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sMASH wrote:the big beat up is, america is suffering right now from labor shortages, due to furlough.
and they furloughed since last year, cause they knew they couldnt afford to keep staff for so long with little business.
american airlines have TOO many persons wanting to fly. and have to cancel due to lack of staff.
the world economy is reopening NOWW, and we would not be far behind according to the PM himself.
so all the talk that came before that they couldnt send home the workers cause they needed them was rubbish.
cause u will need them in the coming months, NOT QUITE NEXT YEAR, and they looking to sever them not even furlough.
same way how we say they was gonna shut down petrotrin and sell it out, and we get pushback that was lie, it got shut down and parts out, and put up the refinery for sale.
same thign with this. if any thing, put them of half salary till they need them back to operate. paying out 110m just to rehire them a couple mths later, seems like an underhanded unofficial offical way to give a bonus package.
Best the red government downsize or get out as they are totally useless.Habit7 wrote:sMASH wrote:the big beat up is, america is suffering right now from labor shortages, due to furlough.
and they furloughed since last year, cause they knew they couldnt afford to keep staff for so long with little business.
american airlines have TOO many persons wanting to fly. and have to cancel due to lack of staff.
the world economy is reopening NOWW, and we would not be far behind according to the PM himself.
so all the talk that came before that they couldnt send home the workers cause they needed them was rubbish.
cause u will need them in the coming months, NOT QUITE NEXT YEAR, and they looking to sever them not even furlough.
same way how we say they was gonna shut down petrotrin and sell it out, and we get pushback that was lie, it got shut down and parts out, and put up the refinery for sale.
same thign with this. if any thing, put them of half salary till they need them back to operate. paying out 110m just to rehire them a couple mths later, seems like an underhanded unofficial offical way to give a bonus package.
You cannot compare the uptick in the USA DOMESTIC market and say that international flights like CAL will see the same uptick.
IATA the international governing body doesn't predict any uptick anytime soon. Many airlines are retiring their long haul aircraft and business travel which is the heart of the airline industry just had a year of using Zoom and Ms Teams to suffice.
Surinam Airways just got their last aircraft within drawn and now they have no aircraft. This is the only other state run airline in the Caricom. And allyuh complaining because CAL downsizing? This has nothing to do with PNM, this is the international air travel industry.
The $110m to pay off workers now will be cheaper than the losses they will get this quarter.
The lil pips in CAL will be lucky if they get 40k.sMASH wrote:so then that means, that they waited too late to fire them.
cause the world reopening, and as soon as sh!tkicker allows the citizens to fly, u will get a lot of flights.
its not PEAK or PRE pandemic travel, but u will get a lot of activity, its not going to be a go slow.
if ur firing them now, it meant u should ahve fired them last year and save those salaries.
the reason to keep them then, is more reason to have them available now, for when business resumes in a couple months.
the question is, if the 110m in severance if the salaries to pay from now till then, which is more. if their quarterly salary budget is less, then keep them. if their slaries would be more than 110, tell them half pay and rotation and keep them or send them home to rehire them presently
Yeah but only red government dead weight will be pulled back.sMASH wrote:^^ i know that. this whoooole thing now seems like a smart man bonus ting. give them a lil 100 200k package now, and then put them back in management when the borders reopen.
ground staff will be lucky to see any thing more than a 50k. like bleddy gratuity
sMASH wrote:when the borders reopen, ent they would have to rehire a lot of them as the business ramps up?
Habit7 wrote:sMASH wrote:when the borders reopen, ent they would have to rehire a lot of them as the business ramps up?
Pick your struggle, one minute you saying they should hold on to them for when business ramps up. Now you are saying they take too long to fire them.
The company has to wait to assess the outlook and then make a decision.
You all are not criticising based on any principle, you are just looking to see what PNM does and then rush to say it is bad. But when the CAL was raking in profits (something the PP never achieved) you were silent.
Dizzy28 wrote:Habit7 wrote:sMASH wrote:when the borders reopen, ent they would have to rehire a lot of them as the business ramps up?
Pick your struggle, one minute you saying they should hold on to them for when business ramps up. Now you are saying they take too long to fire them.
The company has to wait to assess the outlook and then make a decision.
You all are not criticising based on any principle, you are just looking to see what PNM does and then rush to say it is bad. But when the CAL was raking in profits (something the PP never achieved) you were silent.
