St. Lucia Business Focus 49

Issue No. 49 Dec. / Jan 2010

Chamber Launches Business Awards

EC Global Turns Five

Robert Norstrom Advancing ECFH

No. 48

BF

Oct/Nov 2009

35

FEATURES Cover Story

REGULARS Editorial

37. Advancing ECFH Robert Norstrom – ECFH Group Managing Director

04. The Financial Frontier

48. ECFH – St. Lucia’s Financial Pioneer

Money Matters

56. EC Global Turns Five

47

58

Business Tech

06. All About Shopping Carts 08. Pioneering Wireless Solution 10. Scoring Investment Goals 12. VAT and the Final Consumer

EXTRAS In The Know

14. The Chamber Launch St. Lucia Business Awards 16. Bedy Oceanline Ferry Sail 17. NDC Signs Agreement 18. First & Last Impressions 20. Meet the Team: ICC Twenty20 Financial Outlook

22. St. Lucia Workers’ Credit Union

24. Strength of Credit Unions 28. Financial Planning = Success 30. Impact of HR on Finance 32. NDC Investors Conference 34. Our Ethics Barometer

Bizz Briefs

Bizz Buzz

Business Spotlight

82. Events 2010 83. Major Moves 86. New Company Registrations

70. St. Lucia Hosts FCCA 2009 74. Harlequin Resorts 75. St. Lucia Hits German Market 76. Rebranding: WINFRESH 78. LIME Helps St. Jude’s Health & Wellness

80. A Better You for the New Year

BUSINESS FOCUS

DEC 2009

| 3

Editorial

BUSINESSFOCUS Business Focus magazine is published every two months by Advertising & Marketing Services Limited (AMS), Saint Lucia.

Publisher: Lokesh Singh Editor: Christy Recaii Graphic Designers: Donald Brower Karin Mathurin Advertising Sales: Cennette Flavien Webmaster: Advertising & Marketing Services

The Financial Frontier A brand New Year 2010 is rolling in, full of promise, hope, and prosperity.

Perhaps you are one of those people who make New Year’s resolutions whether it’s recommitting to financial goals – better money management, starting up or sticking to a saving plan, getting out of debt, the list is endless for making financial changes to your life for a better you. A good tip is to have a positive outlook to stay motivated.

In this issue of BF, we feature St. Lucia’s own, home grown Eastern Caribbean Financial Holding Company (ECFH) – a beacon of financial hope in the current recession scenario or what is referred to as a dark time. ECFH is not only riding out the storm but is leading the way where money matters are concerned.

As cover person Robert Norstrom memorably described ECFH – “A modern company that should include everything modern companies have to offer.”

For those who are still uninterested in hard-hitting finance, consider Robert Norstrom’s diverse outlook on the subject matter if still stumped.

Constant fodder of the recession, global financial crisis, meltdown, downturn whichever term you use, is undeniably leaving lasting impressions not only in the financial world, but generally speaking hence, it pays to be finically literate.

This is where consideration for the financial frontier can be taken into account.

ECFH is an inescapable example for financial success, when you look at where they have come and they refuse to slow down, continuing to expand and advance it might also pay to take a page out of their book.

Happy New Year!

Enjoy the issue!

Christy Recaii christy.recaii@amsstlucia.com

BUSINESS FOCUS

DEC 2009

| 4

Photography: Video Ventures | AMS | Stan Bishop ECFH | NDC | SLTB | SLASPA | LIME | Ministry of Finance Bocage Secondary School Contributors: Stan Bishop | Amit Singh | Christy Recaii ECFH | Esther Brown | Mark Cadette Charlene Nelson | Jasmin Lay-Charles Malcolm Charles | Leslie Collymore Kurt Reynolds | John Emmanuel | Alexander Joseph | SLASPA Dainea Augier | Bevan Springer | Chamber of Commerce Dr. Tanya Destang-Beaubrun Editorial, Advertising, Design & Production: Advertising & Marketing Services P.O. Box 2003, Castries, Saint Lucia Tel: (758) 453-1149; Fax: (758) 453-1290 email: ams@candw.lc www.amsstlucia.com, www.stluciafocus.com Business Focus welcomes contributions from professionals or writers in specialized fields or areas of interest.

Reproduction of any material contained herein without written approval, constitutes a violation of copyright.

Business Focus reserves the right to determine the content of the publication.

Robert Norstrum

Advancing ECFH

&

Jr. Designs Construction Services Ltd.

we build

your dreams

Services Provided * Construction Management * Architectural Drawings * Construction Surveying * Cost Estimates * Building Construction P. O. Box b4106, Massade, Gros-Islet, St. Lucia Tel: (758) 450 - 9393 * 285 - 2773 * 716 - 7616 Fax: (758) 450 - 9699 Email: jrgoodridge@hotmail.com * Website: www.jrgoodridge.net

Business Tech

All About

F

ShoppingCarts

or 15 years now the term “shopping cart”, “trolley” or “basket” has been used to identify the software that facilitates an online or e-commerce transaction. The analogy, of course, comes from the shopping cart that you push down the aisle of a store, allowing you to select products for eventual purchase - and later remove the ones you’ve decided against.

There are literally hundreds of examples of store-building shopping cart software on the market these days - so many that it’s difficult to keep up. Some of the better-known examples of this software include: ShopSite - which produces search-engine-friendly product pages. I use it myself and, in earlier days, built many stores within this system. It comes in three verBUSINESS FOCUS

DEC 2009

| 6

sions: ShopSite Starter, ShopSite Manager, and ShopSite Pro. LexiConn specializes in web hosting for ShopSite stores.

Yahoo! Merchant Services is another veteran e-commerce platform with a wide variety of features. With Yahoo! you pay a monthly fee plus a 0.75% to 1.5% transaction fee. But you won’t need a payment gateway -- it’s built in.

Miva Merchant is a third veteran. It is offered by many hosting services and can handle a great many products. osCommerce is an open source PHP/ MySQL e-commerce solution, widely used because it’s free and powerful, though somewhat buggy. A couple of bettersupported spin-offs include CRE Loaded and Zen Cart.

If you sell products or services online,

then you need this kind of software. It may be that you’re just beginning to look at ecommerce software. But more likely you’re using something already, but find it frustrating - you’ve outgrown it or don’t really have the right kind of software for your particular application.

Types of Shopping Carts: Store-Building Software Store building software combines all the order system functions described above with those of a content management system (CMS). Another term for this is online catalog management software. Not only does it handle the products, prices, tax calculation, shipping calculation, etc. It also creates and manages the website and

product pages where your customers will shop – not only prices, but the entire look and feel of your store. Pages are based on templates - either standard templates that come with the store or templates specifically designed exclusively for your store.

Any store with hundreds of products will have constant changes in prices, new models of existing products, sales and promotions, coupons, featured products, etc. Store-building software allows you to manage the entire store from a single web interface. Alternatively, store owners can make changes to a product database on their desktop computer, then upload the new database to the online store, which will cause the changes to be reflected online.

With all store-building software you’ll need to select one or more payment systems - ways to receive credit cards.

Though you can use PayPal, Google Checkout, or 2Checkout, many storeowners will get their own merchant credit card accounts and payment gateways.

Ordering System Software At the core of shopping cart software is the ordering system, the functions that

make it possible to purchase a product online -- product selection, tax calculation, shipping selection and calculation, personal and credit card information entry form, real-time credit card approval (in most cases), and order confirmation.

Together they provide the core sales order function.

There are some shopping cart systems that provide only this basic function. Typically, they help you create an order button for each product, which you paste onto the product pages of your website. Then, when customers click on the order button, they are taken to the order system on the vendor’s site where the transaction conducted. When the order is complete, your customer is sent back to your site.

Examples of stand-alone ordering systems are as follows (though I can only list a few examples among dozens of vendors). * PayPal Website Payments Standard - An excellent payment system and payment gateway, with a simple shopping cart and doesn’t require a separate merchant credit card account.

* Americart Shopping Cart Service - A flexible ordering system that requires you to have both a merchant account and a payment gateway. * 1ShoppingCart - A multi-use tool designed for small businesses that provides a shopping cart, digital delivery system, ad tracking, and an affiliate program. Requires a merchant account and payment gateway. * 2Checkout (2CO) - An ordering system for digital products and services for those who have difficulty getting a merchant account. Includes a payment gateway. * Google Checkout - Allows merchants to sell online without taking credit cards themselves. Google handles the transaction and the payment gateway. BF Leslie Collymore For further info: Email: aim@candw.lc www.aimstlucia.com

West Indies General Insurance Company Limited Contractors (All Risks) Computer (All Risks) Householders Motor Vehicles Money Fire Burglary Travel Insurance Goods in Transit Liability Marine

We cover the things you care for...

A member of The Julian R. Hunte Group of Companies

Castries, St. Lucia, House, W.I. Tel: 758 452-2230/1 Fax: 758 453-7671Manoel Street, P.O. Box 64,Unit #6 Colony John Compton Highway email:wiginsurance@candw.lc P. O. Box 64, Castries, St. lucia. W. I.

Money Matters

Bank of Saint Lucia Pioneers Wireless Solution in Saint Lucia

B

ank of Saint Lucia has revolutionized the conduct of card transactions in Saint Lucia as it launches its latest product — Swipe, wireless point-of-sale. Bank of Saint Lucia introduced this product, a wireless point-of-sale device that allows businesses to process card transactions (credit and debit) wherever and whenever they need to. The first of its kind in Saint Lucia, it is a light, portable and conveniently-sized machine that accepts card payments from customers in any location making it ideal for the full spectrum of local businesses.

Swipe, wireless point-of-sale is powered by mobile technology and can be accessed by both of the island’s mobile companies, Lime and Digicel.

Speaking at the press launch held at the Financial Centre on Bridge Street in October, Bank of Saint Lucia’s Assistant General Manager, Joanna Charles, said that the bank “was delighted to be the first providers of the ideal wireless pointof-sale solution to the local commercial landscape”. She highlighted several of its BUSINESS FOCUS

DEC 2009

| 8

advantages which include limitless convenience, greater protection against fraudulent activity, and reduced cost since no land line is needed for the service. Swipe, wireless point-of-sale is ideal for all types of businesses regardless of size, but Ms. Charles noted that Saint Lucia’s tourism industry would certainly benefit

due to the service’s suitability to hotels, restaurants and tour operators.

The bank’s General Manager, Robert Norstrom, did a symbolic handover of the Swipe, wireless point-of-sale device to the first customer, Celestine Mathurin, a representative of Cost Less Rent-a-Car Company. Ms Mathurin said that this new wireless pointof-sale system was “going to make life easier” for her company because of its convenience and security features. Other businesses such as delivery service and event management companies will also find Swipe, wireless point-of-sale ideal for their particular needs. BF Marketing & Corporate Communications Dept.

ECFH For further info: www.ecfh.com

Money Matters

Scoring Investment Goals With Brazil

Amit Singh Investment Analyst

B

razil is a nation that usually takes centre stage every time the FIFA World Cup comes around. Their impressive football playing prowess aside however, Brazil will bask in the international spotlight as Rio de Janeiro, Sao Paulo and 10 other cities in the country host the FIFA World Cup football tournament in 2014. Recently however, BUSINESS FOCUS

DEC 2009

| 10

the country scored the rights to another international sporting event, as Rio de Janeiro won its bid to host the Summer Olympics in 2016.

Rio de Janeiro, which is famous for and often associated with its festive Carnival celebrations and its exquisite Copacabana beach, beat back bids from Chicago, Madrid and Tokyo to achieve the coveted title of the very first city in South America ever to host the Olympics.

Positive effects from the Olympics will be felt long after the games are over, as the hosting region generally reaps the rewards of urban development and increased global media exposure.

As Brazil opens its doors to the world, the successful bid shall open a world of investment opportunities in Brazil whose stock market has already surged this year on expectations that the country’s economic recovery will outperform its global counterparts.

In September 2009, Brazil became the first country in South America to stage a small recovery out of recession, and its second quarter economic growth rate of 1.9% was stronger than other nations that have reported economic expansion, including Japan’s rate of 0.6% and Germany’s rate of 0.4%.

Additionally, in September, Brazil’s debt

was granted an investment grade rating at Moody’s Investment Service, thereby giving its sovereign debt investment grade status at all three major ratings agencies.

Brazil’s long-term sovereign debt is currently rated BBB-/ Stable by Standard & Poors, BBB-/ Stable by Fitch and now Baa3/ Positive by Moody’s.

Alongside the increased availability of lower cost credit and the strengthening of the Brazilian real against the US dollar, the rating upgrade is likely to stimulate increased capital flows into the country’s stock market (the Bovespa) in the mid to long-term.

The Bovespa has also attracted many investors this year because it is set to become home to two of the world’s largest initial public offerings (IPOs) for the year, namely the upcoming listing of banking firm Banco Santander SA and credit-transaction processor VisaNet. Many of the Brazilian stocks on the Bovespa are cross-listed as American Depository Receipts (ADRs) on the New York Stock Exchange where they are denominated and traded in US dollars.

Almost all of Brazil’s equity sectors stand to benefit in some way from the country’s latest venture. According to estimates from Brazil’s organizational committee investors will bring in around 30 billion

Brazil’s Stock Index - Bovespa - showing its performance from the beginning of this year to September 2009.

reals (USD 17.01 billion) in new spending over the next seven years. Based upon a preliminary estimate, Brazil’s Ministry of Sports has said the event could bring in up to 90 billion reals (USD 51.27 billion), inclusive of indirect investments and overall longer-term benefits.

Brazilian steel maker Gerdau SA (GGB) was cited by analysts to be among the top beneficiaries from infrastructure-related business. Investors can also take a look at Gafisa SA (GFA), a home builder that may assist in the construction of residential facilities needed to house athletes in an Olympic village.

The hosting of the two sporting events would also be beneficial to Brazil’s largest mobile-phone operator, Vivo Participacoes SA (VIV). In terms of transportation stocks, air carrier Gol Linhas Aereas (GOL) and its direct competitor TAM SA (TAM) are both set to see their growth take-off in the short and long term via providing service to the expected increased number of tourists.

Other companies poised to reap gains from Brazil’s venture include banking firms Banco Bradesco SA (BBD) and Itau

Unibanco Holding SA (ITUB).

In addition, media companies are worth a look because of increased ratings and advertising related to the games. The ability to offer exclusive content would help cable-services provider Net Servicos de Comunicacao SA (NETC).

There are concerns though that investors’ enthusiasm over Rio’s selection for the games may wane as their focus returns to gauging the pace of economic recovery and the timing of interest rate hikes by Brazil’s Central bank. The Brazilian Central bank has slashed its key rate by 50 basis points (0.50%) this year to a historic low of 8.75% in an effort to shield the economy from the worst of the global recession.

Some analysts are expecting the benchmark Selic rate to be raised by as early as the second quarter of 2010.

Investors looking for more diversified exposure to the Brazilian stock market can purchase iShares MSCI Brazil Index (EWZ). This is an exchange traded fund (ETF) that seeks to provide investment results that correspond generally to the

price and yield performance of publicly traded securities in the Brazilian stock market, as measured by the MSCI Brazil index.

Potential investors should note though that many of these Brazilian ADRs are trading at or near their 52 week highs so trade entries should ideally be taken on pullbacks in their prices. Thorough and indepth analysis alongside the right timing and application of a suitable trading strategy is essential to make winning investments. As Brazilian-born football legend Pele once said, “Success is no accident. It is hard work, perseverance, learning, studying, sacrifice and most of all, love of what you are doing or learning to do.” BF Amit Singh Investment Analyst CMMB Securities & Asset Management Limited For further info: www.mycmmb.com

BUSINESS FOCUS

DEC 2009

| 11

Money Matters

VAT and the Final Consumer

V

alue Added Tax (VAT) is a tax levied on consumer spending and is borne by the final consumer. This means that whenever a person buys a taxable item from a registered business entity, part of the selling price will include a tax. This tax, will be passed on to the government as revenue. VAT is charged at a fixed rate on the mark-up or value added to taxable goods and services.

The final consumer however, will not be charged VAT on the purchase of zerorated and exempted goods and services.

A final consumer under the Value Added Tax System is a person who is at the end of the production or distribution chain.

A business can be a final consumer if that entity is below the determined VAT threshold. That threshold will determine which businesses can charge and collect the VAT. The Final Consumer is considered to have purchased goods and services for consumption or that their value added attracts no VAT, since they fall below the threshold.

For example, if a final consumer purchases an item for his or her personal use, for family or friends, he or she will pay the VAT at the standard rate, if the item is taxable. If the item is zero-rated, then the final consumer will be charged at a rate of 0%. If the item is exempt from VAT, then the final consumer will pay no VAT on the purchase of this item.

BUSINESS FOCUS

DEC 2009

| 12

The policy on the list of zero-rated, exempted and taxable goods and services is presently being considered. The VAT Implementation Project will inform the public on the content of that list when it is finalized and approved.

Under a VAT system, a taxpayer refers to those business entities that meet or exceed the threshold. Only a business entity registered as a taxpayer can charge and collect the VAT. The final consumer will know which business can charge VAT, since a Certificate of Registration, must be clearly displayed at the taxpayer’s place of operation. This business will issue a VAT Receipt to the final consumer, which will indicate the amount of tax paid.

Under the VAT system, the final consumer will see the shelf prices contain the VAT to be paid. It is at the point-of-sale that the consumer will know the VAT that has been paid on their receipt.

When the final consumer transacts with an unregistered business he or she will not be issued a VAT receipt, because this entity cannot directly charge VAT on the sale of any goods and services.

In the current system of taxation, imported goods are subject to various taxes including Import Duty, Consumption Tax, Customs Service Charge, Excise Tax, and Environmental Protection Levy; in varying rates and instances. All these taxes when paid by the importer are

incorporated into his or her selling price, as a cost of doing business. The consumer bears the cost of the goods including all taxes paid by the importer.

VAT will replace or reduce some of the indirect taxes presently being levied on goods and services. However, while the policy on all the taxes to be replaced is being reviewed, Consumption Tax will be replaced by the VAT, because they are both taxes on consumer spending.

Additionally, VAT will not operate simultaneously with any taxes, which it will replace. When one considers the diverse rates of consumption tax (0 – 35%), and the categorization of some goods as zero-rated or exempted from VAT, it is anticipated that the prices for certain goods on the shelf will decrease, remain unchanged or may increase.

The implementation of a VAT will affect the lives of all residents of Saint Lucia and as a final consumer, you must know your rights, which will enable you to empowered decisions. BF Kurt Reynolds PRO VAT Implementation Project For further info: www.vat.gov.lc

In The Know

L - R Hon. Stephenson King - Prime Minister and Chamber officials Dr, Charmaine Gardiner, Brian Louisy and Chamber President Chris Husbands at launching

St. Lucia Chamber of Commerce Launch St. Lucia Business Awards Lucia Beach Resort & Spa. The launch of the St. Lucia Business Awards marked the evolution of the St. Lucia Chamber of Commerce Industry and Agriculture Awards.

T

he St. Lucia Chamber of Commerce Industry and Agriculture recently launched the St. Lucia Business Awards. The awards are to be held on January 23, 2010 at Sandals Grande, St. BUSINESS FOCUS

DEC 2009

| 14

Speaking at the Launch of the St. Lucia Business Awards, Executive Director Mr. Brian Louisy highlighted the details of this new initiative stating: “The new St. Lucia Business Awards will be the hallmark for businesses in St. Lucia where all in attendance will celebrate exceptional and exemplary achievements across corporate St. Lucia.

Coupled with the new vision and mission for the award scheme, the Chamber has made modifications to the categories, adjudication systems and processes to ensure the integrity of the new awards using a combination of the Australian and United Kingdom’s Chamber Award models. The new selection and judging process involves the submission of application forms by any business within the private sector in St. Lucia. All submissions will be reviewed by an independent panel that will be short listed down to three nominees. One winner will be identified out of the three nominees by a separate, independent judging panel in each of the categories to ensure complete integrity and fairness throughout the entire process.

