St. Lucia Business focus 58

Issue No. 58

July/Aug 2011

Credit Unions

The Way Forward

www.stluciafocus.com

Cocktail

Cocktail Campari Cooler

Ingredients: 1 1/4 oz Cabo Wabo Tequila Reposado 1/2 oz Campari 1 oz Freshly-squeezed lemon juice 1/2 oz Grand Marnier 1/4 oz Agave nectar 1/8 oz Grenadine top with 7-Up or Sprite

Distributed by Brydens & Partners Ltd.

Campari Shakerato Recipe Ingredients 4 dashes Lemon Juice 1 oz Campari Bitters 1 twist Lemon Peel Best served in a Cocktail Glass

No. 58

BF July/Aug 2011

Contents

FEATURES Cover Story 61. St. Lucia Civil Service Co-operative

Credit Union Ltd. Celebrating 50 Years

REGULARS

Editor’s Focus

04.The Pleasure is Yours!

06. Business Briefs Business Tech

10. Computer Security 12. Microsoft to Acquire Skype

Money Matters

18. ECFH Welcomes Newest Subsidiary 20. Are Men Financially Fit? 22. C&W Earnings Hurt by Caribbean Performance 24. Digicel’s Operating Profits Near US$1b 24 26. Sagicor to invest up to US$100m 27. US$960m Pledged to CJAP in First Year 27

In The Know

EXTRAS

Profile Focus

40. Derek Walcott wins OCM Prize 42. Business Titans Champion Investment in the Caribbean 44. CDB President says Regional Poverty & Crime Too High

Business Spotlight

48. CFL Expands into St. Vincent 52. Car Care Tips from Automotive Art 54. Quiet Storm in a Bottle

Financial Focus

76 World Bank MD says...

78. Mentorship is Key to Caribbean Economic Growth 80. Surviving a Recession

Bizz Buzz

82. Animation Centre Breaks New Ground 84. Dennery – St. Lucia’s Garment Capital?

84. Businesses Donate Duplicators to Schools 85. Big Plans for Yachting in St. Lucia 85. Financial Services Under One Roof

28. Caribbean Airlines & Air Jamaica Finalize Merger 30. Do You Hear What I Hear?

32. Hurricane Security for Companies 34. RBTT to Complete Rebranding into RBC Next Year 36. ECFH Celebrating 10 years of Solidity Health & Wellness & Strength 86. St. Lucia to Host Health & Wellness 38. Wanted: Retreat The Caribbean Richard Branson 88. ABC of Diabetes - Part 2 39. Be Selective in Hiring 90. Events 2011 92. Major Moves 94. New Company Registration BusinessFocus July / Aug

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EDITOR’S PAGE

The Pleasure is Yours!

BUSINESSFOCUS

As always, this issue of Business Focus covers and presents a wide range of Business Issues.

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

We report on international economic events with Caribbean implications, Caribbean happenings of regional and international interest, as well as national events of local, regional or international interest.

Project Co-ordinator: Alex Foster

As a publication by business persons about business and for business persons, we go out of the way to source news, features and information of interest with a view to ensuring that every issue that lands in your hands will have between its covers, pages that will inform you and which you will take pleasure in reading.

As always, our various sections from Money Matters to Business Briefs to Business Buzz to Business Tech, present the latest developments in their related sectors. In The Know puts you in the information driver’s seat. Profile Focus highlights the good works of selected business entities and persons. Health and Wellness looks at the business and economic aspect of medical matters. We give you a heads-up on things to happen in Events. We tell you who’s gone where as what in Major Moves, and we tell you who established what new business in New Company Registrations.

In our Feature section we highlight the Credit Union movement in St. Lucia. 2012 has been designated by the United Nations as the International Year of Credit Unions in recognition of the importance of Credit Unions as a major economic group comprising of non-banking financial institutions.

Most don’t realize the financial powerhouses that credit unions represent. Their collective capital can dwarf banks, in some cases. They are vital assets to any Caribbean economy. They combine democracy and ownership by owning and running their own businesses. Today, they are being encouraged to do more and better business, to better serve members and be better able to survive the challenges of the coming period.

The feature also celebrates the 50th Anniversary of the St. Lucia Civil Service Co-operative Credit Union (SLCSCCU), which coincided with its 30th Annual General Meeting held on June 18. We offer reports from the AGM and highlight the financial strength and organizational depth of the SLCSCCU, as the largest credit union in St. Lucia and the third largest in the OECS region.

We focus on the feature address by perhaps the Caribbean’s leading credit unionist of international standing, Melvin Edwards, who recently served as President of the World Council of Credit Unions and also as President of the Caribbean Confederation of Credit Unions. His breadth of wisdom and length of foresight is revealed in his words of caution and prescriptions for change, not only for the credit unions in St. Lucia and the OECS, but the Caribbean Movement as a whole.

As always, we have taken time and pleasure in presenting this latest issue of your favourite business magazine. Now the pleasure is Yours. Happy reading!

Lokesh Singh Publisher / Managing Editor

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Publisher / Managing Editor: Lokesh Singh email: lokesh@amsstlucia.com

Graphic Designer: Donald Brower Advertising Sales: Cennette Flavien - cennette@amsstlucia.com Hudson Myers - hudson@amsstlucia.com Webmaster: Advertising & Marketing Services Photography: Video Ventures | Advertising & Marketing Services Contributors: Earl Bousquet | Pilaiye Cenac | Dr. Tanya Destang-Beaubrun First Citizens Investment Services | Keitha Glace Faithaline Hippolyte | Rashid Jean-Baptiste Harvey Millar | Brian Ramsey 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.

Reproductionofanymaterialcontainedhereinwithoutwrittenapproval, constitutes a violation of copyright.

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

On The Cover: Mr. Melvin Edwards - Program Director, CariED

BUSINESS BRIEFS News In Focus

ECFH -- Profits down, but still standing strong

The group says this strategy has served the Group well in 2010, as other lines of business have performed very well, effectively contributing to the Group’s performance.

Emera offers 4-year Scholarship for study in Canada and St. Lucia The East Caribbean Financial Holding Company Limited (ECFH) recorded a lower net profit after tax for the financial year ending 2010 than the previous year.

The ECFH reported a net profit of $9.7 million compared with $26.1M in 2009.

This performance, the institution said, was substantially affected by additional prudent loan provisioning particularly in the tourism sector.

The lower profits apart, however, ECFH remains a strong, well capitalized company with total equity of $391M an increase from $345M in 2009 and maintaining its position as the largest indigenous financial services group in the Eastern Caribbean.

In spite of the economic challenges, ECFH says it continues to see positive growth in its business operations, through the strategic expansion into the region and Latin America.

The Group proudly reports a total asset base of over EC$3 billion.

Bank of Saint Lucia’s (BOSL) results were impacted by increased loan provisioning.

However, the Group’s domestic banking activities (inclusive of Mortgage Finance Company of Saint Lucia Limited), produced a profit after tax of $3.4M. BOSL’s capital of $265M increased from $255M in 2009.

The bank points out that its capital adequacy ratio is over twice of that of the Central Bank’s requirements and liquidity remains particularly strong.

ECFH’s strategy of diversification, both in terms of geographic concentration and lines of business, is critical to the Group’s long term success.

In 2010, ECFH says it took advantage of two regional investment opportunities in the new East Caribbean Amalgamated Bank Limited (ECAB) based in Antigua, as well as the acquisition of a majority shareholding in National Commercial Bank (SVG) Limited renamed Bank of St. Vincent & the Grenadines Limited.

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A Canada-based firm with shares in the local electricity company is offering a chance for any qualifying St. Lucian resident to get funding for four years of university study in any of three Canadian provinces later this year. The successful applicant will also be able to engage in onthe-job training in Canada and St Lucia.

The Emera Scholarship offers one renewable award of 5,000 Canadian Dollars for up to four years of university study, for any permanent resident of St. Lucia.

The scholarship includes participation in three co-op work terms (of 3 months each), over a three-year period -- one with Emera (in Halifax, Nova Scotia) and two with LUCELEC (in St. Lucia).

Regarding criteria, this “renewable award” is available to any permanent resident of St. Lucia entering into Engineering, Science or Business Studies in a recognized university in Nova Scotia, New Brunswick or Newfoundland, in the fall of 2011.

The scholarship is renewable for each year of the successful student’s four-year degree, provided he or she remains in good academic standing.

Applicants must have graduated from a secondary school within the last three (3) years.

However, preference will be given to applicants entering for their first year of university in the fall of the same year as secondary school graduation.

Recipients will be selected on the basis of a solid academic record (including CXC results). But they will also be considered on leadership, service to the community, involvement in extra-curricular activities and the written essay portion of the

application form.

Says Christine Schnare of Emera’s Human Resources Department in Halifax, “At Emera, we believe our greatest asset is our people. Providing them with opportunities to learn and grow is essential to developing an empowered workforce that will thrive in today’s knowledge-driven economy.”

Emera owns 19% of St. Lucia Electricity Services Limited (LUCELEC), which serves nearly 60,000 customers, and, says Ms Schnare, “We are proud to collaborate with LUCELEC to offer a renewable scholarship for eligible St. Lucia residents.”

Japanese volunteers celebrate 15 years in St. Lucia

Japanese volunteers celebrated 15 years of service in St. Lucia in May, with the Ministries of Finance and Education praising their contribution to national capacity building.

The resident representative of the Japanese Overseas Cooperation Volunteers (JOCV), Mitzutani Danny, said there are 18 volunteers presently in St. Lucia, providing support to various organizations in four prioritized areas: support for socially vulnerable, fisheries development, environmental protection and income generation.

St. Lucia has benefitted from the volunteer services of 120 Japanese since the bilateral program began in 1995.

The Government has acknowledged the value of the Japanese volunteers’ efforts, pointing to the Ministry of Education, where officials have been taught to understand how exams software works and how to analyze results.

BUSINESS BRIEFS

News In Focus

FICS was Lead Broker for ECHMB $49M issue

SLCSI/OPSR workshop aimed at Improving Proposal Writing

Israel donates 25,000 Jaffa banana plantlets

Financial Investment and Consultancy Services Limited (FICS) was appointed the lead broker and arranger for the recent Eastern Caribbean Home Mortgage Bank (ECHMB) Bond issue held on June 30th, 2011 with settlement July 1st, 2011.

The bond issued was for EC$49.56 million over a period of 3 years, with a maximum interest rate of 6.0% (Tax Free) and with principal repayment being bullet at maturity.

Interest payment was semi–annual with the Eastern Caribbean Central Securities Registry (ECCSR) as the registrar and paying agent.

The trading platform was the ECSE Primary Market and the auction methodology was by competitive bidding FICS is St. Lucia’s leading non-bank financial institution specializing in the provision of investments, ECSE brokerage, loans and consultancy services within the Eastern Caribbean Currency Union (ECCU). Its operations are governed by the Banking Act of 2006 and regulated by the Eastern Caribbean Central Bank (ECCB) and the Eastern Caribbean Securities Regulatory Commission (ECSRC).

FICS was established in 1992 by Mr. and Mrs. George Theophilus.

Mr. Theophilus is an economist/banker, who served as Deputy Governor of the ECCB (formally ECCA) from 1973 to 1981 and the Founder, Chairman and Managing Director of two separate major banking entities -- National Commercial Bank (NCB) and the Saint Lucia Development Bank (SLDB) up to 1991.

Today, FICS is a leading non-bank financial institution, offering the full range of financial services to investors, both retail and institutional investors in St. Lucia and the wider ECCU.

Organizers are hoping for the best results from a recent workshop held to improve the ability of private sector consultants and professional service providers to write project proposals effectively.

The Saint Lucia Coalition of Service Industries (SLCSI) and the Office of Private Sector Relations (OPSR) hosted a two-day training workshop on “Effective Proposal Writing”, which the organizers said was “to highlight standards and practices of proposal writing, as well as the bidding process.” The workshop was also held “to introduce best practices in the preparation of competitive project proposals and to provide an opportunity for participants to share experiences in proposal preparation.”

The organizers said ahead of the workshop that it was being held “against the backdrop of the low success rate of proposals from St. Lucia and the Eastern Caribbean.” Sources of international grant money from private or public organizations -- such as World Bank, United Nations, European Union, USAID, DFID and others -provide over a quarter of a trillion dollars each year, much of which is designed to assist developing countries to undertake a variety of projects.”

However, most targeted countries, including the Caribbean, do not have the inhouse capacity to design, implement and monitor most of these initiatives. Therefore, the organizers say, the SLCSI/OPSR workshop “provided an opportunity for Saint Lucian consultants and the professional service providers to better position themselves to pursue such opportunities for funding.” The training programme was facilitated by Dr. Beverly Morgan of the Competitiveness Company of Jamaica, with input from Mr. Kirk Brown of Caribbean Export. The workshop was held at the Royal St. Lucian on June 1st and 2nd.

The Israeli Government on May 19th donated 25,000 Jaffa banana plantlets to St. Lucia’s Ministry of Agriculture, to assist local farmers to recover after the island’s entire banana industry was destroyed by Hurricane Tomas in October 2010.

Israel’s Ambassador to St. Lucia, Amiram Magid, said he’d visited the island during the first week after Tomas to assess damage and an Israeli team had already visited in 2010, resulting in the gift delivered to the Union Agricultural Station.

The Israeli plantlets will be distributed by the Banana Production and Management Unit (BPMU), which says they will help towards continuing efforts to revive the industry.

Banana production faced a slow recovery after Tomas, but Ministry officials report that farmers are enthusiastic about returning to previous production levels, even while embracing new ideas for diversification into new products.

SLASPA hosts Boating Safety Awareness seminar The Saint Lucia Air and Sea Ports Authority (SLASPA), Division of Maritime Affairs, hosted a Boating Safety Awareness Seminar on June 7th at the Soufriere Foundation Building.

The workshop, facilitated by Christopher Alexander, Director of Maritime Affairs, had as its major objective assisting Boat Masters/Captains to better understand issues concerning safety of passengers and their responsibilities as vessel operators.

The workshop focused on “Commercial & Pleasure Craft Licensing & Registration,” “Collision Regulations,” “Legislation & Penalties” and “Navigational channels and marking of Swimming and Snorkeling Zones,” among other topics.

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BUSINESS BRIEFS News In Focus

Carnival changes course and costs!

St. Lucia’s 2011 Carnival plans were changed at the end of May, with the announcement of the formation of a special government-appointed committee to oversee this year’s celebrations.

Government established a St. Lucia Carnival Commission (SLCC) under the chairmanship of veteran bandleader and Mas enthusiast, (WASCO Managing Director) John “JJ” Joseph, with participation by all the major stakeholding entities, including the Carnival Bands Association, Calypso Association and Steel Bands Association, as well as representatives of the Ministry of Finance, Ministry of Education and Culture and the St. Lucia Tourist Board.

The SLCC effectively got a mandate from the Government to takeover carnival planning from the Cultural Development Foundation (CDF).

The change in leadership has also seen changes in organization of this year’s events, with major activities relocated from Castries to Gros Islet, at the Beausejour Cricket Ground (BCG).

There has been both criticism of and support for the new moves, but the promoters say the new venue will provide more space and better crowd control prospects.

However, traditionalists say the move from the city will be both inconvenient and costly – especially to persons attending from towns and villages south of Castries.

They also criticize the police notice that reveling will be brought to an end before dark.

But supporters of the move say it will allow for more space and better organization, especially as the Castries streets have become too small and bands tend to “jam up” if traffic flow is not maintained throughout.

Some aspects of previous carnivals that BusinessFocus July / Aug

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were annual losses have also been clipped from the 2011 programme, including the OECS Soca Monarch competition, while some dates have been altered for better execution or to accommodate the venue changes.

Proponents of the changes also say they will save money and avoid some of the wasteful expenditures associated with hosting the growing annual national cultural festival in the past.

Highly- placed government sources in Barbados confirmed that Holder tendered his resignation on Friday but said no replacement has been appointed.

Barbados has a total of four Directors on the LIAT Board, Antigua two, while St Vincent & The Grenadines and St Lucia have one each.

Moody’s downgrade Barbados Currency Rating

Jean Holder resigns from LIAT

LIAT Chairman Jean Holder has tendered his resignation from the Board of the regional carrier but has committed to staying on until the government of Barbados which appointed him as a Director finds a replacement.

He was selected by the other eight Board Members to be the Chairperson.

Holder told fellow Board Members that, “I have now, for my own reasons, of which I have informed the government of Barbados, found it necessary to resign that directorship to which it appointed me.

Consequently, I automatically cease to be Chairman when my directorship ends.”

He continued, “I have indicated to the government of Barbados, my willingness to remain in place until a new Director is appointed and the Board has the opportunity to elect a new Chairman. This is to avoid a break in leadership at a time when management faces many challenges and needs to be able to refer matters to a Chairman for support and advice. We should therefore meet again before I go.”

He thanked his Board colleagues for their loyal and unstrung support, saying that in his long career he cannot say he has ever worked with such a nice group of people and enjoyed it so much, even when the going was rough.

International rating agency Moody’s has downgraded Barbados’ domestic currency rating from Baa2 to Baa3, and revised the country’s outlook to negative, but has affirmed its rating on Barbados’ foreign currency bonds.

Explaining the reasons for its decision, the New York-based agency said it had concerns about the capacity of the local market to absorb the increased levels of Government debt issuance at the same time the country was carrying a large current account deficit expected to increase further because of rising oil prices.

“Our view is that the Government’s debt ratios are likely to deteriorate further over the next 12 to 18 months to levels that are no longer consistent with an investment grade rating, given the small size and limited diversification of Barbados’ economy,” Moody’s said in a statement yesterday.

According to Moody’s, the downgrade of the domestic currency rating related to the agency’s view that Barbados’ primary credit strength, which historically enabled it to achieve a higher rating than the country’s foreign currency obligations, was the existence of a large captive market for domestic currency Government paper.

However, Moody’s said this market had been eroded. BF

BUSINESS TECH

The Document Centre is a subsidiary of the J.E. Bergasse Group of Companies which offers an extensive range of printing and copying services. Over the years the Document Centre has tailored to both the local and regional market (O.E.C.S), while creating a one-stop shop for the Saint Lucian community for all printing, copying and production needs. With a wealth of experience in the printing industry, coupled with expertise in a wide range of specialist areas and technologies, the Document Centre has served Saint Lucia for over 30 years.

In the past ten years, services of conference support have been a key operation within the company. We take care of your every conference planning concern including production and delivery of conference documents: • Basic black & white or colour copies up to 11”x17” • Single copies of multiple originals • ID badges or PVC cards for conferences, conventions and limited access events • Laminating • Binding • Mounting • Story boards • Event progammes • Questionnaires • Personalised pads • Presentation boards • Training materials • Banners • Tent cards • Computer and multifunction copier/ printer rental • Copies of presentations • Delegate welcome packs • Sale of envelopes, paper, folders, ink cartridges and toners BusinessFocus July / Aug | 10

The Document Centre also recently introduced a Print/Internet Café and sale of promotional products for any business or company. The Print & Internet Café have been set up for persons who can’t wait for the next available representative and are on the go, to create, edit, customize and print their own artwork.

There is no limit to creativity on services; experienced and talented graphic artists will produce your concepts and ideas the way you envision them. Available are the most modern graphics hardware and software backed up by the latest Xerox technology. Whatever elegance you’re seeking, chances are we have the right equipment to embellish your documents and projects for any occasion. These include but are not limited to: Binding, Laminating, Mounting, Numbering, Folding, Perforating, Foiling and Banner stands (we provide a range of stands for use at exhibitions, conferences, in store promotions or reception areas).

We also offer a range of services tailored for architects, engineers, construction and project managers and have a reputation for delivering according to deadlines and budgets. There are three dedicated engineering machines to print and reproduce existing drawings in sizes from 8 ½ x 11 to A0. Over the years, the Document Centre has enhanced rich output that combines color, photo quality renderings with sketches, 3D illustrations, and business graphics.

We can print any number of nonstandard sizes to a variety of media. Copy, enlarge or reduce existing drawings to any size and can print proposal documents

with a combination of text, drawings and visuals, all bound into one document. We invite clients to send large documents online at www.document-centre.com. This saves time by eliminating the need to leave your office and having to copy drawings to disc.

For imprinted promotional items/ giveaways and corporate gifts, visit our advertising and specialty items website at http://documentcentre.logomall.com.

Whether you are looking for a specific item or just browsing for ideas, our site is your one-stop shopping source. From fun items to the traditional, you can easily shop for some of the hottest items on the market.

Quickly and easily find products to: • Improve traffic at trade shows • Motivate staff • Thank a customer • Increase safety awareness • Company branded gift items Rest assured that our team is competent, qualified and above all, delighted to serve each customer with professionalism, sensitivity and care. Our work is not complete unless we have delivered to your ultimate satisfaction.

Visit or contact us at: * JEB Bldg. Vide Boutielle (758) 456-6523 * Bourbon Street, Castries (758) 456-6525 * Charlery Bldg, Vieux Fort (758) 456-6528

FINISHING SERVICES: • Binding • Laminating (small sizes and up to 44” wide) • Mounting • Numbering • Paper Cutting • Folding • Foiling • Banner Stands

Providing an extensive range of colour and black & white printing and copying services, including graphic design, and a host of related services, plus an in-house Print/ Internet Café, conference and convention support services.

DIGITAL PRINTING: • Programmes • Invitations • Flyers / Tickets • Letterheads • Stickers/Labels • Calendars/ diaries • Annual Reports • Booklets/ Newsletters • Office Stationery • PVC Cards & Company Ids • Post Cards • Brochures • Business Cards • Presentation Folders • Certificates • Printed Envelopes • Manuals • Signage

DIGITAL WIDE FORMAT PRINTING: • Indoor and outdoor banners • Tradeshow and exhibition posters • Branding for vehicles • Copying and digital output of Architectural and engineering plans

We provide promotional products for your business or company, from imprinted items,giveaways to corporate gifts.

Visit our advertising and speciality items website at http://documentcentre.logomall.com Locations: JEB Bldg, Vide Bouteille P.O. Box 102 Castries, St Lucia Tel: (758) 456-6523 Fax: (758) 451-9226

Bourbon Street, Castries Tel: (758) 456-6525/6 Fax: (758) 456-6527

Vieux Fort/ Laborie Highway Tel: (758) 456-6528 Fax: (758) 456-6529

BUSINESS TECH

Colm Delves, Group Chief Executive Officer of Digicel

Luce Veillleux - Senior Vice Presdent, Retail Products, Scotiabank

&

Win Award for Mobile Banking Toronto, Canada—Scotiabank and Digicel together have won the 2011 Global Telecoms Business Innovation Award for Consumer Service Innovation for their Mobile Banking service in Haiti. Colm Delves, Group Chief Executive Officer of Digicel, said his company believed that TchoTcho Mobile will change the way people live and make transactions. “With over 2.4 million subscribers and delivering 95 per cent population coverage and the largest retail network, Digicel is uniquely placed to deliver mobile money services successfully. We are delighted to receive this award and certain that TchoTcho Mobile will fast become an essential part of people’s lives in Haiti,” he said.

Luce Veilleux, Senior Vice President, Retail Products, Scotiabank, said the

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financial institution was excited to be the recipient of the award and enjoyed working with Digicel to offer the product to the Haitian people. “It’s important to us to continue playing a positive role in Haiti’s success by making financial services accessible, promoting financial inclusion and enabling businesses to grow and drive the successes of the Haitian economy just as we have since 1972,” Veilleux said.

The award was presented to Scotiabank and Digicel at the GTB Innovation Awards ceremony held recently in London, England. The Innovation Awards are designed to celebrate collaboration between operators and vendors. The Consumer Service Innovation award recognizes the most innovative projects in the industry worldwide.

Prior to the devastating earthquake in Haiti in January 2010, only ten per cent of the population used a commercial bank.

