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THEBROADSTREETJOURNAL July 23, 2012
theweekinbusiness
www.broadstreetjournalbarbados.com
Barbados’ Independent Business Voice
Monday, July 23, 2012 INTERNATIONAL BUSINESS
THE ECONOMY
Despite Barbados’ sovereign debt being downgraded to junk, the Stuart Administration says it will continue its austerity programme.
A State of Denial
much to develop as expected and its operating expenses could never be matched by ticket revenue. It was mothballed, and one “ Yes, Mr. Speaker, like the mantra for the of the planes was given to Barbados. popular cough medicine, the plan – the ‘Chris On the warm early summer evening of Sinckler Plan’ – it tastes awful but it works. June 15, 2011, the Royal Bank of Canada “...(But the) discontinuation of the medi- had thrown a big party at the Concorde cation after only a relatively Experience museum next short period would be a to Grantley Adams Intergrave mistake.” national Airport to celeFinance Minister Chris brate the launch of its new Sinckler, Budget Speech, credit card, and the feature August 2011 address was to be given by Minister of Finance Chris EWIND to Sinckler. June 2011: It He was late. was by sheer coThe government, of incidence, but Standard & Poor’s Barbados which he had been finance due to a non-scheduled Analyst Olga Kalenina. minister for only eight economic announcemonths, had been thrown ment made after the main into crisis control mode If pressure builds speech, perhaps appropritwo days earlier by the ate, that the event was up on the currency latest credit report from being held at the museum peg, “we would con- Moody’s Investor Sercelebrating the Concorde vices. supersonic airliner. Con- sider lowering our The agency had downcorde had cost the British ratings on Barbados graded Barbados’ domesgovernment three times as
By Patrick Hoyos
R
again.”-S&P
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Barbados still beckons, but needs updates, say Canadians Canada’s decision to expand its tax treaty network to other jurisdictions will not lead to a “mass exodus of Canadian firms” from Barbados’ offshore sector, so there was “no cause for alarm,” but there was a lot the jurisdiction could do to increase its competitiveness, new president of the Barbados International Business Association Melanie Jones told its monthly luncheon recently. Leading off a panel discussion on the topic: “Selected Markets in Review: Prospects for Barbados as an International Business Hub,” Ms. Jones said that was the general consensus of over a dozen advisory firm which she had visited in Canada earlier in the year. Ms. Jones said Barbados’ new initiatives, including the plan to grant residency-work permits to High Net Worth Individuals, and the new legislation, relating to private trusts and limited liability partnerships, were welcomed with the proviso that they be implemented soon. The main criticism levelled at Barbados as an offshore jurisdiction related to the slow workings of both the legal and public sectors and the perceived small number of legal professionals available to service the international business sector. Barbados being a low-tax, but not a notax, jurisdiction was not an issue that concerned non-insurance and non-banking See JONES, Page 2
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JONES, from Page 1
entities, who, she said, “remained loyal.” It was the regulated banking and captive insurance companies which were the ones most likely to “lean toward” jurisdictions which had recently signed tax and information treaty agreements with Canada. In general, she said, it was felt that Barbados needed to market itself better as an international business centre, it needed to pursue treaties with Brazil and India and further amend its treaty with Canada to “bring more certainty” to the sector. Overall, Ms. Jones said Offshore sector executives (from left) Ben Arrindell, Jerome Dwight, Russ Jones and Melanie Jones takit was felt that Barbados ing part in the panel discussion at the BIBA luncheon. Photo by the BSJ still had many advantages as a jurisdiction over its competitors, including enjoying the rule of law, coupled with political stability; a well-respected Central Bank and a sound non-bank regulatory regime now being administered by the Financial Services Commission; and a long history of transparency and exchange of information, with an expanding Double Tax Agreement netLuminaries in the local offshore sector say that “a lot of bad advice on Bermuda” was work coupled with a bilateral investment Barbados must step up its efforts to become being given to Canadian companies, some treaty network. a jurisdiction of choice for at least two of of which were relocating their BarbadosThe low tax rates for international enthe “BRICS” Brazil and China - as well based IBCs to that jurisdiction. But besides tities and foreign currency earnings credit as Mexico. places in our hemisphere, Mr. Jones, who refor individuals and domestic entities also The Barbados International Business Ascently visited the Far East on a promotional made Barbados attractive as an offshore sociation, at its July luncheon at the Hiltour with Invest Barbados, said Hong kong jurisdiction. ton Barbados on July 4 discussed the topic was a much more sophisticated jurisdicIn terms of the business culture, there “Selected Markets in Review: Prospects for tion, as a result of being UK-administered was a lot of affinity between Barbados Barbados as an International Business Hub.” for many years, and