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LOCAL BUSINESS

1www.abstractbusinesstt.com • OCTOBER, 2013 • ABSTRACT BUSINESS

LOCAL BUSINESSABSTRACT BUSINESS

Every corner of Trini-dad has at least a basic roadside bar where you can per-

haps shoot pool, sing karaoke and thief a whine while down-ing a six-pack. Trinis love a good time and the accompa-nying element of liquor over-flowing and in abundance. It doesn’t seem to matter wheth-er the economy is booming or in deficit. Somehow, consum-ers conjure wads of cash dedi-cated to fulfilling the alcohol craze. Of course, this must have aura of alcohol consumption is best appreciated by the alcohol companies or various bars that fuel the increasing demand for alcohol.

The district of St. James has been called “the city that never sleeps” because of its pump-ing music, sidewalk vendors and straightforward, down-to-earth drinking dens. There

are tonnes of bars along the Western Main Road. Around Port of Spain, Ariapita Avenue – sometimes just called “The Avenue” – is a microcosm of the bar and lounge experience in Trinidad. Other night spots on the Ariapita Avenue strip include the Corner Bar, Studio, Coco Lounge, the Squeeze, Shakers, and Satchmo’s. There is no shortage of locations, with so many places to go around one can only wonder if the alcoholic nectars would be depleted.

The year is almost over as we head into Christmas and soon we shall be sipping for carnival. These are what many

may deem as the peak periods in Trinidad and Tobago for al-cohol consumption. At Christ-mas alcohol is needed for cor-porate events, local parties, boat rides, family likes, band launches and even pre carni-val pump events. Around this time certain premium drinks and wines are in high demand. If, for some reason, (bite my tongue) the alcohol runs out is a contingency plan in place.

According to Alston’s Mar-keting Company Ltd, they are fully aware of the impending demand that Christmas brings. Certain drinks such as Grey goose, Riunite, Asti Riccadonna and Appleton are hot sellers.

They noted that having a good relationship with their suppli-er afforded them the ability to simply re-order in a worst case scenario. Outside of that they try their best to always keep an eye on their stock levels. Frank’s Liquor Bank a newly opened bar in Curepe is also experiencing the early chills of the impending Christmas alcohol rush. There have been several orders for a few choice drinks so he has taken the ini-tiate to keep extra stocks of those drinks. In the East cor-ridor the palette may be a bit on the edgy side when it comes to drink choices. Frank listed drinks such as: Black label, Puncheon, Forres park, El do-rado reserve, White Oak , Black n White ,Hennessy and John-nie black as the prime suspects for the lime scene during this christmas period.

Tequila Twist’s Bar Man-ager, Solange Eligon, gave some insight on the various drinks that are at the top of the list during the Christmas into carnival season. Wine, red or white, Hennessey, Johnny Walker and all the variations of vodka are the season’s refresh-ing delights. She noted that during the mid-November into December time frame, consum-ers usually wants these items. They have resolved to use mar-ket trends of past buying expe-rience to reference their stock levels for the upcoming rush periods of consumption.

In this way, they are able to prepare for the various re-quests that come their way on a nightly basis. It seems that companies are keeping their ear to the ground to ensure consumers are happy during the season and beyond. Patrons have no fear, the bar owners and the alcohol companies have yuh back. The alcohol will not run out so you could call for a next rounds or order a next case.

At ChrIStmAS ALCOhOL IS NEEdEd fOr COrpOrAtE EvENtS, LOCAL pArtIES, BOAt rIdES, fAmILy LIkES, BANd LAUNChES ANd

EvEN prE CArNIvAL pUmp EvENtS

Disclaimer: The views or opinions presented in this publication are solely those of the writers and do not necessarily represent those of the company. Employees of ABSTRACT MEDIA GROUP COMPANY LIM-ITED are expressly required not to make defamatory statements and not to infringe or authorize any infringement of copyright or any other legal right. Any such article is contrary to company policy and is outside the scope of the employment of the individual writer concerned. The company will not accept any liability in respect of such article, and the employee responsible will be personally liable for any damages or other liability arising.

ALCOHOL COMPANIESBRACE FOR DEMAND

Written by Leah Lewis

2 ABSTRACT BUSINESS • OCTOBER, 2013 • www.abstractbusinesstt.com

LOCAL BUSINESSABSTRACT BUSINESS GUIDE

It appears that we possess more cars than the roads can hold. Every day we are faced with countless

lost hours stuck in traffic. This is a small price to pay for the comfort of owning your own vehicle. What about the rest of us unfortunate commuters who are forced to use private cars as taxis and public trans-portation? It is a daunting task to navigate the dreadful terrain of the public transport system. Commuters are thrust into the dismal arena of taxi, maxi and bus woes. The delightful insti-tution of increased transport fares has resulted in an influx of many persons towards the bus service in hopes of saving an extra dime while reaching on time. Sensing this, the Pub-lic Transportation Service Cor-poration (PTSC) is now taking steps to improve the level of service given to the public.

The Public Transport Ser-vice Corporation of Trinidad and Tobago (PTSC), sole op-erator of the country’s com-mercial bus service, has been in existence since May 1st 1965. This was a result of the Trans-port Service Act number II of that year. The Act outlined that PTSC should provide a safe, clean and inexpensive trans-port service for the people of Trinidad and Tobago. PTSC’s mandate is to place custom-ers first whilst providing high quality services to all and con-

tinuously looking for ways to improve service. In keeping with their outlined aforemen-tioned goals they have expand-ed the range of services that they offer.

PTSC provides safe, reli-able transportation to get you to your place of work, leisure and more. Their services en-hancements are completed reg-ularly and most routes operate from 5:00am to 11:0pm, Mon-day – Saturday. Sunday ser-vice is available from 6:00am- 10:00pm on selected routes. The types of services offered include express, transit, city, disabled, executive and rural services. The bus services for disabled are busses equipped with wheelchair ramps and lifts. These special features make it easier for adults and children with special abili-ties to get around. In addition, there is the Elderly and Differ-ently Abled Mobile Service (El-damo) which involves a fleet of 24 buses, three of which are based in Tobago. Each bus is equipped with special features such as a wheelchair-lifting platform with an automatic and manual lifting system in each. Buses are also fully air-conditioned and include nine seats and three wheelchair fix-ing places.

There is even a San Fer-nando/ Port of Spain City Ser-vice for those of you who wish to move within the parameters

of the city in Port of Spain in the North and San Fernando in the South. The City Service departs from the The PTSC De-pot in the City of Port-of-Spain through Belmont, Edward Street, Wrightson Road, St. James via Western Main Road, St. James via Long Circular Road. City Service also departs from the PTSC Depot in the City Of San Fernando through Cocoyea Village, Pleasantville, Pleasantville / Orchid Gardens, Tarouba, Union Hall /P.O.S.

For those that frequently utilise the bus service there is a PTSC Travel card that gives you a choice of unlimited travel along specific routes being op-erated by the Public Transport Service Corporation. The Trav-el Card allows you to hop on and off a bus within the speci-fied period without searching or fumbling for your ticket. This will surely make the trav-elling experience a bit easier and hassel free. Re-appointed chairman of PTSC, Dr Vincent Lasse, has stated that their main objective is to have value for money. However, the board has taken a decision to concen-trate on avenues, programmes and processes whereby they could generate some revenue as opposed to total dependence on the treasury.

Some of the bus services of-fered are bus tours and char-ters, the Deluxe coach service and bus rental services are av-enues to generate their own self-sustaining revenues. The bus tours offered are to various scenic locations. It is an afford-

able avenue to visit many cul-tural attractions across Trini-dad and Tobago. The Deluxe Coach Service (DCS) by the PTSC is equipped with spa-cious luggage compartments elevated above the ground, luxurious interior, five (5) TV screens, overhead individual reading lights, AM/FM radios and CD and DVD players. De-luxe Coach Service travels from Port-of-Spain to San Fernando route and commuters of Sangre Grande. Both the Port-of-Spain to San Fernando DCS service and the Sangre Grande ser-vice operate two times per day, Monday to Friday and at a cost of only $10.00 one way. PTSC also offers bus rental services to individuals, schools and public and private institutions.

Another one of these value for money initiatives is a new fleet of 100 Compressed Natu-ral Gas (CNG) busses which will be both environmentally friendly and cost effective. In addition, there is an area in Tarouba where there would be a “one-stop-shop” where it could be a gas stop, a rest stop and persons would be able to purchase items from shops. It should be noted that the intro-duction of new bus routes to fa-cilitate patrons of different ar-eas would cause some difficulty in regularity with the buses un-til the issues were worked out. In the interim the public would continue to utilise the many facets of PTSC as they continue to work on delivering an opti-mum product to the traveling population.

PTSC:MAJOR STEPS TO

IMPROVE SERVICE

ptCS prOvIdES SAfE, rELIABLE trANSpOrtAtION tO gEt yOU tO yOUr

pLACE Of wOrk, LEISUrE ANd mOrE


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LOCAL BUSINESSABSTRACT BUSINESS GUIDE

The International Monetary Fund ex-pressed “guarded optimism” about the

state of the global economy, forecasting 2.9% economic growth by the end of 2013. De-spite an improved performance by developed economies, slug-gish output in the developing world coupled with the US failure to raise a US$16.7 tril-lion debt ceiling has paved the way for a deep global downturn similar to that in 2008/2009. How will this affect Carnival 2014 in sweet T&T?

