Home' Trinidad and Tobago Guardian : December 29th 2013 Contents A28
Sunday Guardian www.guardian.co.tt December 29, 2013
Local Market Summary
Trinidad and Tobago Trading volumes were
light in this abbreviated trading week because
of the Yuletide Season.
A total of 345,875 shares traded representing
a marked decline of 79.50 per cent from the
1,687,474 shares traded on the First Tier Mar-
ket last week.
In terms of value, $3,026,656.60 worth of
shares traded, falling 90.76 per cent from
The volume leader this week was National
Flour Mills Ltd (NFM) commanding 28.91
per cent of the market with 100,000 shares
traded. All indices rose this week.
The Composite Index rose 0.41 per cent
or 4.83 points to 1,184.59, the All Trinidad
and Tobago Index rose 0.46 per cent or 9.18
points to 1,993.50 and the Cross Listed Index
rose 0.14 per cent or 0.07 points to end the
week at 49.34.
Once again, First Citizens Bank Ltd (FIRST)
was the major advance this week, up 4.36
per cent or $1.68 to close at $40.25 and the
Jamaica Money Market Brokers Ltd (JMMB),
down 1.96 per cent or $0.01 to $0.50.
The advance to decline ratio ended the
There was no activity on the Second Tier
Market this week. On the TTD Mutual Fund
Market, 7,898 Clico Investment Fund (CIF)
shares traded valued at $173,203.14. CIF s
share price rose 0.83 per cent or $0.83 to
In Jamaica, the JSE Market Index advanced
532.13 points or 0.67 per cent this week to
close at 79,199.78. Trading activity resulted
in 31,097,154 shares traded valued at
The volume leader this week was Mayberry
Investments Ltd (MIL) with 48.85 per cent
of the market or 15,191,560 shares.
The major advance was Ciboney Group
Ltd.(CBNY), up 20.00 per cent or J$0.01 to
J$0.05 and the major decline was LIME, down
6.25 per cent or J$0.01 to J$0.16.
Private Sector Development Specialist
World Bank Group
"We have the money, but it s just not
that easy to find the deals back home."
These words, from a Barbadian entrepre-
neur in Silicon Valley tell the story of a
successful tech entrepreneur whose family
left the Caribbean almost a generation
ago. They moved to the USA and over the
years he was able to build a successful
business based in Northern California.
Today, he looks back home in search for
talent that could benefit from the financing
and advice he can provide as a business
He went further to suggest that over the
next five years, his investments in
Caribbean startups could reach half a mil-
lion dollars if the deals were right.
This individual is not alone. Over the
course of three months, we met with 220
members of the Caribbean diaspora in New
York, Toronto, London, San Francisco, and
In addition, we received responses to an
online survey from 636 other individuals,
collectively claiming their origins in every
single nation of the Caribbean.
Our intention in conducting the study
was to better understand the business and
investment interests of the Caribbean dias-
pora and to use these findings to design
a programme that would make it easier
for these diaspora dollars to flow back
Through the study we found the diaspora
to have a tremendous interest in making
such investments and contributing to the
development story of their countries of
More than 85 per cent of the respondents
to our survey indicated that they already
give back to the Caribbean in some way,
shape, or form.
Besides the consistent flow of remit-
tances and charitable giving, private sector
investments are becoming a strong pull
for the diaspora---one in four diaspora
members invests in real estate and one in
ten invests in a business venture of some
form in the Caribbean.
In general, diaspora members favoured
start-ups over small and medium enter-
prises or established public companies.
In fact, 23 per cent of diaspora members
have made investments in new or early-
stage ventures in the Caribbean.
Among just the 850 diaspora members
we engaged in the study, a pool of about
US$3.5 million dollars is available over the
next five years for investments in early-
stage startups in the Caribbean, seeding
at least 25 startups across the region.
When considering the full scale of the
diaspora---beyond those individuals engaged
in our study---this figure would easily
increase many multiples.
The willingness and ability of the dias-
pora to engage represents a significant
untapped potential for Caribbean nations.
While the money is out there, creating
avenues for these funds to flow back home
and ensuring that the regulatory environ-
ment for businesses is conducive to receiv-
ing such investments remains a challenge.
Interventions such as the Entrepreneur-
ship Program for Innovation in the
Caribbean are trying to create such avenues
and reduce transaction costs.
The impact of increasing diaspora invest-
ments will be nothing less than a tremen-
dous boost for innovation, technology and
entrepreneurship in the Caribbean as a
whole, not to mention the impact they
will have on job creation and economic
Channelling Caribbean diaspora dollars back home
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