Black Immigrant Daily News

Spice and condiments manufacturer Spur Tree Spices Jamaica Limited (Spur Tree) has acquired majority ownership of agro-processing company Canco Jamaica, which trades under the brand Linstead Market.

The acquisition is intended to cement Spur Tree’s foothold in canned ackee exports, deepen export penetration and increase the production capacity of both entities.

CEO of Spur Tree, Albert Bailey, said the brand equity of Linstead Market made the acquisition “very attractive.”

“Jamaican products are gaining traction on the international market, and Linstead Market is an iconic Jamaican brand which has tremendous potential to go beyond where it is right now,” Bailey told Loop News.

Sales of both Spur Tree and Linstead Market is generated primarily from exports.

“We are excited about the potential from this investment. Canco has not, in any way, fully net its potential with such a great brand,” he said.

Spur Tree now owns a 51 per cent stake of Canco through a Share Subscription Agreement and a Share Purchase Agreement with shareholders of Canco, Spur Tree reported on Tuesday via a notice on the Jamaica Stock Exchange (JSE).

With Canco’s accomplishment as one of 10 local companies approved to process and export ackee to the US, Bailey sees the investment as “strategic to our growth and expansion moving forward.”

Spur Tree Spices CEO Albert Bailey

The 16-year-old company closed its acquisition of another St Thomas- based agro-processor, Exotic Products Limited, last year, a union which began in 2015.

That company is also approved to process and export ackee to the US and other key North American markets.

“So, this is cementing our placement in that particular growth sector, and we see that as significant for us because ackee is a highly demanded item. This [acquisition] is a continuation of that investment [thrust].

In addition, “Canco has the second largest ethnic distributor in the US distributing their products, so we want to build out a very high portfolio of products under that brand,” the CEO said of plans to leverage the brand’s US traction and appeal.

There are also plans to tap new markets following the expansion of the current product range within existing markets, he said.

“The Linstead Market brand is known for high-quality products, is well respected in the market and has a lot of upside to it. That’s what we see in this,” he said noting the plans to deepen market penetration.

While he was mum on the acquisition cost, Bailey said the intention is to pump capital into improving the capacity of the acquired brand.

“Majority of the acquisition cost will be reinvested into the business for further business development, expansion of capacity and to provide working capital,” he said.

There are also no plans to scale down operations at Canco’s operating plant.

“In fact, through this venture, we will have an expansion of employment opportunities at both plants,” he said.

For his part, founder of Canco, Norman McDonald sees the deal with Spur Tree as the “right fit,” having decided to seek a buyer for his business some time ago.

“We had several interested parties, but they gave us the best offer, not just monetarily but they gave us the opportunity to continue in the business, albeit with reduced ownership. We are very comfortable with Spur Tree,” McDonald said noting the shared vision of growth by both companies.

“We have the vision of expanding our reach more into the Caribbean and the rest of the world. We have big plans. We had them separately, and now we are together pursuing the same goal, so I think it is a very good marriage,” said McDonald.

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Black Immigrant Daily News

FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections.

Energy ministers cut production by a larger-than-expected two million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.

The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the cartel’s stated role as a guardian of stable energy markets.

“We are here to stay as a moderating force, to bring about stability,” he told reporters.

Besides a token trim last month, the major cut in the amount of crude that OPEC+ ships to the world is an abrupt turnaround from months of restoring deep cuts made during the depths of the pandemic. As demand rebounded, global energy prices have swung wildly since Russia invaded Ukraine, helping fuel inflation that is squeezing economies around the world.

The impact of the production cut on oil prices — and thus the price of gasoline made from crude — will be limited somewhat because OPEC+ members already can’t meet their quotas.

The decision could help alliance member Russia weather a looming European ban on most of Moscow’s oil and comes amid an energy crisis created by Russia reducing natural gas supplies to Europe, whose leaders call it retaliation for supporting Ukraine and imposing sanctions.

Oil is trading well below its summer peaks because of fears that major global economies such as the US or Europe will sink into recession due to high inflation, rising interest rates and uncertainty over the war in Ukraine.

“We are going through a period of diverse uncertainties, which could come our way, it’s a brewing cloud,” bin Salman said, adding that OPEC+ sought to remain “ahead of the curve.”

The fall in oil prices has been a boon to US drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for US President Joe Biden as his Democratic Party gears up for congressional elections next month.

“The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” the White House said in a statement. “At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices.”

The Biden administration will work with Congress on additional tools to reduce OPEC’s control over energy prices, the statement said.

Biden has tried to receive credit for gasoline prices falling from their average June peak of $5.02 — with administration officials highlighting a late March announcement that a million barrels a day would be released from the strategic reserve for six months. High inflation is a fundamental drag on Biden’s approval and has dampened Democrats’ chances in the midterm elections.

Oil supply could face further cutbacks in coming months when a European ban on most Russian imports takes effect in December. A separate move by the U.S. and other members of the Group of Seven wealthy democracies to impose a price cap on Russian oil could reduce supply if Russia retaliates by refusing to ship to countries and companies that observe the cap.

