Home' Trinidad and Tobago Guardian : September 16th 2013 Contents A17
• Twitter: @GuardianTT • Web: guardian.co.tt
Smoothening out the
operations of the Licensing
Authority is the first task
Stephen Cadiz, Transport
Minister will be tackling. Just
days into the job, Cadiz said
there is need to hit the ground
Reacting to his new
appointment, Cadiz said his
tasks ahead will not be any
thing strange as he had
interacted with most of the
stakeholders in the shipping
industry, when he was
Minister of Trade.
Speaking to reporters during
a break at a stakeholder
consultation on the Shipping
Amendment Bill 2013, he said:
"The Licensing Authority . . .
needs an awful lot of work. I am
in discussions with the
"It is obvious that we have to
do a complete makeover at the
Licensing Authority. Work had
already been started with the
Barrington Group. The issues
are not new."
Cadiz has already met with
the eight agencies which fall
under the Ministry of Transport.
He has planned more
meetings with stakeholders this
Cadiz focuses on Licensing Authority
The Central Bank of T&T will co-
host the 6th Annual Global Policy
Forum in September 2014 along with
the Alliance for Financial Inclusion.
The announcement came Thursday
at the closing ceremony of the 2013 AFI
Global Policy Forum, which was held in
Kuala Lumpur, Malaysia.
The Central Bank says the commit-
ment to host this international forum is
a major step towards advancing its finan-
cial inclusion agenda.
The Bank also indicated that 2014 will
also mark fifty years of its establishment
and this event, to promote financial inclu-
sion, is one of the most fitting ways to
observe that milestone.
The Global Policy Forum is the flagship
event for the international working group,
the Alliance for Financial Inclusion. It is
seen as a platform or central banks and
other policymaking bodies in developing
countries to engage in dialogue, and share
knowledge and experiences in increasing
access to financial services.
A symbolic handing over of a gold
gong at Thursday s closing ceremony
from the Prime Minister of Malaysia,
Najib Razak to Senior Manager, Human
Resources and Corporate Communica-
tions of the Central Bank, Nicole Crooks,
sealed the forum s next host country.
Crooks, on behalf of Governor Jwala
Rambarran, had moments before com-
mitted this country to the AFI s Maya
Under the Maya Declaration, Crooks
told the global audience the Central Bank
will "transform its National Financial Lit-
eracy Programme into a National Training
Institute for Financial Inclusion by end
of December 2014".
The NFLP is a unit within the Central
Bank and has been spearheading financial
"The Institute will work with key stake-
holders to develop a National Financial
Inclusion strategy based on the G-20
principles of leadership, co-operation
The AFI is funded by the Bill and
Melinda Gates Foundation and has 108
The Central Bank of Trinidad and
Tobago joined the AFI in March this year
as the 100th member.
GraceKennedy recently staged
an investor briefing with stock-
brokers and agents from major
entities in T&T.
The GraceKennedy contingent
comprised GraceKennedy Group
CEO, Don Wehby, Frank James,
Group chief financial 0fficer and
Courtney Campbell, CEO,
GraceKennedy Financial Group.
The briefing was held at the
Hyatt Regency Hotel, and saw 35
financial representatives from some
15 firms in T&T. Presentations
were made by Wehby and James
on the company s performance in
the last two years against its vision
and strategy, as well as the outlook
moving forward. Chief among the
points made were the positive
strides being made by the
GraceKennedy Group in achieving
its objective of becoming a global
consumer group, despite a tough
Among the questions raised by
invitees was that of how
GraceKennedy intended to con-
tinue growing given Jamaica s chal-
lenging economic conditions.
Wehby responded: "We measure
our performance in US dollars with
one of our key objectives being
the diversification of our revenues
and profits outside of Jamaica.
GraceKennedy was able to increase
profits from economies outside of
Jamaica from 26 per cent to 37 per
cent from 2011 to 2012."
He said that notwithstanding a
devaluation of the Jamaican dollar,
Group profits increased from
US$32m in 2011 to US$39.5m in
"Our goal is to have 50 per cent
of our profits outside of Jamaica
by 2020 and we continue to make
good strides towards achieving
that," he added.
Other areas of interest raised by
the group were the company s
move into Africa, potential new
markets, the challenge in terms of
the cost of inputs as well as future
mergers and acquisitions.
He added that the feedback
from the agents was encouraging,
showing that the company enjoys
a positive image in Trinidad and
Tobago. This, he said, augured well
for the future of the brand.
GraceKennedy s T&T (GKTT)
operations started 20 years ago
when GraceKennedy Remittance
Services (GKRS) began money
transfer operations. That aspect
of the business has grown signif-
icantly since then, through the
partnership with Western Union.
GKTT now comprises Western
Union, FX Trader and Bill Express.
The Foods Division has also per-
formed very well over the last few
years, growing over 10 per cent
to host Global
New plastic iPhones 5C are displayed during
a media event held in Beijing, China. Last
year, eager buyers in Beijing waited
overnight in freezing weather to buy the
iPhone 4S. Pressure to get it---and the profit
to be made by reselling scarce phones---
prompted some to pelt the store with eggs
when Apple, worried about the size of the
crowd, postponed opening. Just 18 months
later, many Chinese gadget lovers responded
with a shrug when Apple Inc. unveiled two
new versions of the iPhone 5. AP PHOTO
NEW PLASTIC IPHONES 5C
GraceKennedy meets T&T investors
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