January 18, 2017 issue | |
Trinidad & Tobago |
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Heat for chutney singer |
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Music video at temple deemed offensive | |
The Sri Dattatreya Ashram in Carapichaima, Trinidad. | |
Port-of-Spain – Rick Jacob’s 2017 Chutney Soca song ‘Roll Yuh Hips’ was relatively unknown last week until it came to notice when social media users began sharing the music video. It was then the location where the video was shot was noticed. It showed the unknown chutney artiste, Rick J, dancing and singing in front of the Sri Dattatreya Yoga Centre’s Ashram in Carapichaima, central Trinidad. |
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Chamber concerned about IMF | |
President wonders how far TT is from the lender's door?' | |
Port-of-Spain – Citing Prime Minister Keith Rowley’s vow to keep Trinidad and Tobago “out of the grip of the lender of last resort, the International Monetary Fund,” the Penal-Debe Chamber of Commerce has called on the ruling PNM administration to tell the population how far the nation was from the IMF’s doors. Rowley made the statement during an address to the nation last Wednesday night when he focused on the recent wage negotiations between State-owned oil company Petrotrin and the Oilfields Workers Trade Union. The union had planned to embark on a 90-day strike starting last week if the company had not moved from its zero-zero-zero offer for the 2014- 2017 period. An initial offer of five percent was agreed to by the union and averted the planned strike action. PDCC president, Shiva Roopnarine, pointed out that a zero percent increase in wage and salaries may be better than a cut in salaries which had occurred some 30 years ago. “How far are we from IMF’s door? The nation needs to be aware of the possibilities of returning to the IMF and be aware that 0-0-0 in the future might be better than a cut in salaries as occurred 30 years ago,” Roopnarine stated. He added, “If we do not study our history, we will definitely repeat it. We might be forced to devalue the currency and freeze all wage negotiations. Your purchasing power would diminish as cost of living escalates. Did we really forget the unrest that resulted in 1990?” Roopnarine also wondered when cost cutting measures, which had been alluded to by Rowley would materialise at the company. “The Chamber eagerly awaits the commencement of the proposed cost cutting measures the Prime Minister announced for Petrotrin. We all appreciate that it is necessary, but with all the stakeholders involved, who is going to do it? Would the union allow Petrotrin to send home workers and reduce its annual wage bill to under 50 percent of their total annual costs? We should be aiming at figures that are on par with the international benchmark,” he stated. He added: “This is a time when the entire country, businesses and citizens have already initiated serious cost cutting measures to meet rising inflation and the slowdown in our economic fortunes.” Roopnarine noted a “silver lining” may be on the horizon saying foreign exchange could be increased should Petrotrin increase its production output. “The nation is coming to terms with the decrease in availability of US dollars and an increase in output from Petrotrin can lead to an increase in US dollars,” he stated. He noted that citizens had to increase their appetite for locally manufactured goods with measures put in place to protect manufacturers and local farmers to ensure that they remain relevant. |
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Care needed from gov't on currency | |
Dr Roger Hosein | |
Port-of-Spain – The government needs to be careful it is not setting a precedence in some form with “militant behaviour” being used as the avenue to ensure wage settlement outcomes are favourable. This is the view of senior economist Dr Roger Hosein following last week’s proposed 90-day strike action by the Oilfield Workers’ Trade Union against cash-strapped Petrotrin. Hosein said while the government did well to avert the strike by holding discussions with the company and the union, it was his prediction that the Trinidad and Tobago dollar would slide if there continues to be a downward trend in productivity and an increase in wages across all sectors of the economy. Wage negotiations are pending for several major unionised sectors. However, Hosein said if the downward trend in productivity and the increase in wages throughout the economy continued, then the economy’s real effective exchange rate would appreciate, forcing the urgency of a nominal devaluation of the TT dollar, perhaps to somewhere in the vicinity of (TT) $9 to (US) $1. “As things stand, the real exchange rate in 2017, when compared to 2005 is about 70 percent overvalued. The solution therefore, more and more, seems to be pointing in the direction of a depreciation of the nominal exchange rate. The nominal exchange rate of a US dollar is around (TT) $6.80 but a good indicator, reflective of the true market rate of the price of US dollar can be found in the Cambio at the Piarco International Airport, where the Trinidad and Tobago dollar is currently (TT) $8.20 for (US) $1.” Hosein said it was not where policymakers would want to see the economy positioned. However, if wages continued to bear no semblance to productivity, “this is where it would end.” He added: “This is one of the mechanisms that could allow the State to use the limited foreign exchange it receives, to