Contact Magazine Wellness and Health Issue

Contents

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18 Jamaica gets set to cash in on medical marijuana 20 Diabetes Mellitus: a brief overview of the disease and its growing impact 22 Plan to Plant: food for the future

A quarterly publication of The Trinidad and Tobago Chamber of Industry and Commerce

Health and Wellness of a Nation In Trinidad and Tobago, there has been a shift over the years from a high dependence on “folk medicine” to a high dependence on pharmaceutical-based treatments.

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The Economics of Un-health Unfortunately, there is little data in T&T showing how many man-hours are lost due to employees taking sick days. But the ailments which cause loss of productivity are not the same conditions which cause premature deaths.

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Your health and insurance consider the facts

New Challenges, Old Remedies

Medical practitioners The government of state that engaging in Trinidad and Tobago CAM practices may says it is working carry risks such as towards making interfering with the significant improveefficacy of drugs or ments to the national increasing their potency to dangerous levels, as well as overall healthcare system, with the clear target of gaining delaying effective care, outweighing the status as a developed nation with quality healthcare standards by 2020. benefits.

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Editor: Halima Khan Editorial Board: Communications Committee: Robert Trestrail, Catherine Kumar, Hugh Ferreira, Anthony Agostini, Andrew Johnson, Dalia King Design & Layout JG Design Caribbean Published by Eureka Communications Limited Suite #2 No.9 Avenue First, St. James, Trinidad W.I. Tel: (868) 622-2017 • (868) 628-1555 Fax: • (868) 622-4475 E-mail: • contacteureka@yahoo.com • lanny5052@gmail.com • jasong@tstt.net.tt For The Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle, Westmoorings, P.O. Box 499, Port of Spain, Trinidad & Tobago W.I. Tel: (868) 637-6966 Fax: (868) 637-7425 E-mail: chamber@chamber.org.tt • Website: www.chamber.org.tt For this magazine contact: Tel: (868) 637-6966 Tobago Division:Trinidad and Tobago Chamber of Industry and Commerce 2nd Floor ANSA McAL Building, Milford Road, Scarborough, Tobago Tel: (868) 639-2669 Fax: (868) 639-2669 E-mail: tobagochamber@chamber.org.tt

24 Sick Building Syndrome...

Prevention, always better than the cure 26 What every business person should know 30 Economic and Financial Statistics 32 Economic Outlook 35 Year end 2014 Review 38 Energy activity in 2015 what needs to be done?

42 Energy Statistics 55 Welcome to New Members 56 Advertisers

Information on Trinidad & Tobago

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square kilometers (117 miles) in Tobago. Trinidad is located between 10º 2’ and 11º12’ N latitude and 60º 30’ and 61º 56’ W longitude or 11 Kilometers (6.8 miles) of the eastern coast of Venezuela. Tobago is located 32.2 Kilometers (20 miles) to the north-east of Trinidad. There are two international sea ports in Trinidad, Port-of-Spain and in Point Lisas. The International airports are located in Piarco, Trinidad and Crown Point, Tobago.

Trinidad’s economy is primarily dependent on the petrochemical sector, while the island of Tobago is mainly dependent on tourism.

Poui Poui Trees Trees in in bloom, bloom, Queens Queens Park Park Savannah Savannah

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rinidad and Tobago (T&T) has a population of approximately 1.3 million people who inhabit 4,827 square kilometers (1,886 miles) in Trinidad and 300

The twin island republic boasts a multi-ethnic people, diverse culture and unique cuisine. As a result of its cosmopolitan population, the country celebrates a significant number of festivals around the year including carnival, Phagwa or Holi, Divali and Eid-Ul-Fitr. Tobago the smaller island, has a population of just over 54,000 and has an interesting history in that, during the colonial period, French, Dutch and British Forces fought for the possession of Tobago and the Island changed hands more than 22 times – more than any other Caribbean Island.

Contact • Vol.15 No.1 2015

Trinidad and Tobago Chamber of Industry and Commerce

VISION STATEMENT We are the Voice of Business.

MISSION STATEMENT To be the champion of business towards the development of a strong and sustainable national economy.

BOARD OF DIRECTORS Robert Trestrail – President Christopher Mack – Vice President Ronald Hinds – Vice President Rakesh Goswami – Vice President Wade George – Director Luana Boyack – Director Paula Rajkumarsingh – Director Jacqueline Francois – Director Jean-Pierre Du Coudray – Director Reyaz Ahamad – Director David Hadeed – Director Moonilal Lalchan, Immediate Past President Diane Hadad – Chairman, Tobago Division Catherine Kumar – Corporate Secretary & Chief Executive Officer COMMITTEES - TRINIDAD • Communications • Corporate Social Responsibility

• Crime & Justice • E-Business, Information Technology & Telecommunications (EBITT) • Energy COMMITTEES - TOBAGO • Business Development & Tourism • Inter-island Transport

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• NOVA • Trade & Business Development • Health, Safety & Environment • Security • Environment

HOW TO CONTACT US Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle, Westmoorings, P.O. Box 499, Port of Spain, Trinidad & Tobago W.I. Tel: (868) 637 6966 Fax: (868) 637 7425 E-mail: chamber@chamber.org.tt • Website: www.chamber.org.tt Tobago Division of the Trinidad and Tobago Chamber of Industry and Commerce 2nd Floor, ANSA McAL Building, Milford Road, Scarborough, Tobago Tel: (868) 639 2669 Fax: (868) 639 3014 E-mail: tobagochamber@chamber.org.tt

• Facilities Management & Maintenance Contact • Vol.15 No.1 2015

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An Editorial Note from the President

Health and Wellness of a Nation

By Robert Trestrail

Robert Trestrail, President, Trinidad and Tobago Chamber of Industry and Commerce

n 1900, the average life expectancy in the UK and US was about 50 years. Today, that average has increased to 81 years, making the dramatic increase in life expectancy in most countries of the world one of the great success stories of the 20th century.

Much of this is attributable to the rapid advances in medicine which led to large scale, public health immunisation programmes against infectious and parasitic diseases, along with rapid industrialisation and improved living standards.

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pathogens has accelerated. More and more essential medicines are failing” as research and development into new strains of drugs to combat common diseases diminishes.

In recognition of this, the emphasis on wellness and health today is on the increase.

There is now a growing quest to improve the quality of life as we live longer (and work harder), giving rise to lucrative industries not just in pharmaceuticals but also naturopathic remedies, fitness, cosmetic surgery, psychology and even mystical approaches.

The old saying that health is wealth was perhaps never more true than it is today. At present, wellness is said to be the fastest growing tourism industry - growing by 12.7 percent since 2012 - with a global market worth US $500 billion, according to the International Business Times.

These triumphs however, have come with other difficulties. In developed and developing countries, new-age affluence appears to be claiming its pound of flesh, as evidenced in the increased rates of cancer and chronic noncommunicable diseases like diabetes and hypertension. Along with these, we have seen the mutation of viruses like H1N1 and Ebola which have the potential to become pandemics. In Trinidad and Tobago, there has been a shift Combined, the cost to health systems, both over the years from a high dependence on public and private, is staggering. “folk medicine” to a high dependence on pharmaceutical-based treatments. Increasing In 2011, Director-General of the World Health wealth, access to travel and diminishing family Organisation Dr. Margaret Chan warned that time has brought with it detrimental dietary “The emergence and spread of drug-resistant changes, as we move away from traditional

foods to standardised fast food. According to the Ministry of Health’s “Report Card 2011”, 23 per cent of primary school children were overweight/obese, and the leading causes of death were cardiovascular disease, malignant neoplasm, diabetes mellitus, cerebrovascular disease and injury/external causes. It is clear that unless we take cognisance of these trends and implement measures to combat them, there will be a debilitating drain on the health care system in years to come.

The overarching goal of a National Prevention Strategy is to increase the number of persons who are healthy at every stage of life. The strategy provides evidence-based recommendations that are fundamental to improving the nation's health through the active engagement of all sectors of society.

In this edition of CONTACT magazine, the Trinidad and Tobago Chamber of Industry and Commerce supports this goal and dedicates this issue to a subject matter that has a tremendous impact on business, but which seems to be largely underestimated.

Join with us as we take a look at some of the important issues related to the wellness and health of our nation.

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Criteria for student selection - Each student must: • Be unable financially to pursue further education upon graduation, • Demonstrate potential and a willingness to learn, • Attend all scheduled training sessions, and • Complete a data entry form outlining goals, skills & identifing areas requiring development.

The Chamber’s NOVA Committee’s Jumpstart Programme was established in 1998 and seeks to assist school-leavers to learn about the working environment and to access opportunities for employment.

Selected schools and institutions across the country are invited to nominate graduating students to participate in this highly regarded ‘youth development programme’.

Participating company requirements - Each company must: • Pay a weekly recommended stipend, • Assign a mentor to the apprentice and • Complete an assessment review at the end of the apprenticeship.

Further information is available on the Jumpstart Programme from the Chamber’s Secretariat or Cheryl-Lyn Kurban, Project Assistant at 637-6966 ext 228 or ckurban@chamber.org.tt

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The Economics of Un-health

By Kevin Baldeosingh

iving employees free coffee and all deaths in T&T – exactly level with the tea is one of the most cost-effective global average. productivity measures any company can take.

However, such diseases have minimal effects on productivity and profits. Most people die This is not only because these beverages are from these diseases in their 60s, often after stimulants, which is why they replaced beer they have retired and certainly after their most as preferred drinks during the Industrial productive years (in their 40s and 50s) are Revolution in the 19th century, but because behind them. Globally, just a quarter of deaths both coffee and tea have health benefits. Both from these NCDs occur in the under-60 beverages lower the risk for diabetes, certain cohort. Nonetheless, the World Economic types of cancer, help protect the liver, and Forum, in a 2011 report estimated that, over stave off cognitive decline. the next 20 years, NCDs would cost the world economy more than US$30 trillion.

At the same time, any such benefits are negated if the employee smokes and/or drinks alcohol, Unfortunately, there is little data in T&T eats little or no fruits and vegetables, doesn’t showing how many man-hours are lost due exercise, and has little autonomy at the to employees taking sick days. But the workplace. And this, unfortunately, is the case ailments which cause loss of productivity are with the majority of adults in Trinidad and, to not the same conditions which cause a lesser extent, Tobago. That is why the leading premature deaths. Generally, people take sick causes of death in T&T are all lifestyle non- days for virus-related illnesses, which may communicable diseases (NCDs): heart attacks, range from mild illnesses like the common cancer, strokes, and diabetes. These four cold to debilitating infections like dengue or horsemen account for just over 60 percent of its cousin, chikungunya. However, statistics

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Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

on the prevalence of any of these illnesses is either lacking or unreliable.

The data from hospitals provide a crude idea of how many people suffer from illness or injury serious enough to reduce productivity in the workplace. But the most recent statistical report from the Ministry of Health is over a decade old, while the Central Statistical Office has figures for hospital admissions only up to 2009. Both sources show that just over 100,000 persons are hospitalised every year.

Assuming that the figures have not changed significantly, the public hospitals see over 120,000 persons annually, with about 28 percent of those diagnosed falling in the 25to 64-year-old cohort. This means that, out of a national labour force of 600,000 employed persons, about 15 percent are off the job for varying lengths of time due to illness or injury.

That is a loss in GDP that may range from $5 billion to $12 billion per annum.

Moreover, there is an additional level of productivity lost from the less-than-optimum

Feature health of the adult populace. This is due not only to sick days taken but, perhaps more prevalently, because of sub-par performance while at the workplace. Research shows that cognitive ability – memory, attention, analytical prowess, creativity – all decline when an individual is under stress, which is invariably the case when a person is working while ill or injured.

An international 2010 Executive Opinion Survey showed that half of the world’s business leaders expect that NCDs will have a serious, somewhat serious, or moderate impact on their company, while nearly onethird expected the impact to be more than moderate. Companies in high-income countries have already begun instituting measures to reduce this trend, with 74 percent having anti-smoking policies and programmes for employees, and 61 percent having programmes related to alcohol consumption. However, less than half of these companies pay attention to general physical health, while just one-third deal with exercise and stress reduction. The figures follow the same pattern for companies in middle- and low-income countries, except fewer firms have any such programmes at all.

Such policies are unlikely to have any major effect on productivity, however. This is because the major health benefits to quitting smoking and drinking are mostly incurred

by persons past their productivity peaks. For persons in their 30s, 40s and 50s, staying at optimum health requires a holistic approach, which includes diet, exercise, and stress management – the very things which companies pay the least attention to.

The financial question, of course, is whether it is worthwhile for companies to invest in their employees’ health – i.e. whether the investment in such programmes is repaid by greater productivity. As an ethical question, the answer is obvious, but the figures suggest that, on this issue, ethics and profits are in sync. The World Health Organization (WHO) estimates that population-based measures for reducing tobacco and harmful alcohol use, as well as improving healthy diet and physical activity, will cost around US$ 2 billion per year for all low- and middle-income countries. That works out to less than TT$3.00 per person. The cost per company would vary, of course, but the general lesson is that the investment pays its way.

So what can companies do? Focusing on one condition, rather than tackling the myriad health issues, may be more effective because all messages and measures can be centred on that condition. And, in the world generally and in T&T specifically, a key health condition is overweight. While different surveys have different estimates, it appears that at least half of the adult population in T&T is now fat. And thousands of studies

show that being overweight links to poor health in a variety of ways. Moreover, the measures for maintaining a good weight are the same measures required for maintaining good health – a well-balanced diet, regular exercise, and moderate or no alcohol consumption.

It is not enough, however, to address just the physical factors. Research by British psychologist Michael Marmot shows that negative stress is a key cause of ill-health.