The St. Lucia Chamber of Commerce Industry & Agriculture will present awards in the following categories: 1. Prime Minister’s Award for Innova tion- Sponsored by the Prime MInister’s Office.

2. Award for Service Excellence 3. Entrepreneur of the Year Award 4. Business of the Year Award 5. Exporter of the Year Award 6. Award for Excellence in Human Resource Development 7. Award for Marketing Excellence 8. Award for Corporate Leadership 9. Award for Corporate Social Responsibility 10. Green Award 11. Idea of the Year Award According to the Chairman of the St. Lucia Business Awards Committee, Mrs. Charmaine Gardiner who highlighted the new process at the event launch, “It is an event not to be missed, as we raise the standard of the awards, the overall adjudication process and present an exciting gala evening that all of the businesses in St. Lucia will be clamoring to attend.” BF St. Lucia Chamber of Commerce For further info: www.stluciachamber.org

Chamber Members at AGM Chester Hinkson - New Chamber President

St. Lucia Chamber of Commerce Hosts 125 AGM Scotiabank Country Manager Elected New President

Members of the St. Lucia Chamber of Commerce, Industry and Agriculture voted in Mr. Chester Hinkson, career banker and Country Manager of the Bank of Nova Scotia as the President of the largest and oldest private sector organization in St. Lucia, at the institutions 125th Annual General Meeting on Wednesday, 18th November 2009. The Meeting was held at the Royal St. Lucian Hotel. Mr. Hinkson takes over from Mr. Christian Husbands who had served two consecutive one year terms as President of the Body.

Hinkson, in accepting the position said he was “humbled by the confidence shown” in him to lead the august body.

Hinkson pledged to work towards the continued advancement of the business community and Nation, by seeking ways for the country to fight the scourges of lawlessness and lack of security felt on the island. He noted that the unacceptable high unemployment rate needs to be addressed as this contributes to persons resorting to crime.

The theme of the 125th Annual General Meeting was ‘Leading the Business Community and Nation to a More Prosperous

Future.” Outgoing President, Mr. Christian Husbands, who will serve as Immediate Past President, highlighted some of the work of the Chamber during his tenure, including what he described as helping “maintain a calm and stable economic environment” as well as the launch of the EU funded Competitiveness Through Linkages Project. He stressed however, the need for the Chamber to work with members in achieving a competitive advantage and suggested some areas in which the Chamber must work in that regard.

Guest Speaker at the Annual General Meeting was the Permanent Secretary in the Ministry of Finance and Director of Finance, Mr. Isaac Anthony, who spoke about the challenges facing the economy and Government’s response to those challenges. A highlight of his presentation was the fact that there may be a revision of the 2008 GDP figures to show a 1.2% decline, with a decline of 5% projected for 2009, with all key sectors shrinking, namely tourism, agriculture, construction and transportation. Moreover Government’s revenue has underperformed by 7%, while expenditure has grown by 13%.

The Business Community was also informed that approximately EC$7 million from the IMF exogenous shock facility had been transferred to the St. Lucia Development Bank with the expressed purpose of supporting local SME’s.

Meanwhile, four new members were elected to the Chamber Board of Directors; namely Mrs. Mauricia Thomas – Francis, Country Manager of First Caribbean International Bank; Mr. Sean Auguste, Country Manager of LIME; Mr. Trevor Louisy, Managing Director St. Lucia Electricity Services Ltd; and Ms. Cheryl Renwick of Renwick and Company. The returning Board Members are Mr. Andre Chastanet of Consolidated Foods Ltd., Mr. Lisle Chase of Windward and Leeward Brewery Ltd., Mr. Gordon Charles of J.Q. Charles Group of Companies. Mr. Gerard Bergasse was re-elected as 1st Vice President and Roston Taylor was re-elected 2nd Vice President.

For further information please contact us at: Tel: 452 3165 / 453 1540

BUSINESS FOCUS

DEC 2009

| 15

BEDY Oceanline In The Know

Inter Island Ferry Service A New Option for Regional Travel

Connecting the region – St. Lucia, Barbados, St. Vincent, Grenada and Trinidad

A

s the price of airline tickets, flight delays and baggage restrictions increase, Grenada-based BEDY Oceanline plans to offer travelers an alternative, reliable means for navigating the Caribbean islands.

BEDY Oceanline is considered a leader in fast ferry passenger services in the Caribbean.

The company offers high-speed catamaran services to points in Trinidad, Grenada, St. Vincent, St. Lucia and Barbados with a fleet of two vessels - one with a capacity of 260 passengers and the other with capacity of 300 passengers. Ticket prices are up to $140 US per person and passengers are allowed two 60-pound suitcases without charge.

The business is aimed at satisfying the needs of the lower, middle-income groups, service clubs, church organisations and any other persons who may require such a service. It will strive to fill a niche due to high airfares, unemployment, lower

BUSINESS FOCUS

DEC 2009

| 16

tourist revenue based on the international downturn and thus the need to create a service that will transport people who are economically disadvantaged and therefore cannot afford the high airfares.

BEDY Travel Agency and Associates is a fully incorporated company registered under the laws of Grenada. It is based in St. George’s and represented by its CEO Benjamin Ross. The Ferry plans to service twelve destinations in the Caribbean within one year of operation to assist in the Caribbean integration movement. BF For further info: www.bedytravel.com

NDC Stays On Course in Securing Additional Benefits for the Local Sector

T

he National Development Corporation continues on course as part of a deliberate effort toward maximizing economic returns to the local business community. The latest endeavor in this regard is the signing of a partnership agreement between the Corporation and Courtesy Taxi Co-operative Society.

With a membership of well over two hundred, the newly negotiated two-year agreement will ensure that members of Courtesy Taxi benefits substantially from projected increases in cruise ship passenger arrivals for the season, scheduled to open in October and for years to come.

In addition to the economic spin-offs to the taxi sector, the 2009-2011 agreement will ensure the smooth and uninterrupted operation of taxi services to the benefit of hundreds of patrons, cruise passengers

and others who utilize the Pointe Seraphine Duty Free Shopping Complex. Signing on behalf the Corporation, NDC’s Acting General Manager Timothy Greene said, “At a time when the industrial climate on Saint Lucia is tense, it is heartening that a major statutory body like the NDC and one of its major stakeholders could recommit themselves to working together.”

Greene went further to challenge members of the taxi co-operative to fulfill and up hold their commitment to operate within the framework of the newly sign agreement, which he says will add further impetus to the recently commissioned Operations’ Manual.

President of Courtesy Taxi Co-operative

Society Firmus Popo who signed on behalf of his association underscored the longstanding and harmonious relationship which has existed between the NDC and his association over the years. Popo says Courtesy Taxi will continue to strive to maintain order among its ranks while delivering an efficient and professional service to patrons of Duty Free Pointe Seraphine. BF John Emmanuel Communications Officer NDC For further info: www.stluciandc.com Email: slndc@aol.com

BUSINESS FOCUS

DEC 2009

| 17

In The Know

SLASPA

Making the First Impression Right and the Last Impression Last

W

hether you realize it or not, the island’s Airports and Seaports are first points of local contact for all visitors to St. Lucia. Over 450 acres of land is under the purview of the Saint Lucia Air and Sea Ports Authority (SLASPA) which is responsible for the management of the island’s main entry and departure points (Hewanorra International Airport, George F. L. Charles Airport and the Castries Seaport). SLASPA is therefore among the few organizations that have the opportunity to make the first and last impression on the island’s visitors.

By the end of 2008, over 450,000 passengers had entered the island via Hewanorra International Airport, known as “St. Lucia’s Gateway to the World”. Another 300,000 passengers arrived at George F. L. Charles Airport which is a popular

BUSINESS FOCUS

DEC 2009

| 18

entry point for regional travellers. An even greater number of over 630,000 visitors were welcomed at the Castries Seaport which serves as the main point of entry for cruise ships and regional ferries.

SLASPA’s role in making the first impression on visitors begins before they arrive on the island. At both airports, a team of highly skilled Air Traffic Controllers work with the various airline pilots to ensure safe airspace and landing conditions.

While at the Castries Seaport another equally skilled team of marine pilots work with the vessel captains to ensure that cruise ships and ferries are safely navigated into Port Castries.

Once safely on land, over 200 employees work in tandem to ensure the seamless processing of passengers from the airplanes, cruise vessels or ferries

into the various facilities prior to officially beginning their vacation. Also, behind the scenes are a busy team of engineering staff who ensure that airports and seaport facilities have met the requisite standards to welcome visitors. This would include runway and berth examinations, landscaping, temperature control, water supply, lighting, and directional signage to name a few. Another key group of employees are the Ports Police who provide the all important security function at the island’s points of entry and very often find themselves performing the role of tourist information providers.

Meanwhile, exuberant Customer Service staff at the Airports work closely with the Facility Managers to provide visitors with a welcoming smile; assistance to ensure that landing cards are completed and

finding ground transportation. Whilst at the Sea ports, lucky cruise ship passengers are often greeted by steel pan music and a local drink compliments of SLASPA. SLASPA also has the privilege of making one of the last impressions on visitors as they depart St. Lucia either via the Airports or Seaports. SLASPA therefore aims to make a lasting impression by ensuring the amenities and services that are afforded to passengers when they arrive are mirrored as they depart. Customer Service staff and Facility Managers are often seen within the check-in area and departure lounge at the Airports and Ferry Terminal assisting departing passengers as required. Whilst at La Place Carenage, the stores often remain open until the last passenger boards the ship.

Over the last few years, SLASPA has made

Customer Service a priority as part of creating the right first and last impressions.

This drive has led SLASPA to undertake renovation and refurbishment projects at the Airports and Seaports. In November 2008, renovation works were undertaken within the departure lounge at Hewanorra International Airport to increase the seating capacity as well as the variety of dining and shopping options.

SLASPA has also invested in the Iyanola Executive Lounge at the Hewanorra International Airport that boasts a variety of high quality specialized services including modern information technology that meets the demands of the traveling public while soothing the hassle and tensions of travel.

The Seaports have not been left behind as of 2004, the Geest Banana shed was

refurbished into a modern Ferry Terminal while La Place Carenage has been extended to better cater to the growing cruise ship passengers. These two developments have enabled both locations to create the perfect ambiance for visitors whether arriving or departing.

As aircraft or cruise vessels prepare to depart, SLASPA’s technical team of Air Traffic Controllers, Lighthouse Keepers and Marine Pilots are hard at work again to ensure that the aircraft safely departs St. Lucia’s airspace and vessels are carefully navigated from the harbour. In this role, these highly trained men and women serve not only as professionals in their fields but also as SLASPA’s ambassadors in Making the First Impression Right and the Last Impression Last!

In The Know

Robert Bryan - CEO

ICC Twenty 20 Cricket 2010

Getting The Ball Rolling

W

ith mere months to go before the first ball of the ICC World Twenty20 is bowled this April, organizers are working feverishly to avoid being stumped for ideas before play actually begins. And come April 30, the fireworks will certainly justify the hard efforts now being put in by the four host nations within the region as the West Indies prepare to welcome its cricketing rivals ashore.

This will be the third hosting of the annual event, the first two having been hosted in South Africa and England in 2007 and 2008, respectively. According to Robert Bryan, the man at the helm of the coordinating team in St. Lucia – one of the host nations, along with St. Kitts, Barbados and Guyana – the region won the nod to host the tournament when it lost the opportunity to host the Champions Trophy about two years ago

BUSINESS FOCUS

DEC 2009

| 20

due to security concerns in the Far East.

Nevertheless, Bryan expects regional cricket to experience a formidable level of resurgence as they prepare to take on the likes of the world’s best teams in the game that has traditionally captured the hearts of most West Indians. Among the teams the Windies will be boasting home field advantage over are India, Australia, Pakistan, Bangladesh, Sri Lanka, New Zealand, Zimbabwe, South Africa, India and England. And these are just some of the reasons why nothing should be taken for granted, Bryan told BF. “The planning has been ongoing in terms of the budget, the structuring of the tournament and the establishing of the host arrangements here,” Bryan said, as we spoke in the local office set up here since last May. “So, we’ll be coordinating from here until next June when the tournament would have been wrapped

up.”

The coordinating efforts will be a daunting task, Bryan confessed, but having been the CEO of Jamaica’s local organizing committee for Cricket World Cup 2007, he believes that experience has taught him well. The West Indies Cricket Board (WICB) and the ICC have teamed up to put the spotlight on the region and, according to Bryan, the region expects to run with the ball.

In all, twelve teams – the eight mentioned plus four other qualifiers – will be competing in the action-packed, doubleheader per day, round robin tournament schedule that runs from April 30 to May 16. Matches will be held at 9:30 a.m. and 1:30 p.m., as well as day/ night matches at a certain stage in the competition.

Moreover, the female element of the tournament will be played exclusively in St. Kitts around the same time. At

Back row from L: Robert Bryan - Tournament Director, Andrea Liburd - Project Officer for Corporate Hospitality, Reginald St. Juste Financial Officer, Hayle Harvey - Events Manager for St. Lucia, Tom Roche - Project Director for Corporate Hospitality, Deron Dixon - Cricket Operations Manger (Regional), Krystal Jn Baptiste - Project Assistant, Vaughn Charles - Cricket Operations officer for St. Lucia Front row from L: Sumitra Jagroop - Promotions & Corporate Services Officer, Cindy Emmanuel- Mc Lean - Regional Events Manager, Gayle Alleyne - Corporate Communications Manager, Deborah Hippolyte - Project Officer for Logistics, Samantha Gilliard-Joseph Office Manager

the semifinals stage, both the men’s and women’s matches will be played simultaneously in St. Lucia and Barbados.

All in all, fans are sure to be bowled over by the friendly rivalry and frenetic revelry that often define cricket matches in the West Indies.

“The 20/20 cricket format brings the element of an exciting game to the fore.

I think this format is also tailor-made for the region,” Bryan explains. “It is exactly for that reason we are really aiming to showcase that excitement – the noise, the party – and, in a sense, to redress some of the specific issues we had with Cricket World Cup 2007.”

Apart from having home pitch advantage, Windies fans also got the opportunity to be the first to purchase the first batch of tickets for the seventeen-day tournament.

Tickets for WICB member countries went on sale from for a fifteen-day period, running from November 1 to 15.

International ticket sales commenced on November 15 and continue until February, 2010. Prices range from US$5 to US$10 for first round matches, US$8 to US$15 for the Super Eight round, US$15 and higher for the Semifinals matches and US$20 to US$40 for the Finals.

Quite apart from the obvious fanfare and fun, the tournament also offers the region respite from a down economy brought on by the global financial crunch.

The tournament will also add to the excitement of the St. Lucia Jazz season being held from May 1 to 9, which Bryan says “makes for one big party across the region for seventeen days.”

So, there you have it, cricket fans: the hosting of prestigious sporting tournaments has certainly crossed boundaries. And, despite the fact that the ICC is still keeping the main prize under wraps, unbridled revelry and rivalry are expected to go hand in hand with the

exciting fours and sixes to be scored in the game’s most thrilling format. But before the first ball receives the umpire’s official approval next April, Bryan is hoping that the fans rally round their teams and bring their game faces – and spirit – to the field of play.

“There’s nothing like a party in the West Indies and we are saying to everybody that, unlike Cricket World Cup 2007, we want you to bring the noise, bring the conch shell, we want you to come and have great fun,” Bryan said. “With that, I think people will begin to see that is the emphasis of our planning – the fun part of this great game.”

Stan Bishop For further info: www.icccricket.yahoo.net/index.php

BUSINESS FOCUS

DEC 2009

| 21

Business Spotlight Sitting from L: Alvin Blaize - Field Officer, Celina Hercules Manager, Eugenie Samuel - Senior Accounts Officer Standing from L: Samantha Pologne - Loans Officer, Keitha Dubois - Teller

At your Service C

elina Hercules, Manager for the past five years of the St. Lucia Workers Credit Union Ltd, was all set to showcase the Credit Union as it was chosen for this issue’s Business Spotlight, she however became bashful upon being the ‘face’ of the company as Business Focus is about Faces. Though at the helm of the operation, she modestly stated that she would prefer the piece to be centered on the business as opposed to her, only divulging minimal information about herself: One of the founding members, and as of January 2010 a Monroe College

BUSINESS FOCUS

DEC 2009

| 22

graduate with a degree in Business Management. It is clear that being in the limelight is not her thing. However, when it came down to talking the hard facts of the Credit Union, she was completely ready to disclose that information.

When the St. Lucia Workers Credit Unions Ltd opened for business 27 years ago – it started with $20 000, compared to the figure it runs on today: $22 000 000 with 7800 members. According Hercules, Credit Unions have been growing steadily over the last 25-30 years, starting out as virtual unknowns, meaning they target a

niche market and credit unions need to have a niche markets. For instance if one was employed with the public sector, one would be a member of the Civil Service Credit Union. The St. Lucia Workers Credit Unions Ltd in the same vain, targets private sector members. When it started, she says, it was mainly Cable & Wireless [now LIME] employees who comprised the membership, but they soon expanded to include other members of the private sector.

Thought credit unions do not offer the complete suite of services that a bank

does, they specialize the savings and loans – the bread-and-butter of the operation.

“Some persons do not have the resources to go to a bank, and they save on a smaller scale, $5 - $10, some members are partially illiterate, we are serving that section of society. Initially it was like a social service, but then it took off and it grew. Some members introduced it to their children and other relatives so that help the growth.” Hercules said.

Currently the Corporative Act governs credit unions and there is a single and separate act with different regulations for each of the OECS countries. On the horizon for the St. Lucia Workers Credit Union and credit unions throughout the OECS is the Single Regulatory Unit. This Act will be one act to cover all credit unions in the members if the OECS. This is expected to bring about positive change. One will be able to access your credit union account across the OECS and it will be the same service offered and there will be standardization. She however says other critics view the Single Regulatory Unit as bringing on challenges into the unions in terms of reporting and supervision since they will be supervised by the same body that supervise banks, the ECCB. Celina Hercules confirms there is in fact a lack on interest in the finance. “People just care about their money being in an account, they are not interested. “Even when we have general meetings, they just brush it off. But they need to come to hear what is happening with the credit union. They just care about dividends.

We try to hold educational programmes, but the attendants are poor. This is one of our challenges.” Hercules said about her experience in Castries.

On the contrasting end credit unions have undeniably done well in the southern districts and Hercules offers the explanation. “There are no banks in these

communities and credit unions were able to fill that void. They were welcomed especially in communities like Laborie and Choisel, so they are well utilized in those areas.”

She reaffirms that credit unions in those communities are part of the culture and part of community life. “Credit unions started as communitybased organizations, even the AGMs they hold them a Sunday after mass, so people go to church and Celina Hercules Manager after they go to the meeting, from what I understand there is always a big turn out.”

As far as training goes for the staff of the St. St. Lucia Workers Credit Union, the St. Lucia Corporative League through their development fund organizes the opportunities. The St. Lucia Corporative League serves as the umbrella body for credit unions – which supervises the operations and services. The training covers customer relations once a year for front line staff, sessions on loan processing, training for the board of director and other committee members.

Celina Hercules says her perspective on the St. St. Lucia Workers Credit Union is “where you as a member belong” Unlike

other financial institution one thing about this credit union is that their philosophy is not about storing away cold hard cash.

On the contrary St. St. Lucia Workers Credit Union takes the opportunity to assist people in managing their finances.

Particularly person who are not financially savvy.

She stresses that the credit union continues to be service oriented, that the member must never be inconvenienced when seeking services. A testament to that is the company has expansion plans of opening a branch in the north of the island to serve their members who live and work there. BF Christy Recaii BUSINESS FOCUS

DEC 2009

| 23

St. Lucia Co-operative League Financial Outlook

THE STRENGTH

OF CREDIT UNIONS IN ST. LUCIA

Alexander Joseph CEO

Grace Deterville Office Assistant

T

he Credit Union Movement is strong and vibrant, catering for the financial, social and economic need of its members. St. Lucia is served by 14 active credit unions with a total membership of just over 64,000 and an Asset Base of about $340,000,000 dollars.

