Home' Trinidad and Tobago Guardian : November 14th 2015 Contents A17
• Twitter: @GuardianTT • Web: guardian.co.tt
West Texas Intermediate (WTI), the
crude oil that trades closest in price to
the crudes produced in T&T, plunged to
US$40.74 a barrel on international
markets yesterday. Prices dropped
after the International Energy Agency
(IEA) said commercial inventories
reached almost three billion barrels at
the end of September, a record.
The IEA'smonthly report warned
that the "overhang" that first
developed in the US is spreading
across the world. Although demand
has risen to a five-year high, it's
expected to ease in 2016, as the
factors that boosted it fade.
"The impact of oil's steep price
plunge on end users is unlikely to be
repeated and economic conditions are
forecast to remain problematic in
countries such as China," the IEA said.
WTI slumped US$1.01, or 2.4 per
cent. This month it has dropped about
13 per cent and is currently at its
lowest price since late August. Brent
crude lost 45 cents, or one per cent, to
US$43.61 a barrel in London.
Business leader Thomas Gat-
cliffe, who died at his home on
Tuesday, has been hailed as a pio-
neer who played a key role in ele-
vating the Angostura brand to inter-
national status. Tributes began
pouring in yesterday from business
groups following news of his pass-
Gatcliffe, who served as managing
director and then chairman of
Angostura, was an industrial chemist
by profession and was reputed to be
one of six persons to know the secret
formula of the world-famous Angos-
tura Aromatic Bitters.
Born in 1927 in then British
Guyana, Gatcliffe moved to Trinidad
to study at QRC. He joined Angos-
tura in 1949 and rose through the
ranks of the company. It was during
his tenure that the company devel-
oped its reputation as a leader in the
manufacture in fine rum.
Gatcliffe served as chairman of
the Caribbean Association of Indus-
try and Commerce and was an Inde-
pendent Senator from 1971 to 1976.
He was a proponent on free trade
even when protectionism was seen
as an essential feature of developing
economies and once famously stated
that "rum is to the Caribbean as
whisky is to Scotland, and wine is
Gatcliffe was awarded the Cha-
conia Gold Medal for business enter-
prise in 1979.
In 2009 he was inducted in the
T&T Business Hall of Fame and he
was conferred an Honourary Doc-
torate by the University of the West
Indies in 2010.
Among those paying tribute to
him yesterday was Daphne Bartlett,
president of the San Fernando Busi-
ness Association, who said the for-
mer Angostura chairman helped cre-
ate a product and expand a company
that reached all corners of the globe.
"There are a lot of young people
who want to be entrepreneurs and
want to be self-employed in this
country. They should be motivated
by what he has done. It is wonderful
to know how he has contributed to
the world," she said.
The T&T Chamber of Industry
and Commerce said Gatcliffe was
an honorary member of the business
organisation and had served as its
president in 1964.
"His leadership was much sought
after and he served on several boards
and advisory bodies in both the pub-
lic and private sectors, as well as
being a member of many profes-
sional organisations," the chamber
said in a statement.
"Throughout it all, Tommy as he
was familiarly called, remained a
humble man with a commitment to
family. The T&T Chamber of Indus-
try and Commerce recognises the
sterling contribution of Thomas
"Tommy" Gatcliffe, and mourns the
loss of a great business icon and a
man of the highest integrity."
The T&T Manufacturers Asso-
ciation (TTMA) described Gatcliffe
as a captain of industry whose pass-
ing left a void in the country s busi-
The group said: "An astute mind
for business, combined with a love
for his job, loyalty and dedication to
Angostura---a company which he
served for 60 years---helped to make
it a household name in Trinidad and
Tobago as well as internationally. On
a national level, he was instrumental
in the development of the manu-
facturing sector in Trinidad and
Tobago through his work in Angos-
Gatcliffe, who is survived by his
wife Rhona, was the father of David
(deceased), Patty de la Rosa and
Maggie Lloyd. He was a grandfather
of six and great grandfather of six.
His funeral service, which took
place yesterday at the Church of the
Assumption, Long Circular Road,
was followed by private interment.
T&T has been commended by the
T&T Chapter of the United Nations
for meeting 48 per cent of its Mil-
lennium Development Goals
(MDGs). However, while the coun-
try is on course to meet another 22
per cent by the end of this year, con-
cern has been expressed about the
prevalence of HIV.
Richard Blewitt, UN resident co-
ordinator for T&T, said due to T&T s
wealth it was able to accomplish
many of its MDG goals.
"Overall, at least 70 per cent of
the MDG targets and indicators will
be attained by 2015, so we have to
celebrate that success," he said when
he addressed a national consultation
for the design of a Multi-country
Sustainable Development Framework
(MSDF) for the Caribbean at the
Normandie Hotel, St Ann s, yes-
"I always say the MDGs were a
very low bar for T&T. SDGs (Sus-
tainable Development Goals) are now
a bar to aspire to."
Yesterday s consultation was part
of a series being held locally to design
a MSDF for the region which will
provide greater synergies in UN pro-
gramming, as well as stronger mon-
itoring, reporting and evaluation.
Highlighting some of T&T s
accomplishments, Blewitt said there
has been significant progress on
poverty reduction. It declined from
24 per cent in 1997/1998 to 14.8 per
cent in 2008/2009.
Noting the "under achievements",
including HIV, he said: We know in
2012, the HIV prevalence rate in T&T
went up---the only country in the
Caribbean where the prevalence rate
went up and the death rate went up.
That tells us for HIV we should have
a slight amber light about what to
do about HIV."
Blewitt said the rate of maternal
deaths are also of concern.
At the end of the consultations in
T&T, Belize, Suriname, Jamaica, Bar-
bados, OECS countries and Guyana
the results will be synthesised to pro-
duce a set of priorities and expected
results for the UN in the Caribbean.
Oil prices plunge to US$40.74
Tommy Gatcliffe passes on
T&T meets UN
Thomas "Tommy" Gatcliffe
UN resident co-ordinator Richard Blewitt, left, and Terry Mohammed of the Technical Co-operation Unit, Ministry of
Planning and Development, chat during the United Nations of T&T's national consultation for the design of a Multi-
Country Sustainable Development Framework (MSDF) for the Caribbean at the Normandie Hotel, St Ann's,
yesterday. PHOTO: SHIRLEY BAHADUR
Links Archive November 13th 2015 November 15th 2015 Navigation Previous Page Next Page