(Marmot’s data suggest that stress per se does not cause poor health – only stress where the person does not feel in control.) So those firms which reduce their employees’ negative stress will not only improve their health, but ensure that they are less likely to take days off for any reason.

Such stress reduction is best accomplished by providing employees with as much autonomy as possible. This would include training of managers, particularly those who use an authoritarian style in the work-place; levelling company hierarchies; teaching everyone time-management strategies; and instituting policies like flexi-time to give employees more control over their work.

Properly implemented, such measures should accomplish the happy triumvirate of improving health, productivity, and employee satisfaction.

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New Challenges, Old Remedies

By Natalie Dookie

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cknowledging the increasing role that traditional medicine plays, the World Health Organisation (WHO) launched its first global traditional medicine strategy in 2002, with an update in 2014-2023. According to WHO, "80 percent of the world's population engage in natural medicines."

sound warnings. “CAM is big business,” notes Paul Offit, Chief of Infectious Disease at the Children’s Hospital of Philadelphia.

He puts the global industry at $34 billion a year, with only approximately one-third of alternative therapies ever being tested for their safety. According to WHO, "…the output of Chinese materia medica was estimated to amount to US$83.1 billion in 2012, an increase of more than 20 percent from 2011... out-of-pocket spending for natural products in the United States was US$14.8 billion in 2008."

WHO defines Complementary/Alternative Medicine (CAM) as "a broad set of healthcare practices that are not part of a country's own tradition and are not integrated into the dominant healthcare system." It is often relied on for preventative and palliative care. Medical practitioners state that engaging in CAM practices may carry risks such as The Latin America and Caribbean region is interfering with the efficacy of drugs or known to have one of the highest rates of increasing their potency to dangerous levels, chronic diseases such as heart disease, stroke, as well as overall delaying effective care, cancer and diabetes. Professor Terence outweighing the benefits. In an informal Seemungal of The University of the West survey of end-users in T&T we found that Indies (UWI) projected that, “non- the most common symptoms addressed were communicable diseases cause 63 percent of stress, fatigue, muscular pain, cholesterol, global deaths, with 80 percent occurring in hormone balancing and female complications. the developing world”.

Curative methods used by this group were Along with the increases in these diseases, acupuncture, homeopathy, reiki, aromatherapy even among those who practice ‘healthy’ and herbal medicine. Users' objectives were lifestyles, there is a growing search for holistic to extricate themselves from dependent care which has led to an increase in the use pharmaceuticals and become free of side of CAM. To meet the demand there seems effects. Insurance coverage and legal redress to be a ‘boom’ in CAM businesses, evidenced were not deciding factors. by the numerous advertisements in local media, while in Jamaica, it is estimated that "73 The The Natural & Alternative Medicine percent reportedly self-medicate with herbs. Association of T&T has taken steps to address The most common alternative therapies concerns, and have implemented an Adverse practiced in Trinidad and Tobago are Reporting System for Natural Health Products chiropractic, acupuncture, homeopathy and and Practitioners. One respondent said, "I Ayurveda, which have in fact gained a level want to alleviate the root cause and not just of acceptance by regular doctors and medical treat symptoms. CAM can also let you know practitioners. A wide range of other therapies about health issues before western machines are available however such as reiki and can pick up the symptoms. It is probably a aromatherapy. The phenomenon is not limited bit of mind over matter too; I believe it works to this region, although there are those who so it does." In the United States the use of Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

acupuncture is now covered by most insurance policies and while this can be accessed locally through US insurance plans very little else is covered in T&T. This, however, has not significantly impacted local uptake.

Acupuncture as defined by WHO "in its broad sense can include traditional body needling, moxibustion, electric, laser, microsystem such as ear, face, hand and acupressure".

The growing popularity of Ayurveda locally, may perhaps be linked to the 2012 signing of a Memorandum of Understanding (MoU) for co-operation in Traditional Medicines between the Governments of India and Trinidad and Tobago, which now provides a framework for the development of Indian traditional medicine here. The Central Council for Research in Ayurvedic Sciences (CCRAS) and University of West Indies (UWI) then signed an additional MoU to establish a Chair of Ayurvedic Medicine in the School of Pharmacy at the Faculty of Medical Sciences at UWI. This Chair was the first of its kind

by India to develop Ayurveda, which describes the "balance in bodily systems and uses diet, herbal treatment and yogic breathing."

Local aromatherapist, Chela Vashti Bhimull, states that the lack of a local certifying body and legislation are hindrances to the advancement of her field which she describes as, "taking advantage of olfactory senses, through the use of essential oils, candles and organic incenses to achieve a particular effect."

Dr. Philip Franco a naturopath describes his practice of homeopathy as curing "like with like" by "tonifying and strengthening cells, healing the body to health". He has the "largest extract dispensary in the Caribbean" where he blends the customised formulas for patients. Phillip believes that growth of the local CAM industry can be better supported

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by Government initiatives. He would like to see the practice of modalities left to selfregulation at this time, with the various industry associations collaborating to take this forward as a single body. Alternatively, "the Government needs to amend the Food and Drugs Act of 1960 to include alternative and complementary medicine practices and finalise with all relevant stakeholders the recommendations already on the table."

He felt that, "the lack of agreed importation and regulation guidelines and practices for CAM products has stymied growth of the industry in Trinidad and Tobago" with his business having been directly impacted by delays for clearance of shipments upon arrival in country. On a positive note, important strides are being made regionally in CAM

research and development, as in March 2015 Jamaica awarded $14.5 million to the Natural Products Institute, attached to The UWI Mona Campus to fund two studies on cancer treatment and prevention as well as anticancer screens, through the use of local natural products.

These grants were awarded by the National Health Fund (NHF) showcasing the increasing importance the Jamaican government is placing on CAM. The University of Trinidad and Tobago has also established The Caribbean Herbal Medicine Research Institute (CaHMRI) "which is intended to integrate research and education on Trinidad and Tobago’s indigenous medicinal plants with a view to identifying and validating opportunities for disease

management and therapeutic purposes."

In 2002, Yasuhiro Suzuki, MD, WHO’s Executive Director for Health Technology and Pharmaceuticals said, "Traditional or complementary medicine is (the) victim of both uncritical enthusiasts and uninformed skeptics." In order to move away from this thinking and to advance Complementary/ Alternative Medicine in Trinidad and Tobago, the industry requires urgent movement on policies, regulations and guidelines.

Despite these setbacks, however, today new medical challenges are often being solved with old remedies and through research and development such as that being undertaken by the University of the West Indies, centuries old practicesis finding new followers in the Caribbean .

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Your health and insurance – consider the facts

By Vernon Khelawan

uring a lifetime, everyone falls ill at times. Such bouts of illnesses can range from a simple influenza attack to serious and sometimes even terminal episodes. It follows, therefore, that it is at the worst times people take comfort in the fact that they had foresight to acquire some sort of health insurance plan, which serves to eliminate the stress and trauma related to health care costs today and rather allows us to focus on recovery. Depending on your insurance plan, it could cover some of the following: annual physical examinations, cancer screenings such as pap smears, mammography, colonoscopy, and PSA tests, routine blood work such as complete blood count (CBC) to check for anemia and other problems, blood glucose tests to check for pre-diabetes or diabetes, blood pressure and blood cholesterol monitoring, electrocardiogram (ECG, EKG) and X-rays, if needed. Along with the preventive care and screenings, health insurance also helps (helps is the key word here, as most policies which used to cover everything now only cover different and specific parts) to cover the cost of doctors’ fees, prescriptions, and other treatments that patients and their family may require. There is need to emphasise the phrase “help to cover the costs” because if you ask anyone anywhere in the nation, chances are they will be about as unhappy about health insurance costs as Caribbean people are of the West Indies cricket team.

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Statistics show that uninsured people are 50 percent more likely to be hospitalised for an avoidable problem than those who carry health insurance, and are more likely to become ill. It seems logical then, that when we have insurance we are more likely to access and utilise healthcare resources, and so we will be healthier.

But there’s increasing evidence that much of the care we receive probably provides marginal clinical benefit, and that more care isn’t always better. Merely carrying health insurance does not mean one will enjoy better health, if only because the individual is ultimately responsible for his/her health. Good health is mostly determined by personal choices and environments - rather than insurance policies,

hospitals, procedures, doctors and drugs. Even genetics probably play only a minor to moderate role at best, when it comes to chronic illnesses like cancer or heart disease, maybe with the exception for strongly penetrated genetic diseases. Our country’s National Insurance System (NIS) provides employed persons with many benefits, including assistance with maternity, sickness, funeral grants, survivorship, invalidity and employment injury. A worker in receipt of more than $180 per week in wages must register and contribute to NIS. Employers who do not pay contributions for their employees will be held liable under the National Insurance Act Chap. 32:01.

Even in Tobago, many are the occasions when patients have to be airlifted to Port of Spain for emergency attention at a cost and this is where the benefits of proper health insurance really come into play. Every year, thousands of people develop critical illnesses with most of them surviving. For instance, five-year survival rates for most of the major forms of cancer have increased. Breast cancer survival rates are now 74 percent and in the case of prostate cancer, 62 percent of patients survive. And with statistics showing a greater likelihood of becoming critically ill than dying before age 65, people may be getting sick sooner, but living longer.

That Insurance Act dates back to 1966 (there was an Amendment in 1980), and includes among other archaic provisions, a requirement of a paltry one million dollars in capital to start up an insurance company. For reasons best known to Government and insurers who belong to the Association of Trinidad and Tobago Insurance Companies (ATTIC), a new Insurance Bill, which has been in draft form since 2009, has yet to be brought to Parliament.

Nevertheless, consultation on the Bill has been held among the "main stakeholders" - the Central Bank, ATTIC and the Ministry of Finance. But what about the views of the consumers? For example, shouldn’t the 500,000-plus owners of motor vehicles who are compelled by law to insure them, have a say in the provision of the Bill as they affect them, since they contribute billions of dollars in premium payments to insurers on an annual basis?

The government of Trinidad and Tobago says it is working towards making significant improvements to the national healthcare system, with the clear target of gaining status as a developed nation with quality healthcare standards by 2020; although the health sector in the country has flaws currently and is only able to provide delayed medical treatment and healthcare services. In the 2015 Budget Speech delivered in Parliament on September 8 last year, Finance Minister Larry Howai said a component in government’s commitment to a more inclusive society was a focus on providing quality health care and medical services to the national community. “Individual responsibility for his or her well-being represents a critical aspect of our overall healthcare,” he said. “It is imperative that our citizens monitor and manage actively their own health regimes, thereby reducing the demand on the country’s health system. For this reason, we have focused our attention on creating client-centred experiences and solutions which respect the needs, abilities and uniqueness of those members of our national community who require quality health care. Our core principle is anchored on the rights of patients and clients to experience respectful and professional care in a considerate and supportive environment.

In pursuit of this broad agenda, at the core of which is service quality, the Government is improving the delivery of health care in Trinidad and Tobago.”

It is a known fact that medical care across Trinidad and Tobago is limited and healthcare facilities are restricted in the scope of care which can be provided. Privately operated healthcare facilities normally offer a better standard of healthcare, compared to the publicly-run medical institutions. Locally, the inadequacies of the government-run health institutions and the exorbitant costs associated with private health facilities cause many citizens resort to having major health work done abroad.

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

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Jamaica gets set to cash in on medical marijuana

By Nazma Muller

amaica’s Rastafarian culture has long been literally singing about the therapeutic powers of marijuana and it would seem that at last, reggae music’s relentless plugging of the healing powers of “the herb” is set to reap it’s just reward. Ironically though, the island now finds itself playing catch-up to other countries when it comes to making (legitimate) money from this particular commodity with final approval just coming in February from the Lower House, Jamaica is now poised to reap the rewards of reggae music’s relentless plugging of “the healing of the nations” and its once-notorious reputation for “high grade” ganja.

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With the new buzz word in health and wellness circles being nutraceuticals, and the planet experiencing what Forbes magazine calls “the green gold rush”, hopes are very high in Jamaica that medical marijuana will be the miracle to remove them from the clutches of the IMF and reverse a crippling debt-to-GDP ratio. Both the University of the West Indies and the University of Technology Jamaica (UTech) are collaborating with US companies to cultivate medicinal marijuana in state-of-the-art laboratories and high-tech indoor and outdoor greenhouses.

“This collaboration will allow us to determine different unique marijuana strains that can be produced in the Jamaican environment, potentially enlarging the internationally recognised Brand Jamaica,” explained Dr. Claire Sutherland, Senior Director of International and Institutional Linkages at UTech. “The partnership is also significant to Jamaica on a whole as the government positions the country for participation in the global nutraceutical market for economic growth with jobs. In the area of medicinal marijuana, strategic partnership opportunities are established in distinct areas for potential scientific research and technology investigation.

It will also contribute to the learning environment for our students and prepare them for entering the global market.” Some of the

“gateway drug” and triggering mental illnesses such as schizophrenia. Some studies have shown that high doses of marijuana can produce a temporary psychotic reaction, including hallucinations and paranoia in some users, and using marijuana can worsen the course of illness in patients with schizophrenia. Many strains are quite potent. Although St Vincent and the Grenadines’ Prime Minister Dr. Ralph Gonsalves has been pushing for CARICOM for decriminalisation, the group is still awaiting a report from a Marijuana Commission, and was still at the stage of discussing its financing and composition at the last meeting of the UWI at Mona is collaborating with Strains of Heads of Government in February.