stretch further.” He said a recession required all hands on deck to pull in the same direction in order to return the economy to economic growth, and it was critical that the parties involved in wage negotiations work around the roundtable and prevent as far as possible the emergence of strike activity. He said he found it useful and interesting that the State was able to build into the discussion for the payment of back-pay that Petrotrin returns to profitability and that productivity increases. “This, to me, is what the State can take away from the negotiated outcome, at this point,” he said. With the non-booming tradeable sector of the economy not doing well in recent times, he said the share of manufacturing employment in 2016 was lower by almost 10,000 workers as compared to 2005. The same argument held for export agriculture. Hosein said a depreciated currency, while raising the cost of import into the country will eventually prompt some degree of expenditure switching, in which nationals will switch some proportion of their expenditure away from the consumption of foreign goods towards domestically-produced goods of the same. He said that would enhance domestic economic activities and reduce, to some extent, the import bill. “Even more, a devaluation at this point in time will also lead to an enhanced level of NBT sector exports to foreign markets, so that the foreign market can act an as avenue to help stimulate more sustainable jobs in the local economy,” Hosein said. He added: “I do not think the State could can continue to ignore for much longer the possibilities that exist with a depreciated currency, in the context of the current economic situation.” |
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Royal Bank cutting jobs through mergers |
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Port-of-Spain – RBC Royal Bank is looking to merge branches in west and south Trinidad and as a result will be cutting jobs. The bank confirmed last week it has offered affected employees Voluntary Separation of Employment and voluntary early retirement packages. According to RBC, it will be combining its Chaguaramas branch with its West Mall branch and its branch at Carlton Centre, San Fernando, with the branch on High Street, San Fernando. As a result, the Chaguaramas and Carlton Centre branches will be closed. RBC said it will also be consolidating part of its operations in Point Lisas to the Couva branch in order to ensure "we maintain an enhanced sales presence in Point Lisas while at the same time effectively serving our clients and key stakeholders in the Couva district". "We have developed a comprehensive communications plan to inform our clients about these changes," the bank stated. An official of the bank said these changes are expected to come into effect by March this year. The bank said the move was all part of an effort to "transform" the way it serves clients. "RBC has been on a journey of improvement and transformation in the Caribbean as we leverage technology and innovation to improve our clients' experience by investing in our channels, products, processes, systems and people, to become the leading bank in the region," the bank stated. "In the future, RBC will not be defined solely by its physical presence, but rather as an organisation with an accessible multi-channel distribution network that brings us closer to our clients supported by digital innovation, self-serve channels, re-designed branches, a Client Contract Centre and a proactive mobile sales force that can meet clients anywhere and anytime," it added. The bank assured that its physical presence here remained a critical part of its transformation strategy and brand. RBC said its strategy and plans were shared with employees and that it was working with them through the transition. "We have offered attractive Voluntary Separation and Voluntary Early Retirement programmes to specific groups of impacted employees in Trinidad and Tobago that are designed to help employees make a personal choice about their future," RBC said. It did not reveal how many employees will be affected by the changes. |
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New drivers’ permits hit the road | |
Port-of-Spain – The Ministry of Works and Transport last Friday introduced a new driver’s permit and its design is intended to greatly minimise the risk of duplication. Minister of Works and Transport, Senator Rohan Sinanan, said the new permit will be part of a new centralised digital system aimed at making the licensing process more efficient. It “is embedded with bar code technology” and “will allow authorise officers to scan permits on the scene and obtain all relevant information about the holder of the particular driver’s permit, he said. He added: “The relevant information includes whether the holder has any recorded and/or outstanding infractions of the law thereby establishing an independent and reliable tracking system for those who have had any interaction with the legal system.” Sinanan said in a few months he will take legislation to Parliament permitting the relevant officers to scan the permits on the scene. Overall, the new system will create an efficient licensing service where authorised licensing staff can easily access and provide information to permit holders and where permit holders can easily access their information online. The new system does not invalidate existing permits, the Minister said. |
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