acceptance, forbearance, patience, broadmindedness—on both our behalf. 

And may God bless our nation with compassion, too.

—Caroline C Ravello is a strategic communications and media practitioner with over 30 years of proficiency. She holds an MA in Mass Communications and is pursuing the MSc in Public Health (MPH) from The UWI. 

Write to: mindful.tt@gmail.com

KISSOON, Freddie, died on 28th August, 2016.

Funeral service at 8:00 a.m. on Friday 2nd September, 2016 at Church of Assumption, Long Circular Road, thence to the Crematorium, Long Circular, Road, St. James at 10:00 a.m. For enquiries; call C&B: 625- 1170. To send condolences please visit our website www.clarkandbattoo.com

ANDRE WORRELL

Massy Communications is committed to its mission of being the premier provider of Internet and TV services to the local residential market. In an industry dominated by larger, multinational players, Massy has no intention of just showing up and participating: it wants to win. 

The company’s executive director and telecommunications industry veteran, Lisa Agard, is driven to offer the public an outstanding product and imbibe in her company’s DNA a winner’s mentality to be the best at what they do. 

In an interview with the Business Guardian, Agard—a lawyer by training—along with company project executive Trevor Deane discussed Massy Communications commitment to excellence, how it intends to build out its presence in the Internet and TV space and why being a quality Internet service provider is in keeping with its overall philosophy of being a force for good.

Massy Communications, which is majority owned by the Massy group, has been providing high-speed Internet service to many corporate customers across the country as a player in the local ICT space for more than eight years. Since launching its Internet and TV offering in March of this year, Massy Communications—with its workforce of roughly 140 employees—has been quietly establishing its presence in the residential telecommunications space. 

Utilising the most cutting-edge technology to offer “fibre-to-the-home” Internet and TV service, Agard said she was pleased with the rate at which people have taken to the company’s offerings. 

Commenting on its position in the market today, Agard said: “We are playing a very important role in the development of ICT infrastructure and broadband capability in T&T. For many years we offered our business clients high-speed Internet through fibre. In keeping with changes in the technological landscape, a decision was made that we should offer this same high-speed fibre-to-the-home Internet service to the residential market, and couple it with the most high-definition TV channels available from any operator in the country. We feel very satisfied with where we are today and where we’re going.” 

Agard noted that since its launch in March, growth has been phenomenal. 

“Though it started a little slowly—as one would expect with a new offering—the momentum that we’ve seen build up has far exceeded our expectations. Requests for our installations continue to exceed our manpower.”

With so many players in the local telecommunication space offering what, on the surface could appear as an undifferentiated service, it’s easy for consumers to get lost in the matrix of choices available to them. 

Questioned about how Massy Communications carves out its unique space in the market, Agard noted the multi-faceted nature of its approach. 

“Firstly, from a technological perspective, we have the most advanced technology available. But what really separates us, to a large extent, is the value proposition we have designed for customers through the very flexible plans we offer them. For residential Internet, we offer five packages that cater to the most modest of Internet users, all the way up to the more intense, heavy Internet surfers. 

“On the TV side, our approach is similar whereby we have four packages that cover the spectrum of customers in the same way. We don’t believe in forcing customers to take any service they don’t want. We also offer add-on packages for customers who want a bit more out of their Internet and TV experience. 

“Finally, we have very competitive prices that we feel, coupled with the level of customer service we offer, make our Internet and TV offering unbeatable.” 

Probed about its approach to customer acquisition, Agard noted that Massy Communications uses a number of different approaches. 

“A key determinant in our decision to enter communities to offer our service is the population density of the area and proximity of the residents in the area to the Massy ecosystem. We also take into consideration how those areas have been served and who serves them to ascertain whether there is a market opportunity. We, literally, have field agents who go door to door and offer our services and sign up customers. We also did some signing up at the various Massy Stores in the areas that we entered. Additionally, we utilise the Massy infrastructure to do some telesales and outbound calling.” 

Commenting on customer service Deane said: “Customer service really is a key for us. We are smaller than many of the other providers so we take each and every one of our customers seriously. We try our best to meet and treat with any issues that will arise in the course of providing them service in the shortest possible time.” 

Agard added that as a key performance indicator, the company tries to resolve issues within a 24-hour period. 

In the residential Internet and TV space, Massy Communications is a “start-up”. Building out its presence in the space from scratch has been, according to Agard, nothing short of astonishing. 

Commenting on its successes to date, she said: “The launch of this service, in the timeframe that we did, was totally amazing. Starting from nothing we were able to get this up and running within the space of six to nine months.” 

Going further, Deane noted that from his perspective what stood out was the effort from the team at Massy Communications to make the Internet and TV offering a reality. 

“We have some really talented, driven and motivated young engineers that have stepped forward and worked really hard and embraced this initiative. Some have worked 18-hour days to make this a reality. They are really the heart of this organisation.”

Commenting on some of the challenges facing the telecommunication industry, Agard noted that the issue of content dissemination is something that some major players have an issue with. 

She said: “We feel pretty strongly about how content is distributed across the telecommunications space. In some instances, content is offered selectively and is not equitably distributed to players in the industry who would be more than willing to pay for the content to offer to their own customers. We feel that this is not just anti-competitive, but hurts the industry by restricting access to content that the customers want from their provider.”

Outside of building out its Internet and TV offering, both Agard and Deane were quick to add that deepening the intellectual capital of locals in the telecommunications sector was something that not just Massy Communications, but the Massy Group felt strongly about. 

Agard said: “Developing local talent in the telecommunications space is something that we are committed. At Massy Communications, and Massy in general, we feel very strongly about providing T&T nationals with the opportunity to grow and thrive. We’ve seen what our locals can do in the telecommunications space and, as a company, we want to continue to provide a platform for local talent to blossom.” 

With the budget expected to be read early next month by Finance Minister Colm Imbert, economist and lecturer at the University of the West Indies, Dr Roger Hosein, believes it should be based on an oil price of US$35 a barrel and a natural gas price of US$2 per mmbtu.

Dr Hosein painted a grim picture of the state of government finances and said the conservative oil and gas prices would ensure the Government is less reliant on the energy sector and manages the country on the new realities of its economic situation.

“I think it should be based on an oil price of US$35 and a gas price of US$2. The oil price of US$35 reflects forecasts of the multilateral lending institutions, which average in the case of the IMF at US$41 for the next year. The price of US$35 would also start the process of the state becoming more accustomed to being dependent on the non-energy sector revenues. This is critical as we navigate decreasing production levels from a mature petroleum industry and as we try to halt the momentum of years of wasteful expenditures on general fronts. It also has tremendous psychological advantages that are in a new normal.”

Dr Hosein noted that over the next 12 month the country’s balance of payments is likely to “be further compromised, especially the current account balance.”

In October 2015, the Government pitched its budgeted oil price for the 2016 fiscal year at US$45 per barrel for oil and US$2.75 per mmbtu for natural gas. In the mid-term review the budgeted price of oil was reduced to US$35 per barrel and gas was US$2 per mmbtu. While the average daily price of oil since the mid-term review has been a bit higher, Hosein noted that in determining revenues one also has to take into consideration production and since the mid-term review, production of crude oil fell from 2.3mm barrels in March to 2.01mm barrels in July with the production of natural gas in the same time period falling from 3.499 bcfld to 3.214 bcfld in July.