Let’s take a look at the global financial crisis of 2008/2009. Adversely affected Americans and other foreign mas lov-ers had to prioritize spend-ing due to wage cuts, reduced work weeks and industrial clo-sures. Carnival 2009 was met with a surplus of costumes and reduced patronage at pre-Carnival fetes. Many overseas party-goers who had booked costumes online with leading Carnival bands had cancelled bookings and forfeited deposits, or sold their already purchased costumes online at a discount.

Figures from the Caribbean Tourism Organization (CTO) supported this trend as there was a 17% drop in UK visitors to the Caribbean region be-tween 2008 and 2011. In T&T,

tourist arrival figures show a periodic increase in total visi-tors from 1995 till 2005, peak-ing in December 2005, with arrivals hitting 463,190. Since then however, there has been a continuous decline to 437,000 in 2008, 419,000 in 2009 and 386,000 in 2010. Falling tourist arrivals means loss in revenue and foreign exchange for band leaders, hoteliers, restaura-teurs, the ground transport in-dustry, fete organizers and tour operators.

In 2009, Trinbagonians also adjusted their Carnival season spending as financial institu-tions reported a decline in ap-plications for Carnival loans. However, Minister of Commu-nity Development and Culture, Marlene McDonald assured at that time that no budget al-locations were cut for Carni-val interest groups such as Pan Trinbago, National Carnival Bandleaders Association and the Trinidad Unified Calypso-nians’ Organization.

Despite these past trends and a potential loss in revenue for Carnival 2014, the Carnival Band industry is not adopting the usual tactics in response to a global recession. While air-line, hotel and retail industries drastically reduce prices and offer discounts and incentives for tightening budgets, costume

prices remain exorbitant. A con-tributor on Trinidad Carnival Diary investigates that across the board the cheapest back-line costume is $4200, which excludes a larger headpiece, collar and leg pieces. Many frontline costumes that aver-age in excess of $7000 are what backline costumes were a few years ago, except for a different headpiece. The reduced qual-ity of mass produced costumes was also highlighted, as “mas man” Brian Macfarlane states in an interview with the Trini-dad Guardian that “I know for a fact that you can land, in bulk, a costume from China, bikini and beads at $300 (TT).”

Despite these steep price in-creases, demand for costumes seems to be inelastic as the ma-jority of top bands have long claimed to be “sold out” soon after band launches. In an in-terview with a band manager at YUMA, he stated that all the sections have been sold out and there was no change in the posi-tive response of both local and foreign masqueraders as com-pared to previous years. In fact, he noted that this year there were a lot of new registrants as

“everyone wants to be a part of the YUMA vibe.” A representa-tive at TRIBE also confirmed an overwhelming demand for cos-tumes, which had to be filled by loyal customers of TRIBE and BLISS before new persons are accommodated. It was noted however, that the number of in-dividual and frontline costumes have been dwindling over the years, as more people opt for backline costumes perhaps due to increasing prices.

The industry will also feel the loss of Brian MacFarlane, who has opted to sit out from Carnival 2014. Those that are more concerned with the artis-tic and creative aspects of mas offered by MacFarlane, Stephen Lee Heung, Raoul Garib, Wayne Berkley and Peter Minshall are left wonting. It seems unlikely that this group will opt for the “bikini and beads” experience. These persons are more likely to be absorbed into bands such as K2K Carnival that offer a “contemporary, edgy, fashion-forward product.”

With 5 months to go, only time will tell whether Carnival 2014 will feel the brunt of the looming global recession.

Costume Demand Inelastic Despite

Economic Decline

whILE AIrLINE, hOtEL ANd rEtAIL INdUStrIES drAStICALLy rEdUCE prICES ANd OffEr dISCOUNtS ANd INCENtIvES

fOr tIghtENINg BUdgEtS, COStUmE prICES rEmAIN ExOrBItANt

Written by Crystal Cassie


EyE ON fdIABSTRACT BUSINESS

The US sneezed when its government shut down for the first time in 17 years, put-

ting the rest of the world at risk of catching a cold. Internation-al Monetary Fund chief Chris-tine Lagarde warned that such a move could tip the world into recession.

Coupled with a spending cut, crucial parts of the US economy that depended on government services includ-ing national parks, national se-curity and federal courts had been partially shut down on October 1st 2013. Approximate-ly 800,000 federal employees were sent home indefinitely and another 1.3 million were required to report to work without known payment dates. This situation was triggered by a budget row over health-care reform between Democrat President Barack Obama and the Republican-led Congress. The latter refused to withdraw demands that parts of the Af-fordable Care Act be delayed in return for approval of a manda-tory government funding bill. The shutdown lasted a mere 16 days and regular government operations resumed on Octo-ber 17 2013, when an interim appropriations bill was signed into law.

The shutdown may be over…but is the small open economy of T&T in the clear? There seems to be mixed views on the long term impact of such a move on the nation, in terms of loss of export revenue, foreign direct investment, remittances and tourism inflows from the US. Abrahim Ali, President of the San Juan Business Cham-ber states “I do not think there would not be an immediate im-pact from the federal govern-

ment shutdown but there will be an impact in the long term,” as he believes a significant amount of employment hinges on the state of US affairs.

Trade Minister Vasant Bharath, when interviewed at the Institute of Chartered Ac-countants of T&T’s Conference at the Hyatt Regency Hotel, stated with confidence that no impact would be felt in terms of trade and investment from the US. Surely, for several years T&T has diversified its energy export-markets to South Amer-ica, Europe and Asia. He as-sured that despite the US being the largest buyer of T&T’s main export of LNG, within the last six months the commodity had been diverted to other viable markets which would ensure revenue for the economy.

Republic Bank economist Ronald Ramkissoon paints a different picture, alluding to the fact that our exports can

be dampened. He states that “While the world, the Caribbe-an included, is more and more turning to emerging economies for trade, dependence on North America and Europe is still critical for this region. As such, if the situation in the US wors-ens there will be implications for the Caribbean.” This sounds more like the case since in 2012, 40.3% of export revenues and 30.8% of imports originated from the US for T&T.

With respect to foreign di-rect investment, Ramkissoon believes that the shutdown will affect business confidence in general which will have a detrimental impact on levels of FDI in T&T. He states that “the developing world is still struggling to achieve strong and sustainable growth and a failure in fiscal management in the US can only make the situ-ation worse for that country and all its trading partners.”

The potential fall in business confidence and expectation is alarming since FDI into T&T is already on the decline by 90%, between the peak year of 2008 at US$2.8 billion and 2011 at US$293 million.

But Executive director of the Unit Trust Corporation (UTC) Ian Chinapoo is con-fident that the T&T economy can stand strong despite in-ternational shocks. He asserts that as a small open economy that is trying to create value, the investment institutions are “savvy.” With good interna-tional connections and advice from international advisors, adequate risk protection action has been taken to preserve in-vestor’s funds.

Thomas Helbing, Chief of the World Economic Outlook Division of the IMF brought attention to the fact that the shutdown could adversely af-fect tourist arrivals to Caribbe-an economies from the US. As of 2012, 48.4% of total tourist arrivals to T&T come from the US. Local Economist Dr. Roger Hosein observes that with con-sumer spending accounting for approximately 70% of econom-ic output in the US, consumer demand will fall with workers being laid off. T&T will feel the blow at least for the rest of the year, with the USA accounting for almost 200,000 of tourists annually.

Remittances, or funds sent back to the country from citi-zens who live and work in the US, will also be impacted. In T&T, 48.7% of total remittances originated from the US in 2012.

So with these potential im-pacts looming in the near future, the T&T economy will have to weather any storm that the US shutdown has brewed.

wIth rESpECt tO fOrEIgN dIrECt INvEStmENt, rAmkISSOON BELIEvES thAt thE ShUtdOwN wILL AffECt BUSINESS CONfIdENCE IN gENErAL whICh wILL hAvE A dEtrImENtAL ImpACt ON LEvELS Of fdI IN t&t

THE T&T ECONOMy AND THE US GOVERNMENT SHUTDOwN: CAUSE FOR CONCERN



The Ministry of En-ergy and Energy Affairs ably at-tracted eleven (11)

bids for its Ortoire, Rio Claro and St Mary’s blocks - some 63,715 hectares of acreage in the country’s southern ba-sin. It’s the first land-based Bid Round endeavoured in 15 years. Speaking at the close of the 2013 Onshore Bid Round, on October 31st, Energy Minis-ter – Kevin Ramnarine said the “Bid Round is linked to the Gov-ernment’s policy to increase oil production and realize growth in the country’s hydrocarbon reserves”. The five compa-nies submitting bids include A & V Oil and Gas Ltd., Glint Energy LLC, Lease Operators Ltd., Range Resources Ltd. and Trinity Exploration and Pro-duction plc.

Describing the event as successful, Minister Ramnar-ine said that “the Bid Round can only result in an increase in exploration and a commensu-rate increase in oil production beyond the 100,000 bopd level which we last experienced some 3 years ago”. He added that ac-tivity related to land-based oil production is high and signs

of a turnaround are evident. “I was advised that there were 20 work-over rigs in Trinidad and Tobago all of which are current-ly engaged and that there was a waiting list for companies wanting to use those work-over rigs. This is a proxy for activ-ity taking place on land”. The 2013 Onshore Bid Round was opened on May 16, and closed on October 31.

An optimistic Ramnarine revealed that very interesting prospects exists for another Land-Based Bid Round in the Biche / Charuma area, some-time in the future, although most of the land acreage was absorbed in the 2013 Onshore Bid Round.

