The exercise also resulted in 37 people being arrested for a series of offences.

It was led by ASP Ajith Persad and co-ordinated by ACP Irwin Hackshaw and Snr Supt Radcliffe Boxhill.

Other officers taking part included Inspector Mc Girk, Sgts Bruno Austin and Anthony Williams and Grant.

Officers went to Nelson Street, Portof- Spain at an abandoned apartment where they searched a flower pot on Good Friday and found a mini Uzi gun.

No one was arrested in relation to the find.

The Israeli-made weapon has been sent for ballistic testing and will be checked for fingerprints.

During the same exercise, officers also went to Belmont where they searched the home of a reputed gang leader and seized $30,000 from the man’s house.

The 29-year-old suspect was taken into custody and the money handed over to officers of the Financial Intelligence Bureau of the Police Service.

Officers also seized a quantity of cocaine and marijuana and searched several homes, apartments and drug dens during the five-day exercise.

Others were held on outstanding warrants, while several stop and search exercises were carried out.

Officers also carried out DUI exercises in the Woodbrook area which resulted in five people being held for driving under the influence of alcohol.

Those arrested are expected to be placed on identification parades today

It is likely in the coming months, availability of foreign exchange will become a hot news item again as citizens begin to complain about those elusive greenbacks doled out with decreasing frequency by banks and financial institutions.

Some, to beat the rush, have been stockpiling small amounts of US for months, while others may find themselves resorting to more unofficial channels to have their demands met for the season.

At the heart of the matter is the competition for scarce resources, in this case the US dollar, less available now because of the significant reduction in price of our major export. There have been escalating calls since late last year to devalue the currency, along with rumours of devaluation in the pipelines, all of which government has denied.

Those calling for the devaluation argue that an adjustment to a rate of TT$9/$10 to US$1 will reduce demand from those less able to pay for US at that rate, freeing up the supply. They also say manufacturing will be helped as the devaluation will make their goods more competitive on a global market. The finance minister has already signalled what may be an official policy shift by government having said several weeks ago that he could not see the justification for continuing to give importers the same level of access to foreign exchange as local manufacturers.

But there are other factors to consider.

Marla Dukharan, Group Economist, Caribbean Operations, said that both the IMF and ECLAC have weighed in on the value of the TT dollar last year and, both concluded that it was overvalued, ECLAC estimating that it might be so by 40 to 50 percent.

The Ministry of Finance and the Central Bank, said Dukharan, had the final responsibility in determining whether to devalue and to what rate of exchange, but as she noted, they appeared to have particular policy stances.

“Our Central Bank governor has stated that his focus is maintaining a level of inflation that is deemed to be stable and desirable. He has made that his focus. If that is your focus, you would construct your policies around maintaining inflation at a level that you think is appropriate,” said Dukharan.

“If they are saying that their policy goal is to maintain inflation that is acceptable and stable, though I am not sure what that rate is, then there are other policy tools to achieve that goal. They will keep interest rates at a level that is not too expansionary. They are going to keep the money supply at a rate that will not stimulate inflation. They are going to keep the exchange rate at a level that will not stimulate inflation.” According to the Central Bank website, as of January, headline inflation was 3.6 percent, core inflation 2.6 percent and food inflation was 7.6 percent.

Dukharan also told Business Day that a devaluation may not necessarily support efforts to boost local manufacturing.

“When you have to decide whether a devaluation or a depreciation of your currency would be beneficial, you have to calculate something called the Marshall Lerner condition.

What that does is measure the elasticity of your imports and the elasticity of your exports relative to your exchange rate,” Dukharan explained.

The result of the calculation will show whether devaluation will augment the current account balance on the balance of payments or worsen it.

Dukharan said without knowing whether the Marshall Lerner condition is satisfied, we may just be assuming that a devaluation will help local manufacturers.

The RBC group economist used a hypothetical rate of 9:1 to demonstrate.

“Our goods will become more price attractive to the person importing our exports. Their price competitiveness will improve.

That is what you were assuming.