Credit Unions are either Community or Career/Profession Based. A Community based credit union resides in the community which it serves and membership is open to every qualifying member of that community. For example, Dennery Credit Union is a Registered Co-operative Credit Union, whose offices is located on High street in Dennery and is owned and operated by the residents of Dennery.

Membership is open to residents of that community and is closed to Laborie residents who are proud owners of the vibrant Laborie Credit Union operating in the community of Laborie.

An example of a Career/Profession based is St. Lucia Teachers’ Credit Union whose membership is open to all teachers, their immediate families and anyone who works in a school environment in St. Lucia.

BUSINESS FOCUS

DEC 2009

| 24

Biens Charlemangne Marketing & Events Co-ordinator

Credit Unions falling under the two categories are shown in the table below.

CREDIT UNIONS

Career/Profession Based

Community Based

St. Lucia Civil Service

Elks City of Castries St. Lucia Teachers

La Ressource Community Police and Allied Services

Dennery Community St. Lucia workers

Mon Repos Eastern National Farmers and General Workers Laborie Community St. Lucia Hospitality

Choiseul Community

Saltibus Community

Fond St. Jacques Comminity Table 1 CU Categories It must be noted that plans are advanced for the establishment of a West Coast Communities Credit Union to serve the communities form Cul de Sac through to Canaries.

Most credit unions follow the same pattern of development; from very humble

beginnings volunteers were the ones who put in all the effort that resulted in the steady growth that have been experienced over the years. Over the past ten years we have seen a steady growth in membership and assets, which signifies the direct positive impact that

Now Open

National Research

&

Development Foundation

Earn your Degree or Professional Qualification from the comfort of your home. Working & Studying now made easier!

Choose from a variety of Programmes ABE CAT ACCA

Register today and Earn a Certificate, Diploma & Advance Diploma for one of our many ABE Programmes.

UWI /NRDF Endorsed Programmes

& other Short Term Course.

We Provide you with Tutorial support NRDF aslo grant loans to Small Busniess Owners, Contractors and for the renovations and extension of low cost housing,

We also have available for rent conference room facility

CALL US TODAY TO ENHANCE YOUR CAREER, NRDF, YOUR PREMIERE TRAINING INSTITUTION. P.O. Box 306, La Clery, Castries Tel: (758) 452-4253 or 453-0973 Fax: (758) 453-6389 Email: nrdf@candw.lc Website: www.nrdf.org.lc

BAY OPTICAL “See Better, Look Great”

Dr. Shah

Ophthalmologist

Comprehensive Eye Examinations Designer Frames/Sunglasses Contact Lenses Evening Appointments We carry Brands such as:

Rodney Bay Medical Centre. Tel: 451-2000

Financial Outlook

credit unions are having in the lives of its members. Over the 10 year period from 1998 to 2008, the movement assets have grown by 260% and growth in membership by 154%.

While experiencing this impressive growth, credit unions have been improving in a number of other areas, such as the services they provide, the quantity and quality of their staff, in Technology and in the business houses from which they operate. There are many stories

BUSINESS FOCUS

DEC 2009

| 26

that can be related for each of the areas highlighted above. For example one recount that their credit union started their modest operations out of a briefcase in the trunk of a director’s car, the credit union how owns a building worth millions of dollars on one of the main streets in the city of Castries.

In relation to staff complement, most credit unions began operations without any paid staff but volunteers and officers provided the manpower needed to serve

members and propel the growth of the society. It would not have been uncommon to find Credit Committee members interviewing members for loans, Supervisory Committee members serving members, and updating their pass books, Directors managing the normal day to day operations of the society. Today a large majority of the credit unions employ a Manager who is ably assisted by an Accountant, Loans Department Supervisor, Member Relations Officer and Head Teller.

Directors and Officers now have more time to concentrate on the strategic directors of the societies.

In terms of technology, this area has improved to a large extent. Gone are the days of manual calculation of loan amortization, dividends and patronage refunds. All credit unions are equipped with cutting edge Management Information Systems Technology that is able to provide up to date reports, and other important management tools currently utilized.

It is fair to say that credit unions are strong in St. Lucia with a penetration rate of about 43%. However it has been noticed that credit unions are particularly strong in the South East parts of the island. Why are they so strong in those areas? The following are just a few of the reasons:

As community organizations credit unions encourage member participation.

The credit union belongs to the members and they make the decisions regarding the life of the society. They therefore feel like a part of the society and are motivated to participate.

They benefit from having financial services at their doorsteps, in their neighborhood – close to home. The credit union knows and understands their position and financial situation and needs, and although prudent in their affairs, finds ways to meet the particular needs of their members.

Members develop a sense of pride in seeing the magnitude of their collective financial resources and human effort can achieve.

It allows members to assume leader-

ship position within their communities, thus enabling them to make meaningful contributions to the development of their communities.

The credit unions empower the members by granting loans for productive and provident purposes and members are cognizant of the direct benefits. BF

Alexander Joseph Chief Executive Officer St. Lucia Co-operative League For further info: Email: slucll@candw.lc

BUSINESS FOCUS

DEC 2009

| 27

Financial Outlook

F

Financial Planning the Key to Financial Success

or many business owners, the thought of taking the time to develop their strategic business plan is a bit like going to the dentist – something to be avoided for as long as possible. But like avoiding the dentist, the longer you wait the more expensive and more troublesome it can become. Your business plan should guide everything you do – product and service expansion, staff hiring, marketing and building your brand, and financial security. Think of your company’s business plan as a critical strategic asset – one that is invaluable in helping you develop a strong financial position in the marketplace. More importantly, it’s absolutely necessary if you hope to secure a loan needed to grow your business.

Six Steps for Creating a Bankable Business Plan 1. Articulate your company’s mission BUSINESS FOCUS

DEC 2009

| 28

and vision. It states who you are, what 3. Take a no-nonsense evaluation of your company. Look at your strengths, you are about, and how you are weaknesses, opportunities, and uniquely positioned to deliver your threats. Evaluate all your customer product or service. It should really communication tools, your answer this question for your promotional tools, and your customer customers, “Why you and not someone service programs. Look at your staffing else?” levels and their training needs.

2. Evaluate your industry and the 4. Take some time to profile not only competition. What’s happening your current customer base but in your market sector? Is it growing? define your best potential customer.

Are there more competitors entering What are their demographics that your market segment? What are the influence not only how you might innovations that you’ll need capture reach them but how they make to remain viable in the upcoming purchase decisions? Demographics years? Who is your competition? include: age, income, gender, needs, What prices are they charging?

wants, geographic location, and buying Where are they taking their company? patterns. Many times your Knowing your industry well and primary customers are other business knowing your competition even – called B2B – business-to-business. better is critical in helping you brand So it’s especially critical that you and differentiate yourself. What’s your also understand their industry and best competitive angle – price, their customer’s needs. selection, service, quality?

5. In light of the market research you’ve done and your own assessment, articulate your goals. Make your goals SMART – specific, measureable, achievable, realistic, and apply a time frame for achieving those goals.

6. Now that you know where you are, and more importantly, where you want to go, determine the resources you need to get there. Ask yourself, what funding do I need? How will it be used? And what is my expected Return on Investment? Back up your assumptions with company data – sales, profits, accounts payable and receivable, a listing of business assets and their worth, and outline your own personal capital investment.

Your Banker – Your Friend

Develop a solid relationship with your banker – it’s one of the most critical business relationships you can have. Get to know them and make sure they know you. And it’s always better to know them before you need them.

Bank loan officers see more business plans than any one person on the Island.

Believe it or not, they are there to assist you and have advice that would greatly benefit you. They absolutely want you to succeed – because when you do, they do.

what they have worked so hard to build.

If the loan costs you 14% interest, but you stand to make a 30% increase in revenues, it just makes financial sense to act!

Make Yourself Credit-able

Four Hours, Four Weeks, “For” Profit

It’s important to build a strong credit history with your company. Even a small loan will help you do that. I have taken small loans myself, and then paid them back on time, only to establish that credit history and that relationship. Besides, if you’re serious about what you are doing, it’s likely down the road you’ll need a larger influx of cash to achieve your goals.

With an established credit history and a relationship with your banker, you’ll be in a position to move quickly when opportunities arise.

Great Business Ideas Need Cash to Take-Off

I see business people with terrific ideas and a solid demand for their product.

They even have ideas on diversifying and packaging that product to significantly increase sales, but they refuse to get a loan. They are at risk for someone with “deeper pockets” coming in and taking

Your business plan should be well-worn, dog-eared, and covered in coffee stains.

Why? It means you are using it to direct business; evaluate goals in light of results, and to make adjustments as you continue to build a strong company.

A wise person once said, “Luck is merely the road where preparation and opportunity meet.” So what are you waiting for? Just get started. Commit to spending at least four hours a week for four weeks until it’s done. Work with a professional and/or your banker to review your plan and make sure it’s solid. BF Charlene Nelson CEO and Founder Nelson Enterprises For further info: www.nelsonenterprisesltd.com

Financial Outlook

The Impact of Human Resource

Realizing the Importance of Our Human Resources Pool and its Role in Business Success

I

t has become quite evident across industries, that changing business conditions and globalization has raised awareness about understanding the need to manage our human resources pool successfully. It is key that we, therefore, continue to position our Human Resources (HR) as an enabler for organizations to compete regardless of its industry. This can be accomplished by sharpening HR professionals’ suite of skills and implementing new HR tools to assist with facilitating and managing in a virtualized marketplace.

Some organizations are now looking to the Human Resources function to address two critical needs as a key differentiator to address new sources of competition and opportunities for growth during this challenging economic time.

First, the HR function (is being used as a tool or a means of) delivering strategic insights into to business units, enabling the organization to more effectively source, evaluate and motivate employees in an increasingly turbulent business environment.

Second, Human Resources functioning to provide administrative services that are reliable, cost-effective and responsive to the needs of business units.

BUSINESS FOCUS

DEC 2009

| 30

In today’s business climate, it is no longer sufficient for the Human Resources function to excel in just one of these areas, but instead would need to perform both roles effectively to contribute to the long-term success of the organization.

According to “IBM Business Institute of Business Value”, to allow HR to focus on these more strategic issues to promote organizational success, the next generation of HR organization must promote the use of shared services, employee self service and move away from traditional answering questions and resolving disputes. The focus should also be on looking inward at the organizations HR pool, which is key to ensuring that its employees have the capabilities, skills and confidence to provide strategic guidance to the business.

It is stated by The IBM Global Human Capital study that there are three practices that are closely related to the ability to lower employee turnover:

Opportunities for advancement The need for feedback Family Benefit Packages – i.e. child friendly benefits

David Ulrich, a professor of business at the University of Michigan, described seven factors that should be evaluated when looking to retain high performers, which is consistent with those highlighted in the North American Human Capital Study above. The factors are:

Vision – Do individuals see a purpose in what they are doing?

Opportunity – Do individuals see the opportunity to advance and be recognized for their work?

Incentive – Do individuals believe they receive equitable financial and non-financial rewards?

Impact – Do individuals see how their work affects the organization?

Connection – Do individuals have a social connection to others in the work environment?

Communication – Do individuals have access to information to do their jobs more effectively?

Work Flexibility – Do individuals have flexibility in terms of how, where and when they perform their jobs?

The evaluation of these factors he felt would assist HR professionals in determining whether employees were satisfied, which is an important component of the Business Success Loop.

Furthermore, although the supply of available talent and being able to retain your talent is important to how an organization chooses to source and retain their staff, the need for talent should be guided by an organizations strategic direction. The core of the success of HR’s mission, is to be able to source the staff complement based on the organizations strategic plan which in turn impacts business success. One of the strategies used by Human Resource professionals, is working closely with line executives and the corporate strategy group to clearly articulate and address staffing needs.

In summary, the business world is dynamic and has created many opportunities for the HR function. It has

raised the need for a better understanding of the management of our talent pool, which stems from the sourcing of candidates, to resource management and rewards and recognition systems. This sheds a different light on the function of Human Resources and how they position themselves to assist the process and to take on these new responsibilities.

Are HR professionals in larger corporate organizations ready and able to shed some of it’s more routine tasks and revamp its internal capability?

Many organizations globally have moved towards using outsourcing vendors to perform routine administrative tasks, while others have continued to retain these activities in a shared services environment such as, payroll and benefits administration. Others have extended the outsourcing model to include employee service center management, recruiting, compensation, administration and HR data management. This shift in focus has assisted them in managing their

employees more effectively, guided by the achievement of their organization’s strategic plan.

Furthermore, the importance of developing human capital measures that tie into the execution of the strategic plan is also key to the process of measuring and retaining employees. The window for evolving into a more strategic HR organization needs to be considered by corporate organizations today. In review of the factors above, the HR function is a key part of an organizations achievement of their strategic plan and if not focused on, may be critical to more than the power or prestige of the HR function, but to the bottom line and business success.

BF Jasmin Lay-Charles Selection and Development Director Profind Recruit Ltd. For further info: www.profindrecruit.com

Financial Outlook

The Changing Face of Investment

Mr. Vern Gill - NDC Chairman

F

or the economies of the Caribbean the direct impact of the financial crisis on its banking sector was limited. Due to the stringent regulations and procedures governing the region’s banking sector, the region’s banks have not been exposed to the toxic instruments or institutions that spawned the financial crisis. Indeed, many of the executives of the largely dominant Canadian banks and RBTT in the region noted that what was often described as the Caribbean’s archaic banking regulations saved the region’s financial sector from the direct impact of the unfolding global financial crisis.

However, as the Caribbean Development Bank (CDB) noted early on, the resulting global recession arising from the financial crisis would have a significant and pervasive impact on the region through what was termed the sphere’s of contagion.

The region’s heavy dependence on trade exports and foreign investment meant that though the crisis originated in developed countries, it would spread to the region through real sector channels in the second round effects of the crisis.

As credit markets in the US and Europe froze as banks, uncertain as to each other’s status hoarded liquidity, consumer confidence in the U.S, Canada and the European Union, fell due to the BUSINESS FOCUS

DEC 2009

| 32

uncertainty in those economies, leading to a slump in global trade as the demand for goods and services declined.

In recent months, the attempts of firms to stem the haemorrhaging of systemic losses by restructuring their operations in order to reduce costs have further compounded concerns. Deep cuts in staffing numbers and the closure of entire plants and subsidiaries have comprised the basic strategy pursued by firms. Investment projects were scaled back or jerked to a grinding halt as streams of investment capital dried up. All economies, albeit to varying degrees rely on FDI inflows from foreign firms to create additional employment, generate income and provide revenue for the funding of social programmes and services. Serious concerns surfaced across the globe, regarding the attendant implications of the impact of the global financial crisis on firms’ decisions to invest in overseas markets.

The World Investment Report (2008) recorded a plunge in global FDI inflows for 2008 to 1.2 trillion US dollars from a high of 1.7 trillion dollars in 2007. A further decline is predicted for 2009.

The collapse in global demand led to the tapering of growth in global trade to 2% in 2008, well of the 6% growth experienced

in 2007. A decline of 9% in global trade is predicted for 2009.

What had been a crisis in the financial markets had tailspinned into a global economic crisis and at the start of 2009, the world entered into a global recession.

As countries seek to attract investments to their shores, urgent questions remain regarding a credible timetable for significant global economic recovery as well as the extent and the impact of the financial crisis on the future levels and directional flows of FDI into regions and sectors.

For Caribbean countries, the perceive recovery provides challenges as well as avenues for opportunity. The US has been the main market for exports accounting for an average of 48.3 % of exports, followed by the EU (19.8%) and Canada. The three markets combined were the destination of more than 70% of total exports. The sluggish performance of these consumer markets will undoubtedly impact the ability of businesses in industries earn export revenue and undertake expansion plans.

In the tourism sector for example, the region is highly dependent on the weakening US, European and Canadian tourist market.

The detrimental impact on employment in that sector is already being felt in the Bahamas where some 800 persons, 10% of the workforce of the Atlantis resort were let go. Sector responses are already being developed to meet those challenges. The hospitality industry in St. Lucia, for example, has responded to these challenges through initiatives such as the “Staycation” campaign which seeks to target the local market. Many resorts in an attempt to stem the negative impact on employees have staggered working hours in order to maintain their staff complement.

Heavily dependent on development aid, developing countries are also facing the sobering fact that some lean years are ahead for development aid. Mindful of the impact on households, St. Lucia has raised the number of staple foods and health related articles subject to price controls from fifteen to forty.

Notwithstanding the global decline in FDI inflows, the National Development Corporation (NDC), the lead agency for facilitating and stimulating investment in economy has intensified its efforts to attract FDI to the island’s shores. The National Development Corporation (NDC) in a renewed and focused attempt to fulfill its mandate to promote investment in Saint Lucia has associated itself with an initiative of the Honourable Prime Minister of Saint Lucia Stephenson King, called ‘Home Coming 2010.’

As noted by NDC Chairman, Mr. Vern Gill, “a concerted effort is being made to reach out to Saint Lucians and their descendents in the ‘Diaspora’ to profit the opportunity by visiting Saint Lucia but beyond that to actively participate in the long term development of their country.”

This appeal, based on initial responses, has created some

excitement amongst Saint Lucians overseas and awakened an interest in Saint Lucia and things Saint Lucian. This new potential market and our traditional clients and target areas would be well served by information contained in this publication.

In the coming months, the National Development Corporation, through its Investment Column series, will monitor the latest developments impacting businesses decisions to invest abroad to the extent that it affects our region and our lives. It is our hope that the tidbits and insightful information provided will arm our readers for the shocks and upswings ahead, allowing you to survive and indeed thrive as a result. BF

John Emmanuel Communications Officer NDC

ST. LUCIA WORKERS’ CREDIT UNION ST

Credit Unions are where you belong!

We Offer: • Shares and loans insured at no cost • Income tax deductible shares • Dividends on shares • Patronage refund • Scholarship for members’ children • Health & Life Insurance P. O. Box 1166, #9 Grass Street, Castries, St. Lucia, W.I. Tel: (758) 453-2706 / 451-7705

Financial Outlook

Our Ethics

I

was indeed pleased and impressed to learn in the media quite recently, of a Rewards System Programme based on “Ethics and Good Behaviour ” launched by the Bocage Secondary School, to encourage the development of young persons in such matters, by introducing “Ethics” within the School curriculum.

For sometime now, I had been advocating this concept to various institutions including the former leadership of our Community College, that the subject of “Ethics” should form part of the syllabus of their various Degree and Associate Degree Programmes, whereby students would be examined, not just for “technical competencies” in their chosen area of study, but their “Ethical” ability as well.

The Dictionary speaks of “Ethics” as ones “Moral Philosophy” –“a set of moral BUSINESS FOCUS

DEC 2009

| 34

Barometer

principles by which our actions are guided or determined.”

To be ethically or morally correct therefore, an individual would be embued with an “internal self governance and integrity” in the execution of their activities, whether at the Workplace, Schools or the Community in general.

Access to tertiary level education is without doubt a “good thing”, as it provides us the technical competence needed to be effective at what we do, whether as Teachers, Doctors, Business Persons, Farmers , Bankers, Manufacturers, Hoteliers, Public Servants and the list goes on.

However, this “good thing” must be merged with yet another “good thing”, that of the soft skills of Courtesy, Politeness, Good Manners, and above all Integrity or Ethics, so that the 2 + 2

= 5 synergy effect is achieved, without which, our future as an emerging nation is indubitably doomed.

While our “Overseas Missions” do their due to attract Foreign Investment to our shores, and while our Tourist Board and its overseas “entourage” do their due to attract ‘millions’ of Tourists to our Hotels and Seaports, all intended for our National Economic Development, we need to be aware that an obligation also behooves us, that upon the arrival of these potential investors, this socalled “Tourist”, that they find in place here, a cadre of not only well educated Saint Lucians, but a Polite , Courteous and Ethical people, in a setting favorable to invest and do business, which is an integral part of the proverbial “enabling environment”, that our successive

Governments are responsible for providing.