Hope, the Colorado-based company featured on CNN’s documentary by Dr. Sanjay Gupta Meanwhile, the pioneering Dr. Lowe has that pioneered the strain called Charlotte’s emerged as a leading entrepreneur in Jamaica’s Web which is used to treat epilepsy in children. budding medical marijuana market. The It is hoped that both ventures will boost the founder and CEO of Medicanja, which now budding nutraceutical industry in Jamaica and has 18 products available globally, Lowe is provide guidance and education to rural small also the owner of Eden Gardens Nutraceuticals, farmers who have been using traditional and Eden Gardens Wellness Resort and Spa methods to grow their crops. But researchers in Kingston. “Our initial thrust will be the and growers in the US, Canada and Israel are R&D [research and development] and clinical far ahead of Jamaica in terms of cultivation, trials on products with relatively large amounts experimentation, distribution, and regulation. of CBD and little to no THC,” he explained at They have developed dozens of new strains the 2013 launch of Medicanja, whose goal is of cannabis and products to treat conditions “To significantly contribute to the socioas varied as multiple sclerosis, cancer, Crohn’s economic development of Jamaica by Disease, post-traumatic stress disorder and capitalizing on opportunities in the growing global medical ganja and hemp industries.” epilepsy in children. earliest research on marijuana in Jamaica was done at UTech by Dr. Henry Lowe and Dr. Manley West, which led to the development of Canasol, which is prescribed for the treatment of glaucoma. The university also offers programmes and conducts research in health sciences, pharmacy, alternative medicine, herbology and rural development planning. Ganja Labs, through its parent company Ganja Inc., has extensive expertise in the business, science and technology of regulated cultivation of marijuana for therapeutic purposes in the USA.

With Cuba opening up to the US travel market, Jamaica faces a serious threat of losing a lot of its most important and closest market to Havana, with its heady mix of salsa music, mojitos, art, architecture and history. The 14 other CARICOM member states, especially small islands like Dominica, St. Vincent and the Grenadines, St Lucia and Grenada, which depend on tourism for survival, are no doubt anxiously waiting to see what the regional bloc decides when they receive the report of a Marijuana Commission which has been set up to analyse the pros and cons of legalisation.

The major arguments against the use of marijuana has been concerns about it being a

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

There are plans to establish a holding company to attract local and international investments.

“It is estimated that, within four years, revenues from the sales and services of over 18 products from Medicanja Limited's six product lines will be in excess of Ja$420billion (US$3.7b),” says Dr. Lowe. Eventually, he expects to move into commercial production of a variety of medicinal based pharmaceuticals “for a growing licensed and approved patient base in North America and Europe.” Medicanja is also expected to eventually establish a local industrial hemp industry to enable the production of a diversity of products from the hemp plant.

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Diabetes Mellitus: a brief overview of the disease and its growing impact

By Rema Mohammed, Member, Environment, Safety and Health Committee of the T&T Chamber

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iabetes Mellitus, commonly referred to as diabetes, is a group of metabolic diseases in which there are high blood sugar levels over a prolonged period of time. The term Diabetes has its origins in both the Latin and Greek languages which when translated means, “a passer through”. Early physicians used the term to describe an excessive discharge of urine. The term Mellitus comes from the classical Latin word "mellite" or “sweetened with honey”. Ancient physicians from several cultures had noted the sweetness of the urine of those who would today be considered to be diabetic.

Increased hunger and thirst as well as frequent urination are symptoms of this disease which occurs as a result of the pancreas producing insufficient levels of insulin, or the body’s cells not responding as they should to the insulin produced. Insulin is a hormone made by the pancreas that allows your body to use sugar (glucose) from carbohydrates in the food that you eat for energy or to store glucose for future use. Insulin helps keep your blood sugar level from getting too high (hyperglycemia) or too low (hypoglycemia). If left unchecked complications can arise such as cardiovascular disease, stroke, kidney failure, foot ulcers and damage to the eyes.

main form and occurs when pregnant women develop a high blood glucose level although there was no previous history of diabetes.

On a global scale the World Health Organization (WHO) estimated that diabetes resulted in 1.5 million deaths in 2012, making it the 8th leading cause of death. In 2014, the International Diabetes Federation (IDF) estimated that diabetes resulted in 4.9 million deaths. As of 2014, an estimated 387 million people have diabetes worldwide with type 2 diabetes making up about 90 percent of the cases. This is equal to 8.3 percent of the adult population, with equal rates in both women and men. The number of people with diabetes is expected to rise to 592 million by 2035.

The global economic cost of diabetes in 2014 was estimated to be $612 billion US dollars.

More than 80 percent of diabetic deaths occur in low and middle-income countries.

Diabetes mellitus occurs throughout the world, but is more common (especially type 2) in more developed countries. The greatest increase in rates was expected to occur in Asia and Africa, where most people with diabetes will probably live in 2030. The increase in rates in developing countries follows the trend of urbanization and lifestyle changes, including a "Western-style" diet.

This has suggested an environmental (i.e., dietary) effect, but there is little understanding The term "type 1 diabetes" has replaced several of the mechanism(s) at present. former terms, including childhood-onset diabetes, juvenile diabetes, and insulin- Prevention and treatment involves a healthy dependent diabetes mellitus (IDDM). diet, physical exercise and maintaining a Likewise, the term "type 2 diabetes" has normal body weight. Type 2 diabetes may be replaced several former terms, including adult- treated with medications with or without onset diabetes, obesity-related diabetes, and insulin. Gestational diabetes usually resolves noninsulin-dependent diabetes mellitus after the birth of the baby. The use of (NIDDM). Gestational diabetes is the third alternative treatments and the movement

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

towards non-traditional sources of cures has grown within recent times. However, with a lack of scientific data to validate many of the claims of those who avow to these cures, the medical fraternity has not endorsed any alternatives to the methods that have been used over the course of time.

Comparison of type 1 and 2 diabetes [12] Feature

Type 1 diabetes

Onset

Sudden

Gradual

Age at onset

Mostly in children

Mostly in adults

Body size

Thin or Normal

Often obese

Ketoacidosis

Common

Type 2 diabetes

Rare

Autoantibodies Usually present

Absent

Endogenous

Normal,

Low or absent

insulin

decreased or increased

Concordance in identical twins

50%

90%

Prevalence

-10%

-90%

Source: Williams textbook of endocrinology (12th edition.)

In our environment the increasing rates of diabetes and other chronic diseases has garnered the attention of the Minister of Health who has been vocal about the importation of food items with a heavily processed sugar content. The onset of diabetes can and often leads to a myriad of health complications which can only add to an already burdened public health system.

The Trinidad and Tobago Chamber of Industry and Commerce, through its Environment Safety and Health Committee will be examining the key issues surrounding this topic at a breakfast session on Friday April 17, 2015.

22

Feature

Plan to Plant: food for the future

By Catherine Da Silva n the 1960s, the Macqueripe Valley, as many other pastoral areas of Trinidad and Tobago (T&T) thrived, with lush orange and banana estates and fields of citrus enough to feed twice our present population.

The price of development over the years in an oil-centric, industrialised economy has perhaps contributed to our impoverishment when it comes to nourishment. Hectic lifestyles, poor eating and lifestyle habits have ranked us in the upper percentile for heart disease, diabetes, cancer and hypertension. Such prevalent threats would serve as warning signs that in order to prevent such occurrences it would be a smarter choice to plan for healthier living. How can this be achieved? Plan to Plant. Buy local. Get healthy in the process of thinking healthy.

I

To promote eating and living healthier lives, the Ministry of Food Production launched a national campaign highlighting the benefits of buying local produce, poultry and dairy.

The campaign is aptly titled "Come Home to Home Grown - Put T&T on your Table”. It aspires to encourage citizens to choose, seek and sow healthier lifestyles with fresh locally grown commodities. Putting local produce on your table should include a two pronged approach of buying local and encouraging home and community gardening. Buying local means seeking out the quality available at fresh produce markets such as community green markets as well as choosing safe and pesticide-free produce, including organics and hydroponically grown items.

The food and produce industry accounts for less than 10% of our GDP with more than 50 percent of our necessities being imported, translating to a $4 billion food import bill. To forge a lifestyle of healthy eating and living is a culture, a seasoned and planned pathway designed for desirable spin off benefits. For example, replacing processed foods with authentic, nutritious dietary complements.

it is fresh and, generally speaking, not subjected to treatments to preserve them beyond their natural lifespans – compare a bag of imported spinach to a bundle of local dasheen bush. Those concerned about genetically modified products can do a test… take a few dried seeds of the pigeon peas you brought, dry them and plant them in your backyard garden – they are sure to sprout!

As for fruits, you can rest assured a great many of what are commonly available are “organically grown”, meaning they were reaped from a tree in someone’s yard or picked wild from the forest; exotic fruits like mango, sapodilla and balata will cost but a few dollars from a roadside vendor.

entrepreneurial pursuit, a family affair, a stress reliever, health upliftment, prevention of disease and preservation of life. Growing, cooking, eating and benefitting from fresh local choices put a renewed perspective on life expectancy. Let life begin anew ...Plan to Plant.

Life’s Nutritional Remedies: • Good Nutrition, Exercise, Water, Air, Sunshine, Temperance, Rest.

• Essential Food Groups for Holistic health: MORE of... Fresh/steamed vegetables, whole grains, cooked cereals, brown rice, fresh fruits Water.

LESS of… Refined processed foods. Meats, fried foods, dairy (Cheese, milk-based items) sweets high in calories and sodium (salt)

To start thinking holistically begins in the households and translates to the classrooms in the way we are sensitised to healthy eating and care of self. Starting a home garden is an ideal way to begin. Implement this by making a plan and putting it into train: identify your space for planting your crop of choice; next, acquire the seedlings for growing and then and sow the seeds. There are many tutorials available online or short courses that offer instruction for those who wish to take up the challenge.

It is never too late to start anew. Use these 8 benchmarks to make the change: • Incorporate plant based foods in your diet, no cholesterol/low in sodium /high in vitamins low in fibre.

• Sunlight -All important Vitamin D • Exercise - All round heart health • Water- All the time 8 glasses a day • Temperance- Too much of anything is good for nothing • Air- Relax, clear lungs breathe deep and often • Rest-8hrs daily • Trust-Inner peace

Every ten minutes in the world 565 persons are born and concurrently 56 will die of starvation, according to World Health Organisation statistics. So why in the world can we not prevent starvation on an affluent planet blessed with phenomenal resources?

To fashion a life of self-sufficiency has become leisurely and lazy in an age prone to fast pace, fast food and quick disposal.

A determined effort has to be made when it comes to independence and self-sufficiency from private spaces and governments. Food and water are after all two of the main elements vital to sustain life. Home grown is best sown, if only to improve the bottom line on our national budget.

Benefits of local seasonings & fruits

Trinidad and Tobago produces a wide variety of vegetables, fruits, root crops, fish and meat Planting is not an easy or lazy endeavour. which are available quite cheaply, especially But it is certainly one with far reaching and in season. The beauty of local produce is that change effects - a new self-start up career, an Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

• Spanish Thyme: Used in cases of dyspepsia, coughs, gas, as a heating compress for sore throat • Ginger: Used for stomach problems such as nausea, gas and indigestion or a pain reliever for arthritis • Turmeric root: Said to be useful for inflammation or joint pain, heartburn, stomach ulcers, wounds and eczema • Guava: With more than three times the vitamin C of an orange, guava is used for diarrhoea, dysentery, constipation, cough, skin care and scurvy • Soursop: The fruit and leaves is used to relieve stomach distress, fever, pain and certain respiratory problems. More recently, it is being researched as a cancer treatment.

• Karilli: The apt English name is bitter melon; its compounds can lower blood sugar and is also used toboost energy.

24

Feature

Sick Building Syndrome...

Prevention, always better than the cure

By Roger Salloum

anaging and maintaining healthy building conditions play an integral role in minimizing occupational risk, liability, and sustaining a company’s overall performance and reputation. In addition, healthy buildings contribute to employee well-being, health, and productivity in the workplace. In Trinidad and Tobago, we are hearing an increased number of reports and complaints where occupants are experiencing health issues because of the workspace or building they occupy, resulting in increased employee absenteeism, a decrease in productivity, and eventually, in some cases, to a shut-down of operations. Therefore, the condition of your building is paramount to the continuity and profitability of your business operations.

Unhealthy building conditions can contribute to a number of Building Related Illnesses (BRI) also commonly referred to as Sick Building Syndrome (SBS).

M

What exactly is SBS? Sick Building Syndrome (SBS) is a term used when occupants experience acute health symptoms and discomfort in a building usually due to poor Indoor Air Quality (IAQ).

Although more prevalent in office and commercial environments, it has also in rare cases, been reported in residential buildings.

The symptoms of SBS are non-specific, but are usually associated to the amount of time spent in a building and this repeated exposure being the primary cause. SBS symptoms can be localised, i.e. only affecting occupants of a particular room or floor, or they can be widespread, affecting occupants of an entire building.

What causes SBS? Most causes of SBS are typically linked to poor Indoor Air Quality (IAQ) and are due to one or more of the following:

Heating, Ventilation and Air-Conditioning Systems (HVAC) • Poorly maintained HVAC Systems i.e. dirty coils and filters.

• Some buildings are designed more airtight to improve energy efficiency; this may reduce the ventilation rate (fresh-air exchange) affecting the health and comfort of workers occupying the building. It should be noted however, that in most warm climate countries, buildings (especially the older constructed ones) have not focused on being as air-tight, and therefore this has had a positive impact on the ventilation rate, but a negative one, on energy conservation.

• Overcrowding of rooms/offices where fresh-air is in greater demand, but in some cases lesser in supply.

recurring leaks on ceiling tiles or walls may create a build-up of mold over time.