We are not sure of that. You have to remember that everything that we produce in Trinidad has a high import component.

We produce soft drinks, juices, cereals. Anything that people use, we import a significant portion of the raw material. It is not always straightforward to assume that if we have a devaluation in the currency that the locally produced goods will be more price competitive.” A devaluation also may not stem black market activity.

Dukharan said in unofficial markets, price is not the only determinant as to whether US will be available, but supply is also a factor.

If the government were to move the exchange rate to 9/10:1 and the black market was also trading at that, essentially what would happen is that both markets would be aligned, but it would not eliminate the unofficial one.

“You might still have black market activity for those conditions where you are not able to get a supply from the official sources,” she said.

Dukharan added that according to the monthly average selling rate data from the Central Bank, the currency appreciated slightly in January, and again in March.

The document is the Ministry’s response to a report by the Joint Select Committee (JSC) on an inquiry into the strategies and incentives to promote new production in the energy industry.

The JSC report had said, “The Committee recommends that the MEEI submit a report to the Committee on the research findings to date on the future use of tar sands in TT.

“The report should clearly delineate actions needed and timelines in the event that pursuing this activity is deemed appropriate taking into consideration economic and environmental factors.” In response the Ministry said, “The MEEI agrees with the recommendation of the Committee and will review and compile a report addressing the research findings to date, which will include the delineation of actions needed and time-lines.” Tar sands are a mix of clay, sand, water and bitumin, the latter which is extracted for refining into oil. The extraction of tar sands in Alberta, Canada have provoked heated debate over economy versus ecology.

The possibility of extracting tar sands at La Brea was first mooted by the then energy minister, Conrad Enill, in the former Patrick Manning Administration but with little or any follow up action.

MusicTT recently hosted a workshop that showed artistes how they could navigate this space with the collaboration of the World Intellectual Property Office and the Intellectual Property Office of Trinidad and Tobago.

Titled “How to Make Money off the Internet,” artistes, talent managers, promoters and other music stakeholders who attended were given the tools to capitalise on their art and be handsomely paid for it.

Business Day spoke with invited guest speaker, David Stopps, an international artiste manager for the England based Friars Management Limited.

“I got one of my artiste’s songs in an advertisement in Japan for a Suzuki wagon. This advert was shown three, four times a day for a year on eight commercial stations. By the time the year was up, on the collections side, we got over US$480,000.”

“Basically, the event was about showing people how to make money off of music,” he explained. “How you get music into TV productions, film, advertising, video games. The best ways to get out on tour and maximise income from tours. How to promote yourself on social media. Other streams of income, such as publishing, or selling records and streaming. The way things are going, streaming is increasing exponentially.”

But the internet can be a double-edged sword. Just as mastering it can reap many rewards for the artiste, it is trickier than it seems. Using the livestreaming of artistes’ shows without their permission as an example, Stopps showed why the issue is so problematic.

“This is the problem with Facebook and Youtube. They are what you call safe habours where they can put anything up, unless they are told to take it down. It is completely wrong. The whole music industry is fighting this internationally,” he said.

“The thing is, they could be asked to take it down, and they will. But an hour later, it’s back up there, placed there by somebody else.”

Given this, Business Day asked Stopps, how does an artiste monetise his or her art in this environment?

Stopps suggested getting their music up on aggregator services such as Spotify, a music, podcast, and video streaming service. It was developed by startup Spotify AB in Stockholm, Sweden and officially launched in October 2008. While Spotify does not currently serve the region, Stopps said it was still important for artistes to get their music there since people in North American and European markets were buying. The potential for earnings is certainly there. According to Stopps, the average person in the UK spent $21 annually on music services, while in the US, this figure was $15.

“Local artiste may say we haven’t got Spotify, we can ignore it. But they can’t. They have to get their music up on Spotify so the rest of the world can buy it and then the money will come back to them.”

Stopps also said TT has the required copyright legislation, but enforcement seemed to remain a problem. He suggested enforcement powers for bodies tasked with defending artiste rights in addition to an education programme for the populace.