The EU agreed Wednesday on new sanctions that are expected to include a price cap on Russian oil.

Russia “will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so,” analysts at Commerzbank said. “Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome.”

Dwindling prospects for a diplomatic deal to limit Iran’s nuclear program also have lowered prospects for a return of as much as 1.5 million barrels a day in Iranian oil to the market if sanctions are removed.

Oil prices surged this summer as markets worried about the loss of Russian supplies from sanctions over the war in Ukraine, but they slipped as fears about recessions in major economies and China’s COVID-19 restrictions weighed on demand for crude.

International benchmark Brent has sagged as low as $84 in recent days after spending most of the summer months over $100 per barrel. US crude rose to $87.64, and international benchmark Brent went up to $93.21 after the decision.

At its last meeting in September, OPEC+ reduced the amount of oil it produces by 100,000 barrels a day in October. That token cut didn’t do much to boost lower oil prices, but it put markets on notice that the group was willing to act if prices kept falling.

By David McHugh

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Black Immigrant Daily News

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Education Minister Dr Nyan Gadsby-Dolly. File photo/Sureash Cholai

AS Trinidad and Tobago continues to face a yellow-level adverse weather alert, causing major flooding across the country, Education Minister Dr Nyan Gadsby-Dolly said schools in affected areas have been making requests to dismiss early.

The Met Office said the weather alert would begin at 12 am on Wednesday and end at 12 pm on Friday.

Asked if the ministry will close schools owing to the flooding, she said, “Approval is being given upon request for schools in affected areas to close.

“Also, principals are allowing parents to collect their children from schools if required.”

Flooding has been reported in parts of Chaguanas, Arouca, Tacarigua, St Augustine, Tunapuna, Sangre Grande, among other places.

Commuters heading west on the Priority Bus Route (PBR) and Eastern Road in Arouca found themselves in floodwaters, as thundershowers drenched the area at about 10.30 am.

The lower part of Lopinot Road, near the PBR, was impassable. So too were access roads to Five Rivers Junction, forcing private and maxi taxi drivers to turn around and head east or find alternative routes.

“I reached Railway Road, and when I saw the water level rising, I parked and waited for the rain to lift a little before turning back,” one maxi taxi driver said as she picked up people standing under a bus shelter looking to return to their homes.

The maxi taxi driver said she was going home and hoped the weather would clear so she could make trips later in the day.

Another maxi taxi driver told passengers he was heading back east, asking them if they wanted to get out at the Lopinot Road intersection. Most said they would go with him.

There was gridlock as private drivers filtered onto the PBR.

A huge drain, near a main sewerage facility filled to capacity, threatening to spill over onto the PBR.

“I haven’t seen flooding in this area like this for years,” one woman said, as she took a maxi home.

In the residential community, Bon Air Gardens, streets began flooding in phase three, restricting movement for residents.

Some businesses, among them a bar, also flooded out.

On the highway, between Trincity and Macoya, drivers also turned around trying to escape the floodwaters creating a traffic pile-up.

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Education Minister Shawn Edward has praised the hard work of teachers while empathising with them because of the challenges they face.

The Dennery South MP was addressing Sunday’s ecumenical service as part of Teachers’ Week.

Edward spent seventeen years as a primary and secondary school teacher before leaving the profession over a decade ago.

“When I hear teachers lament the conditions under which they have to work and the challenges that confront them on a daily basis, I feel your pain,” he told his audience.

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“And I challenge any teacher in this audience or anywhere in this country who is better able to articulate the plight of teachers than myself, having spent 17 years in the classroom at both the primary and the secondary level. So I feel your pan. I know your challenges. I know your struggle,” the Minister asserted.

“That is why you have been told time and again that teaching, in much the same way it was for me and still is for you, a vocation,” Edward explained.

“The pay can never be commensurate with the effort. You cannot adequately compensate teachers in terms of dollars and cents for what you do for this country,” the Minister observed.

In addition, Edward said that the role of the teacher will continue to evolve and expand.

He noted that for this reason, many have come forward to teach, but not for the pay.

“The pay will never be the motivation and if the pay is the motivation for you, you are not a true teacher,” Edward told his audience.

Nevertheless, he stressed that this did not mean a lack of appreciation for the daily commitments teachers face like bills, mortgages, and rising supermarket prices.

“We understand that. And this is what sets teachers apart. We put our hands up as a collective and we have said that we are going to do it for a better nation,” Edward asserted.

In this regard, he expressed gratitude to teachers on behalf of Prime Minister Philip J. Pierre, the Cabinet and the central government.

Edward praised the educators for continuing to soldier on in difficult circumstances.

He said the community expects that when things go wrong in society, teachers would solve all the social problems.

However, Edward said that cannot be right.

“Yes, we make an impression at a very early age on the children entrusted to our care, but there are other agents of society that have failed miserably and when they do, being the patriots we have always been, we try to pick up the slack,” he observed.

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Elon Musk a de nouveau changé d’avis: le patron de Tesla a finalement proposé à Twitter de racheter le réseau social au prix convenu en avril, à deux semaines du procès prévu entre les deux parties sur cette acquisition mouvementée.

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