Episode Transcript
[00:00:00] Speaker A: You're tuned into the all new Freedom 106.5, 106.5. Good morning, Trinidad and Tobago. Welcome back to Freedom 106.5 FM iron the economy comes in two parts this morning. We're going to kick things off as we start chatting with Andrea Perez Sobers, a CNC3 business reporter here with us this morning. And Melissa, I saw what you just did on the rundown. Don't feel I didn't see it, Mlsa. I saw it. You just included it. So, Andrea, good morning to you and welcome to the morning Rumble. I just see Melissa do something on the arm, on the, on the.
[00:00:35] Speaker B: What she do? What she do?
[00:00:36] Speaker A: Hey, hey, hey, hey, hey. We can't out there. But I saw what she did.
[00:00:39] Speaker B: Please.
[00:00:39] Speaker A: She asked me this morning something about Andrea. Did you call Andrea? I see what she did. But anyway. Andrea, good morning. Good morning.
[00:00:47] Speaker B: Good morning, Davey. How are you?
[00:00:49] Speaker A: A lot is taking place. I am fine somewhat so. A lot is taking place as it relates to the business sector. We're seeing the arrest of prominent businessmen businessman and his wife, the Hadads, or Hadith, however you want to call them. Hadith. Outside of that, we have the threat coming from the attorney general backed up by the current prime Minister on the 1% and the fact that nobody's above the law. And we, we, we coming for you and that kind of language. And then it follows an article this morning in the newspapers that says following the arrest of these individuals, Gary Abood is begging persons to not, you know, make pronouncement on it though. Don't speculate or. But the police are saying we have been investigating them for some time.
We have been investigating and looking at them for some time. So what they will. What were they looking at? Andrea, is this something that a new shift in the landscape as it relates to the corporate sector? Are they at risk? What is happening?
[00:01:51] Speaker B: Well, we're not sure what they were looking at because, well, I saw that nobody added in the article that his visa was revoked since April.
So what they're looking for from him we are not sure because we, we still haven't been given any word as to why they would have revoked his US Visa in April.
So a particular businessman would have told me that it would have seemed that they were watching at him since April or before that. So he has been on the radar with the police.
Is he on the radar with the US as well?
It will seem so because it looks like it has some US intervention, some US Authority intervention with it as well
[00:02:51] Speaker A: as it relates to the US involved. Now we have the minister in the Ministry of Caricom and Foreign affairs talking about transnational organized crime that Trinidad and Tobago is suffering from. We often say to ourselves that the man on the street, the fellow by the block, he cannot, he don't have them links and credit card to buy and this and that. So we take, tend to want to believe that there are persons affluent in society, the wealthy that engage themselves in such activities and then it passes on to the minions for the blowback to come, for the monies to flow. Is it that Trinidad and Tobago is now seeing something that we would have speculated on for many years, bearing fruit now given the fact that these persons were arrested, business, place and homes searched.
Is this something that we can see developing over time where others of the certain, what the AG is saying, the 1% will be brought into question now, place will be searched and you know, we can see certain things being unearthed. Would this affect our economy? How would this help with the stability of the economic prosperity of this country?
[00:04:09] Speaker B: Well, I know that the Prime Minister hinted to that when she spoke in Parliament that they will be going after the, well the so called 1 percenters and, and they will be dealing with what has been happening over the past 20 years. So I, I think Davy, as you said we could probably see a trend because she did hint to that that they're going to start a cleanup shop. In other words, because it has been happening over the past 20 years and now they're going to deal with stuff. So I guess this is a trend that we might see going forward in terms of the economic stability. I do not know how this will play out because as you know the Arab community, they are very close knit and they are very tight lipped about a lot of stuff that they do. So I do not know if they are meeting in the background as to what is transpiring now and how they are going to deal with it going forward. But I don't think that the public is aware as to how much, how many workers that the Arab community employs. They employ 160,000 people in this country.
So if they are to move, we are going to be in some serious.
[00:05:42] Speaker A: And that's the thing, if they start seeing authorities coming at them and they're being attacked, they can pick up business, close up shop and leave this country, you know. So is it that the business sector now, which in my respective opinion, if you look at the general populace of Trinidad Tobagonians, those that are born here, so to speak, right. The Syrian makeup or The Syrian Chinese community, those international bodies or individuals make up, in my respected opinion, I could be wrong. 72% of business owners in this country.