“There should be education to show that music has a value. You can’t just share it for free and think things will be fine. If you do, the artiste will suffer.”

Stopps also observed that collective management agencies in TT do not seem to be working well.

“There is one CMO for publishers and there is one CMO for neighbouring rights,” said Stopps, who serves as a director for a CMO for neighbouring rights in England.

He recounted the level of distrust that existed between the two in England until it was realised that neither organisation was actually encroaching on the others’ turf. He said both organisations combined their licenses into one, so that neither party would approach members of the public asking for payment of two separate music licenses.

He advised that a similar approach be used in TT between the two local bodies.

“If the two can work together on public performance licensing for example, that is more efficient and more money will come back to the publishers, authors and record companies. Someone needs to take the bull by the horns and say this is a mess, we need to sort it out.”

Stopps said he loves Ultimate Rejects’ Full Extreme and thought it, and much of soca music had the potential to earn big returns on the international market.

Referring to the Japanese example where close to half a million US dollars was earned from one placement, Stopps said there was no reason why soca music could not do the same.

Explaining his position, he said, “The crisis that is facing Trinidad and Tobago today is no ordinary one. It is not just an economic crisis, but political and social as well – it is multi-dimensional in scope. And it will require a great degree of wisdom and resolve as a people to challenge the status quo and to quite literally reshape our future.”

In a sober and realistic way he sought the permission of the audience, to show them what exactly confronts the nation. He said, “On the economic front, the fall in gas and oil have decimated the national budget and cut foreign exchange earnings. Tax revenues fell from a peak of $57.2B in 2013/14 to $38.7B estimated for 2016/17 (-31%).

“Current expenditure,” Hinds continued, “for the same period wwas $54.4B and $48.4B. A current account surplus of $2.7B becomes a current account deficit of $9.7B. Public sector debt now stands at $11.9B or 56% of GDP (Gross Domestic Product). We are grappling with declining economic activity, foreign exchange shortages and lowered business confidence.”

Moving to the political and governance situation, Hinds said we are witnessing the near collapse of almost every institution of governance and service delivery by the State and he specifically pointed at policing and security, health services, transportation, including the inter-island air and sea bridges, and in nearly every aspect of public service deliver was in crisis.

Speaking to the social issues, he said, “This collapse is being increasingly manifested through worsening crime, including increased brutality and violence and crimes against women. This is all side by side with no improvement in detection and prosecution and if we accept the alarming statistics provided in the recent debate on the Indictable Offences Bill, our courts are inadequately equipped to handle the volume of matters that come before it. Add to that a troubled education system struggling with bullying and school violence.”

Despite these failures, we have managed to survive, and at times even prosper… we are running out of options to postpone resolution of these critical issues.”

Using a quote from the American economist Paul Romer “A crisis is a terrible thing to waste,” he encouraged people to embrace it. “As a country,” Hinds said, “we have failed to transform ourselves because we somehow considered that we had a choice to turn back or not go forward, unless our back is against the wall or as we heard recently, only if the sky was falling in. Well, if we do nothing or simply keep doing what we did before, the sky will fall in. I want to submit that there is an urgent need to change.”

“In changing the course that we have identified today, we hope to attract the energy of our members and indeed new members to the important task of nation building. This is something that we obviously cannot do alone but neither do we want to. Let’s offer ourselves as the first to change and let’s look for the others to follow. That’s what leaders do,” Hinds end.

Trinidad and Tobago has suffered major setbacks as a consequence of our difficult economic circumstances.

The government has been left with little choice other than to scale back on expenditure, leading to decreased budgetary votes for many ministries, closure of some units and a compressed Public Sector Investment Programme by approximately two billion dollars, when compared to 2016.

In the private sector, businesses face a chronic shortage of much needed foreign exchange.

Reputational damage becomes an issue, as payments for goods and services are delayed time and again.

Job losses have also been increasing as plants shut down, thereby terminating employment for hundreds of workers.

