Home' Trinidad and Tobago Guardian : June 3rd 2015 Contents INVESTMENT DISCUSSION
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SAN JOSE, CALIFORNIA---
Twelve years ago, Ian Wright
and some fellow engineers
launched Tesla Motors, a Sili-
con Valley company that has
helped jumpstart the market
for electric cars.
Now, the Tesla co-founder
wants to electrify noisy, gas-
guzzling trucks that deliver
packages, haul garbage and
make frequent stops on city
streets. His latest venture,
Wrightspeed, doesn t make
the whole truck. Rather it
sells electric powertrains that
can be installed on medium-
and heavy-duty commercial
vehicles, making them
cleaner, quieter and more en-
"We save a lot on fuel. We
save a lot on maintenance,
and we make the emissions
compliance much easier," said
Wright, a New Zealand-born
engineer who left Tesla when
it was still a small startup in
Wrightspeed is one of a
growing number of compa-
nies that are trying to trans-
form the market for
commercial trucks that con-
sume billions of gallons of
fuel while spewing tons of
carbon dioxide, nitrogen
oxide and other pollutants.
According to the 166-page indictment
in United States vs Jeffrey Webb, et al, in
which many senior Fifa officials and others
are charged with multiple counts of rack-
eteering, money laundering and wire fraud
involving US$150 million, six Caribbean
banks are listed as having completed wire
transfers of large sums of money for the
None of the banks has been charged with
any crime, or regulatory violation.
On Friday, the Bankers Association of
T&T (BATT) said it remains committed to
working with local and foreign regulators
and law enforcement agencies as the inves-
"The Bankers Association of Trinidad
and Tobago (BATT) has taken note of the
fact that certain local commercial banks
have been named in the indictment raised
against the Member of Parliament for
Chaguanas West, Austin Jack Warner,"
the association said in a release.
"BATT wishes to acknowledge that banks,
as responsible corporate bodies, are com-
mitted to co-operating fully with regulatory
and law enforcement agencies when
engaged on matters of a regulatory, legal
and/or criminal nature," it noted.
Warner, who is a former FIFA vice-pres-
ident, was indicted in New York last
Wednesday and was arrested the same day
in Trinidad pending extradition to the US.
He is currently free on $2.5 million bail.
Under the treaty between the United
States and T&T, the US now has 60 days
to produce a formal request for Warner s
Meanwhile, three British banks have
launched internal reviews of transactions
linked to allegedly corrupt payments by
Fifa officials outlined in the US indictment.
The banks---Standard Chartered, Barclays
and HSBC---are understood to be looking
into the details of payments after they were
cited in the indictment.
The three banks are not accused of any
wrongdoing the reviews are said to be in
part to ensure that they have complied with
anti-money laundering and bribery rules.
In a statement, Standard Chartered said:
"We are aware that two payments cleared
by Standard Chartered are mentioned in
the indictment. We are looking into those
Neither Barclays nor HSBC commented
on the matter.
Any suggestion that their global networks
have been used to facilitate illicit wire trans-
fers will be a source of concern to the banks
after a series of large fines imposed by US
regulators in other cases. HSBC and Stan-
dard Chartered have been hit by penalties
totalling US$3 billion between them in the
last three years for infringements relating
to money laundering or breaching sanc-
In the final quarter of 2014, T&T unemploy-
ment rate was 3.3 per cent---unchanged from
the previous quarter.
However, data just released by the Central Sta-
tistical Office in its Labour Bulletin shows that,
broken down by gender, the rate increased among
males, from 2.6 per cent in the third quarter of
2014, to 2.9 per cent in the fourth quarter of the
year. For females, the unemployment rate
decreased from 4.4 per cent to 3.8 per cent.
Compared to the corresponding period a year
earlier the data showed that the overall unem-
ployment rate decreased from 3.8 per cent to 3.3
per cent with the male unemployment rate
decreasing from 3.4 per cent to 2.9 per cent and
the female unemployment rate decreasing from
4.3 per cent to 3.8 per cent.
In terms of the unemployment situation, the
data reflected a decrease of 800 or 3.6 per cent
in the number of unemployed persons in T&T
between the third and fourth quarters 2014.
Unemployed males increased by 1,400 or 14.3
per cent while unemployed females decreased
by 2,200 or 17.9 per cent.
A comparison of the data for the corresponding
quarter in 2013 revealed a decrease of 3,400 or
13.8 per cent in the total number of unemployed
The size of the labour force was 651,000 per-
sons, This was a decrease of 9,100 or 1.4 per
cent compared to the third quarter 2014.
From a gender perspective, this decrease was
reflected among females which fell by 12,100 or
4.3 per cent. Males increased by 3,000 or 0.8
The overall labour force participation rate fell
from 62 per cent in the third quarter 2014 to 61.1
per cent in fouth quarter 2014 and compared
with the corresponding quarter in 2013, decreased
from 61.6 per cent to 61.1 per cent.
In comparison to the previous quarter, an
analysis of persons with jobs by industry revealed
that increases were identified in financing, insur-
ance, real estate and business services 7,200 or
13.2 per cent, other manufacturing (excluding
sugar and oil) 4,600 or 9.6 per cent and other
agriculture, forestry, hunting and fishing 3,600
or 17.2 per cent.
However decreases were seen in community,
social and personal services 18,000 or 8.4 per
cent, transport, storage and communication 2,800
or 5.9 per cent and wholesale and retail trade,
restaurants and hotels 2,300 or 1.9 per cent.
In the period under review, the largest increases
recorded in persons with jobs by occupational
group were experienced by service workers
(including defence force) and shop sales workers
3,800 or 4 per cent and legislators, senior officials
and managers 800 or 1.3 per cent.
However, the largest decreases were recorded
in professionals 4,600 or 12.2 per cent, craft and
related workers 3,900 or 4 per cent and elemen-
tary occupations 3,600 or 3.1 per cent.
Trade Minister Vasant Bharath, centre, listens attentively as Wang Ping, chairman of Chongqing Chemical and Pharmaceutical
Holding Company, makes a presentation during a meeting at the ministry's Port-of-Spain offices. Bharath, along with senior officials
of the Trade Ministry and board members of InvesTT Limited, met with representatives of the Chinese company to discuss
prospects for investment in T&T.
Tesla co-founder wants to electrify trucks
T&T banks listed
in Fifa indictment
stays at 3.3 per cent
The regional banks listed in the
• First Caribbean International
• Barclays Bank (Cayman
• Fidelity Bank (Cayman
• First Citizens Bank (T&T)
• Intercommercial Bank (T&T)
• Republic Bank (T&T)
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