On the heels of the close of the 2013 Onshore Bid Round, the Energy Minister signed a production sharing contract (PSC) with a consortium be-tween BHP Billiton and Repsol for Block 23b.

Located off the Northeast Coast of Trinidad and Tobago, Minister Ramnarine said 23 (b) has “prospects for both oil and gas”, with an estimated capacity of 304 to 907 mil-lion barrels of crude and 1.6 to three trillion cubic feet of gas.

It comprises approximately 2,600 square kilometres and lies in water depths of be-tween 700 and 2,000 metres. He was at the time speaking at the signing ceremony for the Block 23 (b), held at the Minis-try’s head office on November 5th, 2013 where he revealed that the Block was part of the 2011 Bid Round, but the initial proposal fell short of the Min-istry’s benchmarks.

A subsequent revised pro-posal with improvements to the offer and the compliance with the Ministry’s bench-marks were accepted. The vested interest of the BHP / Repsol consortium is 60% and 40% respectively.

According to a Ministry statement “the consortium is

committed to a three-phased Minimum Exploration Work Programme valued at US$120.5 million. During the obligatory, first phase which runs for three years, the consortium proposes to acquire over 1,100 square km of 3D seismic and undertake additional geologi-cal studies. For its second and third phases, the consortium proposes to drill two wells, each to a depth of 3,300 me-tres”.

Meantime the 2013 Deep Water Bid Round is currently open. Six offshore blocks - TTDAA 1, 2, 3, 7, 30 & 31 located in the East Coast Marine Area and Trinidad and Tobago’s Deep Atlantic Area are offered for bids. The process comes to a close in January 2014.

ABSTRACT BUSINESS GUIDE

Viable Prospectsare Ahead for

Trinidad and Tobago’s Energy Sector

BIZ hEALth


AN OptImIStIC rAmNArINE rEvEALEd thAt vEry INtErEStINg prOSpECtS ExIStS fOr ANOthEr LANd-BASEd BId rOUNd IN thE BIChE / ChArUmA ArEA, SOmEtImE IN thE

fUtUrE, ALthOUgh mOSt Of thE LANd ACrEAgE wAS ABSOrBEd IN thE 2013

ONShOrE BId rOUNd

Written by Lindian Mars


BIZ hEALthABSTRACT BUSINESS GUIDE

The term transpar-ency conjures up a range of words including frank,

open, opaque, clear and can-did to name a few. According to dictionary.com it means eas-ily seen through, recognized or detected; manifest or obvious. Transparency is integral in business as it is one of the de-fining elements of a healthy cli-mate for investors and clients in particular.

Like relationships in gen-eral, business transactions are built on trust, faith and reliabil-ity. Businesses must therefore be open with their operations and strategies and forthcom-ing in sharing basic information and data. Financial statements should be valid and timely. This arrangement ensures that companies are accountable to their clients. It also reduces the likelihood of illicit activity, particularly white-collar crime. Transparency is directly linked to corruption and according to Transparency International there are three main reasons why businesses should try to avoid corruption. These in-clude stakeholder pressure, for instance from customers, inves-tors, export credit agencies and development banks; changes in laws and regulations; as well as the damage, which can be caused to reputation via the me-dia, social networking and civil society campaigns.

Private companies should consistently seek to ensure that current and potential cus-tomers respect and trust their brand. One such way to do so is to ensure that they always con-

duct business in a transparent way. A failure to do so can lead to a breakdown in relations and ultimately a decline in profit-ability. One middle manager at an advertising agency explained how important it was to keep a precise paper trail so that cli-ents could see exactly how their money was distributed upon demand. According to her, “If you don’t have transparency peo-ple then wouldn’t be able to trust what you are telling them.”

Transparency is also an im-portant component of good cor-porate governance. The more open governments are with their handling of state funds and taxpayers money, the more faith citizens would entrust in political leadership and state machinery. Ms. Susan Gordon of the Trinidad and Tobago Transparency Institute (TTTI) noted that,

“…corruption in the public sector can have disastrous consequences for the entire society as nepotism, kick-backs, wastage of public funds can undermine citi-zens’ trust and destroy insti-tutions…”

That said, there is often an im-portant correlation between white-collar crime and a lack of transparency and this affects more than just the morale and behaviour of a country’s citi-zenry as foreign investors are not motivated to invest in coun-tries, which score low in trans-parency ratings. This likelihood can negatively affect national social and economic develop-ment. The Corruption Percep-

tion Index (CPI) ranks each country on a scale of 0-100 with the smaller numbers represent-ing greater levels of corruption. In 2012 Trinidad and Tobago received a rank of 39 out of 100 and was positioned in place 80 out of 176 countries. According to the Chair of Transparency International,

“Governments need to inte-grate anti-corruption actions into all public decision-mak-ing. Priorities include better rules on lobbying and politi-cal financing, making public spending and contracting more transparent and mak-ing public bodies more ac-countable to people.”

The Trinidad and Tobago Transparency Institute is a non-governmental, non-profit organization, launched in 1998, which represents the global Transparency International

body. According to Ms. Susan Gordon of the Institute, corrup-tion can be defined as “the abuse of entrusted power for private gain” and the Institute seeks to create “a world in which govern-ment, politics, business, civil so-ciety and the daily lives of people are free from corruption.” One way in which this is done is by actively seeking to improve the transparency ranking of Trini-dad and Tobago and to pro-vide a framework for effective corporate and anti-corruption practices. This involves get-ting companies to; commit to an anti-corruption programme, assess the current status and risk environment, plan an anti-corruption programme, act on the plan, monitor controls and implementation and report in-ternally and externally on the programme. Ultimately open business makes for good busi-ness and the cost of corruption is frankly too high.

thE mOrE OpEN gOvErNmENtS ArE wIth thEIr hANdLINg Of StAtE fUNdS

ANd tAxpAyErS mONEy, thE mOrE fAIth CItIZENS wOULd ENtrUSt IN pOLItICAL

LEAdErShIp ANd StAtE mAChINEry

TRANSPARENCy ISSUES AFFECT

BUSINESS HEALTHWritten by A. Martin



Nelson Mandela once said that “The time is always right to do right.” Or-

ganizations today are finding it increasingly lucrative to adopt corporate social responsibility practices and objectives. It is the foundation of sustainable business, as company image is becoming more important to retaining value customers over time.

Good corporate govern-ance falls under the umbrella of corporate social responsibil-ity, along with integrity, code of ethics and obligation. Good corporate governance, simply put, is the way an organiza-tion polices itself. It provides a framework of rules and prac-tices by which a board of di-rectors ensures accountability, fairness, and transparency in a company's relationship with its all stakeholders including financiers, customers, manage-ment, employees, government and the community at large.

This framework consists of firstly, explicit and implicit contracts between the com-pany and the stakeholders for distribution of responsibilities, rights, and rewards; secondly, procedures for reconciling the sometimes conflicting interests of stakeholders in accordance with their duties, privileges,

and roles; and thirdly, proce-dures for proper supervision, control, and information-flows to serve as a system of checks-and-balances.

Good corporate governance brings benefits to the company such as lower cost of capital, lower risk of scandal and fail-ure, stronger leadership and better operations. For soci-ety, good practices can ensure stronger business sector and state owned enterprises, great-er benefits from better man-agement of national wealth, greater investor confidence, a stronger civil society and lower risk of corporate failures.

In T&T, the recent collapse of CL Financial and Hindu Credit Union which tainted the reputation for the industry brought corporate governance issues to the forefront. The commission of inquiry revealed numerous cases of manage-ment inefficiencies and greed which led to the failure of the companies, causing the State to inject $20 billion into CL Fi-nancial in an effort to save the investment of depositors.

In fact, a study carried out by Syntegra Architects Ltd in collaboration with the United Nations Conference on Trade and Development (UNCTAD) at the T&T Stock Exchange Commission, found that T&T

competitiveness has been ham-pered by poor corporate gov-ernance. In the 2011/2012 sur-vey T&T ranked 87 out of 142. T&T had the lowest disclosure requirement in 45 countries re-viewed by the United Nations, and of the benchmark of 61 dis-closure items, T&T had 5 dis-closure items. It was also noted that legislation in T&T does not go far enough in giving specific guidelines to company direc-tors as to what they should be doing with regard to disclosure.

Furthermore, according to the 2012 World Economic Fo-rum’s Global Competitiveness Index, T&T ranked 114 out of 144 on the efficacy of corporate boards.

This does not fare well for T&T since according to McK-insey Global Investor Opinion Survey on Corporate Govern-ance (2002), corporate govern-ance has been established as a key investment criterion to the point where investors may claim avoidance of not only companies with poor govern-ance but also countries, as 31% of investors claim avoidance of certain countries when making investment decisions. So it is increasingly important for local businesses to align with best practices to ensure sustainabil-ity and overall global competi-tiveness.

Andrew Sabga, President of the T&T Chamber of Industry and Commerce advised that the good corporate governance practices can be achieved with combined efforts from the gov-ernment and the private sector. The government must devise proper policies, while local business organizations must

“make a commitment to good corporate governance and in-corporate ethical behavior in business strategy, operations and culture.” He urged that the companies that have already engaged in CSR practices to go beyond law obligations and show a genuine concern for the environment and the nation. He stressed ethical business for the interest of the wider com-munity, and giving back to the valued citizens of T&T.