Only recently we suffered a blow with the loss of the opportunity to construct the bpTT Angelin Platform locally. A missed prospect such as this one, particularly in a strained environment, can invariably lead to a number of social consequences; these range from increased crime to physical and mental ill health, fractured family relationships and even the disappearance of small enterprises.

What all of this is signalling is that we can no longer operate as if it were “business as usual”. With our investment attractiveness on the wane, the time has come to recalibrate our minds and make a cultural shift in our individual and collective behaviour. Our country’s future sustainability and our own well-being depends on it.

Our less than acceptable attitude towards labour productivity, our work ethic and our sense of entitlement with respect to government support must become remnants of the past. Over the years, these have all influenced our competitiveness or lack thereof – leading to consistently low rankings in global competitiveness indices. Taking stock is critical, lest we do permanent damage to our investment prospects and ultimately the quality of life we enjoy.

The TT Chamber firmly believes that as Trinidadians and Tobagonians each of us is fully capable of using our tremendous resourcefulness, creativity and resilience in turning our nation into an exemplary one. The choice is ours, to do the right thing, right now.

May has referred several times to the constraining limits of the slim majority she holds, 17 seats in the 650 seat House of Commons. She assumed office after the sheer momentousness of the vote to Leave made the position of David Cameron, who called the referendum and backed Remain, untenable.

Her political opponents have assailed her for what they see as political opportunism. The Tories are miles ahead of Corbyn’s Labour in the polls, and this is an opportunity to crush them, they reason. But as a prime minister who was not elected but is overseeing potential upheaval, there is some logic in seeking stronger backing.

The outcome of the Brexit vote last June was a shock to the system. Many of us who hold UK bank accounts, live elsewhere and sometimes have to engage in foreign currency transactions, saw ourselves grow poorer in real time that unforgettable morning after. The Pound’s slow, dramatic, interminable tumble caused a pit-ofthe- stomach queasiness, not unlike what we feel when a plane loses altitude quickly and suddenly. The British currency has settled at between TT$8.2 and TT$8.5 to 1, but it hasn’t looked close to getting back to the nice round 10 to 1 of a year ago this time.

It had been a calculator-free relationship. No longer. So in that one respect, Brexit has had a significant, settled effect, wiping 15% off the value of the Pound in the 10 months since.

What’s the longer-term outlook? It will hit jobs in the UK, with European companies and non-government offices looking to relocate.

The European Union has got to make the cost of leaving high, to deter other countries which may be similarly inclined. Otherwise its very existence is at stake. There is talk of Britain keeping its trade arrangements, but that appears to be wishful thinking.

The short-term global outlook is much better, according to the most recent Global Economic Conditions Survey. The quarterly survey of global CFOs and finance professionals is conducted by ACCA and IMA (the Institute of Management Accountants).

The cost of doing business has been cited as a concern by nearly half (46%) of firms. Despite this, 22% are planning to create more jobs and raise capital expenditure. Both increased significantly (16% and 14% respectively) in the last quarter of 2016. So the confidence is there.

Faye Chua, head of business insights at ACCA, say there’s been a strong start to the year globally despite the potential threats to the world economy — such as a more inward looking trade policy from the Trump administration, the potential of a Eurozone banking crisis during a key election year across Europe and the UK’s triggering of Article 50 to begin the process of leaving the EU.

There are other factors in play.

“The prospect of increased government spending as austerity measures come to an end in many developed economies means that short term prospects look bright”, Chua says.

That’s especially the case for Germany, the EU’s biggest economy.

Says Chua: “These are the clearest signs of a synchronised and sustained recovery since 2011, and we can reasonably expect that to continue over the next two quarters.” The survey itself notes that “some of the main risks to the continent have been receding in recent months.” But that could change. “One potential issue is France’s presidential elections in May,” the report warns, an election that could see the further mainstreaming of Marine Le Pen’s farright, isolationist National Front.

Yes, there are signs that the global economy is bouncing back after some very tough years.