TchoTcho Mobile has helped make banking easy, affordable and accessible to the 90 percent of Haitians who are unbanked but use mobile devices. The service, run by a network of more than 500 agents, allows customers to perform basic banking functions, such as withdrawals, deposits and domestic money transfers to another mobile user. For businesses doing their part to revitalize the country’s economy, Tcho Tcho Mobile has allowed them to manage their payroll by transferring money directly into employee accounts and accepting payment from customers for goods and services all through the mobile wallet. BF Courtesy: www.Caribbean360.com

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BUSINESS TECH

Keitha Glace

Embrace IT Don’t Resist IT

By Keitha Glace

We’ve all heard the saying “Why reinvent the wheel?” Well, my fellow entrepreneurs, today’s business person has to live with a different reality – “Reinvent or else…”

This is a very sophisticated and ever evolving world that we live in. To avoid being left behind, business people have to be aware of the latest trends, gadgets, and changes in technology in the push to communicate with existing and potential clients. There are many great products and services out there that will fail because of a flawed, inflexible communication strategy. Never lose sight of the fact that communication is a key spoke in that old wheel. Remember when the big question was whether to get a half page or a full page ad in the yellow pages? Here is the twist: the tried and true, completely familiar methods – print, radio and television advertising have been supplemented, tweaked, and in some cases, supplanted by internet, e-mail blasts, targeted Tweeting, and BBM. This is what we call “The Now Revolution.” It is no longer a matter of whether you communicate with your consumers and clients but also in what format or media. Now the push is to see BusinessFocus July / Aug

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how effectively THEY can communicate with YOU! If you’re a service provider, can a client schedule an appointment using a Smartphone WITHOUT calling you? How about using a scanable QR code to initiate a purchase, or to direct traffic, complete with demographic data, to your website?

How “real time responsive” are you to the needs and demands of your customers?

There’s a multiplicity of devices to enable us to do that more efficiently, but how many of us know where to start or even how to keep up with the ever changing revolution of tweets, likes, downloads and mobile apps which now seem to dominate our lives? Anyone remember MySpace?

What did we do before Facebook? And how did we survive without Google? These are some of the questions that many entrepreneurs deal with…some better than others, (with a blur of fingers floating effortlessly over a wafer thin tablet, mind you).

In order for us to thrive we must adapt and change and go with the flow – the information flow. Be easy to find, easier to do business with. Imagine letting your customers know that you are having a special on umbrellas, right as they get

the weather report on their Smartphone!

Learn new ways of engaging your customers and keeping them engaged.

They are hungry for information but not just ANY type of information but self satisfying information.

At the end of the day (although the day never ends anymore) it really is all about what they can get from you. If you have nothing to offer, there are a million others out there in their virtual world that are willing to offer something – and sometimes for FREE. There is a lot of online help out there if you are willing and patient enough to sift through the quagmire, or you can hire a professional to guide you through the maze. And if per chance you rise to the occasion and elbow your way through the competitive fray, who knows – you just might survive – this round.

Are you up to the challenge? BF About the Author Keitha Glace is the Founder and CEO of GlaceGrafix, Inc., an international multimedia company, specializing in providing a customized approach to meeting their clients’marketing and advertising needs by using technology. info@ glacegrafix.com | www.glacegrafix.com

introduces Cloud Computing to the Caribbean

John Slaytor - Caribbean Executive Vice-President for Strategy Operations

Launching with “Try and Buy” Offer Fujitsu, last week announced the introduction of its global Public Cloud platform under a “Try and Buy” offer to local companies in Jamaica. Already launched in Japan, Australia, Singapore, the UK and North America, the Fujitsu Global Cloud Platform will be launched as a free trial of its Infrastructure-as-a-Service (IaaS) offered up until August 31, 2011.

“What’s unique about our offering is that we are providing local companies a try and buy model with very aggressive total costs for those needing basic cloud services but with the added value of support services included,” said John Slaytor, Fujitsu Caribbean Executive Vice-President for Strategy Operations.

He added: “Until August 31, at no cost, companies will enjoy the benefits of enterprise class, secure and highly available compute, storage, and network capacity via a web-based, self-service portal; with a seamless move to pay when the trial period expires. No-one else is offering this at this time and we are delighted to be able to allow organisations who are thinking about Cloud services, an opportunity to experience the breadth of the solutions on offer at no charge and

without any commitments. For the trial period, organisations can access Fujitsu’s Infrastructure-as-a-Service offering for application testing and development, as well as high-performance processing for workloads such as data analytics.”

Slaytor said Fujitsu has already started sending invitations to select customers and is hoping to attract other organisations interested in registering for the free trial of the Fujitsu cloud services.

Fujitsu Caribbean said it is introducing locally the same Cloud services offered by the firm around the world, making it extremely easy for multinational enterprises to service their infrastructure needs locally in multiple locations. The platform is built on open standards with published APIs and includes 24/7 global support for the infrastructure platform. The Fujitsu Global Cloud Platform incorporates multi-tier security for a true enterprisegrade environment. The company said its browser interface makes it simple to build, provision and manage secure environments for complex workloads, adding that provisioning is highly flexible and availability guaranteed to be at least 99.95 per cent. The Fujitsu offering

supports Microsoft, Linux and CentOS open source-based applications.

“Our approach is based on delivering practical solutions to help clients realise the benefits of Cloud computing and help them navigate through the hype. We work with our customers to determine the most optimal Cloud solutions for their organisations based on business and technology requirements,” said Slaytor. Fujitsu offers a disciplined set of consultancy and transition services to mitigate risk and achieve maximum business value along all phases of the Cloud journey. Fujitsu-experienced Cloud consultants assist clients in analysing their workload requirements and defining a Cloud strategy that appropriately aligns to their business objectives.

The firm said the service will become available for general release on September 1 and will be competitively priced based on actual usage of compute, storage, Internet communications and software. BF Courtesy: Jamaica Observer

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BUSINESS TECH

Using Outlook with

Microsoft Exchange

By Rashid Jean-Baptiste

Microsoft Outlook is a very powerful and feature rich email program, but if you access your email account on multiple computers and you are not connected to an email server like Microsoft Exchange, then you will not be able to reap many of its benefits. In this article I will discuss why you are not able to reap these benefits and what can be done to address this.

Firstly, the majority of Outlook email users access their email via what is known as the Post Office Protocol (POP). This is an older email protocol, which is still used by all email providers, but its key drawbacks are: 1. By default, after your email messages are downloaded into Outlook, it is deleted from the Email Server. What this means is if you access your email from a different computer or in a different manner, like Webmail, then you will not have access to these messages which were downloaded earlier. This setting can be changed but some email providers put a limit on how long a message can be kept on the Server after it is first downloaded.

2. Email folders created in Outlook only exist locally. If you login to your email account from another computer or in a different manner then you will not have access to these email folders.

3. Like email folders, information stored in your Calendar, Contacts, or Tasks will only be stored locally. If you connect to your email from Outlook on another computer BusinessFocus July / Aug

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you will not have access to the items you stored in the Calendar, Contacts, and Tasks.

A more recent and more powerful protocol is the Internet Message Access Protocol (IMAP). This protocol addresses drawbacks one (1) and two (2) above but it does not address drawback three (3). In other words even after your messages are downloaded from the Server they are not deleted and any email folders created are also stored on the Server. But the Server does not store any Calendar, Contacts, or Tasks information that you created in Outlook.

A few of the scenarios in which these drawbacks cause inconveniences are: 1. In a doctor’s office, there is only one email account and two computers. One computer belongs to the doctor and the other belongs to the receptionist. Both the doctor and receptionist make use of Microsoft Outlook to access that one email account. The receptionist is responsible for putting in appointments into the Calendar in Outlook. The doctor would like to see all appointments on her own Calendar in Outlook, but instead she has to go to the receptionist’s computer each time she wants to review the appointments.

Alternatively, she can have the receptionist tell her the appointments but the more convenient way is if the doctor could review these on her own on her computer.

2. In a real estate office, there are three agents who all deal with clients and there is one email account for the office. Each agent has a computer with Outlook installed.

Whenever a new email folder needs to be created for a client it must be created on the most senior agent’s computer. This email folder will store all communication with the client. This computer is referred to as the master computer. When any agent needs to review a particular folder they need to go to the master computer.

Each agent wishes that any one of them could create email folders for their clients and all other agents would have access to this folder from their computer. There could be a policy that only the most senior agent can create email folders but it would still be a lot more convenient if all agents could view these folders on their own computers.

There are third party software programs to address these issues like WorkgroupShare from Softalk Ltd and 3StepShare from Lookout Software. But these programs just do not provide a seamless experience as you would get with Outlook connected to Exchange Server.

Microsoft clearly optimized the Outlook experience for Exchange and one can’t really blame them.

If you are currently not working with Microsoft Exchange Server, and you are interested in making the switch, there are three (3) ways in which you can make this happen: 1. Microsoft Exchange Online: With this solution Microsoft operates the Exchange Server that you connect to. The cost of this service is US $5.00 per user per month.

2. Third Party Exchange Online: This solution entails a hosting company providing access to Exchange Server. There are many companies providing this service online with one being Apps4Rent.

3. On Premise Exchange: This is running Exchange Server in your office. This option is definitely not the easiest but it does provide you with the most flexibility.

If you are not sure whether you are using Microsoft Exchange Server, then you should find out from your IT Consultant. BF About the Author Rashid Jean-Baptiste is the Managing Director of West Technology Group Inc., an IT services provider company based in St. Lucia. Prior to this he spent over ten years in senior IT roles at Microsoft Corporation.

BusinessFocus July / Aug

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MONEY MATTERS

ECFH Welcomes Newest Subsidiary – Bank of St.Vincent & the Grenadines Bank of St. Vincent and the Grenadines Limited, the latest subsidiary of East Caribbean Financial Holding Company (ECFH), is officially here.

The formal launch took place on May 30th in the nation’s capital of Kingstown, and it marked the official transformation of the former National Commercial Bank (NCB) into the newly branded bank. Bank of St. Vincent and the Grenadines emerged from the acquisition of the former NCB by ECFH, a regional financial services group headquartered in Saint Lucia.

Under the tag line, ‘The bank that gives me more’, Bank of St. Vincent and the Grenadines promises a suite of innovative financial products and services tailored to meet the needs of its BusinessFocus July / Aug

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individual and business customers. The bank is keen to emphasise its commitment to the local community which it serves, and that its capacity to do so has been enhanced considerably by the financial strength and expertise of its parent company, ECFH. The highest standard of customer care and service is a top priority for Bank of St. Vincent and the Grenadines as it seeks to redefine the Vincentian commercial banking landscape.

With the addition of Bank of St. Vincent and the Grenadines, the ECFH Group now has a staff complement of approximately

600 employees and an asset base of just over 3 billion dollars.

ECFH’s expansion into the island of Saint Vincent and the Grenadines represents a major leap toward realizing the Group’s vision of ‘Global growth from local roots’. ECFH has also penetrated the Antiguan banking landscape as a shareholder in the recently established Eastern Caribbean Amalgamated Bank (ECAB) which replaced the now defunct Bank of Antigua.

Our award winning track record of corporate citizenship starts with a simple premise. The values of service, responsibility and productive relationship building must be part of the internal culture.

Only then does it naturally extend to the wider community in positive ways that consistently transform lives.

Bank of Saint Lucia gives our best to our customers.

Come and see why we are all the bank you need.

MONEY MATTERS

Are Men Financially

Fit?

Rayneau Gajadhar - CEO of CIE Group

Mae Wayne - Managing Director of STAR Publishing

Two local business gurus offer two gender perspectives, but how different are they?

First Citizens Investment Services continued its series of financial services seminars for business men and women on June 18, this time focusing on Financial Endurance for Today’s Man. The topics were sexy enough. While the overall topic guided the presentations and discussions, they also featured subthemes as: Are men financially fit? and Do Men have the Financial Endurance?

The presenters’ themes were equally tantalizing, if not titillating, to the business mind: Publisher Mae Wayne on “Behind every successful man…” and Contractor Rayneau Gajadhar on “A sound future begins with a sound financial man.”

The two local presenters offered their personal experiences and perspectives on the road to financial success - by men and by women. Their views coincided in some areas, but differed greatly in others.

Yet, their opinions helped shed light on the wider issues that First Citizens wanted

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tabled at the one-day seminar at the Bay Gardens conference centre: money management, investing in retirement and children’s education, processes and pitfalls to avoid in financial planning, and the professional services available from First Citizens in the process, etc.

Mae Wayne, herself long in the fitness business as a world class female bodybuilder, is of Arab descent but she has been in business here since 1987, spanning (newspaper and magazine) printing and publishing, health and fitness facilities (gyms) and a fashion clothing outlet. She eventually settled for publishing and has done it well, as the real business head behind the Star Publishing Company.

But it all didn’t just come easily. Her father taught her to see business as “a daily gamble” and she offered tips and advice based on her own experiences.

“Stay close to the numbers,” she warned, “and know when to run.” Citing Kenny

Rogers’ advice to gamblers, Mae advised the businessmen in the audience, “Know when to fold up” because “If you don’t stop the hemorrhaging early enough, you’ll bleed to death.”

Another piece of advice (especially to new investors): “Make sure your business can pay yourself, because if it can’t, what’s the sense? Get out of it!” (She’d closed both the gym and the dress shop because, while her heart was in them, they were bleeding to death.)

“Ride the wave only as long as it lasts,” she advised.

Other advice from Mrs. Wayne included: “Set up an educational investment fund for your kids, but don’t draft them into the family business automatically. Let them discover their own destiny.”

More advice: “Save every day, if you can.

You can’t take it with you, so just always save whenever you can.”

Her best advice (to men and women)

Left to Right: Rayneau Gajadhar, Samuel Agiste, Mae Wayne and Jason Julian

about what best to invest in? “Gold! Gold will always be King. Invest in what you want, but gold is it.” (She’d learned this too from her father, a gold dealer who always bought gold earrings, necklaces and the like for her mum…)

However, even before all that was said, Mae started her i-Pad speech delivery by confronting the topic she’d been given – “Behind every successful man.”

She asked, “What’s she doing behind him?”

And she asked again, “Is there always a man behind a successful woman?”

Rayneau Gajadhar, CEO of the RG Group of Companies and the Chamber of Commerce’s Entrepreneur of the Year 2010, in typical style, delivered a text-free presentation, walking the floor instead of taking to the podium.

Unlike Mae Wayne, Gajadhar differed on what’s best to invest in.

“I hear about gold and its value, but the

thing I personally see as best to invest in here in St. Lucia is land, because I have never seen the value of land go down,” he offered.

But the bulk of the rest of his address sought to offer insights into how he walked his path and some of the steps he feels others wishing to follow should take – and avoid.

“Your destiny and your future depends on one person – you. And that’s whether you’re a man or a woman,” said Gajadhar.

And as far as his assigned topic was concerned, “To be financially successful, you have to plan it. To just wake up one morning and say ‘I want to be a millionaire,’ you’d just be dreaming. You need to plan it and plant it into your sub-conscious.”

He offered is own example, “I had a vision from school, wanting to be able to take care of myself and my family, just like the father of my friend who used to pay me a soft drink to go and buy him a soft

drink at the College tuck-shop.”

Gajadhar and Mae Wayne agreed, however, on how long to ride the wave of success.

He warned, “If you don’t have a plan or direction, the wave will take you anywhere.

You need to be able to ride it into the direction you want it to go and you can only do that with a good and sound plan in your mind, planted deeply into your subconscious.”

The presentations by the two local business persons were buttressed by others delivered by Jason Julian and Samuel Agiste, two First Citizens officials, based in Trinidad & St. Lucia respectively, who talked the participating men from the local business world through the various services offered by the company in determining the course of management of their financial wealth, preparation for retirement and investment in children’s education. BF

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MONEY MATTERS

Earnings Hurt by Caribbean Performance Rice says the company has had to “navigate some choppy waters in the Caribbean”

Tony Rice - CWC Chief Executive

Telecommunications giant Cable & Wireless (C&W) is reporting that tough economic conditions in the Caribbean have resulted in a further downturn in its business in the region, with the Jamaica market being of particular concern.

In its annual results released earlier this week, Cable & Wireless Communications Plc (CWC) said that while the group’s profits rose overall by 21 percent to US$462 million, Caribbean business declined by three per cent.

CWC Chief Executive Tony Rice said the company has had to “navigate some choppy waters in the Caribbean”, which accounts for 30 per cent of the group’s revenue.

“The Caribbean has been more difficult than we anticipated at the time of demerger (in March) and we continue to face weak or declining economies across the region,” Rice said.

“Looking ahead, 2011/12 will be a year BusinessFocus July / Aug

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of transition and investment for CWC...

However we are cautious on the economic and financial outlook for the Caribbean,” he added, noting that the company expects earnings before interest, taxes, depreciation, and amortization (EBITDA) to be between US$180 and $210 million excluding the Bahamas operations, down from US$229 million for the year ending March 31, 2011.

CWC said that as a result of the 51 per cent stake it recently acquired in the Bahamas Telecommunications Company (BTC), it expects that business to achieve EBITDA of approximately US$100 million, taking into consideration savings from restructuring and efficiency programmes.

In a breakdown of the performance of its various services in the Caribbean, CWC said mobile revenue was six per cent lower; fixed voice revenue fell nine per cent; broadband and TV revenue improved six per cent even though broadband subscribers declined; and enterprise, data and other revenue was eleven percent higher than last year.

According to the report, lower usage and a higher rate of subscribers leaving the company caused the revenues to slide, primarily in Jamaica, as a result of the economic environment.

CWC said its business in Jamaica also faced other challenges.

“The regulatory environment in Jamaica continues to be a concern and we are taking appropriate steps so that the proposed merger between two mobile competitors in Jamaica will not further undermine the ability of our business to compete effectively,” the report said, making reference to the announced deal

between Digicel and Claro.

Digicel announced in March that it would acquire Claro in Jamaica and sell its own businesses in El Salvador and Honduras to Claro’s parent company, América Móvil, but the companies are still awaiting approval from regulatory authorities.

In its outlook for the Caribbean, excluding the Bahamas, CWC said it does not anticipate market conditions to improve materially in 2011/12.

“Any modest increases in GDP are unlikely to significantly reduce unemployment or materially improve disposable income during the next 12 months, both of which are key drivers for our business,” it said.

“We anticipate inflationary pressures to have a negative impact on operating costs, especially salary and utility costs, two of the largest operating cost items.

We continue to invest in new initiatives to position the business for the recovery, but benefits from the investments are unlikely to be significant in the current economic environment.”

Rice has indicated, however, that there are no plans to exit the region.

“We’ve been there for a hundred odd years and we expect to see it through,” he said. Following the news that C&W’s profits were being hit by declining revenues in the region, shares in the group dropped by more than nine per cent to their lowest level since the demerger that split the company into Cable & Wireless Worldwide, which focuses on telecoms services to business mostly in the UK, and CWC, which runs consumer telecoms services in 38 territories outside the UK. BF Courtesy: Jamaica Observer

MONEY MATTERS

Digicel

Takes a Big Step as Operating Profits near

US$1b

Denis O’Brien - Chairman Digicel Group

Digicel’s Group operating profit neared US$1 billion for calendar year 2010, up from the US$726 million EBITDA it posted for 2009, according to calculations based on data released by ratings agency Fitch last week.

In its most recent ratings of Digicel — which operates in 30 markets across the Caribbean, El Salvador and the Pacific — Fitch placed the ratio of total debt to earnings before interest, taxes, depreciation and amortisation (EBITDA) at 4.9 times, while total debt was approximated at US$4.6 billion.

By estimates, this means that Digicel’s EBITDA was approximately US$938 million for the twelve months to December 31, 2010.

In February, Digicel Group announced that for the third quarter of its financial year its revenue hit US$580 million (420.6 million euro) and EBITDA rose by 32 per cent year-on-year to a record high of US$240 million, which annualised translates to operating profit of US$960 million.

Past revenue and profit postings showed Digicel Group’s financial performance improved significantly since 2006.

In its 2005 financial year, five of its six wireless operations were EBITDA positive and generated a consolidated EBITDA of US$155 million, adjusted for non-recurrent items, while the 12 months to December 31, 2006 the group earned US$132 million in EBITDA from US$948 million in revenue.

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However, by 2008, Digicel’s consolidated revenues and EBITDA reached approximately US$1.73 billion and US$676 million, respectively, followed by revenues of US$1.72 billion and operating EBITDA of US$726 million for the 12 months to December 31, 2009.

Fitch last week upgraded several of Digicel’s corporate notes citing “continued strong operating performance, increasingly diversified revenue and cash flow generation, improved free cash flow generation and expectation of stable credit metrics.”

Moreover, the ratings agency said it viewed the overall long-term effect of the transaction with America Movil as positive to credit quality.

“In Fitch’s opinion, Digicel will strengthen its competitive position in Jamaica, which is the most important country in terms of EBITDA generation for the company, despite losing some cash flow diversification,” said its release last week.

“Digicel will sell its El Salvador unit and the business unit in Honduras; the latter belongs to affiliate Digicel Holdings (Central America) Limited (DHCAL), in which Digicel owns 43.4 per cent. In exchange for this, Digicel will receive US$355 million in cash, of which US$185 million will be used to repay project finance debt in Honduras and America Movil’s Jamaican unit, Claro Jamaica.”

Over the past several years, Digicel expanded into new markets — from six operations in 2005 to 30 up to the end of

2010 — and rapidly captured considerable share of those markets, which Fitch said has led to diversified cash flow generation and asset base leading to lower business risk.

The rapid growth has seen Digicel Group’s subscriber base grow from 4.1 million at the end of 2006 to 7.1 million at the end of 2008 to 11.7 million at the end of last year.

At the same time, the telecommunications group has seen the concentration of its operating cash flow shift from Jamaica in 2006 — when it was already operating in 20 Caribbean markets and when Jamaica represented 67 per cent and 73 per cent of restricted group’s revenues and EBITDA respectively, to include Haiti, Trinidad & Tobago, Eastern Caribbean operations and Papua New Guinea (PNG) as the most important contributors to EBITDA. However, Fitch believes that “pro forma cash flow coming from Jamaica and Haiti remains material at a Fitch estimate of 45%, although lower than in the past” as these economies are more vulnerable than others where Digicel operates. It also expects that growth in EBITDA from Papua New Guinea (PNG) should further diversify cash flow generation from Jamaica and Haiti in the coming years.

“Eventually the mix should be increasingly weighted toward PNG as it has more room for growth than the other operations mentioned,” added Fitch’s release issued last week. BF Courtesy: Business Observer

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MONEY MATTERS

IFC to invest up to

US$100M

Additional shares Offered to Qualified Shareholders At the beginning of the year Sagicor Financial Corporation (SFC) announced that the Group had started discussions with the International Financial Corporation (IFC) on an Investment Proposal. In a nutshell, the IFC (under certain terms and conditions) would invest up to US$100m in the Group.

Of this investment US$20m would be in Common Shares and up to US$80m would be in Convertible Redeemable Shares. This proposed Investment by IFC was subject to the approval of the appropriate regulatory bodies and SFC shareholders. In early April, SFC and IFC signed the agreement which was subsequently followed by Shareholders approval on June 2, 2011.

Overall, this offer is expected to raise a maximum of US$160m or minimum of US$100m. The IFC is expected to invest up to US$100m, while all additional funding will be provided by current shareholders.

According to the Group, this funding will be used to enhance the Company’s financial position and provide it with additional long term capital to pursue its regional growth and expansion strategy. In addition, it will serve to accommodate more growth and expansion in the Caribbean region.

Proceeds for this offer will strengthen SFC’s market penetration in its conventional markets and it will also reinforce the Group’s position as the leading provider of insurance and ancillary financial services in the Caribbean.