Janet Peters, lecturer and attorney at law, states that in T&T society, good corporate governance requires a “culture change” and a significant “par-adigm shift.” It goes beyond simply management and law, as local companies have to adopt new a culture and value system. This new culture has to be in-tegrated into how business is done, how decisions are made and the thought processes be-hind actions in the organiza-tion. She strongly suggests ef-fort at the national level before it can trickle down to the firm level.

A step in the right direc-tion, in November 2012, the T&T Chamber of Industry and Commerce, the T&T Stock Ex-change and the Caribbean Cor-porate Governance Institute partnered to develop the T&T Corporate Governance Code (TTCGC). Sabga notes that successful companies in the business 50 years old and more in T&T have made strong cor-porate governance, core values and the nation’s watchwords of Discipline, Production and Tol-erance “the backbone of their companies’ policies and proce-dures.”

GOOD CORPORATE GOVERNANCE MAkES

GOOD SENSE

thE COmmISSION Of INqUIry rEvEALEd NUmErOUS CASES Of mANAgEmENt

INEffICIENCIES ANd grEEd whICh LEd tO thE fAILUrE Of thE COmpANIES, CAUSINg

thE StAtE tO INjECt $20 BILLION INtO CL fINANCIAL IN AN EffOrt tO SAvE thE

INvEStmENt Of dEpOSItOrS


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mONEy mAttErSABSTRACT BUSINESS GUIDE

Advertising in Trini-dad and Tobago represents a viable industry as can be

seen and heard in the plethora of ads selling diverse products to targeted audiences and po-tential clients. The industry is one, which has gone through a number of changes over recent years. Given its connectivity to the global network of advertis-ing, agencies here are not im-mune to global changes and it is therefore necessary to do an assessment of the worth of the industry as well as to ascertain how it is standing up against the tide of change.

According to advertising agents who were interviewed, the industry in Trinidad and Tobago is a successful one. One senior employee at Ross Ad-vertising noted that across the board, profitability in adver-tising is dependent upon the efficacy of an advertising cam-paign.

“If you plan a campaign and it’s not just creatively well pro-duced, but it’s also placed in me-dia in such a way that it causes an impact, you will find that the clients might want to then con-tinue with more campaigns … so it’s really how good the cam-paign is.”

An agent from another lead-ing advertising agency stated that advertising success is con-tingent on the ability of the agency to negotiate with and satisfy the demands of its cli-ents,

“The success of a campaign is dependent upon a clear brief and a tailored message to the audience because when you have that they will buy into it.”

So how is success measured in terms of figures? A repre-sentative from a leading ad-vertising agency noted that the profitability of a company de-pends upon the amount of cli-ents an agency secures as well as the number of placements, which the client requires. As such, a smaller agency can make up to $3,000,000 in placements while a larger agency can make approximately $30,000,000 and even up to $60,000,000. Ideally each company profits off of commission, a flat rate, which is usually around 15%.

Representatives noted that television ads were more ex-pensive than radio and print ads and that an agency could make more money on television ads if they applied commission to the smaller elements of the total production such as make-up, sourcing a graphic artist or

scouting a location. Radio ads were described as the cheapest or the most cost effective be-cause whereas a print ad might cost approximately $8000 a radio spot could cost about $150 though one could put a lot more frequency to it. The pro-cess of getting the ad to air was also much easier,

“With radio all you need is studio time and a voice … and you get it done in two twos so even production wise it would be cheaper to go radio rather than anything else.”

Despite the acknowledged success of the industry it is impossible to ignore increas-ing moves away from from traditional advertising and the panic, which this has caused some in the industry. The local industry is not divorced from global forces and as such it therefore becomes imperative for agencies to keep au cou-rant with what is happening in media worldwide. While some sources believed that the in-dustry had taken a hit in recent times others did not. One par-ticular concern though is the increasing use of social media in advertising.

“It is slowly gaining momen-tum. A lot of the corporate cli-ents, older institutions are still not there yet but the younger brands they are more flexible and willing to spend money be-hind social media now” said one advertising executive.

The representative from

Ross noted that the rise of social media as a legitimate advertising medium would require advertisers to find in-novative ways of blending tra-ditional advertising models with non traditional ones and ultimately to be as creative as possible in their productions, “It’s just really that people in advertising need to keep up to speed with how to engage people through the different media…”

Another threat to the indus-try rests in the increasing trend of clients to deal directly with media houses in a bid to reduce the amount of money spent on advertising,

“Lets say before if you did a press ad you used to go to a studio take photos and all that, now the client could just buy the image and get like a lower end graphic artist and they would pay together…”

Either way even though some clients are trying to cut traditional media spend and utilize Mark Zuckerberg’s gift of a Facebook page, print, ra-dio and television advertising spaces have not become obso-lete. The mark of a successful agency is therefore the way it treats with innovation as well as its ability to prove to its clients that it can reach their desired target audience. Ulti-mately clients want value and as long as the agency can pro-vide such value, advertising would always be a worthwhile industry.

rEprESENtAtIvES NOtEd thAt tELEvISION AdS wErE mOrE ExpENSIvE thAN rAdIO

ANd prINt AdS ANd thAt AN AgENCy COULd mAkE mOrE mONEy ON tELEvISION

AdS If thEy AppLIEd COmmISSION tO thE SmALLEr ELEmENtS Of thE tOtAL

prOdUCtION SUCh AS mAkEUp, SOUrCINg A grAphIC ArtISt Or SCOUtINg A LOCAtION

Analyzing theWorth of the

Advertising IndustryWritten by A. Martin


Ms. Cherry Ann F r a n c i s - L a u is certified as a Manager of

Quality/Organizational Ex-cellence by the American Society for Quality (ASQ). She holds RABQSA Certi-fied Quality Management System and Environmental Management System (ISO 9001:2008/14001:2004) Lead Auditor Certifications. She is a Member of the American So-ciety for Quality, is Recertifica-tion Chair and is Chief Proctor for the American Society for Quality (ASQ) Examinations.

Ms. Francis-Lau was a mem-ber of the World Bank Project aimed at Business Expansion and Industrial Restructuring (BEIRL) for Global Competi-tiveness in T& T and the wider Caribbean Region in 1993-1996. During that period she held responsibility for enhancing quality competitiveness of lo-cal and regional industries.

Cherry Ann was solely re-sponsible for the development of the Quality Department at the University of the West Indies, Institute of Business (UWI/IOB) (now Arthur Lok Jack) during the period (1996 – 1999). During that period, she held position as Programme Director where her responsi-bilities included the admin-istration and management of quality training programmes and the design and manage-ment of ISO 9000 and EMS consultancy project. This ef-fort led several large and me-

dium size organizations to suc-cessfully achieve certification first time. Cherry Ann was also responsible for the initiation and development of the Audio/Visual unit as a business for the UWI/IOB.

In October 1999, Cherry-Ann founded the Caribbean Institute for Quality Ltd. (CIQ) where she is Programme Direc-tor, Project Manager, Consult-ant and Auditor. CIQ; a knowl-edge, information, training and consultancy multi-disciplinary entity with its corporate phi-losophy placing particular em-phasis upon quality, reliability, expertise and capability, facili-tates the growth and develop-ment of globally competitive organizations in the Caribbean and Latin America and ensures individual professional en-hancement for business excel-lence and international recog-nition.

Under CIQ, Cherry Ann

works with many organiza-tions for the implementation of Food Safety Management, Quality, Health and Safety, Environment and other major projects in Trinidad and To-bago and the wider Caribbean. Cherry Ann’s current experi-ence also spans Professional Training Programmes where she executes, guides and man-ages public and in-house train-ing. She also guides and man-ages students’ projects for their final examination.

Some of the companies Cherry Ann has worked with includes but are not limited to the Ministry of Public Ad-ministration, Ministry of Lo-cal Government, Ministry of Works, Ministry of Social Ser-vices, Ministry of Health, T & T Prisons Service, PETRO-TRIN, T & T Electricity Com-mission, DEXIA (Dominica), Arcelor Mittal Steel, BPTT, Nestle Trinidad Ltd., the Gov-ernment of St. Kitts - the Minis-try of Health, Communication, Works and Public Utilities, In-dustrial Plant Services, Tuck-er Energy, Neal and Massy Insertec, Angostura, British Gas, WITCO, the Ministry of National Security, Incorrtec, among many others.

This accomplished individ-ual is this issue’s Trump Card.

ABG: In your own words, what does CIQ specialise in? CAF: Caribbean Institute for Quality (CIQ) specializes in the business of enhancing organi-zational performance through specialized training, consul-tancy and audits in the areas of Quality, Health and Safety, Environmental, Food Safety, Laboratory and Information Systems, Organizational Devel-opment, Executive Develop-ment and professionally certi-fied course.

