Home' Trinidad and Tobago Guardian : July 4th 2013 Contents BG10 NEWS
BUSINESS GUARDIAN www.guardian.co.tt JULY 2013 • WEEK ONE
Rabindra Danny' Jaggernauth, president of
T&T Coalition of Services Industries (TTCSI),
is warning that economic diversification can
be undermined if urgent attention is not paid
in creating an efficient and viable e-commerce
Jaggernauth was speaking on June 21 at
TTCSI's annual meeting, which was held at
the Hilton Trinidad Hotel, Port-of-Spain.
He said TTCSI would continue to work
assiduously to provide a favourable environ-
ment for the services sector.
He said for 2013, the TTCSI would be pro-
viding specific ICT--related training to the
services sector to further build capacity and
increase the sector's competence.
However, Jaggernauth said the Government
must play its role in creating an enabling envi-
"We have to collectively transform the e-
commerce environment in T&T from a simple
online information to a full-fledged electronic
marketplace, which involves online transaction
processing and online payments."
He said the Government has to urgently
ensure full proclamation or passage of the fol-
• Data protection Act
• Electronics Transaction Bill
• Amendments to the Audit and Exchequer
Act• Cyber security legislation.
"Meanwhile, the private sector and, in par-
ticular, the banking sector, has to establish a
local e-payment facility so that payments
online transactions by local businesses can be
handle with local payment facilities."
"This is a major deterrent to the uptake of
e-commerce in the country and a negative
factor in the diversification of the economy."
He said data from UNCTAD's E-Commerce
and Development Reports of 2004, 2012 and
2013 made it clear that increased e-commerce
activity is a viable path to sustainable economic
He said according to Forrester and Goldman
Sachs, the global e-commerce activity would
top US$1 trillion in 2013.
In Latin America and the Caribbean, e-
commerce has grown from US$1.6 billion to
US$43 billion in the last decade.
But according to UNCTAD, the bulk of that
activity is generated by Latin America, with
Brazil accounting for 59 per cent of the Latin
America and Caribbean e-commerce market
T&T's e-commerce activity negligible
Describing the local scenario, Jaggernauth
said, "In T&T, we have a 52 per cent rate of
Internet penetration, a broadband infrastructure
that has excess capacity and relatively low
cost of access. Yet, activity in the e-commerce
market space is negligible.
He said e-commerce is very important, as
is one way of achieving service sector growth.
Jaggernauth said at the moment, stakehold-
ers are still unable to transact business online
with the T&T Government, for example pay-
ment of VAT and other taxes.
"The Global Information Technology 2013
report ranked T&T 71st in terms of starting
a business; dropping five spots from 2012
report. T&T fared even worse in terms of busi-
ness-related procedures and processes."
He said e-commerce; m-commerce and e-
payments hold great potential and present
tremendous opportunities for small- and medi-
um-sized entrepreneurs, as well as large firms
He said besides access to new and bigger
markets, such electronic mediated trade can
help foster reduced costs and faster turnaround
times by streamlining and integrating processes
along the entire value chain.
He said e-commerce, m-commerce and e-
payments involve significantly more than the
mere buying and selling of goods and services
over the Internet.
"Ultimately, it can encompass the total reor-
ganisation of business processes to enable
effective operation in a networked, electronic
Jaggernauth said in order for T&T to attain
an effective and viable e-commerce environ-
ment there must be a collaborative effort from
the Government and the private sector.
At the TTCSI's June annual meeting held
at the Hilton Trinidad, members got an oppor-
tunity to review the organisation's performance
Of particular interest were several pieces of
unique research conducted by the TTCSI;
export promotion activities; capacity building
initiatives and advocacy efforts.
Nirad Tewarie, TTCSI's chief executive offi-
cer, said the business support organisation
played a key role in facilitating discussion with
the Government's proposed company for the
creative industries and assisted several service
providers to gain access in the European and
Latin American markets.
He said TTCSI has provided opportunities
for networking with industry leaders and pol-
icymakers, including heads of its 46-member
associations, ministers of government and the
secretary general of Caricom.
Tewarie said as a result of the work done
by TTCSI, popular soca artiste Kees Dieffen-
thaller would be performing at a summer fes-
tival in Brussels, while local ICT firms have
formed partnerships with companies in Central
America and fashion designers are poised to
break into the European markets.
T&T's re-elected TTCSI
board of directors
Mark Raymond of the T&T Institute of Architects,
left, Mahindra Satram-Maharaj, president of the
National Carnival Development Foundation, Rabindra
Jaggernauth, president, TTCSI, Camille Sears-Carter
Wells, T&T Chamber of Industry and Commerce,
centre, Bhoendradatt Tewarie, Minister of Planning
and Sustainable Development, Angela Lee Loy, of the
Institute of Charted Accountants, Hollis Charles, vice
president of the Association of Professionals
Engineers of T&T, Dr Thackwray Driver, Energy
Chamber of T&T, and Nirad Tewarie, chief executive
E-commerce market place 'negligible'
San Fernando-based Trinity Exploration & Production plc
(Trinity plc) on Tuesday announced new incentives for its exec-
utive directors to meet share price and reserves targets by 2015.
If Trinity plc Chairman Bruce Dingwall and Chief Executive
Officer Monty Pemberton oversee growth of the company's
reserves, and lift its share price by the year 2015, they stand
to get 189,600 ordinary shares (Dingwall) and 237,000 ordinary
shares (Pemberton) at no cost. Under the ticker TRIN, Trinity
plc, up to press time on Tuesday, was trading at 106.75 pence
(approximately £1.07) per share.
A document from the London Stock Exchange (LSE), where
Trinity plc trades, said: "The vesting of the above options is
subject to meeting performance targets relating to reserves
growth and the company's share price performance at the end
of the 2015 financial year but will not vest until January 1, 2017.
Subject to meeting these conditions, the options are exercisable
at zero cost to the recipient."
In ordinary language, this means that as long as Trinity's
reserves grow to a specified but undisclosed amount, and the
company's share price surges to another specified but undisclosed
target by the year 2015, Dingwall and Pemberton will have the
option to get the additional shares in the company, if they
want them, but not before 2017.
Catriona McDermott, a London-based spokesperson for
Trinity plc, said in an e-mail to the Business Guardian: "The
company will disclose the performance targets in the next
Asked why Pemberton would receive more shares than Ding-
wall if the performance targets are met, McDermott said: "As
CEO of Trinity, Monty will be awarded more shares as he is
the group's leader."
According to the LSE, Trinity plc's board of directors "approved
the grant of options to executive directors under the Long-
Term Incentive Plan" on July 1. Although the share price of
T&T's first company to trade on a major international stock
exchange has been in steady decline since its February 14 re-
admission or Initial Public Offering (IPO) as TRIN, the LSE's
Alternative Investment Market (AIM) has not seen the price
fall below £1. Its year-to-date low occurred on June 20 when
the share price fell to 103.5 pence. Its previous low was 104
pence on May 3. Its high was a triple top at 130 pence, last
hit on March 14. Trinity plc came out initially at 120 pence
on St Valentine's day this year.
Trinity plc is the largest independent exploration and pro-
duction company focused on T&T. Trinity plc operates assets
onshore and offshore on both the west and east coasts. "Trinity's
portfolio includes current production, significant near-term
production growth opportunities from low risk developments
and multiple exploration prospects with the potential to deliver
meaningful reserves/resources growth," the company said.
The company operates all of its licences and has proven
plus probably (2P) reserves of 36 million barrels of crude, and
current production of around 3,900 barrels of oil per day
Trinity approves stock incentives for Chairman, CEO
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