Only on Monday oil prices fell nearly two per cent, snapping two consecutive days of gains, on caution over galloping Middle East crude output and a stronger US dollar that was boosted by speculation of a US rate hike by the year-end.

Reports show that Iraq, which has exported more crude from its southern ports in August, continued ramping up output while Saudi Arabia kept output around record levels last month.

The US dollar hit a three-week high against the yen after Federal Reserve chair Janet Yellen bolstered expectations that the Federal Reserve would raise interest rates soon. A stronger dollar makes commodities denominated in the greenback less affordable for holders of other currencies.

Dr Hosein explained that the blow to the current account balance would come from two main sources: dormant or depressed energy prices and declining natural gas production and crude oil production levels.

“The economy’s stock of foreign reserves has started to show distinct signs of decreasing from US$11.3 billion at the end of 2014 to around US$9 billion today, a decline of almost 24 per cent. The consequence of this is that the number of months of import cover has fallen from 13.5 months in 2011 to 10.1 months in 2016.”

The university lecturer noted that from January 2, 2015 to August 29, 2016, the TT dollar slid from TT$6.33 to the US dollar to TT$6.76 to the US.

“We are in an ugly situation and short-run cosmetic redress will not correct the structural flaws. What is needed is structural adjustment. Unfortunately, I cannot say that a depreciation of the currency will not happen. Using purchasing power priority as a guide I expect it has some way to go still. 

“As I have said many times before, in the good times we all benefitted from the economic rents in various ways. In these trying times we need to work together; all hands on deck are required. It is not, and cannot be, business as usual.”

He noted that already there are signs that things did not go according to the Finance Minister’s directive. For example, the buying rate of a US$ is TT$6.76 whilst the minister announced a cap of TT$6.72.

“The invisible hand seems to be guiding a sharper depreciation.” 

T&T is a price taker and cannot impact global energy prices and, therefore, Dr Hosein said, the aim is to increase production. To do this, he suggested the farm-out/ lease-out programme. This represents one avenue through which marginal and mature fields could be brought into productive use.

“By bringing more marginal and mature fields into productive use, there will be an increase in the amount of crude oil supplied to the market. While wage freezes may not be popular at this time, but in an adjustment period, attempts have to be made to strengthen the lease-out/farm-out or incremental production sharing programme. 

“For the last decade this has been one of the emergent niche sectors in the mature petroleum economy of T&T. Production from farm out/lease out grew to around 68 per cent between 2005 and 2015 even whilst national production was on the decline. Consultations should be scheduled with these small-scale, marginal-well producers to see how their production levels can be enhanced.”

With the global powers continuing to fight for market share and—projections that even at US$60 shale oil can be competitive—it appears there will be a long period of low prices. Dr Hosein said what is needed is a fundamental shift in thinking.

“I think the Government should adopt a formula where it funds the budget using non-energy sector revenues, but some proportion of the returns from the resources accumulated in the Heritage and Stabilisation Fund ought to be factored in, especially to fund education and health needs.

“Already we have made the tremendous error of consuming large chunks of the natural gas windfall via transfers and subsidies with a range of long-term consequences. Even more, there seems to be hesitation on the part of the State to meet the type of long-term adjustments required and certainly some of the stated adjustments seem to lack scientific substance.”

The budget is expected to be presented early in October.

Dr Bhoe Tewarie, former academic, minister and current opposition politician, foresaw and even warned about the global financial crisis of 2008—at least a decade before it happened—and blames it on an unfair global economic system that has not worked for many small developing countries.

The sustainability of the current, capitalist, globalising economic system is one of the central ideas in Tewarie’s latest book, Sustainable Development, Thinking It Through; Making It Happen, which is a collection of his speeches and essays over the last 20 years. 

“I raised the financial issue in 1997 and I said that the global financial system was not sustainable because it had to do with the crisis emerging in Asia at that time with Thailand and those countries. Before there was a crisis in Mexico. Shortly after, there was a crisis in Argentina. There was something disturbing about how the global financial system was emerging with globalisation,” he told the Business Guardian last week Wednesday.

He referred to the work of British-born economist Hazel Henderson, who described the international system as a “global financial casino.”

Tewarie’s book was launched in October 2015 at the Arthur Lok Jack Graduate School of Business in Mt Hope and, in March this year, it was launched at Church House, Westminster in London.

He said the issue of development has been important to him since his student days at Queen’s Royal College (QRC) when he read two books on development which led him to begin critically thinking of the development of small, poor societies.

One book is by Barbara Mary Ward, a British economist who specialised in the issues of developing countries, and the other is called the The Problem of India.

“I was turned off by both books because of the idea that countries are poor because they have no resources.”

After that, Tewarie began to develop his own ideas on development issues, which led him to writing several books including Higher Education Governance in the Twenty First Century University (with Dennis Gayle, A Quinton White & Eric Ashe, 2003) and in 2007 he published another on Trade, Investment, and Development in the Contemporary Caribbean with Dr Roger Hosein.

In that same year 2007, Tewarie also published VS Naipaul Revisited: Ethnicity, Marginality and the Triumph of Individual Will.

His most recent book, Sustainable Development, Making It Trough; Making It Happen covers speeches and essays from 1997 to 2015.

It covers a wide span of ideas developed during the Asian economic crisis in the late 1990s.

“Contained in the book are thoughts on the financial issues that started evolving then and have since become critical in the world. The real challenge today is that the financial system is not stable and it has not been stable since 2008. Up to now, no solution has been found worldwide.”

Development strategies

To survive the complex, international environment and the changing world, Tewarie said new strategies must be developed by small-island developing states.

“Development is not a project that you can put a timeline to and have set of things to be done and it will happen. Involved is a process a lot of uncertainties,” he said.

The last chapter covers some of the policies in the People’s Partnership Government of which he was a part.

“This chapter was based on a presentation I gave—organised by the United Nations Development Programme (UNDP)—at the Hyatt. I revised it into a write up.”

Policy implementation

When Tewarie became Minister of Planning in 2011, after Mary King was fired from the position, he said he had already made his contribution on the topic of sustainable development because of work he did in the People’s Partnership (PP) manifesto.

Tewarie said as Minister of Planning he was able to implement some of those ideas. 

“I would say I did not implement enough and not in keeping with my own expectations. I would have liked to achieve more to take the country on a sustainable development path. I think the problem is bringing people along if you want your ideas to work.”

He pointed to the National Spatial Strategy as one of his accomplishments and this was laid in Parliament in 2013.

The previous administration brought the Planning and Facilitation of Development Bill which he said was “languishing” for nearly two decades.

They also completed a Chaguaramas Master Plan which he said was PP’s vision for Chaguaramas.

Tewarie added that the Government he was part of needed more time but, unfortunately, it was not given a second mandate by the population.