SFC is offering to Qualified Shareholders the right to participate in (1) The Rights Issue of New Common Shares and (2) New Preference Shares. A Qualified Shareholder is denoted as a “shareholder of record on the Record Date (May 31, 2011) resident in either Barbados or Trinidad and Tobago”.

The Rights Issue of New Common Shares Offer SFC will offer to Qualified shareholders the right to participate in a Common Share Rights Issue of 12,269,938 Common Shares pro rata to their existing shareholders.

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The subscription price for these Common Shares is US$1.63 or BD$3.26. Basically what this means is that Qualified Shareholders have the right to buy 1 new common share for every 23.74432 existing common shares at the subscription price of US$1.63 or BD$3.26.

The Common Share Right will be listed for trading on the Trinidad and Tobago Stock Exchange (TTSE) as well as the Barbados Stock Exchange (BSE).

Renouncing shareholders may gain some value during the trading of Rights on the floor of the local exchange from June 2024.

Investors should note that the stock is trading at time of publication at TT$8.30 on the local market, which is equivalent to US$1.297 (using an exchange rate of US$1 =TT$6.40). The acquisition cost of the new common share is US$1.63 or a 26 per cent premium above the stock’s current price.

Within the last twelve months the share price has traded at an average of TT$8.78, equivalent to US$1.37.

BOURSE recommendation therefore is NOT to take up the Rights Issue at the subscribed price of US$1.63.

New Preference Shares Offer SFC will offer to Qualified Shareholders the right to participate in a New Preference Share Offer of 120,000,000 Convertible Redeemable Preference Shares at the subscription price of US$1.00 or BD$2.00 per Convertible Redeemable Preference Share. SFC, as a term of the Preference share Offer, and in order to make available to IFC a minimum of 64,000,000 Convertible Redeemable Shares, reserve the right, in its sole and absolute discretion to scale back allotments to the Convertible Redeemable Preference Shares to shareholders. In case of over-subscription or reduction in allocation to Qualifying Shareholders, SFC reserves the right, and in order to achieve as wide participation as possible with a preference for small Qualifying

Shareholders, to allot up to the first 5,000 new Preference Shares subscribed for by each Qualifying Shareholder, and thereafter allot any remaining new preference shares subscribed for in excess of 5,000 at the company’s discretion.

Shareholders of the New Preference Shares shall be entitled to receive a noncumulative, dividend at a rate of 6.5 per cent per annum, payable in US dollars for local shareholders registered in Trinidad and Tobago and in BD dollars for shareholders registered in Barbados.

Each New Preference Share is convertible, at the investors’ option, within the five years of issue at the rate of 1.98 New Preference Share for every 1 Common Share. At the fifth anniversary date of the allotment all outstanding unconverted New Preference Shares shall be redeemed at the price of US$1.00 or BD$2.00 per New Preference Share.

The Preference Dividends will be calculated and payable semi-annually commencing from the date of issuance of the Convertible Redeemable Preference Shares; the 1st such payment shall be prorated and paid on November 5th, 2011 and shall be payable every six months thereafter until conversion or redemption.

It is important to note that should the share price of SFC appreciate within the five years to beyond US$1.98, investors can convert the Preference Shares to Common Shares at US$1.98 on the day following a dividend payment date. Dividend payments which are in US dollars are non-cumulative. Accordingly, the closest comparison is the Sagicor 2016 US$ bond which currently has an indicative yield to maturity of 5.75 per cent. At the end of the five years the preference shares will be redeemed at US$1.00 (initial subscription price).

BOURSE recommendation therefore is to take up the New Preference Share Offer.

BF

US$960m

Pledged to CJAP in First Year Six agencies mobilise funds for Caribbean assistance

The Caribbean Joint Action Plan (CJAP) — a venture set up between six leading development finance institutions last year, surpassed its commitment target of US$950 million over the next three years

by US$10 million.

Last year, in response to the impact of the global financial crisis on the economies of the region, the six development institutions agreed to commit the funds to enable more effective use of financial and technical assistance by encouraging a stronger focus on each participating institution’s experience and capabilities.

When announced last May, joint investments under the plan were expected to be concentrated on crucial economic sectors most impacted by the economic slowdown: finance, tourism and infrastructure.

According to a joint press statement issued recently, of the CJAP commitments, infrastructure accounted for about half of such commitments, with 47 per cent, and is also the area where the CJAP partners collaborated the most.

“Financial markets, with focus on promoting access to finance for small and medium enterprises and trade, are also benefiting significantly from the initiative, with about a quarter or 28 per cent of commitments going to this sector,” said the statement. “On the other hand, commitments were spread throughout the region, with Jamaica receiving 33 per cent, regional transactions representing 20 per cent of commitments and the Organisation of Eastern Caribbean States (OECS) receiving 18 per cent of commitments.”

In Haiti, CJAP partners have committed to fourteen projects under the initiative so far, making significant investments to improve

Haiti’s power generating capacity, health service delivery and primary education, as well as creating more than 5,000 new jobs and preserving 5,000 existing jobs. IFC and FMO commitments to E-Power SA, which will operate a 30MW power plant, will help aid the restoration and enhancement of Port-au-Prince’s electricity supply.

Partners have also invested in the health and human capital of Haiti’s neediest by helping 45,000 poor children attend primary school (CDB’s Education for All grant) and by co-financing construction of a new 114-bed surgical hospital where Haitians can receive medical services free of charge (EIB’s grant to Médecins sans Frontières in Tabarre).

Additional collaborative investments under the Joint Action Plan include an IFCDEG joint financing of the expansion of the Caucedo Port in the Dominican Republic and a joint IFC, EIB and PROPARCO financing to the extension of the TransJamaican Highway with a total cost of US$205.4 million.

“CJAP’s commitment of an estimated $960 million in only its first year of operation is remarkable and testament to the potential contribution that continued collaboration between the member institutions of CJAP can bring to the development in the Region,” said Dr Warren Smith, CDB President. “The region’s public and private sectors both require considerable resources if they are to play a role in growth and development of the Caribbean; and CJAP offers a unique opportunity for its members to participate collaboratively in that process.”

“Increased collaboration between DFI’s is critical for unlocking the development impact of our actions. We are especially

pleased to be part of this effort in the Caribbean, a region whose specific problems have long been overlooked by the development finance community. We also hope to foster, through this effort, a better cooperation between the French departments and the various islands,” said Laurent Demey, PROPARCO Deputy CEO. “In only a year, the Caribbean Joint Action Plan has demonstrated the clear value of enhanced cooperation between development finance institutions to support projects essential for economic growth across the Caribbean and our engagement in the region has surpassed targets. Through the CJAP, the European Investment Bank has been able to work with experienced counterparts to fund infrastructure projects in the Dominican Republic and Jamaica, and enable a new start for the financial sector in post-earthquake Haiti,” said Plutarchos Sakellaris, European Investment Bank VicePresident for Africa, Caribbean and Pacific.

“This collaboration among international financial institutions bodes well for the future development of the Caribbean,” said Thierry Tanoh, IFC vice-president for Latin America and the Caribbean, Africa and Western Europe. “IFC strongly supports development of critical sectors such as infrastructure and financial markets in the Caribbean, and the strength of this partnership has provided IFC with the opportunity to provide more than double our original pledge to this important initiative.”

The International Finance Corporation (IFC) had previously committed US$150 million. BF Courtesy: Jamaica Observer BusinessFocus July / Aug

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IN THE KNOW

DRINK TO THAT: Jamaica’s Transport Minister Mike Henry (left); Chairman of Caribbean Airlines, George Nicholas III (centre), and Prime Minister Bruce Golding toast the rebirth of Air Jamaica and partnership of Caribbean Airlines and Air Jamaica recently.

Finalize Merger Now One Airlne – Two Brands

Days before the deadline for a notice of closure of the largest aviation merger in the Caribbean, Caribbean Airlines has finalised its acquisition of Air Jamaica. The deal was made official at the Office of the Prime Minister in St. Clair, Port-of-Spain, Trinidad. The Minister of Finance, Winston Dookeran, and Jamaica’s Finance Minister, Audley Shaw, signed the agreement which was witnessed by Prime Minister Kamla Persad-Bissessar, Attorney General Anand Ramlogan, and the Works and Transport Minister, Jack Warner.

The Government of Jamaica will now have a sixteen percent stake in the Trinidadian airline and a member appointed to the Caribbean Airlines Board of Directors. Jamaica’s Finance Minister, the Honourable Audley Shaw indicated that the outgoing Chairman of Air Jamaica, the Honourable Dennis Lalor O.J., has been nominated by the Jamaican government as a candidate BusinessFocus July / Aug

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to be the Jamaican representative on the Caribbean Airlines board. Minister Shaw noted from all reports he had seen, Air Jamaica was being managed much better. He stated that he has also seen a significant improvement to the Air Jamaica operations in the past months which gives further encouragement that moving forward, the merger will be a success.

Chairman of Caribbean Airlines George M. Nicholas III remarked that the event marks a year of hard work since the initial commitment made on 30 April 2010. “We look forward to completing the transaction with the issuance of the shareholder’s certificates and to having the Honourable Mr. Dennis Lalor on the Caribbean Airlines Board. We have much to gain from his business acumen and his input into our operations.” The Caribbean Airlines Chairman added, “We want to officially welcome the Air Jamaica family to Caribbean Airlines and I am confident that

we can realise the growth opportunities that are now present with us being ‘one Caribbean airline’. A truly Caribbean airline will now be of service to the Caribbean and its people.”

Caribbean Airlines has been actively integrating its operations with Air Jamaica in the past year with an accelerated integration programme since December 2010 being implemented. At the end of April 2011, the airline gave permanent Caribbean Airlines contracts to more than five hundred Air Jamaica workers as the airline continues its integration strategy of ‘one airline two brands.’ It is expected before the end of the year, the full integration will complete with an all Boeing fleet servicing both the Caribbean Airlines and Air Jamaica brand. BF Courtesy: Travel World News Air Jamaica, www.airjamaica.com; CaribbeanAirlines,www.caribbean-airlines.com

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BusinessFocus July / Aug

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IN THE KNOW

Do You Hear What I Hear?

By Pilaiye Cenac

The sound of organisations clamouring for the market’s attention Listen. No need to stand very still, tilt your head and peak your ears to hear it.

It’s a constant bombardment –- you can’t miss it. It’s Marketing Noise: the buzz of billboards, displays, signage; the whiz of flyers, TV, magazine and newspaper ads; the clickety-click of invitations to “Like” or “Follow” companies; the blasts from email marketing. It can be overwhelming, but how else can an organization get its voice heard? Does your company contribute to the noise?

Well, I’m not about to tell you to hold your tongue, unless, of course, your goal is to fade into obscurity. Communication is a necessity and therefore, it’s better to learn to speak above the noise than not to speak at all. Here are some guidelines: 1. Know the people you want to speak to: If you know your target markets, you should address them specifically.

If you understand their language, their personalities, lifestyles, their needs, it is easier to choose the best channels to reach them and overall the most effective approach to communicate with them.

Therefore, if a bank chose to advertise their low mortgage rates in Yo! Magazine, it would be guilty of misunderstanding its BusinessFocus July / Aug

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target market and consequently making unnecessary noise.

2. Craft the message well: Organisations don’t communicate for the sake of doing so. They have something to say, and those messages would most probably bring some benefit to the entity. Organisations should speak in terms of their target group’s needs and show how they can address those needs. There’s a time and place for high-flown language, for technical jargon and even slang; the target group and the communication objectives would decide their appropriateness. Avoid generic messages; those just add to the noise.

The more credible the message, the more impactful.

3. Be willing to listen: Communication remains a two-way street even when it comes to customers/clients; however, we continue to speak to customers without asking for, or waiting on feedback.

Organisations invest thousands in ads and other promotional activities year after year, without understanding their messages’ effectiveness. What did the clients think of your last campaign? Did they even notice your last campaign, or was it drowned out by all the noise?

4. Integrate communication tools for greater effectiveness: Integrated Marketing Communications (IMC) considers the entire communication process and maximizes the impact of the message by capitalizing on the synergy among promotional tools. Messages must be carefully linked and reinforced at customer touch points. So let your radio advertisements direct your clients to your Facebook page or website, let an experience at the point of purchase reinforce your message. When an IMC campaign is executed properly, the target audience gets the message and hopefully the organization gets its ROI. So I tell ye this, let your voice rise above the noise pollution, and let them harken to your voice! BF About the Author PilaiyeCenacisanentrepreneur.Herqualifications include a BSc in Psychology and Sociology and MSc in Marketing. She is also a PMP® and a published writer. One of her companies, In Tandem, focuses on low cost approaches to enriching the customer experience.

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Hurricane

IN THE KNOW

By Brian Ramsey

Security for Companies

Hurricanes are a particularly realistic threat in the Caribbean. For most years it is not a question of if but rather when and where and so companies need to have hurricane preparedness plans. These plans should not only take into account reducing damage by the hurricane but also plan for the possible security consequences of events arising from the hurricane. The fortunate situation with hurricanes is that with the technology now available the Caribbean, one usually gets adequate notice of a possible hurricane, with watches and warnings being issued in advance of the arrival of the storm.

All businesses should have a radio playing at some part of the premises during opening hours to be alert to any hurricane warnings. The company should have a strict policy that immediately upon the announcement of a hurricane watch, the most senior manager present should be notified. The advances in technology BusinessFocus July / Aug

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now allow companies to sign up to receive email alerts and SMS text message alerts of hurricane watches and warnings. As such no company should be caught unaware of an impending storm.

Once a hurricane warning is announced, all personal computers and small electrical equipment should be moved and stored in the securest areas of each office (defined as an area with no windows or few windows and a solid roof). Computers and other small electrical equipment should also be covered with double plastic garbage bags to minimise the possibility of water damage and the bags taped tight. Equipment on the floor should be placed on desks to reduce the possibility of flooding damage while equipment on high shelves should be placed lower down.

Persons who supply electronic items should attempt to cover their stock items with tarpaulins or plastic.

The loss of computer data as a result of

damage to a company’s computer system can cripple a company’s operations and actually put that company out of business.

It is therefore incumbent on companies to have back up files. It is however no good if the backup copies are stored in the same location as the original because if the originals are damaged then it is likely that the backup copies will also be damaged.

Companies should therefore store copies at an offsite location. In selecting an offsite location one should choose a location that has a high probability of surviving the hurricane. Managers should also consider how the backup copies are stored at the off site location, what are they stored in and where they are stored in that location.

One of the risks that arise after the passage of a hurricane is the possibility of looting. This particularly affects companies whose premises may have been damaged by the hurricane and so the security measures may have been weakened. To

ensure protection from looting requires prior arrangements with a security provider. Do not depend on after the hurricane to assess the damage and then decide to call your security provider or worse to then look for a security provider.

The resources of the security company may already have been committed to other customers and so they cannot meet your request. Companies should therefore have those arrangements in place before the hurricane. Indeed it should not even be that when a hurricane watch is declared that a company seeks to make arrangements with a security provider but those arrangements should be put in place as a standing arrangement with the provider. Creating those arrangements at the start of a relationship with a security provider means that the planning is being done at a time when both parties can think clearly and so ensure that all aspects are covered rather than attempting to plan under the pressure of a watch or warning when both personal and company considerations are crowding the minds of both parties. Thus when a hurricane warning is declared it is simply a matter of activating an arrangement that is already in place. When setting up arrangements choose a company that is likely to have staff who will report to work after the hurricane and not one whose staff will abandon them until after they have sorted out their personal affairs.

In setting up arrangements for the prevention of possible looting after the passage of a hurricane it is sometimes necessary to have security guards stationed at the business place prior to the arrival of the hurricane. In establishing whether such service will be provided the safety of the employee must be of paramount concern. No employee should be assigned to work outside of a building or in a guard booth as that is not safe.

The employee if required to work must be inside a building and the building must be capable of withstanding a hurricane.

Persons selling items that will be in high demand both before and after a hurricane for example water, food, petrol, can expect crowds at their business place. It is also likely that people may become unruly as they are anxious to purchase their items and leave. There is also the possibility of an increased incidence of shoplifting as some individuals may seek to take advantage of the fact that the business place is crowded or because after the hurricane

some people have no access to cash but want the goods. Companies selling these items should have security officers at the premises for maintaining order.

Many business premises now rely on electronic locks for locking the doors to the premises. During a hurricane the electricity supply is usually turned off and depending on the damage to the electricity lines a business place can be without electricity for several days. While some electronic systems have backup batteries, those batteries cannot power the system for several days. Consequently all outer doors and windows should be closed, locked and bolted with manual throw bolts, so that the business is not exposed because of a failure of the electronic locking system.

The exterior of all large windows should be covered with plywood (preferably marine ply). The wood should be nailed or bolted to the wall at the top, bottom and sides.

All storage sheds and other outbuildings should be securely anchored, either to a permanent foundation or with straps and ground anchors. Smaller objects, such as trashcans should also be anchored. To reduce the possibility of roof damage, offices should have hip roofs or flat roofs.

Where buildings have gable roofs they should be adequately braced to withstand the wind. All trees should be far enough away from the buildings so that they can’t fall on it, consequently the distance between the building and any nearby tree should always be greater than the height the tree will reach when it is fully grown. The areas surrounding each office should also be cleared of all loose items that can become projectiles in the wind.

Offices should be designed to reduce the possibility of flooding.

Even when a business place survives a hurricane, one of the simple events that can stop a company from functioning is the lack of water. If the business does not have water for operating the toilets and washing of hands then staff are very reluctant to come to work or to work for a complete day. Every office therefore should have water storage with a means of monitoring the water levels. The tanks should be in the lee of the building below the roof level on a solid base, protected

by BRC with a metal frame. Locating in the lee of the building lessens the possibility of damage from wind borne projectiles.

Once there is a hurricane watch all water tanks should be filled. In the event that the regular water supplies will not fill the tanks in time, water should be purchased.

Each year companies should attempt to educate their staff on hurricane/disaster preparedness to minimise damage at their homes. Helping employees to reduce damage to their homes increases the possibility of having employees who can come to work after a hurricane. As part of the education companies should make sure that employees know the location of all emergency shelters. BF About the Author Brian Ramsey has a B.A. in Accounting & Management, along with an M.B.A. in Finance and over 25 years in the Caribbean security field.

He is the Regional Development Director for Amalgamated Security Services Limited which is the parent company of Alternative Security ServicesSt.LuciaLimited.AmalgamatedSecurity operates in Grenada, Barbados, St Lucia and Trinidad and Tobago.

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IN THE KNOW

to complete rebranding into

next year

Suresh Sookoo - RBC Chief Executive Officer Caribbean Banking

RBTT is on a rebranding plan. Since the Royal Bank of Canada (RBC) acquired RBTT two years ago, the T&T-based bank has come a long way, said Suresh Sookoo, Chief Executive Officer, RBTT Financial Group.

“June 16 made it two years since they took over. A lot has been happening out of the sight of the public. We restructured the company, we aligned everything into T&T. We made some changes to our business model and part of the technology is to rebuild our operating model to support the business model. “We now have a rebranding plan. The first item on the agenda was to integrate that functioning in line with the expectations of the parent company. We feel we’ve done that and the next step would be the rebranding.

“It would mean changing the brand, changing stationery, changing the sign.

We’ll be going with ‘RBC’ as the dominant brand across the Caribbean and, as you BusinessFocus July / Aug

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expect, that is going to be very expensive across the jurisdictions and we are going to pulse on the basis of which jurisdiction first and the timeframe etc.” T&T would be first in line in the Caribbean in this process.

Sookoo said, “We feel T&T is going to be at the head of the pack in terms of this rebranding. The game plan is to rebrand over the period of 2011 into 2012. You can’t just say that you’ll rebrand all islands at the same time. We don’t have the capacity to do all islands on that basis.

“One other complication is that in three islands, we actually have an RBC and an RBTT presence, which are Barbados, St Lucia, St Kitts/Nevis and Antigua. We have to think of how we’re going to rebrand in Barbados. For example, our clients still refer to us as Royal Bank; they never changed that. The RBC shield that is front of this building will be the dominant physical look of it. So I guess it will be ‘RBC-

something’ RBC-Royal Banks Trinidad, or whatever. Definitely, it will be the shield and the dominant brand,” Sookoo said.

It is hoped that in Jamaica Minna Israel who heads the operations will be given a degree of autonomy to stamp her own indelible mark on RBC and recruit a team that she can lead and who are answerable to her.

Back in 2007, RBC announced that it would buy RBTT for about C$2.2 billion.

At that time, RBC’s head of US and international banking Peter Armenio said: “This franchise creates a base for future expansion down the road not only in the Caribbean but possibly in Central America and South America.” This deal will see RBC become the fourth largest bank by assets in the region. With more than US$13.7 billion in assets, the combined operations will have 130 branches across the Caribbean, employing more than 6,900 people. BF

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IN THE KNOW

IN G T A R B E L E C of Enriching Lives

of SOLIDITY & STRENGTH

The East Caribbean Financial Holding Company Ltd. (ECFH) has arrived at a significant milestone in its organizational life—its tenth anniversary of operations.

On July 1st 2001, the then National Commercial Bank (NCB), and the sole development bank, the Saint Lucia Development Bank (SLDB), merged thereby establishing ECFH. The rationale for the merger was to provide a suite of financial services and facilities all under one umbrella, giving customers premium service and convenience. The ECFH Group has since emerged as a leading financial conglomerate with formidable local and regional presence on the commercial landscape realizing its vision of ‘Global growth from local root.’

Substantial Growth At its establishment in 2001, ECFH had three subsidiaries: Bank of Saint Lucia Ltd., which remains its largest subsidiary; Property Holding & Development Company Ltd. (ProDev), its real estate and property management company; and Mortgage Finance Company of Saint BusinessFocus July / Aug

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Lucia Ltd., which handles residential mortgage loans. Over the last decade, the ECFH Group has diversified its financial services considerably and as a result has incorporated new companies along the way.

In 2004, it established EC Global Insurance which offers general insurance services and is now a significant player in that competitive market. Also in that year, the Group set up its own offshore bank, Bank of Saint Lucia International Ltd. (BOSLIL), which has expanded into Latin America successfully. Four years later in 2008, ECFH Global Investment Solutions Ltd. was incorporated to offer brokerage and merchant banking services. In 2010, ECFH acquired majority interest in the National Commercial Bank in Saint Vincent thereby establishing its newest subsidiary, Bank of St. Vincent and the Grenadines Ltd. (BOSVG). The Group also owns twentyeight percent interest in the Eastern Caribbean Amalgamated Bank (ECAB) in Antigua which replaced the former Bank of Antigua.

With the growth of its family of subsidiaries, ECFH’s staff complement has grown to approximately six hundred employees and its asset base now stands at just over three billion dollars. Accompanying the Group’s remarkable growth has been its steady and significant contribution to the socio-economic development of the island. The company introduced a formal corporate social responsibility (CSR) policy in 2006 and through its CSR programme, ECFH has given major financial support to youth development, education, sport and culture. The Group has established covenants with institutions such as the Centre for Adolescent Renewal and Education (CARE), the National Community Foundation (NCF), the Saint Lucia National Trust and the Holy Family Children’s Home, to ensure consistent donations towards each organization’s valuable work. For the last decade, ECFH’s goal as a socially responsible corporate citizen has been to enrich the lives of all Saint Lucians and it will continue to do so for the foreseeable future. BF

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IN THE KNOW

Wanted: The Caribbean Richard Branson

Do you have what it takes?

Montego Bay, Jamaica -- Virgin Unite, the non-profit foundation of the Virgin Group and Virgin Holidays, the UK’s number one long haul holiday company have announced that applications are being accepted at the Branson Centre of Entrepreneurship Caribbean powered by Virgin Holidays.

The Centre, which will open this September, will support entrepreneurs to create and grow small businesses, ultimately generating jobs for the region.