As we seek to carve out an ‘Economic Niche’ for ourselves, in the cut and thrust of the Globalized Environment, the characteristics of these “soft skills” will go a long way, to providing us with the “competitive advantage” required, which we need more than ever to survive.

While one might quickly see the challenges to the effective implementation of these concepts, we must find ways to generate our own capacity, to stop and observe the dynamics of the world around us and be prepared to rise and match the benchmarks, with which we are now confronted.

The situation demands that we analyze what is and what is not to be regarded as “acceptable” – Watch our manners, Watch our speech, Watch our attitudes to one another, as these all add up to be, the “sum total” of who we are and what we represent.

Whatever happened to the “Good

Morning”, “Excuse Me Please”, “Thank You”, and other courtesies of yesteryear – they don’t cost us anything to do, yet provide a setting for togetherness, synergy and growth, which our parents and grandparents, many without the benefit of the tertiary qualifications which abound today, went on to excel at whatever it was they did at that time.

Today’s “cyberspace” notions of “I want it now”, or “just add water and stir”, instant fixes may have their merit, but I suspect, are also prime determinant of the attitudes being developed by our Youth, at the expense of integrity and ethical considerations.

Having spent some forty (40) years in the Local , Regional and International Private Sector as I look around today, I am pleased to see the emergence of new faces of the “players” in Boardrooms, and in Managerial and other Leadership positions – That succession is how it ought to be and in fact, is the very reason why I urge our Educational Authorities, to facilitate a system, that ensures that

children currently at school, can one day emerge also as Leaders, “ not just having all the letters in the alphabet” behind their names, but who can also be trusted to do the “right thing”, when faced with matters of Discretion, Authority and Judgment.

Together therefore, we must set the stage for the best “brand name” that the designation of “Saint Lucian” can represent and as a people, in our 30th year of Independence, is as good a time as any, to conduct that self assessment.

Anything else, would be to court a dangerous future for succeeding generations and so, surely this is not too much to ask.

Commendations again to the Bocage Secondary School on their initiative. BF Malcolm A. J. Charles OBE, JP, MBA, MCMI Corporate Development Consultant, Director and Past President- St. Lucia Employers Federation & Warnborough Europe - Business Development Doctoral Researcher

SIR ARTHUR LEWIS COMMUNITY COLLEGE YOUR FUTURE BEGINS WITH US

Whatever your Area of Interest Full & Part-time Programmes Available in : Agriculture Arts, Science & General Studies Health Sciences Teacher Education & Educational Administration Technical Education & Management Studies Criminal Justice Para Legal Studies Social Work For more Information Please Contact us: Sir Arthur Lewis Community College Morne Fortune, Castries, St. Lucia Tel: (758) 452-5507 *Fax: (758) 452-7901

*Website: www.salcc.edu.lc

Robert Norstrom

BUSINESS FOCUS

DEC 2009

| 37

Cover Story

Advancing ECFH

Cover Story

ECFH – Group Managing Director BF: Let’s first talk a bit about you. ECFH is a high profile St. Lucian institution with a Trinidadian at the helm. Your background is coming from a mature financial market where you’ve gained your experience in a highly competitive environment and worked through the system rising to the top levels of management. Talk about the transition from Trinidad to St. Lucia.

RN: I had a connection with the Bank of St. Lucia well before I came here. In 2000 when the decision was taken to do a merger between the NCB (National Commercial Bank) and St. Lucia Development Bank, I was asked to come in. I had the experience of having done a merger in the Trinidad environment putting together the Republic Bank and the then Canadian Imperial Bank of Commerce - an amalgamation of 50 plus branches and over 3000 staff. That was a big one and it was quite successful. The senior management team at the Bank of St. Lucia then took a position that they would like me to assist. So I came here, did some preliminary work and left a sort of blueprint to assist in the merger, hence I was familiar with the organization from that time.

The move to come to St. Lucia was very much an individual choice. At that time, there was need for a General Manager for Bank of St. Lucia and maybe a few years after that a Group Managing Director for the ECFH Company. I was offered the job and came here on my own initiative having taken early retirement from Republic Bank and I hit the ground running. I left Trinidad on 30 September 2003, took a LIAT flight and took up duties the following morning in St Lucia.

BF: Would you agree that a major part of your success as the Managing Director of the Bank and ECFH Group is the fact that you are a personal-interface operator?

RN: That has helped enormously.

People know Trinidadians to have a sense of humor – it takes away the pressure. We BUSINESS FOCUS

DEC 2009

| 38

tend to get along very easily with people.

Getting to meet and know your customers is something I genuinely believe in and this wasn’t really being done when I came here. You go to see your customers where they are and how they relate to their market and that has proven helpful. I have not done as much as I would have liked because is a lot in running the corporate head offices of ECFH itself. There is an international bank, an insurance company, a mortgage finance company in addition to the bank. Last year, we set up to new operations, one is the Wealth and Asset Management Division and ECFH Global Investments and those two are vitally important and critical to the strategic development of this organization. So having to handle those keeps me from spending the time I would really like with our customers.

BF: Traditionally, people come to the bank to meet the bank manager. We note that you are actually taking the bank to the people and particularly, the management to the customer. Share this philosophy.

RN: The board took a decision that we will have board meetings outside of Castries. In 2007, we went to Soufriere and Vieux Fort where we hosted board meetings. We also took the strategic opportunity whilst being there to host social functions where our customers were invited to meet with board members, management and staff from the local branch and head office. This went down very well and really helped us to build on and cement our relationships with our customers.

Additionally, it gave them the opportunity as well to meet and interface with staff, senior management and directors as the people who take care of their money and who run this major operation. This also reinforces the customers’ confidence in the bank and its management and further enhances the people to people benefit.

BF: Let’s talk competition. Many banks

BUSINESS FOCUS

DEC 2009

| 39

Cover Story

have been here much longer than you have and it’s quite a statement that you’ve evolved in a short period to be the most important financial institution in St Lucia. It is also a fact that other banks are looking at St. Lucia. How are you going to protect and grow your market share?

RN: Let me talk about how I see St. Lucia. I thought St. Lucia was an attractive enough place to entice other financial institutions to come in such as good quality offshore banks. It’s a small economy but if properly handled, St. Lucia has the capacity to grow, using the tourism sector as the base. I can see St. Lucia growing in the area of education with universities being set up here as we are seeing in Antigua, St. Kitts and Grenada. I can see St. Lucia in the Health & Wellness Industry – beautiful climate, a lot of green and a really lovely environment where people can come and work through their medical difficulties, spend about three months here. We could develop a nursing industry second to none where people can feel comfortable with the quality of care and attention when they come here. We have a good cadre of doctors. We are going to have an expansion of the hospitals to include Tapion and the rebuilding of St. Jude’s.

We can lift standards. This should not be difficult to manage. It will also beef up the tourism sector.

Consider the Cricket World Cup 2007, though it did not get the numbers into St. Lucia but what it did was to create worldwide attention where a lot of people all over the world got to know something about St. Lucia. I think we are feeling the benefits of that up to today. Despite the fact that people thought the tourism sector was going to go to the doldrums, there has been some stability and a revenue flow which I think has helped the industry as a whole. Based on the above, we have strategically positioned the Group and its subsidiaries in anticipation of competition and the projected growth of the economy, to expand our core business and grow in new areas which are currently being developed.

BF: Confidence in the local bank is critical, especially in today’s financial environment. What are some of the methods and systems employed to ensure long term viability and shareholder / customer confidence to support the continued growth and expansion under your direction?

RN: Internally, we have set up very strong governance standards at the board level, at the subsidiary and company levels, and we have also introduced a lot of sophisticated systems BUSINESS FOCUS

DEC 2009

| 40

Cover Story

that are required to run a modern financial institution such as risk management areas, credit risk areas, and IT development. We have received very good help from the International Finance Corporation who continue to work with us on the small and medium enterprise sector, risk management, stress testing for liquidity, capital adequacy. Having gone to the stock market in 2007, we were able to raise over EC$100, 000,000 in capital. We are a very well capitalized company. We saw the need to do this before we could go out and continue some further expansion. The fact is that people seem to enjoy trading in our stock more than others, and I think that’s the point the Stock Exchange was making when it stated that we are the most traded security. I think the critical point to mention, however, is despite the fact that people have seen the pressures within the recession they continue trading thus keeping the value of the shares at a particular level. We have to take shareholders into account but it was necessary to internalize our improvements to be able to get to where we want. So things like maintaining our reputation and avoiding reputation risk is critical. Being able to do that, we needed to strengthen our capacity to manage situations and people.

So that’s the balance we have in relation to the market.

Robert Norstrom chats with Chamber of Commerce Executive Director, Brian Louisy.

various units and see where they can rise, encouraging them to better themselves.

So it’s a good motivator for upward mobility.

BF: Let’s talk the HR factor. Your management team for the most part is home grown talent. Clearly, they will look to make banking and the financial sector a career path if they really focus on the industry. How do you nurture and develop this most important resource and at the same time keep them?

It’s pleasantly surprising to see the number of staff members we are taking professional examinations, not necessarily in just banking and finance but also in insurance, accounting and marketing. That shows they are prepared to stay for the long haul.

The package to our staff includes all the fundamentals we believe a modern company should provide such as a medical scheme, housing scheme, group life, and good pension plan. An education-assisted approach was absolutely critical either in the form of soft loans, or actually paying for many programmes. We are committed and we prove it by promoting people, by taking on more numbers. As an industry, we are interested in them and when we saw the recession coming, we wanted to make a commitment to not severing people but instead to imposing a hiring freeze.

RN: As I told the Employers Federation, before I make presentations, I like to make statements of personal principle, and in my business I truly believe our most critical factor is our human resource. I have worked with the HR Department developing it to where it should be. We have had some great success, particularly with the current group of branch managers, none of whom, except maybe Nigel George, was a manager when I came here. Since then, they have grown and experienced new things and that helps. Also, their staff members provide good support in their

BF: As upward mobility opportunities present themselves with rapid expansion and new initiatives, you need to have a good cadre of qualified people. How do you address this issue as well as good succession planning?

RN: I operate with three people at the general manager level supporting me. They have very clear responsibilities. We have developed more technical areas within the bank, and again we have focused on developing more people in those areas. Most recently is the expansion of our capitals markets business,

BUSINESS FOCUS

DEC 2009

| 42

which includes banking, funds operations, and brokerage business which require specialty personnel. In this area, we have been able to draw on both St. Lucia and the region for sourcing those persons with the specific skills. The whole thing is geared toward, one - ensuring quality service, and two - ensuring that the organization and its staff have the potential to grow.

BF: In reviewing your staffing and particularly the management profile, there are 10 senior managers and of those, there are seven women, a rather interesting discovery. It seems to be a growing trend that women are more progressive in the climb up the corporate financial ladder.

Talk about this situation because it is what is being reflected in the make-up of your staff.

RN: The banking sector for the last 25 to 30 years internationally, has always been served by mainly women - 70% on average are women. It was, therefore, a very easy development and progression to see women taking up the majority of the managerial positions as well over time.

And this is what I feel is happening, not just with us but also with others in the marketplace. It is part of the evolution of the industry. Interestingly enough, a lot of our senior technical staff also happen to be women.

BF: We note the resurgence of a new St. Lucia Development Bank. Is that an indication that Bank of St. Lucia and the ECFH Group failed at the development financing aspect?

RN: No, definitely not. What has happened is that the Government saw it fit

We specialize in : • Event Management and Venue Design • Event Planning and Co-odinating • Interior and Stage Design • Merchandising • Exhibitions • Displays • Wedding Planners • Wedding Supplies and Services

For the Discerning Business Diner who expects the best!

A Breath of Fresh air from the Office Tropical Garden & Waterside Ambience Consistently excellent food Unobtusive service Private deck for private mee ngs/lunches Complimentary wi-fi Short of me? call ahead and order

La Clery, P.O.Box GM595, Gablewoods Mall Sunny Acres, St. lucia

Tel: (758) 450-0819 1 Fax: (758) 452-3172 Cell: 758) 716-5974 97 / 715-1030

Email: eventoptions@candw.lc • eventoptions@gmail.com

Renowned for our Excellent Outside Catering Service You name it, We can cater Open for Lunch and Dinner • Monday - Saturday Loca on: Vigie Cove, Castries • Tel: (758) 458-1900 www.jacquesrestaurant.com

B&B Quick prints Ad

Cover Story

to establish the bank to serve in certain areas that we may not have serviced as adequately as they would have liked. But as a whole, Bank of St. Lucia and its arms have played a major role in financing development in this country.

We are easily the largest lenders in agriculture, quarrying, construction/land development, student loans, mortgages, the tourism sector, and especially the new tourism sector which is the smaller boutique hotels. We have created employment in the various sectors; we have played a major role in the construction industry both in the tourism sector and otherwise. I don’t think the Government ever criticized Bank of St. Lucia and ECFH. Would you say there was justification for re-establishing the St Lucia Development Bank?

At the micro end of the market, there could be an institution that could play a more effective role than a commercial bank. Take housing into account, we’re possibly one of the largest mortgage lenders in the marketplace and in the student loans area, and both of those would be over EC$300, 000, 000 in lending. The micro sector, however, where family units are trying to develop something, I would think a focused development bank could do it.

BF: What is the make-up of the current shareholding of ECFH? RN: The major shareholders of the Group are as follows: St Lucia Government owns 20%, the National Insurance Corporation 15% and Republic Bank 20%. The remaining 45% of the shares are held by other banks, and the public at large. We have shareholders overseas and persons from the OECS, including St. Lucians. Actually, our share issue was subscribed to by quite a number of people outside of St. Lucia.

BF: Considering the Government’s approach to national development and their expectations of the local financial sector being the primary vehicle for pushing forward their programmes, where do the Bank and ECFH fit?

RN: I would think they have been pleased with us in terms of the position we have taken in respect of development financing. I think as the larger of the two national local banks, we have a firm commitment and a responsibility for seeing that depositors’ funds and however else we raise funds, are used principally for the development of St. Lucia. And when you look at the level of the portfolio and the areas in which we are involved, I think we have met our side of the bargain. We have a very well balanced board of directors, and we have two Government representatives being the Chairman himself and the Permanent Secretary in the Ministry of Finance. Additionally, we have accountants, people with practical business experiences who come from public service, and I think this is the indicator as to why we have been this successful.

BF: ECFH has been extremely successful and more so people are looking at what you are giving back to St. Lucia as your Corporate Social Responsibility.

Let’s talk some of the strategies and approaches.

RN: Two to three years ago we decided to consolidate things we did for the community, look at it, see where we felt the country needed the greatest help and we developed a corporate social responsibility policy. Fundamentally, a critical area is the development of our young people so we spend a lot of our money in that area. We have programmes that we support – the literacy side, CARE – developing young people to be first class trades people with the appropriate attitudes so that they can make a contribution to any company in St. Lucia. That’s the strength of CARE – developing not only skills but excellent attitudes. We work with community youth and sport programmes and some of the environmental issues. Junior Achievement is another area, I would like us to play a bigger role in that because it is getting young people to be excited about entrepreneurship. We need business thinking for any country to grow and develop. On the culture side of things, I would really like to see training in the areas of arts because that is another area a country has to develop – its cultural heritage and identity.

BUSINESS FOCUS

DEC 2009

| 44

BF: Let’s go in a different direction. A major issue is the environment. We’re a tourism-based economy and our people as well as visitors need to be sensitized about protecting the environment, yet we see the degradation and lack of consciousness.

Consider the focus of the environment.

RN: On our own, we have within our corporate social responsibility policy some simple things like taking care of the roundabouts which we have done for years. We support the environmental associations and the St. Lucia National Trust. We personally have done direct engagement by encouraging staff to be involved in clean-up projects and so on. What we do have a responsibility for is

to ensure that the people to whom we lend, in manufacturing, construction and the other sectors, that they keep a very good control over their environment. Internally, we have energy saving systems on power in our buildings and other initiatives, and this continues to be an area of sensitivity. We have to be smart about it.

BF: Let’s move to technology. Rather interesting that smaller institutions have jumped ahead of you in taking a forward thrust in the mobile banking approach. Let’s talk the IT side and the benefits to the customer.

RN: The fact that a smaller bank has come out with a product [mobile banking] is welcome, I think. One cannot depend on one bank alone. And for a smaller bank, it was quite an achievement and well worth the commendation. Banks coming out with new things show the population they are interested in them. As far as

we’re concerned we are endlessly involved in IT evolution with a lot of focus on our card business – credit and debit cards. We are also putting in more systems which interface with the customer on enhanced electronic platforms for example, our teller and loans systems. We have introduced pre-authorization, tipping facilities and faster authorizations and this can only be made possible with the IT support we have in place. One thing our staff and I are supportive of is that people need to be given convenience and hence we are the largest bank with the widest availability of ATMs throughout the island. It’s perpetual motion.

BF: The thrust of technology for increased profitability within the financial sector seems to have consumed us. It has impacted the human side of banking where the personal BUSINESS FOCUS

DEC 2009

| 45

Cover Story

connection with the customer is now diminishing while on the opposite side technology is negatively affecting staff numbers.

RN: Let me deal with the second part of this and this is based on international bank research, technology has never really replaced people. There may be a short-term adjustment but what technology gives you is the opportunity to deal with processes and service in a more cost effective and efficient manner. That is the fundamental of it. Within the branches

with the world recession. What is the approach to your customers in such difficult times?

RN: The Lehman Brothers collapse really brought things to a head in September 2008. And we are not out of the woods yet, neither as an individual bank, as a country nor an international banking institution. We have to accept the world as it is and learn to live with it. Based on my travels and from what I see, St. Lucia has done much better than nearly every single other OECS island. The tourism sector

Mr. Norstrom having an informal chat with colleagues at ECFH social event.

you have the transfer of information at the touch of a button. We have introduced technology within the bank to press on with improved delivery of services to our customers in keeping with market trends.

In our case, we have been able to redirect the human resource to spend more time in marketing and sales, with the customer and market services, like EC Global, the merchant banking area, the wealth and asset management area. We have continued enhancing processes and we need people to do that before that is achieved.

All of that is to go to the bottom line, but we do not say let’s introduce those processes to get rid of people. I think it’s, let’s produce those processes to provide customers with the service they require and at the same time make life easier for the staff so things happen more efficiently. I am a great believer of bringing products to the market as I believe the dynamics of product development tell people the quality of an organization.

BF: Let’s talk hard economics. You are part of the ECCB and the entire OECS region is now faced with harsh realities associated BUSINESS FOCUS

DEC 2009

| 46

has done better than most. As a financial institution, we’re here for the long haul and we want our customers to be here for the long haul as well. This thing about bankers pulling away the umbrella on a rainy day, I don’t believe in that. I believe the bankers have to stay the course, because at the end of the day they get their business from individuals that make up their portfolio. Years ago St. Lucia had a particular problem with recoveries. Having seen that, I said, build relationships, don’t just look to sell. My concept is that of the people who have gone bad maybe about 1% are dishonest, the 99% are not dishonest, they made bad judgments, but those are customers of the future as well.

So you don’t lose the relationship with a large number of your bad debt customers. So what we have done, we came from a level of about 130 million EC dollars in bad debts down to about 65 million today, and we came from a percentage of total loans 23% down to 6.5% and we know we can get to 5% which is an international standard. We did it through relating to people, listening to them finding out their needs and so on.

BF: Taking you further on, with the reality of the IMF coming to the rescue of the OECS countries, what’s your projection on the currency?

