Connect with us

Caribbean & World

TAWU fears job losses possible following acquisition of Scotiabank

Published

on

by Curlan Campbell, NOW Grenada 

  • Grenada first country to sign banking business vesting order to approve acquisition
  • Possible job losses may occur with recent acquisition of Bank of Nova Scotia operations

President General of the Technical and Allied Workers Union (TAWU) Senator Andre Lewis remains concerned that possible job losses may occur with the recent acquisition of the Bank of Nova Scotia operations by Republic Bank Financial Holdings Limited (RFHL).

On Wednesday, Prime Minister and Minister of Finance, Dr Keith Mitchell in the presence of Scotiabank’s Managing Director, Caribbean East, David Parks; Managing Director, Republic Bank, Keith Johnson and President General of the Technical and Allied Workers Union, Senator Andre Lewis, signed the banking business vesting order required to facilitate the acquisition. This signing came within a year since RFHL announced in a statement issued last November, that it was seeking to acquire Scotiabank operations in Guyana, St Maarten, Anguilla, Antigua and Barbuda, Dominica, Grenada, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines.

Lewis said he is quite pleased to have sought the interest of the workers of Scotiabank to allow them to choose whether to receive severance pay or continue with the bank under new management. “Our concern has always been the option of the workers in a situation like this to determine whether they would want to go over to Republic Bank or whether or not they will want the option for severance and be paid for their years of service. We are happy to report that we have been able to achieve that objective.”

He expressed concerned for present workers of both Republic Bank and Scotiabank. “Also, a concern to us obviously with the closing of Scotia and it being bought over by the Republic Bank, there can be the real possibility of workers losing their jobs and that will be a serious concern on our part.”

Since the ECCB Monetary Council registered no objection at its meeting convened on 6 September, Grenada became the first country to sign the banking business vesting order to approve the acquisition.

Johnson indicated his delight over the completion of negotiations and has pledged to honour the contracts of workers. “We will continue to grow the institution as a joint entity Republic Bank Grenada limited and to honour all contracts, especially contracts of the workers who are still with Scotiabank as of the acquisition date. As has been stated previously from day one, as a matter of fact, we look forward to welcoming all Scotiabank staff from what we call legal day one,” said Johnson.

Parks reiterated the importance of securing the interest of workers of Scotiabank which he said formed the basis since the start of negotiations. “The fact that Republic Bank Financial Holdings Limited from our very initial discussions committed to allowing those individuals who wanted to join Republic Bank and guarantee them employment, was very important.”

While Grenada became the first to sign the vesting order, Antigua and Barbuda’s Prime Minister Gaston Browne, who was one of the regional leaders having reservations about the merger, has recently stated that the island In a better position to negotiate the sale of Canada-based Scotiabank branch.

The Government of Grenada has earned just over $2 million in taxes from the acquisition deal which Prime Minister Mitchell welcomes. He has admitted to expressing initial concerns for the future of workers involved, which has worked out in their best interest and well as the need for local banks to have healthy banking relations with international banks. “The ability of local banks to have international relations that connect them to what’s happening outside with other powerful banking institutions is going to be very crucial so I see Republic Bank, given its history of banking relations with international institutions, as a very important factor in the decision that I made for Grenada’s case. I think that the Monetary Council when it debated the issue over and over, I think that we felt that was a key factor.”

Prime Minister Mitchell has also called on Antigua and Barbuda – noting the size of the banking institution there – to follow suit since this acquisition must be seen as a unified regional approach.

Scotiabank and TAWU signed a Memorandum of Understanding (MOU) in September to ensure that the rights of workers are not infringed upon.

Source: Source link

Caribbean & World

Traffic Notice: Marrast Hill public road open

Published

on

By

The Traffic Department of the Royal Grenada Police Force informs the motoring public that Marrast Hill public road has been reopened to vehicular traffic, in both directions, as of 3 pm on Sunday, 8 December 2019.

The Traffic Department further advises that the reopening of the roadway is a temporary measure to facilitate the expected increase in the volume of traffic for the holiday season.

The Traffic Department takes this opportunity to thank the general public for their patience and understanding during the past week and looks forward to the continued cooperation of all.