• Insect, rodent and bird droppings.

SBS has also been referenced in areas such as: Electromagnetic radiation • Extensive wiring without proper grounding creating high magnetic fields which allegedly have been linked to cancer Psychological factors • Excessive work stress or dissatisfaction • Poor communication Poor lighting conditions; absence of daylight Bad acoustics Poor ergonomics Humidity, Moisture, Dampness, Thermal Comfort

What are the symptoms of SBS? There are numerous symptoms associated Chemical contaminants from indoor sources with SBS and can include any one or a • Volatile organic compounds (VOC) combination of the following: headache, brought about by adhesives, upholstery, dizziness, nausea, eye, nose or throat irritation, carpet, photocopiers, manufactured wood dry cough, dry or itching skin, difficulty in products, pesticides, cleaning agents etc. concentration, fatigue, sensitivity to odours, • Synthetic fragrances in personal care hoarseness of voice, allergies, cold, flu-like products or in cleaning and maintenance symptoms, and increased respiratory products can also contribute to air problems/asthma attacks. Please note that these symptoms are also very common in contamination.

Chemical contaminants from outdoor everyday life, and as such the challenge is to be able to link the symptom(s) to a potential sources • Pollutants from motor vehicle exhaust, source in the building. It is therefore strongly plumbing vents and building exhausts recommended in the event SBS is suspected, (bathrooms and kitchens) can enter the that a carefully planned and executed building through poorly located air intake inspection and audit of the facility be done vents, windows, and air openings. by a reputable professional to determine if the building is a likely cause.

Biological contaminants • Mold, pollen, fungus, bacteria, viruses can breed in stagnant water or persistent How can SBS be controlled and managed? damp areas that has accumulated in Usually we tend to be reactive more than drainpipes, ducts, ceilings, insulation, proactive. Only after there has been a series carpets, and upholstery. For example: of complaints and/or noticeable increase in water spilling on carpets near a coffee absenteeism do we start investigating probable station/water cooler/kitchenette, or causes. SBS may be identified by first

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Feature conducting an indoor air quality (IAQ) test, evaluating compliance to the Occupational Health and Safety (OSH) act, performing a building and systems condition assessment and reviewing the preventative operations and maintenance standards for the building in question.

What preventative measures can we implement to protect ourselves?

1. Try to identify, then remove all indoor pollution sources.

2. C a r r y o u t a c o m p r e h e n s i v e inspection/audit on the building to ensure the condition is satisfactory both from an operational and physical standpoint, paying close attention to the building’s age, use, condition, maintenance program (past and present), occupancy history, internal and external environmental factors, and any complaints received and/or symptoms experienced by

occupants of the building. Carry out annual inspections thereafter.

3. Ensure there is routine preventative maintenance on all systems and an effective cleaning program in place.

4. Ensure you have a properly maintained and functioning HVAC (Air-conditioning) System. This can be further enhanced by introducing ultraviolet (UV) lamps into the air-handlers to help treat biological pollutants, and installing HEPA filters to remove mechanical pollutants.

5. Use indoor plants as a natural air-filter.

Plants clean our air naturally, regulate humidity, eliminate toxins and filter chemicals. Be careful however, with the use of pesticides and overwatering which can counter act the benefits. So choose your plants and your plant contractor very carefully!

6. Consider air-purifying devices. There are many on the (international) market and can run less than $100 USD and upwards of $600 USD. This will entirely depend on your coverage (square footage) and budget.

7. Last but not least, educate yourself and hire a professional. Information and knowhow allows you to be better prepared to make intelligent decisions.

This article by no means is intended to provide the full extent to which SBS could affect your organization, or your professional or even personal life, it is however intended to provide some insight to probable causes and a methodology towards resolving should SBS be suspected.

Notwithstanding, the preventative method still stands as the best approach!

Contact • Vol.15 No.1 2015

25

26

Feature What every business person should know Upcoming Trade Shows and Commercial Events 2015 PANAMA TRADE SHOW

TARGET BUSINESS

DATE

CONTACT

EXPO FRANQUICIA

• Investors • Franchisees

10 -11 September

expofranquicia@panacamara.org

EXPO TURISMO

• Hotels • Car Rental Companies • Travel Agencies • Eco Tourism & Beach Tourism • Conventions & Conferences • Ministries of Tourism • Cruises

25 -26 September

www.expotur.org

EXPO MEDICA

• Medical Services • Health products • Beauty • Nutrition • Health Related Lifestyles

25-26 September

dgodoy@panacamara.org

BIZFIT

• ICT companies • Universities

20-22 October

bizfit@panacamara.org www.bizfitpanama.com

expoturismo@panacamara.org

GUATEMALA EVENT

SECTOR

PLACE AND DATE

EVENT PLANNER

EMAIL & WEBSITE

Community Tourism Fair

Tourism Sector: offer of community tourism projects

Guatemala City, April 2015

Chamber of Tourism, Guatemala, (CAMTUR)

info2@camtur.org

Apparel Sourcing Show

Clothing and textiles

Convention centre, Hotel Grand Tikal Futura, 19-21 May 2015

Association of Clothing and Textiles (VESTEX)

promocion.comercial@agexport.org.gt www.apparelexpo.com

EXPO CASA 1st Semester 2015

Construction sector: sale of properties

Convention Centre, Hotel Grand Tikal Futura, 15 to 22 June 2015

Guatemalan Chamber of Construction

eventos@construguate.com www.expocasa.com.gt

CONSTRUFER Xela

Construction sector: construction supplies

Intercultural Center of Quetzaltenango, Quetzaltenango city, July 2015

Guatemalan Chamber of Construction: Quetzaltenango branch

eventos@construguate.com http://construfer.gt

EXPOMUEBLE Central America

Forest and Furniture

Convention Centre, Hotel Grand Tikal Futura 29 July to 2 August 2015

Guatemalan Association of Exporters (AGEXPORT)

promocion.comercial@agexport.org.gt www.expomueblecentralamerica.com/

EXPOCALZADO

Shoes

Convention Centre, Hotel Grand Tikal Futura August 2015

Chamber of Industry, Guatemala

cig@industriaguate.com

Food Fair and Food Festival

Restaurant products and foodstuffs

Convention Centre, Hotel Grand Tikal Futura September 2015

Chamber of Industry, Guatemala

cig@industriaguate.com www.feriaalimentaria.com

II EXPOVERDE International Expo of Construction

Construction sector

Guatemala City, 23-25 September 2015

Guatemalan Chamber of Construction

eventos@construguate.com www.construguate.com/expoverde

HIDROINDUSTRIA

Laboratories and Water sector

Guatemala City 19 November 2015

Guatemalan Association promocion.comercial@agexport.org.gt of Exporters (AGEXPORT)

Latin-American Congress of Rubber

Hule

Antigua Guatemala 23-27 November 2015

Guatemalan Association promocion.comercial@agexport.org.gt of Exporters (AGEXPORT)

Guatemala Travel Market

Tourism Sector

Guatemala, date pending

Chamber of Tourism, Guatemala, (CAMTUR)

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

info@guatemalatravelmarket.com www.guatemalatravelmarket.com

Communications Committee The Communications Committee is a Boardappointed Committee of the Chamber, chaired by the sitting President. Its role is to conceptualise and execute the Chamber’s communications strategy as guided by the Board of Directors. As such the committee oversees the publication of CONTACT magazine, three weekly newspaper columns, a weekly radio programme, media releases and other electronic newsletters and bulletins.

Each CONTACT magazine is thematic so that two thirds of the articles explore the issues related to the particular theme. The magazine is distributed free of charge to Chamber members. Complimentary copies are given to Members of Parliament, diplomatic missions, hotels and subscribers to the

Guardian newspaper. CONTACT may be read online at www.contact-tt.com.

The weekly “CONTACT with the Chamber” radio programme airs on I95.5 FM at 7:25 a.m. each Tuesday. It represents a Chamber editorial and is voiced by the Chamber’s Chief Executive Officer, Catherine Kumar.

Programmes are available on the Chamber’s website www.chamber.org.tt and Facebook.

The main issues that form the basis of the Chamber’s lobbies are largely reflected in the newspaper columns. Since 2004, the Chamber has maintained three weekly newspaper columns - Wednesdays in the Business Express and Thursdays in both the Guardian Business and the Newsdays Business Day. Writing on the premise that all issues which affect the

national landscape also affect business, the columns serve to express Chamber opinion and policy. Topics for articles have included the economy, trade, crime, education, agriculture, health, the environment and culture. The committee encourages Chamber members to submit columns or ideas for columns on topics of interest. Columns may be between 700-900 words in length and the Chamber reserves the right to publish, subject to review by the Committee. The weekly columns may be accessed on the Chamber’s website at www.chamber.org.tt.

For further information on this committee kindly contact Halima Khan, Communications Officer, Marketing and Communications, at 637-6966 x 1227 or email hkhan@chamber.org.tt.

Contact • Vol.15 No.1 2015

30

Finance & Economy

Economic and Financial Statistics Trinidad and Tobago Table 1: Summary of Economic Indicators (Percentage Unless Otherwise Stated) 2014

2013

2012

0.7* -1.5* 2.2*

2.1 0.2 3.5

0.3 -1.9 1.8

9.0** 5.4*** 2.0*** 3.1^

5.6 5.2 2.4 3.7

7.2 9.3 2.5 5.0

2014/2015b 60,351.2 58,817.1 29,024.5

2013/2014p 58,313.0 57,021.7 28,043.6

2012/2013 52,760.1 52,259.1 26,603.6

64,664.5

61,033.0

57,668.5

Real Sector Activity Real GDP (y-o-y) Energy Non Energy Headline Inflation (end of period) Headline Inflation (average) Core Inflation (average) Unemployment Rate

Source: Economic Bulletin, February 2015, Central Bank of Trinidad and Tobago *For the period January- September 2014 ** As at November 2014 ^ For the period January-September 2014

Table 2: Summary of Central Government Fiscal Operations (TT$Millions) INDICATOR Total Revenue Current revenue Energy Revenue Total Expenditure

Source: Economic Bulletin, February 2015, Central Bank of Trinidad and Tobago

Regional Indicators Table 3: Selected macroeconomic Indicators for the Caribbean DEBT/GDP Barbados Guyana Jamaica CURRENT ACCOUNT BALANCE/GDP Barbados Guyana Jamaica REAL GDP Barbados Guyana Jamaica

2014e

2013

2012

2011

102.0 57.8 139.9

97.2 56.9 141.6

86.2 62.6 146.5

76.5 65.2 141.7

-8.8 -14.6 -8.3

-10.4 -12.9 -11.1

-9.5 -11.6 -13.0

-12.8 -13.1 -13.4

Source: Central Bank of Trinidad and Tobago, Economic Bulletin 2015

International Indicators Table 1: World Output 2014

2013

2012

Advanced Economics

3.3

3.3

3.4

2011 4.1

Emerging and Developing Markets

1.8

1.3

1.2

1.7

Source: Central Bank of Trinidad and Tobago, Ministry of Finance and the Economy, Central Statistical Office and the IMF

Table 2: Rate of Unemployment in Developed Countries Per Cent Dec-14

Nov-14

Oct-14

Sep-14

Aug-14

Jul-14

United States

5.6

5.8

5.7

5.9

6.1

6.2

United Kingdom

n.a.

5.8

6.0

6.0

6.0

6.2

Euro Area

11.4

11.5

11.5

11.5

11.5

11.6

3.4

3.5

3.5

3.6

3.5

3.8

Japan

Source: Bloomberg, Central Bank of Trinidad and Tobago - Economic Bulletin 2015

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

32

Finance & Economy

Economic Outlook Domestic Prices Inflation Headline inflation showed significant uptick in the second half of 2014 after an essentially sedate first half. Headline inflation averaged 7.9% (year-on-year) in the second half of 2014 compared to an average of 3.4% in the first six months of the year. The strong surge in inflationary pressures resulted from a sharp upturn in food prices, as core inflation remained subdued.

Food inflation breached and remained in double-digit territory since July 2014. For the first six months of 2014, food inflation averages 4.4%. During the following six months, however food inflation surged by an average of 15.8%. This acceleration in food prices resulted from various supply constraints within the domestic market, especially in the volatile vegetable category.

On the other hand, underlying inflationary pressures (measured by core inflation) slowed towards the end of 2014. Core inflation averaged 1.4% between July and December 2014 in comparison to 2.5% over the first half of the year.

Producer Prices Wholesale price inflation, measured by the Central Statistical

Office’s Producer Price Index, trended downwards for much of 2014. Following an increase of 3.0% during the first quarter of 2014, the growth in wholesale prices slowed to 1.5% by the final quarter of the year. The impetus for the disinflationary trend was a slowdown of price increases within the drink and tobacco subsector. For 2014, wholesale price inflation measured 2.0%, compared to 1.9% in 2013.

International Food Prices International food prices, as measured by the Food and Agriculture Organisation’s Food Price Index, fell at a faster rate in the second half of 2014. The Food Price Index fell by 5.3% over July to December 2014 compared to a slower decline of 2.1% during the first hald of the year. During the latter six momnths, the sharpest declines occurred with dairy (23.6%) and oils (12.0%).

Improved agricultural output in key producing regions precipitated the fall in international food prices. Production of cereals rose in the EU region and China, while dairy supplies increased from New Zealand and the United States. Conversely, the meat price index increased 13.1% over the second half of 2014 compared to an increase 3.2% over the previous six months.