The Branson Centre’s mission is a comprehensive one. Rather than attempting to teach ‘entrepreneurship,’ it will seek to provide aspiring entrepreneurs with practical business skills, access to coaches to offer guidance, mentors to share their experiences and access to financing opportunities to enable growth.

In doing so, it will support the sustainable development of small businesses and jobs in the Caribbean.

Sir Richard Branson, Founder of the Virgin Group, said: “Entrepreneurs are the life blood of major economies and can help create thriving communities that in turn generate jobs. Do you have what it takes?

If so we would love to hear from you.”

Virgin Unite and Virgin Holidays have identified the following ten qualities that hopeful applicants will need to possess: 1. Great Potential – do you have a small business that is really starting to fly and is ready to go to a whole new level?

2. Savvy business beginnings – are you aware of market potential and can you look at the horizon to map your future?

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3. A ‘more than money’ approach to doing business – are you thinking socially and environmentally, and how your business might do good and make money?

4. Business street smarts – can you quickly assess the bottom line of an opportunity?

5. A dollop of risky realism – do you know when to move ahead and when to stop and take stock?

6. Cart loads of energy, pace, enthusiasm and unstoppable drive – you never say never.

7. A pair of big ears – we want listeners who can act on advice, improve and grow.

8. An elevator pitch about your business that you deliver brilliantly again, again and again.

9. Worldly wise owls – you will know about the social and environmental aspects that will impact your business and you’ll have plans as to how to maximise or mitigate against them.

10. You recognise your weaknesses, but play to your strengths.

While these ten points are a must, preference will also be given to applicants if: • Their business idea could support the Caribbean’s tourist industry – and therefore Virgin Holidays’ objective to giving something back to a region which has welcomed its customers since 1998.

• They are between the ages of 18 – 35.

Virgin Holidays, which sends hundreds of thousands of customers to the Caribbean

each year, is the lead business sponsor of the Centre and has committed £2 million over the next decade to support the initiative.

Managing Director, Amanda Wills, commented, “This represents another landmark as we and our partners at Virgin Unite bring the Centre to life. Over five million Virgin Holiday customers have enjoyed the unique energy of the people and the beauty of your places here, and it is not an understatement to say tourism is the lifeblood of the Caribbean. It will continue to thrive with the kind of new business ideas that this Centre will nurture.

We’d urge anyone with an idea they think could be the future of tourism here to apply to the Centre without delay!”

The Branson Centre’s Chief Development Director, Lisa Lake said, “I feel very passionate about the Centre and I’m delighted that Virgin Holidays and Virgin Unite have chosen the Caribbean. The region has so much talent and the Centre is a fantastic opportunity to create an active and effective hub for that to be harnessed, acting as a force for good by supporting aspiring entrepreneurs.”

Virgin Unite CEO, Jean Oelwang, commented, “We are at the start of the journey in building an incredible Centre to support entrepreneurs in the Caribbean.

We are very excited to be welcoming our first group of entrepreneurs to the Centre in preparation for a September launch and are also calling out to other partners to join Virgin Unite and Virgin Holidays in supporting the growth of the exciting new initiative.” BF

Be Selective In Hiring

By Faithaline Hippolyte

There Are Plenty Of Fish In The Sea So Employee ‘X’ just upped and left, and didn’t even give you any notice. The staff remaining in the department are feeling the squeeze—they have to produce the same amount of work with less persons.

Now they’re giving you pressure to hire someone else to help them—now!

So since you need someone, like, yesterday, you should pick just anyone; as long as they have two arms, two legs and are breathing they will do, right? Wrong!

The preliminary results of the St. Lucia Population and Housing Census 2010, shows that there are many potential workers out there. The unemployment rate is 20.6 %, which amounts to about 17, 600 persons. The demand for employment is high, so there’s no need to commit hiring suicide by taking on just anyone to get a quick fix, instead of taking your time to select the best.

Here are some more reasons why you should be more selective: • Poor productivity: So you were in a hurry to push the work forward, so you hired just anybody—we’ll call him Employee ‘Y’. But now that Employee ‘Y’ is on board, productivity still hasn’t

increased. In fact, Employee ‘Y’ is encouraging your other workers to slack off. He is lazy, and this really isn’t the job he wanted anyway. He just took it until something more in keeping with what he wants to do comes along.

• Poor customer service: You hired Employee ‘Y’ in a hurry, and now he is turning off your customers. Loss of customers will lead to loss of sales and loss of profits.

• Shrinkage: Employee ‘Y’ is stealing a little bit of your products every day.

Still think you were better off hiring in a hurry?

• Other costs: like the cost of hiring and training that new employee, since Employee ‘Y’ will soon have to be replaced.

But there is a better way: • Decide on the skills and qualifications desired for the vacant job position.

• Only hire persons who have those skills and qualifications needed to do the job.

• Decide on the qualities and competencies you want in the new hire, which will be important for their success in the job.

• Make behavioral-based questions a major part of your interviews.

• Ask questions related to past performance, regarding the specific qualities and competencies you want in the candidate, e.g. customer service. Ask candidates what they’ve already done, and avoid hypothetical questions such as “what they would do if….”

• Follow up and ask questions on issues that stand out such as: persons with a trend of moving from job to job over short spaces of time; persons who were dismissed from previous jobs; and any other issues that stand out or seem inconsistent.

• Do conduct reference checks.

Remember, your company is only as good as the people who work for it, so take the time to select the best. BF About the Author Faithaline Hippolyte is a Certified Senior Professional in Human Resources and also she holds a B.Sc. degree in Management Studies.

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PROFIILE FOCUS

Derek Walcott (2nd from left) with his two daughters and Prof. Clement Sankat, UWI Principal, at the recent special ceremony held by the University of the West Indies (UWI) to mark his 80th birthday.

Walcott Wins

Another Big Caribbean Poetry Prize St. Lucia’s world class poet laureate Derek Walcott continues to win prizes and cop awards.

White Egrets, his collection of poetry that had already won the T.S. Eliot Prize and was recently judged the winner of the OCM Bocas Prize poetry category, was again chosen for the US$10,000 award, seeing off competition from the fiction and non-fiction winners.

The judges in their citation commented upon the “seemingly effortless flow of the language and imagery despite the poet’s stated premonitions of the loss of poetic power and inspiration…. Walcott is still writing great poetry, lovely cadences, beautiful images”.

They considered the book-length poem that is divided into separate poems and is an exploration of bereavement and grief in one’s advanced years to be, “a book that tells of a period of life more usually talked at and talked about than heard BusinessFocus July / Aug

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from or listened to, which makes it a very important work.”

White Egrets is Walcott’s 14th book of poems. He has also published eight collections of plays and a book of essays.

The poet, who was at work in Europe on a new theatre production when the prize was announced, was represented by his daughter, Elizabeth Walcott-Hackshaw, who is also a writer.

The ceremony included many of Trinidad & Tobago and the region’s most accomplished writers.

It was one of the highlights of the new annual Bocas Lit Fest that started at the National Library in Port of Spain.

Walcott is held high in Trinidad & Tobago, where he pioneered the establishment of the Trinidad Theatre Workshop long before the twin-island state became independent or a republic. His production, “Drums and Colours” was the highlight of the ceremony marking the establishment of the West

Indies Federation in Trinidad. He also received Humming Bird Gold Medal, a high national honour, from Trinidad & Tobago’s late Prime Minister Dr. Eric Williams for his vital contribution to the development of the theatre movement there.

But it is not only governments that have been honouring the St. Lucian and Caribbean’s foremost writer in the English language. The entire Caribbean Community, through CARICOM, also bestowed him recently with the highest honours to coincide with his 80th birthday last year.

Derek Walcott is also admired far and wide. He has a Chair in English at Boston University and was recently appointed Chair of the English and Literature Department at Essex University. Walcott was the second St. Lucian to win a Nobel Prize, in 1992 for Literature, following Sir Arthur Lewis who shared the Economics Prize with an American scholar. BF

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PROFILE FOCUS

Business Titans Champion Investment in the Caribbean

Gordon ‘Butch’Stewart - Chairman of Sandals Resorts with Denis O’Brien - Chairman of Digicel Group

Two of the leading investors in the Caribbean, hotel magnate Gordon ‘Butch’ Stewart and telecoms czar Denis O’Brien, have been recently championing investment opportunities in the Caribbean at forums held in the United States.

With the English speaking Caribbean expected to record lack-lustre growth over the next few years, it is becoming increasingly imperative that the region attracts greater levels of investment which in turn will boost employment. All the more important then that the Caribbean diversify its economies away from the traditional dependency on the US, UK and Canada and look to emerging powerhouses like the BRIC countries of Brazil, Russia, India and China.

The World Bank has declared that weighted average growth for 2011 to 2015 will be about 4.8 per cent per year for the Caribbean in general, while it expects the English-speaking Caribbean to grow far less, on average by just 2.5 per cent. This is much lower than its average annual growth of 5.1 per cent in the period 2003 to 2007.

Meanwhile, the Caribbean Development Bank’s (CDB) Director of Economics, Dr.

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Denny Lewis-Bynoe, believes that the region’s economic recovery is inextricably linked to the performance of its key trading partners in North America and Europe, and at best the Caribbean is likely to post modest growth.

“The regional outlook for 2011 hinges mainly on external developments. In this regard, the fact is that downside risks to the global outlook are still elevated and the recovery is expected to remain somewhat asymmetric, with lingering weakness in advanced economies critical.

“Taken together with the fact that the business cycles of regional economies tend to be highly correlated with those of advanced economies, especially key North American and European export markets, these factors imply modest recoveries for most economies in the region,” said Lewis Bynoe.

The CDB stressed that last year, economic conditions in the region were depressed despite the world economy showing signs of bouncing back from the global financial crisis of 2008. It said that of the 18 borrowing member countries, 12 recorded contractions while 6 showed growth during the year 2010.

However, both Sandals Chairman Gordon ‘Butch’ Stewart and Chairman of mobile telephone service provider Digicel Denis O’Brien remain optimistic about the Caribbean and continue to make sizeable investments in the region.

Stewart is looking to expand his hotel chain in Antigua, St Lucia, Jamaica and Turks & Caicos, having already made forays into the media and motor vehicle dealerships in Jamaica.

In May 2011 Stewart, who is also the Chairman of Jamaica’s investment agency JAMPRO, speaking at a Carib News editorial board meeting in Manhattan, New York said: “I think the projections for investment at this time are good, good under the economic period we are going through. I think they will get better two years from now and I think foreign direct investment will make a big difference.”

The Sandals Chairman is of the view that the Caribbean can attract a cornucopia of differing investments which can range from different industries. This could span hotels, other tourism ventures, movies, agriculture, transportation, infrastructure and telecommunications. However, he noted that the respective governments had

to be amenable to prospective investors and should ensure that bureaucracy is not too prohibitive. He pointed to a number of investment projects across the region and said this augurs well for the future.

“There are so many areas. In Jamaica, the Chinese have just bought a number of the sugar factories. In The Bahamas, the Bahamas tourism project is massive - US$2 billion of development,” he added.

“Without getting into specifics, I think the Caribbean augurs well. Not only that there are many unstable parts of the world and when you look at the Caribbean, the region would really have to come in as, if not the most stable part of the world; it’s right up there.”

The Caribbean is a stable region

“If you go on a list of one to five, I think from a point of view of stability the Caribbean would come in within the five most stable - not necessarily the wealthiest, but the most stable. I don’t think any of us go to bed at night wondering if there is going to be a coup tomorrow. It’s not on the cards.”

“From the point of view of investment, that stability is the single biggest thing we have to offer,” he declared, “in light of the turbulence and civil insurrection taking place in North Africa and the Middle East.

“We have our proximity to the biggest market. The prospects are very good. The inquiries (about investment) are good.

Everywhere, with few exceptions, maybe Brazil and one or two other South American countries have had major pressure after the meltdown. All things considered, most of the Caribbean countries have stood up very well with the economic problems they have had.”

The social side

But Stewart did caution that an abundance of investment was not the sole panacea to the Caribbean’s woes. Efforts to fight crime, bolster health and education must also be heeded. He went on to say that the Jamaican Diaspora can play a vital role by coming to the aid of its brethren back home. As an example he said that they can help by providing vehicles for the police force in Jamaica. Also they can assist the Jamaican health care system by providing much needed equipment regardless of whether it is used, but in working order.

“There are many young Caribbean people coming up who are well educated,” he said. “Extremely well educated, and I think it provides nothing but good for our future. A lot of the islands that I visit, I envy the education levels when I compare them to Jamaica, my own home. I envy how well they have been able to maintain their education system and how effective it has been for their communities and their nationals. Jamaica needs help in that regard and we need help on the medical side of things.”

One of the Caribbean’s leading business personalities, Stewart cautioned that the region’s entrepreneurs should not shy away from taking a chance: they should not adopt a stance of being too risk-averse.

The way he sees it, the Caribbean cannot rely just on foreign direct investment - it must invest in itself.

“We must look at ourselves to determine what we can do. I think we can do a bit more for ourselves than we are doing at this point in time. We can take a few more chances than we are taking. I don’t think anything is ever built or developed without taking some chances. We should do more of that,” Stewart suggested.

O’ Brien on investing in Jamaica

In a decade, Digicel has established itself as the foremost mobile service provider in the Caribbean, having invested US$3.2 billion in the region during that time.

Its founder and Chairman Denis O’Brien acquired a licence to operate in Jamaica for US$47 million back in 2001. This year ground was broken on a US$75 million facility in downtown Kingston which will house Digicel’s world headquarters. Today O’Brien sees the region replete with investment opportunities.

Speaking at the ‘Jamaica Rising’ investment campaign held at the Maryland residence of Ambassador Audrey Marks before representatives of the World Bank, IMF, executives from major international corporations and potential investors, O’Brien said, “If you are an investor contemplating coming to Jamaica, you have a very friendly government. Jamaica is an open economy, open to outside investment in an amazingly welcomed way. Digicel has been very, very fortunate to build a relationship that has seen it become a Jamaican company and we now see ourselves as a Jamaican multinational.”

The Digicel founder said this was the first time he was speaking so positively about a country and also declared his admiration for Jamaican workers and highlighted the calibre of Jamaican managers. He went on to laud the ‘first-class’ opportunities and the ability to get things done, as well as the ‘open-door’ policy in terms of talking with politicians and decision-makers in Jamaica.

BF Courtesy: Al Edwards and the Jamaica Observer

BusinessFocus July / Aug

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PROFILE FOCUS

“Regional Poverty and Crime Too High”

Dr. William Smith, President of the Caribbean Development Bank

Dr. William Smith, the newly elected President of Caribbean Development Bank (CDB) spoke at the 41st annual meeting of the CDB Board of Governors in June 2011 at the Hyatt Regency, Port-of-Spain, Trinidad. He said that five decades of socio-economic growth among countries in the Caribbean have not diminished the insecurities within several of the territories.

“Many of our borrowing membership countries (BMCs) have already reached the millennium development goals (MDG) goal of 100 per cent primary school enrolment; have embraced the more ambitious target of 100 per cent secondary school enrolment; and are set to achieve or exceed the MDG health goals by 2015,” Smith said.

Smith cited that over the past 50 years, the Caribbean countries have witnessed impressive improvements in socio-economic performance. Despite these achievements, Smith said issues about the quality of the education system remain a major concern, sustained growth and development continue to elude many countries, and poverty remains unacceptably high. These problems, Smith BusinessFocus July / Aug

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said, stemmed from major insecurities arising from a number of challenges.

“Our BMCs are displaying a distinct lack of agility in side-stepping the confluence of development challenges that give rise to anxiety amongst our people, that is, a generalised sense of losing control of their destiny in a number of critical areas of social and economic life.”

Factors of insecurities Smith said there were a number of factors that some Caribbean countries are insecure about: their economic situation, the impact of climate on their lives and personal insecurity due to rising crime and violence.

Regarding the economic aspect, Smith said “the principal economic insecurities which the region faces have been exacerbated by structural weakness and extreme vulnerability, which are linked to small size, openness, narrowness of the production base and being prone to potentially devastating natural hazards.”

Industry competitiveness is challenged by volatile oil prices since the 1970s and the deeper integration of Caribbean economies into the international financial and economic systems through

globalisation. Smith noted that with the signing of the 2008 Economic Partnership Agreement (EPA), new insecurities were created as agriculture production, family incomes and employment declined. He added that small farmers, especially in banana and sugar producing countries were displaced; and poverty levels dramatically rose especially in the rural communities.

The 2008 global financial crisis also had an impact together with the issues regarding cash-strapped Colonial Life Insurance Company Ltd and its subsidiary British American Insurance Company (Baico), which resulted in major losses to both institutional and private investors, despite the financial rescue efforts of regional governments.

He said that climate change was the single most important environmental and developmental challenge with worrisome implications for economic growth, developmental sustainability and poverty reduction goals. He explained that the economic impact was already visible with damaged and destroyed infrastructure being only one of the causalities. Smith advised that the Caribbean does not have

the luxury of ignoring climate change, for the consequences of inaction are projected to far exceed the income-generating capacity by the start of the next century.

Crime, a critical issue: The most critical factor that threatens the Caribbean is crime and violence, Smith said. Crime and violence should be given high priority on the development agenda, as it seems to be a growing and intractable problem. It was worrisome because the incidence of violent criminality has reached almost epidemic proportions in too many Caribbean countries, such that international trade in narcotics seems to be at the root of the upsurge in violent crimes. Smith said a 2007 World Bank report concluded that the murder rates in the Caribbean, at 30 murders per 100,000 persons annually, are higher than for any other region in the world. The consequences of this statistic are heavy, socially and economically, as crime has a dampening effect on tourism, stifles business development as new investment and decimates established communities

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abandoned by families escaping the effects of gangs, drugs and illegal arms.

Smith said while crime is very difficult and challenging to overcome, he recommends a regional approach with a focus on a coercive and social interventionist dimension. He said this approach demands a consensus across the political divide and that power be devolved to civil society organisations which are closest to the people. Smith sees the CDB as not only a leader, but a partner in assisting the countries to confront the anxieties and insecurities of their people.

Smith said in 2011, there is the expectation that the Caribbean countries, especially the BMCs, would return to economic growth.

He said even though the weak fiscal position will continue to be challenging and would require sustained emphasis on fiscal consolidation and careful debt management, he was hopeful.

Highlights of the CDB’s 2010 report: 1. Economic conditions in the region remained depressed.

2. Only seven of CDBs BMCs reported growth for 2010 - The Bahamas,

Barbados, Belize, British Virgin Islands, Guyana, St Lucia and the Turks and Caicos Islands. The demand for CDB financing was sustained, with approvals of loans and grants reaching approximately US$300 million compared with US$167 million in 2009.

3.

Net transfer of resources (disbursements of grants and loans less repayments of principal interest and charges) between CDB and its BMCs amounted to US$180 million in 2010, considerably in excess of net resource transfers of US$70 million in 2009.

4. Through the Caribbean Technological Consultancy Services (CTCS), CDB provided direct assistance to micro and small enterprises.

5. The Basic Needs Trust Fund Programme, better known as BNTF, remained in the forefront of the CDB’s efforts with respect to direct poverty reduction, providing access to basic infrastructure and services in rural and urban communities. BF

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Hugo Boss: Classy. Stylish. Sophisticated.

Hugo Boss is an upscale fashion line that turns heads with its elegant designs, high-quality fabrics and sophisticated styles. Based in Metzingen, Germany, Hugo Boss is the largest manufacturer of men’s and women’s clothing in Germany and one of the world’s leading houses for men’s fashion.

The fashion line is known for having a sleek, European luxury appeal and is among the world’s most profitable apparel manufacturers. Hugo Boss competes with high-fashion lines such as Gucci, Versace, Prada, Louis Vuitton and Armani but stands out due to their modernity and versatility as well as impeccable customer service.

Hugo Boss began in 1924 when Germany was in a time of high unemployment and hyper inflation. In the small town of Metzingen near Stuttgart, a German master tailor named Mr. Hugo Boss began designing suits for industrial workers, men’s work clothes, uniforms and raincoats. The tailor’s shop grew into a small factory and in 1939 the demand for uniforms skyrocketed due to WWII and Adolf Hitler’s National Socialist regime. Currently, the fashion line sells products in 124 countries worldwide, and BusinessFocus July / Aug

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customers can purchase products at more than 6,100 points of sale.

Most German suits of the 1960s and 1970s were made out of stiff, heavy fabrics that bogged down the men who wore them. This trend was changed by using light, Italian fabrics in fashionable colors and designs.

Thus began the Hugo Boss legacy, which quickly began an international phenomenon.

Hugo Boss includes the core brand Boss and the trendy brand Hugo. The brand’s product range is extensive, consisting of classic-modern business wear, elegant evening and relaxed casual fashion, footwear, accessories, fragrances, eyewear, children and infant fashions and even motorcycle helmets.

The fashion house is divided into four major categories: Hugo, BOSS Black, BOSS Orange, BOSS Green and BOSS Selection.

The menswear (1970) and women’s wear (2000) collections in the BOSS Black line range from elegant “modern classic” business wear to stylish leisurewear and it includes beautiful formal wear. BOSS

Black is the most popular and most widely distributed of the five lines and also has the broadest product range.

Hugo centers on fashion-forward European looks and ultra-modern designs.

Upon inception, BOSS Orange is centered on bohemian influenced clothing. The line was redesigned in 2010 as denim-based casual clothing.

The menswear portion of the line was formed in 1999 but the women’s wear portion was not created until 2005.

The BOSS Green line is a fashion-oriented sportswear collection. The menswear portion of this line was created in 2003 while the women’s wear portion was created in 2010. It was previously known as BOSS Sport but re-launched in 2003 as golf-style active wear.

The BOSS Black menswear line is catered towards luxury lifestyles. The line, created in 2003, is aimed at a more mature market and has an emphasis on English tailoring. It is also more highly priced than the other lines.

www.hugoboss.com Phone +49 7123 940 HUGO BOSS AG BOSS Black

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BUSINESS SPOTLIGHT

Expands to Saint Vincent A CFL Franchise

Top: Directors of CFL and their St. Vincent counterparts discussing the new agreement Right: Sealing the deal

Consolidated Foods Ltd. (CFL), one of Saint Lucia’s leading retail and distribution companies will soon have a presence in another OECS market. The company which operates Super J IGA supermarkets and Mega J Wholesale Club store has signed an agreement with National Properties Ltd. of Saint Vincent, for the purposes of leasing the premises now occupied by Food City, a supermarket operation based in Kingstown, and going into a joint venture to operate a new supermarket in that location. The agreement was signed on Thursday, May 26th by CFL’s Chairman Michael Chastanet, its Managing Director, Andre Chastanet and two Directors of National Properties Ltd. Also in attendance to observe the signing were some directors of the respective companies.

The agreement takes effect on July 1st, 2011, at which time the 32,000 square foot BusinessFocus July / Aug

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premises will be handed over to CFL(SVG) Ltd. CFL will utilize the premises to operate a 12,000 square foot Save-A-Lot Supermarket. The supermarket is expected to be fully operational in about three months, offering Vincentians the opportunity to save on their grocery bill.

This new development is part of CFL’s growth strategy and in keeping with the company’s vision of becoming the most successful supermarket chain in the region. CFL’s Managing Director, Andre Chastanet says, “This initiative, and others soon to come, will create new opportunities for our company, our team members and communities both in Saint Lucia and St. Vincent. What I am even more proud of is the opportunity which will be given to Vincentians to participate in the ownership of the new entity. This is true regional integration; a company in one island using its

knowledge of the industry, expertise, purchasing power, regional and international affiliations for the benefit of the people of another island in the region.”

In a brief note to the Saint Lucia team following the signing of the agreement Andre Chastanet said, “We are confident that, with your support, we will succeed in this new market.”