“People do not know how short five years is,” adding that a top/down, dictatorial approach to development is outdated in the modern world.

“Anyone who thinks like that is anachronistic. It has to be now development from below whether you like it or not.”

A book for policymakers

Tewarie’s book covers ideas over a span of 18 years: from the late 1990s to 2015. 

Professor RK Khandal, vice chancellor, Gautam Buddha Technical University, wrote the introduction to the book and points out that the chapters can be divided into four main categories: globalisation, manufacturing capability, education and collaboration co-operation.

Khandal recommends the book for policymakers at the UN, countries of Latin America and the Caribbean and advised them to use the book as a reference document and guide on how to apply important ideas to alter existing reality.

The book’s first chapter derives from a paper presented at a conference on the theme, The Caribbean Quest: Directions for the Reform Process in Port-of-Spain, 1997. Its focus is on the role of people and people’s organisations in the development approach to the building of a society.

Chapter three includes a speech Tewarie made in 1998 and was a response to Claudio Loser, then International Monetary Fund (IMF) director for the Western Hemisphere. 

Loser had spoken about second-generation economic reforms in the Caribbean at an event organised by the Central Bank of T&T and Tewarie, in responding to him, discussed the small-island economies and how they could develop strategies to survive in the global economy. 

A decade before the 2008 financial crisis, Tewarie had already warned about consequences of a market that is not regulated.

In chapters four and five, Tewarie deals with the role of the University of the West Indies (UWI) in developing Caribbean societies. Tewarie is a former principal of UWI and pro vice chancellor of UWI.

Chapter eight is based on a speech he made at the 30th anniversary of Caricom in Belize and it takes a look at strategies the Caribbean countries can use for success in a globalised world and the following chapter deals with strategies for regional integration.

Other highlights in the book includes the importance of regulated markets and the “morality in capitalism” in having a sustainable global economic system. 

Also included is a speech Tewarie gave in 2014 as then Planning Minister at the VIII American Competitiveness Forum, arguing that ethical foundations had collapsed and the need for free market economy to take a fresh look at their social responsibilities.

The final chapter, based on a speech Tewarie made in May 2015 at the Arthur Lok Jack Graduate School of Business, discussed T&T’s long-term sustainability.

The book costs TT $300 and can be sourced at Nigel R Khan, UWI Bookstore, the Normandie Book Shop and also on Amazon.

Director of portfolio management at securities firm KSBM Asset Management Ltd, Brent Salvary, said the US-dollar and the TT-dollar bonds raised by the Government in the last three months are enough to fund the fiscal deficit for the 2016 fiscal year, but if energy prices remained low in the 2017 fiscal year, which begins on October 1, it would mean T&T would have to continue borrowing. 

He was commenting on the impact that the $2 billion bond would have on T&T’s economy as well as the US$1 billion bond. Salvary spoke to Business Guardian last Wednesday at his Murray Street, Woodbrook office, to comment on the two bonds as well as the investment climate in T&T as a result of those two bonds.

Salvary said while there were several factors which could have contributed to the mopping up of liquidity within the last two to three months, the $TT bond would have been one of those factors which helped soak up some of the excess liquidity. 

“What the $TT bond (did), we saw a significant decrease in excess liquidity in the commercial banks. It went from an average of $6.4 billion in May, to $5.6 billion in June, to $3.5 billion in the first 25 days of July.” However, given the intended uses of the bond, some of that may re-enter the system.

Referring to the US-dollar bond, he said there is a consistent demand for foxer and “not much” is generated in T&T apart from our energy exports. Therefore T&T, “needs a lot of US-dollar inflows to match our significant foreign exchange demands, so some of the proceeds of that bond would be to provide for that demand.” What is clear, he said, is that the US-dollar bond would not result in increase in liquidity in T&T. 

Commenting on the 4.5 per cent coupon which the bond was placed at, he described it as “good” and reflected the expectations of investors that deposit rates would remain low into the foreseeable future. 

Spending patterns of consumers have resumed, to some extent, compared to the first three months of 2016, where consumers were holding back their spending, Salvary said, adding that consumers are aware that they are in a recession but they are selective about where they spend their money. Consumers are cautious about spending because they are not too certain what the future holds, he said.

“They will cut back in some areas but they will still continue to spend, until they see the reality of our situation. Then they would have to adjust even more.”

Asked whether the taste patterns of the consumer have changed to demanding more locally produced food and other items, Salvary said: “For us to survive we have to continue imports until we create new industries that can meet our demand. It is going to be challenging because industries can only survive and be profitable if they are competitive. We should be producing more.”

Overall, he said, the economy cannot change overnight.

“It is going to be a serious cultural shift to supply ourselves with things that we need on a fairly regular basis, that’s not going to change overnight. With regard to the local economy, Salvary said economic activity is going to remain a bit stagnant in the short-term.”

JAMB Bank Ltd

Stating that investment opportunities are “limited” in T&T the bank, in embalmed responses, said the investment opportunities are limited because, “there are many more options for investment in more developed markets. And, secondly, the quality of opportunities available. For example, the stock market is often too illiquid to invest or divest positions and that limits investors.”

This comes months after the bank officially penetrated the T&T market after it acquired the IB bank and rebranded in early May 2016. 

Asked whether investors have stopped looking for investments now that T&T is in a recession, the bank said it has seen a slow down in activity on the T&T Stock Exchange as well as, “most investors are still looking but have increased their emphasis on safety. Other investors have taken this time as an opportunity to seek out valuable assets at depressed values. But, overall, there has not been a halt.” 

JAMB Bank Ltd tells investors that they should seek “trusted advisers” when they take advantage of investment opportunities and also to protect their investments. Referring to the US$1 billion bond which was oversubscribed, and the $ billion bond which was floated by Republic Bank Ltd on behalf of the Government, the bank said it would not result in increased liquidity in the economy.

“Liquidity in the system will be decreased as funds leave commercial banks and go to the Central Bank of T&T as clients pay to purchase bonds issued. Liquidity is put back into the system through government investment into projects or subventions to government ministries.”

Generally, the bank said high liquidity in any economy has its advantages and disadvantages because, “liquidity in the system can have the effect of encouraging investment and stimulating economic growth; which is of course an advantage. However, high liquidity may signal a lack of consumption, investment and economic growth. There must be a balance.”

Adding that: “Foreign exchange liquidity remains a significant concern for most investors, and will likely continue until recovery in the natural gas sector; not expected before 2017. In terms of the investment climate, safety is key. Investors are being more cautious in taking investment action given the lack of visibility for full economic recovery.

The JMMB Group grew its operating revenue by 9.9 per cent, for the first quarter of the 2016/17 financial year ending June 30, moving from J$3.10 billion in the corresponding prior period, to J$3.42 billion. 

Mariano Browne

Former Minister in the Ministry of Finance, Mariano Browne, said the challenge with the T&T economy is not liquidity. He added that the private sector has the funds but are not investing enough and is depending on the Government to invest. 

“A key part of the of our current situation is that the private sector has been under investing and has left the lead to the Government. The stagnation we are experiencing is due to a decline in government expenditure a result of falling oil and gas revenues and has little to do with liquidity or illiquidity.”

