Caribbean Times International

Page 1

Canadian artist painting stories from ‘back home’ Page 21

THE BEACON OF TRUTH

www.caribbeantimesinternational.com

ISSUE NO. 50

CANADA EDITION

CN $1.00

WEEK ENDING May 16, 2013

Guyana signs offshore oil exploration agreement with Spain’s ‘Repsol’ See story on page 3

Jamaica gov’t takes action against TT exporter for CARICOM trade violation

Flying red – US$110 million loss for CAL but Minister Howai insists airline solvent

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Page 2 Jamaica’s Minister of Industry, Investment and Commerce Anthony Hylton during his contribution to the Sectoral Debate on Tuesday, said the government uncovered a scheme that involved the exportation of lubrication oil (JIS Photo)

aribbean Airlines (CAL) lost US$70 million last year. And if the fuel subsidy is added, the total loss would be US$110 million (TT$704 million), Trinidad and Tobago’s Finance Minister Larry Howai conceded Tuesday. However, he said the airline remains solvent. Howai Tuesday faced a barrage of questions on the State-owned airline. And People’s National Movement (PNM) Senator Lester Henry said he was “astounded that the minister could describe as solvent a company which cannot cover its costs and no money in the bank”. Howai replied that the company may be cash-strapped but it had assets. “Perhaps the decisions made in respect of how those assets would be leveraged and what kind of leveraging you have for the balance sheet were not addressed perhaps in the way that others might have done,” the minister said. He said the “preliminary” unaudited” figures showed US$32 million of the TT$70 million loss was incurred by the Air Jamaica route, and another major part of the loss was also incurred on the London route. continued on page 10


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