Tag Archives: journalism

Media, Political Animal, Rights & Freedoms, Trinidad & Tobago

Outside looking in, or through the looking glass

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Inquiring minds want to know:

1 – What are the economics of the proposed government-sponsored, Caribbean Airlines corporate/executive jet service?

2 – What are the current arrangements for government travel? Where do ministers et al go that requires the use of a jet leased from Guardian Holdings? How much does that arrangement cost? Why is it preferred to flying commercial services, either local or international?

3 – From Ria Tait’s Trinidad Express article on March 4 2008: “On allegations by Opposition Chief Whip Ramesh Lawrence Maharaj that CA received $350 million from the Government for the venture before Cabinet held discussions on the proposal last Thursday, Lok Jack said Caribbean Airlines did get money because “we had to begin negotiations and make downpayments”.” Caribbean Airlines had to make downpayments on an aircraft that hadn’t even been approved yet? Really?

4 – From the same article: “[Lok Jack] declined to say exactly how much money Government advanced to the airline or how much the service was estimated to cost on a monthly basis, saying that the airline was in a competitive situation.” Is anyone looking into this? We have a right to know how much our government is spending on this. And with whom, exactly, is CA “in a competitive situation” in the business of providing private jet travel to the government?

4 – Ibid: “Lok Jack said…the Government was “very interested” in being able to go on transatlantic trips and to travel African countries and therefore CA chose an aircraft which had the range to make such flights.” Why the focus on African countries? How much does a long-haul flight from Trinidad to Lagos (say) cost, in terms of fuel and wages for the pilots, etc? Are there no commercial alternatives?

5 – Ibid, but jumping around a bit: “[Lok Jack] confirmed statements in a Caribbean Airlines press release that Government would be underwriting the cost of the venture, eliminating “the commercial risk” to Caribbean Airlines.” Who owns Caribbean Airlines, exactly? What is the equity structure?

6 – In Juhel Browne’s Trinidad Express article on March 2 2008, Prime Minister Manning says a Caribbean Airlines jet service would be a cheaper air travel option for the State: “Right now, when some of us, when the Prime Minister travels in the region now, we do so by contracted private jet services. It costs a lot of money,” Manning said. Contracted jet services for regional jet travel? Seriously? Exactly how much is a lot of money? And again, why are commercial alternatives rejected?

7 – Who will have use of the services? Government only? Friends, family members, well-wishers? The Opposition? At what cost? Who pays what?

The relevant company insiders are fairly high-profile types who should be reasonably easy to track down. I’m tempted to make some calls.


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Media, Trinidad & Tobago

T&T needs better reporters

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There are many, many things about Trinbagonian media in general, and our newspapers in particular, that make me want to pull my hair out.

I am continually bemused by our haphazard approach to errors and corrections, for instance.

But it is our apparent lack of reporters who actually understand business, finance, law and (the non bacchanalist aspects of) politics that is most worrying.

These are complex, multi-layered, specialist subjects, and to successfully cover them requires, in no particular order:

– Knowledge of/training in the subject areas, either academic or professional
– A commitment to keeping abreast of changes and developments in the field
– A significant amount of research and reporting, often on a daily basis
– A solid and informed network of sources and contacts

And even more so than in other areas of journalism, those charged with covering these beats must be able to explain often complicated concepts in a manner that can be grasped by non-specialists.

From my obsessive perusal of the major dailies, I’d say all of the above are lacking – or at least not evident.

There are exceptions: Camini Marajh of the Trinidad Express is an excellent business reporter.

Ms Marajh broke the story of RBC’s $2bn offer for RBTT, scooping the international news media who took days to catch up

Her coverage of the deal should be framed and used as a model by editors and reporters in other newsrooms:

In what is likely to be the biggest takeover deal in the Caribbean in recent times, Royal Bank of Canada (RBC) is getting ready to buy out local banking giant, RBTT, in an acquisition priced at well over US$2 billion.

Sources report that an acquisition agreement is close to sign off by the Peter July-led Board of RBTT Directors.

Perfect. She leads on the significance and size of the deal, and immediately backs it up with reference to her sources.

She continues:

The RBC offer is said to contain a mix of cash and stock in a buyout that sources say has already secured the approval of key shareholders, among them the National Insurance Board (NIB) which has a 22 per cent interest, Guardian Holdings Ltd, a 14 per cent stakeholder and business tycoons Arthur Lok Jack, Richard Azar and Imtiaz Ahamad, who are listed among the largest individual stakeholders.

A crucial bit of information, although she could have explained why this important: if RBTT’s major shareholders were opposed to the deal, it would be unlikely to succeed.

And while the Peter July board has refused to say anything more than the bank is having “strategic discussions with other parties”, the Sunday Express understands that RBC, the latest in a series of Canadian suitors to knock on RBTT’s door, is the favoured partner for a takeover deal.