But a large populate popul, the remainder making up the remaining percentage. 28%. I would say 1/3 or 2/3 of that makes up SMEs. And then on the large scale you have a smaller percentage. That is my. I don't know if I'm thinking about it, if I am making any sense, but that is how I am seeing it.
[00:06:37] Speaker B: You're making lots of sense.
[00:06:40] Speaker A: Because when I look at the SMEs. All right, so if I take 28% of the hundred percent and I look at the 28% remaining for local. The locals, right. I look at two thirds of that for SMEs, the small businessmen. And then a fraction of that of that 28% goes to the joins the larger conglomerates of the 72. Because you're not just thinking about the Syrians. You have the Chinese and other international bodies in this country that have, that set up shop and are thriving. Even on a street where there's multiple competition. You know, if a corn soup vendor open a corn soup at the top of the street and one come a little lower down street open like the Vex, but then you will have a Chinese restaurant four buildings down from each other and even across the road. And they are all thriving. Every one of them yields sales at the end of the day. Similarly, one supermarket on one end and the other on the next. So that is why I'm saying if these people pack up and leave, that's 72% void.
How are we going to navigate those challenges if this was to happen?
[00:07:42] Speaker B: Exactly. And I don't think that that is being, that is being thought of at this, this point. And I don't think that because I only heard of the figure last week when another member of the Syrian community told me that it is 160,000. When they did the data and they combined all the, the outlets together, all the businesses of that particular community together, it's 160,000.
That I would say is, is plenty because if they go, that is a huge hit for our economy that is now starting to build back up.
But we can't just, we can't just what you call it depend on the, the Dragon Gas from next year.
So if they, let's just say they back up this year. What is going to happen? What is, what is going to happen with that void between, let's say later this year until we start to see results from Dragon and the different gas projects that we are expected to see some sort of revenue from in 2027.
[00:09:01] Speaker A: Now here's my final thought to you this morning. Would is government making an error by strategically looking in the direction of the 1% supposedly and saying they're looking at you guys in the sphere of one white collar crime. You know, don't feel we're not watching. We're watching you all. And don't feel or they will get away because that's a very strong statement. It takes me back to 2007 somewhere thereabouts when Patrick Manning talk about Mr. Biggs that he knows who this person is.
So is government erring or do they reserve the right if these percentage if these individuals are really and truly involved in nefarious activities that we should target them and get and bring them to justice to follow the laws of the land despite the economic fallouts?
[00:09:53] Speaker B: Right. Well one businessman told me yesterday who who doesn't want to be identified. He's from the Syrian community and he said that if it is that they have evidence of anybody in the community that is doing wrong, they should go after them.
He has no problem with that.
But targeting the ones who are actually doing the writing and trying to live properly in society is wrong.
It is very easy to find out who are the ones that are involved in the the different illegal stuff. He said it's not that hard. So they should go and not target the entire community but but go specifically to the people who they would have information on. But as at this point it looks like they targeting the entire community. So that's how they feel. They are feeling like attack now.
[00:11:02] Speaker A: Andrea, I want to thank you for this shortened version. We have covered a lot of issues. I do have part two of I and the economy to move forward with but I thank you because one texter is saying I wonder how much of the 160,000 employees are on the lowest end of society such as fast food employees that get minimum wage because as much as the 1 percenters employ a huge sector.
Understand this.
I never see the 1 percenters children cousin and I mean we could say if my uncle Rich I don't need to be cashing in the fast food place in her.
But you will see Trinidadians because I want to take a particular brand and mention it this morning and they normally would advertise with us from time to time. Let's look at Royal Castle a franchise organization where you and I could own a branch once we comply with the rules and regulations and policies that Royal Castle limited stands for we keep the product up, we own the branch.
So we are the I don't want to say rich but we are the owners. We wealthy enough, we have the branch. You know we employ our daughter our son could be working there with us and managing the branch with us and we making money. You know we making money. So you see that happening among us but in the Syrian community even the Chinese does it Chinese in our grocery. You're seeing everybody in grocery working. Yes ladies here and only grocery now you're seeing that. Just saying.
Just saying but I thank you Andrea. I just thought I'd put that out there loosely somebody say why you're calling the brand name but it's a fact. I'm sorry about that but you know bigger broadcast to all the same there's normally be here with us and we look forward for when they return. So thank you very much Andrea for touching in with me this morning. We do appreciate it and we will talk again in the not too distant future for another edition of Eye on the economy.
[00:13:02] Speaker B: Thank you most welcome.
[00:13:04] Speaker A: Davy, you're tuned into the all new freedom 106.5. 106.5.