RN: The IMF has a slightly different face today. And the ECCB Governor, Sir Dwight Venner, is actually encouraging certain islands to talk to the IMF, because the IMF has proposals that we think can help the various countries get through part of the problem at the moment. We went to the IMF and got 27 million.. The Central Bank has done a tremendously good job in managing the stability of the economies, they are pulling out their hair now with this situation that exists in terms of liquidity and so on, but they are working at it. They work with governments very well and they work with banks very well and with a little patience, we will get out of it. And the last area is the management of the currency. The management of the currency is very much in the hands of the Central Bank and they have managed it absolutely effectively. We have been at a $2.70 EC parity with the United States Dollar for God knows how long. I don’t think there’s any justifiable economic reason for devaluing the EC dollar, the US has too strong an economy. This will do more harm than good at this time.

BF: There’s now talk of the OECS economic union, how does that affect your bank?

RN: It helps rather than hurts because if you can get a movement of people, money, services and virtually all banks getting together, the increased mobility and flexibility will help considerably. And we have stated in the last two annual reports that we want to move into the other islands. We will be in Antigua once this deal is done with the Central Bank and there will be a 10% ownership in the Bank of Antigua. It’s well divided among a number of banks. There will be other strategic alliances developed for which there may be equity issues or not but I am sure we will be into other markets. It could be working with other banks or amalgamations. We also see this expansion in other areas of the Group, for example, insurance, funds management, merchant banking and even offshore banking.

BF: Where is the future for the ECFH Group as an organisation?

RN: Very much outward of St. Lucia.

Mr. Norstrom with some members of the ECFH Board and Management.

We have set up the Wealth and Asset Management arm and ECFH Global Investments, particularly to provide a service maybe nobody else is providing. And I think the Exchange Commission and the Central Bank have been very appreciative of the ECFH Global Investments development. We are looking at the general insurance business and syndicated lending, where the CSME thinking would help in that respect because a lot of laws would be standardized. It’s a plus for us. I think competition is good and as long as we do the right things and keep our customers by providing good services, I see us benefiting. I have no doubt that we are doing the right things to continue that kind of level value that shareholders will get and are getting. Running the whole place is simple, you just have a lot of challenges to change thinking and so on, but if we continue the way we are going, and we continue the initiative to expand overseas and generate a diversity of revenue, we stand our shareholders in good stead.

BF: ECFH as an entity has been identified as the largest company operating in the local and regional financial sector. Its impact in St. Lucia is well known and what is more exciting for us is that a home-based organization is now being positioned to expand further afield. You have just ventured into South America, the involvement in Bank of Antigua, and so many more opportunities. You must be quite proud leading the institution at this time.

RN: Very much so, very proud. The team has worked well and over the years we have in fact developed considerable capacity in several management areas

not only in Finance and Banking but in Marketing, IT and HR. You mentioned going outside the region and we have in fact gone into Uruguay. Uruguay is the centre of the off-shore banking business in Latin America. And we thought it a wise move to use there as a base. We feel we can do well in the Latin American region in terms of the off-shore business.

BF: You’ve come to the pinnacle of this organization. Talk about the vision to take it down the road.

RN: There is still a lot of work to be done. The vision I had is that we need to get into the other islands in a far more concrete way. And it’s going to happen. I think we need to get to work with some of our fellow bankers in the region and it’s a Central Bank philosophy directed by the Governor to work with each other more effectively. That’s a first step. The international bank does in fact give us the opportunity to go beyond Caribbean shores and it’s already there. We have strong connections in Europe, we are building the South America connection.

We have a connection in the Far East and we are going to continue developing. The world recession has been hitting us hard but we will survive and the recession must end. It is my belief that the strategies that we’re adopting now will effectively serve us when the growth cycle begins.

BF: Let’s talk Robert Norstrom, what’s next in store for you?

RN: I tend to like the easy life so although I haven’t thought about it seriously, at some time I have to retire. But I would like to see a number of initiatives that I have mentioned be implemented

first. I do intend to retire in St. Lucia and the legacy I would like to leave is more a number of ideas and concepts than something tangible. I would like that people in St. Lucia and other islands see that integrity and its role in sustaining business is vital. I would also like people to understand its role in how to stay in business. It’s also important to have vision and to work with other people to make that vision a reality. You must have principles you could live by in very simple and realistic ways without getting into much confusion and chaos. People must be at the centre in everything you do, whether it is internal or external, people are at the centre. If you treat people with integrity, honesty and straightforwardness, you are going to get a lot of them believing in you. If you enroll them in understanding what you are doing and you are prepared to work with them, you will have their full support. Whether as staff or business people, when you assist people in their efforts to grow and succeed, trust is invaluable.

BF: A final word for St. Lucian business persons, what advice would you give, under the circumstances that would guarantee success stories?

RN: You have to work hard, that stands.

The second thing for a businessperson is, know your limitations, and from time to time you go through that but you learn from it. The third thing is being honest with yourself and the people you have to relate to. Honesty, integrity and a high level of ethics is what make people come to accept you, and build trust to put their business in your hands.

BUSINESS FOCUS

DEC 2009

| 47

ECFH

Feature

Pioneer of a Regional and Global Financial Vision ECFH Chairman, Victor Eudoxie

Vision :

Global Growth from Local Roots

Mission:

To be customer-focused, innovative and efficient; to be the preferred provider of superior financial products and services through caring, professional staff and appropriate technology; to exceed shareholder expectations and be a catalyst for development.

The East Caribbean Financial Holding Company (ECFH) is the bold embodiment of its stated vision, Global Growth from Local Roots. The ECFH Group epitomizes how a local company can sprout from humble domestic beginnings to emerge as a major regional financial force to be reckoned with. According to the Group’s 2008 Annual Report, its net profit after tax stood at $47 million and its total assets grew by almost 2% in a year when the global financial crisis really began to take hold.

ECFH shares are traded on the Eastern Caribbean Stock Exchange at an impressive price of approximately $15.00, a price BUSINESS FOCUS

DEC 2009

| 48

which has remained steady for some time despite the uncertainty of the market.

The Group employs over 460 employees throughout its subsidiaries span the full range of financial services. These solid achievements by a company that has its roots firmly planted in the local financial landscape have been the result of shrewd and prudent management as well as a commitment to good corporate governance that go back to ECFH’s very origins.

Birth of a Vision

ECFH is the proud product of the merger between the then National Commercial Bank (NCB) and the island’s sole development bank, the Saint Lucia Development Bank (SLDB) in 2001. These financial entities themselves were born out of a need by the Saint Lucian government back then to cater to the needs of lower income families and local businesses in search of increased access to credit. Therefore, in October 1980, the National Commercial Bank of Saint Lucia was incorporated as a limited liability company and by January 1981, NCB had opened its doors to serve the public. Branches of NCB could

be found across the island bridging the rural-urban divide and bringing financial services to as many Saint Lucians as possible.

In February of that same year, the government established the Saint Lucia Development Bank that took over the operations of the Housing Development Bank, the Agricultural and Industrial Bank, the lending functions of the National Development Corporation and a student loans portfolio. These two landmark financial institutions were the first two banks to be owned fully by the government and people of Saint Lucia.

It was due to the foresight and daring spirit of enterprise on the part of the shareholders and board members of these two leading banks that in January 2001 a merger was established and ECFH was born. The new entity became operational in July of that year and in October, ECFH along with the Bank of Nevis were the first companies to be listed on the Eastern Caribbean Stock Exchange. ECFH shares were sold at $5.00 in 2001 and they have tripled in value since then, selling currently at almost $15.00.

ECFH Financial Centre on Bridge Street, Castries

A New Era in Financial Services

The emergence of ECFH heralded an exciting new era in the domestic financial services sector. From two wholly indigenous financial entities, the company has grown into the island’s largest financial services provider encompassing 6 subsidiaries, two of which have regional and international reach: • Bank of Saint Lucia Limited • Bank of Saint Lucia International Limited (Offshore Banking) • ECFH Global Investment Solutions Limited • EC Global Insurance Company Limited • Property Holding & Development Company of Saint Lucia Limited (ProDev) • Mortgage Finance Company of Saint Lucia Limited The ECFH Group of Companies is governed by a board of directors that is comprised of professionals and experts from within the OECS and CARICOM, giving the Group a truly regional character and outlook.

GeneralManager-GroupStrategicDevelopment& Expansion, Nestor Alfred BUSINESS FOCUS

DEC 2009

| 49

Feature

Meet the ECFH Board

BUSINESS FOCUS

DEC 2009

| 50

ECFH Group Corporate Services

Facilitating

Feature

Excellence (and sometimes external) customers and business partners of the Group. As far as possible, the ECFH Group tries to adopt international standards in its business operations and therefore the right framework must be in place to ensure delivery based on those standards.

The Corporate Services departments within ECFH ensure that adequate resources are available for the operations of respective business lines; that there exist adequate corporate governance practices; there is appropriate product development to facilitate sales and drive respective businesses; and ensure appropriate technology is available to deliver efficient service to customers.

All of this must be done while also ensuring efficiency in the processing of transactions. Each service unit is headed by a senior manager with the requisite skills and training in the respective area to ensure appropriate service delivery.

Corporate Service Units

Over the years, the corporate service functions have evolved and provided positive support to all subsidiaries in the process. While the respective business units interact with customers, the corporate services units operate somewhat behind the scenes. Service level agreements are developed and agreed between the ECFH Corporate Service Departments and respective subsidiaries.

Those agreements set the framework for the level of service to be provided, with appropriate benchmarks for service delivery.

Resource Requirements General Manager - Group Corporate Services, Esther Browne

T

he ECFH Group is not only involved in the delivery of financial services in Saint Lucia and the region, but also internationally through its offshore banking activities. ECFH, from its inception in 2001, conceptualized an operational structure that would provide the necessary synergies to ensure best practice and efficiency in the operations of all its subsidiaries. Within this structure, ECFH as the parent company of its subsidiaries, provides all corporate services to: Bank of Saint Lucia, Bank of Saint Lucia International Limited (BOSLIL), ECFH Global Investments, EC Global Insurance, Mortgage and Finance Co. Ltd, Property Holding and Development Co. (ProDev).

Corporate services are activities that combine or consolidate certain enterprise-wide needed support services, based on specialized knowledge, best practices, and technology to serve internal BUSINESS FOCUS

DEC 2009

| 52

Adequate resources are fundamental in driving the business and achieving the goals of ECFH and its subsidiaries. Human resource development is of priority for the Group. Appropriate skills must be available for key and emerging areas of business to meet the strategic objectives of business expansion within respective subsidiaries. ECFH has a well-structured training program to support employee development. In the last 3 years, over $3.0 million was spent on staff training in various areas. A number of other initiatives, including the Employee Assistance Program which is geared at ensuring the psychological wellbeing of staff, have been undertaken to enhance the work environment for all ECFH staff.

Financial resources must be made available, effectively utilized and managed appropriately to allow for reasonable business growth, ultimately providing shareholders with a reasonable return on their investment. While the banking business has traditionally depended on customer deposits for loan financing, diversification in funding sources became an imperative with the global financial crisis. Tremendous efforts were required to meet the liquidity

needs of the Group in the current environment.

Managing interest yields as well as overall cost management is also fundamental to the profitability of the Group. The finance function is far reaching as timely reporting makes for early decision making by the executive and the board of directors, while effective strategic planning and forecasting place ECFH ahead of competitors in the financial market.

Corporate Governance, Risk Management and Controls

Given the nature of business, ECFH has placed much emphasis on risk management, compliance and internal control.

Policies and procedures are developed and reviewed annually for the key areas of the Group’s business. Various committees including ones for asset/liability, investment and liquidity have been established to monitor certain areas of risk for the Group. Those committees operate within preapproved charters and meet on a timely basis. The committees have been very proactive in their approach and take early decisions as necessary to avoid undue risks to the Group. These committees’ effectiveness and the risk management systems adopted by the Group were quite apparent in the Group’s ability to ride the shocks of the global financial crisis.

The business continuity plans for the Group were developed over the past few years and are of a high standard with off -site recovery stations both locally and regionally. Testing and drills are undertaken on a timely basis. The Group can also claim a state-of-the-art security system including electronic systems as well as personnel.

Priority is given to protection of customers and their assets, staff and Group assets from fraud or physical damage.

Credit risk is the largest area of risk for the Group with over 80% of its asset base held in loans and investments. In this regard, a separate service unit deals exclusively with credit risk issues related to the loan port-

folio. This dedicated focus has assisted in reducing the non-performing loans from high figures some 5 years ago to almost within international benchmarks. Work is still ongoing to improve that risk area, particularly at the underwriting stage and a new loan origination system will be implemented by 2010. The internal audit framework allows for reporting to the Group’s Audit Committee in keeping with sound corporate governance practices and an annually approved internal audit plan allows for audits of all business areas of the Group at least annually.

Business Development and Process Improvements Marketing and sales are critical to drive the various business lines of the Group; new products are required as new business lines are introduced. Bank of Saint Lucia has maintained a market share in St Lucia at about 35% to 40%; EC Global‘s market share is increasing annually and the other subsidiaries are beginning to make inroads in their respective markets. Customer service standards have been developed and adopted, and work is continuous in facilitating the enhancement of customer service delivery channels throughout the Group. The branding of ECFH with its subsidiaries 2 years ago was quite a success.

ECFH, BOSL, EC Global and BOSLIL are all strongly branded and well recognized.

Over the next year, emphasis will be placed on promoting the newest subsidiary of the Group, ECFH Global Investments, as well as the Wealth and Asset Management Division of BOSL. A corporate social responsibility policy was developed and rolled out for the Group with 1% of net income allocated to social programs to promote youth development through the arts, sport and culture.

Effectiveness in business operations is

largely dependent on the operating platform. Therefore, the appropriate technology drives all aspects of the operations, from the customer service delivery to back office operations and internal and external communication. Enhancements to the operating system are ongoing. Strategically, ECFH places focus on using technology to drive efficiency in customer service delivery and business operations. This is evident in the convenience banking services provided throughout St. Lucia such as the international debit card, online banking system and the wireless point-of-sale facility, to name a few. A tremendous amount of resources were spent on enhancing the data communication system of the Group, including the card communication and network security systems. A structured approach to project implementation has been adopted and training opportunities have been provided for staff in information technology.

Looking Ahead

ECFH will focus on expanding some of its business lines into the wider region in future years. This strategy will require support and intervention by the Group’s Corporate Services. The respective units are prepared to meet the new challenges ahead and are currently structuring themselves to offer services to other institutions requiring institutional strengthening or particular services. Work is already in progress to enable ECFH Corporate Services to provide certain services to other financial institutions in the region. The team is made up of competent and highly skilled professionals in their respective areas with an overall mandate to support the ECFH subsidiaries in achieving the strategic objective of the Group.

Esther Browne General Manager - Group Corporate Services ECFH BUSINESS FOCUS

DEC 2009

| 53

Profiles of Subsidiaries

Robert Norstrom

Joanna Charles

Ryan Devaux

General Manager

Assistant General Manager

Chief Executive Offcer

Bank of Saint Lucia Limited…All the bank you need!

Bank of Saint Lucia is the largest subsidiary within the ECFH Group of Companies and is the commercial and retail banking arm of the Group’s operations.

It commands a majority of the local banking market and has the widest reach with 5 branches spread across the island from Gros Islet in the north to Soufriere in the west and Vieux Fort in the south. Bank of Saint Lucia also boasts the most extensive convenience banking network with 22 ATMs and cash dispensers on the island, Complete Online Banking (COB) and its brand new wireless point-of-sale service, Swipe and Go. Recently, the bank opened a new facility, the Rodney Bay Business Centre, which is aimed at delivering a suite of commercial banking services to the business community located in that area. Bank of Saint Lucia offers development financing in the areas of agri-business, small and medium-sized enterprises and a large student loan portfolio. The bank, in recent times, re-branded its investment banking service to form Wealth and Asset Management or WAM, as it is more popularly known. In 2008, despite the global economic downturn, Bank of Saint Lucia recorded a net profit after tax of $34.1 million and its total assets stood at $1.72 billion.

BUSINESS FOCUS

DEC 2009

| 54

Bank of Saint Lucia International Limited (BOSLIL)

BOSLIL is the international banking subsidiary within ECFH and has a solid reputation in that competitive arena. Despite increased pressures on the offshore financial services sector globally, BOSLIL has continued to experience growth. 2009 initiatives included the launch of BOSLIL in Uruguay as a platform for growth in South America.

Due to its prudent and conservative investment policies, a robust risk management framework and a commitment to protecting its clients’ capital, BOSLIL was able to operate unscathed despite the turmoil in the global financial markets. Superior service remains one of the hallmarks of a BOSLIL relationship. Serving six continents and operating in 15 currencies, with a current asset base of approximately US $140 (EC $378M), BOSLIL offers banking and investment management solutions to a diverse client base, who in turn, have diverse banking needs. BOSLIL is regulated by the Financial Sector Supervision Unit of Saint Lucia and indirectly by the Eastern Caribbean Central Bank.

Elizabeth Bousquet

Carla Morton-Campbell

Leathon Khan

Senior Manager & Registered Principal

Chief Executive Offcer

Manager

ECFH Global Investment Solutions Limited

EC Global Insurance Company Limited…

Property Holding & Development Company of Saint Lucia Limited (ProDev)

Incorporated in May 2008, ECFH Global Investment Solutions (ECFH Global Investments) is the newest, fully-owned subsidiary of the Group. It is a full-service broker-dealer and investment bank and represents ECFH’s strategic decision to become one of the leaders in the regional financial and capital markets. ECFH Global Investments offers capital market services, merchant banking, custody services and financial product development. For 2008, the capital market and merchant banking services were the main revenue earners for ECFH Global Investments and at the end of that year, with a capital base of EC $1 million it recorded a net profit of EC $149,000 after becoming fully operational in July. The company earned other income from interest based on an active, tax-efficient and quality-focused investment strategy as well as from foreign exchange gains.

Going forward, ECFH Global Investment Solutions plans to expand its range of investment and financial products available to investors in the capital and financial markets, and provide research reports and interactive financial solutions to its clients.

Our Strength is on Your Side!

EC Global Insurance is the insurance arm of the ECFH Group and after just 5 years in operation, it has made its mark on an intensely competitive market. In 2008, the company recorded its first profitable year in the midst of a very challenging economic period, with earnings recorded at $10.4 million. EC Global offers home and motor insurance policies and to a lesser extent, policies for the commercial and corporate sector. Its Angel Advantage Policy, developed exclusively for female drivers because of their comparatively good driving record, has been quite successful in the market.

The company recently launched a new ‘All Risks’ Deluxe Condo-Villa Package Policy for businesses such as condominium associations. In spite of the financial challenges in 2008, EC Global continues to have a robust reinsurance programme with some of the industry’s leading international reinsurance companies.

ProDev is a wholly owned ECFH subsidiary that caters to the real estate interests and property management needs of the Group. It oversees and carries out maintenance work for all the subsidiaries within the Group as well as for its external clients. ProDev also manages the real estate owned by ECFH and ensures that the necessary construction and renovation work is well executed. Recent major projects include the construction of the Bank of Saint Lucia’s Gros Islet Branch which opened in July 2008 and the newly built Rodney Bay Business Centre which just opened its doors in the summer of 2009. At the end of 2008, ProDev recorded a net profit after tax of $5 million, an increase over the previous year, and its total assets stood at $99.8 million.

BUSINESS FOCUS

DEC 2009

| 55

Mini Feature

In Pursuit of Excellence EC Global Celebrates its Fifth Anniversary The East Caribbean Financial Holding Group (ECFH), Saint Lucia’s premier financial services group, officially launched EC Global Insurance Company five years ago on September 26, 2004 at the Sandals Grande St. Lucia Spa & Beach Resorts.

This was a strategic move on the part of ECFH to broaden and expand its existing range of financial services which included commercial, development and investment banking, mortgage financing, offshore banking, property management as well as legal and trust services.

Insurance services were clearly a missing component and its addition immediately complimented a suite of financial services in which the ECFH Group had already established itself as a strong market leader.

EC Global was launched on the public promise to raise the bar on professionalism and service excellence in the insurance industry in Saint Lucia, by creating a seamless, one-stop-shop facility, while bringing a range of new and innovative product offerings to the market. This was to ensure that EC Global would be established as a truly strong and reputable domestic general insurance company that could stand on its own and measure up to the other leading insurers in the local and regional insurance market.

