Home' Trinidad and Tobago Guardian : April 6th 2015 Contents A16
Guardian www.guardian.co.tt Monday, April 6, 2015
Taking part in the cheque presentation are, from left, Amrita Bajnath, Mario's brand manager; Roger Harford, Mario's director; Lucretia
Burns, juvenile home supervisor 3, St Mary's Home; and Joanne Roberts, assistant manager, St Mary's Home.
Within hours of announcements from
Cable and Wireless Communications
(CWC) and Columbus International of
the finalisation of their US$3.025 billion
merger, the most vocal critic of the deal,
the Communication Workers Union
CWU), sent off letters calling for a deep-
er probe of its approval by the Telecom-
munications Authority of T&T (Tatt).
The letters were addressed to Prime
Minister Kamla Persad-Bissessar, Finance
Minister Larry Howai and Kenny Lue
Chee Lip, chairman of National Enter-
prises Limited, and were all signed by
CWU secretary general Joseph Remy.
The union is contending that there was
a lack of transparency in Tatt's approval
of the merger, resulting in the national
patrimony being sold out "without due
care and consideration."
CWU, the majority union at TSTT, has
asked the prime minister to do an urgent
review of the approval process and is
calling for her intervention to protect the
local telecommunications industry.
Remy also raised questions about the
conditions set out by Tatt for CWC to
dispose of its 49 per cent shareholding
in TSTT. He said there was an apparent
infringement of NEL shareholders' rights
since no meetings were held to discuss
the implications of that agreement, or
its impact on shareholders' equity in
TSTT. In the letter to Howai, Remy
claimed the CWC's presence on the TSTT
board while the merger with Columbus
was being pursued was "contrary to good
and ethical business practices."
He said CWC was involved in devel-
opment of a strategic plan which included
the voluntary separation of more than
300 senior TSTT employees.
"Our analysis of this development
points to the fact that Cable and Wireless
Communications is now poised to recruit
these employees in the new entity that
would evolve from this acquisition---
employees with intimate knowledge of
TSTT's operations and strategic direc-
tion," Remy said.
He called on Howai, in his capacity as
corporation sole, to launch an investi-
gation to determine whether Tatt's
approval of the merger was done in the
best interests of citizens of T&T.
The union wants to meet with Lue
Chee Lip to discuss the future direction
The Sagicor Group has earned net income
of US$73.9 million for 2014. This is an increase
over the US$4.1 million for 2013.
Chairman Stephen McNamara said the
group's businesses in the Caribbean and United
States recorded net income of US$100.3 million
for 2014, compared to US 79.6 million for
2013---an increase of US$20.7 million.
"Net income from continuing operations
attributable to shareholders was US$53.7 million,
compared to the prior year result of US$39.1
million, an improvement of US $14.6 million.
Earnings per common share from continuing
operations was US17.3 cents, and represented
an annualised return on common shareholders'
equity of 11.2 per cent," he said.
"Total revenue closed the year at US$1,045.2
million, compared to the prior year amount of
US $1,039.5 million. Net premium revenue
stood at US$625.6 million, compared to
US$657.0 million for
the prior year. When
compared to 2013,
the lower premium
from lower new
written in our USA
with the impact of
the deterioration of
the Jamaica dollar to
the US dollar on
in US dollars in
The group's net
investment income for the period of US$307.2
million was an improvement over the US$279.4
million recorded in 2013. Fees and other revenue
amounted to US$83.3 million, compared to
US$103.1 million in 2013, and was impacted
by the lower reinsurance commissions earned
as a result of lower new annuity business writ-
ten in the United States segment.
McNamara said on June 27, 2014, the group
completed acquisition of RBC Royal Bank's
Jamaica banking operations, and rebranded the
business as Sagicor Bank.
He said: "After determining the fair value of
acquired assets and liabilities of the business,
the group recorded negative goodwill on acqui-
sition of US$29.1 million.
At the same time, the Jamaica segment
incurred US$10.5 million in integration, restruc-
turing and re-branding costs associated with
the acquisition. These non-recurring costs have
been included in administrative expenses.
"Total benefits incurred from continuing
operations totalled US$542.2 million, and is a
reduction from the comparative amount in 2013
of US$592.8 million. This reduction is the result
of the lower annuity business written in the
USA segment, together with the impact of the
deterioration of the Jamaica dollar to the US
dollar on the Jamaica segment.
There was an improvement in total compre-
hensive income with net gains on financial
assets of US$15.6 million and net gains on
defined benefit plans of US $13.2 million.
"A decline in the Jamaica dollar against the
US dollar contributed to currency retranslation
losses of US$22.0 million. The Jamaica dollar
depreciated against the US dollar by 7.8 per
cent during 2014, compared to 14 per cent dur-
ing 2013. With the continued improvement in
the Jamaican economy, we expect the currency
to stabilise against the US dollar and further
depreciation to be lower than previous years,"
No Tatt transparency
Union calls for deeper probe into CWC-Columbus merger...
CWU secretary general Joseph Remy
Mario s Pizzeria Limited has given
assistance to the St Mary s Children s
In December, the local pizza chain held
its Gimme 5 for Charity fundraising ini-
tiative where they matched donations
from customers of up to $5.
Donations from individuals totalled
$10,000 and combined with Mario's
donations, the goal of $20,000 was
An additional $5,000 was raised by
management and staff, leading to a grand
total contribution of $25,000.
On March 26, Mario's provided the
$25,000 cheque from the promotion to
Director Roger Harford said: "We
believe in giving back to the community
and contributing towards a positive
change in society."
Mario's donates $25,000 to St Mary's Home
up by US$4.1m
A decline in the
against the US dollar
losses of US$22.0
million. The Jamaica
against the US dollar
by 7.8 per cent during
2014, compared to 14
per cent during 2013.
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