The Chamber’s “CONTACT with the Chamber” radio series The Chamber's "CONTACT with the Chamber" radio series is a five minute programme which airs every Tuesday at 7:25 a.m. on the I95.5FM morning show. This programme is voiced by the CEO of the Chamber, Catherine Kumar and is one of the means by which the Chamber communicates with members and the public at large. The series focuses on business-oriented subjects, social responsibility and other issues affecting our country.

We also open our doors to all members interested in coming on board as short-term sponsors of “CONTACT with the Chamber”, for packages of one, two or three months.

Sponsorship is at a cost of TT $900.00 per programme. Your organization will be credited on I95.5FM and recognized through other communications produced by the T&T Chamber.

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

For more information on sponsorship and branding opportunities please contact: Halima Khan, Communications Officer, Trinidad and Tobago Chamber of Industry and Commerce Columbus Circle Westmoorings P.O Box 499 Port of Spain.

Tel: (868) 637-6966 Ext. 1227 Fax: (868) 637-7425 Email: hkhan@chamber.org.tt Website: www.chamber.org.tt

Finance & Economy

35

Year end 2014 Review Local Market Summary For the Year Ended December 31, 2014 (YE14), all three Indices closed in negative territory on the local equity market. The Composite Index closed the year at 1,150.91, down 2.88 per cent or 34.14 points, the All Trinidad and Tobago Index fell a nominal 0.53 per cent or 10.54 points to 1,983.18 and the Cross Listed Index declined 15.60 per cent or 7.71 points to end the year under review at 41.72. In the Fourth Quarter (Q414) alone, the Composite Index, All Trinidad and Tobago Index and Cross Listed Index posted gains of 0.51 per cent, 0.35 per cent and 1.51 per cent respectively. Overall the year saw 16 stocks advancing and 13 declining.

The First Tier Market saw a 6.56 per cent decline in trading activity for YE14 with 91,559,129 shares traded compared to 97,984,389 shares traded in 2013. Q414 on Q413, volumes traded fell 2.88 per cent from 24,290,021 in Q413 to 23,590,706 in Q414.

When compared to the previous quarter (Q314), trading activity rose 30.76 per cent from 18,041,250 shares. The value of shares traded increased 0.95 per cent from $1,105,243,367.06 in YE13 to $1,115,708,421.05 in YE14. Q414 on Q413, the value of shares traded was up 5.11 per cent from $274,420,590.18 (Q413) to $288,443,104.23 (Q414). The volume leader for the year under review was National Commercial Bank Jamaica Limited (NCBJ) with 31,928,936 shares changing hands or 34.87 per cent of the market. Next was Jamaica Money Market Brokers Limited (JMMB) which saw 14,497,283 shares traded or 15.83 per cent of all trades. This was followed by Trinidad Cement Limited (TCL) with 6,923,742 shares or 7.56 per cent of the total volume traded for the year. The fourth volume leader was Sagicor Financial Corporation (SFC)

with 5,455,333 shares changing ownership or 5.96 per cent of market activity. Guardian Holdings Limited (GHL) rounded off the top five with 4,138,949 shares traded or 4.52 per cent of the trade volume. YE14 also saw 1,035,500 Sagicor Financial Corporation Convertible Redeemable Preference (SFCP) shares traded. The price dropped 4.35 per cent or US$0.05 to end the year at US$1.10.

For YE14, Flavorite Foods Limited (FFL) posted the largest loss of 41.53 per cent or $3.41 to end the year at $4.80. This was followed by FirstCaribbean International Bank Limited (FCI) which fell 23.08 per cent or $1.50 to $5.00. The third major decline was SFC, down 17.93 per cent or $1.30 to end at $5.95.

Fourth Quarter Dividend Payments On the TTD Mutual Fund Market, a total of 13,153,666 CLICO Investment Fund (CIF) units traded in YE14 with a value of $290,222,090.60. CIF rose 4.87 per cent or $1.07 to close YE14 at $23.06. Additionally, 245,653 Praetorian Property Mutual Fund (PPMF) units traded with a total value of $844,157.50. PPMF’s price dropped 1.41 per cent or $0.05 to end at $3.50. On the USD Mutual Fund Market, 2,729 Bourse Brazil Latin Fund (BBLF) units traded with a value of US$25,425.50. BBLF’s price fell 5.00 per cent or US$0.50 to US$9.50. L.J. Williams ‘B’ Limited (LJWB) was the top performer for YE14, up an outstanding 53.85 per cent or $0.35 to end the year at $1.00. The second major advance was One Caribbean Media Limited (OCM) which registered a 35.14 per Highlights for the Fourth Quarter of 2014 cent gain or $6.50 to close at $25.00. National Flour Mills Limited (NFM) was next, rising December 2014 21.05 per cent or $0.20 to $1.15.

• The Supreme Court in Ghana by unanimous decision on December 17, 2014, ruled in favour of Republic Bank Limited in an application, to quash a ruling of the Accra High Court. The High Court prevented the Bank from proceeding with a mandatory offer to all shareholders of the HFC Bank (Ghana) Limited under the ‘Takeover Code’ of the Securities and Exchange Commission (SEC).

A five-member panel of Justices dismissed the suit which was initiated by HFC Bank against Republic Bank and the SEC. This was in an attempt to prevent Republic Bank from proceeding with a mandatory offer to all shareholders of HFC Bank after Republic Bank had acquired more than 30% of the shareholding of HFC Bank.

November 2014 • The GraceKennedy Board of Directors approved the extension of the share repurchase programme to December 31, 2014. The share Contact • Vol.15 No.1 2015

36

Finance & Economy

repurchase programme which was initially approved by the Board in February 2013 and which commenced on October 17, 2013 was for the purchase of up to a maximum of 2.5% of the shares of the Company in issue from time to time over a period of one year to October 17, 2014. Under this programme the Company has so far repurchased a total of 3,847,550 out of the maximum of 8,382,965 units.

October 2014 • The Point Lisas Industrial Port Development Corporation Limited (PLIPDECO) informed the investing public that First Citizens Bank Limited will provide loan financing to PLIPDECO in the sum of Thirteen Million, One Hundred and Ninety Thousand, Four Hundred and Twenty-Eight United States of America Dollars (US$13,190,428.00) for the purpose of refinancing the existing debt portfolio of PLIPDECO plus additional financing in the Sum of One Hundred and Seventeen Million, Seven Hundred and Forty Three Thousand, Four Hundred and Thirty Trinidad and Tobago Dollars (TT$117,743,430.00) for the purchase of equipment for the Port of Point Lisas and undertaking remedial works to Port Infrastructure.

• Agostini’s Limited, a leading trading and distribution Group in Trinidad and Tobago announced that its debt portfolio was successfully refinanced on October 2, 2014.

The new financing of TT$275,000,000 (two hundred and seventy five million dollars) was provided by Scotiabank Trinidad and Tobago Limited. It comprises a TT$170,000,000 (one hundred and seventy million dollars) sevenyear fixed rate facility and TT$105,000,000 (one hundred and five million dollars) in working capital. The seven-year debt is being repaid on a ten-year amortisation, with a bullet payment at end of year seven.

Existing debt of TT$184,000,000 (one hundred and eight four million dollars) will be repaid from this facility, with the balance being utilised for investment in the Company’s local and regional distribution businesses. The refinancing is expected to reduce the Company’s borrowing costs in 2015 by TT$5,000,000 (five million dollars). The new facilities are being secured by several debentures over the assets of the Company and its subsidiaries.

Fixed Income Market Summary cent. Overall there were 16 stocks advancing and 19 declining for the year.

On January 30, 2015, the Central Bank of Trinidad and Tobago (CBTT) announced that LIME was the top gainer for the year, up 200.00 Headline Inflation accelerated to 8.50 per cent per cent or J$0.32 to J$0.48 followed by in December 2014 from 5.50 per cent at the Kingston Properties Limited (KPREIT), which start of the year. As stated in the report, the saw an increase of 66.67 per cent or J$3.00 to main contributor to the increase was food price J$7.50. Next was Ciboney Group (CBNY), inflation which stood at approximately 17 per which advanced 40.00 per cent or J$0.02 to cent on a year-on-year basis in December. close the year at J$0.07. For YE14, the major decline was Pulse Investments (PULS), which In December 2014, the yield on the 3-month fell 59.77 per cent or J$0.52 to J$0.35. Caribbean Open Market Operations (OMOs) remained Cement Company Limited (CCC) was next in unchanged at 0.24 per cent. The rate on the 6- line, down 31.14 per cent or J$1.09 to J$2.41. month issue rose to 0.45 per cent from 0.35 The third major decline was Palace Amusement per cent in November and the 1-year issue Company Limited (PAL), which saw a 30.53 rose to 0.72 per cent from 0.67 per cent. The per cent drop or J$29.00 to J$66.00.

Central Bank increased the Repo Rate, the rate at which it lends to commercial banks, by 25 A total of 2,115,237,949 shares crossed the basis points to 3.50 per cent. floor of the Jamaican Stock Exchange in 2014, an increase of 52.32 per cent when compared Key Rates to the 1,388,664,255 shares traded in the prior year. The value of shares traded for the year under review amounted to J$12,743,963,522.35, a decline of 10.31 per cent from YE13’s total of $14,208,550,949.22. LIME was the volume leader with 34.61 per cent of the market or 732,059,971 shares traded. This was followed

by Kingston Wharves Limited (KW) with 22.38 Jamaica Market Summary per cent of the total volume traded or 473,407,866 shares changing ownership. The In Jamaica, the major benchmark, the JSE third volume leader was Jamaica Money Market Market Index declined 4,280.16 points or 5.31 Brokers Limited (JMMB) with 6.75 per cent per cent to close 2014 at 76,353.39. In Q414 of all trades or 142,838,526 shares changing alone, the JSE Market Index rose 5.70 per hands.

Energy Prices

Global Market Indices

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

38

Energy Update

Energy activity in 2015 what needs to be done?

By David Renwick, Energy Journalist HBM (Gold)

T

he year 2015 could see the Trinidad areas, with three to five giants and a few crude production level is in abeyance. and Tobago energy industry moving smaller ones which, together, have the 4. Another oil-related initiative on which a forward on many fronts, once the potential to deliver a country production decision must be taken this year is that of appropriate action is taken to of as high as one million barrels, assuming tar-sands extraction and the conversion of achieve that. It is significant that the incumbent the timing of exploration and discovery are this thick substance into refinable oil. The Minister of Energy and Energy Affairs, fortuitous.”

Ministry of Energy and Energy Affairs Senator Kevin Christian Ramnarine, may be (MEEA) itself estimates there are 300 demitting office this year, since the existing 2. While the pursuit of exploration in the deep million tonnes of tar sands in such areas Parliament has to be dissolved by mid-June. water is essential, so is the recovery of the of South Trinidad as Parrylands, Guapo oil left behind in thousands of reservoirs and Vessigny. Although state oil company, He may return if the People’s Partnership all over South Trinidad, simply because Petrotrin, has been toying with tar sands (PP) government, is given a second term by the companies involved did not wish to for some time, it has never moved seriously the voters and he is again appointed the spend the money to retrieve it. This “old to take a decision about recovery, which minister in charge of energy, which would be oil exploitation”, as I described it in the requires a quarrying type of operation rather more than likely. If not, then People’s National last issue of CONTACT, can target as than drilling in the conventional sense. much of the estimated 6.5 billion barrels Movement (PNM) administration which will of “left-behind” crude that are believed by be the most likely alternative, will have to The Ministry has been under some pressure our geologist extraordinaire, Dr. Krishna name its own minister, who may have his from another source, namely mining Persad, to reside in closed-in or minimally own priorities about energy policy. geologist, Herbert (Billy) Sukhu, to producing reservoirs. (this figure does not sanction tar sands retrieval. He has backing include that other category of stranded But whether PP or PNM, there are certain from Canadian companies which crude known as heavy oil, which has an initiatives that have to be undertaken by themselves have extensive experience of API gravity of 18 degrees or less). whoever is in charge and CONTACT readers, tar sands activity in Canada, which has a pretty knowledgeable group by now about long been in the tar sands business. So far, energy matters, will have a fairly good idea 3. To bring the ‘stranded oil’ to surface the Ministry has turned a deaf ear to his about what they are. So let’s have a look at requires the application of an enhanced oil pleas but if tar sands are ever to be a them. recovery (EOR) process and the one that contributor to local crude output, then the seems to be favoured is carbon dioxide go-ahead needs to be given this year, 1. At the top of the list, of course, is continued (CO2) injection. otherwise Mr. Sukhu, and his backers, may progress towards the commencement of lose interest, thus depriving the country of exploratory drilling in deep water (1,000Dr. Persad in particular has been pushing the extra 50,000 b/d or so that Sukhu says 3,500 metres) east of Trinidad and north this for years but to make it feasible requires could result from tar sands. east of Tobago in nine blocks. BHP Billiton a dedicated pipeline carrying CO2 from Petroleum is the operator of all of them, the location where it is produced (Point 5. There are key decisions to be made in 2015 which imposes a heavy responsibility on Lisas industrial estate) to the oilfields of about gas related matters, too. Gas is now that company to be successful. the Southern Basin. Minister Ramnarine arguably more important to Trinidad and has taken up the cause and asked the stateTobago’s energy sector than crude oil, This is because the deep water is considered owned National Gas Co. (NGC) to because not only is it exportable in its own by experts to be the “last frontier”, so to undertake a feasibility study of the project. right but it is also the raw material for speak, for a major hydrocarbon discovery downstream petrochemical industries. in Trinidad and Tobago. Noted geologist, As of mid-February, NGC had not yet Tony Paul, has said that “the expectation produced the requested report, which means A major gas-exporting breakthrough on is that Trinidad and Tobago will discover the chance for adding several thousands of the export side relates to the market for several oil and gas fields in deep water barrels a day to the country’s current modest liquefied and pipeline gas in the Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

