Home' Trinidad and Tobago Guardian : April 13th 2017 Contents APRIL 13 • 2017 guardian.co.tt BUSINESS GUARDIAN
NEWS | BG7
roup chief executive, Eastern
Credit Union (ECU), Conrad
Enill, said the shortage of
foreign exchange is prompt-
ing companies to make cuts
to their operational expend-
iture. He suggested while the list of expenses
to operate a business can be long, specifically
the labour costs tend to be one item of ex-
penditure most focused on when it comes to
“Certainly from where I sit, where a lack
of foreign exchange is causing companies to
start to look at their cost, in some instances,
that is impacting employment. Those are the
circumstances as we see them. Our interven-
tion (ECU’s) is to take the individuals who are
affected and give them tools to survive.”
These comments from the former minister
in the Ministry of Finance come as Unilever
and NFM reported in their financial state-
ments that accessing US currency had become
The shortage in US currency is not the only
challenge which businesses face as a depreci-
ated exchange rate is another issue.
According to the Central Bank of T&T, the
exchange rate at the close of Q1 was $6.7726
and the start of the first quarter, $6.7561.
He was speaking at a career reboot workshop
held on April 3, at the ECU’s headquarters,
Eastern Main Road, St Joseph.
Even though the participants in the work-
shop comprised of members of the ECU, Enill
said the credit union would be looking at ex-
tending the workshop to include participation
by members of the public.
“What we have decided to do is to partner
with the Arthur Lok Jack Graduate School of
Business to take our members through a pro-
gramme intended to give them the skills and
the technical know-how to reboot their career.
“Basically, we are saying that, as we look
at the economic landscape, we’re seeing a lot
of individuals who are losing their jobs, who
would be displaced and our response to that
is to prepare people for that reality.”
Asked what were some of the trends which
he has seen in the labour force, Enill said,
“when we looked at the results of the gov-
ernment revenue for the first quarter of 2017,
we noticed it is significantly less than what
“We are also seeing via the news, a series of
interventions that are reducing employment in
state enterprises, and we are seeing the trickle
What is clear, he said, is that there are op-
portunities and interventions that the labour
force can participate in, even though T&T is
in a recession.
According to Enill, the unemployment sit-
uation is not going to be reversed but there are
still opportunities to “make a good living. This
country still has $60billion worth in circula-
tion. It still has significant revenues and the
fact that energy companies are going to get
back into active production means there are
going to be opportunities,” he said.
in a recession
Franklyn Dolly, a behaviour consul-
tant at Dolly and Associates, said
recession offers the opportunity
to the worker to introspect about
He suggested that coping with re-
trenchment means changing the
way the worker looks at his or her
situation after retrenchment. This
means, he said, the worker is trained
to seeing things without fear but
Dolly and Associates is a behaviour
change and consulting company
offering counselling, parenting to
some communities, dealing with
children delinquency and anything
requiring behavioural change.
The company has been in business
for 25 years offering psychology and
‘CIBC FirstCaribbean’s growing’
From Page 5
St Hill gave an idea of the size of their operations in the T&T
market by saying they have 300 corporate accounts and 150
individuals in the platinum category.
He explained that the “platinum category” is where the cus-
tomer has a specialised relationship with a specific banker
who he can contact for the services he needs.
“I would say in total we have 600 ‘relationships’ in T&T.
But that has been developed on an old existing platform. That
will change significantly in the next 20 days as we open the
new financial centre. We are very humbled by the number of
people in Chaguanas enquiring about our services,” he said.
St Hill said they spent US $2 million in outfitting the new
According to FirstCaribbean International Bank Ltd’s con-
densed consolidated financial results for the quarter ended
January 31, 2017, the bank reported net income of US$33.8
million for the first quarter of the fiscal, US$4.9 million or
13 per cent below the first quarter’s net income of US$38.7
million a year ago. Revenue in the prior year was helped by
several non-recurring items.
According to their statement, overall the bank delivered
another quarter of strong core operating results and showed
profitable growth despite an uncertain and challenging eco-
Total revenue for the period was US$133.3 million, US$4.9
million or four per cent below the same period last year where
the bank benefited from several non-recurring revenue items.
Productive loans, a key performance driver, have continued to
grow, increasing US$193.5 million or three per cent.
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