What About the Economy Stupid

Prime Minister Mia Mottley continued the recent trend of making controversial and contentious announcements. She revealed government’s recommendation to rename the University of the West Indies in recognition of the late prime minister Owen Arthur. To honour convention of parliament parliamentarians in the Lower House set aside yesterday to pay tributes to the late prime minister.

The blogmaster has no problem with recognizing Owen Arthur to recognize his contribution to Barbados and the region. The Vice Chancellor and her management team will decide if to accept the recommendation from the government of Barbados, who by the way is its biggest contributor to UWI’s finances.

There is a creeping feeling by the blogmaster Barbadians – as is our inclination – are being distracted by ‘political noise’ and the current dire state of the economy is being relegated. There are several national conversations on the go – recognition of same sex unions, push to be a republic next year, by-election in St. George North and the latest – proposed renaming of the University of the West Indies, Cave Hill. It does not help that the political opposition and media will be consumed by these events and there the masses.

Wait a minute – what about the economy stupid!

The Jeff Cumberbatch Column – The Mirage of Integration (ii)

Caricom“The Community and Common Market are intended to promote the coordinated development of the region and to increase intra-regional trade thereby reducing dependence on extra-regional sources. The community will institutionalize the machinery for the many shared services, which already exist and which even the most prosperous of the More Developed Countries, could not operate on its own.” –

Errol Barrow, (July 4, 1973) when the Treaty of Chaguaramas was signed, establishing the Caribbean Community and Common Market

More than forty years after the founding fathers of the Caribbean Community [CARICOM] initiated that regional project, the process of true integration, as opposed, perhaps, to cooperation at carefully chosen levels, has been scarcely advanced. Indeed, the three leading institutions that might have served as most cogent evidence of a deepening regional integration appear currently to be battling against the odds for relevance and for their continued existence in their originally contemplated forms.

The University of the West Indies [UWI], an institution that preceded the formation of CARICOM, but fittingly symbolic of the regionally integrated effort in tertiary education and developmental research, struggles to maintain its unitary character through the One University initiative, although the fight may have already been lost so far as the traditional professional disciplines of Medicine and Law are concerned.

West Indies cricket, for decades a highly successful example of what we may achieve together, has succumbed to the effects of indiscipline, inconsistency and shallow concentration of some of its players and is currently placed near the bottom of the world rankings in those longer versions of the game that we once ruled as champions. The recent trifecta of victories in global contests should have captured the popular regional imagination of a soonest return to superiority.

At the same time however, it has served to expose to universal scrutiny the festering sore that constitutes the industrial relation between the players and the West Indies Cricket Board, scarcely a recipe for prospects of future success.

Now, in consequence, some regional heads of state, rather than seeking to use the moral authority of their offices to mend the broken fences between the Board and the players, for reason (s) not immediately clear to this writer, have sought to demand the removal of the constitutionally elected directorship of what is essentially a private organization and to establish some other body more acceptable to them in its stead.

I dealt with this matter in the first part of this essay last week and the suggestion from some readers that the heads of government might, as a last resort, simply refuse to allow the WICB to stage matches under its auspices in their respective jurisdictions is liable to create more problems than it might ever resolve, for all concerned, not excluding those leaders who might think of playing this card.

A third regional body, itself created by international treaty, has suffered perhaps the “most unkindest” cut of all. The Caribbean Court of Justice [CCJ] established by the regional constitution to interpret that Constitution itself, the Revised Treaty of Chaguaramas, and to replace the Judicial Committee of the Privy Council as the final appellate court for regional jurisdictions, has failed spectacularly to capture the regional imagination in its secondary guise.

Four jurisdictions only have found it possible so far to accede to its apical appellate function -Barbados, Guyana, Belize and Dominica- although, to be fair, other voices have been raised in favour of accession, and Antigua & Barbuda has put arrangements in place for a constitutionally required referendum to be able to replace the JCPC which is deeply entrenched in its Constitution as that nation’s final court.

Others appear, however, to languish under the disablement of partisan political dissension, an absence of political will or plain suspicion as to the international allure of any regional court. The insecure regional phenomenon of “how we go look (to others) ” is apparently not restricted to the populace of any one country only.