Referring specifically to the $2 billion bond which was floated by Republic Bank Ltd, Browne said it can be positive in its effect on the economy.

“Since the system is liquid, the locally sourced bond can have a an expansive effect depending on the speed which government’s spends it and the purpose. Since much of it will be going to repaying old debt the effect is likely to be “0”. In any event, it is approximately one per cent of current GDP, so its effect will be minimal if any.”

As for the US$1 billion bond, he said it depends on what the Government would be spending it on, will determine the effect it would have on the economy. “The US bond has the capacity to be expansionary, as this is money that is being injected into the system. But it depends on what these funds will be used for. Foreign exchange support? Payment of debt? Purchase of goods and services? Purchase of goods and services has an expansionary effect, whilst debt payment will be less so and forex support will have the least effect.”

Asked whether investors are continuing to look for investments given that T&T is well into a recession, Browne said it depends on the risk appetite of the investor adding that fortunes are made and lost in times of a recession.

“It depends on who can hold his nerve the longest, or who has the best cash position or borrowing capacity. 

People are always on the lookout for opportunities but this can only work if you have the capacity to take up the investment opportunity that is, you have cash or you can borrow. And this depends on your risk appetite. 

“Investors are calculating the right price at which to invest. The general level of prices is one indicator as in the price of foreign exchange. Will the rate band hold or fall further? When will the official rate equate with the grey/black market rate? When there is balance in the forex market and investors will be optimistic about the future. As an indicator of this, the cambio price is currently $7.50 vs a bank range of $6.75-85.”

He is not ruling out that investors are looking outside of T&T for investment opportunities.

“At this stage in our economic history, a key criterion is available forex. So the rate of return on forex-denominated instruments is a lesser consideration. The idea is capital flight/certainty. Given the disparity in the forex market, there is little confidence that the rate will hold at $6.75. If I have free or investible cash it is better to buy as much forex as one can as a loss avoidance device since, the likely depreciation will beat any interest rate. If I hold TT$ balances/instruments, using the cambio rate as a tracker, if I hold TT$, I can lose 9.5 per cent (7.50-6.85 /6.85). Which TT instrument is paying 9.5 per cent?”

Calling for a policy to be put in place so that there can be increased confidence in the investment climate, Browne said confidence is a function of belief in the future. 

“At the moment, there is no clarity. Indeed, one wonders if there is a policy in Government’s expenditure plan. The Government needs to set an agenda and a direction and act on it. It was clear from the first budget speech that there was no answer to the revenue gap. 

“Borrowing is a short-term answer that is not sustainable. Yes, there is need to borrow in the short term to ease a transition but the country must transition to a more sustainable income level. As it is now, the country cannot spend its way out of trouble as increased expenditure leads to forex outflows. Nor can you wait for energy prices to recover. Therefore, expenditure priorities have to be set and everyone has to be more efficient, work harder and export more.”

When you’ve got a great business idea, there’s no time like the present, no better day than today, and no righter time than right now. There’s no point in waiting for the perfect time to materialise, because it won’t.
But does that mWhen you’ve got a great business idea, there’s no time like the present, no better day than today, and no righter time than right now. There’s no point in waiting for the perfect time to materialise, because it won’t.

But does that mean you should quit your studies and go into business? Not necessarily. Sometimes you can do both. Balancing formal education and entrepreneurship can make for a terrific learning experience, with the two working in tandem to great effect.

As you may have read in this column, I quit school to become an entrepreneur because the things we were learning weren’t relevant to my passions or the career path I had in mind. But in your case, it sounds like you’re learning important technical skills that relate to your interests. You may want to continue your schooling so that you can use those skills to bolster your business.

For most people, the biggest barrier to entrepreneurship isn’t a lack of access to resources, support or mentoring, but not being able to quit a day job or a course of study in order to further develop a concept. This can be a difficult obstacle: When you have bills to pay and a family to take care of, the idea of focusing solely on a startup may seem unrealistic.

You don’t have to give up your dream. Your best option might be to become a part-time entrepreneur. While it’s likely that your studies are time-consuming, so is starting a business. Some of the world’s most successful companies began as side projects, with their founders working evenings and weekends to turn their ideas into reality.

Virgin is a prime example of this. All of our businesses started while we were working on something else. For example, years ago, when our team was running Virgin Records, I saw a gap in the airline market when my flight was cancelled and I had to improvise a solution. We launched operations as a side project: We started small, with one plane, to see if there was an opening.

In your case, Harsh, a startup might be good for your education. Launching your own business requires you to become a jack-of-all-trades. 

In the early days, you’re often the head of marketing, operations, business development and technology. When I launched my first business, I had at least 10 job titles (depending on who I was talking to). Working across so many areas enables you to learn quickly, broadening your skill set; something that will undoubtedly make you a better student.

Keep in mind that school can be a great place to find a mentor, particularly if you’re learning a trade. Some of your teachers may be juggling teaching with outside work themselves. Tell them about your plans and ask for their advice.

The part-time route can also help you limit the downside. Entrepreneurship is an incredibly risky vocation, so much so that 8 out of 10 startups fail within the first 18 months. If you work and study at the same time, you’ll do better in the classroom and in the real world.

We worked hard to grow Virgin Atlantic into an international carrier. We eventually had to sell Virgin Records to focus on the airline, but only after we had proved that there was a market for our idea. There was, and we were ready to take a leap; we were sure that we had a success on our hands.

On the other hand, if you already have all the information and skills you need to start up your company, then go ahead and leave school! You won’t stop learning when you become an entrepreneur – I learned more in the first year of launching Virgin than I ever did in the classroom.

(Richard Branson is the founder of the Virgin Group and companies such as Virgin Atlantic, Virgin America, Virgin Mobile and Virgin Active. He maintains a blog at www.virgin.com/richard-branson/blog. You can follow him on Twitter at twitter.com/richardbranson. To learn more about the Virgin Group: www.virgin.com.)