Office of Commissioner of Police

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Source: Source link

Continue Reading

Caribbean & World

International Civil Aviation Day | United Nations

Published

on

By

Civil aircraft at airport terminal. Photo: Serge Davidyants

The purpose of International Civil Aviation Day is to help generate and reinforce worldwide awareness of the importance of international civil aviation to the social and economic development of States, and of the unique role of ICAO in helping States to cooperate and realize a truly global rapid transit network at the service of all mankind.

As the UN and world nations have now adopted Agenda 2030, and embarked on a new era in global sustainable development, the importance of aviation as an engine of global connectivity has never been more relevant to the Chicago Convention’s objectives to look to international flight as a fundamental enabler of global peace and prosperity.

Every five years, coinciding with ICAO anniversaries (2014/2019/2024/2029/etc.), the ICAO Council establishes a special anniversary theme for International Civil Aviation Day. Between these anniversary years, Council representatives select a single theme for the full four-year intervening period.

 

75 Years of Connecting the World

Seventy-five years after ICAO’s foundation, the International Civil Aviation network carries over four billion passengers annually.

The global Air Transport sector supports 65.5 million jobs and USD 2.7 trillion in global economic activity, with over 10 million women and men working within the industry to ensure 120,000 flights and 12 million passengers a day are carried safely to their destinations. The wider supply chain, flow-on impacts and jobs in tourism made possible by air transport show that at least 65.5 million jobs and 3.6 per cent of global economic activity are supported by the aviation industry according to research by the Air Transport Action Group (ATAG).

Learn more about ICAO 75 Years of Connecting the World.

 

 

Source: Source link

Continue Reading

Caribbean & World

This Day in History | NOW Grenada

Published

on

By

by John Angus Martin, A-Z of Grenada Heritage

On this day, 7 December 1976, Grenada witnessed its most contentious general elections to date when opposition parties formed a coalition, the People’s Alliance (PA), to challenge the electoral monopoly of the Grenada United Labour Party (GULP) of Prime Minister Gairy, but lost.

In an attempt to end the GULP’s seemingly unshakeable electoral monopoly, the three main opposition political parties–the leftist New Jewel Movement (NJM) under Maurice Bishop (nominating seven candidates), the centrist Grenada National Party under Herbert Blaize (nominating five candidates), and the pro-business United People’s Party under Winston Whyte, a former GULP senator (nominating two candidates)–formed a coalition party, the People’s Alliance, to contest the 1976 general elections. Ideological differences between the parties created some tension, as was evident with the establishment of the PA only a few days prior to the deadline for nomination. The PA brought together three politically diverse groups, with only one thing in common, a strong desire to be rid of PM Gairy and the GULP.

The failure of the NJM to remove Eric Gairy from power by mass protest in 1974 had forced its leaders to participate in parliamentary elections, even though they believed the electoral process to be “woefully deficient.” The youth vote, from which the NJM derived much support, became important, especially since 18-year-olds were eligible to vote for the first time. Though the PA had hoped that its broad-based support would be enough to defeat PM Gairy, it was confronted with a number of political obstacles. PM Gairy’s supposed abuses and corruption of the electoral process, and the passing of a number of laws like the banning of the use of public address systems by opposition parties, thwarted the opposition’s every move. The GULP government had a monopoly of the airwaves, and even controlled the choice of an opposition election symbol.

In the end, the PA won six of the 15 contested constituencies, capturing just under 49% of the popular vote. It later protested that the election was not free and fair. It was one of the most hotly contested elections in many years. Despite the PA’s loss, the GULP government was confronted with a noticeable opposition for the first time in a decade. By 1979 many believed that “the Parliament had degenerated into a theatrical act, with Gairy always the leading actor,” and the opposition, under Bishop, a reluctant supporting cast. Some have suggested that “the Grenada Parliament had become a caricature of the Westminster model and, moreover, reflected the inherent weaknesses of that model,” leading to disillusionment in the process, and ultimately resulting in the Revolution. If there were winners among the PA, it was the NJM, which won over new supporters and gained a national platform for its leftist views.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Source: Source link

Continue Reading

Trending