The IMF is expecting global growth of 3.4% this year, the fastest rate of growth since 2012. However, US President Donald Trump hasn’t yet followed through on his threat to dismantle free trade, and serious Article 50 negotiations haven’t begun.

Perhaps the real effects of Brexit beyond Britain are yet to be properly felt.

These scenarios can be repeated almost by habit and daily by so many of us. However, one day I decided to take my own advice and simply ‘flip the script’. I said to myself, “Self, suppose the guy hurriedly and dangerously overtaking you had to do this because he had a very sick child in his car?” or “what about the lady crossing the street not even realising she was crossing, as she was too busy thinking about the angry boss she had to face when she got into her workplace?”

My point is, that sometimes we just never know what is taking place in the hearts and minds of others and we simply lump everyone into the same basket of deplorables. If we were to stop and think for a moment, “What if the situation was not as simple as it seemed?” And in many instances, it isn’t. I found myself once on the receiving line of an attack, when I had an extremely stress-filled day, and was caught in the midst of trying to rush from one event to another, when someone said “hello” to me and my mind was as far away as possible. I did not mean to ignore the greeting, I just was not mentally present. And that simple interaction made the person extremely angry and lash out. It was only after their response that I was jolted back to realty, apologised that I had missed the greeting and moved on even more stressed than I was before.

This is to state that our current dynamic, locally, regionally and internationally is fuelled by time constraints, deadlines, issues seen and unseen and a number of parameters that may not fall into the realm of ideal, and we are all trying to find ways of coping and managing as best as we could. As such, it is always a good practice to be a bit more understanding of circumstances and the potential impact on the simple daily grind, because let’s face it, for the majority this is what it is – a daily grind. And the last thing needed to add to this grind is more distress.

I have started intentionally and deliberately practicing what I preach and I have noticed a marked decrease in my own stress levels. Thinking up scenarios to justify the impolite actions of others has even put a smile on my face ever so often. The point being, we just never know what others may be going through, and instead of laying blame and judgment, perhaps empathy and understanding may assist. The repealing and replacement of blame and judgment also add to your own personal management of potentially stress filled scenarios. Trust me, you will find yourself smiling, when you release the anger of a potentially abrasive situation, and replace it with being empathetic for a complete stranger. So if you don’t do it for them, try it for yourself.

This lesson I am retraining myself to adapt, also supports my adage to my son. As when a driver overtakes, he now says, “Ah mummy, I guess he is on his way to the hospital. I hope he arrives safely.” Empathy and understanding in motion, and less stress for us all.

One way of exercising political corruption is through State-owned enterprises. Corruption perhaps is mostly collusive, which occurs primarily when the management and/ or the directors join with politicians, government officials or powerful intermediaries to abuse official power for private gains. All over the world, from Brazil to China, to Ukraine, South Africa and Guatemala, public prosecutors are going after corrupt top politicians on an unprecedented scale.

Petr?leo Brasileiro SA of Brazil (Petrobras) has been caught in a storm of corruption charges; along with President Dilma Rouseff, several ministers and the former president Lula da Silva have been indicted. Interestingly, Petrobras had embraced international corporate governance standards such as separation of CEO and chairman, non-executive directors, and board committees, but years of cronyism and kick-back schemes ensured companies received inflated contracts, eventually passing the benefits to some individuals, the political party in power and its associates.

In China, since the beginning of 2014 officials from various companies have been named publicly for investigation, including those from Petrochina, China Southern Airlines and Sinopec. According to an official of the Supreme Peoples` Procuratorate, the fundamental issue is the relationship between political power and proper allocation of resources. Not surprisingly, surveys in other countries also show public procurement as being at the centre of such corruption. Does this not sound familiar to us in Trinidad and Tobago?

Other studies such as those of the Organisation for Economic Co-operation and Development (OECD) indicate low standards of disclosures, conflicts of interest and weak internal control environments as facilitating corruption at State-owned enterprises globally.

Additionally, South Korea’s former president Park Geun-hye was arrested and jailed over high-profile corruption allegations. In South Africa, the top court in the country has just called for the reinstatement of 783 corruption charges against President Jacob Zuma with, a leading judge arguing that the decision by prosecutors in 2009 to drop those charges was “irrational and should be reviewed.”

