What Is The Real State of The TT Economy

[shield_2006]

We need to get some information on the real state of this economy- we are caught up in Summit and we recovering from Carnival and we hearing all kinds of passing references but no real information.

I have three incidents which make me concerned and again they are inferences more than poignant fact.

Incident 1- At a meeting recently with a business associate he indicated that there are significant problems receiving payment for work done both in the public and private sector-an experience with which I can concur-and that no real payments have been received for the first quarter 2009. One banker also indicated that the expectation is with the quarterly tax payment at end March 2009 the situation should be improved if not resolved. There are attendant issues with this.

Incident 2. I was at a mechanic last week changing my oil and a chap came in who is known to the mechanic and they had a conversation in which the chap revealed that he was laid off. I inquired as to the firm he worked for and he said it was in the construction tool rental business and that business had fallen of sharply. This is compounded by the news report in which a major hardware player advised that sales were off by 40% and this sharp drop took place in a three month period.

Incident 3. Last night I saw a BMW 3 Series"pulling bull"-working PH-which could be one of several things. Could be a chap who bought the BMW and now has to find a way to pay for it. Could be a chap who had the capacity to buy a BMW and then got laid off.

NOW-I know we did the recession proof issue already and I am hoping that we can avoid the politics and stay on the economics-I am hoping-because this is a serious matter in so far as there are economic conditions unfolding which we do not have a compete picture and anybody who has anything to add that helps the picture unfold -please do so.

[sylvestter]

i find that many companies have engaged in salary freezes and reductions within the past few months.

[greall]

My small business clients have been looking at ways to reduce their inventories as the sales have started decreasing.I'm finding the service type industries to be hardest hit namely the hairdressers and food businesses.

There have been silent lay-off at some of the oil and oilfield serivce companies as evidenced by some of my friends and cousins being very jittery.

People,on a whole,are holding on to their wallets despite places seeming to be teeming with people.Walking through Gulf City had me seeing more people gazing than buying with 'Clearance Sale' signs coming out now.

Greg

[shield_2006]

I met a crane operator from the Port of Port of Spain to-day and he says to me that the volume of cargo over the last two weeks has been minimal-he does say that there is usually a slow down after Christmas but he did express some concern as to the extent.

[saltwater]

Hold for a couple weeks again, by then the real picture reveal itself. No official information will come out until after the summit.
I have a close relative working for an oil company. They have 2 rigs in Trinidad and they are sending back one of them.

[Zinty]

A friend of mine who lives in the states had her property in Trinidad rented to an expat. According to the tenant the company starting cutting back and he has to go home. Now she finds it is difficult to get the place rented. Yes... it is quoted in U.S. Dollars.

[Beetle]

Incident 3. Last night I saw a BMW 3 Series"pulling bull"-working PH-.

..... steups !!! .... and here I was considering upgrading my Beetle to a BMW :o At least you won't ever see anyone pulling bull with a Beetle. :)

[bigzack]

At least you won't ever see anyone pulling bull with a Beetle.

Beetles were made to pull $tones.

[mammadon]

We need to get some information on the real state of this economy- we are caught up in Summit and we recovering from Carnival and we hearing all kinds of passing references but no real information.

I have three incidents which make me concerned and again they are inferences more than poignant fact.

Incident 1- At a meeting recently with a business associate he indicated that there are significant problems receiving payment for work done both in the public and private sector-an experience with which I can concur-and that no real payments have been received for the first quarter 2009. One banker also indicated that the expectation is with the quarterly tax payment at end March 2009 the situation should be improved if not resolved. There are attendant issues with this.

Incident 2. I was at a mechanic last week changing my oil and a chap came in who is known to the mechanic and they had a conversation in which the chap revealed that he was laid off. I inquired as to the firm he worked for and he said it was in the construction tool rental business and that business had fallen of sharply. This is compounded by the news report in which a major hardware player advised that sales were off by 40% and this sharp drop took place in a three month period.

Incident 3. Last night I saw a BMW 3 Series"pulling bull"-working PH-which could be one of several things. Could be a chap who bought the BMW and now has to find a way to pay for it. Could be a chap who had the capacity to buy a BMW and then got laid off.

NOW-I know we did the recession proof issue already and I am hoping that we can avoid the politics and stay on the economics-I am hoping-because this is a serious matter in so far as there are economic conditions unfolding which we do not have a compete picture and anybody who has anything to add that helps the picture unfold -please do so.

well the government say the economy is still growing, and me eh heard no news of negative economic growth in the recent quarters.

i do know that some companies are not hiring staff at present, because of belt-tightening and such.

[greall]

Hold for a couple weeks again, by then the real picture reveal itself. No official information will come out until after the summit.
I have a close relative working for an oil company. They have 2 rigs in Trinidad and they are sending back one of them.

The petro sector's been laying off people since the start of the year and that's no surprise.

The ex-pat accommodation rental market's been taking a hit for a while too.

Greg

[Scorpio]

i find that many companies have engaged in salary freezes and reductions within the past few months.

Some companies are using the recession excuse to cut back on all kinds of things. I know of one hugh mutinational company that is no longer providing tea and coffee for its staff ! :shock:

[greall]

i find that many companies have engaged in salary freezes and reductions within the past few months.

We've gotten used to that here at work but as long as I'm paid on time... :lol:

Greg

Some companies are using the recession excuse to cut back on all kinds of things. I know of one hugh mutinational company that is no longer providing tea and coffee for its staff ! :shock:

[latany]

This crap has to stop everybody trying to to use the yankee financial crisis as an excuse for the down-turn in the global economy. They lock up Conrad Black, Enron CEOs make jail but guys like Madoff, Duprey, and Stanford who can be termed as high class swindlers has left trini taxpayers and pension beneficeries in pain. Even the american government fall for the same thing from auto manufacturers. I ride horse and buggy in central park in new york ,fokget cars and ride horse. Obama has to watch his astericks or force these big coorperations to change their management practices because they have been proved as sucessful failures in what consumers has regarded as a sucess ful business.

[shield_2006]

We have a rather curious scenario at play-the Banking system is overly liquid and the foreign exchange is under pressure. I suppose it is indicative of the lack of investment taking place as a result of confidence levels. The Labour Unions are agitating and there is rumor of significant job loss on the horizon. It is just very uncomfortable-and-all this in the context of the over kill to ensure that all is well for the Summit. I just wonder if fallout after the Summit will be acceptable. It will certainly come across as disingenuous by the Government.

The Governor of the Central bank alluded to the decline in fx exchange inflows directly realted to the fallout in the energy sector.

I am concerned about the confluence of events and the apparent dis-ingenuity of the people in charge.

Last night-I was on the corner-and the view expressed is that this Summit-while it is desirable-could not happen at a worst time and the benefits may well be outdone by the realities.

The Labour leader in the Senate-Mr. Anisette- in a speech at yesterday's protest indicated that the Government could well fall under the weight of the impending? economic fallout.