Page 15 - Demo

15also provides switched video stream, full social media interactivity and song and title information.Television continues to engage the modern consumer with its digital centric offerings across all social media platforms with full VOD access to all content. We also continue to lead the market with our frst to air breaking news technology and high quality digital broadcast systems.Given the cost challenges of newspaper operations globally, GML embarked on an automation project in 2015, utilizing the latest internet technologies. This cutting edge strategy will positively impact our total business operations, and transform the way we receive and build our editorial content, the way we transact business with our commercial clients, the way we process advertisements and the speed at which we deliver content to our consumers.The successful implementation of this project will fully modernize our print operations, signifcantly reduce our operating costs, bring our operations in alignment with the latest technology, enhance our competitiveness, and ensure the long term viability and transitioning of our newspaper operations to the digital domain.The Economic EnvironmentThe continued decline in global energy prices in 2015, the scarcity of foreign exchange availability, and the declaration of a recession by the Government of the Central Bank refect the highlights of the economic environment in Trinidad and Tobago in 2015.The fall in energy prices led to a sharp decline in Government revenues and brought about a contraction in both the energy and non-energy sectors.The new Government has adopted a more cautious approach to spending in an attempt to contain the country%u2019s fscal defcit, and also announced the return of property tax, and a widening of the VAT net, to offset the revenue decline.These new revenue measures are likely to dampen aggregate demand, and could also contribute to a further contraction of the economy.The Government%u2019s delay in the payment of arrears to public servants, and the protective services, may restrain infation and demand for foreign exchange, but could also contribute to contraction of the economy.In 2015 the Central Bank raised its repo rate by 100 basis points to 4.75% and increased its mortgage market reference rate by 75 basis points between March, 2015 and a year later. These measures which increase the cost of borrowing, are meant to constrain aggregate demand in the economy, thereby dampening the infationary impulses and reducing the demand for foreign exchange.Outlook:With the prediction by credible international analysists that energy prices are likely to remain low for a long period, the domestic economy is expected to remain in contraction mode for 2016.The demand for foreign exchange is expected to remain robust in 2016, and could put further pressure on the already weakening TT dollar. Government policies in 2015 led to a US$1.5 billion drawdown in Trinidad and Tobago%u2019s foreign reserves.In an attempt to ensure conservation of foreign reserves, the Central Bank may be forced to adopt other approaches to dealing with this situation.Given the prevailing macro-economic environment in 2016, the unavailability of foreign exchange and lower aggregate demand, unemployment is expected to rise as businesses seek to adjust to the new economic realities. This may further depress aggregate demands and contribute to further contraction of the economy.However recent developments in the energy sector, globally and locally, point to some recovery in both the production and prices of T&T%u2019s main foreign %u2013exchange earning commodities.Financial PerformanceGML had better results in 2015 compared to the previous fnancial year. Revenues grew by $14.7M or 7.5% and our Income before Taxation increased by $4.4M or 9.8%. These