(Questions from readers will be answered in future columns. Please send them to Richard.Branson@nytimes.com. Please include your name, country, email address and the name of the website or publication where you read the column.)ean you should quit your studies and go into business? Not necessarily. Sometimes you can do both. Balancing formal education and entrepreneurship can make for a terrific learning experience, with the two working in tandem to great effect.
As you may have read in this column, I quit school to become an entrepreneur because the things we were learning weren’t relevant to my passions or the career path I had in mind. But in your case, it sounds like you’re learning important technical skills that relate to your interests. You may want to continue your schooling so that you can use those skills to bolster your business.
For most people, the biggest barrier to entrepreneurship isn’t a lack of access to resources, support or mentoring, but not being able to quit a day job or a course of study in order to further develop a concept. This can be a difficult obstacle: When you have bills to pay and a family to take care of, the idea of focusing solely on a startup may seem unrealistic.
You don’t have to give up your dream. Your best option might be to become a part-time entrepreneur. While it’s likely that your studies are time-consuming, so is starting a business. Some of the world’s most successful companies began as side projects, with their founders working evenings and weekends to turn their ideas into reality.
Virgin is a prime example of this. All of our businesses started while we were working on something else. For example, years ago, when our team was running Virgin Records, I saw a gap in the airline market when my flight was cancelled and I had to improvise a solution. We launched operations as a side project: We started small, with one plane, to see if there was an opening.
In your case, Harsh, a startup might be good for your education. Launching your own business requires you to become a jack-of-all-trades. 
In the early days, you’re often the head of marketing, operations, business development and technology. When I launched my first business, I had at least 10 job titles (depending on who I was talking to). Working across so many areas enables you to learn quickly, broadening your skill set; something that will undoubtedly make you a better student.
Keep in mind that school can be a great place to find a mentor, particularly if you’re learning a trade. Some of your teachers may be juggling teaching with outside work themselves. Tell them about your plans and ask for their advice.
The part-time route can also help you limit the downside. Entrepreneurship is an incredibly risky vocation, so much so that 8 out of 10 startups fail within the first 18 months. If you work and study at the same time, you’ll do better in the classroom and in the real world.
We worked hard to grow Virgin Atlantic into an international carrier. We eventually had to sell Virgin Records to focus on the airline, but only after we had proved that there was a market for our idea. There was, and we were ready to take a leap; we were sure that we had a success on our hands.
On the other hand, if you already have all the information and skills you need to start up your company, then go ahead and leave school! You won’t stop learning when you become an entrepreneur – I learned more in the first year of launching Virgin than I ever did in the classroom.
(Richard Branson is the founder of the Virgin Group and companies such as Virgin Atlantic, Virgin America, Virgin Mobile and Virgin Active. He maintains a blog at www.virgin.com/richard-branson/blog. You can follow him on Twitter at twitter.com/richardbranson. To learn more about the Virgin Group: www.virgin.com.)
(Questions from readers will be answered in future columns. Please send them to Richard.Branson@nytimes.com. Please include your name, country, email address and the name of the website or publication where you read the column.)

IAN NARINE

Yesterday, T&T marked 54 years as an independent nation. How do you feel? 

The question comes from a calypso of 29 years ago; it is just as relevant today. Independence Day passed with the usual celebration but the times we face are not business as usual.

Are we celebrating the fact that we are 54 years old or are we celebrating what we have accomplished in 54 years? 

Two very different questions and the answers are significant. Being 54 years old is a function of time, our accomplishments over 54 years are a function of what we have done with that time.

We debate which of our leaders should be credited for selective successes but do we also lament their individual and collective failures with the same alacrity? 

We have made choices during these 54 years and these are responsible for where we are today. 

In the midst of the celebration it is important to place our status in context in order to form a platform for the next 54 years and beyond. 

T&T has much to be proud about so how do we add to this base? How do we foster the sense of national pride that we often see from Jamaica, despite their economic difficulties, but which is sometimes lacking here? How can we replicate the social framework of resource-scarce Barbados without living off our abundant energy resources?

We share our independence day with another country: Singapore. They gained independence from the UK on August 31 one year after us. In terms of land mass T&T is about seven times the size of Singapore and possesses infinitely more natural resources. 

Over our 54 years, many a government minister has returned from a visit to Singapore anxious to replicate the success of that country yet, the one thing that Singapore does not suffer from is a lack of governance.

Oil wealth

When we compare ourselves to oil rich nations we are closer to the side of Venezuela than to Norway. As with most third-world oil producing nations, we subsidise our fuel and also try to provide social services on top of this hefty subsidy. The challenges of that model is apparent today. The extreme dislocation that it causes can be seen across the Gulf of Paria. 

In Norway, the model is very different. Their citizens pay the full cost of fuel and then some. In general, taxes and the cost of living are high. Yet the revenues from Norway’s oil and gas go into a Sovereign Wealth Fund (SFW) and towards social services and benefits for its citizens. 

Prior to the fall off in oil prices, the Norway Fund was on course to reach US$1 trillion by 2019. For the record, Norway has four million people. 

So where have our oil and gas windfall gone and what do we have to show for it? 

Maybe our leaders can tell us because we were not even able to reach US$6 billion in our Heritage and Stabilisation Fund (HSF) for 1.3 million people and have started to access the fund.

The children

In Norway, unemployment benefits entitles you to a percentage of your previous wage and after a year you are cut off except for reasons like injury. In other words, there is an incentive to find a job in the first place and not only keep it but strive for better employment. That means no URP gangs, no gang leaders and no gang wars for contracts. It also means that there is a nexus between the spend on tertiary education and personal ambition as the more you earn the higher your potential unemployment benefit.

Most of Europe is facing an ageing population. T&T is in the same situation. In Norway, they address the issue in part by offering a baby grant and this also goes towards care of the child. It is paid out of the national insurance fund. 

The combination of proper funding for child care and limited unemployment benefits is a different approach to our Unemployment Relief Programme and our CEPEP programmes which at inception were designed to assist single mothers. The Norway programme does not seem to have room for “ghost gangs”. 

Education in Norway is also free up to tertiary level. Singapore also offers child care benefits and the risk of systemic abuse is dealt with by reducing the benefits for parents with more than two children. 

Wealth creation

Norway owns a two-thirds share in their state oil company Statoil. The profits from this company go into their SFW. Can you imagine state enterprises in T&T being run in order to make a profit as opposed to being an instrument of government policy? 

For close to a decade now I have advocated putting state companies into our HSF so they are run for profit where boards are appointed by the HSF as opposed to being political appointees. 

The idea has never caught on, yet this is what is done in Norway with the profits of state companies (the local equivalents of Petrotrin, National Gas Company, National Petroleum, First Citizens etc) contributing to the growth of the HSF for future generations as opposed to the government of the day extracting dividends to fund budget deficits and election campaigns. Such a move will totally change the dynamic between government, management, workers, unions and the public at large. A change, I argue, that will be for what is better. 

A portion of Norway’s SWF is invested in their stock market contributing to its development. It means that the fund can become a “market marker” providing liquidity and depth thus engineering investor confidence and with it investment returns. Further, the flow of equity capital augers well for entrepreneurship as state support is not at the level of handing out contracts but rather comes as equity to companies with sustainable and transparent business models. 

Resource utilisation

Switching to Singapore, how did a country a fraction of the size of T&T with geographic location as its only “resource” create a SWF close to one hundred times that of T&T’s? This should be a question that every local politician should be made to answer in order to enter politics. 

There have been many attempts to replicate Singapore’s development road map but the reality is that most of what is discussed here in T&T is just a superficial attempt to replicate what is expedient and ignores the basic building blocks needed to give substance. 

The competitive advantage of Singapore is in its world class “logistics management” capabilities. They have the largest and from all accounts the most efficient container port in the world and their best in class airport is the hub of South East Asia. Now wander over to our ports in Port of Spain and Point Lisas and recall our airport scandals that spanned two different administrations. 

Add to that our approach to the national airline and appreciate that T&T mostly pays lip service to national development. 

Singapore is so resource scarce that the Asian staple of rice does not grow on the island and it has insufficient water reserves for its population. T&T has natural resources in abundance and shares similar geographical and time-zone advantages as Singapore relative to this part of the world. 