Consolidated Foods Ltd. is a private limited liability Saint Lucian company involved in food retail and some aspects of food distribution. The company was formed in 2004, through a merger of Saint Lucia’s premiere and oldest supermarket chains, with the overall aim of providing the island and the region with a global retail experience while building the communities it serves for the betterment of its people. BF

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Saint Lucia: Corinth Estate Road, Gros Islet • T: (758) 451-7825 • M: (758) 485-4020 Florida: 18520 NW 67th Ave., Ste. 288, Miami, FL 33015 • T: (954) 771-9901 • M: (954) 840-5857 BusinessFocus July / Aug

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In Saint Lucia International ink cartridge retailer offers a ‘Greener’ and more cost effective way to print in your business and home Cartridge World, the world’s fastest growing ink and toner refilling retailer, launched the first franchise in Saint Lucia on Monday July 25th 2011, offering all persons with a coupon, 10% discount on all refill ink or toner cartridges. Located at Orange Park Commercial Centre, Bois D’Orange, Gros Islet, Cartridge World will refill and remanufacture inkjet and laser printer cartridges, using state-ofthe art processes. These processes will not only help save money but provide an environmentally superior alternative to costly and wasteful new cartridges.

For over 20 years, Cartridge World has been refilling and re-manufacturing printer ink cartridges. Each one of their technicians starts with a rigorous 80hour training course, teaching them about all the latest printer technology and processes to ensure accuracy and consistency. Cartridge World specializes in refilling ink or toner cartridges for all major brands including: Brother, Canon, HP, Epson, Lexmark and Samsung “Ink and toner is a vital business resource and a significant expense, and at Cartridge World we do more than just refill ink and toner cartridges; we send them through a quality checkpoint inspection and always use toner and inks specifically designed for each cartridge, which makes our product 100% total satisfaction, money back guaranteed” said Kamille Huggins, Manager, Cartridge World (Saint Lucia) Ltd. “We provide our customers with the highest quality product possible, quality is our product. Using Cartridge World remanufactured products will not just allow you to save from 20% up to 40% on buying BusinessFocus July / Aug

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a new one, but it’s good for the planet too.

Each recycled laser cartridge saves the environment the 100 years that it will take to decompose”.

Cartridge World knows that implementing ‘green’ practices at times can be costly but they have developed programmes to make recycling printer cartridges easier for consumers and businesses. Customers simply swap out an empty original cartridge or purchase one already refilled and find a significant savings compared to buying new. Recycling bins will be stationed in the coming months at strategic locations island wide for the Saint Lucian public to drop off their empty cartridges.

“It’s not just about ink or toner, it’s about the businesses and people. We are nothing without our customers, so we put their needs first and pride ourselves on providing great customer service’ added Ms. Huggins. The new franchise in Saint Lucia will provide free pickup and delivery to all its business clients.

About Cartridge World

Cartridge World, founded in Adelaide, Australia in 1988, is the world’s fastest growing ink and toner refilling retailer and franchisor in the $80 billion printer cartridge industry. The company refills and re-manufactures inkjet and toner printer cartridges, using state-of-the-art processes and high quality inks and toners.

It offers consumers and businesses a more affordable option to buying new, provides a 100 percent satisfaction money-back guarantee and helps the environment by keeping cartridges out of landfills. Voted #1 in the category of toner replacement services by Entrepreneur Magazine Franchisee 500, Cartridge World has more

than 1,650 franchised retail locations in 61 countries. In the United States, it has been featured and rated as the industry leader on CNBC, ABC, MSNBC, CNN and the Wall Street Journal. For more information visit www.cartridgeworldcarib.com

Cartridge Care Tips:

• Bring the empty cartridge into our Cartridge World store as soon as possible for refilling. This prevents the cartridge from drying up inside.

• Put the empty cartridge back into the clip as soon as it is empty. If you do not have the clip, place it in a re-sealable plastic bag.

• Store empties in a cool, dry place. Heat makes the ink expand inside and leak out of the print head. Don’t leave cartridges in a hot car!

• Ink does NOT come out of clothing – EVER!!!

• When you notice your print quality deteriorate, use your printer’s cleaning function to clean the print head. If this does not work, have it refilled.

• Do not continue to print if there is no ink in the cartridge. The ink acts as a coolant for the print head and doing this will burn it out, leaving the cartridge useless and not refillable.

• Keep the cartridge upright with the print head facing down.

• Do not touch the print head or electrical contacts with your fingers.

For more information please call: (758) 451 -1INK(465), email: refills@candw.lc or visit us at the newly opened store at the Orange Park Commercial Centre, Bois D’Orange (next to REMAX).

Save money with Cartridge World quality refills.

Orange Park Commercial Centre, Bois D’Orange, Gros Islet Tel: (758) 451-1INK(465) Fax: 758-451-1464 Email: refills@candw.lc www.cartrigeworldcarib.com

BUSINESS SPOTLIGHT

Car Care Tips Volume 3

In this issue, we turn our attention to batteries. Unfortunately, your car battery will not last forever and will have to be replaced at some time. You may purchase a Maximo battery at any of our Automotive Art stores or at any of our many authorized distributors island-wide. Maximo batteries have the longest warranty on the island – 18 months for a regular battery and 2 years for the Maintenance Free Maximo battery.

To purchase a replacement battery for your car, you first need to know the make and model of your vehicle in order to select the correct battery. Car batteries come in different sizes, construction types, CCA (cold cranking AMPS) and ampere hour ratings. You want the replacement battery to match the original battery as closely as possible.

Open the hood of your car, using the prop rod to firmly hold it in place. Locate the car battery and identify the “positive” and “negative” terminals.

Positive terminals are labelled with a “+” and are colour-coded red. Negative terminals are labelled with a “-“ and are colourcoded black. Always remove the negative terminal first by loosening the battery lug holding the negative terminal. Next, remove the positive cable. Unscrew the BusinessFocus July / Aug

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battery hold-down clamp by loosening the nuts on either end. Then lift the battery and remove it from the car, and inspect the battery terminal clamps. Clean and replace them if necessary.

Clean the battery tray. Use plenty of fresh water or a mixture of baking soda and water. Thoroughly dry the terminal clamps and battery tray before installing the new battery. Clean all corrosion from your battery. Corrosion can be cleaned off by using a stiff brush and a solution of baking soda and water. Battery terminal sprays are also available that can aid in this process. After removing the corrosion, rinse off the battery with water. Make sure the battery tray is thoroughly cleaned and dried before installing the battery. An anti-corrosive battery spray should also be applied to the terminals to prevent future corrosion. Install the new battery into the battery tray. Make sure that the positive and negative terminals are on the correct sides and install the battery hold-down.

Reattach and tighten the positive cable first, then the negative cable. Start your car. Verify that the installation is complete and the cables are securely attached to the battery posts. Release the prop rod and close the hood of your car securely.

Dispose of the old battery properly. Car batteries contain highly toxic material and cannot be thrown out with your garbage.

Please feel free to bring your batteries to any of our Automotive Art stores for environmentally friendly disposal.

Important safety tips: • Wear gloves whenever working with batteries and follow all safety precautions listed in your owner’s manual.

• Your battery and charging system or alternator should be inspected at least once a year at your local Automotive Art store.

• Neutralize any electrolyte spills or corrosion with a solution of baking soda and water.

• Always remove the negative terminal first.

• Protect your eyes with safety glasses when changing a car battery.

• Never touch a metal tool across the battery terminal or from the positive post to any other metal on the car.

Heeding this advice will help prevent large sparks and damage.

• Extinguish all smoking materials and open flames. Be cautious about creating any electrical sparks around the battery.

BUSINESS SPOTLIGHT

Quiet storm in a bottle St. Lucia Distillers does it... yet again!

The Master Brewers at St. Lucia Distillers have brewed up another storm in a rum bottle – a quiet one, a spirit so smooth that it started winning accolades even before the first bottle was labeled.

Indeed, this latest product had already won the island’s best known refined rum producers a treasure trove of an award, making it the first company to be allowed to carry the Authentic Caribbean Rum Marque – the highest top quality brand mark offered by the Caribbean’s top rum producers.

The new local product is simply called 1931 and it marks 80 years of the fine art of producing rum in St. Lucia.

The bottle will carry the exclusive ‘Deluxe’ level emblem awarded to authentic Caribbean rums by the West Indies Rum and Spirit Producers Association (WIRSPA) – a mark only for specially selected rums that have become 100% mature over five years.

St. Lucia Distillers has been long in the BusinessFocus July / Aug e

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business of producing rums of different kinds here, the present line preceded by decades of production from canes grown in the Dennery and Mabouya Valleys, then produced and exported from Roseau, on the island’s East Coast.

The company’s Chairman and Managing Director, St. Lucian Laurie Barnard, is himself a Master Brewer of long standing, associated with every stage of the company’s development and production of fine St. Lucia rums.

The new brand, 1931, was already a collector’s item before its launch at the Imbibe Bar Show in London in July. Only 6,000 would be produced for the world market – and only 500 for St. Lucia, which could have been ordered even before the London launch of St. Lucia’s latest brandbuilt rum.

Each bottle from the first batch is numbered and the colours of the individual box and label will change each year.

The colours of the rums comprising the

blend over the five years will also change each year.

1931 is not by any means the first winning blend for St. Lucia Distillers. Earlier brands – Admiral Rodney, Chairman’s Reserve and Toz – have also won WIRSPA and other awards and acclamations.

St. Lucia Distillers has over the years grown into one of St. Lucia’s prime exporters with a market that is both Caribbean and international. It produces and exports several rums and spirits to neighbouring islands and world capitals, while maintaining pride and popularity at home.

Just recently, the company added a new blend to its very popular Chairman’s Reserve, with the introduction of a special Chairman’s Reserve Spiced Rum version.

The latest award-winning St. Lucia rum will also be on display every year at the annual London Rum Festival in October. BF

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BUSINESS SPOTLIGHT

Luxury, Affordability and Excellent Concierge Service A mere thought can turn into a dream and then into reality if you think of it more and more every day, wanting it more and more every day; this was the very simple and humble beginning of Luxury Car Rental Ltd. The company started with the purchase of one used vehicle; it now boasts of a fleet that comprises of a wider variety of vehicle options, from cars to Jeeps to large luxury SUVs. From driving your own rented vehicle, to a chauffeur driver for personal request, be it business or pleasure or a special occasion, the company’s services are extended to both the local market and visitors.

Understanding the importance of the hospitality industry to the development of St Lucia, LCR thought it best to establish communications with visitors prior to arrival, ensuring that every detail of their vacation plan is thought of and secured.

In light of this, LCR established business relationships with a few international Vacation Planners, becoming their preferred car rental agency in St Lucia.

This put them in a position to contribute BusinessFocus July / Aug

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to our visitors having the peace of mind of a hassle free vacation time with the ideal vehicle to meet requirements and exceed expectations.

A growing company should almost never turn away a customer request; this is one of the policies of Luxury Car Rental.

With this in mind some services provided are outsourced to other local companies and individual drivers, ensuring again the customer’s expectations are met above and beyond.

Over the last five years Luxury Car Rental has grown, improving in the size of its vehicle fleet, services offered and more importantly customer satisfaction.

The company prides itself in efficiency and absolute customer satisfaction. This however can be attributed primarily to the dedication and appreciation that its staff has for the company. A successful company must have staff and management that share its overall vision.

The customer’s first experience starts with the first handshake and LCR staff understand the importance of this. The LCR staff are not only able to provide

information on the service the company offers but will also assist with anything that would enhance the vacation experience in St Lucia or enhance the Luxury Car Rental experience as a whole. Many times we receive comments such as “…Dillon just knew exactly what we wanted and where we should go to experience more….”

The company’s growth does not stop here. Its drawing board is filled with ideas and plans for further development. The company’s objective is to keep moving in the direction that allows for improvement of existing services, that allows for the addition of new products and services, and to create innovative ways to maintain a customer service experience that is close to perfection.

We offer vehicle rental service to both the local market and to our visiting guests for the purpose of pleasure or business. In addition to vehicle rental we also offer the service of airport transfers. In light of this, Luxury Car Rental would like to express our interestinservingyourclientsandbecoming your preferred car rental agency in St Lucia.

From a wide range of luxury vehicles you can explore the Island of St Lucia.

For Family or friends St Lucia Luxury Car Rental offers luxury, affordability and excellent concierge service.

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Rodney Bay, St. Lucia, W. I. EMAIL: tyron@stlucialuxurycars.com

Telephone: 1758.450.4192

WWW.STLUCIALUXURYCARS.COM

BUSINESS SPOTLIGHT

And the Digicel Winners Are: Thirty-three stars made their debut at the Annual Digicel Awards Ceremony Digicel… the Bigger Better Network held its annual staff appreciation Awards Ceremony on May 28th 2011. The stage was set for yet another celebration at the Golf & Country Club, Cap Estate where 33 employees were rewarded for their dedication and hard work.

In the following category; Cross Departmental Awards, Malika Alcindor, Kendra Bahtou, Eliah Clifford, Delvern Jn Pierre, Lawrencious Felix & Roseline Preville took home the prize for their commitment to duties and their continued effort to put the customer’s experience first.

The award for Best Employee Suggestion; a new in-house initiative undertaken by Digicel to allow all employees to make suggestions on ways to improve efficiency in the business went to Miss Abigail Louis.

Accepting the awards for, Digicel’s Unsung Heroes was Ken Bertin, Gregory Plante, Murchel Hippolyte, Wendel St. Omer and Norrencia Emilien who continue to display and demonstrate an attitude of care and ownership of their individual roles.

The award, Team of the Year recognized the Customer Care team with the best overall performance for the past 12 months.

This team demonstrated tremendous commitment to collaboratively fulfilling the organization’s promise of delivering world class customer care throughout the past year. Team work is about togetherness, and the winning team that best understood that, as Together Everyone Achieves More was none other than Team Rugged T’Reign.

The Shining Stars Award for the period April 2010 to March 2011 went to BusinessFocus July / Aug

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Claudette Wilfred, Marla Ragunanan, Melissa Felix, Rosalie Duplessis, and Shane Fanis, Siobhan Alexander-James.

The Five Year Service Award for dedication was then awarded to the longest serving members of the team. This was followed by the Best Dealer Award which went to Mara Deligny from The Cell Dealer Store in Soufriere.

As the end of the awards ceremony grew near, the anticipation for the major Digicel Yearly Awards grew more intense. Who would it be? Who would be selected?

The award, for the Most Outstanding Customer Care Agent of the year went to Miss Melissa Augustin. Melissa was exceptional in her field as she continued to spread the Digicel warmth across the Caribbean to our many valued customers.

Sales Person of the Year Award went to Mr. Philbert Lubrin. Philbert can be described as an energetic, charismatic, people’s person. His tenure with the Bigger, Better Network began in 2008. In 2010, Philbert won a dual award for Sales person of the Year for the OECS and Sales person of the year for St. Lucia. Philbert’s continuous successes are as a result of his commitment and persistence. Philbert believes that every customer is valued and important. His motivation is Digicel’s strong brand equity, teamwork and quality customer service that the company is reputable for.

Last but not least, in anxious anticipation, the Employee of the Year Award went to Mrs. Emma Robinson. Emma was excited to be rewarded with the highest accolade at the Annual Awards held that day.

Emma joined Digicel St. Lucia in 2005 as a Customer Care Representative and a

few months later got promoted to the Corporate Department as a Corporate Account Executive. Her role is to provide a personalized and differentiated service to our corporate accounts. This includes all after sales service and retention. Emma is a passionate worker who believes that a company’s success is dependent on the dedication and cohesiveness of its TEAM. She is always willing to go the extra mile and will stop at nothing to ensure that her customers are satisfied, and takes pride in exceeding their expectations at all times.

Emma expresses her heartfelt gratitude to Digicel for recognizing and awarding her the Employee of the Year 2011. In her own words “I love my job, the Digicel brand and the working environment. I believe in Digicel and as a result I am always motivated to do my utmost in any challenge I face on the job.”

According to Digicel General Manager for the OECS South, Geraldine Pitt, “The Team continued to deliver excellent care over the years to all our valued customers.

I am always overjoyed when I come into contact with a customer who speaks openly of the great care received from the Digicel Team; customers whose belief in excellent customer service was restored because of the impeccable care which is consistently delivered to them.”

Ms. Pitt also added, “Digicel is proud of the youthful and creative minds which continue to drive the company successfully for almost a decade. We recently complimented the team with 45 new employees and to these new members I say, ‘Welcome to the winning team, where Best Value and Best Care are always delivered!’”

SAVE AND BORROW WITH PRIDE

Years Anniversary

FEATURE | St. Lucia Civil Service Co-operative Credit Union Ltd.

The Way Forward

for the Credit Union Movement Distinguished Caribbean credit unionist, Melvin Edwards says there’s an evident urgency for the regional credit union movement to wake up from its Third World habits and transform itself into a firstworld system!

When a former President of the world’s largest credit union body speaks, credit unions and unionists listen. And that they did on June 18, when members of the St. Lucia Civil Service Co-operative Credit Union (SLCSCCU) in very large numbers, from all over the island, tuned in to the Feature Address by Melvin Edwards.

This St. Kitts-born, St. Lucian citizen was the first Caribbean man to be elected (in 2010) as President of the World Council of Credit Unions (WCCU). He is also the immediate past President of the Caribbean Confederation of Credit Unions (CCCU).

Today, he’s the Program Director of CariED, a consultancy unit offering related development education to Caribbean credit unions.

Edwards therefore knows the Caribbean and world Credit Union Movement, insideout. Naturally, he also well understands the history and present status of the local credit union movement, gathered under the umbrella of the St. Lucia Credit Union League. His address, also listened to by Prime Minister Stephenson King, transcended everything from then history and beginnings of the SLCSCCU, its governance and management over the years, how it’s changed and the changing climate in which it has to operate today.

Edwards also offered numerous recommendations on how best to strengthen and reinforce the members’ ownership of the sector, as well as proposals on how to tackle the future– from now till 2020–against the background of the various currents affecting the regional credit union movement.

Offering charts, statistics and facts from other jurisdictions, Edwards tabled 12

Melvin Edwards - Program Director, CariED

specific recommendations to consider on planning for and charting the road ahead.

(See article Towards 2020 in this feature section) But it was what he had to tell members about the SLCSCCU that they were most interested in and anxious about. And

Edwards didn’t fail them. Not one bit.

Noting their credit union was built on “a lifetime of love,” Edwards recalled the efforts of “those stalwarts of yesteryear and of today, who have volunteered for the greater good of the many.”

“Throughout the years,” he added, BusinessFocus July / Aug

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FEATURE

“members and keen observers have come to know the Civil Service Credit Union as an institution where truth in savings, truth in lending and truth in advertisement are upheld, where members can access relatively large loans on attractive terms that compete with any bank, and where convenience and service excellence precede sales and profitability.

He said the credit union was “also known as a place where worker morale and productivity are highly valued, disclosure of accurate information due to the Government and the public is taken seriously, and dishonesty and malpractice, including tampering with members’ accounts, are not tolerated—and, I hope, exposed.”

“Above all,” Edwards noted, “prudent financial disciplines are at a premium” and said he was also “very impressed with your ability to control delinquency by keeping it at 3.2% in the two previous years (2009 and 2010); 100% provisioning for Bad and Doubtful Debts, and Institutional Capital kept solid at 16.4%.”

Today, he pointed out, “Double-digit growth has become the norm, to the extent that your membership tripled in ten years (1995-2005) from 3,751 to 10,335 and your assets quadrupled from $24.6 million to $97.3 million.”

The credit union’s assets now stand at over $143.4 million. However, Edwards warned that keeping the double-digit growth record will be challenging in the current period and can be threatened if the credit union does not change with the times and upgrade, expand and extend its services, using available technology and taking new paths to progress.

Stressing the need “to persevere with implementing our fundamental mission of providing co-operate financial services, with the best affordable technologies and expertise, to people who otherwise might not have access to any such services, thereby reducing poverty and creating a community of wealth,” Edwards offered a few tips for consideration.

He made a case for “freeing up some excess liquidity into more good loans, so that the loans-to-assets ratio exceeds 75% instead of the current 66%” and offered recommendations to change the way in which business is done by beginning to “place a high premium on its brand to ensure it becomes synonymous with good BusinessFocus July / Aug

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governance, managerial competence and service excellence.”

Edwards noted the SLCSCCU could offer “more technology-driven quality products” that are also “effectively priced” to meet current and future opportunities. He said there was no reason why the credit union shouldn’t issue its own cheques and member cards, engage in online banking, have its own ATM network, offer savings and loans at attractive interest rates, offer insurance, engage in foreign exchange/ Cambio operations, open more retail locations (like up North) and open for business on Saturdays.

The main speaker also recommended expansion of the credit union’s business outreach, suggesting “Voluntary pursuit of mergers, amalgamations, shared branches and other joint ventures with fellow credit unions to achieve economies of scale, increase access, assume greater financing responsibilities as more citizens place their trust and confidence in credit unions.”

He said such approaches had worked well in several countries, including Dominica, Grenada and Jamaica, where co-operatives have teamed and pooled resources to operate and serve members better.

“In the face of severe challenges and obstacles,” he noted, “competitive credit union thinkers in other jurisdictions have reworked their business model and have adopted new survival mechanisms, while remaining true to the fundamentals of cooperativism.”

He said “partnering” was “crucial” to consider, revealing that under his watch as Chairman of the World Council, “25 international partnerships were established between developing and developed nations, 12 of which have been signed with Caribbean national leagues.”

Edwards said, “examples of strategic and bold leadership and implementation were at work across the Caribbean and the world,” but he remained “more convinced than ever before that the next step for the Caribbean’s credit unions is to become as efficient, productive and profitable as any credit union in Canada, the United States or Poland.”

Concluding his well-received address, Edwards said, “The answer to building a successful credit union anywhere in the world is simply a sound business plan, implemented by professional, dedicated employees who provide quality, effectively

priced products and services to members who have accepted its vision and direction.”

He felt the SLCSCCU was “on the crest of another cycle of exciting strategic change that will transform it into a model credit union by international standards.

“With 2012 already designated by the United Nations as The Year of Cooperatives,” he told the gathered crowd, “we must therefore live the universal creed and, through ‘co-operation among co-operatives’ exemplify the common bond to move forward with integrity.

“But,” he added, “this cannot be achieved without inclusion, loyalty, trust, understanding, pooled investments and growing confidence from you the members, for you constitute the bedrock on which this credit union has successfully survived, grown and modernized its quality products, services, structures and processes.”

Edwards said it was with his certainty that Bob Marley’s assertion that “None but ourselves could free our minds” is valid that he encouraged members to realize that “the road map to a new and exciting future is within your grasp.”

He also said it was with the need for upgrading and accelerating the education of Caribbean credit unionists to prepare them for the tough road ahead that he designed and implemented the idea of an entity of Caribbean Credit Union Development Educators, known as CariDE. Edwards revealed that CariDE “has trained and certified 112 Caribbean credit union leaders in ten short months—six of whom were from St. Lucia.”

CariDE was also developed, he said, “because of the evident urgency for the Caribbean credit union movement to wake up from its Third World habits and transform itself into a first-world system.”

“CariDE’s goal and purpose,” he said, is “Leadership and implementation with a difference” aimed at “building a new cadre of innovative Caribbean Credit Union leaders steeped in the proper interpretation of co-operative philosophy, armed with a solid understanding of Development Planning and committed to undertaking bold initiatives that will upgrade the effectiveness and efficiencies of credit union institutions, and thus change the lives of thousands of members, for the better.” BF

The 7 Golden Co-operative Principles

• Voluntary and openness – membership is open to everyone • Autonomy and Independence • Education, Training and Information • Co-operation amongst co-operatives • Concern for community • Democratic member control • Member economic participation

What does a Co-operative Society do?