Strategic Partnership

ECFH recognized the advantages of engagBUSINESS FOCUS

DEC 2009

| 56

ing strategic partners who share a common corporate vision. With the pending implementation of the Caribbean Single Market and Economy (CSME) and its certain effect on the business environment of the future, ECFH joined forces with the highly respected Grace Kennedy Group from Jamaica, a like-minded regional and international conglomerate that also had the vision and experience to create a strong and dynamic insurance company.

At the time of the of the partnership, the combined assets of both ECFH and Grace Kennedy was in excess of US$950,000

Market Influence

Since its inception, EC Global, under the leadership of its CEO, Leathon Khan, a Chartered Insurance Practitioner, and with the full support of a young, dedicated staff, the company has excelled in the market and has quickly established itself as a household name in Saint Lucia. It has distinguished itself by its firm commitment to the principles of good corporate governance, honesty, integrity and trust and its uncompromising quality of service and customer care.

EC Global, having invested heavily in human resource development and cuttingedge technologies, has been able to operate at a high level of efficiency and competency. It has successfully used the strategy of innovative product branding

through its ever popular Angel Advantage Motor Comprehensive Policy, which is designed exclusively for female drivers in recognition of their good driving record as well as its Safe Haven Homeowners Policy.

Additionally, EC Global also launched a new product called the Deluxe CondoVilla Package Policy. The first of its kind in the market, this comprehensive ‘all risks’ policy, was designed to cover condominium associations and management committees for natural, catastrophe and manmade perils as well as crime related risks, legal liabilities and personal accident.

The company was also able to set new standards with its reputation for prompt claims settlement and a willingness to build strong, lasting relationships with its industry partners and this has resonated well among the insuring public and a cohesive network of business associates.

Business Growth

EC Global’s growth over its relatively short lifespan, given the number of general insurers operating in the market and the level of competitiveness which exist, could be described as phenomenal. In less than three and a half years of operation, the company generated gross premium revenues in excess of EC$12.50 million (US$4.63 million).

EC Global’s focus has primarily been in the individual Homeowners and Motor Insurance market and to a lesser extent,

in the corporate and commercial sector.

The company has been able to carve out a niche market for its Angel Advantage policy for female drivers and growth continues to trend upwards in this sector.

EC Global’s approach to business growth has been strategic and has been guided by prudent underwriting and sound management decisions.

The company has embraced a philosophy that is based on the following ideals: - It is providing a service and not selling a physical, tangible product.

- It will make a difference in how the service is delivered.

- Success is about the quality of customers they attract and not necessarily the number - It is providing security and peace of mind.

- Insurance is a very risky business and it requires prudence, wisdom and careful analysis.

- Success is about discipline, integrity, trust and doing business professionally.

The Strength of EC Global

By virtue of its close, symbiotic relationship with the ECFH Group, EC Global is strategically positioned in the market, given the dominant role of the various ECFH subsidiaries in the local financial market. Recently, EC Global appointed Bank of Saint Lucia as an authorized Insurance Agent of the company, thereby enabling each branch of the bank to provide insurance services to the insuring public.

This will greatly improve the level of efficiency in service delivery and substantially

improve the convenience of transacting insurance business island wide on the part of customers.

EC Global remains confident that as it matures and moves ahead as an emerging market leader, its market reach will gain momentum and extend beyond the geographical boundaries of Saint Lucia. This is based on some of the inherent strength that it possesses which include:

The impact of the global financial crisis on the insurance industry has forced new ways of thinking and has stimulated new survival strategies between the insured and insurers. EC Global is mindful of the impact and the enormity of the challenges that face the insuring public at this time. It has responded with a number of incentives to assist the public and to boost business development which include: - Discounted packaged deals

• being a subsidiary of the ECFH Group which is already well established & recognized locally and regionally • the strong, asset base of the parent companies which continues to grow exponentially • access to skilled support services within the ECFH Group and Grace Kennedy • an experienced, qualified and disciplined management team • access to a significant captive portfolio within the ECFH Group through the Bank of Saint Lucia Insurance Agency arrangement • it has established itself as a house hold name with a good reputation • it is now perceived by the public as a company that is innovative

Upcoming Initiatives

As EC Global evolves to take its place in the market as Saint Lucia’s premier domestic general insurance company, it continues to explore new ideas and initiatives which will further change the way insurance business is conducted in Saint Lucia.

- Special offers for desired niche markets and demographics - Promotional alliances with key strategic partners and business associates - Introduction of new lines of service distribution EC Global’s CEO, Leathon Khan, summarizes the company’s overall performance so far by stating: “As promised from the outset in 2004, we have been relentless in our pursuit of excellence. We will continue to create a strong, reputable insurance company that the public will trust and which will inspire their confidence. We will continue to uphold all our promises to our policyholders. We will grow steadily and be guided by prudence and good corporate governance. We want to build our strength and our reputation and we want to become the best and the most respected insurance company in Saint Lucia”….

EC Global Insurance Company Ltd. -----------------------For further info: www.ecglobalinsurance.com

BUSINESS FOCUS

DEC 2009

| 57

Mini Feature

Mr. Leathon Khan: CEO EC Global Insurance

Mrs. Anne-Marie Herman: Agencies & Operations Manager

Mr. Severin Francois: Claims Supervisor

Ms. Paulina St. Claire: Underwriting Supervisor

Ms. Elornic Joseph:

Mr. Dillon Prospere: Accountant

Ms. Monica Louis:

EC Global Insurance Company Limited. A subsidiary of

路 2 Bridge Street, P.O. Box 1860, Castries, St. Lucia

Tel: 758 451 3244 路 Fax: 758 458 1222 路 ecglobal@ecfh.com 路 www.ecglobalinsurance.com

BUSINESS FOCUS

DEC 2009

| 58

Ms. Petronilla Armstrong: Senior Underwriting Assistant

Ms. Neshel Bastien: Underwriting Assistant

Ms. Verna Samuel: Underwriting Assistant

A Claims & Agency Assistant

BUSINESS FOCUS

DEC 2009

| 59

Mini Feature

Senior Manager-ECFH Global Investments, Carla Morton-Campbell

ECFH Global Investments – One Year After and Still Forging Ahead…

In May 2008, the East Caribbean Financial Holding Company (ECFH) welcomed a new addition to its family of subsidiaries—ECFH Global Investment Solutions Limited (ECFH Global Investments). Incorporated with a mandate to develop the local and regional financial and capital markets, ECFH Global Investments became fully operational two months later, and in just over a year, has emerged as one of the major players in the local and regional market.

ECFH Global Investments offers a full range of services which include capital market services, merchant banking services, BUSINESS FOCUS

DEC 2009

| 60

custodian services and financial product development. Amidst the challenges facing the regional and international financial environment, this newly formed subsidiary remains strong, recording steady growth and increasing profitability. It also boasts an expanding client base that incorporates both institutional and individual clients alike.

Within six months of becoming operational in July 2008 and with an initial capital base of EC$1M, ECFH Global Investments recorded a net profit of EC$149,000.

Total assets stood at EC$1.19M at the

end of 2008, and according to the Senior Manager & Registered Principal, Mrs. Carla Morton-Campbell, “to date the company’s performance has far exceeded management’s expectations”. She points out that there are many opportunities for growth and development of the regional capital markets and that the Eastern Caribbean Stock Exchange (ECSE), Eastern Caribbean Central Bank (ECCB) and Eastern Caribbean Securities Regulatory Commission (ECSRC) have worked towards creating the necessary structure and framework in which all market players can participate.

Mrs. Morton-Campbell is convinced that “It is now up to institutional players like ourselves to make the next step in the development of our market”, while ECFH’s General Manager with responsibility for Group Strategic Development and Expansion, Mr. Nestor Alfred states that, “I believe one of the things that makes ECFH Global Investment stand out amongst its regional peers is its pro-activeness in dealing with its clients; its knowledge of the regional market and the level of professionalism that is displayed in its everyday dealings. Understanding its clients’ needs and embarking on a mixture of products and services that would invariably match the specific needs of its clients is very much a priority for ECFH Global Investments”.

ECFH Global Investments launched its website www.ecfhglobalinvestments. com in 2008. The website provides users with access to an array of services and valuable information including: • general information on the company’s services • market performance reviews • available and upcoming investments • relevant forms for its brokerdealer services • news on the company’s latest developments The company plans to further develop its website to include more detailed market analytics and research reports, and will also be issuing its quarterly investment articles to its clientele within the upcoming quarter. As ECFH Global Investments approaches the 2009 year-end, it is with great anticipation and excitement that the team looks toward the year 2010, which promises to bring even greater success to the company.

Mrs. Morton-Campbell encapsulates what the company’s focus has been for its first year and what lies ahead when she states that, “The first year of operations focused primarily on establishing solid relationships, creating strategic alliances, systems and operational efficiency. Customer service excellence remains very important to us, as are the partnerships that we forge with our clients. The year 2010 will take us towards our next step… strong brand positioning.”

Carla Morton-Campbell Senior Manager ECFH Global Investment Solutions Ltd.

BUSINESS FOCUS

DEC 2009

| 61

Mini Feature

WAM

Making Investment Make Sense Mark Cadette Senior Manager – WAM The OECS is at a pivotal stage in the development of its capital market. The establishment of the Eastern Caribbean Securities Exchange (ECSE) and the government platform – the Regional Government Securities Market (RGSM) - has provided a new avenue for firms and governments wishing to raise capital and for investors seeking returns on financial instruments.

Bank of Saint Lucia and the ECFH Group to which it belongs is an important player on the ECSE. Through its Wealth and Asset Management Division (WAM), the bank provides investment management advice to companies and individuals wishing to undertake investments. WAM provides portfolio management services to its clients seeking attractive returns with minimum exposure to risk. From the onset, WAM’s investment management professionals would ascertain the client’s appetite for risk, the investment horizon and investment objectives and design an investment policy statement which would govern the portfolio of assets to be acquired. This investment policy statement would include benchmarks as it relates to the classes of securities or financial instruments that the client wishes to hold and the proportionate holdings of these classes. It will also stipulate the geographical distribution of the securities to be included in the portfolio; limits on the tenor of these investments; the minimum acceptable return and the investment grade of the assets.

In this regard, the typical class of instruBUSINESS FOCUS

DEC 2009

| 62

ment available to investors via WAM are fixed income securities, primarily corporate and government bonds and treasury bills, equity or shares in companies and money market instruments. Government bonds and treasury bills would be acquired via the Regional Government Securities platform of the ECSE. Most securities in our jurisdiction would be denominated in United States Dollars (USD) and Eastern Caribbean Dollars (XCD).

In addition, WAM also offers two (2) of its own products namely the Guaranteed Investment Certificate (GIC) and the Repurchase Agreement Certificate. The GIC is a fixed deposit which pays a predetermined interest rate over a specified term.

Typically, the interest rate on GICs is above the normal rate on savings deposits and the term of the investments could range from thirty (30) days up to three (3) years.

GICs are backed by the full faith and credit worthiness of the issuer. It is an excellent choice for the cash and cash equivalent segment of the investment portfolio, affording the investor the flexibility to match the term of the GIC to short term liquidity requirements.

WAM’s second product is the Repurchase Agreement Certificate. This is an instrument offered to investors whereby a price is agreed on purchase with the agreement by the issuer to repurchase the instrument at a higher price at a specified future date typically ranging from 30 days to 1 year. The difference between the price

at acquisition by the investor and the price at which the instrument is repurchased by Bank of Saint Lucia represents interest income to the investor. Repurchase Agreement Certificates issued by the Bank of Saint Lucia are backed by an underlying security, typically a government bond which is assigned to the investor for the period of time over which the Repurchase Agreement Certificate is held.

For individuals contemplating retirement, the bank offers a Registered Retirement Investment Account (RRIA) the assets of which are managed by WAM. This retirement facility offers a yearly rate of return equivalent to the average savings rate to individuals wishing to set aside some portion of their current income towards a retirement fund. Additionally, the RRIA offers a 75% distribution of profits from the investments made and assigns a term life insurance which covers a maximum of EC$50,000.00 of contributions and interest accrued up to the time of death.

As the capital markets within the OECS move beyond the infancy stage, Bank of Saint Lucia expects to remain at the forefront of developments through the design and launching of innovative new products and services which would afford the investor more options for diversifying assets.

Mark Cadette Senior Manager – Wealth & Asset Management, Bank of St. Lucia

Enriching Lives...

ECFH’s

Mini Feature

Enriching

As a leader in Saint Lucia’s financial services sector, ECFH takes its philanthropic duty to the society in which it operates seriously. It has in place a corporate social responsibility (CSR) policy which promotes youth development through education, the arts, sport and culture; protection and conservation of the environment as well as encouraging community development. During the last financial year, ECFH spent well over $ 6 million implementing and supporting a wide range of activities and projects that fell within the scope of its far reaching CSR policy. Listed below is just a noteworthy sample of these activities:

CARE

One of the flagship programmes under the Group’s CSR policy is the Centre for Adolescent Renewal and Education or CARE. Under a 3 year covenant with ECFH, the centre receives $40,000 for its operations in addition to other forms of support from the company. CARE has been very instrumental in the educational and personal development of hundreds of young Saint Lucians whose needs were not being met by the formal education system. As such, ECFH has pledged its continuous support of this vital institution which seeks to transform the lives and potential of the less privileged youth of this country.

CARE students happy to receive ECFH donation

National Enrichment & Learning Programme (NELP)

Adult literacy has been an important goal of ECFH’s CSR programme and its support of NELP through the National Enrichment and Learning Unit (NELU) demonstrates this. The company makes an annual contribution of $10,000.00 to the unit for its adult literacy programmes in rural areas such as Banse la Grace, Jacmel and Anse-la-Raye. Scores of adult learners have graduated from the programme with fundamental literacy and numeracy skills that they did not have previously. ECFH is pleased with the results of this programme and is committed to supporting NELU in its drive to spread the cause of literacy.

Holy Family Children’s Home

Adult literacy class in progress in Fond St. Jacques

The work of the Holy Family Children’s Home is critical for the well being and development of many disadvantaged children on the island. It provides vital care and shelter to these vulnerable youth whose future would otherwise have been very uncertain. ECFH has established a 3 year covenant with the Home under which it donates $5000.00 annually towards the salaries of the dedicated and hardworking staff.

BUSINESS FOCUS

DEC 2009

| 64

Lives

s Corporate Social Responsibility Initiatives

National Community Foundation (NCF)

As our economy comes under increasing pressure from external factors such as the global financial downturn, the work of a charitable entity such as the NCF assumes even more importance. ECFH recognizes this and gladly donates $25,000.00 every year to NCF in addition to providing staff volunteers for its annual telethon.

Environmental Programmes

ECFH has decided to redouble its efforts to promote environmental awareness and conservation, especially among young people who will inherit the island’s resources. Therefore, it has teamed up with two of the island’s leading environmental entities, the Saint Lucia National Trust and the Saint Lucia Solid Waste Management Authority. With the former, ECFH launched the Youth Environment Forum in July 2009 to empower young people to advocate for environmental issues. And in collaboration with the Authority, ECFH inaugurated the ‘Clean Schools, Healthy Schools’ campaign to improve waste management practices in schools across the island.

ECFH’s Maria Fowell hands cheque to YEF participant.

Sport

Sport is at the heart of the Group’s CSR efforts and it supports a plethora of sporting disciplines. In 2009, it collaborated with the Castries Football Council to host the first ever Youth Football League in Castries which was a resounding success. Approximately 14 teams participated with both boys and girls scoring big for their teams. ECFH also supported the Saint Lucia National Volleyball Association to host the 2009 World Volleyball Qualifiers which gave local volleyballers valuable regional exposure.

Financial Literacy

ECFH has been consistent in its efforts to empower Saint Lucians with financial information and know how through its weekly television series, Money Matters, and weekly newspaper column, Money Talks. It also conducts sessions with schools and other groups requiring financial advice and guidance whenever the need arises.

Marketing & Corporate Communications Dept.

ECFH --------------------------For further info: www.ecfh.com

Female national volleyball team in action BUSINESS FOCUS

DEC 2009

| 65

Mini Feature

Bank of St. Lucia’s Asst. GM, Joanna Charles (centre), accepts award

Bank of Saint Lucia

Wins ECCB Corporate Citizen Awards The Eastern Caribbean Central Bank (ECCB) recently handed out its 2008/2009 Best Corporate Citizen Awards. The awards ceremony was held at the ECCB Headquarters in St. Kitts on November 4th 2009 following the presentation of the 14th Sir Arthur Lewis Memorial Lecture. Bank of Saint Lucia Limited was the only local bank to be awarded and won in the categories of: · Educational Development · Financial Education & Empowerment Bank of Saint Lucia’s Assistant General Manager, Ms Joanna Charles, accepted the awards on behalf of the bank.

Bank of Saint Lucia has continued its focus on youth development through education and sports as well as promoting financial literacy by sponsoring a wide range of programmes geared at raising the standard of living of Saint Lucians. It has also embarked on a number of initiatives including alliances with the St. Lucia Solid Waste Management Authority and the St. Lucia National Trust to promote activities which promote responsible environmental practices. These activities along with the bank’s sponsorship of various sporting, cultural and educational programmes can only redound to the benefit of all Saint Lucians which is the bank’s ultimate goal.

Marketing & Corporate Communications Dept - ECFH For further info: www.ecfh.com BUSINESS FOCUS

DEC 2009

| 66

Faces

of Finance

Isaac Anthony Permanent Secretary/Director of Finance

Cointha Thomas Budget Director

Calixte Leon Director - Financial Sector Supervision Unit

Francis Fontenelle Deputy Director - Debt & Investment BUSINESS FOCUS

DEC 2009

| 68

Agosta Degazon Director - Financial Administration

Marie Monrose Accountant General

Embert St. Juste Director - Research & Policy

NORTHERN ELECTRICAL SUPPLIES St. Lucia’s First Electrician Store

Distributors

Of all types of Industrial & Commercial Electrical Lamps, Cables, Circuit Breaker Panels & other Electrical accessories on wholesale and retail.

Also Available:

Undreground Cable, Ladders.

All types of Lighting Fixtures Etc Box CP 5305 Castries, Bois D’ Orange, ARP Warehouse Tel: 1 (758) 450 7866 Fax: 1 (758) 450 7867 email: nesupplies@candw.lc

MICHEL’S ELECTRICAL & BUILDING CONTRACTORS LTD. ELECTRICAL PROBLEMS SOLVED!

All Work Guaranteed In Writing No Job Too Large or Too Small 7 Day Emergency Service Specialists In: Residential Commercial Industrial & Sporting Electrical Facilities & Sporting Electrical and Design L’ Anse Road, Box CP 5305, Castries, St. Lucia, W.I Tel: (758) 452-7866/ 453-6646/ 458-1475 Fax: (758) 451-7087 e.mail: melectrical@candw.lc

“EFFICIENCY IS PART OF OUR HERITAGE” OVER 25 YEARS EXPERIENCE FREE ESTIMATES

Bizz Buzz

St. Lucia Hosts FCCA Conference

Director of Tourism Louis Lewis & Staff of the St. Lucia Tourist Board

P

reviously scheduled to be hosted in Guatemala, St. Lucia was given the nod by organizers to host the five-day event from October 26 to 30 that brought together some 1000 thousand delegates and nearly 25 regional and international press agencies.

The lead agency spearheading the activities was the St. Lucia Tourist Board, with support and sponsorship also given by gold sponsors Digicel, Rain Forest Sky Rides and Cox Tours. Over fifty corporate sponsors contributed to hosting the event, labeled a success by organizers and BUSINESS FOCUS

DEC 2009

| 70

participants.

Held at the Almond Smugglers Cove, the event facilitated a number of businesses from throughout the region to showcase a wide range of goods and services available in the market today.