We have no immigration policy of any note that proactively seeks to attract any resemblance of a wealthy, upwardly mobile, educated demographic to our shores. Instead we grapple with a “brain drain” that sees some of our brightest minds leave for a foreign lands. 

I can sum up our approach by comparing the approach of Singapore and Malaysia to developing impoverished areas. In Malaysia, redevelopment resulted in going into impoverished areas and applying a coat of paint, a new roof and some palm trees. In Singapore, they were completely rebuilt from scratch. 

Then I took a drive along the Beetham Highway and I saw the equivalent of Malaysia’s “China Town” here in T&T.

Despite all the resources at our disposal, we are nowhere close to Singapore. We are nowhere close to being a developed country. How do you feel?

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

The Sagicor Real Estate X Fund Ltd (X Fund) is registered in St Lucia as an international business company and is 52.1 per cent owned by the Sagicor Pooled Pension Investment Funds. Inclusive of these funds, ten shareholders own 90.4 per cent of its issued share capital.

The fund’s increased investment in the hotel sector, which generates a significant amount of foreign exchange, continues to provide a growing share of its profits.

We will now review the X Fund’s performance for the half-year ended June 2016.

Changes in financial position

Total assets grew by 19 per cent to J$40.28 billion from J$33.86 billion as at December 2015.

Long-term assets rose from J$30.2 billion to J$36 billion or by 19.1 per cent. Mostly, this reflected the fund’s increased investment in the Sigma Real Estate Portfolio, which climbed to J$15.6 billion from J$10.6 billion; its stake in that portfolio increased from 43 per cent to 50 per cent.

The Sigma portfolio primarily consists of real estate investments. It owns three hotel properties operating under the Jewel Resorts brand as well as properties in the retail shopping, industrial and warehousing spaces. In addition, it holds prime parcels of land, which is carded for development.

Property, plant and equipment closed at J$20.2 billion from last December’s J$19.4 billion. The December value would have already included the investment in the USA property, Hilton DoubleTree.

Financial investments advanced to J$219 million from J$106 million. Meanwhile, current assets increased from J$3.63 billion to J$4.27 billion.

The largest component, cash and cash equivalents, was little changed at J$2.4 billion as at June 2016 and as at December 2015. Included in this figure is restricted cash of J$1.87 billion, which is earmarked for the renovation of the Hilton DoubleTree.

Receivables, which are mainly concentrated under the hotel segment, climbed to J$917 million from J$699 million or by 31.3 per cent.

Total liabilities rose by 29.4 per cent to J$23.56 billion from J$18.21 billion with the long-term portion advancing while the current portion declined.

Total debt increased by J$4.57 billion, moving from J$17.07 billion to J$21.65 billion. This change mainly reflected net new debt of J$3.77 billion, which was mostly used to fund the purchase of additional Sigma units.

The debt profile moved favourably as the long-term portion increased to J$21.3 billion from J$11.6 billion while the current portion declined from J$5.4 billion to J$0.3 billion.

Similar to the movement in receivables, the payables component advanced from J$954 million to J$1.45 billion. Finally, deferred income taxes increased to J$425.5 million from J$186.6 million.

Equity gains

Total equity increased from J$15.65 billion to J16.72 billion. Share capital was unchanged from last December at J$12.64 billion.

The currency translation reserve increased by J$259.3 million from J$82.7 million to J$342 million. This reflected the re-translation of its foreign operations; for the first six months of 2016, the Jamaican dollar declined by 5 per cent relative to the US dollar. This devaluation compares with only 1.99 per cent for the first half of 2015.

Retained earnings rose from J$2.92 billion to J$3.73 billion; this improvement reflected the J$1.12 billion in net profit for the current period and was reduced by J$314 million in dividends declared but not yet disbursed.

Resulting from a rights issue last September, the number of issued shares increased from 1.495 billion to 2.243 billion. Now, with 2,243,005,125 shares outstanding, each share had a book value of J$7.45 (December 2015: J$6.98).

Income and profits

Total revenues for the half-year rose from J$2.8 billion to J$5.7 billion reflecting an increase of almost 102 per cent.

The largest gain was recorded under the hotel sector where revenues advanced to J$4.94 billion from the half-year 2015 level of J$2.35 billion. This improvement reflected the acquisition in September 2015 of the DoubleTree Hilton in Florida, which contributed J$2.14 billion (2015: nil). In addition, the Hilton Rose Hall property in Jamaica saw revenues climb to J$2.81 billion from J$2.35 billion.

Net capital gain on financial assets and liabilities advanced from J$467 million to J$728.4 million. This reflected its higher stake in the Sigma Funds accompanied by improvements in that fund’s operations.

Interest income rose strongly to J$27.8 million from J$8.7 million.

Not surprisingly, total expenses climbed to J$4.3 billion from J$1.96 billion. This was mainly attributable to the increase in hotel expenses, which advanced from J$1.5 billion to J$3.4 billion, which is in line with the doubling of its properties.

Consistent with its larger fixed assets base, depreciation charges registered at J$236 million from last half-year’s J$92.6 million. In line with its higher debt load, interest and other financing costs climbed to J$616 million from J$323 million.

Other operating expenses declined to J$14 million from J$26.6 million.

These changes saw pre-tax profit swell to J$1.4 billion from J$862.5 million. In the current period, the effective tax rate rose to 19.5 per cent from 16.5 per cent. Consequently, the net profit registered at J$J$1.12 billion; this was 56 per cent greater than the J$720.4 million recorded for the 2015 half-year.

These results translated into 2016 diluted EPS of J$0.50 compared with J$0.46 for 2015. In June 2015, the weighted average number of shares was 1.558 billion; hence, the divisor is lower.

Segment performance

The revenue increase in the hotel segment reflected the acquisition of the 742-room Double Tree Hilton in Miami, which contributed J$596 million to the net 2016 result. Part of this contribution would have reflected the exchange gain resulting from the devaluation of the Jamaican dollar against the US dollar. This segment experienced revenue expansion of more than 100 per cent, which was accompanied by a 68 per cent profit improvement.

Within the Sigma real estate portfolio, the hotels sector, mainly three Jewel Resort hotels, accounted for J$3.97 billion in revenues and contributed J$921 million to net income. Non-hotel properties generated J$252 million in revenues and delivered J$176 million in net income. The “other” sector delivered revenues of J$1.5 billion, of which J$1.129 billion was unrealised property revaluation gains; net income from this source came in at J$1.2 billion.

Geographically, the USA now accounts for 37.5 per cent of revenues (J$2.14 billion) while its Jamaican operations comprise 62.5 per cent or J$3.56 billion. In terms of the location of its assets, the USA represents 31.7 per cent or J$12.3 billion out of its J$40.3 billion in total assets.

Share price and dividends

Following the rights issue last August, when new shares were offered at J$6.95, the share price closed at J$11.00 on December 31, 2015. By February 9, 2016, the price had appreciated to J$12.00 when 43,900 shares crossed the floor. About five weeks later, on March 15, 2016, the price had fallen to J$10.00. Last week, the price closed at J$10.15.

