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Black Facts for November 8th

2021 - Bermuda half-siblings lose appeal over Trinidadian’s murder - Trinidad and Tobago Newsday

2020 - ‘Zesa lost $4,5bn revenue during lockdown’

NATIONAL power utility, Zesa, reportedly lost close to $4,5 billion by charging uneconomic rates during the lockdown period, hence the recent decision to hike the tariffs by 150%. BY GARIKAI MAFIRAKUREVA Energy minister Zhemu Soda told Senate last Thursday that between March and September this year, Zesa cashflows dropped significantly as consumers’ disposable incomes were constrained. As a result, he said the power utility owed Mozambique more than $100 million for power imports. “People were not earning much because of the COVID-19 lockdown. The energy company lost a total of $4,5 billion. It was very difficult to rectify or fix anomalies within the power company because of lack of funds,” Soda said. “As we speak, nothing was being done, but the government made it a point that people got electricity even during the lockdown. There was a loss in value of electricity tariffs by 337%. In March the tariffs were valued at US$0,10. Now the tariffs have risen as at November 1, 2020 for domestic use to US$6,03,” he said. The Energy minister said they were importing electricity at US$0,90 per kWh. He said independent power producers also sold electricity to the Zimbabwe Electricity Transmission and Distribution Company at US$0,90 per kWh. “For those who are using electricity for domestic use, the difference is being taken as a subsidy from government so that people do not pay all the money as expected from the electricity that is imported from other countries. There are also transmission costs to cover the cost of getting electricity to this country as well as distribution costs, including labour for the workers who are working in the energy industry,” Soda said.  Follow Garikai on Twitter @garry4peace

2023 - Forward Ever Foundation hosts Music Intensive using AI tools - Trinidad and Tobago Newsday

In keeping with its mandate to educate and empower young persons in the creative arts industry, NGO Forward Ever Foundation hosted a two-day Music Intensive focused on Artificial Intelligence (AI) using modern techniques.

A media release said, the recently held two-day Music Intensive focused on three main applications - Midjourney Text to Graphic Generator AI, ChatGPT, and Logic Pro DAW.

ChatGPT served as a collaborator in the song idea and lyric writing process, and was also utilised for brainstorming music, video concepts, and scripting. Midjourney was used to craft promotional artwork in the form of album covers for the created songs while Logic Pro was employed to compose the song's instrumental and record vocals. Logic Pro showcased the integration of AI in music production, demonstrating the use of apps like Lemonaide Music AI and iZotope Nectar.

Christopher Din Chong, chairman of Forward Ever Foundation said the workshop utilised the Pika Labs Text to Video AI Generator to transform graphics created in Midjourney into videos. Suno AI's Text to Music and Lyric Generator was also employed in the creative process.

He said, 'The Music Intensive, harmonised the creativity of six talented participants, as they wrote, produced, and marketed their own unique sounds. Some participants were initially concerned that AI might make them obsolete. However, in witnessing the undeniable soul and human touch they brought to the music; they now view AI as a tool to be used as needed within their creative process.'

Presenter and facilitator Peter Sandy said the intensive aimed to empower independent artists by introducing them to cutting edge AI tools, 'Following the conclusion of the intensive programme, I was deeply impressed by the immense talent displayed by the participating youths. It reinforced my belief in the wealth of artistic potential within our country. As AI technology continues to advance rapidly, it will become increasingly easier for artists to produce and market their music. We should eagerly anticipate more workshops like this in the future, which will further empower artists in their creative endeavours.'

He added, 'To young people entering the music field, my advice is not to be intimidated by new AI technologies. Instead, embrace them and leverage the advantages they offer to enhance your artistry.

'My inspiration comes from my two-year journey studying Tibetan Buddhism in India and Nepal. This experience has greatly influenced my intentions and motivations.'

Samantha Vialva, one of the participants of the two-day intensive said, 'Usually I write new material when inspired. This workshop expanded my creativity by showing me how to write a song step by step. It also opened my mind to understand how Chat GPT could be a tool to help our creativity. I was absolutely against using AI technology to write songs, but at the end of the workshop I recognised the way it could be a tool.'

Another participant, Devi Ramnath said she was happy to be part of the intensive as she had just begun exp

2022 - Republic financial group records $1.5b in profits - Trinidad and Tobago Newsday

REPUBLIC Financial Holdings Ltd (RFHL) recorded $1.526 billion in end of year profits for the year up to September 30 – a 16.7 per cent improvement from the previous period.

A media release on Monday said this represents an increase of $218 million over the 2021 profits of $1.308 billion, but $55 million, or 3.5 per cent below the 2019 profits of $1.581 billion.

Chairman Vincent Pereira said RFHL's performance reflects the impact of the group’s expansion, revenue diversification, cost management strategies, the uptick in economic activity as well as the increase in yields in the US dollar-denominated financial instruments.

The relaxed covid19 protocols augured well for the group, the media release said.

Pereira said RFHL strengthened its sustainability focus, added capacity and execution capability through the creation of an office of sustainability.

"Through our group's flagship Power to Make a Difference Programme we are forging new partnerships with NGOs and groups whose specific focus aligns to the pillars of our sustainability and Environmental, Social and Governance (ESG) effort.

"By continuing our focus on responsible banking and sustainability, our goal is to actively shape a more sustainable future for all.”

The board of directors declared a final dividend of $3.45 per share, which brings the total dividend to $735.8 million per share for the fiscal year, an increase of 12.5 per cent in total dividend payment over 2021, and in line with the 2019 dividend payment.

At a closing share price of $140.01, this dividend represents a yield of 3.21 per cent (2021: 2.93 per cent).

The final dividend will be paid on December 1. Pereira complimented the group's performance in spite of its challenges.

"This success could not have been realised without the talented, resilient and dedicated staff across each of the 14 countries in which we operate. For their continued high level of commitment, and their dedication to our customers, I am truly grateful.”

The post Republic financial group records $1.5b in profits appeared first on Trinidad and Tobago Newsday.