Home' Trinidad and Tobago Guardian : February 22nd 2015 Contents SBG14 FINANCE
SUNDAY BUSINESS GUARDIAN www.guardian.co.tt FEBRUARY 22 • 2015
Provision of Signage Works: Entrance Development of
e TecK Industrial Parks
Evolving TecKnologies and Enterprise Development Company Limited ("e TecK") hereby invites the submission
of Tenders from eligible bidders for the provision of works to enhance the aesthetics of its industrial parks in
Trinidad, inclusive of main entrance and directory listing signage, landscaping,kerbs and roads.
The delivery period will be two (2) months from the date of contract signing.
Bidding will be conducted through the Two Envelope Competitive Bidding process in accordance with
e TecK's procurement guidelines and is open to all suitably quali ed bidders.
Interested eligible bidders may obtain further information from tender documents at the o ce of
The Secretary, Tenders Committee at the following address:
Evolving TecKnologies and Enterprise Development Company Limited (e TecK)
131 Uriah Butler Highway
from 8.00 a.m. to 4.00 p.m. on weekdays, no later than Friday 20th February, 2015 at 4.00 p.m.
A complete set of bidding documents may be purchased by interested bidders upon payment of a
non-refundable fee of One Thousand Trinidad and Tobago Dollars (TTD 1,000.00). The method of payment will
be cash or certi ed cheque. Only bidders who have purchased the bid documents will be eligible to submit
Mandatory site visits are scheduled for Tuesday 24th February 2015, at 10:00 a.m. starting at the Debe
Industrial Park and Wednesday 25th February , 2015 at 10:00 a.m. starting at the O'Meara Industrial
Park. Failure to attend both site visits will render the prospective bidder ineligible to submit a bid for this Tender
Tenders must be depositied into the marked Tender Box at the above address. All bids must be accompanied
by a bid security of Fifty Thousand Trinidad and Tobago Dollars (TTD 50,000.00) or an equivalent amount in a
freely convertible currency. Tenders must be submitted in strict accordance with the Tender Documents.
Tender Closing Date: Tuesday 17th March, 2015 at 2.00 p.m.
Late Tenders will be rejected. e TecK does not bind itself to accept the lowest or any Tender and reserves the
right to negotiate price with any Tenderer.
Evolving TecKnologies and Enterprise Development Company Ltd (e TecK)
131 Uriah Butler Highway, Charlieville, Chaguanas
FOR RENT DOWNTOWN PORT-OF-SPAIN
IDEAL FOR LAW OFFICE
1000 SQ. FT. OFFICE SPACE PLUS
155 SQ. FT. COMMON AREA
PARKING AND SECURITY AVAILABLE
For further information please call
For central banks in the rich world, two
is a magic number. If prices rise at two per
cent a year, most shoppers can more or less
ignore their slow ascent. A touch of inflation
is hugely helpful, in fact: It gives bosses a
way to nudge unproductive workers---a pay
freeze actually means a two per cent cut---
and an incentive to invest their earnings.
Most important, it keeps economies away
from deflation and the depressing choices,
between hoarding cash or delaying pur-
chases, that falling prices can bring.
Despite the banks professed adherence
to the two per cent mantra, however, a
period of falling prices is on the cards.
The whiff of deflation is everywhere. Even
in America, Britain and Canada, all growing
at more than two per cent, inflation is well
below target. Prices are cooling in the east,
with Chinese inflation a meager 0.8 per
cent. Japan s 2.4 per cent rate is set to evap-
orate as it slips back into deflation, and
Thailand already is there.
It is the euro zone that is most striking,
however. Its inflationary past, in which price
hikes averaged 11 per cent a year in Italy
and 20 per cent in Greece during the 1980s,
is a distant memory.
Today, 15 of the area s 19 members are in
deflation, and the highest inflation rate, in
Austria, is only one per cent.
Oil explains much of this. A year ago a
barrel of Brent crude cost $110, and today
it is $60. This 45 per cent price cut is trickling through
economies. In Britain data released on February 17
showed that tumbling energy and transportation
prices had helped deliver an inflation rate of 0.3 per
cent in the year to January, one of the lowest on
record. In America the price of gasoline has fallen
by 35 per cent in the past six months, and the cost
of diesel and heating oil also is down.
This is not, in itself, a bad thing. Since winter
energy use is a necessity, consumers are better off
with lower-priced fuel. Companies are cheering too:
As well as lower energy bills, the cost of everything
from plastic bottles to detergent is edging down.
Some of the savings are being passed on: Food, which
is costly to transport and requires a great deal of
packaging, is cheapening.
These are the hallmarks of a positive supply shock.
Cheap oil means that economies can provide more
goods at lower prices. In the services sector, which
relies much less on energy, transportation and oil-
based materials, prices are still rising.
For those selling durable goods, deflation may seem
more worrying. The price of new cars is flat in Britain,
slowly sliding in Portugal and tumbling in Greece,
where a new automobile is nearly 20 per cent cheaper
than it was in 2005.
For many industries, however, falling prices are
not new, but a way of life. In the euro zone the prices
of telephones, computers and cameras have been
falling for a decade---in Spain telephone equipment
is 90 per cent cheaper than it was 10 years ago---so
deflation is unlikely to shock shoppers. Even in Japan,
which has seen years of falling prices, there is little
evidence that purchases are being put off.
The boost to purchasing power from a short period
of falling prices is welcome. In the rich world pay
raises have been rare despite huge improvements in
employment. Since early 2010 more than 10 million
American workers have found jobs as unemployment,
which peaked at more than 15 million, has fallen by
40 per cent. Japan has seen a similarly big drop, from
3.6 million to 2.3 million. Britain has done even better,
slashing the ranks of its jobless by 50 per cent to
only 800,000. Even the sickly euro zone has added
The puzzle is why rising employment has not led
to inflation in the form of higher pay.
Unemployment rates in America, Britain and Japan,
all of them at or below pre-crisis lows, previously
would have triggered rising wages. All three, however,
have seen growth mainly in insecure forms of employ-
ment: Part-time work has risen, as have the ranks
of the "underemployed," those who would like more
hours if they could get them. As looser contracts
have helped create flexible work forces, casual work---
from Uber drivers to day labourers in construction---
has boomed. Jobs may be up, but workers bargaining
power is not.
The drawbacks of these newly flexible labor markets
are beginning to prompt a political backlash. President
Barack Obama has urged Congress to raise America s
minimum wage from US$7.25 to US$10.10. In Britain
both main parties plan to clarify when insecure "zero
hours" contracts are abusive. Prime Minister Shinzo
Abe of Japan recently announced that temporary
The high cost of falling prices
Continued on Page 15
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