Not that one would think that the integration project is anything other than alive and well if we are to judge from the lofty aspirational speeches of regional leaders. Hear former Prime Minister of Trinidad & Tobago, Mrs Kamla Persad-Bissessar in 2013, “Our challenge is not to be decisive, not to hesitate, not to reverse, not to turn around. Our challenge is not to delay and loiter over hardship, adversity or difficulty, but to persist and to rally on our course towards the realization of our destiny that our forefathers have set for us…”

And Mrs Portia Simpson Miller, the former Prime Minister of Jamaica, “CARICOM…represents the vision and aspiration of a forefathers for a strong integrated region which would provide the best prospects for economic and social development…”

Another former leader, President Ramotar of Guyana was more realist in his assessment, “…We have studies on transportation, we have the Regional Financial Architecture, the free movement of people and hassle fee travel is vital and very important in helping us to strengthen our integration movement. This implementation deficit needs to be resolved lest we find ourselves guilty of a commitment deficit…”

This observation by ex-President Ramotar, especially those aspects concerning free movement and hassle free travel, provides an ideal point of departure for the third part of this piece; the pledged interstatal commitment to regional freedom of movement of CARICOM nationals and its collision with a contrasting amalgam of shoddy generalization, of a select xenophobia, of jingoism and of a crass appeal to national sovereignty whenever reminded of voluntarily undertaken obligations that bedevils our best efforts to act as committed regional partners in any integration exercise in this context.

To be continued…

Whither the School of Medical Sciences at Cave Hill!

Submitted by Lemuel

...Class of 1969 (Professor Henry Fraser’s Class) 50% went to the US to do their internship and most of them never returned...

Class of 1969 (Professor Henry Fraser’s Class) 50% went to the US to do their internship and most of them never returned

The University of the West Indies (UWI) was established in 1948. Currently, it has full campuses in Jamaica, Trinidad and Barbados. The Mona Medical Faculty started in 1948 with 33 students. To date, the UWI has produced over 7,000 medical graduates. In 2008, the Cave Hill Campus took the bold step to establish a full faculty of medical sciences.

History

The UWI took over from Codrington College, which was the only institution that offered higher education at the degree level by 1953. Degrees in the Classics, Humanities and Theology were offered. All of this was done in affiliation with Durham University. However, it should be noted that the primary intent of the Codrington Will was to ensure that the College would have offered medical degrees. It is not clear why that was not done.

Therefore, any Caribbean national seeking medical education had to journey to Canada, the UK and the US. By September 1946, with an affiliation with the University of London, a medical school was set up in Mona, Jamaica. Over 600 students applied for entry, but only 33 were accepted after enduring a “special entrance examination” and interviews.

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To Barbadians ALL – Sir Hilary Beckles the TRUTH!

Submitted by Douglas

Sir Hilary Beckles Principal of UWI, Cave Hill

Sir Hilary Beckles Principal of UWI, Cave Hill

I write this out of a concern that we are not hearing the FULL TRUTH about this issue of the FUNDING of UWI education. As I read the comments of the Principal and Pro-Vice Chancellor, Professor Sir Hilary McDonald Beckles, I Cry shame on a man I formerly respected. As one of his former students I admired his brilliance and indeed while I have lost respect for this man, I must admit he did much to transform many aspects of the Cave Hill Campus. He built buildings, indeed monuments. I did hear staff, teaching and other, complain that you could not question him, he alone, had all the answers. I understand he brooks no opposition.

I was listening to many callers overs the past few months, and most recently when I heard a Government Minister trying to rationalise the decision to have students pay part of the cost of their education at UWI. I asked myself, how did we get here? Those who support the Government say this should have been in place a long time ago. Those who oppose the Government say students should not pay. We need to hear from the Minister of Education. He did not even touch this in the Estimates Debate. I have been trying to understand why we have reached this point, and have been asking questions of all kinds of people. They have all left me with more questions than answers and I therefore want to pose some questions to the University, its Principal, Deputy Principal and all the senior managers as well as the Minister of Education (and those who went before him).

Continue readingBeckles II, Beckles III, Beckles IV and Beckles V

CARICOM STOCK MARKET REVIEW 2012

Compiled by the Department of Management Studies, UWI, Cave Hill

Compiled by the Department of Management Studies, UWI, Cave Hill

NEW LISTINGS AND DELISTINGS

There were a number of listings and De-Listings across the regional exchanges in 2012. On the Bahamas International Securities Exchange, Arawak Port Development was listed on April 23 2012. In Guyana, Rupununi Development Company Limited was listed on March 19 2012. In Jamaica, First Caribbean International Bank Jamaica, First Jamaica Investments Limited, Montego Freeport and Pegasus Hotels were De-listed, while on the main market Proven Investments was listed, and, Consolidated Bakeries, Paramount Trading Jamaica, C2W Music Limited and K. L.E. Group Limited were listed on the Junior Market. Supreme Ventures was De-listed from the Trinidad and Tobago Stock Exchange.