• Encourages members to save money • Enables members to get loans from their accumulated savings • Give service instead of making profit • Foster help for each other instead of competing against each other • Promote self-help instead of dependence

Credit Union Facts • St Lucia has 73,343 members of 15 credit unions worth EC$420 million in assets, 72% of which is in loans reinvested in members.

• The CCCU Region (16 English-Speaking countries, Suriname and Curacao) has 360 credit unions owned by 2.1 million citizens and with an asset base of EC$11.5 billion (US$4.26B).

• The World Council speaks for 185 million credit union members in 97 countries across the 6 continents. Aggregated assets = US$1.4 trillion.

Ethical Values • Openness and honesty about what is done and how • Social Responsibility – encouraging taking responsibility for own communities • Caring for others – encouraging support to charities and local community groups

Features of a Co-operative

• It grows • It finds ways to work together and pool resources of members • It uses the resources to help members in the best way possible • It shares benefits among members • It encourages positive activity by providing credit • It fosters better understanding of democracy and ownership

Co-operative Values • Self-help – helping people to help themselves • Self-responsibility – taking responsibility for and answering to our own actions • Equity – fair and unbiased distribution of benefits • Solidarity – sharing interests and common purposes with members and other co-operatives BusinessFocus July / Aug

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FEATURE

The SLCSCCU’s 2011 AGM

Emmerline Monrose Managing Director

Edmund Regis President

Matthew Lafeuille Company Secretary

Adria Sonson Treasurer

An Awesome Manifestation of Ownership An Annual General Meeting of the St. Lucia Civil Service Co-operative Credit Union (SLCSCCU) is no simple meeting. It’s a huge gathering of members from all over the island reflecting the broadest possible gathering of its widest representation – Civil Service employees, government pensioners, former government employees now employed elsewhere, all from urban and rural St. Lucia.

That’s just what happened, yet again, as every year, on Saturday June 18th 2011 when the SLCSCCU held its 30th Annual General Meeting. They came by their hundreds—on feet, by bus and car, from every direction—to the top floor of the NIC building on the Castries Waterfront.

Every available parking space along the entire Waterfront was taken.

Emerging from the elevator, one was confronted by a hive of activity—a line of ladies at computers in the section before the closed conference room, registering participants, issuing documents and ID wrist bands, sharing meal and door prize tickets, asking what colour T-shirts members preferred and guiding them to the entry door.

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The decorated large 5th floor conference room was simply packed. Every chair was taken from wall to wall. And delegates were completely wired in.

They had already been issued with their advanced copies of the minutes of the 29th AGM (held one year to the day earlier on June 19th 2010). They had also already got the 2010 Annual Report containing the President’s Message, the Board of Directors Report, the Treasurer’s Report and other reports from the Credit, Supervisory and Education Committees, as well as a Report from the SLCSCCU’s Delegates to the St. Lucia Co-operative League.

Most were interested, however, in the Audited Report & Financial Statements contained in the back of the impressive document.

In the 2010 Annual report, outgoing President Henry Lubin had already reviewed the progress of the first 50 years and indicated that while the next year will be used to celebrate, observe and acknowledge the achievements, it will also be important “not to lose tomorrow.”

It was clear during the proceedings that

members present were there to attend to their business—review progress, but also to look closely at figures and discuss reports.

From their presentations it was clear that members were all aware of their equal power and right to demand accountability.

Exchanges reflected understanding of the intricacies of co-operative credit union financing and the need for members to be served well, wherever they are.

Prime Minister Stephenson King had acknowledged their successes and invited them to brace for the future while basking in the glow of the past. He’d told them the credit unions here and worldwide had weathered the economic storm resiliently, and proven they were “a shield from the full impact” of the hard times.

Guest speaker Melvin Edwards, a former President of the World Federation of Credit Unions, had taken them through a virtual vision of where they have come from, where they are and where they and their credit union can go tomorrow.

Having perused reports and heard from presenters who were grilled with questions from the floor, the meeting praised and

thanked the retiring directors and moved to elect their next Board.

Like in every election, there were nominations and candidates, resulting in election of the new Directors, who would later, among themselves, elect a President.

The Directors (subsequently) elected Edmund Regis as the new President.

A member of the previous Board of Directors, Regis is the General Manager at the National Printing Corporation.

(Outgoing President Henry Lubin did not seek re-election to the Board).

Delegates spent a day at the NIC Conference Centre taking care of their business. It was a veritable beehive of activity by the large crowd of delegates and representatives of the SLCSCCU’s 13,092 registered members island-wide.

It’s simply impossible to bring all 13 thousand members together in one place, but each knows that every year he or she can attend if desired.

The many persons working at tasks that lasted all day were most busy, and every ounce of strength was drained out of their bodies that Saturday.

What the casual observer would not

have known, however, was that each and every one of them was a volunteer, assisting in ensuring that fellow members get the fullest opportunity to exercise their every right in pursuit of ensuring their credit union continues to grow from strength to strength, year to year.

The entire meeting was a true manifestation of what retiring President Henry Lubin meant when he noted that: “Ours is a co-operative financial institution in which people have voluntarily come together to own, democratically control and operate the organization, principally to promote thrift and provide credit and other financial services to its members.

“Our model brings people together and keeps them at the centre of the business.

It is not a business where capital has come together. Like other businesses, the three fundamental interests of ownership, control and benefits are all present, but unlike the others, all these three interests are directly in the hands of members.

“They should thus understand that their ownership of the credit union is indeed a profound and awesome one.”

From all that happened in the Conference Centre that Saturday, it’s clear they do understand. But it didn’t all just end there.

One week later, the new Directors elected at the AGM met to elect a President from among them. Like every election, there were nominations and candidates, as well as lobbying and canvassing, before the decisive ballot. At the end of the process, Edmund Regis, General Manager of the National Printing Corporation (Publishers of the official St. Lucia Gazette) was the new President, with former Vice President Agosta Degazon retaining that post. Adria Sonson is Treasurer and Matthew Lafeuille is Board Secretary.

Along with the General Manager, Emmerlyn Monrose and fellow administrative staff, the contact persons in the various communities and the volunteers who continue to work invisibly, the newly elected President and Board of Directors are now charged with the historic task of charting the path and navigating their credit union through the waters, calm and turbulent, as it starts its second 50 years. BF

St Lucia Teachers’ Credit Co-operative Ltd. The St.Lucia Teachers' Co-operative Credit Union Ltd, is a co-operative Financial Organization establishment on June 23rd 1984 and registered #45 on August 1986,to assist its members in improving their social and economical well-being.

Strategic Vision A dynamic financial institution delivering valued products and services to members and developing the capacity to cope with the demands of a modern co- operative movement.

Mission Statement "The SLTCC will provide quality products and services to members, encourage member participation in planned activities and together promote the growth and development of the society.

Robert Augustin Building, 29 Riverside Road, Castries Tel:(758)453-2538> Tel: ( 758) 453-2538 / 451-9146 Fax: ( 758) 458-1387 Email. sltcc@hotmail.com, sltcc@gmail.com

Opening Hours: Monday to Thursday 8:00 a.m. to 4:00 p.m.

Fridays 8:00 a.m. to 4:45 p.m. Saturdays 10:00 a.m. to 12:00 p.m.

Closed every 4th Saturday of the Month

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FEATURE

Prime Minister points to transitional challenges and urges Credit Unions to brace for changes and provide the responses

Effective Leadership is Key for Tomorrow!

Prime Minister Hon. Stephenson King

Prime Minister, Hon. Stephenson King has praised the local cooperative movement for its resilience and promised that new legislation, now under consideration, “will reflect the input of all stakeholders.”

Addressing the 30th Annual General Meeting of the St. Lucia Civil Service Cooperative Credit Union (SLCSCCU) on June 18th, Prime Minister King acknowledged the progress made by the credit union in its first 50 years and predicted even better times ahead.

He told the large crowd of members gathered at the NIC Conference Centre on the Castries Waterfront, “Now that your half-a-century has been attained, you do have a great story to tell; and that story will, if your past history is to be used as a yardstick, become even more attractive and persuasive over time.”

He acknowledged the figures behind the union’s success story in its first 50 years “mirrors a loyal and supportive membership base, as well as prudent and conservative management.” Urging members of the credit union to “build on BusinessFocus July / Aug

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the legacy which has been implanted” by the credit unions over time, he said local credit unions, especially the SLCSCCU, “can strengthen this trend by promoting their brands in effective ways.”

Regarding a proposed harmonized Cooperatives Bill that he referred to in his address to the 29th SLCSCCU AGM, he said he was “pleased that the (credit union) sector has reviewed the Bill and submitted its comments to the Ministry of Finance within the mutually agreed time frame.”

Noting that “it is this type of co-operation which will augur well for the future of the sector,” the Prime Minister informed the gathering that “the prescribed consultation which will follow will no doubt contribute towards the implementation of legislation which reflects the input of all stakeholders.”

This new legislative framework, he said, “will be crucial in enabling the credit union movement to continue to evolve, develop, protect the interest of and serve its members on the island.”

The Prime Minister noted that “The credit union is going through and will

continue to go through a period of transition over the next couple of years,” and “this will be difficult for some.

“Doing business will be tough,” he added, “and boards and management will be stretched.”

“There will be increased regulatory and reporting requirements,” he predicted.

Looking further ahead, the Prime Minister noted that “the future continues to hold many challenges, not only from legislative and compliance requirements, but also from uncertain economic conditions.”

“Difficult decisions may have to be made,” he pointed out, “if credit unions want to survive and prosper.”

“Strong leadership from the movement is therefore necessary,” Prime Minister King pointed out.

He concluded congratulating the SLCSCCU for its “positive contribution to the economic and social landscape of our dear country over the past 50 years.”

“You have lived your motto of Caring, Sharing, Growing.” BF

Credit Unions Brace for New Legislative Environment Credit Unions from around the island have met to discuss and prepare for a new Co-operative Societies Bill. A meeting on Wednesday May 25th focused on draft legislation which if passed will create a new and more stringent financial environment for credit unions.

OECS countries have enacted the Financial Services Regulatory Authority which will oversee and regulate all financial services providers around the region putting Credit Unions under the same regulatory body as other commercial financial institutions.

Credit Unions are keen to preserve the credit union philosophy and the principles that have enabled them to survive financial and economic crises.

Critical areas of the proposed Harmonized Cooperative Societies Bill have been scrutinized and out of that exercise will come amendments to be presented to the Financial Services Regulatory Authority.

The Credit Unions expect that there will be full consultation on the bill before enactment. BF

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FEATURE

Members of the Contact Group of The SLCSCCU at a stratergy session

What makes a cooperative credit union different from a bank?

The Big Secret is: The Members!

Want to know the difference between a bank and a cooperative credit union?

Ask Olive St. Ville. She’s the Manager for Member Services at the St. Lucia Civil Service Cooperative Credit Union Ltd (SLCSCCU). Olive knows well the differences and can also spell them out: “You always hear about the numbers – the people – our members and volunteers.

They make all the difference.” What difference? To her, it’s no small difference – and she’ll offer you the comparisons.

“We’re not a bank,” she’ll also tell you, explaining that, “As a cooperative credit union, we are member-oriented.

Our members are our shareholders, beneficiaries, directors and volunteers, BusinessFocus July / Aug

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each with equal rights and access to services. “Our membership is open to everyone with life membership – because once you become a member, you’re a Member for Life.

“We are here to serve our members and we exist to ensure they can benefit from their membership.” Examples: “The SLCSCCU trains some 200 persons every year; our Board of Directors and other Management Committees are made up of members who offer voluntary service to the institution that’s taking care of them.

We have our Contact Persons in every organization where we have more than five members -- and they all volunteer their time.”

“We are there in the communities working with our twinned schools and doing community outreach with school groups and other community organizations. We work through our contact persons to keep members in touch and to bring services to them. We meet at their offices and try to serve them everywhere they are.

“But we are only able to do all this because of the members – the people, the persons, the volunteers behind the numbers who have given and continue to give their time.” Members of the credit union can access loans of any amount, once they qualify, with no limits. Ms St. Ville will tell you that “A member earning a small income can come in and get a $200

loan to buy books for his or her child to go to school, just like someone needing a larger loan for any other reason.”

“Once the plan is prudential and productive,” she’ll point out, “it will be supported.” Another difference – this time a finer one: “Unlike a bank, we have members, but we also have numbers.”

What’s the difference?

She’ll explain, “A member participates in the credit union’s activities – buys shares, attends AGMs, saves, takes loans and participates generally in the activities of the credit union of which he or she is a shareholder. “On the other hand, a member who is only registered and does not take part in the business of the credit union is just a number.”

Another difference: “We’re simply better than a bank at serving our members.

We’re not just about the dollars, but about the people, the members. It’s their welfare that interests us.”

Some 80 students annually receive scholarships island-wide from the SLCSCCU, all the sons and daughters of members. Indeed, the credit union’s largest expenditure is on education activities for members, while part of its outreach is also to help teach financial management at schools.

As Ms St. Ville sees it, “The better financially aware the community is, the better for everybody. By strengthening our members’ education and strengthening our role in helping the community, we are

doing those things that make us different from a bank.

“Again, this is in keeping with one of the seven principles governing a cooperative credit union.” Ms St. Ville won’t let the discussion end, however, without underlining the importance of understanding the differences that make the credit union a successful non-bank institution. She’ll tell you, “Without our members we are nothing. They make us.

They are the credit union. We serve them.

We administer their business for them and with them. They are us and we are them.

“That’s what makes us different. That’s what makes us a cooperative credit union – and not a bank.” BF

ST. LUCIA WORKERS’ CREDIT UNION ST The Oldest Registered Credit Union on St. Lucia REG # 4 22 MAY 1968

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

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FEATURE

The SLCSCCU is advised to do more and better business, to better serve members with projects such as providing more than the annual 80 scholarships to sons and daughters of members

SLCSCCU

A Formidable Financial Force Twenty-three men and women working in the St. Lucia Civil Service came together in 1961 with a plan to establish a credit union.

Those were the colonial days, when West Indians were discussing Federation.

But it was no easy task for the 17 men and 6 women involved. It took all of 11 years before they were able to put their signatures to the registration form for establishment of the St. Lucia Civil Service Co-operative Credit Union (SLCSCU) on 28th September 1972. Fifty years later, those still around must be very proud.

The co-operative has grown by leaps and bounds. In its first 20 years it registered its first thousand members – and its first million dollars; 8 years later (1982 to 1990) it structured and positioned itself by doubling membership to 2,000 – and ten million dollars in assets; by the end of the last 10 years (1991 to 2010) its membership

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stood at an overwhelming 12,614 – and assets of over 139 million dollars.

And it continues to grow: by April 2011, membership stood at 13,092 and assets of over 143 million. (See table).

The figures tell the story of the credit union’s success: It represents 15% of the total credit union membership island-wide; membership has grown over 85% between 2001 and 2010; loans peaked at $10.7 million in 2004; the number of employees multiplied five times in 20 years from 1990 to 2010 and assets grew over ten times (from just over $12 million to over $139 million); loans multiplied nine times (from just over $10 million to over $92 million) and average savings by members grew from $5,506 to $8,485; and over 80% of loans taken by members are for land, housing, furniture, debt consolidation and social needs.

But the SLCSCCU’s standing isn’t only

good at home. At the regional (Eastern Caribbean) level, with $143.4 million in assets at April 30, 2011, it is the third largest financial co-operative in the OECS Union – second only to St. Vincent’s GECCU with $155 million and the NCCU of Dominica with $340 million. And if Barbados’ Public Service Co-operative Credit Union is included, the SLCSCCU is the 4th largest.

When the credit union bought a bank building to establish its present headquarters at the top of Jeremie Street, next to the old Anglican cemetery, a celebrated local musician made waves with a song entitled ‘Makin’ Bread on de Dead’.

His thinking may have been different, but make bread the new credit union location did, allowing it to better serve members across St. Lucia.

Today’s good standing of the SLCSCCU is largely credited to the 10-year period

SLCSCCU PERFORMANCE STATISTICS (1982-2011) - IN EC$

Indicators Members Employees Average Loans Assets Reserves serh aS Savings $000 $000 $000 $000 1982 1985

7,140

1990

9,224

1995

1,375

2000

6,593

02

1,220

158

3,609

476

3,131

1,182

9,617

3,194

08

4,276

10,218

12,017

5,506

19,600

24,600

31 37

1,231

2,600

20,281

6,887

45,142

60,921

5,889

40,880

6,940

57,279

93,663

9,933

69,649

2005

10,035

2010

12,614

43

8,485

92,220

139,427

16,404

107,031

13,092

43

8,286

90,153

143,414

16,927

108,483

2011(APR)

715

SOURCE: Melvin Edwards, Caribbean DE Program 2011 from 1995 to 2005, when veteran Public Servant and former President of the Civil Service Association (CSA) Cyril Matthew and his management team planned and decided to take the credit union to another level—better serving members with better products and services and providing them with better physical facilities. Indeed, during that period double-digit growth

became a norm, with membership tripling from 3,751 to 10,035 and assets multiplied four times from $24.6 million to $93.7 million.

Mr. Matthew and his fellow pioneers of the current credit union success have moved on and made way for the younger generation now serving under General Manager Emmerline Monrose,

an accountant well versed in the union’s figures and tasked with taking the credit union into its next generation – to begin its next 50 years as an institution that will maintain the thrust and become even more of one that’s “Caring, Sharing, Growing” according to its Motto. BF

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FEATURE

Members (and Owners) of the SLCSCCU in a fitness excercise ahead of a meeting to make important decisions for their institution.

Co-operative credit unions offered prescriptions for better capital health

Do Better Business for Everyone With new challenges and opportunities on the horizon, St. Lucian and other Caribbean co-operative credit unions are being encouraged to take new approaches to their business that will see them doing better business in business. Several case studies exist of innovative transfers of engagements, amalgamations and other conversions during the last five years, especially in Dominica, Grenada and Jamaica—all industry-led and league-facilitated.

The Grenada League has coordinated three mergers between weak and strong units. Dominica is an interesting case. Instead of 17 in 2005, Dominica now has 10 Credit Unions, all open-bond. The Central Credit Union (amalgamated in 2007) is now $87M strong and is owned by 9,870 members. Dominica’s National Credit Union—by amalgamating with four rural credit unions—has increased its staff complement by 34 to 109, with assets increased from $40M to $340M and membership increased from 9,500 to 35,500 or 58% of the national total.

Central and National now account for BusinessFocus July / Aug

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73% of the membership and almost 90% of the movement’s assets. The analysts and experts are recommending that St. Lucia’s credit union movement examine its base and structure and take lessons, if needed, from Grenada and Dominica. This is being advised, especially as other non-OECS Credit Unions that are already in a stronger position are expanding their business horizons into St. Lucia.

On June 3, 2011 the Barbados Public Workers Credit Union launched the St. Lucia Branch of CAPITA (formerly CLICO Mortgage and Finance), allowing it to take full advantage of the opportunities for trade in wider financial services under both the CSME and the OECS Economic Union.

Going forward as a competitive, closely knit sector, analysts say, there is really no need for 15 credit unions for a population of 150,000 in St. Lucia. Consolidation, modernized business processes, vastly upgraded financial services and an improved distribution system, using available technology platforms, are being recommended as the way to go.

In face of severe challenges and obstacles, therefore, competitive credit union thinkers in other jurisdictions have reworked their business models and have adopted new survival mechanisms, while remaining true to the fundamentals of co-operativism. They are seen as relevant examples of strategic and bold leadership and implementation at work within our own region as well as internationally.

Today’s professional and enlightened cooperative credit unionists say the next step for Caribbean Credit Unions is to become as efficient, productive and profitable as any credit union in Canada, the United States or Poland.

With 50 years, 30 AGMs and its creditable performance to date, the SLCSCCU and other entities within the local co-operative credit union movement are being encouraged to draw-up and agree on implementing a road map to a new and exciting future that is both within their reach and grasp. BF

Founder Members and Signatories to the Application for Registration to establish the SLCSCCU Felicien C. Robinson Rigney Nelson Madeleine Louisy Emmanuel Lawrence Berinus Jn Baptiste Dorothy Pilgrim Ancelatus Williams Fitz Gerald Louisy Julian Hunte Norman Etienne Emmanuel A. Theodore Leslie A. Neale Frances Clauzel Hilda Osborne Clarence H.C. Daniel Francis Compton Russel Lastic C.A. Blenman Winston R. Mauricette Doris Thomas George W. Delmede Herman D. Boxill Ursula Revenneau

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FEATURE

TOWARDS

12 Pillars

for Caribbean Credit Unions to contend with Mr. Edwards speaking at the SLCSCCU’s AGM

“In addition to the likelihood of an unusual regulatory climate, credit unions in St. Lucia and the Caribbean live in a very different world economy and a seriously deteriorating fiscal and monetary environment. Value Added Taxation (VAT) is imminent and will adversely affect consumer spending and credit union margins. The protracted economic recession is severely undermining the viability of larger financial institutions.

Few credit unions, especially the smaller societies, will survive in this environment if they do not switch from the traditional pattern of operating.

“At the same time, these are and can be exciting and fun times, if credit unions have the genius and capacity to thrive amidst chaos and turbulence.”

That was the essential message from the former World President of Credit Unions, BusinessFocus July / Aug

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Melvin Edwards, as he addressed the SLCSCCU’S 30th AGM on June 18th at the NIC conference centre in Castries.

He made it clear to the large crowd that, “I have no crystal ball,” but offered, “to share with you certain innovative trends and strategies I have observed regionally and internationally among avant-garde credit unions and which are very relevant in the St. Lucian context.”

Said Edwards, “Strategic thinking is largely about what you want to become and where you want to be by the year 2020. If your interest is not to simply do your best but to become the best-run credit union in the Caribbean, then you must jumpstart the future for the SLCSCCU, because that is what will separate the quick from the dead.”

He saw the initial period between now and 2015 as the critical era to change mode

and gears, in which the SLCSCCU and its regional affiliates should develop “a more business-like and bottom-line approach to generate more wealth for its members.”

He urged them to “embrace change and make new sacrifices” to “become the industry leader.”

Edwards offered “twelve pillars” to be contended with in carving out a more relevant future for St. Lucia’s credit unions – especially the SLCCSCU, “mindful of the advent of a more youthful membership.”

1. Reaffirm Identity: We are not a bank, but a financial co-operative and all decisions we take must be primarily in the best interests of the member. Our international philosophy distinguishes us from other institutions and is good for better business.

2. Prudential Discipline: Remain

100% compliant with the International PEARLS Prudential Standards, without any dilution, and achieve no less than Super-Class 1 Rating every month.

3.

Enlightenment: Financial education for all members needs greater investment of resources and effort.

In the absence of financial literacy, members are not able to distinguish needs from wants, to discuss money without discomfort, to plan for the future, to prepare for disasters and respond competently to life events that affect everyday financial decisions.

4. Youth: Smart credit unions are placing major focus on the 20-40 age group for membership growth, increased savings, greater utilization of products and services, leadership training and development, full participation in governance, deliberate inclusion of youths on the board and committees, and making the credit union their premier financial institution.

Lucians.

9. Lobby to transform the policy, legislative and regulatory climate for all co-operatives.

10. Demand nothing less than a sectorspecific regulatory authority staffed with objectively verifiable competencies for oversight and monitoring credit unions as well as other co-operatives.

11. Rebrand your credit union for relevance to the desired future.

12. Business Expansion: Voluntary pursuit of mergers, amalgamations, shared branches, special service organisations and other joint ventures is far more palatable than imposed consolidation. These will achieve economies of scale and scope, increase access, and confer greater financing responsibilities as more citizens place their trust and confidence in credit unions, lower unit costs while protecting jobs. BF

5.

More effective, technologydriven products: Attractively priced, innovative products are vital for meeting current and future growth opportunities.