39

Energy Update CARICOM region and the wider quick start during the course of 2015. 10.But there is a rival for CNG as an Caribbean. I have been writing about the 7. The operational plan for cross-border alternative to gasoline and it is methanol. potential of this market for years and the development of the gas straddling the The two methanol companies in Trinidad first to spot it was Roland Fisher’s Gasfin maritime border between Trinidad and and Tobago, Methanex and MHTL, have Development SA, now joined by Martin Tobago and Venezuela, and relating to the long been pushing the idea of a methanol Houston’s Parallax. But now that the 10 trillion cubic feet (tcf) of reserves in the mix in gasolene and they were joined this United States has been allowed to export Manatee/Loran unitised area, must be year by Alton Oil of Florida, whose natural gas in the form of LNG too, Fisher prepared and a start made on putting it into Regional Director, Business Development, and Houston’s recently-formed company, action in 2015. At a time when Trinidad Shaun Spiers, has been making the rounds Caribbean LNG, had better move quickly and Tobago has been facing a shortfall in of government ministries and the fuel and have their LNG facilities up and gas supply (however temporary), it is absurd distribution companies, to sell them his running at La Brea in south west Trinidad to have all this already identified gas just proposal for as much as 85% of methanol in order to beat the competitors (which sitting below the sea floor. Since Venezuela in gasoline. Petrotrin, the source of all could also include Colombia) to the market. is supremely unready to monetise new gas refined fuel in Trinidad, has never actually The French-speaking territories of resources, the operational plan should state added any methanol to its gasoline output Martinique and Guadeloupe are likely to clearly that even the gas on the Venezuela so the motorist could have tested the idea be the first such customers but they are side – the majority – must be brought to for him or her self. Spiers, for his part, also being eyed by the Eastern Caribbean Trinidad and Tobago for commercialisation hopes the distribution companies, NP and Gas Pipeline Co. (ECGPC) so the sooner or at least a portion of it. That will certainly UniPet, will allow him to offer his Caribbean LNG gets cracking, the better. help to firm-up the Trinidad and Tobago combination of methanol, gasolene and a Caribbean LNG, MEEA and National gas delivery situation. special additive at their pumps for an Energy, the collaborators on this project, experimental period this year. That would have reached the stage of a project 8. In which connection, Minister Ramnarine require sanction by the ministry but it development agreement (PDA) but the must think again about his reluctance, so should have a vested interest in doing so, sooner they get to the Project Agreement far, to put measures in place to since it will release more gasolene for (PA) stage, the better for the investment “incentivise”, as they say, the development export and, in time, enable the fuel subsidy and Trinidad and Tobago’s ability to stave of small gas pools of around 200 to 300 to be reduced, since methanol will not off the competition. million cubic feet. He was expected to have require any government assistance. encouraged his colleague, Minister of 6. Inextricably tied into the effort to export Finance Larry Howai, to include such 11. Consultants Poten and Partners must move LNG from Trinidad and Tobago to the incentives in the 2014-2015 national budget expeditiously to deliver the Natural Gas Caribbean is the billion-dollar Caribbean but it was not to be. With the price of gas Master Plan (NGMP) before Minister Energy Thematic Fund, proposed by this tumbling in tandem with the price of oil, Ramnarine has to leave office (if that turns country at the Caribbean Energy Security the only way small gas pools will be out to be the case). This is a crucial Summit, chaired by US Vice President, commercially retrievable is through document, meant to point the way for gas Joe Biden in Washington in January this lessening the tax burden on them. Assuming commercialisation between 2015 and 2024. year. This Fund, initially supported by the Minister remains reluctant to act, the That covers the period in office of the next Trinidad and Tobago and the Interincoming energy minister, if from a two governments who will, presumably, American Development Bank (IDB), is different party, should quickly take up the be prepared to abide by its the most likely source of funding for the cause in time for the 2015-2016 budget. recommendations. Indeed, MEEA re-gas plants, the pipelines and the vessels describes the NGMP as designed to ensure that need to be brought into play to make 9. The NGC CNG company, under the that “the domestic gas sector is in the LNG exporting from Trinidad and Tobago leadership of Curtis Mohammed, will, no forefront of technological change and a reality, because the CARICOM States doubt, be re-invigorating its efforts to lure supported by the appropriate institutional have little investment capital available more motorists over to compressed natural and regulatory framework for its efficient among them. The two initial donors gas (CNG) as their transport fuel of choice and effective management.” To this end, expect to be joined by other international in 2015. This only costs TT$1 a litre, so it the consultants are supposed to address, lending agencies and even by private is certainly operationally attractive but there among other things, according to the investment funds. Besides supporting the are other drawbacks, such as conversion minister: gas allocation, the gas value chain, infrastructure needed for intra-Caribbean costs and availability. Mr. Mohammed will the optimal ratio between exports and LNG trading, the Energy Thematic Fund undoubtedly be putting in place systems domestic usage and how to deal with rewill be helpful in the addition of renewable to overcome these in order to convince negotiation of expiring natural gas contracts energy (RE) to the regional energy mix. motorists they must seriously consider between gas producers and NGC/Atlantic So it is important that the Fund makes a switching over.

LNG.

Contact • Vol.15 No.1 2015

Are you looking for an ideal location to host your Private Meetings, Training Sessions, Product or Media Launches, Christmas Cocktails or even your Wedding Receptions?

Then your Chamber is here to meet your needs!

Duncan Campbell Meeting Room

WM Gordon Gordon Board Room

Leon Agostini Conference Hall

Events have become the hallmark for many Corporate Communications and Marketing Divisions and finding that ideal venue is perhaps one of the most important aspects to the success of all activities. At the Trinidad and Tobago Chamber of Industry and Commerce we pride ourselves in providing rooms for small and medium sized functions. Our venue, at Columbus Circle, Westmoorings, has been rented by many members and non-members.

Named after the Chamber’s first President, our Leon Agostini Conference Hall, accommodates Theatre seating up to 200 persons and Banquet seating of 180 (rectangular tables) or 120 (round tables). Our Duncan Campbell Meeting Room can accommodate Theatre seating up to 40 persons and Round table seating up to a maximum of 16 persons. Our special offer to weekend clients is the WM Gordon Gordon Board Room which accommodates up to 14 persons in comfortable executive style.

As a “One Stop Shop” we provide complete services - Wheel-chair access, Parking, High Speed Internet access, Catering, Audio and Video, all in our air- The Chamber’s staff stands ready to assist and will work with you in ensuring the conditioned facility. Our rates are among the lowest, given our secure and scenic success of your event. Upon request we will assist with the coordination at a location. As a member of the Chamber your rental fee is discounted by 10%. reasonable fee.

We invite you to contact Eustace Pierre at 637-6966 ext. 286 or epierre@chamber.org.tt so that a tour of our facilities can be arranged.

Thank you for your continued support and we look forward to welcoming you.

42

Energy Update

Energy Statistics In this FIRST quarter issue of CONTACT for 2015, we continue our evaluation of the current statistical data arising from Trinidad and Tobago’s prosperous energy sector. We place special emphasis on crude oil, and natural gas production under both time-series and crosssectional circumstances.

Table E.1 – Crude Oil & Condensate Production by Companies for September to November 2013 and September to November 2014 (Barrels of oil per day) Company

September

BG REPSOL BPTT

October November September

Table E.4 - Ammonia Production for June to August 2013 and June to August 2014 (Tonnes) Company

October November

Sep

Oct

Nov

Sep

Oct

Nov

2013

2013

2013

2014

2014

2014 23,125

2013

2013

2013

2014

2014

2014

YARA

20,552

21,332

20,734

22,538

23,504

978

644

951

598

348

755

TRINGEN 1

32,705

35,911

35,585

15,465

0

0

12,168

13,106

11,112

10,448

13,709

13,049

TRINGEN 2

0

4,747

41,271

41,025

18,874

12,953

179,245 170,810

153,899

9,278

10,336

8,900

15,079

13,231

13,136

PCS NITROGEN

98,567

22,377

22,461

22,392

21,943

22,570

21,669

POINT LISAS NITROGEN

55,170

56,307

42,103

50,024

59,184

TEPGL

1,359

1,527

1,383

1,143

1,123

1,047

CNC

41,884

40,579

5,496

32,881

50,467

26,791

EOG

1,638

1,667

1,499

1,279

1,300

1,309

BHP

9,859

9,754

9,406

8,406

9,000

4,406

NITROGEN 2000

42,121

49,134

45,950

33,264

0

35,308

369

332

382

434

413

531

0

2,269

19,706

6,155

29,140

13,326

13,255

13,457

12,763

12,857

12,622

387,255 364,218

368,802

TRINMAR

PRIMERA PETROTRIN TEPL BGCB NHETT

652

643

578

613

512

508

1,147

1,180

1,031

1,056

734

620 67

77

90

86

100

81

NMHERL

137

124

128

110

105

98

PETROTRIN (FO)

912

889

811

768

649

648

PETROTRIN (LO)

6,368

6,464

5,983

6,984

6,569

6,303

917

882

857

1,371

2,587

1,899

-

-

-

5

5

4

410

273

348

216

227

15

23,230

23,226

22,651

23,593

23,999

22,792

PETROTRIN (IPSC) BOLT MORA LAND SUBTOTAL MARINE SUBTOTAL

57,910

60,411

56,568

59,725

62,021

55,895

TOTAL

81,140

83,638

79,220

83,317

86,020

78,687

Source: Ministry of Energy and Energy Industries, Vol. 51 No.12 & Vol. 50 No. 1-8

Table E.2 – Natural Gas Production by Company for September to November 2013 and September to November (mmscf/d)

AUM-NH3

0

TOTAL

290,999

190,335 166,168 56,392

348,519 349,877

Source: Ministry of Energy and Energy Industries, Vol. 51 No.8 & Vol. 50 No. 1-8

Table E.5 - Ammonia Export for September to November 2013 and September to November 2014 (Tonnes) Company YARA

Sep

Oct

Nov

Sep

Oct

Nov

2013

2013

2013

2014

2014

2014 14,950

9,621

11,819

36,826

15,351

39,395

TRINGEN 1

23,599

43,134

43,693

11,816

6,122

0

TRINGEN 2

0

20,151

18,706

52,900

52,372

1,451

116,790

89,872

120,265

120,395

PCS NITROGEN

162,327 149,837

POINT LISAS Company

September

October November September

October November

NITROGEN

72,676

77,021

39,044

33,007

68,024

2013

2013

2013

2014

2014

2014

CNC

28,610

45,616

6,958

29,044

40,906

4,308

1,891

2,230

2,077

2,201

2,156

2,203

NITROGEN 2000

20,397

46,738

45,739

61,934

8,975

64,360

23

14

14

13

14

14

0

0

4

4

4

4

4

4

EOG

496

565

557

522

517

481

BG

551

952

802

945

766

931

BHP

403

403

398

408

397

210

30

27

27

33

42

34

3,398

4,195

3,880

4,126

3,896

3,878

BPTT TRINMAR PETROTRIN

REPSOL TOTAL

AUM-NH3 TOTAL

0

0

0

0

271,692

334,351

311,232

324,448

30,500

378,120 265,406

Source: Ministry of Energy and Energy Industries, Vol. 51 No.8 & Vol. 50 No. 1-8

Source: Ministry of Energy and Energy Industries, Vol. 50 No8. & Vol 50 No. 1-8 *Figures in red are preliminary

Table E.6 - Methanol Production for September to November 2013 and September to November 2014 (Tonnes)

Table E.3 – Natural Gas Utilization by Sector for September to November 2013 and September to November (mmscf/d) Sector

Sep

Oct

Nov

Sep

Oct

Nov

2013

2013

2013

2014

2014

2014

TTMC I

26,752

29,379

9,004

35,623

28,884

26,833

CMC

26,964

48,805

43,754

20,083

47,531

25,187

496

TTMC II

43,817

43,818

42,521

34,607

42,371

32,770

582

465

MIV

46,269

52,181

49,019

4,393

36,275

31,374

51

52

61

TITAN

0

51,991

71,818

62,156

65,648

6,172

118

105

102

97

ATLAS

133,667

150,096

140,803

118,390

142,049

121,766

12

13

14

12

13

M5000

80,796

164,139

158,687

148,915

148,426

130,396

16

19

17

8

8

TOTAL

358,264

540,409

515,606

424,166

511,183

374,499

26

27

25

26

25

24

11

10

12

9

10

9

Sep

Oct

Nov

Sep

Oct

Nov

2013

2013

2013

2014

2014

2014

Power Generation

301

319

307

300

302

289

Ammonia Manufacture

406

523

549

529

487

Methanol Manufacture

429

605

587

516

Refinery

68

65

79

Iron & Steel Manufacture

72

90

Cement Manufacture

13

Ammonia Derivatives

15

Small Consumers Gas Processing Liquified Natural Gas (LNG)

1,761

2,288

1,907

2,266

2,020

2,210

TOTAL

3,101

3,955

3,612

3,832

3,600

3,671

Company

Source: Ministry of Energy and Energy Industries, Vol. 49 No.1-12 & Vol. 51 No.8

Source: Ministry of Energy and Energy Industries, Vol. 51 No. 8 & Vol. 50 Nos 1-8 *Figures in red are preliminary

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

44

Energy Update

Energy Statistics Table E.7 - Methanol Production for September to November 2013 and September to November 2014 (Tonnes) Company TTMC I

Sep

Oct

Nov

Sep

Oct

Nov

2013

2013

2013

2014

2014

2014

622

0

0

39,471

24,087

28,458

189,918

213,490

256,797

141,917

219,068

135,601

26,788

23,307

40,361

21,824

16,017

30,551

0

0

0

0

0

0

TITAN

23,157

17,475

93,770

34,236

61,746

61,270 129,971

CMC TTMC II MIV ATLAS

113,326

152,248

147,815

141,907

106,046

M5000

80,796

82,127

28,357

93,660

47,916

26,013

TOTAL

434,606

488,647

567,100

473,015

474,880

411,864

Chart E.4 Ammonia Production (Tonnes)

Source: Ministry of Energy and Energy Industries, Vol. 49 No.1-12 & Vol. 51 No.8

Chart E.1 - Crude Oil Production by Company (barrels per day)

Chart E.5 Ammonia Export (Tonnes)

Chart E.2 Natural Gas Production by Company (mmscf/d)

Chart E.6 Methanol Production (Tonnes)

Chart E.3 Natural Gas Utilisation by Sector (mmscf/d)

Chart E.7 Methanol Exports (Tonnes)

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

DRC 20 Years and Going Strong!