Full report

WEEKLY CARICOM STOCK REPORT 3 December to 7 December 2012

Compiled by the Department of Management Studies, UWI, Cave Hill

Compiled by the Department of Management Studies, UWI, Cave Hill

Keep It Simple.
Keeping it simple in investing is not stupid. Seventeenth-century philosopher Blaise Pascal once said, “All man’s miseries derive from not being able to sit quietly in a room alone.” This aptly describes the investing process. Those who trade too often, focus on irrelevant data points, or try to predict the unpredictable are likely to encounter some unpleasant surprises when investing. By keeping it simple–focusing on companies with economic moats, requiring a margin of safety when buying, and investing with a long-term horizon–you can greatly enhance your odds of success.

 

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WEEKLY CARICOM STOCK REPORT 12 November to 16 November 2012

Compiled by the Department of Management Studies, UWI Cave Hill

Listen to Your Gut.
Any valuation model you may create for a company is only as good as the assumptions about the future that are put into it. If the output of a model does not make sense, then it’s worthwhile to double-check your projections and calculations. Use DCF valuation models (or any other valuation models) as guides, not oracles.

Know Your Friends, and Your Enemies.
What’s the short interest in a stock you are interested in? What mutual funds own the company, and what is the record of those fund managers? Does company management have “skin in the game” via a meaningful ownership stake? Have company insiders been selling or buying? At the margin, these are valuable pieces of collateral evidence for your investment thesis on a company.

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CARIBBEAN STOCK REPORT 22 October to 26 October 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

Solid gains on manufacturing stocks drove the major Caribbean indices higher during the week ended October 26. For the week, 3,963,727 shares valued at $4,418,471 crossed the floors of the six stock exchanges across Caricom, with 43 stocks advancing, 36 declining and 44 remaining unchanged. Caribbean Producers was the volume leader with 719,093 shares being traded, Ciboney posted the largest gain for the week (12.32%), while on the losing end, Caribbean Cement fell (10.16%).

For the week, thirteen of the CSX 30 stocks advanced, eleven declined and six were unchanged. The CSX 30 gained 2.79 points to close the week at 1,404.27, up 6.79% year to date. In the CSX 30 there were gains for Wibisco (5.47%), Mayberry (3.17%) and scotia Group Jamaica (1.59%). On the negative side, Caribbean Cement fell (10.16%), NCB Jamaica (6.08%),CW Jamaica (4.78%), Guardian Holdings (3.68%), Desnoe & Geddes (2.12%) and Grace Kennedy (1.17%).

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WEEKLY CARICOM STOCK REPORT 24 September to 28 September 2012

Compiled by the Department of Management Studies, UWI Cave Hill

The weakness in Caribbean stock in 2012 continued as the major indices ended the week of September 28 lower.  The major indices were dragged down by losses on manufacturing and financial companies, however, there was some respite for investors on the Junior markets as that index ended the week in positive territory.  For the week,  22,767,153 shares  valued at $6,298,829 crossed the floors of the six stock exchanges across Caricom, with 22 stocks advancing,  59 declining and 43 remaining  unchanged.  JMMB was again the volume leader with 14,556,430 shares being traded, C&W Jamaica posted the largest gain for the week (9.56%), while on the losing end, Bank of Nevis fell (23.53%).

For the week, six of the CSX 30 stocks advanced,  seventeen declined and seven were unchanged.  The CSX 30 lost 1.98 points to close the week at 1,388.18, up 5.57% year to date.    In the CSX 30 there were gains for CW Jamaica (9.56%), Carreras (1.26%) and Scotia Bank TT (1.01%).  On the negative side, Desnoe & Geddes fell (6.53%), Guardian Holdings (3.13%), Scotia Group Jamaica (1.73%) and Lascelles (1.28%).

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WEEKLY CARICOM STOCK REPORT 17 September to 21 September 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

The recent rally on Caribbean stock markets was brought to an abrupt end as Caribbean stocks ended the week of September 21 lower. The major indices were dragged down by losses on financial companies. For the week, 20,196,651 shares valued at $7,156,122 crossed the floors of the six stock exchanges across Caricom, with 40 stocks advancing, 42 declining and 42 remaining unchanged. JMMB was the volume leader with 4,952,245 shares being traded, Lasco Financial posted the largest gain for the week (16.60%), while on the losing end, Caribbean Cement Producers fell (15.30%).
For the week, twelve of the CSX 30 stocks advanced, twelve declined and six were unchanged. The CSX 30 lost 3.63 points to close the week at 1,390.16, up 5.72% year to date. In the CSX 30 there were gains for Desnoe & Geddes (9.50%), Mayberry (1.59%) and Lascelles (1.38%). On the negative side, Caribbean Cement fell (15.30%), Banks DIH (9.21%), CW Jamaica (8.55%), Guardian Holdings (3.46%), Scotia Group Jamaica (2.77%), and NCB Jamaica (2.34%).