6. Sales: Strengthen not only service excellence, but adopt more of the sales culture to increase loans and mortgages (no more rationing), expand payment transactions, grow revenue, increase market share and pay higher dividends.

7.

Enterprise Development: Investing in production is vital, but this is a specialized service for which tested models exist. For example, set up an “Angel Fund� to seed youth enterprises in conjunction with the Schools-based Junior Co-operatives and the Junior Achievement Programme. We must also invest more in women-owned and rural enterprises.

8. Capacity: Maximum utilization of technological and human resources will enable SLCSCCU to fast become the preferred financial institution for St.

Strength in

Unity

St. Lucia Co-operative League

Congratulations to the St. Lucia Civil Service Credit Union on the observance of their

50th Anniversary

and wishes them continued Prosperity and Longevity. “Sign up for the Family Indemnity Plan It covers up to 6 family members and it starts at $26.00.

Tel. 758 452 5467

Email. slucll@candw.lc

BusinessFocus July / Aug

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FINANCIAL FOCUS

“StopThinking Small” World Bank Managing Director Tells Region

Managing Director of the World Bank, Dr. Ngozi Okonjo-Iweala, is an optimist.

Hers is a different outlook compared to the perspective of bankers around the planet who for years have been predicting end-of-days scenarios about the world’s economy.

Okonjo-Iweala was in Port of Spain, Trinidad in the first week of June 2011 for the 12th William G. Demas Memorial Lecture at the invitation of the Caribbean Development Bank as it hosted its annual Board of Governors meeting.

Discussing the economic times ahead for Caribbean countries, she argued that her purpose was not to lay out the pessimistic view about the prospects for Caribbean countries.

“This is really the theme of my talk: your challenges - smallness and insularity and uncertainty - can also be your opportunities.”

Structural challenges and slow recovery was one of the challenges facing the Caribbean, Okonjo-Iweala said.

“Over the past couple of years, the Great Recession has not spared the Caribbean countries. GDP growth of all the Caribbean countries fell from six per cent per year in 2006-2008 to almost zero in 2009. Worse still the recovery has been sluggish. The World Bank estimates growth at 3.5 per cent in 2010-12, compared to 4.5 per cent for the main countries of Latin America.

“Perhaps more worrying are the longerterm trends, which pre-date the Great Recession. To put it simply: countries in the region have not been keeping pace with growth rates in emerging markets around the world.”

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Dr. Ngozi Okonjo-Iweala

Not all countries in the region are alike, she noted.

“Guyana and Trinidad and Tobago are resource-wealthy, commodity-based economies, whereas Barbados and the Eastern Caribbean countries are largely service driven economies. Several countries have high income per capita above US$20,000 for the Bahamas, while Haiti is one of the poorest and most fragile countries in the world. Some countries did better in terms of growth in the 1980s and others in the 1990s. There are also large differences in terms of population as the Caribbean is home to some of the world’s smallest states, such as St Kitts and Nevis, which has a population of 50,000.

“However, in many ways, most of your countries face the same structural disadvantages of small states and islands.

Spelling out these disadvantages can be overwhelming.”

She said small size means an inability to generate the economies of scale that are driving growth in many cities and countries around the world.

“You are familiar with these challenges.

But tonight I want to stress them because the world we live in is increasingly uncertain. By one count, there were 150 crises per year in the 1980s and there are now over 370 per year. That is, on average, one every single day - crises of all types from economic to natural disasters!”

But she said there were also opportunities for the Caribbean.

“First opportunity: your brand. Who does not know about the Caribbean? Its location, its geography, its beaches, its natural habitat, its culture, and its historical links to Europe and North America are what make the region unique. For many people around the world, the Caribbean is associated with beautiful images, and positive thoughts.

“The Caribbean brand is precious because, given all the challenges of being islands, this brand is the main reason why investors would be willing to pay a premium to offset the lack of economies of scale,” she said.

There is an opportunity to develop new product lines based on a regional brand.

“For that, you will need to define what you want to be known for. Higher-end tourism has been identified as a major area of emerging opportunities for the Caribbean region. This includes adventure tourism, nature-based tourism, cultural tourism, meetings and conferences, and community tourism,” she said. BF

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BusinessFocus July / Aug

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FINANCIAL FOCUS

Mentorship:

Key to Caribbean Economic Growth Mentorship is a key element of a thriving economy, according to the head of a Barbadian Venture Capital Fund.

Dr. Basil Springer, Project Manager of the Barbados Entrepreneurs’ Venture Capital Fund (BIM Ventures), believes successful mentorship relationships are essential for propelling economic growth in Barbados and the Caribbean, and is pleased with the results of advocacy efforts to place this issue on the front burner.

Global statistics, asserted Springer, reveal 80 to 90 percent of start-up businesses fail within the first few years of operation. These collapses, he argues, are due to the failure of at least one of the basic business functions - corporate governance, marketing, operations, information communications technology, human resource development or finance.

“If you ignore this fact the business failure rate will not be improved. If you introduce a shepherding process (an enhanced form of mentoring), then we mitigate the risk of business failure,” declared Dr. Springer, who designed the now popular CBET Shepherding Model™.

The Model is a risk mitigation tool designed to create sustainable and profitable businesses. One of its key components is the presence of a shepherd (mentor) who advises the entrepreneur about essential aspects of business development.

BusinessFocus July / Aug

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Dr. Basil Springer of BIM Ventures

Shepherding then lays the foundation of a business and focuses on revenue generation from the start of operations, Springer contended. “The shepherd works with the entrepreneur to develop revenue earning systems, a business plan and a road map which includes estimates of the capital required to successfully implement the plan.”

The BIM Ventures pilot in Barbados, now in its second year, is monitoring the development of 10 start-up enterprises which feature an entrepreneur whose idea has the potential to generate foreign exchange and quick access to capital to support the development of the idea.

“I am thoroughly convinced that shepherding is a requirement for venture capital funding,” asserted Dr. Springer, who has counselled businesses and

international development organizations for the past four decades.

At the November 2010 Barbados Entrepreneurship Foundation (BEF) Summit, organizers noted that there were low levels of trust among entrepreneurs and potential mentors, limited focus on helping entrepreneurs build confidence and overcome fear, and no celebration of the success stories of home-grown entrepreneurs.

“They were right, but we are pleased to see this changing,” responded Dr. Springer.

“At BIM Ventures, we have built a family environment nourished by bi-monthly soirees which build trust and induce synergies. The shepherd/entrepreneur relationship is a smart partnership which builds confidence and overcomes fear. We have turned the corner,” he reported.

Barbados Business Enterprise Corp.

(BBEC) is a public/private sector partnership with the Caribbean Business Enterprise Trust (CBET) Inc. It manages the Barbados Revolving Seed Capital Fund and the Barbados Entrepreneurs’ Venture Capital Fund. BBEC is a virtual organization that focuses on promoting economic development in Barbados.

The trustees are respected Barbadian business and development experts: Sir Neville Nicholls (Chairman), Sir Stephen Emtage, Peter Boos and Hazel Highland.

BF

BusinessFocus July / Aug

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FINANCIAL FOCUS

Surviving a

Recession

By Harvey H. Millar, Ph.D., P. Eng.

What is a recession you ask? Well, economists generally define a recession as a reduction in Gross Domestic Product (GDP) over two successive quarters. In essence, economic activity is reduced and we have a contraction of the business cycle. Signs of a recession are manifested in reduced GDP growth, contraction in home prices, loss of employment, and loss of wages, decreased consumer spending, and so on. Recessions can fuel consumer panic causing further deepening of the recession, leading to the possibility of an economic depression.

Surviving a recession requires action on the part of several key dimensions of the economic system (government, businesses, banking institutions, consumer behavior, suppliers, etc.)

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The prospect of survival depends on whether these various elements can act in concert to bring about synergy. The unfortunate reality is that each element typically acts to protect its own set of interests. Banks stop lending; employers layoff workers to reduce costs; creditors foreclose on defaulters; consumers stop spending and begin saving for a rainy day; governments raise taxes; suppliers stop supplying; and the list goes on.

The confluence of these mixed actions exacerbates speed of recovery. These actions are nowhere near optimal for the goal of economic recovery. However, once the jitters settle, we hope we will eventually return to a point of normalcy.

In terms of broad macro economic strategies, there are those who advocate

significant government spending to “bang start” the economy through job creation.

There are those who believe in tax cuts – the poor will spend and the rich will invest.

There is also the “do-nothing” group that advocates market self-correction.

So what is a small businessperson to do amidst the chaos? A single word comes to mind: FOCUS! Here are a few ideas that may provide a reason to pause for thought.

Focus on your most valuable customers.

We are talking about trimming the fat.

Here is a case where the 80/20 rule applies.

Typically, 20% of your customers drive 80% of your revenues. Identify their needs and find ways to continue to serve them effectively. It is likely that they will remain with you during and after the recession.

Focus on the services that deliver the most value. It may be necessary to temporarily scale back some of your services. Services with low marginal contribution to the bottom line should be reviewed unless they are loss leaders.

Remember services consume inputs and inputs costs money.

Focus on maintaining a solid cash flow.

Reduce the level of credit or tighten credit terms for “low value” customers. Provide incentives for cash payments in cases where much of the business is done via credit transactions.

Focus on identifying new needs triggered by the recession. Explore the possibility of providing products or services that satisfy these needs. Note that these needs may change once the recession is over. Hence your company must have the agility to provide the service quickly and eliminate it if necessary.

Focus on investments that will assist in positioning the company well for the post-recession period. This is the look-ahead approach. Things won’t be

bad forever. Investments in technology upgrades, worker retraining, equipment, etc. should be carefully evaluated with a view to taking advantage of the growth that will eventually follow a recession. In other words, don’t put all of your eggs in the short-term basket.

Focus on maximizing the value of the downtime of your human resources. With the slowing of business, some “short-term thinking” employers see the opportunity to cut costs through layoffs. Your human resources can be put to effective use fixing processes and systems. They can be put to work identifying, designing and testing new products and services. They can be used to help clean up the business – give it a facelift both internally and externally.

Focus on identifying business-tobusiness (B2B) opportunities that do not require exchange of funds. In other words, search for opportunities to exchange needed services. That preserves cash while getting much needed work done.

Focus on remaining positive and hopeful. The lack of faith and hope is

equally a business killer as bad business decisions.

Try to inspire both your customers and your employees to keep the faith while riding out the storm.

Recessions will come and go due to the imperfections in a capitalist system.

Hence it is crucial for a business to have a recession strategy that is rooted in a grounded philosophy. Instead of acting as an individual, businesses should seek to act as a collective and find ways to support each other. If each business acts to protect only itself, the benefit of resilience that is derived from recognizing our ecological interdependence will be hard to come by.

Keep the faith and maintain a relentless FOCUS on thriving in the future. BF About the Author Harvey Millar is a full-professor of Operations Management in the Sobey School of Business at Saint Mary’s University and a management consultant with Logix Consultants limited. He can be reached at harvey.h.millar@gmail.com.

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BIZZ BUZZ

New Animation Centre Breaks New Ground

Our Planet Centre, a state-of-the-art, veryfirst-of-its-kind in the world, has been receiving rave reviews as an animation centre of the future.

Located at La Place Carenage on Jeremie Street, the highly interactive centre is based on cutting-edge technology and seeks to promote awareness about conserving the earth’s environment – beginning right here in Saint Lucia.

Executive Director, Sarah Adams says the recently formed organisation believes that “Saint Lucia, with its largely unspoiled beauty and environment, is the ideal place to begin the movement of saving the earth.”

The centre currently occupies the two top floors at La Place Carenage, replacing the Desmond Skeete Animation Centre.

The highly interactive and technologically savvy centre is fully staffed by nationals and currently employs about 18 Saint Lucians. It also sports a host of unique features, many being the only ones in the world.

It has the biggest mirror-sphere in the world; boasts a hologram of Prince Charles BusinessFocus July / Aug

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that was recorded specifically for Saint Lucia; and there’s also a “NASA Room” boasting features built by NASA especially for Our Planet Centre in Saint Lucia.

Every evening, like clockwork, NASA downloads information to the centre, ensuring that the island is up-to-date on the latest trends in weather patterns around the world, tracking earthquakes, tsunamis and the formation of hurricanes.

Our Planet Centre also boasts several firsts for Saint Lucia – two snow machines that will allow patrons to view Castries Harbour through a snowstorm; several huge touch screen, fully computerized game boards that will allow visitors to the centre to learn about protecting the environment; a hurricane room; a fully equipped movie room complete with lasers, smoke and wind machines that simulate the experience of being caught in a storm; and an interactive floor that patrons can walk onto as it teaches them about the endangered species of Saint Lucia.

The multi-million dollar centre, funded primarily by the German Government with

support from other overseas corporations such as Marks and Spencers and the Hilton Group of Hotels, also receives support from the Saint Lucia Air and Sea Ports Authority (SLASPA), among other local and foreign entities.

The idea of Our Planet was conceptualized by Executive Directors Sarah Adams and Pablo Rosenthal, who are on hand at the Jeremie Street Centre to explain their passion for conserving the earth’s environment, a little at a time.

Our Planet Centre in Saint Lucia is the first of its kind in the world, but the creators intend to establish similar centres in other Caribbean Islands, Central America and the United States.

Our Planet Centre targets all Saint Lucians, but especially students, as it can also be used as a teaching tool for educators on the island.

The centre will also vigorously target cruise ship visitors during the tourist season, to better explain the fragility and importance of the earth and its significance to mankind. BF

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• Fully stocked bar & complementary snacks • Tastefully outfitted with comfortable furnishings • Located within the Departure Lounge after security checks • Wireless Internet • Fax service • Card Swipe Telephone • Cable Television • Flight Information Display Monitor • Duty-free Shopping • Local and international magazines • Smokers’ Gallery • Personalized Customer Service by professionally trained staff BusinessFocus July / Aug | 83 • Iyanola Executive Lounge, Hewanorra International Airport, P.O. Box 373, Vieux Fort, Saint Lucia, W. I. • Tel: (758) 454 - 8556, Fax: (758) 454 – 5581 • Email: marketingdepartment@slaspa.com

BIZZ BUZZ

Dennery

as St. Lucia’s ‘Garment Capital’?

Government and Union would both like to see a return to the Belle Fashions times

The Government of St. Lucia would like to see the village of Dennery as the island’s ‘garment capital.’ That’s the word from Prime Minister Stephenson King.

The village, located on the island’s east coast, was once home to Belle Fashions, a US-owned garment factory that operated for many years, and provided employment to hundreds from all over the island. But the factory fell on hard times shortly after 2000 and the American owners closed down and pulled out.

Political parties and trade unions have espoused the need for possibly reactivating the factory, to provide employment as well as to revive the industry in its original home village.

The National Workers Union (NWU), which represented the Belle Fashions workers, recently called for re-establishment of the factory. The union recommended that the government make the factory viable by designating it as the manufacturer of government workers’ uniforms, as well as uniforms for the police and other security services.

The Prime Minister’s expression of interest in seeing the village become “the island’s garment capital” is in line witht he union’s thinking, but there’s no indication as yet that the two sides are working in concert to fructify the proposal.

Union sources say they were encouraged by the Prime Minister’s declaration, and were waiting to see to what extent it will be developed.

There was no indication in the Prime Minister’s declaration as to whether the plan was to restore the old Belle Fashions entity, or to use the premises for a new start. Nor was there any indication as to whether any new thrust would involve the former Belle Fashions workers, many of whom remain unemployed.

Belle Fashions garment workers sent home after the factory closed down benefitted from some assistance from the previous BusinessFocus July / Aug

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Labour Party administration, after ruling party MPs agreed to devote their earnings from a salary review to the workers.

Thousands of dollars were distributed to the dismissed workers, but their cause continued to be promoted by their former union.

Now the workers are listening to hear more about the government’s plans, to find out whether the plan to revive the garment industry in Dennery will be launched before or after the next

general elections. BF

Businesses

donate duplicators to schools

RISO Latin America Incorporated, the world’s leading manufacturer of digital duplicators and high speed colour printers, in conjunction with J.E. Bergasse and Company Limited has donated ten RISO RZ220 duplicating machines to schools across the island.

The schools selected lost equipment as a result of the passing of Hurricane Tomas.

Anthony Bergasse, Managing Director, J. E. Bergasse & Company Limited said, “J.E. Bergasse remains committed to social responsibility and assisting the youth of Saint Lucia and after Hurricane Tomas thought it necessary to contact our partners at RISO Latin America Incorporated to assist schools which needed replacement machines.” This is the first activity for the year under the J.E. Bergasse’s Social Responsibility Programme, Y.E.S. - Youth Empowered to Shine.

This is an ongoing initiative to strengthen society by assisting in youth development. BF

Government announces plans to boost yachting’s contribution to economy

St. Lucia has big plans for yachting – big plans to highlight its contribution to the economy and to increase its popularity among St. Lucians.

Yachting was traditionally seen and treated here as a sport exclusive to only the rich and famous. But all that’s changed now, with more St. Lucians involved in yachting at various levels -- from owner to captain to crew.

The changes came rapidly over the past 20 years, especially with St. Lucia as the end-game destination for the annual Atlantic Rally for Cruisers (ARC), the world’s largest yacht race across the Atlantic. But the building and expansion of the island’s main marinas at Rodney Bay, Marigot and Soufriere also contributed to the growth and expansion of the yachting industry.

Interestingly, yachting was treated as a sub-sector of the shipping and tourism industries. But today moves are afoot to ensure it is recognized as a sub-industry within tourism and shipping that contributes significantly to the economy and has much potential. The figures tell the story: In 2010, 32,052 yachts anchored at Rodney Bay, while 10,259 went to Marigot Bay (figures are not available for Soufriere). It means a total of 42,311 yachts called here last year, with 8,446 calling at both Rodney Bay and Marigot. It is also estimated that yachting earned St. Lucia $60 million in 2010. With these sorts of figures, the St. Lucia Tourist Board and the Ministry of Tourism are aiming at boosting yachting’s contribution to the economy.

A special yachting desk has been established at the Tourism Ministry, while the Board is targeting regional and international boat and yachting trade shows. Efforts are also under way to continue to sensitize the various departments catering for yachting to understand its full contribution and potential.

The rapid development of the Rodney Bay marina into the island’s major yachting haven has helped tremendously. Now, IGY Rodney Bay, which manages the island’s best known marina, exists as a welcome port for yachts from the world over, with facilities all on hand to encourage long and longer stays.

Marigot Bay has also upgraded over the years into the island’s next best known marina and has its own characteristic as a ‘Hurricane Hole’ – a sheltered harbour and safe haven for yachts from hurricanes.

Yachting has indeed been revived in St. Lucia. The St. Lucia Yacht Club has survived the times and is again a lively place for the yachting fraternity, with regular social activities planed almost weekly. The Yacht Club is also developing an interesting junior yachting cadre, with young men and women (boys and girls) being encouraged, to not only learn to sail here, but also to participate in races neighbouring Martinique and beyond.

The hope is that St. Lucia will also now become a destination for registration of yachts (and ships), which is another lucrative aspect of the industry being undertaken in neighbouring islands (St. Vincent and Barbados included).

The yachting desk established at the Ministry of Tourism is also aimed at making it easier to clear arriving yachts, which can itself encourage them to return.

The Tourist Board and the Ministry of Tourism have twinned their resources and efforts to put yachting higher up on the national tourism, shipping and national economic agenda, with the hope that its contribution next year will go way beyond the $60 million the island earned overall in 2011. BF

Financial Services

All under one roof!

The Financial Services Sector has been growing steadily in St. Lucia over the past decade.

Originally loosely referred to as the “offshore banking” sector, it saw a rush to register new businesses here when the island became an accepted jurisdiction. Initial hiccups overcome with time, the sector came into being with several local law firms establishing specialty services to those wishing to engage in fiduciary and other financial services here.

St. Lucia’s general efforts into uncharted waters were originally coordinated from the Castries Waterfront location of Pinnacle St. Lucia, which was based on the bottom floor of the NIC building.

The local banks, starting with the Bank of St. Lucia (BOSL) then started offering financial services. Today, however, all the various financial services can also be garnered from one location: the Choc Bay Financial Services Centre.

Unmarked but unavoidable, the centre pools all the various financial services under the same roof, with experts at hand to guide the investor along. The growth of the financial services industry has been certain but quiet. But the best indication that it’s growing is in its relocation from a rented section of a downtown building to having all its services being offered under one roof of its very own. BF BusinessFocus July / Aug

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HEALTH & WELLNESS

Health & Wellness Retreat to be held in St. Lucia

In response to market demand for vacation experiences which promote healthy lifestyles, the town of Soufrière will welcome a brand new health and wellness retreat later this year.

Tourism Minister, Senator Allen Chastanet announced plans for the first Health and Wellness Retreat from November 17th to 20th, 2011.

The organizers say the retreat will feature workshops and “wellness experiences” by some of the world’s foremost experts in yoga, feng shui, art and cuisine in the island’s west coast town, which Chastanet described as “The Eden of the Caribbean.”

The retreat was announced alongside preparations to build a landmark destination spa at the Sulphur Springs, the island’s world-famous drive-in volcano, which offers visitors therapeutic mineral baths.

“Soufrière was chosen, in part, because of the number of world-class spas in the town; and we are pleased that our hotels and resorts are onboard for the retreat,” said Chastanet.

He added that the Health and Wellness Retreat will promote a wide variety of approaches to enhance healthy minds and healthy bodies through nature trail hikes, bicycle rides and other speciallydesigned experiences.

“Soufrière is natural, authentic and exotic and we could not think of a better destination within Saint Lucia to produce this retreat,” said the minister.

The Health and Wellness retreat is being produced by the Soufrière Foundation, in partnership with Soufrière’s resort community, and in concert with the Saint Lucia Tourist Board (SLTB). BF BusinessFocus July / Aug

| 86

Where Medical & Spiritual Needs Co-exist In this fast-changing world, medical and spiritual needs are often treated separately, but many people are learning quickly, that the two go hand in hand.

A healthy body with a healthy mind is the best medicine for a life of happiness – and the people at Healing Waters know that very well. Hence the name of the island’s only pharmacy where Good Health meets God’s Help.

This pharmacy is indeed a fountain of healing waters for both our medical and spiritual needs —where the good health of body and mind become singularly wholesome.

This multi-service pharmacy offers a wide range of products: prescription and non-prescription medicine, health supplements, foods and products, as well as toiletries.

There is also a long line of spiritual food for the mind: Bibles, prayer shawls, religious resources, inspirational books and DVDs, music and worship resources, as well as classic DVDs and CDs. But that’s still not all. There is one vital product unavailable at other pharmacies that is always on offer: FREE COUNSELING. (Yes, free counseling!)

At healing waters, the experienced pharmacist takes time out to attend to what matters most to the customer or client. Staff too, are as genuine and caring as they are competent.

You always have a wide choice of pharmacies to choose from, but none other than Healing Waters will offer you the double guarantee of attending to both your medical and spiritual needs.

It’s what you may very well call a ‘win-win pharmacy’.

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BusinessFocus July / Aug

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HEALTH & WELLNESS

DIABETES MELLITUS

By Dr. Tanya Destang-Beaubrun

PREVENTION OF DIABETES

Simple lifestyle changes implemented into your daily routine may help you avoid the serious health complications of diabetes.

These include: dietary changes, increased physical activity and maintaining a healthy weight.

Exercise:

Studies have shown that for every 500 kcal burned weekly through exercise, there is a 6% decrease in relative risk for the development of diabetes. This data is from a study done in men who were followed over a period of 10 years. By increasing exercise, the body uses insulin more efficiently - for up to 70 hours after the exercise period has occurred. Thus exercising 3-4 times per week would be beneficial in most people.