Among the participants at the FCCA’s Conference and Trade Show were representatives a number of the world’s most prestigious cruise lines: Disney, Holland America, Carnival, Norwegian Cruise Line, Princess Cruises, MSC Cruises and Royal Caribbean.

At a cost of some four and a half million

dollars, the hosting of the event – according to St. Lucia’s Tourism Minister Allen Chastanet – provided the perfect platform for St. Lucia to strengthen its regional ties.

“The number one thing I’m really hoping that we’re going to achieve on a regional basis at this event is really to create better partnerships. I think we’re still striving to find the maximum partnership efforts between governments of the Caribbean, land-based tourism and cruise tourism,” Chastanet said at a sponsors press conference that preceded the conference

Chastanet Cutting the Ribbon at FCCA Local Arts & Craft

Members of the Soufriere Regional Development Foundation

NDC - GM Timothy Greene & John Emmanuel Promoting investment

and trade show.

One of the main highlights of the conference and trade show was a press conference where the figures for the performance in the cruise sector over the last period under review – May, 2008 to April, 2009 -- were released.

Dubbed the “Economic Impact Assessment,” the report tabulated statistics taken from the Caribbean, Central and South America and Mexico and reflected a sample of the destinations served by the North American Cruise industry.

During the period under review, a total of 20.8 million passengers and crew visits were recorded. Passengers and cruise lines spent US$2.3 billion in the 29 destinations combined, in the process accounting for 75% of spending

within that sector (US$1.7 billion), with each passenger spending an average of US$97.26 in total spending.

Further, 56,000 jobs were generated, accounting for US$723 million in the twenty-nine destinations combined.

While here, local – as well as foreign – companies got the opportunity to showcase a myriad of items and services which they hope will serve as one step closer to broadening their business linkages. The exhibition was abuzz with representatives from the various countries offering free token items in their booths that displayed an array of Caribbeanmade products.

A number of scheduled meetings between key stakeholders in the cruise industry also took place to explore the possibilities creating – and expanding – the range

and quality of services offered within the cruise sector.

Speaking to BF shortly after cutting the ribbon to officially declare the trade show open, St. Lucia’s Tourism Minister, Allen Chastanet said the FCCA event adds another feather in the island’s cap in terms of promotion.

“I think this FCCA Conference and Trade Show is a great opportunity for us to showcase where St. Lucia is at right now,” Chastanet said. The island has changed a lot over the years and I think there are a lot of opportunities here. However, those opportunities will not be maximized if people don’t know about them.” BF Stan Bishop For further info: www.f-cca.com BUSINESS FOCUS

DEC 2009

| 71

Bizz Buzz

ALLEN CHASTANET CARIBBEAN TRAVEL

PERSONALITY OF THE YEAR

2009

Sen. Allen Chastanet St. Lucia’s Minister of Tourism

S

aint Lucia’s Minister of Tourism and Civil Aviation Senator Allen Chastanet has been named the Caribbean Travel Personality of the Year. Senator Chastanet won the honor at the prestigious 2009 World Travel Awards in London, England. The World Travel Awards acknowledge, reward and celebrate excellence across all sectors of the global travel and tourism industry.

“It’s with great humility that I accept this award on behalf of the Government and people of Saint Lucia,” said the Senator, who saluted his fellow Saint Lucian nationals for their commitment to excellence across the hospitality industry.

At the Awards, Saint Lucia once again copped the Caribbean’s and World’s Leading Honeymoon Destination designations, while the Caribbean’s Leading Spa Resort went to The Body Holiday LeSport. The Caribbean’s Leading BUSINESS FOCUS

DEC 2009

| 72

Hotel Brand and the World’s Leading All-Inclusive Company went to Sandals Resorts.

“As a Saint Lucian, I am deeply honored to witness such a small destination create a big bang on the world stage,” said Saint Lucia’s Director of Tourism Louis Lewis, who acknowledged that the weekend awards were additional stimulus for the Saint Lucia Tourist Board to continue striving to improve in today’s competitive travel and tourism environment.

Senator Chastanet, who is credited with starting the world acclaimed Saint Lucia Jazz festival, was Vice President of Sales and Marketing with Windjammer Landing in Saint Lucia before being appointed the island’s Director of Tourism in the early 1990s.

He became Director of Sales and Marketing at Island Outpost in the mid-90s before serving as Director, then Vice President of Worldwide Sales and

Marketing at Air Jamaica for eight years.

In 2001, Travel Agent magazine named Senator Chastanet “Caribbean Destination Person of the Year,” and in 2003 he returned to his native Saint Lucia to open Coco Resorts in Rodney Bay Village. He was appointed to the Saint Lucia cabinet in 2006 and assumed the chairmanship of the Caribbean Tourism Organization.

Senator Allen Chastanet holds a B.A. in Economics and Political Science from Bishop’s University in Quebec, Canada as well as an M.Sc. in Development Banking from American University in Washington D.C. BF Bevan Springer bevanspringer@nj.rr.com For further info: www.saintlucianow.com

Sandals Resorts

‘Caribbean’s Leading Hotel Brand’ at the

2009 World Travel Awards For 16th Consecutive Year.

F

or the 16th year in a row, Sandals Resorts was named the Caribbean’s Leading Hotel Brand at the 16th Annual World Travel Awards held November 7-8, 2009 in London, UK. In addition to this distinguished honor, Sandals Resorts and sister-brand, Beaches Resorts, also enjoyed top nods during the event taking home the most awards of any resort company honored during the ceremony.

Jeremy Jones, Regional Director, Eastern Caribbean was on hand to accept the awards on behalf of Sandals Resorts International, parent company of Sandals Resorts, Beaches Resorts, Grand Pineapple Beach Resorts and The Royal Plantation Collection.

For a total of 10 trophies, Sandals Resorts and Beaches Resorts rose above other highly acclaimed hotel brands,

– Sandals Grande Antigua Resort & Spa (3rd year) * Bahamas’ Leading Resort – Sandals Royal Bahamian Spa Resort & Off shore Island (5th year) * Bahamas’ Leading Hotel - Sandals * World’s Leading All-Inclusive Com Royal Bahamian Spa Resort & Off pany – Sandals Resorts International shore Island (14th year) * St. Lucia’s Leading Resort – Sandals * World’s Leading Family All-Inclusive Grande St. Lucian Spa & Beach Resort –Beaches Resorts (12th year) (5th year) * World’s Leading Family Resort – * St. Lucia’s Leading Spa Resort – Beaches Turks & Caicos Resort Sandals Grande St. Lucian Spa & Villages & Spa (3rd year) BF Beach Resort. * Caribbean’s Leading Hotel Brand – Sandals Resorts (16th year) For further info * Caribbean’s Leading Family Allwww.sandals.com Inclusive – Beaches Negril Resort & Spa * Antigua & Barbuda’s Leading Resort including three wins within the highly sought after ‘World’s Best’ categories. The Caribbean resort company’s top honors included:

BUSINESS FOCUS

DEC 2009

| 73

Bizz Buzz

Harlequin Hotels and Resorts Comes to Marquis Estate

Come 2014 St. Lucia will have a new ‘super resort’ to do its tourist-luring bidding. Despite the four-year-wait until the opening date, the introduction of Harlequin Hotels and Resorts Marquis Estate, St. Lucia, was nothing short of full-on excitement at the sunset-glowed Cap Maison deck, where the reception was recently held. The blueprinted 5 star resort promises to be one of the most talked about developments in years to come as Harlequin Properties is said to be one of the UK’s leading international property investment companies specialising in luxury 5 star spa resorts in the Caribbean.

David Ames, Chairman of Harlequin Resorts expressed his support for the much-anticipated project’s combined to generate revenue and give back to the community. “We try to put together a partnership that works with the countries

BUSINESS FOCUS

DEC 2009

| 74

as well, and the people who live on the islands.”

The unique hook about Harlequin properties in comparison to others, is that they are heavily sports based – golf, football, tennis and cricket. The Resort, which will feature the world’s first Gary Player Hotel and Golf Course, Wimbledon champion, Pat Cash Tennis Academy has also signed a contract with Liverpool Football Club to include a Football Academy at each of its resorts in the Caribbean and also a Cricket Academy to promote the sport among aspiring professionals.

Prime Minister Stephenson King who was on hand at the reception said: “This is a major scheme for our country. We have taken many months liaising with Dave Ames and discussing all aspects from tourism to the eco infrastructure.”

Originally, the site of an 18th century

sugar mill, the 500-acre property where Harlequin will be constructed, Marquis Estate, is located in the northeast of the island which is least populated with resort destinations.

The St. Lucian version is slated to be one of four Harlequin properties in the Caribbean. Las Canas Beach Resort and Two Rivers Beach Resort both in the Dominican Republic, Merrick’s Beach Resort, Barbados and Buccament Bay Beach Resort in St. Vincent and the Grenadines, set to open in July 2010 – the company’s first resort in the Caribbean.

Get ready to either tee off, for the first serve or for kick off, 2014 will be here soon. Let the bidding war begin. BF For further info: www.harlequinproperty.co.uk

INDUSTRY PARTNERS

FROM SAINT LUCIA HITS THE GERMAN MARKET WITH A BANG! Members of the SLTB Germany Office and members of the SLHTA

T

he Saint Lucia Tourist Board’s Road Shows in Germany got off to a great start last September and by all indications, was a huge success.

The German Office has thus far covered four major cities in the German speaking markets including Vienna (Austria), Zurich (Switzerland), Fuerth (Germany) and Essen (Germany).

Representatives from Almond Resorts, Anse Chastanet/Jade Mountain, Coco Resorts, Marigot Bay and Sandals Resorts, as well as Condor Reps out of Austria and Switzerland, all participated in this leg of the German Road Shows.

Karolin Troubetzkoy, Executive Director, Marketing and Operations of Anse Chastanet/Jade Mountain and German Honorary Consel for Saint Lucia, was present at the events and expressed her satisfaction with the organization of the various activities, “I wanted to thank you (SLTB Germany Team) for having organized this fantastic road show over the last few weeks. I was particularly impressed with the agent turn out and the great organization of all of the activities.” Troubetzkoy remarked that, “The cooking schools could not have been chosen better, and I feel we have certainly

made a very good impression on all of these agents.”

The evening functions were held in trendy cooking schools, where the guests experienced an interesting mix of workshops, presentations held by the SLTB and its partners, and cooking lessons held by professional cooks who taught participants how to prepare typical Saint Lucian dishes.

According to Anjte Rudhart, of the SLTB’s Germany Office, “The atmosphere was very relaxed and unique, and the feedback from the trade and press was extremely positive, because this form of workshop was “beyond the ordinary”.”

“We wanted to ensure that only highly qualified agents attend the events, so we invited the top tour operators of each country - Ruefa, TUI Austria and Sunny Islands in Austria; Kuoni and Caribtours in Switzerland; DERTour and Meier’s Weltreisen in Germany to bring along their best selling agencies,” Rudhart added.

A combined total of 137 travel agents and tour operators were trained during the Germany Road Shows. Several members of the trade press were also in attendance, which afforded the local

resorts the opportunity to share valuable information on their properties and Saint Lucia in general. Director of Tourism Louis Lewis is also very pleased with the outcome of the activities in Germany. He says, “the positive feedback generated from the travel trade in Germany and the press the island will receive as a result, can only augur well for Saint Lucia’s thriving tourism industry, which is also expected to experience an increase in arrivals from the German market with the re-introduction of Condor’s weekly service from Frankfurt into Hewanorra International Airport since November 2009.” The Road Shows are just one aspect of the Saint Lucia Tourist Board’s marketing plan, which is targeted towards the discerning traveler. The US/Canada leg of the Road Shows, which also began in September, will continue throughout the next few months. BF Dainea Augier Corporate Communications Manager SLTB For further info: www.stlucianow.com BUSINESS FOCUS

DEC 2009

| 75

Bizz Buzz

A Fresh Approach New Company Replaces

WIBDECO

Montgomery Daniel Chairman WINFRESH

B

eing in the marketplace for over 50 years can surely afford any business a great deal of advantages, among them the skill of adaptability. But just being able to adapt to the many changes in the global marketplace is but the least factor in the fresh approach that Winfresh (formerly WIBDECO) is now charting.

The formal launch of Winfresh brought together some of the key players in the company’s history and present and was used to explain the company’s past and present situation but especially the company’s future.

BUSINESS FOCUS

DEC 2009

| 76

Directors & Special Invitees at Launching of WINFRESH

Chairman of Winfresh, Montgomery Daniel, in delivering his opening remarks, noted that the former WIBDECO had achieved “impressive results” to the company’s many shareholders. He also outlined what some of the company’s achievements were.

“(WIBDECO) has done so through growth in shareholders equity from $EC6.2 million to EC$151.6 million, a growth of some 2,345%. It has also given growth in return earnings from EC$9 million to EC$149.3 million, a growth of some 1,559%. It has also reduced long-term debt from

EC$80.5 million to zero and has also paid out a total of some EC$15 million in dividends,” Daniel said.

Winfresh’s mandate will include a broader range of products and services being added to its portfolio so as to ensure the company remains viable and meets market quality.

“The company, therefore, must fully exploit its broad mandate,” Daniel continued, “and explore all available opportunities to serve the agricultural sector in the Windward Islands by departing from its narrow focus on bananas so that this objective of the company is not misunderstood. I must take this opportunity to reassure our banana farmers that the company will not abandon bananas. Indeed, bananas will remain at the heart of the company’s

business but the time has come when the company must diversify its product portfolio.”

Bernard Cornibert, Chief Executive Officer of Winfresh, detailed the performance of the company since its establishment as the Windward Islands Banana Growers Association (WINBAN), which was incorporated in 1961, to Windward Islands Banana Development and Exporting Company Ltd. in 1994 to Winfresh.

Like the company’s chairman, Cornibert explained that diversification is key if Winfresh is to continue its growth trend.

A number of joint ventures have already being pursued by the new company – both regionally and internationally.

“Our intention is to have a number of joint ventures throughout the Windward

Islands, using the existing structures of the marketing boards. Also, we want to establish our own positions in the North American market, just as we have done in the UK,” Cornibert said.

Through the new initiative, Cornibert believes that the two ultimate objectives of Winfresh will be achieved: increase shareholder value and be at the forefront in creating a modernized agricultural sector in the Windward Islands so as to remain competitive. BF Stan Bishop For further info: www.winfresh.net

LIME Supports

Bizz Buzz

St Jude’s Rehabilitation

Lime Counrty Manager Sean Auguste presents to St. Jude CEO and Chairman.

O

nce again, LIME has come to the aid of St Jude Hospital. LIME Country Manager, Sean Auguste presented a donation of $100,000 to acting CEO of St Jude, Andrewna Henry, as the company’s contribution toward the St Jude Rehabilitation Fund. The presentation was held at the George Odlum National Stadium.

In addition to cash, LIME will also be assisting the hospital with free communications support valued at a further $100,000 following the reconstruction of the facility. LIME has created two dedicated mobile short codes to make it easy for members of the public wishing to assist the hospital make their contributions via texting.

The LIME Country Manager commended the St Jude management and staff for working round the clock to provide the patients with proper accommodation, medical care and treatment following their relocation to the Vieux Fort Comprehensive Secondary School Campus B and the National Stadium after the fire.

“We have a wonderful relationship with St Jude. For example, our technicians

BUSINESS FOCUS

DEC 2009

| 78

on a number of occasions have had the pleasure of helping out with some of the hospital’s technical needs. Some of them have used their personal time when called on to assist. When they heard that the hospital was on fire, they responded as if it was their home that was going up in flames. They wasted no time in getting to the scene. They worked feverishly to ensure that fixed line service, and other communication support services were up and working at the school and the stadium where the patients had been transferred.”

Mr. Auguste who is from Vieux Fort was visibly moved at making the presentation.

“It means a lot to me, personally, to be making this presentation to my community on behalf of LIME. It makes was, I hope that what has befallen St Jude will make us all appreciate the hospital and its staff even more than we have in the past.”

He praised the many businesses and individuals who, to date have come forward to contribute to the Rehabilitation Fund.

“We all must play our part in helping to

restore this great institution. I also want to encourage other corporate citizens – including those in the telecommunications sector – to join in and offer their support.

In helping St Jude it could some day be to our own benefit and that of our families and friends.”

At the end of the presentation the LIME technicians along with the company’s management team and several other staff members who had gone down to Vieux Fort the morning of the fire to offer their assistance, were presented with awards for their dedication, much to their surprise.

“We felt it was necessary to publicly acknowledge and honour our staff members who helped to mitigate the effects of the disaster by their prompt response to the call for help,” said Mr. Auguste.

Wednesday’s presentation coincided with LIME’s first anniversary which is in November. BF

For further info: www.time4lime.com

Health & Wellness

A Better You for the New Year Ten, nine, eight, seven, six, five, four, three, two, one

HAPPY

A

s we bring in the New Year, what will be going through our mind at that moment? New Year’s resolutions have always been a hallmark of this time of year, but how much unnecessary pressure do we put on ourselves by attempting to radically change our lives. Out with the old, in with the new. I will stop smoking, drinking, stealing, gossiping and the list goes on.

Always focusing on the negative.

Perhaps it is time for a shift in our perspective. Our world is in need of healing. Healing of our Bodies, Minds and our Souls. We should take this time to think on the positives in our lives and how we can make a positive contribution to our communities. By focusing on what is good, on what intuitively feels right, we may be able to stave off the violence and illness that wants to invade our world.

This New Year, 2010, let us all make a conscious decision to do something good – for our bodies, our minds, our families, and our communities.

BUSINESS FOCUS

DEC 2009

| 80

NEW

Take care of our bodies by exercising daily, minimum of 20 minutes, getting adequate amount of sleep.

Take care of our teeth – regular brushing and flossing; along with frequent dental checkups.

Take some time for solitude on a daily basis, a short time spent alone in prayer, or meditation does wonders for our psyche.

Have a regular spiritual practice. It is important to have faith in a Divine Source. People who are part of a spiritual community have been shown to live longer and heal faster from illness.

Practice acts of random kindness. Nothing feels as good as being the reason for the smile on someone’s face.

Give gratitude on a daily basis. Every night before you go to sleep, find five things you are grateful for in your life.

This practice has actually been shown to alleviate depression, and speed the healing process.

Volunteer – your time, money, something.

YEAR !

Do something to counteract global warming. Shut off the water while brushing your teeth, take shorter showers, and turn off the lights or TV when leaving a room.

I believe that the key to a better world starts with each of us, adult or child, making a conscious effort to focus less on what is wrong, and more on what is right.

Let us all remember that we come from the same source, and are actually one.

Instead of seeing everyone as separate, as against us; wouldn’t it be easier to view each person as an extension of ourselves – good and bad.

Can you imagine the endless possibilities, if each of us, made a conscious effort to give of our best self? The concept of a better, healthier, less violent world. BF For further info: Dr. Tanya Destang-Beaubrun - Director Integral Health Care Medical Centre

New Rodney Bay Medical Center NOW OPEN The Rodney Bay Medical Centre has moved to its new premises next to JQ Mall, ( in the PROVIDENCE COMMERCIAL CENTRE ) with expanded services and hours.