ABG: How long have you been involved in the quality assurance business?CAF: Over 20 years

ABG: What are some of the challenges that you faced in the early stages of CIQ? CAF: In the early years, the

challenges were in the area of convincing organizations about the importance of standards and its value to the overall im-provement in business perfor-mance. Being a new approach, there was unwillingness of or-ganizations to invest in what they consider an un-proven approach to organization de-velopment and transforming problems into business oppor-tunities through standards and monitoring systems. Basically, it was creating value out of nothing and proposing a new way of conducting business. Competition in some areas was also a challenge but I used it as a benchmark for creativity, in-novation and quality. Limited resources was another chal-lenge

ABG: With respect to those challenges, how did you overcome those obstacles? CAF: CIQ has never gone into business purely to make mon-ey. I felt I could have made a positive impact on the lives of organizations and individuals through my knowledge. This was strengthened by bringing the right information with the right people and the support of Quality Gurus, like Mr. Rob-ert Peach, our late Director of 14 years. With perseverance, honesty, integrity, commitment and providing world class qual-ity service to all our customers and with a profound belief and trust in God I stood strong in the values and beliefs of CIQ. ABG: What are some of the new challenges you currently face? CAF: This area of business is growing in popularity. This is so due to organizations’ fo-cus on corporate governance. Standards are now more impor-tant than ever as organizations manage its business and at the same time take into considera-tion the impact of business on communities. The competi-tion has grown tremendously to meet the challenges, CIQ has to continue to stay ahead of the game. The competition’s reaction however is to use any means necessary and we con-

trUmp CArdABSTRACT BUSINESS GUIDE

ChERRy ANN FRANCIS-LAU Board Member of the

Caribbean Institute forQuality Limited

Written by D. Nandlal


tinue to face dishonesty and poor ethics by some.

ABG: What made you decide to open this type of business? CAF: In my line of work at UWI/IOB I became passionate about quality. I knew I could have made a difference to the business community. This, cou-pled with my love for assisting individuals and organizations as a personal endeavour, creat-ed the foundation upon which CIQ was built.

ABG: What are some of your goals for the next five years both professionally and personally?CAF: I would like to expand the business and continue to create a cadre of persons loyal to the quality mantra as es-poused by the Quality Guru Deming - "Continual Never ending Improvement." Quality is a JOURNEY. I would love to assist a wider group of quality professionals in realising that quality is not something which you espouse in an organisation but an approach to both your professional and personal life. Coupled with this is the un-derstanding that leadership is a critical skill in the implemen-tation of any system. Therefore my next big move is the devel-opment of an institute of lead-ership development.

ABG: What would you consider to be a dream achievement? CAF: CIQ’s work has already reached the entire country so my dream is to continue to spread the mantra of con-tinuous improvement to the wider Caribbean islands and at an international level mak-ing a difference and creating a significant positive impact on both the organizations and in-dividuals.

ABG: What are some of the ways persons can benefit from taking courses at CIQ?

CAF: We offer a team dedicated to ensuring that each student is successful and putting in place lecturers, staff and schedules which support personal and professional development and achievement.

ABG: Do you think companies who send their employees to CIQ are helping to maximise their profit? CAF: Absolutely, enhancing knowledge and skill, improving processes and implementing systems in the organisation is one guaranteed way to maxim-ise profit. Since CIQ’s approach to training and consultancy un-derpins the core philosophy of Deming’s Quality Continual Improvement Model, the Plan, Do, Check, Act Cycle - PDCA., CIQ ensures that quality is consistently achieved and de-livered and that internal opera-tions are efficient and effective. Our model also focuses on do-ing the right thing first, focus-ing on the right metrics and creating the environment to do the right thing, all of which aids to tremendous improvement in bottom line figures. Through our courses, individu-als and understand and place greater focus on customer sat-isfaction and become more responsive to customer needs and requirements,

ABG: What are some of the issues that you think the education sector is faced with? CAF: There is often a discon-nect between what is taught and what is required by the business community, so trans-ferring what was learnt to the workplace becomes a difficult task.

Additionally, too many in-dividuals continue to pursue qualifications without any in-tention of applying knowledge to solving real world problems. Students study and think of the knowledge they gain as eso-

teric and not at all applicable to organisations and organisa-tional outcomes.

One of the ways CIQ ex-cels is designing training/con-sultancy projects that meet the organization’s objectives and in reinforcing the connec-tion between training and real world application. All of our facilitators actually work in the fields they train in and bring to the classrooms practical un-derstanding of business issues which are used as examples and case studies.

ABG: How can society at large benefit from the services offered by CIQ?CAF: Installing the notion of quality first and quality second, supporting adults continu-ous education and upgrading of skills to maintain relevance in the ever changing market place. ABG: Any advice for those wishing to enter a similar field?CAF: Find your passion. Con-firm it’s something you are good at. Get the education you need and jump right in.

ABG: Are there any upcoming events for CIQ?CAF: The year 2013 is about to close and we are in the plan-ning stage for next year. How-ever CIQ will be embarking on a comprehensive marketing drive and concretising its ef-fort to provide development for leadership. A few upcoming events already on stream are:

Risk Assessment and Manage-mentIncident and Accident Investi-gation and Root Cause AnalysisRAB/QSA Certified ISO 14001/9001 and OHSAS 18001 Lead AuditorPublic Speaking and Presenta-tion SkillsWater Quality TestingPolicies and Procedures Docu-mentation

Some on-going programmes are which will come to a close in December 2013 and March 2014 :

ASQ Certified Quality EngineerASQ Certified Reliability Engi-neerASQ Certified Quality Techni-cianASQ Certified Quality Inspec-torASQ Certified Manager of Quality/Organizational Excel-lence

ABG: It appears that the dynamics of the business world are changing with more young entrepreneurs entering the business world. How important do you think formal education is?CAF: Education whether for-mal or informal is important to give you the platform for in-teracting with other persons in the business world.

Of course everyone’s learn-ing ability varies. Are the courses designed in such a way that a person with learn-ing disabilities will be able to grasp the information being taught?

Courses are designed using Blooms Taxonomy which em-phasises the following so that all abilities are accommodated.

RememberingUnderstandingApplyingAnalyzingEvaluating Creating

ABG: Is there anything else you would like to add?CAF: By improving quality – the way we conduct business, it is possible to increase pro-ductivity which results in im-proved competitiveness of a business enterprise. We are open for business and would love to partner with you. Give us a call to instil quality in your life and business.

trUmp CArdABSTRACT BUSINESS


fUtUrE fINANCEABSTRACT BUSINESS

Trinidad and Tobago has been somewhat fortunate not to suf-fer the fate of many

countries that have experi-enced the ravaging results of natural catastrophic events. This is not to say that we are not prone to them. Even with only two seasons we endure a fair share of nature at its best. Dur-ing the rainy season we navigate through the murky flood wa-ters and the various landslides that send houses walking into the streets. Roofs are blown off and destruction cascades over parts of the country. In the past we have been witness to earthquakes as well. This year has been a slightly more active hurricane season and seismol-ogists warned that given the pattern of major earthquakes over the decades, the nation is overdue for a major shakeup. Following that prediction, on October 11th an earthquake of magnitude 6.4 occurred north of the Paria Penninsula, Trini-dad. That event was reported to have been felt not only in Trinidad but across Grenada and Guyana.

These instances are evi-dence that Trinidad and To-bago is prone to disasters but

not necessarily on a severely dangerous level. However, it is never too early to be prepared and have a developed plan in place for a worst case scenario. This provokes the thought of whether or not Trinidad and Tobago’s economy and preven-tion framework can withstand the effects of natural disasters. According to a study under-taken by Inter-American De-velopment Bank on Indicators of Risk and Risk Management, extreme events such as earth-quakes and storm surges would cause the major losses in the future in Trinidad and Toba-go. These damages also inflict financial constraints on the economy. The disaster Deficit Index (DDI) outlines the coun-try’s capacity to economically manage disasters. It also out-lines the impending resources that would be needed to ad-dress the situation.

The DDI encompasses the relationship between the de-mand for contingent resources to cover the losses that the public sector must assume as result of its fiscal responsibil-ity caused by the Maximum Considered Event (MCE) and the public sector’s economic resilience (ER). The ER is ob-

tained from the estimation of the possible internal or exter-nal funds that government, as responsible for recovery or as owner of the affected goods, may access or has available at the time of the evaluation. A DDI greater than 1.0 reflects the country’s inability to cope with extreme disasters even by going into as much debt as pos-sible. In keeping with this eco-nomic measurement scale for disaster preparedness it seems that Trinidad and Tobago may possess the financial capacity to cover impending economic loss.

In this regard, the frame-works established by the En-vironmental Management Au-thority (EMA) and the Office of Disaster Preparedness and Management (ODPM) are cru-cial in the country’s ability to properly navigate the effects of catastrophic natural events. Education Officer of the Seis-mic Research Centre, Stacey Edwards, noted that hundreds of earthquakes are recorded in Trinidad annually and warned given the type of tectonic plates around the Caribbean, statisti-cally the region should gener-ate a magnitude 8 earthquakes every 100 years. “Constructing

buildings to withstand earth-quakes, public education and just being prepared will go a long way to reducing personal and commercial losses,” she added. In addition, the Na-tional Response Framework along with support from key local stakeholders is crucial in establishing a fully functioning prevention system. The NRF outlines the roles and respon-sibilities of key stakeholders within the national response framework. It entails the pro-cess for the coordination of their efforts to provide a range of services which include early warning, assessment, emergen-cy operations and relief. This partnership would greatly in-crease our country’s ability to offer rapid response in times of need. Recently the ODPM partnered with the Caribbean Disaster Emergency Manage-ment Agency (CDEMA) and the Australian Agency for In-ternational Development (AUS AID) to build Earthquake Ca-pacity in Trinidad and Tobago. This three day workshop was conducted through consulta-tion with forty (40) national stakeholders with the aim of improving the country’s earth-quake contingency planning.

ArE WE DISASTEr rEADy?OVERCOMING THE ECONOMIC IMPACT OF NATURAL DISASTERS



fUtUrE fINANCEABSTRACT BUSINESS GUIDE

There is always a sig-nificant buzz when-ever Ted X comes around, but a large

percentage of the local public still don’t seem to know what it is all about. What started off as “an interesting idea” quickly developed into one of the most important business and innova-tion conferences globally. Not to be left out, Trinidad and To-bago boarded the TedX train two years ago and is now pre-paring for the latest incarna-tion of the conference later this month.