Not to pick a political fight here but you keep talking profits. Surely even if not an accountant you must know those years of years of profit CAL announced were both un-audited and operational not EBITDA.
If you have links for audited financial statements for the years of profitability I welcome those.
And this is not to say I don't think Medera has done well in his time thus far.
Habit7 wrote:Dizzy28 wrote:Habit7 wrote:sMASH wrote:when the borders reopen, ent they would have to rehire a lot of them as the business ramps up?
Pick your struggle, one minute you saying they should hold on to them for when business ramps up. Now you are saying they take too long to fire them.
The company has to wait to assess the outlook and then make a decision.
You all are not criticising based on any principle, you are just looking to see what PNM does and then rush to say it is bad. But when the CAL was raking in profits (something the PP never achieved) you were silent.
Not to pick a political fight here but you keep talking profits. Surely even if not an accountant you must know those years of years of profit CAL announced were both un-audited and operational not EBITDA.
If you have links for audited financial statements for the years of profitability I welcome those.
And this is not to say I don't think Medera has done well in his time thus far.
CAL hasn't been audited since 2015. But if one is dubious of profits then they must be equally dubious of losses.
The best information we have now until better comes is that before covid they were healthy. Hence they could have secured loans and ordered new aircraft.
Habit7 wrote:Dizzy28 wrote:Habit7 wrote:sMASH wrote:when the borders reopen, ent they would have to rehire a lot of them as the business ramps up?
Pick your struggle, one minute you saying they should hold on to them for when business ramps up. Now you are saying they take too long to fire them.
The company has to wait to assess the outlook and then make a decision.
You all are not criticising based on any principle, you are just looking to see what PNM does and then rush to say it is bad. But when the CAL was raking in profits (something the PP never achieved) you were silent.
Not to pick a political fight here but you keep talking profits. Surely even if not an accountant you must know those years of years of profit CAL announced were both un-audited and operational not EBITDA.
If you have links for audited financial statements for the years of profitability I welcome those.
And this is not to say I don't think Medera has done well in his time thus far.
CAL hasn't been audited since 2015. But if one is dubious of profits then they must be equally dubious of losses.
The best information we have now until better comes is that before covid they were healthy. Hence they could have secured loans and ordered new aircraft.
Dohplaydat wrote:CAL like many other government enterprises needs to be privatised.
RedVEVO wrote:Dohplaydat wrote:CAL like many other government enterprises needs to be privatised.
Totally agree
CAL should be making $110 M not burdening taxpayers with another expenditure gone crazy
MaxPower wrote:RedVEVO wrote:Dohplaydat wrote:CAL like many other government enterprises needs to be privatised.
Totally agree
CAL should be making $110 M not burdening taxpayers with another expenditure gone crazy
VEV,
Imagine after this $110M, more tax payers will be fitting the bill for additional finance.
All CAL has to do is show a mamaguy projection for a profit and the Govt will assist yet again as advised by the Minister of Finance.
Note the Govt has YET to say that they have no money for CAL.
Pockets have to fill.
AlphaMan wrote:If they bailing out CAL might as well bail out WASA and T&TEC.
Why punish citizens to pay their bills but give away money to CAL.
Friends and financiers working CAL going to collect big money.
i_code_and_stuff wrote:AlphaMan wrote:If they bailing out CAL might as well bail out WASA and T&TEC.
Why punish citizens to pay their bills but give away money to CAL.
Friends and financiers working CAL going to collect big money.
Regarding "bailing out" wasa and t&tec, I surmise that its more complicated than that, but one simple point on that is easy to throw in here is that the cost of such far exceeds the cost of bailing out cal. Anyway, they're not bailing out cal anymore (can no longer afford), which is why they have been left with no option but to open the borders.
One other thing to think about here: our subsidies have been unsustainable for a long time, and we're now coming to the home stretch of realizing the reality. Subsidies will continue to be eliminated/reduced, and devaluation will very likely occur soon whether the minister of finance likes it or not. I personally don't see it as "punishing" citizens, because we are merely just being pulled back to the reality we have been ignorant to for the longest time due to old oil money
- The announcement by Caribbean Airlines that it has to lay off a quarter of its workforce and restructure itself to survive should not surprise anyone.