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WEEKLY CARICOM STOCK REPORT 3 September to 7 September 2012

Compiled by the Department of Management Studies, UWI

Solid gains on Conglomerate, Manufacturing and Banking stocks saw the CSX 30 extend its rally from last week and end the week higher, while the Junior Market returned to negative territory. For the week, 8,325,163 shares valued at $3,230,566 crossed the floors of the six stock exchanges across Caricom, with 41 stocks advancing, 39 declining and 44 remaining unchanged. Jamaica Money Market Brokers was again the volume leader with 1,284,631 shares being traded, Lascelles posted the largest gain for the week (32.69%), while on the losing end, Lasco Manufacturing fell (8.00%).

For the week, fourteen of the CSX 30 stocks advanced, ten declined and six were unchanged. The CSX 30 gained 23.83 points to close the week at 1,386.46, up 5.43% year to date. In the CSX 30 there were gains for Lascelles (32.69%), Scotia Group Jamaica (6.48%), CW Jamaica (4.54%), Desnoe & Geddes (3.94%), Grace Kennedy (3.72%), Republic Bank (2.37%), Ansa Mcal (1.44%) and NCB Jamaica (1.13%) and Neal & Massey (1.09%).

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WEEKLY CARICOM STOCK REPORT 27 August to 31 August 2012

Compiled by the Department of Management Studies, UWI

A broad based rally across most sectors, saw the major Caribbean Indices end the week of August 31 higher. For the week, 13,600,340 shares valued at $3,390,466 crossed the floors of the six stock exchanges across Caricom, with 53 stocks advancing, 29 declining and 42 remaining unchanged. Jamaica Money Market Brokers was the volume leader with 3,358,996 shares being traded, Ciboney posted the largest gain for the week (49.94%), while on the losing end, Honey Bun fell (19.22%).

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WEEKLY CARICOM STOCK REPORT 20 August to 24 August 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

Losses on Retail and Distribution stocks resulted in the CSX 30 ending the week of August 24 lower, and the misery on the Junior Market increased further. For the week 14,152,805 valued at $2,828,445 crossed the floors of the six stock exchanges across Caricom, with 22 stocks advancing, 60 declining and 42 remaining unchanged. Sagicor Life was the volume leader with 6,282,718 shares being traded, Gleaner posted the largest gain for the week (9.26%), while on the losing end, Pulse fell (21.47%).

For the week, eleven of the CSX 30 stocks advanced, thirteen declined and six were unchanged. The CSX 30 lost 1.13 points to close the week at 1,352.05, up 2.82% year to date. In the CSX 30 there were gains for Gleaner (9.26%), Guardian Holdings (2.54%), Desnoe & Geddes (2.45%), Caribbean Cement (1.93%) and NCB Jamaica (1.29%). On the losing end Grace Kennedy (6.58%), CW Jamaica (4.40%), Scotia Group Jamaica (3.63%), Carreras (3.59%) and Sagicor (1.26%).

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WEEKLY CARICOM STOCK REPORT 23 to 27 July 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

Caribbean stocks enjoyed one of their better weeks for the year, but there was continued weakness on the Junior market as those stocks appear to be in the throes of a major correction after the outstanding gains of 2011, as well as continued weakness in Tourism & Real Estate stocks.  For the week 53,071,332 valued at $2,972,824 crossed the floors of the six stock exchanges across Caricom, with 47 stocks advancing,  32 declining and 45 remaining  unchanged.  Cable & Wireless Jamaica was the volume leader with 46, 087,467 shares being traded, Cable & Wireless Jamaica posted the largest gain for the week (14.88%),  while on the losing end, Gleaner fell (19.71%).

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WEEKLY CARICOM STOCK REPORT 16 July to 20 July, 2012

Compiled by the Department of Management Studies, UWI Cave Hill – Click image to read in PDF

Caribbean stocks had a mixed week, with a slight recovery in Conglomerate and Manufacturing Stocks and on the Junior Market, but there were continued losses on Insurance & Investments, Retail & Distribution and Tourism & Real Estate stocks. For the week 9,722,924 shares valued at $2,002,556 crossed the floors of the six stock exchanges across Caricom, with 26 stocks advancing, 49 declining and 49 remaining unchanged. Blue Power was the volume leader with 2,528,350 shares being traded, Gleaner posted the largest gain for the week (15.36%), while on the losing end, Bahams Waste Management fell (9.88%).