A description taken from their website states: “Created in the spirit of TED’s mission, “ideas worth spreading,” the TEDx program is designed to give communities, organiza-tions and individuals the op-portunity to stimulate dialogue through TED-like experiences at the local level. TEDx events are fully planned and coordi-nated independently, on a com-munity-by-community basis. These “TED-like” experiences are entrenched in fostering in-novation and out-of-the-box thinking.

The third annual conference is geared to take place in Trini-dad on 30th November at the Central Bank. However, ticket reservations will be closed off by 1st November at 11:59 PM. Cost of the tickets are $400.00 TT.

This year’s theme is “Con-

necting” and there will be a full day of presentations to suit. The first conference was back in 2011 and it has evolved since, with many more people inter-ested in the whole TED experi-ence.

Organizers of the event con-firmed that the seating in Cen-tral Bank is excellent and food is available to purchase in the Plaza. As for parking, they are currently working with NIP-DEC to prove such facilities at a low cost.

Keita Demming - Founder and Licencee, TEDx Port of Spain described the event to the Abstract Business Guide as “A day to connect with other Trinbagonians who are chang-ing conversations in their sec-tors; Trinbagonians who are thinking differently. TEDx Port of Spain attracts the future do-ers and thinkers of the country."

She went on to add “TEDx Port of Spain is a hub for the generation of ideas and con-cepts which will foster innova-tion throughout our community. Businesses thrive and grow in societies of thinkers. Anything that stimulates thinking and the generation of ideas will posi-tively impact the business com-munity.”

A total of 10 speakers are charted for the conference, each with very unique and di-verse backgrounds. Based on the theme, Dennise Demming, lead consultant at Demming

Communications believes that the concept will allow speakers their own spin on it, but even more importantly, it will help society as a whole.

She goes on to say that each one of us is connected in some way or the other, and in order to make the country a better place, we need to improve our connection with each other. She further added that this connection has nothing to do with networking.

Both Scott Hilton-Clarke, a parallel entrepreneur and Founder/CEO of Inspiration Laboratories and Charlotte Elias, committed to movements for positive social change, will host the conference.

So far the confirmed speak-ers are; Dr. Wayne Kublalsingh, Stacy-Marie Ishmael, Attillah Springer, Etienne Charles, Ga-briella Jamilah Hosein, Erle Ra-haman-Noronha, Dominique La Gendre, Keegan Taylor and Rondel, Debrah Lewis and Fa-ther Clyde Martin Harvey. Each speaker is given a maximum of 18 minutes to speak and are encouraged not too use power points. Denning, believes by doing this, it allows speakers to focus and ask themselves, what is the core idea I want to com-municate to the audience.

A full background descrip-tion about each of the speakers can be found on TedX Port of Spain website.

TEDx is Back

A dAy tO CONNECt wIth OthEr trINBAgONIANS whO ArE ChANgINg CONvErSAtIONS IN thEIr SECtOrS; trINBAgONIANS whO ArE thINkINg

dIffErENtLy. tEdx pOrt Of SpAIN AttrACtS thE fUtUrE dOErS ANd thINkErS Of thE COUNtry

Written by D. Nandlal


SmALL BUSINESSABSTRACT BUSINESS

Trinidad And Tobago’s Simone Sant-Ghuran has made history as the first female T&T

native to receive an award from the highly recognized interna-tional body, The Project Man-agement Institute (PMI).

At the recent ceremony for the PMI Southern Caribbean Chapter’s Excellence in Pro-ject Management Award Com-petition, which was held in the ballroom of the Trinidad Hilton and Conference Centre, Sant-Ghuran was presented with a special award in the category ‘Most Creative Application of Project Management (PM) Tools and Techniques’.

Sant-Ghuran, who is the Founder and Managing Direc-tor of www.trinidadweddings.com/ and Editor-in-Chief of the annual Trinidad Weddings Magazine (TW Wed-Zine) was

bestowed with a Special Award for the project ‘Publication of the TW Wed-Zine 2013 Maga-zine’ – a project from the non-traditional project management sector.

TW Wed-Zine, was the first glossy-format, locally-produced, commercially dis-tributed wedding magazine in Trinidad and Tobago. Now in its 5th year, the annual publica-tion (available to a global audi-ence in both print and digital format) is a one-stop resource and forum for soon to be mar-ried couples and for various wedding industry practitioners, vendors and stakeholders in the fields of event management and corporate communication.

The 2013 PMI SCC Excel-lence in Project Management Award Competition coincided with the 7th Bi-Annual In-ternational PMI SCC Project

Management Conference the theme of which was, ‘Improv-ing Performance In Challeng-ing Times; Transformation, Diversity and Sustainability’. In keeping with this theme the PMI SCC was pleased to realize its goal of embracing diversity when Mrs. Sant-Ghuran was awarded with this international distinction.

According to Chief Judge Mr. Raoul John, “All three judg-es for the Excellence in Project Management Award Compe-tition consistently judged the project ‘Publication of the TW Wed-Zine 2013 Magazine’ as deserving of an award for excel-lence and for the creative appli-cation of PM Tools and Tech-niques”. Most notably, PMI SCC President, Ms. Cynthia Gloria Hayes, also congratulat-ed Mrs. Simone Sant-Ghuran on her monumental win.

Sant-Ghuran who was elat-ed about receiving such a high-profile recognition shared, “I don’t only view this as an in-dustry acknowledgement for my own personal efforts but also as a professional victory and affirmation for the local and regional creative sector as a whole”.

About the PMI SCCThe PMI Southern Caribbean Chapter (PMI SCC) is a char-tered component of the PMI since 1999 and was registered as a non-profit organization in Trinidad and Tobago in 2001. There are currently over 600 members in 13 nations repre-senting various sectors such as: energy, ICT, financial, con-struction, manufacturing, training/education, services and consulting.

Courtesy Sonique Solutions

TRINIDADIAN ENTREPRENEUR wINS PRESTIGIOUS P.M.I. AwARD

Managing Director of Trinidadweddings.com and Editor-in-Chief of the annual Trinidad

Weddings Magazine (TW Wed-Zine) Simone Sant-Ghuran

Simone Sant-Ghuran receives a Special Award for the project ‘Publication of the TW Wed-Zine 2013 Magazine’ – a project from the non-traditional project management sector.


BIZ tEChABSTRACT BUSINESS GUIDE

Think your job is tough? Just think how much more dif-ficult it would be

without technology. These ad-vancements are the top prod-ucts that can help take your business to the next level. Oh, and they’re cost effective too.

Linux and open sourceLinux and open source have not only matured into a busi-ness-ready platform, they have pushed innovation forward on a number of fronts. From the server all the way up to the desktop, Linux and open source have helped force the competition to reevaluate how the user and business interact with hardware and customers. The Linux desktop has proved that more can be done with a user interface than the worn-out Start button/task bar meta-phor. And with the power of the Linux server, businesses can work with tools like customer resource management, human resource management, and other platforms they might not otherwise have access to. Along with this innovation comes considerable cost savings.

Electronic invoicing/receiptsElectronic invoicing and re-ceipts have started invading small businesses, and with good reason. The ability to email re-ceipts to customers helps busi-nesses save the cost of receipt printer paper -- and on print-ers altogether. Although it may seem like a negligible cost at first, over time all that paper adds up. And the continued growth and evolution of elec-

tronic invoicing is making it more efficient for small busi-nesses to get paid. And speak-ing of getting paid…

Mobile payment systemsMobile payment systems have finally become mature enough to be used, reliably, by any small business. You really see these popping up in the res-taurant industry and small boutique shops. Apple iPads are quickly establishing them-selves as the new world cash register system, and nearly any smartphone can now accept payments thanks to tools like the Intuit's GoPayment. With these new, reliable, cost-ef-fective payment systems, your business can easily travel, and it can quickly and effortlessly take payments for services and products.

Blogging platformsBlogging shouldn't be shoved off your radar simply because it has empowered everyone to seem like an authority on every subject known to man. Blog-ging platforms can enable your company to easily and cheaply connect to your customers and audience in ways never before possible. And with platforms like WordPress, you have at your disposal a wide-range of add-ons that can transform that simple blogging platform into a full-blown business-cen-tric, content-driven Web site. So don't pish-posh blogging platforms and the innovations they bring.

Social media aggregationSocial media aggregation is one

of the easiest forms of keep-ing your finger on the pulse of your customer/client base. Us-ing various tools, you can keep abreast of what your client base wants. You can also quickly post to multiple social networking services to announce specials, promotions, and much more. And what business would be willing to turn down free mar-keting? Ultimately, the innova-tion of social network (and the aggregators that make using them easy) has helped bridge the gap between company and client faster and better than most other technologies -- at little to no cost.

Cloud-based groupwareIf you don't want to pay for an Exchange server and your needs are fairly minimal, cloud-based groupware could be the answer. Both Google and Zoho are amazing platforms for your groupware needs. Small com-panies may be able to get by with the standard Gmail and Drive. Larger companies might need to turn to the more en-terprise-focused Google Apps. Zoho offers numerous tools on its platform – a la cart -- that can have you and your business expanding in a variety of ways without having to drain your company budget.