Both have financial incentives to see the deal through, according to financial sources. RBC, Canada’s largest bank is flush with acquisition dollars, assets of Can$563 billion and a market capitalisation of Can$69 billion.

Wonderful. Wonderful. And it gets better:

It is also trailing behind rivals Bank of Nova Scotia and First Caribbean International Bank (FCIB),a subsidiary of Canadian bank, CIBC in its Caribbean operations.

RBTT, Trinidad’s largest bank with assets of US$7 billion, has stumbled in recent years on issues related to management, flat earnings and growth limitation.

The RBC offer, comprising 60 per cent cash and 40 per cent RBC stock, if approved by shareholders, would give RBTT stockholders a much-needed boost with an option of cash and RBC shares – Can$55.26 at the close of trade on the Toronto Stock Exchange on Friday.

These paragraphs establish why the deal would be beneficial to both parties, are neatly hedged (“if approved by shareholders”) and give relevant financial details.

Still to be worked out, however, is the price of RBC shares which are to be listed on the local Stock Exchange under the depository receipt system used on the Nasdaq and other major Exchanges where a specified number of shares of foreign companies are issued and traded.

Sources say the listing of a big international bank like RBC on the TT Stock Exchange would be a major coup for this country and could well catapult Trinidad centre stage and a step closer to the Prime Minister’s dream of making this country the financial capital of the Caribbean.

When I got to this point in the story, I was tempted to applaud. Ms Marajh clearly had spectacular sources on this one, because details like that are gold dust. She explained, clearly and concisely, the concept of depositary receipts and gave still more context on why the deal would be important for T&T.

Financial analysts say if 20 per cent of the cash or $TT1.6 billion from the RBTT sale goes back into the local market, it could help the recovery process of the stock market which has been in the doldrums in recent time.

Speculation of a takeover has seen RBTT stock climb from the start of September by $3 closing at the end of trade on Friday at $34.01.

GHL, a substantial shareholder in RBTT, has also benefitted from the market speculation, closing at $25 on Friday after starting September at $20.02.

This story had everything – the interested players, the context of the negotiations, and crucially for an acquisition story, all the important numbers given in context.

But this story was exceptional. Too often, our media fail to get the basics, the fundamentals right.

More on that soon.

Media, Trinidad & Tobago

Do they regret their errors?

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“Each misspelled word, bad apostrophe, garbled grammatical construction, weird cutline and mislabeled map erodes public confidence in a newspaper’s ability to get anything right” – from a 1998 study commissioned by the American Society of Newspaper Editors, via Poynter Online

Correct me if I’m wrong, but as far as I am aware, none of the major Trinbagonian media outlets have an explicit corrections policy.

This is unacceptable, and here I’m speaking from the dual point of view of journalist and consumer.

Our media – print, online and broadcast- are notorious for errors of fact and omission, for butchering the English language, and for the unabashed conflagration of fact and opinion.

As a recent post over at the Manicou Report noted, in connection with a Guardian story about Education Minister Esther Le Gendre:

I don’t know about you, but when I am reading a straight news piece…I would prefer that the writer told me the facts of the story and allowed me to draw my own conclusion. I would prefer if he or she didn’t colour it with his or her own impressions and I would hope that the writers think of their readers (and in some case viewers) as intelligent and that they would allow us to connect the dots ourselves. When a journalist deviates from this it affect the quality of the work and makes the reporting sound like street corner gossip.

The post inspired a range of comments from readers, and none of them were positive.

“Media today is all about sensationalism,” said MDF in response. “I dread reading the newspapers today because you see so many grammatical and spelling errors.”

And yet, none of them make any apparent effort to correct their mistakes or to apologise for their errors. Why, then, should any reader, viewer or listener trust anything that comes from the mouths and pens of local journalists?

And what of the journalists themselves? Do they regret their errors? Do they wince when they re-read their stories or watch their broadcasts and notice that they got the name or age of the accident victim wrong? Do they even notice?

I am not convinced.

Other countries in the region get this right, or at least try to. For instance, a quick Google search led to me the editorial policy page of the Jamaica Gleaner and its comprehensive editorial code of practice.

An extract:

5.1 Accuracy

The Gleaner Company’s reporters are responsible for the accuracy of their work and they should be prepared to check, re-check and collaborate with their Editors in order to achieve this.

  • The accuracy of stories should be confirmed before publication.
  • Detailed documentation should exist to support stories and the reliability of sources.
  • Rumour and unsubstantiated statements should be avoided in the interest of accuracy and fairness.
  • The correction of mistakes of fact and the clarification of errors of context must be done promptly and ungrudgingly. Fair and timely opportunity should be given to persons, companies and organizations to reply to inaccuracies. In order to maintain consistency, corrections, clarifications and apologies are carried on page 2 of the relevant publication.

I could not find anything similar (at least not online) for The Guardian, The Express, or Newsday. Alas.