On July 27, 2016, an interim dividend of J$0.14 was paid. This compares with a dividend of J$0.16 paid in June 2015, just prior to the announcement of the rights issue; that dividend was the final for that year.

Relating the 2016 dividend of J$0.14 to the closing price of J$10, we derive a yield of 1.4 per cent. In relation to the August 2015 rights issue price of J$6.95, the yield is 2.01 per cent. Any further dividend declared for the current year would improve both yields.

Future directions

Directly, via the two Hilton properties and indirectly, through the three Jewel Resort properties held in the Sigma fund, the fund is hugely exposed to the hotel and tourism sector.

Tourist arrivals in Jamaica grew from 924,810 to 940,992 or by 1.7 per cent in the January to May period. USA, Europe and Canada were the primary sources of visitors to the island. The USA market grew by 4.9 per cent while the European market expanded by 7.1 per cent; only the Canadian market exhibited a decline of 10.1 per cent. In the latter’s case, there is some evidence that a resurgence may have started in May 2016.

Its Hilton DoubleTree hotel in the USA is primarily a convention hotel. It provides a useful source of foreign exchange and is a hedge against any devaluation of the Jamaican currency.

A 56.3 per cent increase in housing starts helped boost the construction sector by 0.4 per cent in the first quarter of 2016. According to the Planning Institute of Jamaica, growth in this sector is projected at 1.5 per cent for the 2016/17 period. Developments in housing and business process outsourcing (BPO) should help the commercial operations of the Sigma funds.

Next week, we review the half-year results of Sagicor Group Jamaica Ltd, which own 21.11 per cent of the X Fund.

T&T Chamber of Industry and Commerce

Yesterday, August 31, 2016, marked the 54th anniversary of T&T’s independence. Almost everywhere on our twin-island, corporate and government buildings and prominent outdoor sites were emblazoned with buntings representing our national colours: red, white and black.

As is customary around this time, the charged atmosphere is almost palpable and sustains until the actual day of celebration. Citizens line the streets of the capital to witness with pride, the pomp and circumstance of the Independence Day Parade, led by the various arms of the Defence Force and national security agencies. 

Later in the evening—in keeping with annual practice—we bestow the nation’s highest honours on the women and men who served this country with sincerity. Heroes in their own right, they achieved excellence in their respective fields of endeavour. 

Finally, the celebrations culminate with a spectacular fireworks display that never fails to delight the spirits of the young and old alike.

We at the T&T Chamber feel a deep sense of patriotic pride in our people and in our nationhood. By any standard, we are a small nation of some 1.3 million people. Yet, we have gifted the world with greatness through our talent, inventions, skill and resources; both human and natural. 

In sport, culture, academia, business, entertainment, energy and much more, ordinary citizens have inspired many through extraordinary effort. 

Driven by their vision and fortitude, our founding leaders sought to prioritise the welfare of our people, by providing opportunities through education. They successfully broadened our economic base by developing new energy-based industries that resulted in a secure future for all citizens. 

On many occasions, T&T was able to lend support to our Caribbean counterparts, many of whom would attest to our generosity in their hour of need.

In many ways we are, indeed, a model nation. Having freed ourselves from our colonial past, we gained independence without the characteristic blood and violence that still plagues other jurisdictions today. However, we were not spared the dark days of social unrest and upheaval that tested the mettle of our people and our leadership both founding and contemporary. 

In the end, the resilience of our people won out. Our society subsequently underwent sweeping social changes, and the days ahead were filled with promise and a new consciousness.

Or so it seemed.

Fifty-four years have come and gone, and the question remains as relevant today—as when calypso stalwart Lord Funny asked in song several years ago—how do we feel? 

Do we feel that our policies and programmes are in alignment with the needs of the more vulnerable in our midst? 

Do we feel that despite differences and diversity, everyone who lives and works here has an absolute right to participate and be included? 

Do we feel that we have cured that apparent national malaise that cripples implementable action, reducing laudable plans to mere “talk shops”?

And what about our safety and security? 

Do we feel that we have actively pursued holistic, creative and strategic ways to reduce crime and criminal activity? 

Are we doing a full day’s work for a full day’s pay? 

As business owners, do we treat our employees fairly and with a measure of dignity? 

Are we protecting and preserving our environment? Or is it that we are part of the problem and not the solution?

As we bask in the warm glow of our anniversary, the T&T Chamber celebrates the remarkable strides we have made as a nation. If we intend to make measurable progress, however, there is still much room for improvement in our attitudes and our efforts. 

With this in mind, let us continue to challenge ourselves to do the right thing, secure in the belief that by working individually and collectively, we can accomplish growth, development and prosperity for our beloved country.

Happy Independence, T&T!

Gary Griffith

It is not surprising that videos of gangs showing off high-tech weapons and even increased gang activity have become frequent since the unfortunate lapsing of the Bail Amendment Bill and Anti-Gang Legislation.

It goes with the concept of criminological theory, whereby crime is a product of opportunity. These bills were assisting in reducing that product of opportunity. Now, as the deterrent is no longer there, many of them will start to become bold, knowing if they are apprehended with a semi-automatic weapon, they can be given bail the following day, and can even act as a gang member without being charged.

It was the same Opposition, when in government, who fully understood the critical need for these pieces of legislation as the vast majority of homicides at the time were committed by people, including gang members, using illegal firearms. Without this bill, it meant at anytime anyone apprehended with a firearm could be released on bail to go out there and probably assassinate the same person who was the informant that caused their arrest in the first place.

The red herring about this bill affecting the constitutional rights of people can be used for almost any law related to national security, with the end result that the criminals yet again are being protected at the expense of the rights of law-abiding citizens.

What is interesting is that when as security minister, the bill was being used to curb gang activities and several senior gang members were arrested, this played a big part in 2014 having the lowest number of serious crime in more than 31 years.

However, prior to this bill, certain attorneys who were close to the then government would be the defence attorneys to get them out on bail the very next day.

Now while in Opposition, it is these same individuals who are excited that these bills have lapsed, knowing it means their clients who were gang members can remain free.

It leaves one to wonder where the priorities are in this matter.

It is also to be noted that the reduction in gang activity in 2014 was in no small part due to the lockdown of gangs having State contracts from Life Sport to URP.

It is to be confirmed if gangs have now been given a window yet again to acquire State contracts. If so, this will indeed cause gang warfare to increase.

When some speak about constitutional rights being infringed, I ask them to look at the ultimate constitutional rights of any citizen being infringed upon, which is the right to life, as innocent people are being killed by cold blooded criminal elements, knowing fully well that they can walk around with a weapon and if arrested, they can be released in 24 hours, due to the removal of such a bill. 

It is obvious that those who are against this bill have never lost a loved one by someone who was apprehended with a weapon, then released and returned to the streets to kill someone.

We speak about our low detection rate, but it is primarily because citizens are fearful to come forward with evidence, knowing those they accuse can be out on the streets within hours after they pinpoint them. Because of this bill, it ensures the felon is incarcerated for 120 days, allowing victims to come forward, knowing that the individual is behind bars and hence less chance of reprisal.

