Effects of the Recession and Economic Crisis on Trinidad and Tobago

[TriniXaeno]

This is an ongoing account of the effects of the credit crunch on our twin island republic. Feel free to contribute any reports you come across.

Arcelor Mittal: 120 Temporarily?
Peakes Industries: 104
Repson: 13
Construction Contract Workers: 1800
Neal and Massy: 200

Peaks industries retrenched 104 employees by letter dated March 13th 2009. Citing the recession as the primary reason. The move affects employees operating out of their carenage base of operations.

In February, steel producer Arcelor Mittal temporarily sent home 120 workers as global demand for the product fizzled.

Repsol says, "After carefully evaluating every single role and responsibility, the new organisational structure has made redundant 13 positions,"

Trinidad and Tobago Contractors Association president Mikey Joseph told the Express that up to the end of March, approximately 1,800 workers had been retrenched.

http://www.trinidadexpress.com/index.pl/article_news?id=161460053

[Crixx_Creww]

neal and massy dropped the dear john letter to 200 of its temporary and contract staff.

[SPK]

A number of technical staff @ Arcelor Mittal was given their walking papers last week, after having them on leave for the past 3 months...

[executive]

...and Patrick Manning is spending over $620,000,000 on a d@mn 3-day summit.

[Redlum08]

Obviously if he had spent money years ago to help it would have cost less...But hopefully something good comes out of the summit and there are BILLIONS being Invested and brought into Trinidad to help the economy instead of Papa Manning spending blindly as usual...

[woodyear99]

*keeps fingers crossed*

[Kraeoss]

indeed this should help lower like food prices at least...

[woodyear99]

Anyone hear rumors of TTD devaluation?

[Kraeoss]

more devaluation !! i hope we eh reach guyanese level yes

[Redlum08]

Anyone hear rumors of TTD devaluation?

I won't be surprised, since Oil prices have dropped so much, Gov't bailout of CLICO, Spending so much on a Summit, only to have the TTD Devalue...Its the end of the world yes...LOL

[Netizen1]

Anyone hear rumors of TTD devaluation?

uh huh...

". . . to 1 is   m u r d e r ! ! !"

[woodyear99]

Boy if this only come true after the summit eh, people go really get mad.