In Ukraine, we are starting to see mounting demands for independent prosecutors to act against the vast networks of corruption that are widely reported in the media but that never lead to any prosecutions. In Guatemala, determined public prosecutors have successfully investigated more than 30 politicians, including a former president who was forced to resign his office and who was then immediately arrested.

The last few election cycles in Trinidad and Tobago have witnessed repeated claims of corruption by politicians and political parties. To date, we are yet to have one politician convicted of a crime. This has serious negative consequences and undermines public confidence and credibility in democracy, the political system and ultimately in the economy. We must not be as the boy who cried wolf but must demand greater accountability and greater integrity. We must stop participating in corrupt practices and ensure an “end of impunity” and corrupt practices. Foreign direct invest will be affected. Sea bridge or not, we cannot afford this consequence at this time in the economy.

It’s as much as ten times faster than existing 3G networks, with a significantly reduced transfer latency. Currently, bmobile is the only local provider of 4G LTE which was launched in keeping with the strategy of transforming the organisation into an agile broadband company. TSTT’s Vice President of Mobile Services, Chevon Wilson, recently discussed how the company has expanded 4G LTE coverage by 60% since the service was launched in December 2016.

When the service was launched, it was primarily in three geographic areas, Port-of-Spain, San Fernando and some parts of Tobago. Bmobile has since improved that significantly, with LTE coverage extending to major centres along the East-West corridor up to Sangre Grande, as well as Central Trinidad in areas like Chaguanas, Freeport and Couva.

There are considerably more areas in Tobago with coverage and customers in Trinidad’s east coast and deep south with LTE-enabled pre-paid and post-paid packages can now enjoy superior data speeds in areas such as Mayaro, Point Fortin, Princes Town and Siparia. Wilson noted that the company is continuing to expand for nationwide LTE coverage.

Last December, TSTT’s CEO, Dr Ronald Walcott announced a five-year strategic plan, involving a $3.7 billion investment, to transform the company in keeping with the vision to become the standard bearer for the leading edge communication solutions that will enrich the lives of citizens, businesses and visitors. Referring to this, Wilson noted that TSTT has “invested in our network, deployed a lot of strategies, all of which are geared towards us being able to, ultimately, become an agile broadband company…

That $3.7 billion covers our entire network, not just mobile services. We’re investing to ensure we can meet the demands of customers across our entire network.” Wilson sees customer demand being the driving force behind an expected increase in LTE usage across TT in the coming months and years.

“The way people use data now, I think the market is going to demand that we go to LTE. So our job is ensuring that we can support that demand.” Wilson said the company has already seen rapid growth in data usage but not just because of 4G LTE.

“We have done a lot of work on our HSPA+ network as well. The speeds that you get on the H+ network now are much better than in the past.

Even without having LTE, you can now enjoy a better experience streaming music and videos on your smart phone and if you make the upgrade to an LTE SIM, you’ll get the superior experience that 4G LTE promises.” Wilson noted that customers often ask if there’s an additional premium to be paid for LTE. “The short answer to that is no. All of our pre-paid and post-paid plans have been enhanced for better value. Our new data plans are all LTE-enabled plans, so once you’re in an LTE coverage area and you have an LTE SIM card, you can automatically benefit from the faster access as part of your plan so there’s no premium price to pay for LTE.” bmobile has also worked on negotiating lower rates for roaming with overseas carriers and in many cases secured a reduction in costs for customers of up to 90%.

“We’ve succeeded in reducing rates in the past year and a half. Since then, we’ve seen increases in usage because more affordable rates allow customers to do more while abroad, especially for those who don’t want to wait until they’re in a Wi-Fi zone,” Wilson stated.

Lower rates, faster speeds and more coverage areas makes for great news for smart phone fans who will be able get the most out of their Huawei, iPhone and Samsung devices that are built for giving users very immersive experiences when on the right network.