TabletsTablets offer an inexpensive way to get your employees and your business mobile. Not only do they allow for serious work to be done on the road, they enable you to conduct transac-tions more efficiently, thanks to the myriad software titles available. Combine powerful

productivity tools with invoic-ing and payment software, and modern tablets provide a com-plete office-on-the-go experi-ence. Eventually, the tablet will completely replace the laptop as the go-to hardware for mo-bile business users.

DSLR camerasDSLR cameras and video-editing software have come a long way, even though they've been around for a while. With these tools, you can create professional-looking market-ing content in-house. And the DSLR cameras aren't limited to still photography. With amaz-ing sensors and lenses, DSLR cameras can shoot HD movies brilliantly. You can take your marketing to the next level and create perfect YouTube-ready commercials to help promote your business.

3D printing3D printing is offering a world of promise for many markets. These amazing devices enable the small business to easily fab-ricate products that can serve as three-dimensional mock-ups or even as the final prod-uct. 3D printers have come far in the last few years, and the results are close (if not dead on) to a finished product. From clothing, to casts, to models, to -- well, just about anything. Compare this to the price of having mock-ups and products machined, and the cost savings is apparent. On top of that, you can easily "print" one-off prod-ucts geared specifically to in-dividual customers, which will set your business well apart from others.

The Top Cost-Effective Innovations

for your Business


BIZ tEChABSTRACT BUSINESS

Every business must consider startup costs when imple-menting any type of

information technology sys-tem. In addition to the cost of hardware and software, some technology vendors require businesses to purchase user licenses for each employee that will be operating the sys-tem. Businesses must examine the cost of training employees in unfamiliar technology. Al-though basic information tech-nology systems may be user friendly, advanced programs still require formal instruction by an expert consultant.In addition to the startup ex-penses, information technology systems are expensive to main-tain. Systems malfunction, and when they do, businesses must engage skilled technicians to troubleshoot and make the nec-essary repairs. These expenses present a major disadvantage of information technology in busi-ness, particularly to businesses that are entering the technol-ogy era for the first time.

Impersonal PerceptionA significant disadvantage of business communication technology is the perception that a business is impersonal. Consumers who are consist-ently peppered with electronic communication from business organizations are more likely to have this perception. Busi-nesses often use this method of communication to respond to consumer inquiries about or-ders placed on the company’s website. Consumers attempt-ing to contact a business who are unable to reach a human being may become frustrated by electronic communication

methods.Employees may also see

electronic communication as impersonal if they only re-ceive messages from managers or other employees through email. Email can also create confusion requiring employ-ees to seek more feedback than normal compared to more per-sonal communication methods.

Security IssuesUsing business technology in communication can create various security issues. Emails, text messages and other web-site communication are often vulnerable to hackers or other individuals who should not have access to certain informa-tion. These security issues can create serious legal liabilities if a customer’s personal infor-mation, such as a credit card number, or driver’s license is accessed by illegal means through a company’s business

technology. Companies must also create internal controls to safeguard information from inappropriate actions by com-pany employees.

Job EliminationImplementing information technology into business op-erations can save a great deal of time during the comple-tion of daily tasks. Paperwork is processed immediately, and financial transactions are auto-matically calculated. Although businesses may view this expe-diency as a boon, there are un-toward effects to such levels of automation.

As technology improves, tasks that were formerly per-formed by human employees are now carried out by com-puter systems. For example, automated telephone answer-ing systems have replaced live receptionists in many or-ganizations. This leads to the

elimination of jobs and, in some cases, alienation of clients. Unemployed specialists and once-loyal employees may have difficulty securing future em-ployment.

Difficulty TrainingEmployeesBusinesses can face difficulty training older employees to use business communication technology methods. These in-dividuals may have a difficult time understanding the tech-nology and how these process-es work. Businesses may need to spend copious amounts of time or resources to train these individuals so that they can use this technology to communi-cate with internal and external business stakeholders. Hiring practices often need to be ad-justed to ensure new potential employees are familiar with the company’s business communi-cation technology.

THE BAD SIDE OF BUSINESS COMMUNICATION TECHNOLOGy

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That’s why Sagicor’s Tax Secure Annuity Plan is a smart choice. It offers a tax savings advantage, plus it’s backed by a company you know will be there for you.

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23. dEvELOpINg thE ENtrEprENEUrABSTRACT BUSINESS

Anyone can own and even run a business. Taking a unique idea and transcend-

ing the bounds of business to get to a new plateau is being an entrepreneur in the truest sense. These tips show how to promote and maintain the ‘en-trepreneurial spirit.

Resist Your ‘Comfort Zone’Nobody wants to be uncom-fortable with a decision or mode of operation, but where Entrepreneurialism is con-cerned, too much comfort is not a good thing. If the call of entrepreneurship is important enough for you, take care with your life and never succumb to the comfort and appar-ent security of your comfort zone. Instead make constant and consistent efforts to be required in an area where you need to grow. Face these chal-lenges that life brings with courage and faith. There are no victories without battles. There is no growth without challenge and fall into medi-ocrity.

Meritocracy MattersCreate a work environment in which the most talented em-ployees and the best ideas get recognized and promoted, re-gardless of age, experience or position. Not only does this cre-ate healthy competition, but it encourages employees to be vo-cal and participate in the bigger vision. However, you should not just take a back seat and look on as these inspired indi-viduals operate. It is important to lead by example. If you’re not moving with a sense of urgency and adding your own ideas to the mix, it will be hard to mo-tivate a potentially innovative team. When all levels of staff are involved in the change pro-cess, you create a broad support base within the organization.

Hire the Right workers From the OnsetYour workforce should mir-ror the DNA of your particular corporate agenda. So hire those that match it as best as possi-ble. These employees should be committed & motivated. They will act in line with expecta-

tions, making many procedures redundant. That means manag-ers can now move their priori-ties beyond stimulating motiva-tion and collaboration among staff. In order to get the right crop of people with entrepre-neurial minds you have to have an open mind. Rebels cannot be written off. Even candidates that have rebelled against au-thority should be considered especially if they rebelled in the name of a cause or belief. True innovators have always swum against the stream. It is also im-portant to look for people who have a history of thinking big. Thinking out of the box is the big difference between being just a businessman and being an entrepreneur. Once these criteria are met in staff, make sure to align actions, objectives and remuneration with your (long-term) corporate strategy.

Take risksIf there’s one thing most entre-preneurs are good at, it’s risk tak-ing. In fact, this is often the key to their success. You can take on big risks in your career, but those

opportunities can be few and far between. The best way to handle risk is by reducing your own per-sonal limitations. Many people make up excuses for why they aren’t doing what they love, but another of the most important aspects of the entrepreneurial spirit is boundlessness. You may be conditioned to accept your life as it is, and move through it as you’ve been told to–realisti-cally and practically. But if you can’t dream big and see your-self in new places and situa-tions, your career will remain stagnant. Dare to dream and see your opportunities open up.

Look Forward to LearningJohn Donahoe, CEO of eBay once posited that “The best leaders learn the fastest.” With business growing more global by the minute and the distinc-tion between virtual and physi-cal transactions fading fast, the importance of understanding subtle shifts in the pulse of the market cannot be understated. Stay on top of the game and re-search your industry as much as possible.

Introducing Sagicor’s new Tax Secure Annuity Plan.We’ve always been taught that every dollar counts. That’s never more apparent than when you plan your retirement.

That’s why Sagicor’s Tax Secure Annuity Plan is a smart choice. It offers a tax savings advantage, plus it’s backed by a company you know will be there for you.

Best of all, since your money starts growing from day one, the little you set aside today can help you have the security you need in the future.

It’s time to get started.

Speak to a Sagicor Advisor today.

Your moneY StArtS growing from dAY one.

Sagicor Life Inc is rated “A-” Excellent by AM Best Rating Company.

Developing your Entrepreneurial Spirit



Everyone complains at some point, but really nobody likes a complainer. This

is especially true in the work-place. Employers should be open to the concerns of em-ployees, but these concerns should not become issues. It is important to know what af-fects your staff and move to make show these things do not become problematic. Here are some of the most common is-sues. Lack of AccessibilityIt is not uncommon for the executive level leaders and senior managers to become isolated from the employees of the company. Maybe their offices are located at the top of the building and they always stay on that floor for the en-tire day. This creates a feeling of a hierarchy at play, and as an employee, if they are below the totem pole, they will feel so far removed from the decision makers and it is really incon-venient to ask a decision from the leader. Internal Pay Equity Employees are concerned par-ticularly with pay compression, the difference in pay between new and longer term employ-ees. In organizations, with the average annual pay increase for employees around 4%, employ-ees perceive that newcomers are also often better paid. Complaints AboutTheir ColleagueEmployees also complain about their co-workers. Per-

sonality conflicts and other disputes might be brought to you to resolve. Wrong Fit An employee is hired to do the work and the first day he shows up, he ends up in a completely different role. This may be ba-sically a form of lying to an em-ployee. If an employee is hired to do this job, but is placed in another, he will forever be mis-erable. FavoritismEmployees want the feeling that each employee is treated equivalently with other em-ployees. If there are policies, behavioral guidelines, methods for requesting time off, valued assignments, opportunities for development, frequent com-munication, and just about any other work related decisions you can think of, employees want fair treatment. Working ConditionsWorking condition is always the main topic which the em-ployees complain frequently. Such as the facility cleanliness, employees want a clean, or-ganized work environment in which they have the necessary equipment to perform well. And other safety concerns, is-sues related to comfort or con-venience, and even complaints about discrimination or har-assment could arise. Higher Salaries and WagesWages is a frequent area of concern for most employees, so the complaints about this are always exited. The employees

may complain about raises, job classifications, errors in pay-ments and deductions, over-time calculations, or incentive systems. The salary is also the main area in which employees seek change. You can foster a work environment in which employees feel comfortable asking for a raise.