46

Dispute Resolution Centre Awarded Longest Serving Private Mediation Agency!

DRC does it AGAIN! 2nd Court Annexed Mediation Project comes in Below Budget, On Time and with a 95% Customer Satisfaction Rating!

The experiences of many regional and international jurisdictions have proven that court annexed mediation and other ADR approaches increase access to justice.

It supports and complements court reform and assists in alleviating backlogs, reducing delays, managing case loads and streamlining procedures to accelerate case disposition. Through two successful court annexed mediation projects piloted by the Judiciary, Trinidad and Tobago can now boast of similar benefits, albeit, on a smaller scale.

Court annexed mediation provides a less intimidating process in which the parties can explore a range of options and have control of the outcome of their case.

It also provides an opportunity for disputants to express their interests without fear that their legal rights will be compromised or their relationships jeopardised by the process of dispute resolution. To be effective, the mediation process must be economical; it must be swift; the parties must perceive it to be fair; and it must minimise the risk to the parties. The process should be amicable and facilitate an on-going relationship between the parties. Mediation is therefore considered a less adversarial and more fluid and flexible process than litigation.

Executive Director of the Centre Beverly Britain receives the award for the Longest Serving Private Mediation Agency from Chairman of the Mediation Board of T&T, Justice Vasheist Kokaram n November 2014, the Dispute Resolution Centre (DRC) proudly received from the Mediation Board, the award for Longest Serving Private Mediation Agency in Trinidad and Tobago. The award was graciously presented by the Honourable Mr. Justice Vasheist Kokaram, Chairman of the Mediation Board. Conceptualised in 1995, through the shared vision of Len Hackshaw, founding member of the DRC, and the Trinidad and Tobago Chamber of Industry and Commerce, Chairman of the DRC, Raoul John said that there has been no shortage of talent, expertise and dedicated service by the current and former Board Directors of the DRC. Located in the Chamber Building, Westmoorings, John said that collectively, the Board and the dynamic staff of the Centre have both steadfastly and meaningfully contributed towards the growth and transformation of the DRC and the local ADR landscape.

I

As the Champion of Business, the T&T Chamber contemplated the value of integrating a swifter, more affordable and professional dispute resolution mechanism, such as mediation, to encourage business and trade, and in 1996 the T&T Chamber launched the Dispute Resolution Centre, at which then Chief Justice Michael de la Bastide delivered the feature address. The Centre’s objectives are aligned to the New Civil Proceedings Rules 1998 which speaks to easier access to justice. Apart from the obvious benefits which out-of-court dispute resolution offers, there is the added benefit to Trinidad and Tobago’s competitiveness when customers experience a better quality service at our public institutions. By introducing less adversarial processes we create an environment that is conducive to local, regional and international trade; this is particularly attractive to small domestic markets that rely on larger foreign markets.

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

The mediation process takes into account the psychological need of a person to be heard and to be understood. We all need to tell our story and this need is generally not satisfied by the rigidity of the formal litigation or arbitration process. The skilled mediator humanizes the process while remaining neutral and the parties to the dispute appreciate when they are given feedback that the mediator understands and acknowledges their concerns.

The Judiciary appreciates these entrenched expectations and, through a second collaborative engagement with the Dispute Resolution Centre, for the period from 2013/14, the Judiciary referred 222 High Court matters to the Centre for mediation.

Of these cases, 84% were completed with a settlement rate of 68%. From the point of referral, the parties were handed over to a private and professional Mediation Centre which assumed responsibility for providing the best possible environment for parties and their attorneys to negotiate principled settlements and avoid further Court proceedings. Over 1200 disputants and attorneys participated in the project with a 95% customer satisfaction rating! Feedback was as follows: • 100% reported that they would use mediation again!

• 95% rated the Centre’s mediators as professional,

DRC 20 Years and Going Strong!

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effective and competent, respectful, neutral and impartial, good listeners and solution-oriented!

97% reported that the Centre scheduled sessions promptly and efficiently; that the DRC’s staff was knowledgeable, responsive and courteous; and that the meeting rooms were comfortable and convenient.

Comments from disputants included: • “The mediation closed a rather emotional and painful chapter that now can be looked at as a learning experience.”

• “The matter was settled at an earlier stage than anticipated at reduced exposure to legal costs.”

Moreover, compared to the previous 2010 project, the Centre saw an increase in attorney participation at the three locations in Port-of-Spain, San Fernando and Tobago. Not only were there greater referrals to mediation, attorneys actively engaged in the mediation process which resulted in settlements.

One attorney commented: •

Attorneys reported that while the Judges had informed them that they may opt out of the process, they also highlighted the advantages of using mediation. This was particularly impactful on younger attorneys who might have been exposed to mediation in their legal education and training. With their heightened interest, they were eager to experience mediation first hand.

The Judges therefore continued to play an influential role in effecting a paradigm shift toward ADR. Further, the early referral of cases i.e., at the first Case Management Conference, also proved beneficial since there would likely have been less time and resources invested by the parties, the attorneys and the Judiciary; less emotionally strained parties and relationships; more satisfied clients; a higher turnaround of business for attorneys; and more judicial time for cases that require a Judge or Judicial Officer.

Sixteen Judges participated in the project: 5 Judges had over 90% of their referred matters completed and 10 Judges had between 70% and 80% of their referred matters completed. In a larger roll-out, results which mirror these would significantly reduce the cost of litigation and create opportunities for the judges to concentrate on matters that require judicial expertise.

“Mediation helped the clients because they were in a position to put issues on the table which could not properly be included in the proceedings.

The mediation assisted in resolving the matter amicably.”

The Centre recognises the dedicated efforts of the ADR Committee chaired by Mr. Justice Andre des There is now an ease and familiarity coupled with Vignes, and supported by Madam Justice Charmaine increased enthusiasm in which attorneys are Pemberton and Mr. Justice Vasheist Kokaram. This participating in mediation. This required time and, dedicated team has been at the forefront of both the the structured roll-out of two successive projects by 2010 and 2013 court projects. the Judiciary, has created the impetus for change.

All efforts must now be made to maintain momentum. The Centre congratulates the Honourable Chief The Judges played a key role and, in their referral of Justice Ivor Archie for confronting the herculean task matters for mediation, established an expectation that of delivering justice with speed and efficiency and attorneys and their clients would engage constructively leading a project that has come in below budget and and cooperatively in attempting to resolve the matters. on time! The successes of the two court annexed mediation projects have cemented that there is value • 83% of the attorneys agreed that the Judge in the public/private sector business model. When assisted the parties in determining if mediation professional ADR agencies, with built in quality was right for their cases; and 89% of the attorneys controls are engaged, the result is an improved said that the timing of the referral was just right. customer experience at a reduced cost.

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Executive Director of the Dispute Resolution Centre, Beverly Britain said that the DRC creates an enabling environment in which disputing parties are matched with experienced mediators and arbitrators, skilled in dispute resolution. She said that the DRC will continue to strive towards excellence and make good on its award by the Mediation Board.

Vision Statement The provider of choice for out of court dispute resolution services based on the highest standards of integrity, trust and service excellence.

Current Board of Directors of the DRC • Raoul John, Chairman • Dennis Gurley, S.C., Deputy Chairman • Geoffrey Abdulah • Stephanie Daly, S.C. • Catherine Kumar • Toni SirjuRamnarine • Baliram Sawh • Beverly Britain, Executive Director Former Directors of the DRC • James Aboud • Dave Aqui • Rolph Balgobin • Kenneth Dalip • Joan Ferreira • Peter Ganteaume • Christopher Hamel-Smith, S.C. • Diana MahabirWyatt • Christian Mouttet • David O’Brien • Margaret Parillion • Yukmai Marsang • Peter Morris • Stephen Singh Former Executive Directors • Ronald Ramcharan • Deborah Mendez-Bowen • Marva de Freitas-Charles • Len Hackshaw (Founding Member)

Dispute Resolution Centre Board (left-right): Dennis Gurley, S.C. (Deputy Chairman), Balliram Sawh, Beverly Britain (Executive Director), Catherine Kumar, Raoul John (Chairman), Toni Sirju-Ramnarine, Stephanie Daly, S.C., Geoffrey Abdulah Contact • Vol.15 No.1 2015

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UWI

The time to act is now UWI works to stem the tide of noncommunicable diseases in the caribbean Dr. Bernice Dyer-Regis Co-ordinator/Lecturer, M.Ed. Health Promotion Programme School of Education, Faculty of Humanities and Education The University of the West Indies, St Augustine, Trinidad and Tobago

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iabetes, hypertension, cancer, cardiovascular diseases – just do a random check among families in the Caribbean and you’ll discover that someone they know or love suffers from one of these Non-Communicable Diseases (NCDs).

The University of the West Indies (UWI) through its Faculty of Humanities and Education at the St Augustine campus is at the forefront of the Health Promotion response.

The Pan American Health Organization (PAHO), the representative agency of the World Health Organization (WHO) in the region, tells us that families are not the only ones who suffer from the expense of treatment as well as the economic loss in these circumstances. Governments, communities, and private industries are all affected by the high costs of premature death and disability as well as treatments and caretaking for those living with NCDs. The health sector bears the financial brunt of providing treatment and care post-diagnosis.

Prevention of these NCDs, however, goes beyond the health sector and includes all of society – from governments and corporate sector through academia, civil society, and professional associations to people themselves.

In 2011 PAHO predicted that without adequate prevention and early detection, the economic burden of NCDs would only increase. The reason is obvious - these diseases require expensive treatments, surgeries, and medications and, more importantly, cut productive lives short.

NCDs have indeed reached epidemic proportions in the Caribbean and, at this point, only a vigorous multi-sectoral, multi-disciplinary response will suffice.

PAHO statistics show that approximately 3 out of 4 of all deaths in the Americas are due to NCDs, mainly cardiovascular diseases, cancer, chronic respiratory diseases and diabetes. Chronic kidney disease, caused mainly by complications from diabetes and hypertension, is another problem on the increase regionally. The 2014 WHO NonCommunicable Diseases country profiles revealed

that NCDs were estimated to account for total deaths Another plus is that it all makes financial sense. The as follows: Bahamas, 72%; Barbados 84%; Guyana costs of the Health Promotion’s response to the 67%; Jamaica, 79%; and Trinidad and Tobago, 80%. scourge of NCDs at the prevention level are significantly less than the exorbitant costs of treatment While attention is focused on the health sector for and care. a response, the NCDs have common behavioural risk factors: tobacco use, harmful use of alcohol, The WHO tells us that “The global epidemic of NCDs unhealthy diets and physical inactivity. These can be reversed through modest investments in interventions go beyond the health sector. The WHO interventions. Some effective approaches are so and PAHO approach of focusing on the entire society low in cost that country income levels need not be at a multi-sectoral and multi-disciplinary level has a major barrier to successful prevention.” (2010 been endorsed by regional Governments and is Global Status report on NCDs) The document known as the Health Promotion approach according outlines specific, targeted multi-sectoral actions to the ‘Caribbean Charter for Health Promotion’ related to promoting healthy diets, reducing harmful (CCHP). alcohol use, reducing tobacco use and increasing physical activity.

PAHO has clearly identified Health Promotion as one of the seven core principles in its ‘Strategy For The UWI’s Faculty of Humanities and Education is The Prevention and Control of Non Communicable building capacity at the prevention level to meet the Diseases 2012-2025’: Emphasis on health promotion, demands of the NCDs epidemic plaguing the region. education, and prevention—as well as early detection, Highly skilled personnel are graduating with timely treatment and quality of care for persons who specialised training in planning, implementing and already have NCDs or who display warning signs in evaluating interventions at the level of prevention, terms of the presence of risk factors. focusing on social, economic, and behavioural determinants.

Disease prevention and control, along with the ‘well population’ maintaining its well-being are the areas The 2-year part-time blended programme is offered of focus in Health Promotion. It demands close through the School of Education and leads to the collaboration among health and other sectors since M.Ed. Health Promotion degree. It allows participants the determinants of health are varied and diverse to study while maintaining their substantive positions including food, finance, education, housing, since there is an intensive face-to-face component sustainable resources, a stable ecosystem, social held twice yearly (five weeks in July-August and one justice and equity. PAHO supports this position: week in December) and a distance component for NCDs require a response beyond the health sector. the periods in between. The postgraduate programme The causes and risks for developing NCDs, and is designed to facilitate professional advancement interventions to prevent and control them require a of persons working in education, community health, whole of society approach. (PAHO 2011) community development, health education, social Where does Health Promotion lead us? According services, health and family life education, youth to PAHO, the focus has to be on the creation of services, or related fields. The M.Ed. Health healthy public policies across all sectors including Promotion is the flagship qualification for health but not limited to transport, education, sport, promotion training in the Caribbean. agriculture and local government as well as reorientation of health systems and services. The The end result will be a critical mass of Health health sector has a responsibility to stem the tide of Promotion specialists who, over time, will take up NCDs at the prevention level through early detection the fight to stem and reverse the epidemic that is and timely interventions for persons who display risk NCDs. factor warning signs.