Globally, the airline business is one of the most difficult to succeed in because it is based on margins that are hard to achieve. Costs are not often in the control of the airlines. For example, the price of fuel, unless you do a hedge, requires the capacity of scale to reduce the unit cost but not the organisational inefficiency that large companies are often saddled with. It also needs a fierce commitment to cost control, efficiency, innovation, entrepreneurship and a clear strategy.
Following years of losses between 2011 and 2017, in 2018 and 2019, CAL appeared to be making the right moves.
The airline brought in new management, cut routes like the cash-guzzler London route and reduced some of its extras. No longer were you allowed two bags in economy; it even scaled back some of its offerings in Business Class. CAL improved its on-time performance while continuing to maintain its Caribbean feel.
There was some rebranding and its partnership with Machel Montano ensured that it remained in the hearts of the people of the Caribbean.
But then came COVID-19 and, like all other airlines, it faced the challenge of how to navigate a global health pandemic.
This week, we learnt it made a loss of $172.5 million for the first quarter 2021 on top of a $738 million loss reported for 2020.
So CAL was in trouble and there is no doubt that there would be casualties.
What did not help its cause was the Government’s decision to close T&T’s borders for the past 15 months.
Let me be clear, I am not making the argument that the border closure alone is what has led to this situation that CAL finds itself in. Had the borders been opened in a managed way, however––as every single Caribbean island, with the sole exception being T&T, was able to do––the extent of the dislocation and pain that CAL faced would have been reduced.
The border closure and the Prime Minister Dr Keith Rowley-led Cabinet’s insistence that there was only one way to protect the population from death and destruction, revealed that the Government is not prepared to do anything that seems to be innovative because that would require thought, planning and execution of something that we have not already seen play out.
Some months later, the prospect of a $110 million severance payout and the anguish of people losing their jobs is yet another example of both the unexpected consequences of the pandemic and the failure of the Government to come up with the innovative solutions this current situation is forcing not only CAL but other businesses and entire countries to find.
Less there are those who are still of the view that the Government had no choice and that we could have lost thousands more citizens, perhaps we could look at our Caribbean neighbours and we would see that T&T did not perform better than any of those countries. Not even Haiti.
Barbados has had up to Tuesday, 4,045 cases with 47 deaths. If you consider that Barbados has one-fifth of the T&T population and you multiply the cases and deaths to match with T&T’s population, you would see we have done worse than our Caribbean neighbour, which chose to keep its borders opened most of the time during the pandemic.
Let’s look at the numbers for Jamaica. Twice the size of T&T and about twice the size of population and another Caribbean country to keep its borders opened, Jamaica has had 49,735 cases and 1,037 deaths.
T&T, with borders shut, citizens stateless and often begging to come back home, had 30,982 with 761 deaths. Closing the borders did not make us safer. All it did is to show the rest of the region that the administration did not have the confidence that we could operate a managed border with the requisite protocols. We had neither the innovation nor self-belief.
This situation must worry us deeply because we know, instinctively even, that to emerge from this pandemic, to build this economy to last and to find new sustainable revenue streams, we need three things.
1. We need a country united around the cause to transform the economy.
2. We need a government that is committed to reducing its stranglehold on the economy, supportive of the private sector, prepared to live within its means, willing to do the hard work of pension and social security reform and leave no stone unturned to increase efficiency and competitiveness.
3. We also need a private sector that is committed to innovation, that does not see its role as buying and selling for profit and which can carry our economy in a new approach to development.
The inability over a 15-month period to find a solution to the border issue, even when citizens, people with T&T passports, were being told to stay in place, is unconscionable on the one hand and does not bode well for our ability to innovate.
We have heard the Finance Minister make the argument that it’s better to borrow at double the interest rates from the Chinese government than from the IMF because it may demand the country do what it has to do the ensure money is well spent. We have heard the Minister of Finance continue to insist that it is fine to use the Heritage and Stabilisation Fund to pay salaries and yet he cannot see how it’s a contradiction that while CAL has to send home workers because it does not have the money to keep them employed, it’s okay for the Government to borrow money to pay salaries?
We have to take action to save our micro, small and medium enterprises, as they are the businesses that employ most of the people in the country.
We must pivot from what we have done in the last 10 years if we are to survive.
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