Job SecurityWith outsourcing, downsizing, globalization and pressure to meet the bottom line, job secu-rity has become a scarce com-modity. A substantial amount of employees have been made to feel as valuable to the company as a paper clip. Therefore, the backlash has been that work-ers are changing jobs at a clip of every three years. Changing jobs has become a way of life in today’s workforce. The aver-age person will have had 6 jobs between the ages of 18 and 38. Every year, about one-third of

our workforce changes jobs, largely to take advantage of better opportunities.

Freedom fromFinancial Insecurity Startup employees do not re-ceive much in the way of sala-ries. But it does motivate them if they can get some benefits that would keep them at bay from financial insecurity. Even small loans and emergency funds work fine to address this. Workloads are Too HeavyThe employees feel as if their workloads are too heavy and their time is spread too thinly if departments are under-staffed, and it may become worse as layoffs; if you want to find educated, skilled, experi-enced staff, and your business demands grow, to combat this, each company should help em-ployees participate in continu-ous improvement activities.

dEvELOpINg thE ENtrEprENEUr


wIth OUtSOUrCINg, dOwNSIZINg, gLOBALIZAtION ANd prESSUrE tO mEEt

thE BOttOm LINE, jOB SECUrIty hAS BECOmE A SCArCE COmmOdIty

CommonEmployee Issues


Social network giant Fa-cebook reported a 60% surge in revenue, to $2.02bn (£1.26bn), in

the third quarter.Revenue from advertising

grew by 66% to $1.8bn, with nearly half of that coming from mobile ads.

"The strong results we achieved this quarter show that we're prepared for the next phase of our company," said Mark Zuckerberg in a statement.

Shares initially rose, but fell back after a suggestion that activity in younger teens was down.

The increase in revenue led to $425m in net profit in the three months to September. That compares to a loss of $59m in the same period last year.

Initially, Facebook's shares surged 15% on the news, but

then fell back after the chief fi-nancial officer, David Ebersman, said in a conference call that in-ternal analytics suggested that fewer "younger teens" were us-ing the site.

"Our best analytics shows use by US teens overall stable, but a decrease in use by younger teens," said Mr Ebersman.

However, he cautioned that it was tricky to measure young people's engagement, as the age entered by a user on the site was not verified.

"That market is incredibly fickle," said Silicon Valley ana-lyst Rob Enderle. "You don't want to see a trend that kids no longer think Facebook is no longer the place to be; that it is now their dads' service."

"The kids are Facebook's seed corn, and you don't want to lose that." he added.

Mobile push Shares in the company have nearly doubled in value since July, when it first announced a big jump in its mobile advertis-ing revenue.

The company has made a concerted push to boost its mo-bile offering, and now says that 874 million of the site's more than one billion users access Fa-cebook on their phone.

Speaking during a confer-ence call, Mr Zuckerburg called Facebook a "mobile company" and noted more than half of people are only using Facebook from their phones.

"It's a pretty incredible sign of how Facebook has evolved as a company," he said.

By growing its mobile users, the company has also been able to sell more mobile ads, a crucial

metric that is widely watched by analysts.

Facebook has grown its share of the mobile ad market in the US from just 9% last year to 14.9% this year, according to re-search firm eMarketer.

But Google is still by far the leader, accounting for close to half of all mobile ad spending in the US.

Revenue from mobile ads was around $880m this quarter, compared to just $150m a year earlier.

However, Facebook's user growth in the US and Canada appears to have slowed dramati-cally.

This is significant as the site earns about $4.19 for each user in the US and Canada, compared to just $0.74 for users in high-growth areas such as Asia.

Discrepancies be-tween statistics posted by local gov-ernment and what

officials in Beijing actually be-lieve means China's economy takes a £320bn hit

China's economy would be at least 3.7 trillion yuan (£320bn) bigger than Beijing thinks if the country's central government believed the data coming out of local government statistics of-fices.

Chinese newspaper The Eco-nomic Information Daily tallied up GDP data from 28 of main-land China's 31 provincial-level authorities, totalling 42.4 trillion

yuan in the year to date. But the figure for the whole

country, already announced by Beijing, is 3.7 trillion yuan lower.

If the provincial data were to be believed, China's economy would be about 4pc bigger.

The World Bank puts the size of China's economy at £5.1 tril-lion, making it the second larg-est in the world after America at £9.8 trillion. The UK's economy weighs in at £2.4 trillion.

The discrepancy between China's local and central data - which has been in place for more than two decades - has been wid-ening rapidly in recent years, the newspaper said.

The reliability of Chinese economic data has long been in doubt as local officials tend to massage the figures upwards in pursuit of promotion and the newspaper, which is run by the official Xinhua news agency, pointed to the same problem.

"Some regions may have in-flated the statistics due to their distorted perception of achieve-ments given the fact that the performance assessment of local governments is often linked with GDP growth," the report quoted an unnamed National Bureau of Statistics official as saying.

China's Premier Li Keqiang said in 2007, when he was the

governor of Liaoning province, that some Chinese data was "man-made", according to a con-fidential memo released by the WikiLeaks website in 2010.

He told US diplomats that he focused on only three figures - electricity consumption, rail cargo volume, and the amount of loans issued - to evaluate his re-gion's economy, the leaked docu-ment showed.

Chinese President Xi Jinping said in June that officials' perfor-mance evaluations must not be based "simply on GDP growth rate" but take into account fac-tors such as the environment and improving people's well-being.

Facebook revenue surges 60% on strong ad sales

GLOBAL FINANCE & WORLD REVIEWS


China economy would be 4pc bigger if data was believed


Overall Market ac-tivity resulted from trading in 12 securi-ties of which 2 ad-

vanced, 2 declined and 8 traded firm.

Trading activity on the First Tier Market registered a vol-ume of 723,762 shares cross-ing the floor of the Exchange valued at $10,412,239.51. ONE CARIBBEAN MEDIA LIMITED was the volume leader with 504,000 shares changing hands for a value of $9,172,800.00, followed by NATIONAL FLOUR MILLS LIMITED with a volume of 121,000 shares being traded for

$114,950.00. SCOTIA INVEST-MENTS JAMAICA LIMITED contributed 41,096 shares with a value of $80,127.20, while FIRST CITIZENS BANK LIM-ITED added 15,556 shares val-ued at $551,915.07.

FIRST CITIZENS BANK LIMITED enjoyed the day's largest gain, increasing $0.48 to end the day at $35.48. Con-versely, GUARDIAN HOLD-INGS LIMITED suffered the day's greatest loss, falling $0.10 to close at $15.15.

CLICO INVESTMENT FUND was the only active secu-rity on the Mutual Fund Mar-ket, posting a volume of 30,321

shares valued at $651,828.95. CLICO INVESTMENT FUND remained at $21.50. PRAETO-RIAN PROPERTY MUTUAL FUND remained at $3.41.

The Second Tier Market

did not witness any activity. FNCU VENTURE CAPITAL COMPANY LIMITED (SUS-PENDED) remained at $1.00. MORA VEN HOLDINGS LIM-ITED remained at $14.97.

Stocks Advancing:Security Volume Closing Quote ($) Change ($)FIRST CITIZENS BANK LIMITED 15,556 35.48 0.48

NATIONAL COMMERCIAL BANK JAMAICA LIMITED

4,000 1.12 0.01

Stocks Declining:Security Volume Closing Quote ($) Change ($)GUARDIAN HOLDINGS LIMITED 14,300 15.15 -0.10

ANGOSTURA HOLDINGS LIMITED 6,012 13.44 -0.05

Stocks Trading firm:Security Volume Closing Quote ($)ONE CARIBBEAN MEDIA LIMITED 504,000 18.20

NATIONAL FLOUR MILLS LIMITED 121,000 0.95

SCOTIA INVESTMENTS JAMAICA LIMITED 41,096 1.95

CLICO INVESTMENT FUND 30,321 21.50

TRINIDAD CEMENT LIMITED 10,000 2.35

POINT LISAS INDUSTRIAL PORT DEVELOPMENT CORPORATION LIMITED

5,650 3.77

REPUBLIC BANK LIMITED 1,135 112.34

NATIONAL ENTERPRISES LIMITED 1,013 17.98

StOCk wAtChABSTRACT BUSINESS GUIDE

October StockSummary

Courtesy The Trinidad and TobagoStock Exchange

Written Report for Wednesday, 30 Oct, 2013

In Wednesday's trading session the following reflect the movement of the TTSE Indices: - * The Composite Index advanced by 1.16 points

(0.10%) to close at 1,178.05. * The All T&T Index advanced by 1.83 points (0.09%)

to close at 1,959.44. * The Cross Listed Index advanced by 0.06 points

(0.12%) to close at 51.95. * The Composite Index comprises all Ordinary com-

panies. * The All TTSE Index comprises Trinidadian com-

panies only.* The Cross Listed Index comprises companies origi-

nating outside of Trinidad & Tobago.

Abstract B.G Is Published By Abstract Media Group, Premium Commercial Complex, San Juan, Trinidad, W.I. • Tel: (868) 638 1156/9 • Fax: (868) 638 1160. Printed By The Office Authority - Printing Division And Distributed By AMG

abstract business guide issue 9

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