Home' Trinidad and Tobago Guardian : February 7th 2015 Contents A15
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In what is seen as good news for T&T s
energy dependent economy, oil rallied
again yesterday in what is widely seen
as signs that it is starting to stabilise.
The benchmark closest to the price for
the light sweet crudes produced in this
country, West Texas Intermediate (WTI),
settled at US$51.69 a barrel on the New
York Mercantile Exchange, up US$1.21, or
2.4 per cent, for the session.
WTI has been seeing daily price swings
of up to nine per cent since last week on
mixed signals the market could remain
oversupplied through the first half of the
year. At the same time, falling rig counts
and reduced exploration budgets of oil
firms suggest the glut may be overcome
Benchmark Brent crude was on track
for its largest two-week gain in 17 years---
a 10 per cent gain on the week, its biggest
since 2011, and 20 per cent over two weeks,
its largest since 1998. Falling oil rig counts
and violence in producer Libya helped to
stall declines that began in June.
Crude prices have rallied nearly 20 per
cent over the past six sessions, but are
still about 50 per cent below their peak
from the middle of last year, due to worries
of a global oil glut. In addition, the recent
price rebound has been accompanied by
sharp market volatility.
Yesterday s price increase was triggered
by a report that the worldwide count for
oil drilling rigs fell by 261 last month,
according to data supplied by oil services
firm Baker Hughes. The average number
of US oil rigs fell by 199 in January, fol-
lowing the largest weekly drop since 1987,
in the week to Jan 23. This week, another
83 US oil rigs went offline, Baker Hughes
Aside from the rig count data, the mar-
ket was bolstered by fighting across Libya.
The national budget is currently pegged
on an oil price of US$45 a barrel.
It s no secret. Chadon beni,
thyme, rosemary and paprika are
some of the seasonings in the newest
local fried chicken to hit the mar-
The ingredients are displayed
prominently on a wall inside Redd s
first chicken and fries outlet in Mon-
Selvon Lutchman, general manager,
in an address at the launch of the
new fast food restaurant yesterday
in the newly renovated Ambassador
building in Montrose, said it took the
four directors six months of testing
to perfect the recipe.
Redd s new pepper sauce went
through the same scrutiny.
Fresh, not frozen, chicken is used
and is marinated for 24 hours before
Lutchman, a former aircraft tech-
nician, and three others, Sureash
Singh, Sunil Persad and Nigel Bis-
soon, came up with the idea to open
their own outlet a year ago while
having a drink inside another fast
Poor customer service and ques-
tionable kitchen preparations were
some of the major incentives to create
an outlet that would revolutionise
the fast food industry, Lutchman said.
Too much salt in the food and
waiting too long in the line were other
Great customer service will be a
major priority in Redd s, he prom-
Lutchman said the directors spent
long days and sleepless nights to also
come up with the bright, cheery
He said 25 people were hired for
the first of several coming franchis-
es.President of the Chaguanas Cham-
ber of Industry and Commerce, Richie
Sookhai, emphasized the need for
good customer service.
"Let s not have a stigma like the
others. Let s set the bar.
"We grew up from an agricultural
town and we are family oriented in
Chaguanas," he said.
Chaguanas Mayor Gopaul Boodan
said Redd s success is guaranteed
since 180,000 people pass through
the area weekly.
BRUSSELS---The United States
wants to speed up talks on a vast
trans-Atlantic trade pact with the
Chief US negotiator Dan
Mullaney told reporters Friday
that "if we're going to get this
negotiation done in a reasonable
period of time, we're going to
need to see movement."
His comments came at the end
of an eighth round of talks on the
Transatlantic Trade and
Investment Partnership. Both
sides have pledged to hold two
more rounds before the end of
July plus inter-session talks
Proponents of a trans-Atlantic
deal say it would vastly boost
trade and employment by creating
a bloc of 800 million consumers
that account for around half the
world's economic output. (AP)
United States urges greater speed in trade talks with EU
Crude oil prices
Local fast food brand launches in Chaguanas
The World Bank's project manager for development of a broadband strategy for T&T, Arturo
Muente Kunigami, left, greets Dr. Rupert Griffith, Minister of Science and Technology at a
meeting at the ministries offices at Tower D, International Waterfront Centre, Wrightson Road,
Port-of-Spain, yesterday. The Ministry of Science and Technology is the lead for the
development of a broad band strategy for T&T. At right is Ingrid Seeraran, permanent secretary.
PHOTO: ANDRE ALEXANDER
Chaguanas Mayor Gopaul Boodan, left, and President of the Chaguanas Chamber of Industry and Commerce
Richie Sookha, right, with other officials at the ribbon cutting ceremony for the new Redd's outlet at the
Ambassador Building in Montrose, Chaguanas, yesterday.
WORLD BANK MISSION
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