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

Telecommunications Authority of Trinidad and Tobago

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TATT targets enhanced consumer focus in a demand driven market

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onsumer demand has driven exponential consumer focus in a market that has been growth in the global Information and traditionally driven by demand.

Communication Technologies (ICT) market over the past few decades.

The organization aims to create a mutually beneficial environment for consumers, providers and future New technologies and services are rapidly emerging investors. as consumers seek more and efficient ways of doing business, conduct research, seek solutions to TATT’s aim is to develop a healthy equilibrium sustainable development projects in wealth producing between industry growth and consumer delight. sectors, along with satisfying the need to communicate Such an environment will increase investor and be entertained. confidence thereby providing a platform for greater investment in the use of ICTs, to their fullest potential, Mobile broadband has been identified by the as the country achieves its developmental goals.

International Telecommunications Union (ITU) as the fastest growing technology in human history. Between March 5th and May 4th 2015 TATT will have new Consumer Quality of Service Standards In a recent release the ITU stated that the number Regulations (CQoS) out for public consultation. of mobile phone subscriptions now exceeds the world’s total population of around seven billion, whilst These new CQoS regulations aims at strengthening active mobile broadband subscriptions exceed 2.1 consumer protection mechanisms in the local billion – three times higher than the 700 million wireline Telecommunications and Broadcasting sector. broadband connections worldwide.

They will ensure users of all abilities are better protected and become increasingly empowered, Figures on Trinidad and Tobago’s ICT sector released through both technical and consumer serviceby the Telecommunications Authority of Trinidad and oriented benchmarks.

Tobago (TATT) in its annual and quarterly reports on the telecommunications and broadcasting sectors These new regulations will mandate greater similarly indicate that the pace of growth continues compliance and provide TATT with enforcement to surge. In the mobile telephony market the levels flexibility. of subscriptions increased from 530,000 subscribers in 2004 to 1,925,000 subscribers as at June 2014 – The CQoS is designed to safeguard consumers’ a mere ten year period. interests and should ensure that consumers have a right to the following: In fact, this country’s telecommunications and 1. Access to essential telecommunications and broadcasting sectors generated an estimated TT$5.5 broadcast services; billion in 2013, an increase of 4 percent over the 2. Access to the information required to make previous year. This equates to approximately 3.1 informed consumption decisions; percent of Trinidad and Tobago’s Gross Domestic 3. Personal privacy which is respected and Product (GDP). protected; 4. Minimum standards for consumer-related service TATT, as the organization responsible for developing quality; the country’s telecommunications and broadcasting 5. Protection from unfair and anti-competitive sectors, has focused its development strategies over business practices; this planning cycle on strengthening its legislative 6. Effective and efficient complaint recognition, and other regulatory instruments to drive greater handling and resolution;

Trinidad and Tobago Chamber of Industry and Commerce • www.chamber.org.tt

7. Information which creates an awareness of relevant consumer obligations.

Once the process of consultation is complete it is anticipated that the new regulations will be taken to and passed in Parliament within the current fiscal year. The regulations focus on the following areas: • Consumers’ Right of Access • Quality of Service • Customer Charter and Related Matters • Consumer Obligations • Compliance with Quality of Service Standards While significant focus is being placed on consumer protection legislation, TATT is mindful of the need for consumers to become self-empowered and has therefore identified consumer advocacy as one of three major areas of focus for this 2013/2016 Strategic Plan cycle. The two other pillars that will impact significantly on consumers are sector transformation (a major component of which is the Legislative agenda) and institutional strengthening to allow TATT to be better able to ensure regulatory compliance within the sector.

The consumer advocacy initiative combines a number of components including an aggressive consumer education drive aimed at enlightening consumers on their rights responsibilities and obligations when making purchases and or consuming telecommunications and broadcasting services.

New Consumer Quality of Service Standards Regulations is just one of the initiatives TATT is implementing towards sustainable consumer protection within the context of its mandate.

Consumers should take the opportunity to participate in the consultative process for the new Consumer Quality of Service Standards Regulations and so enhance the quality of their future services the document is available on TATT’s website www.tatt.org.tt. Remember to drop in or email in your comments before May 4th 2015.

ACCA

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Big data: Big Challenges

By Brenda Lee Tang, FCCA Head of ACCA Caribbean n a decade’s time, the Chief Financial Officer or the CFO could be a job title of the past.

Instead, the world could see the Chief Financial and Technology Officer – the CFTO. This prediction is made in a new report from ACCA and IMA called Big Data: Its Power and Perils.

Big data is the collective term which references to the vast amount of data continually collected through devices and technologies such as credit cards and customer loyalty cards, the internet and social media and, increasingly, WiFi sensors and electronic tags.

Much of this data is unstructured – data that does not conform to a specific, pre- defined data model.

So the data that accountants now have to deal with is becoming increasingly complex, as Big Data: Its Power and Perils shows. Looking at the impact of big data on the accountancy and finance professions in the coming five to ten years, the report reveals how specific opportunities and challenges will be presented by the rise of big data. The report begins by asking a relatively simple question – “How will big data affect businesses over the next 5 to 10 years, and what opportunities and challenges will it create for the accountancy profession?’ Faye Chua, head of futures research at ACCA says that the report does not aim to make predictions, but it serves as a detailed discussion piece about likely scenarios.

Chua explains: “We have tried to identify and explore the big data trends likely to affect the accountancy profession globally in the coming years. We believe that big data can offer management accountants and finance professionals the possibility of reinvention, the chance to take a more strategic, ‘future-facing’ role in organisations. But this transition will not be easy.”

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Making a difference The clearest need for the wider accountancy profession is for it to differentiate itself. It will need to develop new skills and new ways of thinking, and form new collaborations and partnerships – both internally and externally. The vast amount of data continually collected, stored and transferred by technologies is changing the priorities of businesses and posing important questions for their leaders.

How can diverse, and often changing datasets be managed profitably and responsibly? The report says that if the broader finance professions get big data right, it will make possible ways of improving performance and productivity, and creating new wealth for shareholders and stakeholders. But get it wrong and the results will be poor decisions, breaches to data security and privacy codes, damage to organisational reputation and brand, and destroyed value. Therefore, managing big data effectively requires the right people – those who are willing to play an even more strategic and proactive role in business. It is important, however, to understand the realities of what this all means - the opportunities

are matched by the challenges. The profession will demand the need for new standards for measuring need to do three things: and valuing data. Dealing with big data means that the management accountant needs to ensure their • Develop methods and services for the valuation role as professional and ethical custodian remains of data – and extend their role in compliance and steadfast and strong. Big data includes new and internal control to the ethical and effective more diverse datasets in reporting, modelling and stewardship of data assets. forecasting. There are less measurable issues too, such as those concerning ethics and privacy. The • Use big data to offer more specialised decision- debate about the impact and implications of these making support – often in real time – and decide has barely begun – but getting them wrong could when data can most usefully be shared with internal prove to be highly problematic. While big data can and external stakeholders or ‘monetised’ as new help businesses with future planning and emerging products. trends, it can be a liability as well as an asset for the business world. Business has always collected data • Use big data and its associated tools not only to about its customers and clients, but there are identify risks in real time and improve forensic concerns in some instances that this is becoming accounting but also to evaluate the risks and more intrusive. The challenge for the management rewards of long-term investment in new products accountant is to ensure that this data is used ethically and new markets. and professionally. Such a purposeful use is big data’s part in risk management. Against a backdrop Big data demands that accountants will need to of global economic volatility, the risk- management develop metrics and standards for the valuation of role of the finance function is developing beyond internal data. In addition, they will need to combine compliance and internal control. The work of different datasets to measure organisational management accountants and finance professionals performance and to assess and predict risks. now involves a growing number and variety of Everything from social media comments and online datasets. The challenge is to ensure the profession product reviews to information on the quality plays a central role in handling big data that is standards, working conditions and credit and political sustainable, ethical and in a way that delivers true risks of overseas markets is important to big-picture value. analysis. Unstructured data and data not routinely available from the enterprise system will increasingly A time for big change need to be gathered, interpreted and understood. Current and predicted data and future performance Quite simply, it is the responsibility of the management are becoming as important as historic data and accountant to explain this data. results. Over the next 5 to 10 years accountants and finance professionals will increasingly ask how Integrating data they can leverage the resource of big data to help The requirement to combine and integrate different organisations anticipate or pre-empt risks – and types of data can, of course, be seen in the context protect performance and ensure value is sustained. of a wider trend: integrated reporting (IR).

Currently much discussed by accountants, auditors, Consulting with many global professionals, the report bankers and institutional investors, IR recognises the shows how the job titles often associated with importance of non-traditional indicators and predictors accountancy will change. Sundara Raj, a consulting in company reports and long-term assessments – leader at PwC Malaysia said that the finance and, therefore, makes big data more important. Big professional of the future will “sit at the strategy table data makes integrated reporting more possible, that rather than the finance table.” The Chief Financial is, using both financial and non-financial information Officer name may also change to that of Chief to communicate a company’s performance over time. Financial and Technology Officer - CFTO – reflecting The International Integrated Reporting Council (IIRC), the revised nature of the role and the need to be set up in 2010, has proposed a reporting framework financially aware as well as technologically and of six capitals: financial, manufacturing, intellectual, strategically astute. There is the need for the human, social and relationship, and natural. Whether management accountant to work across the or not this framework is agreed upon, it seems certain organisation, even more than they do now. As Nina that organisations will increasingly link diverse datasets Tan, ACCA and CFO at Trax Technology Solutions to provide a more complete picture of their PTE Ltd says: “I really hope that the accountancy performance – both for shareholders and stakeholders. profession will not step away from working with information technology and business analytics The ethics of big data functions because we really should be there with Ethics and big data is an issue that needs to be them to bring value, and at the same time to bring addressed now for the future. New types of data will stewardship.”

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An Approved Mediation Agency registered with the Mediation Board of Trinidad & Tobago The Centre’s Mediation Programme is Accredited by the Mediation Board of Trinidad and Tobago

The Centre provides public and customized in-house training in ADR & related fields, such as Mediation, Negotiation, Arbitration, Conflict Resolution, Stress & Anger Management, Self Management for the Busy Executive, Dealing with Difficult People, Critical Thinking For more information contact: THE DISPUTE RESOLUTION CENTRE, Ground Floor, Trinidad and Tobago Chamber of Industry and Commerce Building, Columbus Circle, Westmoorings.

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Welcome to New Members

55

ANTHONY JAMES PLUMBING MAINTENANCE & CONSTRUCTION SERVICES LTD Address: #13 Belmont Circular Road, Belmont Telephone: (868) 627-6740; Fax: (868) 624-9162 Email: jamesplumbing@gmail.com

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AIRPORTS AUTHORITY OF TRINIDAD AND TOBAGO Address: Golden Grove Road, South Terminal, Piarco Telephone: (868) 669-5311; Fax: (868) 669-6452 Email: corporate_secretary@tntairports.com

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JOBS NEXT STEP LIMITED Address: #8 Kitchener Street, Woodbrook Telephone: (868) 787-9100; Fax: (868) 628-4885 Email: eddy@jobstt.com Website: www.jobstt.com

BARRINGTON TRINIDAD AND TOBAGO LIMITED Address: Fitt Court, 9-11 Fitt Street, Woodbrook Telephone: (868) 678-6585; Fax: (868) 623-6529 Email: dramlochanramjohn@barringtontt.com Website: www.barringtontt.com CARIBBEAN IDEAS LTD Address: #6 McDonald Street, Woodbrook Telephone: (868) 221-9782; Fax: (868) 627-4588 Email: cfarrell@caribbeanideas.com Website: www.caribbeanideas.com COMPRESSION AND POWER SERVICES LTD Address: #6&7 Maharaj Avenue, Marabella Telephone: (868) 653-5445; Fax: (868) 657-0353 Email: compres@tstt.net.tt Website: www.compressionandpower.com

GIBSON AND ASSOCIATES TRAINING AND BUSINESS CONSULTING SERVICES Address: #189 Caratal Road, Maryland, Gasparillo Telephone: (868)312-8938 Email: sgibsonmsl@gmail.com HERITAGE DESIGNS & DEVELOPMENTS LTD Address: Apt #1-3 Jackson Street, Curepe Telephone: (868) 703-0506; Fax: (868) 221-9187 Email: yuhannayusuf@yahoo.com INNOVATIVE POWER SYSTEMS LTD Address: #21 Eastern Main Rd, Laventille Telephone: (868) 626-3718; Fax: (868) 626-0683 Email: idefreitas@ipstt.com

MERCHANT CREDIT CARD AGENCY LIMITED Address: Suite #10 the Althon Building 18-20 Pembroke Street, Port of Spain Telephone: (868) 623-4652; Fax: (868)223-9987 Email: elroyweekes@yahoo.com RONALD WILLIAMS Address: #71 Dolphin Court, West Moorings Telephone: (868) 346-4669 Email: rwilli1934@yahoo.com STRATEGIC INFORMATION SYSTEMS CONSULTING LTD Address: #69 Luis Street, Woodbrook Telephone: (868) 386-4608 Email: solutions@stratistt.com

Contact • Vol.15 No.1 2015

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