Rodney Bay Medical Centre encompassing: Integral Health Care Medical Clinic: • Family Practice • Walk–in Clinic • Complete Medical Physicals • Executive Medicals • Acute & Chronic Care • Medicals for Insurance & Driver’s License • Well Woman Care • Pap Smears (including the new Thin-prep test) • Breast Exams • Contraceptive Advice • Antenatal Care, Breast Feeding Management • Well & Sick Baby & Child Care • Immunizations, Flu vaccines • Adolescent Health Care • Satya Integrative Medical Services • Food Allergy Testing

A New Approach to Family Health Care

INTEGRAL HEALTH CARE MEDICAL CLINIC

Providing Medical Care for The Entire Family

Specialist Consultants including: • General Surgery • Dermatology • Pediatrics • Opthalmology Radiology Unit offering: • X–Rays • Ultrasounds Lab Services: • Consultant Pathologist & Laboratory Testing • expanded services and operational hours New Services: • Physiotherapist / Occupational Therapy • Counsellor / Psycho-Social Therapist • Nutritionist • Health Coach • Podiatrist Organica Health Food Shop - Tel: 450-0678 Whole Foods & Supplements R. J Clarke Ltd - Full Service Pharmacy

Rodney Bay Medical Center Rodney Bay, Gros Islet, P. O. Box RB 2305 • Tel: (758) 452 8621/ 45-DOKTA Fax: (758) 452 0785

events 2010

REGIONAL TRADE SHOWS AND CONFERENCES

IF YOU HAVE MISSED THIS YEAR’S EVENTS, ENSURE TO PENCIL PLANS FOR ATTENDING NEXT YEAR. LOOK OUT FOR NEW DATES. Cardiac Symposium 2010

Bizz Briefs

Cardiac Symposium 2010 2 – 5 February Bennie & Martha Benjamin Conference Room, Virgin islands Cardiac Centre, Governor Juan F. Luis Hospital & Medical Center, 4007 Estate Diamond, St. Croix, VI 00820 The Virgin Islands Cardiac Center in collaboration with Cleveland Clinic will be hosting the first ever Cardiac Symposium in the Virgin Islands. We are hoping to attract at least 75 cardiologists from the mainland and Eastern Caribbean.

Tel: 340 778 6311 ext 5223 or 5224 Email: vicc@jflusvi.org

International Power Summit 2010

25-28 February 2010 Marriott Hotel, Grosvenor Square, London, UK IPS 2010 gives the opportunity to be under one roof with peers to build new and existing relationships. Our cutting edge conference programme, led by industry experts, will include topics such as ‘How to minimise risk within the supply chain during the economic downturn’ and ‘Is international cooperation between utilities the only way to develop new technologies for the industry?’ In addition there will be many other presentations, workshops and panel discussions which will provide an insight into the future of the power generation market. www.internationalpowersummit.com Email: events@arena-international.com

RE-DISCOVER THE CARIBBEAN

23 – 24 April 2010 The seventh annual re-DISCOVER the Caribbean Show will take place at the Lloyd Sandiford Conference Centre, Bridgetown, Barbados.

Over 20 destinations and 100 exhibitors participated in the 2009 Show!

Tel: 246 428 2129 Email: mailto:re-discover@caribsurf.com www.re-discover.com at the Media coverage will include TV ‘ads’, full page print ‘ads’ and live radio coverage.

CARILEC - Preliminary Conference Schedule 2010

The dates and venues for the 2010 CARILEC conferences are confirmed. We look forward to hosting you in 2010.

• 17th -18th March 2010 St. Vincent Occupational Health & Safety Conference • 23rd -26th May 2010 Antigua CEO’s Symposium • 26th – 29th July 2010 St Maarten Engineer Managers Conference • 7th - 8th October 2010 Bermuda Human Resource Managers BUSINESS FOCUS

DEC 2009

| 82

Major Moves Major Moves

Mr. W. James Westlake, Group Head, International Banking and Insurance, Royal Bank of Canada (RBC) has been appointed Chairman of RBC Financial (Caribbean) Limited, parent company of RBTT Financial Group.

Mr. Westlake assumes the chairmanship from Mr. Peter J. July, who retired from his position of Group Chairman at the Group’s November Board Meeting, after an illustrious 52-year career at RBTT. A member of the Group Executive of RBTT’s parent company, Royal Bank of Canada (RBC), Mr. Westlake is responsible for RBC’s banking businesses outside Canada as well as the organization’s global insurance and credit card businesses and is one of nine executives who set the overall strategic direction of the RBC Group.

Prior to his current position, Mr. Westlake was Group Head, Canadian Banking, leading RBC’s domestic retail banking and global insurance businesses. From 1995 to 2004, he was chairman, president and chief executive officer of RBC Insurance.

Mr. Westlake has a long history of service to community and charitable organizations including hospitals, universities and children’s associations.

Recent activities of note include serving as Chair of the Canadian Chamber of Commerce and General Campaign Chair of the United Way of Peel Region. Mr. Westlake was the recipient of the Queen’s Golden Jubilee medal for community service.

Currently, he sits on the boards of the Canadian Paralympic Committee and National Gallery of Canada Foundation.

Born in Kingston, Ontario, Mr. Westlake

graduated with a diploma in business administration from Loyalist College in Belleville and a Master of Business Administration degree from Queen’s University.

Dr. DeLisle Worrell has returned to the Central Bank of Barbados as the institution’s sixth Governor.

Dr. Worrell, an economist, worked at the Bank previously between 1973 and 2000, serving as Manager of the Research Department, then Divisional Director of Research, before assuming the post of Deputy Governor. He held the Deputy Governor position between 1990 and 2000, when he retired.

After retiring from the Bank, he joined the International Monetary Fund as Technical Assistance Advisor, Monetary and Exchange Affairs Department; and more recently, he served as the Executive Director of the Caribbean Centre for Money and Finance (CCMF).

Commenting on his return to the Central Bank, Dr. Worrell said: “It’s good to be back, and I look forward to working with the Central Bank’s excellent senior management team, and our colleagues in the Ministries of Finance & Economic Affairs, to fulfill the Bank’s responsibility to help the economy through these difficult times.”

Dr. Worrell, who holds a Bachelor of Science Degree in Economics from U.W.I. and a Ph.D. in the same subject from Mc. Gill University, is a prolific writer both in terms of articles for professional journals as well as books. His publications include: Economic Adjustment Policies for Small Nations: Theory and Experience in the

English-Speaking Caribbean; Monetary Policy in Small Open Economies; Framework for the Analysis of the Effect of the US Devaluation on the Jamaican Economy and Small Island Economies: Structure and Performance on the English-Speaking Caribbean Since 1970.

LIME, the Caribbean’s only full-service telecoms provider has appointed Chris Dehring as Chief Marketing Officer.

Chris Dehring, a Jamaican national, will be responsible for LIME’s brand and the Company’s One Caribbean marketing strategy across the Region.

Chris is a highly experienced professional with a strong reputation as a dynamic marketing-oriented executive and entrepreneur, having started two major financial institutions, including: Jamaica’s first investment bank, the Caribbean’s first sports television channel, and a digital wireless cable TV company.

He is well known throughout the region, and internationally, as the former Managing Director and CEO of ICC Cricket World Cup 2007 (CWC 2007) – the largest event ever held in the Caribbean.

CEO David Shaw commented “I am delighted to be welcoming Chris to LIME. His appointment is the final major piece in the new LIME senior team which includes five leading Caribbean nationals. We believe that our focus on Caribbean leadership puts us in a stronger position to deliver the great service that our customers deserve and to help create a better life for the people of the Caribbean.”

BUSINESS FOCUS

DEC 2009

| 83

Major Moves

Bizz Briefs

Major Moves

Karolin Troubetzkoy has been sworn in as the new German Honorary Consul to St. Lucia. Mrs. Troubetzkoy is a German national who was born in the German city of Erlangen.

After attending school there and obtaining the German Baccalaureate she studied at the Munich University of Applied Sciences.

She was awarded a degree in Business Administration with majors in Tourism Marketing and Hotel and Restaurant Management. After a first exposure to the island during a practical semester in 1980 she moved to St. Lucia permanently in 1984 where she has been a resident ever since. Prior to joining her husband Nick Troubetzkoy at Anse Chastanet she was involved in a number of tourist projects on the island.

In 1986 Mrs. Troubetzkoy became responsible for the marketing of Anse Chastanet and since 2006 the marketing of Jade Mountain. The success story of both resorts is well known in Saint Lucia. Under her marketing leadership in collaboration with the expertise of her husband Nick, both hotel resorts received many international awards for excellence over a period of no less than 20 years and have been operating at high occupancy levels. Both Anse Chastanet and Jade Mountain were recently voted to be two of the top 25 resorts in the Caribbean by readers of Travel and Leisure magazine.

Jade Mountain was chosen to be the number one resort in the Caribbean and number three of the top 100 resort hotels worldwide.

In 2002, Mrs. Troubetzkoy received the Crystal Award of the St. Lucia Hotel and Tourism Association, honouring her services to the tourism industry. She was BUSINESS FOCUS

DEC 2009

| 84

the recipient of the Hotelier of the Year award in 2006. Mrs. Troubetzkoy has been an active member of the marketing committees of the Saint Lucia Tourist Board, and has been a board member since 2007.

Bernadette Thomas is the newly appointed Executive Secretary at the NDC. Miss Thomas holds an undergraduate degree in Business with approximately eight years experience primarily in the areas of Human Resources and Administration. With a quiet and disarming disposition and an eye for detail, Miss Thomas prides herself on being highly organized and a stickler for time, qualities that will certainly be useful as she attempts to help coordinate the business schedule for the Corporation’s Acting General Manager.

Ena James is the latest addition to the NDC Management team. She is the Operations Manager of the Duty Free Pointe Seraphine Shopping Complex. Ms. James hold a B.Sc. in Management Studies and an M.Sc. specialty in Marketing from the University of the West Indies, Trinidad. She brings to NDC a wealth of management experience from her background in the telecoms Industry. The NDC/Duty Free Pointe Seraphine will greatly benefit from her event planning and marketing skills. Behind her soft smile is a strong

and dynamic professional committed to meeting her goals.

Natasha Joseph is the newest addition to NDC’s accounting team. The young and energetic Miss Joseph brings years of experience to her new position, having worked as an Accounts Executive for various top firms in the insurance industry. Her work in the industry has allowed her to assume responsibility for clients’ portfolios; maintaining and building effective professional relationships with clients; handling and responding to clients’ queries quickly and processing clients’ claims, skills she says that will noticeable benefit the NDC. Miss Joseph recently completed the Certified Accounting Technician qualifications, which provide her with a solid foundation in Finance and Accounting. She is also pursing ACCA qualifications. With an undying passion for accounting, Miss Joseph describes herself as a selfmotivated, determined and hardworking individual.

The management of ECFH wishes to advise that Ayodele Hippolyte is the new Assistant Manager for Corporate Communications and Customer Care. Ms Hippolyte has a Masters degree in Journalism from

Major Moves

Major Moves

the University of Westminster, UK and a Bachelor’s in French and Spanish Literature from The University of West Indies. Prior to assuming her current post, Ms Hippolyte was the Head of Information Services at the Saint Lucia Bureau of Standards. She has approximately seven years of media experience having worked previously with the Government Information Service (GIS) and the National Television Network (NTN). ECFH welcomes Ms Hippolyte and wishes her the best in her new role.

Mrs. Arleta RatiMitchel has been appointed as Branch Manager of the Soufriere Branch of the Bank of Saint Lucia. Mrs. Rati-Mitchel joined the bank 18 years ago as a teller and has moved up the ranks steadily, occupying the post of senior loans officer and then that of senior branch accountant. She is a qualified Associate Banker having received certification from the Associate Institute of Canadian Bankers (AICB) in 1996. Currently, Mrs. Rati-Mitchel is in the process of completing an MBA, specializing in Finance, with the University of Leicester (UK), which will complement her already considerable banking knowledge and experience. The management and staff of the Bank of Saint Lucia wish to congratulate Mrs. RatiMitchel on her new and well-deserved appointment.

Bank of Saint Lucia is pleased to announce the appointment of Mr. Baldwin Taylor as Branch Manager of its Waterfront Branch. Mr. Taylor has been with the bank for approximately 14 years and so brings a considerable wealth of professional experience and knowledge to the post. Prior to his current appointment, Mr. Taylor was the manager for the bank’s Soufriere branch. He holds a Master’s in Business Administration and a Bachelor’s degree in Commerce with Marketing and Human Resource Management. Bank of Saint Lucia is confident that Mr. Taylor will perform with the same high degree of professionalism and dedication in his new capacity as he has with previous appointments..

Mr. Cornelius Sidonie is the new Branch Manager of Bank of Saint Lucia’s Gros Islet branch.

Having served the bank for almost 13 years, Mr. Sidonie is well equipped for his latest appointment.

He holds a Masters degree in Financial Management as well as a Bachelor’s in Management and Economics from the Cave Hill Campus of the University of the West Indies (UWI). Prior to his most recent appointment, Mr. Sidonie was the Branch Manager of the bank’s Waterfront branch. The management and staff of Bank of Saint Lucia extend their congratulations and best wishes to Mr. Sidonie on his new appointment.

Bank of Saint Lucia has announced the appointment of Mr. Dionysius Edward as Branch Manager of the Vieux Fort Branch.

Mr. Edward joins the Vieux Fort team with approximately 27 years of service to the organization and brings a wide range of banking experience to the position having worked in areas such as Bank Services, Operations, Audit, Recoveries and Securities, Loans and more recently as Relief Branch Manager at the Gros Islet and Soufriere branches.

Bank of Saint Lucia’s management and staff congratulate Mr. Edward on his appointment and wish him every success.

Bank of Saint Lucia is pleased to advise that Mrs. Sheran Ferdinand has been appointed as Assistant Manager of the Bank of Saint Lucia’s Rodney Bay Business Centre. Mrs. Ferdinand brings almost 24 years banking experience to her new post and has served the bank in a variety of roles. She possesses an Executive Masters in Business Administration (EMBA) in addition to qualifications in Human Resource Management and Development. As Assistant Manager with responsibility for the Business Centre, Mrs. Ferdinand is in charge of facilitating the particular needs of the bank’s business customers in the Rodney Bay area and its environs.

BUSINESS FOCUS

DEC 2009

| 85

New Company New Company Registrations Companies

Bizz Briefs

Caribbean Fresh Inc

Sankofa Body Shop Inc

Directors

Activities

Katherine Atkinson, Anya Hawes

Magazine Publishing Company

Gilbertha Francois

Retail of organic and natural beauty products

Absolute Promotions Inc

Neil Beepat, Crista Parsad

Marine Plus Incorporated Cepro Consultants Ltd, Trevor Maxius,

Keith Garnet Howard, Albert Fitz, Gerald Porter

Organizing & Event plannin

Restaurant

Rock Island limited Andrew William Sprackman, Property Development Loanna Mary Sprackman

Utopia Limited Anselm Felix General Business Trading

Elite Investment Corporation Clement Russel St.Louis, Mary Josephine Distribution of medical supplies and equipment Lewis, John Nwoko

Spencer’s Island Tours

Spencer Ambrose, Nympha Ambrose Distributorship

A & Son Construction Ltd Jerome Actie, Mctwain Actie Construction Work

My P.A .(St.Lucia) Ltd Sarchelle Cassius

Office Service, Generally to do any other business that is not restricted by the law

Eze Green Energy Company Ltd Patrick Eze

Production & supply of renewable energy products

Oacars Paradise Company Limited Russell Raymond Wynn, Hazel Sarah Wynn Property Investments

Dreamwood Investments Ltd Rudolf H.Steger, Aase Steger

Property Investments CALM Ltd

Amber Dawn Villas Ltd

Celestin Laurent

Holding Company

Gerald Irwin

Holding Company

Property Direction

Maliheh Bahador, Alireza Hafizi To engage in Real Estate Advertising , travel, & promotion

Shaneaxa Property Management Ltd Myrtle Ashburton Dunning Property Holding Company

Elite Logics Inc

Thompson William To engage in information technology services ,

computer repairs, network set up.

Saint Lucia Shooting Association Inc. Lorraine Debra Glace Sport Shooting Club Firearms safety Training Firearms proficiency Training Firearms Dealership Sunisland Routes adventure Tours Limited

Adam Stewaed, Patrick Lynch, Jeffery Pyne

Your Company

Ramco Chowmein Limited Robert Walter Ramjeawan Manufactured, retailing and wholesale wholesale of chowmein noodles. Generally to do any other business that is not restricted by the law

BUSINESS FOCUS

DEC 2009

| 86

New Company New Company Registrations

Companies

Directors

Activities

Clubclass Golfing Ltd

Glenn Sorensen

Golfing equipment

Caribbean Commuter Airways St.Lucia Inc

General Management & Consultancy Services Co .Ltd

Rory Chin –A- Kwie, Yvonne Chin –A- Kwie

All aspects of the trave industry

Uthleca Joseph, Uthel Joseph

Finance & Accounting Services

G&V Investments Ltd

Oscur Vargas, Ronald Goddard

Medical Diagnostic Services

ANNCAP Investments Ltd

Evan Hermiston

Receipt Advertising Services Limited

Anselm Mathurin, Brian Bartlette

Real Estate Investment and Related Services Advertising Services

N.A.C. Distribution Inc.

Nicola Cozier

Selling of Gifts & Souvenirs

The Alliance St.Lucia Ltd.

Glenn Charlemange, Benjamin Ross Management Services

Fertilizer & Agriculture Services Ltd Rhon Peters To import and sell fertilizer and other

Agricultural Services such as soil and

acidy test.

Metal D.O.M. Ltd Aymeric Monplasir, Lionel Monplasir, Metal Recycling

Amaud Monplasir

Bio- Helps Ltd

Warn Montgomery, Hilary Morgan Solid waste collection and disposal,

exportation of solid waste material.

HQ Worldwide Ltd

David Edwards Ames

Marketing and Public Relations Company, Travel Agency , Tour Guide and Promotional Company

Scorch Bonnet Inc Samantha Gooden, Clayton Rhule

Gros Islet Direct Taxi Company Incorporated Angus Lord, Andrew Bernard, Angus Merius

Hyacinth St.Omer, Terry Malanda

A Dogs Life Inc. Bernard John, Joyce Bernard

Tropical Island Services Inc. Cosmos Allen

Advertising and Consultancy Company

Taxi, Transportation Business

Pinnock Bros .Inc

Sun Holdings Ltd

Charles Pinnock, Nicholas Pinock

Car Dealership

Peter Martin Macielinski, Irene Theresa Macielinski

Real Estate

Property Holdings Company Consultancy

Bespoke Nominee Services Limited

Thaddeus Marc Antoine, Andrea Gaillard St.Rose

Director Services and Company Management

Windward Pianos and Music Sales Inc.

John Paul Bailey, Arletta Bailey

Import and retail of music sales Inc.

Windward Island Aircraft Services Inc.

Chalres Pinnock, Christina Gilmore, Nicholas Pinnock

Aviation

BUSINESS FOCUS

DEC 2009

| 87

New Company New Company Registrations Companies

Directors

Bizz Briefs

Harcourt Quay Ltd

Fincos Nominees Ltd

Debt management Solutions Inc. Samuel Rosen berg, Robert Tonge

Activities

Property Ownership, Property Rental, Property Management

Providing outsourced debt management solutions Out sourced collections services

Green Isle Developments Ltd Kefa D. Montoute

Supreme Consultants Limited Mr.Clayton Nicholas, Mrs.Kerlene Nicholas

Legrand & Sons Ltd Eden Legrand

Property Ownership, Property Investments Property Management Consultancy Services Retail & wholesale of merchandise

RM Foods Enterprises Blanca Molero, Jose Carlos Fernandez

Ricardo Molero, Mariagabriela Mazzei Luis Duran

Tropical Imports Limited

Alain Ajanany

The International Dance and Drama Institute of Theresa Lowrie Collymore, Joseph Dennis St.Lucia Limited Collymore

Wholesale of Meat, Generally to do any business which is not restricted by law..

Rock Cake Inc.

Holding Company

Choc Bay Financial Centre Limited

BUSINESS FOCUS

DEC 2009

| 88

Kate Larcher, Aberra Larcher

Lisle Chase, Anthony Bristol Real Estate

Shipping The teaching of performing Arts

Property Holding Centre Limited

we oer the following services: * Website Development

* * * * * * *

Search Engine Optimization (SEO) Database Solutions Internet Marketing E-Business Solutions I T Solutions Training Graphic Design Address: P.O. Box 1731, Castries, St. Lucia Tel: 758 452 6546 / 758 285 6597 and 712 8752 Fax: 758 452 5306 email: contact@advancedintellectualmethods.com / aim@candw.lc website: www.aimstlucia.com