The benefits of Exercise include: • Weight loss • Lowering of blood sugar •Boosts the sensitivity to insulin — which helps keep your blood sugar within a normal range.

BusinessFocus

July/Aug

| 88

– PART TWO

Research shows that both aerobic exercise and resistance training can help control diabetes, but the greatest benefit comes from a fitness program that includes both.

Weight Loss:

In patients at risk for diabetes, weight loss can improve insulin sensitivity, delay, and even prevent progression to type 2 diabetes. In patients with overt diabetes, weight loss has been shown to play a tremendous role in improving blood sugar control.

Diet:

Dietary changes include increasing the fiber intake which may help in the following ways: • Reduce Diabetes risk by improving your blood sugar control • Lowering risk of heart disease • Promoting weight loss by helping you feel full Foods high in fiber include fruits, vegetables, beans, whole grains, nuts and seeds. Although it’s not clear why,

whole grains may reduce your risk of diabetes and help maintain blood sugar levels. Try to make at least half your grains whole grains.

Smoking:

Smoking more than 20 cigarettes a day can increase your risk of developing diabetes to more than three times that of non-smokers. The exact reason for this isn’t well understood. It may be that smoking directly decreases the body’s ability to utilize insulin. Moreover, it has been observed that after smoking, blood sugar levels increase. Finally, there is also an association between smoking and body fat distribution - smoking tends to encourage the “apple” shape - which is a risk factor for diabetes.

The American Diabetes Association recommends that testing to detect prediabetes and type 2 diabetes be considered in adults without symptoms who are overweight or obese and have one or more additional risk factors for diabetes.

In those without these risk factors, testing

should begin at age 45.

Risk factors for pre-diabetes and diabetes—in addition to being overweight or obese or being age 45 or older—include the following: • Being physically inactive • Having a parent, brother, or sister with diabetes • Having a family background that is African American, Alaska Native, American Indian, Asian American, Hispanic/Latino, or Pacific Islander • Giving birth to a baby weighing more than 9 pounds or being diagnosed with gestational diabetes—diabetes first found during pregnancy • Having high blood pressure—140/90 mmHg or above—or being treated for high blood pressure • Having HDL, or “good,” cholesterol below 35 mg/dL, or a triglyceride level above 250 mg/dL • Having polycystic ovary syndrome, also called PCOS • Having impaired fasting glucose (IFG) or impaired glucose tolerance (IGT) on previous testing • Having other conditions associated with insulin resistance, such as severe obesity or a condition called acanthosis nigricans, characterized by a dark, velvety rash around the neck or armpits • Having a history of cardiovascular disease If results of testing are normal, testing should be repeated at least every 3 years.

Doctors may recommend more frequent testing depending on initial results and risk status.

Management of Diabetes:

Once the diagnosis of diabetes has been made, management involves a multidisciplinary approach involving a diabetes care team. This includes the healthcare provider and their staff, as well as specialists in foot care, neurology, kidney diseases, and eye diseases. A professional dietitian and a diabetes educator also may be part of the team. In some cases, strict lifestyle changes as discussed before may be all that is necessary. In other cases, it may be necessary to start medication.

The treatment of diabetes is highly individualized, and depends on a number of factors including:

• The type of diabetes • The presence of other active medical problems • The presence of complications of diabetes • The age and general health of the patient at time of diagnosis The healthcare provider will usually set goals for lifestyle changes, blood sugar control, and treatment. Together, the patient and the healthcare provider will devise a plan to help meet those goals.

Management of Type 1 Diabetes:

Treatment of diabetes almost always involves the daily injection of insulin, usually a combination of short-acting insulin and a longer acting insulin.

Insulin must be given as an injection. If it were to be taken by mouth, insulin would be destroyed in the stomach before it could get into the blood where it is needed.

Most people with type 1 diabetes give these injections to themselves. Even if someone else usually gives the patient injections, it is important that the patient knows how to do it in case the other person is unavailable.

A trained professional will usually show the patient how to store and inject the insulin.

Insulin is usually given in two or three injections per day, generally around mealtimes. Dosage is individualized and is tailored to the patient’s specific needs by the healthcare provider. Longer acting insulins are typically administered one or two times per day. It is very important to eat if the patient has taken insulin, as the insulin will lower blood sugar regardless of whether they have eaten or not. If insulin is taken without eating, the result may be hypoglycemia, commonly called an insulin reaction.

It is important to note that there may be an adjustment period while the patient learns how insulin affects them, and how to time meals and exercise with insulin injections to keep blood sugar level as even as possible.

Keeping accurate records of blood sugar levels and insulin dosages is crucial for the patient’s diabetes management.

Eating a consistent, healthy diet appropriate for the patient’s size and

weight is essential in controlling blood sugar level.

Management of Type 2 Diabetes:

Depending on how elevated the patient’s blood sugar levels are at the time of diagnosis, they may be given a chance to lower blood sugar level without medication. These include lifestyle changes discussed above and will generally be tried for three to six months.

The blood sugar levels will be rechecked after these changes have been implemented. If levels remain high, the patient will be started on an oral medication to help control blood sugar levels. Even if the patient is on medication, it is still important to eat a healthy diet, lose weight if they are overweight, and engage in moderate physical activity as often as possible.

It is important to monitor the patient’s progress on medication very carefully at first, and to get just the right dose of the right medication to get the blood sugar level in the recommended range with the fewest side effects. Sometimes it may be necessary to combine two types of medications to get blood sugar level under control.

Gradually, even people with type 2 diabetes may require insulin injections to control their blood sugar levels.

It is important to note that the diagnosis of diabetes is not a life-sentence. Lifestyle changes as already discussed, as well as compliance with the instructions of a Diabetic Care Team, can allow the patient to live a long life with few complications.

The patient needs to get to know their body as well as their disease so that potential complications can be picked up early.

About the Author

Dr. Tanya Destang-Beaubrun, MBBS (U.W.I), IBCLC, is the Director of Integral Health Care Medical Clinic at the Rodney Bay Medical Centre where she works as a Family Practitioner and Lactation Consultant. For more information, please contact her at (758) 452 8621 or (758) 45-DOKTA (36582) http://www.rodneybaymedicalcentre.com BusinessFocus July/Aug

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events 2011

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.

CARILEC ENGINEERS CONFERENCE 24 - 27 July, 2011, Curacao Miami Beach Conven on Center, Miami, Florida FIME, the annual interna onal medical equipment expo will be held in Miami. The largest variety of supplies on display. A must for any cu ng-edge medical supplier.

For further info: www.fimeshow.com

CARILEC HUMAN RESOURCES MANAGEMENT CONFERENCE 25-28th October 2011, Dominica This conference is specifically geared at targe ng human resource personnel who are func oning in a senior or managerial capacity in their company. The conference provides stakeholders with the opportunity to examine issues rela ng to the competency needs and the skills sets required to func on effec vely in a modern work environment. Special emphasis will be placed on strategies adopted by the par cipa ng companies in integra ng their technical, human, ins tu onal and technologically skilled workers.

FIME 2011 10-12 August, 2011 Miami Beach Conven on Center, Miami, Florida FIME, the annual interna onal medical equipment expo will be held in Miami. The largest variety of supplies on display. A must for any cu ng-edge medical supplier.

For further info: www.fimeshow.com

DESIGN CARIBBEAN (FORMERLY THE CARIBBEAN GIFT & CRAFT SHOW) 1-4 September, 2011 Santo Domingo, Dominican Republic Design Caribbean presents a unique opportunity to introduce your product to buyers and the media.

We guarantee exposure by providing interested par es with informa on on all products exhibited.

Products will also be photographed and the photographs featured on our website and other promo onal material.

In addi on to providing a market place for your products, Design Caribbean creates an opportunity to exchange informa on about products and marke ng.

For further info: www.designcaribbean.com

LA CUMBRE 2011 – THE AMERICAS INDUSTRY SUMMIT 7th – 9th September 2011 Las Vegas, USA La Cumbre, The Americas´ Travel Industry Summit is an annual, dynamic, must a end, three day event, where you can discover a diverse range of exhibitors from the travel & tourism industry and meet with the leading interna onal travel professionals.

For further info: www.lacumbre.com

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events 2011 GUYEXPO – GUYANA’S LARGEST TRADE & MANUFACTURERS EXPOSITION End of September 2011 Na onal Exhibi on Complex, Sophia, Georgetown, Guyana GuyExpo is the premier exposi on and trade fair offering business associates the opportunity to meet, network and nego ate with interna onal companies and establishments, as well as showcase their skills, talents and crea ve works.

This annual event provides a pla orm for both local and foreign businesses: importers, exporters, retailers, wholesalers. It fuses together a wide cross sec on of producers of handicra , furniture, garments, jewellery, and hor culture, pharmaceu cals, tourism, informa on technology and most of all our culture. This ideal se ng provides the opportunity for businesses to increase their compe veness and efficiency and foster growth.

18th ANNUAL FCCA CRUISE CONFERENCE & TRADE SHOW 3-7 October 2011 , San Juan, Puerto Rico For many cruise execu ves, des na ons, suppliers and tour operators, the annual FCCA Cruise Conference & Trade Show is the premier industry event of the year to meet with key industry players, analyze trends and discuss current issues. It is because of the unique forum provided by the Conference that nearly 1,000 cruise industry partners, including approximately 100 cruise execu ves, a end each year.

For further info: www.f-cca.com

THE CARIBBEAN RUM & BEER FESTIVAL 2011 28-29th October 2011 If you want to experience a range of outstanding, world-class rum and beer products then this is the event for you. During the 2-day event dis lleries, breweries and distributors are invited to set up stalls and promote their products by providing patrons with the opportunity to sample and purchase a host of diverse rum and beer beverages. These same companies also vie fiercely for the Gold, Silver & Bronze 2011 Caribbean Alcohol Beverage (CAB) Awards.

For further info: www.rumandbeerfes val.com/

GULF & CARIBBEAN FISHERIES INSTITUTE – 64th ANNUAL MEETING 31st October – 4th November 2011, Puerto Morelos, Mexico The 64th GCFI will be comprised on oral sessions and poster sessions. All oral presenta ons will be simultaneously interpreted into English and Spanish (French is pending). The keynote presenta on will be on “Conspicuous consump on and the hidden costs of luxury seafood”. Other sessions & workshops will be on “Integra ng management of wetlands, mangroves& coral reef ecosystems for conserva on” and “Invasive Lionfish control and management”.

For further info: www.gcfi.org

CAIB’s 38TH ANNUAL GENERAL MEETING & CONFERENCE 16-19th November, 2011, Paramaribo, Suriname Caribbean Associa on of Indigenous Banks, Inc (CAIB) is a community of locally incorporated/owned banks and other financial ins tu ons in the Caribbean/CARICOM Region, which provides opportuni es for discussion on issues impac ng the indigenous banking/financial services community as well as for the sharing of experiences and networking.

For Further info: www.caibinc.info

WORLD TRAVEL MARKET 2011 7th – 10th November 2011, ExCel, London, UK Staged annually in London, World Travel Market - the leading global event for the travel industry - is a vibrant must a¤end four-day business-to-business event presen ng a diverse range of des na ons and industry sectors to UK and Interna onal travel professionals. It is a unique opportunity for the whole global travel trade to meet, network, nego ate and conduct business. By a¤ending World Travel Market, par cipants efficiently, effec vely and produc vely gain immediate compe ve advantage for their business and stay abreast with the latest developments in the travel industry.

For further info: www.wtmlondon.com BusinessFocus July / Aug

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MAJOR MOVES

Anderson Soomer was recently appointed the Business Development Manager for the Financial Investment & Consultancy Services Limited (FICS). He is responsible for strategic business development, seeking out new business prospects, networking and developing relationships with new and existing retail & institutional clients, with specific focus on investment management, capital markets and Eastern Caribbean Securities Exchange (ECSE) brokerage. Anderson is also the Registered Representative/Trader of the new Brokerage Operations of FICS. He has completed several courses in financial and investment planning, and has also attended a wide range of training programs in Customer Service, Back Office Management, Risk Management, AntiMoney Laundering, Wealth and Financial Management and Transformational Coaching.

Anderson has over twelve years of experience in the Banking and Finance industry, obtained in previous stints at the National Commercial Bank, Bank of Saint Lucia and First Citizens Investment Services, formerly CMMB. Anderson has worked in various capacities in Commercial Banking, Investment Banking and Investment Brokerage including Loans Officer, Investment Operations Supervisor, Fund Manager and most recently Business Development Officer/Registered Trader. His varied experience includes developmental lending, corporate and retail business development, liquidity and debt management, pension fund management, portfolio management, investment advisory services, primary & secondary market trading and raising BusinessFocus July / Aug

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capital for governments and corporations on the capital markets of the ECSE. Anderson graduated from the University of the West Indies with an Honors Degree in Economics and Management and is currently in his final stages in completing an MSc in Finance at the University of Leicester, UK. He also holds the Registered Representative License from the ECSE. Ms. Ella M.B. Willius works with Financial Investment & Consultancy Services Ltd (FICS) as a Business Development Officer with responsibility for increasing local and regional awareness of FICS as a finance company specializing in the provision of investment and credit facilities to individual and corporate clients and to grow their client portfolio. She has three years experience in the financial services industry, more specifically in investment, financial, retirement and tax planning and personal banking. Ms. Willius’s credentials include a BSc in Banking & Finance from the University of the West Indies, Mona, Jamaica, a Post Graduate Diploma in Financial Services from Centennial College, Toronto, Canada, as well as Certified Financial Planner (CFP) certification from the Financial Standards Planning Council. In addition, she has completed professional development courses in Risk Management, Strategic Investing, Taxation, and Retirement Planning from the Canadian Institute for Financial Planners and Canadian Securities from the Canadian Securities Institute.

As a Certified Financial Planner, Ms. Willius brings exceptional dedication, product knowledge, communication skills,

understanding of client needs and market knowledge to her work. Prior to joining FICS, Ella worked for a few years with two Toronto based firms namely, Investors Group (IG) - a wealth management company, and Toronto Dominion Bank (TD Bank) - a large multi-faceted bank.

Despite her demanding career in financial services, Ms. Willius makes time to be involved with professional associations as well as community organizations. She is a member of the Canadian Institute for Financial Planners. Ms Willius comes from the village of Laborie and when she is not working, she likes to read and tutor young persons on how to remain focused on their career goals.

Cartridge World St Lucia Ltd, the world leader in printer cartridge refilling, is pleased to announce the appointment of MsKamilleHuggins as Manager.

Ms Huggins is a graduate of the University of the West Indies with a BSc in Hospitality and Tourism Management and is a Certified Associate in Project Management (CAPM) through the Project Management Institute. She has held such positions as Project Coordinator at Coco Resorts, Festival Coordinator of the first Food and Rum Festival and Department Manager at Almond Morgan Bay, where she was also responsible for Health and Safety controls and the Green Team. Ms Huggins has also assisted with the hosting of the Caribbean Media Exchange (CMEx) conferences on Sustainable Tourism.

With her training, years of experience, and love for the environment, Ms Huggins is confident that she can lead Cartridge World to becoming St Lucia’s leading supplier of ink and toner, while helping to protect the environment.

MAJOR MOVES

Basudev Bhattacharjee joined J.E. Bergasse & Company Ltd. as the Technical Service & Customer Support Manager effective June 14th 2011. He is responsible for the entire technical service and field support of office automation division at J.E. Bergasse & Company Ltd. Basudev is a professional, with training in Electrical Engineering and has over 26 years of experience in the office automation industry, with assignments in managing large-scale service operations at multi-national corporations like Xerox, Gestetner and Ricoh in India.

He started his career as a Service Engineer in 1984 and gradually rose to the position of Regional Service Head.

With a wealth of experience in his field, Basudev can bring a perceptible change in the way of service being rendered to customers of J. E. Bergasse.

The J.E. Bergasse team welcomes Basudev Bhattacharjee to St. Lucia and the company.

Sterling Charles has recently been appointed Sales Executive for J. E. Bergasse & Company Ltd. A recognized technologically inclined individual known for crafting creative solutions to achieve business goals, Sterling Charles offers a wealth of customer service experience along with a blend of Executive and Technical acumen.

Having attended the Sir Arthur Lewis Community College where he studied Computer Systems Engineering, Mr. Charles’ wide array of skills, training and knowledge make him a valuable asset to the company. With a reputation for exemplary customer relations and having been very successful at previous establishments, Mr. Charles vows to utilize these as motivation to attain even greater success in his new post at J. E. Bergasse and Co. Although very successful thus far, Mr. Charles is not quite content educationally and is presently pursuing his BBA (Bachelors in Business Administration).

Neil Leonce was recently appointed Sales Executive for all clients in the Finance and Banking division of J.E Bergasse & Company Ltd. Mr. Leonce demonstrated his unprecedented success from the Miami based marketing company for Sandals & Beaches, Unique Vacations Incorporated. His phenomenal contribution was acknowledged and resulted in becoming lead sales specialist both locally and regionally.

“J.E. Bergasse & Company Ltd. offers the best solutions and services to improve productivity and I am over-whelmed to be one of the new additions to the team” proudly spoken by Mr. Leonce. “Despite the financial constraints in the economy today, it is my intention to ensure that every business benefits from this establishment,” Mr. Leonce added.

His charisma and perseverance has been key to successfully generating results along with his spiritual dedication to God. Although Mr. Leonce’s niche is within the sales environment, his expertise includes Information and Technology which began

with a certificate from the University of the West Indies. He is presently pursuing a CCENT and a Bachelor’s Degree in Information Technology.

Mrs. Sara CruzThomas is the newly appointed Accounts Supervisor at United Insurance Agents (Saint Lucia) Ltd. Mrs. CruzThomas joined the organization on June 20, 2011.

She brings over eighteen (18) years of experience in the field of accounting, the last ten (10) having been gained at M & C Insurance Brokers Ltd, where she served in the capacity of Senior Accounts Clerk.

Mrs. Cruz –Thomas is currently pursuing the Certified Accounting Technician (CAT) qualification and expresses the desire to also soon bear the Association of Chartered Certified Accountant (ACCA) designation.

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NEW COMPANY REGISTRATIONS

COMPANY

NATURE OF BUSINESS

DIRECTORS

Kai Nous Inc.

Import Trading Company Carlene & Celeste Charlemagne

Big H Construction Ltd. Construction Harry Mitchel Jean Claude Didier Felix-Ducrot Ltd. Property Ownership & Development Frederick T.J. Ducrot Rudolph Felix, Scholastica Felix Waterfront Development Ltd. Development Corporation Antonio Assenza, John F. Tercek Demetrios Karapatakis Bamboo Springs Bottled Water Purification Martin Martin, Antonio Martin Water Ltd. Septimus Martin Real Foods Inc. Restaurant Karl Nassief M&J Enterprises Ltd. Property Ownership, Property Rental, John Rittenhouse Property Management Marcellous Mangal Maxroy Trading Co. Ltd.

Hardware and Retail Clement Royer

Rainforest Expeditions Inc. Tour operations, transportation, Attraction Barbara Braun-Louis Management, etc Hugh Pilgrim, Herena Cao Prestige Insurance Ltd. Insurance/Reinsurance Mario Julian Gerard Reyes Yola Nannette Reyes, Peter Foster Chalet Jewelers Ltd. Selling of Jewelery Fatollah Hematian Baback Hematian, DL Fish Supplies Limited

Import & Sale of Sea Foods

Leo Harrigan, Vanderpool Francis

Samsarati Spa Ltd. Spa Services Darryl Preston Island Home Care Serv. Ltd Caring for the elderly, disabled, etc.

Pamela Jananan

Cornwall Ltd. Construction Cornelle Jones Sancha Ltd.

Property Holding Company Hugh Gylnn Elizabeth Susan Whittle Gadwall Limited Ownership of Property, Property Management and Development, Sale of Property

Patricia Augustin

Pom Kanel Limited Restaurant Simonnet Claude

Mammy Lorde Inc. Real Estates Peter Lorde, James Lorde Eunice Lorde Thomas Sunshine Scooters Sales Renting & selling of Scooters Jean Morille & Rentals limited John Morille

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NEW COMPANY REGISTRATIONS

COMPANY

NATURE OF BUSINESS

DIRECTORS

Nature Holistic & Wellness Inc. Naturopathy Marie Antoinette Murray Cleopatra M. Murray-Boyce Caribbean Forensic Services Incorporated Forensic Training, Forensic Consulting, Fernanda Henry Sale of Forensic equipment & related goods, Valerie Mattimore-Fuller Generally to do any other business that is not restricted by law

Acuna - Matata Ltd. Restaurant & Bar Samuele Viciani Erico Davide Raimondi Gap Medics Ltd. Heath Care Education and Training, Any David Paul Brown other Business Generally permitted by law Omar Francis M. Mohamed Quality Ground Provision Ltd APA Business Conduit Incorporated

Business, Finanacial and Tax Consulting

Cotter holdings Inc. Formula Sun Leisure Corp

Agro Processing

Marine Vessel Holding Company

Tours and Tourism related services

Mervin Ian Engeliste Anthonia Palcindor Emmanuel H. Cotter

Emmanuel H. Cotter

Dabscomms Limited Media and broadcast Services Dennis Da Breo, Robert Ramjewan Hyacinth Da Breo Infinite Horizons Inc. Media Publications relations, Communication Clinton Reynolds consultancy & any other business generally Kahler Lay-Reynolds Caribbean Educational Activites Centre Limited Educational programmes Deborah Martial Christophe Jean-Jacques Ferdinand Skin Science Limited Retail of skin care products Skin analyses and beauty consultation

Desmer Destang

Emo Inc. Property holdings company Derek Clarke Business Enviroment Energy and Quality Inc. Consulting services in management, Geraldine Lendor Gabriel

finance, enviroment, energy and quality Peter Gabriel assessment and management and any other business generally permitted by law North Star St. Lucia Wind Inc. Energy producing

Mark Tippett Vernon Veira Peponi Property Ltd. Property Holding Juergen Wagentrotz SYCS Management Limited Investment opportunities, Generally to do Henry Joseph

any other business which is not restricted Rosemary Joseph-Noone by the law Anesto’s Auto Parts and Accessories Ltd.

Sale of auto parts and accessories

Anesto Emmanuel

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NEW COMPANY REGISTRATIONS COMPANY

NATURE OF BUSINESS

Hot Sports Auto Rental

Motor vehicle rental

DIRECTORS Kirk Lorde

Royale Holdings Incorporated Property holdings and development Asha J. Richards Carlos E Ramos Jr. Youth With A Mission Inc. To carry on the business of an educational David Harper establishment for the training of mission- Sharon Eugene aires of God in St. Lucia Marylin Inglis North Star Belle Vue (St. Lucia) Inc. Energy producing

Mark Tippet, Vernon Veira

Atlantic Shipping Limited Brokerage, Shipping, Freight Forwarding Leslie L. Jn Baptiste Tisma Jn Baptiste Wingz-N-Tings Ltd. Golden Crown fast Fast inc.

Restaurant & Bar Randall Gillian Hilaire

Restaurant

Peter Augustin

Balenbouche Estate Ltd. Farming - Agro-processing, consultancy, Anitanja Lawaetz, Uta Lawaetz training. (b) Tourism - Including cottage Kolin Fernand rentals,restaurant, spa, tours, events museum, consultancy, training. (c) Light-Manufacturing including for example

beauty & wellness products, jewelry, arts &

craft as well as consultancy and training Blackhat Construction & Property Investment & Development Investment Limited Property sales and management, building construction, aircraft leasing & servicing, tours & attraction

Zsuzsanna Bak

Eka Holdings 1 Ltd. Property holding Marcus Joseph S & P Limited Property Management Shian Charlemagne Poyottes Joinery Inc Furniture Manufacturing Joseph Poyotte Lionel, Cecilia Lionel Malisla Ester Lionel Sarah Tecla Lionel

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