To hit home how dangerous it is to throw away this bill, all I ask we consider what happened recently in Orlando, Florida, when one individual with a high-powered semi-automatic rifle was able to kill almost 50 people in seconds. The same can happen here if a criminal has a similar weapon, which is now in their hands in this country.

Would any law-abiding citizen be able to sleep well knowing they contributed to cancelling a bill, upon which a similar individual could be held with an AK 47, Uzi or Galil semi-automatic rifle, and the very next day he is released on bail, then uses a similar weapon to do similar damage anywhere in our country?

By removing this bill, we have now virtually given criminal elements a “get out of jail” card, upon which the rate of homicide may increase even more than it is now

It is indeed high time we starting caring about the rights of our law-abiding citizens and not the rights of criminals.

Gary Griffith was a National Security minister under the previous People’s Partnership government.

Ian K Ramdhanie MSC

There is a marked distinction between the types of crime-fighting strategies used in T&T and other countries, such as crime prevention, crime-solving, and crime management. Of course, there must be critical forward, backward and circular linkages among them. 

Many countries have been struggling with devising and executing crime detection strategies, with some countries more successful than others. Crime detection is where, for example, the police are able to detect or find someone or some organisation that they believe after their investigations have committed an offence(s). 

The data for overall crime detection in T&T does not paint a nice picture with percentages ranging from under ten per cent to twenty and 30 per cent for example, depending on what crimes are examined. We are not here to knock these but to improve them. 

Crime detection rates vary from crime type to crime type and from police station to police station. With an increased crime detection rate, the likelihood that guilty persons are convicted also increases. This is what we want. At least this is the theory behind our criminal justice system. 

There are at least four broad areas that need to be addressed to improve crime detection rates. These involve (1) Technology, (2) Human Resources, (3) Community, and (4) Other Resources. 

Technology —The police must have a clear plan on how it intends to use the various types of technological advancements to detect criminals. This includes but is not limited to social media, CCTV cameras, drones, fingerprint testing, DNA testing, computers, and other hardware and software which for obvious reasons will not be named here. These must include statistical analyses of crime trends. Criminals are using technology too, so the police have to catch them via this route. Criminals will leave trails! All officers, including the various units and police stations, must be prepared to jump on this bandwagon, even senior officers. If senior officers don’t buy in on crime detection technology, other officers will be fighting a losing battle. 

Human Resources — More officers from the various units and police stations must be adequately trained in detecting crimes. Officers must be trained in basic and cutting-edge crime detection. The police service must have a clear plan as to how many police officers and civilian staff it needs, the various competences required, and a timeframe for achieving this. With more officers trained in crime detection and being assigned such duties, the crime detection rate shall increase.

Community — There is no denying that the community must be involved in crime detection. All crimes take place in communities, even in cyberspace. With use of appropriate technology, heavy dependence on the community can be eased and there can be increased reliance on more scientific evidence like DNA, video footage, social media, etc. 

Public confidence in the police will go a long way in increasing detection rates. There must be a clear plan to increase this percentage. Then, the anonymous ways members of the community report information should be boosted . This is critical for increasing crime detection. 

Other Resources — To improve the crime detection rate, financial backing must be there. It is also critical that the will, support and dedication of the leadership of the police service be there increase detection badly. Middle level management and supervision in the police service are fundamental for success in increasing the crime detection rate. Importantly, even political will is mandatory.

Contact the Caribbean Institute 

for Security and Public Safety 

for its joint international training with the Miami Dade College 

School of Justice on Using Social Media in Investigations from September 7-9, 2016 in Trinidad. 

Tel: 223-6999, 299-8635, info@caribbeansecurity

institute.com or www.caribbeansecurityinstitute.com

The only good thing about the meeting between Mr Rowley and the Leader of the Opposition is that they will be sitting together around the same table trying to resolve a long-standing problem concerning our crime scenario. 

If, however, they fail to reintroduce the death penalty they would be just wasting their time. The only way to stem the flow of the perpetual murders on this island is to reinstate the death penalty and commence the hanging of those already convicted of murder. 

Our politicians must put the interests of our people first, even if this means violating the rules of the Privy Council.

GA Marques

It is often said that the citizens of a country are the eyes and ears of the police. There is a great perception that the majority of citizens of T&T does not trust the police and accordingly, are not willing to provide them with much needed information in order to deal with crime. In view of this I make the following suggestions that call for a partnership between citizens, the electronic media and the police service.

There are over 30 radio and many more cable television stations functioning in T&T. All, or maybe some, of these could be provided with telephone numbers where a citizen could report a crime as it happens. 

Once a report is made, media station could then contact the police in the affected area and ask them to verify the incident. Once the police verify that a crime has been committed, this should be broadcast over all radio stations and ticker tape run across all television channels giving details of the crime to the public who could then provide the necessary location of the criminals to the police. 

I believe criminal activity may be discouraged once the criminals know the eyes of the citizens are on them.

I also suggest that:

• Police officers over 55 years be given enhanced VSEP

• All police officers be subject to random lie detection and drug testing

• The Judiciary should hire retired Judges on a contractual basis to get rid of all the backlog of cases.

Aziz Khan

Tacarigua

Plaudits to Prime Minister Keith Rowley for calling out the police to leave the comforts of their stations and go out into the streets of our nation to fight crime. 

But wait, isn't this what Gibbs and Ewatski were doing when they were unceremoniously booted out due to racism being practiced by people who should know better? 

Thankfully, those people are no longer there and it might behoove the Prime Minister to seriously discuss at his meeting with Opposition Leader the possibility of reinstating them, or at least going back to the system that hired them to put a Police Commissioner in place.

F Mouttet

Westmoorings

I am one of the old school cricket lovers. I also believe that it is not cricket for players to be whinging about being unceremoniously laid off when the obvious reasons may be age and diminished performance. 

There are enough problems within the WICB to have Shivnarine Chanderpaul of Guyana bellyaching about being dropped from the West Indies team. Shiv needs to move on. 

While a good and reliable player for many years, Chanderpaul was no Garfield Sobers, no Vivian Richards, no Clive Lloyd. Many times Chanderpaul played crucial and well appreciated innings. So he may have played while injured. Sob! sob! So what? He would have been paid. 

Why diminish your contribution to the sport by trying to hold on batting long after the umpire named Age has left the grounds for his cup of tea?

Age 42 in office administration is considered borderline “young.” In competitive sport, especially in cricket, 42 is recognised as retirement time unless one is still miraculously scoring effortless centuries. 

Chanderpaul’s cricketing style does not suit the moneymaking IPL or he could have fitted in there. Even there, I am yet to observe players who are long in the tooth. Chris Gayle is in his late 30’s but Gayle is highly adapted to fast and furious scoring.

What is Shiv going to do? Is he going to sue for wrongful dismissal? In any event Shiv has a young son who is moving up in the rankings. Maybe Fazeer Mohammed could have a gentle word in his ear.

Lynette Joseph

Diego Martin