Tag Archives: Trinidad and Tobago

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.

Rights & Freedoms

Thoughts on the “Bill of Rights for Racially Mixed People”

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I have the right

  • not to justify my existence in this world
  • not to keep the races separate within me
  • not to be responsible for people’s discomfort with my physical ambiguity
  • not to justify my ethnic legitimacy
  • to identify myself differently than strangers expect me to identify
  • to identity myself differently than how my parents identity me
  • to identify myself differently than my brothers and sisters
  • to identify myself differently in different situations
  • to create a vocabulary to communicate about being multiracial
  • to change my identity over my lifetime–and more than once
  • to have loyalties and identify with more than one group of people
  • to freely chooose whom I befriend and love

By Maria P. P. Root (via Light-skinn-ed Girl)

This is a thought-provoking piece of work, with which I can at least partially identify. So much of the discussion about “mixed-race issues” is limited to the experience of bi-racial (white/black) people living in the US of A; the “Bill of Rights” is broader in scope.

Some of its declarations I have always taken for granted – never have I had to justify my existence, for instance. And the phrase “physically ambiguous” is downright amusing.

But it made me realise that I don’t know how my parents self-identify, and nor do I know how they would describe my siblings and I.

And I have had to justify my ethnic legitimacy, on more than one occasion and to the gamut of family, friends and the parents of former paramours.

It’s a strange thing to be a victim of generic racism. It sounds absurd, but I have always wanted to ask, when faced with such discrimination, which part of me most offends.

In other words, is it because I is black? Or is it because I am not Indian/Chinese/White enough?

(Or, more recently, is it because I’m a twenty-something overachieving chick with dreadlocks and a predilection for wearing Converse to work? Hmm.)

I have never felt (insert ethnic grouping here) enough.

Still, I have had more experience of Trinidad’s version of black and Indian culture than I have had exposure to my Chinese and White heritage. But I am comfortable with none of these. In situations that are purely one or the other, I have always felt ill at ease.

When I donned a shalwar to attend a Divali celebration at my highschool, eyebrows were raised.

When, in my younger days, I was briefly part of the tennis-playing set, I didn’t quite fit in with rivals at tournaments in Port of Spain and environs, and that wasn’t just because they were way better than I. We didn’t speak the same language – and if you’ve ever hung out with the Westmoorings crew, you’ll know what I mean.

Total lack of Chinese-related anecdotes is sufficiently telling, methinks.

I have no real, first-hand experience of what it is like to be white/Indian/Chinese in Trinidad.

Nor do I know what blackness means, as much as I use it as political shorthand for my identification with issues of racism, discrimination and other minority concerns.

Does that make my claim to these multiple strands of history less valid? Am I less authentic because I exercise my right to tick “Other”?

Nothing like an identity crisis on a Friday afternoon.


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Trinidad & Tobago

Thoughts on .tt

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Why are .tt domains so expensive?

According to the breakdown over at ttnic, theliminghouse.tt would cost USD $500 upront, and then an additional USD $500 every five years, from the third year after registration.

And that’s if it were registered from a local (i.e. Trinbagonian) address; applications from a foreign address would cost twice that. Ouch.

None of the limers here have that kind of cash to splash out on a domain name (though donations are welcome…), but Matthew “WordPress” Mullenweg does – and he’s now the proud owner of ma.tt.

Mr Mullenweg blogged about his .tt acquisition, and some of his observations are worth highlighting.

Like the “90s-era” design of the ttnic site.

And the fact that

…to register a domain in Trinidad/Tobago you have to do an international wire to their bank, they don’t accept credit cards…

Or this little tidbit:

So about two weeks ago I went to the bank, wired the money to their foreign account and then… didn’t hear anything for a week. At first I wondered if I had been scammed 419-style, but then I got an email from their admin that everything was set up.

I’m sorry, but that is just – ghetto.

It is not even remotely acceptable that setting up a domain should require a trek to one’s bank, particularly when one is already having to cough up several hundred dollars. And having to wait a week for confirmation? Really?

This is a fine point, given the crimedrugsfailinginfrastructurepoliticalgimmickryetc with which Trinbagonians already have to contend.

It is also indicative of how much work there is to be done before T&T can truly call itself developed.

The road is long.