had a common law legal and Canada, with both countries having The panel, which comprised new BIBA system. Now administered by China, said similar company, bankruptcy and pensions President and Partner, Lex Caribbean MelMr. Jones, Hong Kong was developing its legislation, and Barbados having a long anie Jones; Russ Jones, tax partner, PwC own tax treaty network and “should be seen history of Canadian banks operating in Barbados; Ben Arrindell, director, Cidel as competition” by Barbados. the region. Bank & Trust; and Jerome Dwight, manAs for China itself, he pointed out that Ms. Jones also noted that Barbados was aging director, RBC Wealth Management, the country was not the same all over. being seen now as a “gateway” to South discussed how emerging markets in Latin Shanghai was very different to Beijing, with America and the rest of the Caribbean, America and China perceived Barbados, “25 million people and lots going on.” It through both airline routes and treaand what Barbados could do to become was much like Sao Paulo in Brazil, noted ties with more Latin American countries more established in those markets. Mr. Jones, and although it was not the only along with the Caricom treaty. Russ Jones, who told the large audience business centre in China it was a key one. And of course, she said, everyone loved that he had retired from PwC just the week Another interesting thing about China, said the “outstanding quality of life” which the before, and that was why he could not bring Mr. Jones, “is that you deal with the provinisland offered. • himself to wear a tie to the event, quipped cial authorities” directly.
Arrindell: Aim to become wealth management centre
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THEBROADSTREETJOURNAL July 23, 2012
Mr. Arrindell reminded his audience that the Mexico-Barbados tax treaty had come into force on Jan. 1, 2010, and our removal from its black list had created opportunities for us in Mexico.
He felt there were many opportunities for Barbados’ international business sector to grow its business with China, in fact, there was “great potential.” But in order to capitalize on those opportunities, “we need to start off with a treaty with Brazil,” which he said had a “black list” on which were Cayman and Bermuda. “China,” said Mr Jones, “will have a learning curve as it begins to invest around the world more.” The country was investing in natural resources around the globe and could use Barbados as an intermediary. China is still run by a communist regime, he reminded, and its citizens currently “are more interested in getting passports in case they have to leave the (host) country.” As a result, St. Kitts-Nevis was reaping the rewards at the moment. Mr. Jones noted that Invest Barbados did have a representative office in Shanghai up to two years ago, and he felt that the decision to close it was “just plain stupid.” RBC’s Jerome Dwight said his bank was “very bullish about Latin America,” and its businesses were doing well, enjoying “tremendous growth,” with 40% of its revenues
now emanating from Latin America. In Brazil, he said, a lot of foreign direct investment was coming in for infrastructural projects, probably due to the staging of the 20th FIFA World Cup there in summer 2014. “We are well-positioned to gather those funds and distribute them into that market,” said Mr. Dwight. Places like Brazil were growing so fast and becoming such large players on the international scene that they would need more financial services, he said. He noted that, with regard to the “high net worth individual,” Barbados still lagged behind The Cayman Islands and The Bahamas in attracting such people from Brazil and Colombia. “We need to build more awareness of the huge advantages we have here in Barbados and a lot of us will be working together on that,” he told his audience. Cidel Bank’s Ben Arrindell, the final panel member to speak, reiterated Mr. Jones’ point about much investment going into countries that have natural resources, saying this would influence Barbados’ international business strategy. Barbados had
Sector executives listening to the panel discussion at the BIBA luncheon. Photo by the BSJ
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“We need to build more awareness of the huge advantages we have here in Barbados and a lot of us will be working together on that,” said Jerome Dwight.
the opportunity “to be the hub from all the markets we serve into those countries,” he said. The rule of law and double taxation treaties were both important, he said, and added that the country was also “gaining credibility” thanks to Invest Barbados’ work. Mr. Arrindell said that countries in Latin America, notably Brazil and Colombia, had historically used Spain and Luxembourg for expansion of their international business, but now that Barbados had treaties with those two European countries, “it creates opportunities for us.” He reminded his audience that the Mexico-Barbados tax treaty had come into force on Jan. 1, 2010, and Barbados’ recent removal from that country’s black list had created opportunities for us in Mexico. “So Brazil and also Colombia can be our springboards for EU business although we don’t have a TIEA with Colombia,” said Mr. Arrindell. Barbados, meantime, was “hoping to get off Brazil’s black list by yearend” and then negotiate a TIEA, but it was a slow process. He said that Colombia was working out their “negotiation strategy” and discussions would soon commence. “I am very optimistic about our opportunities in Latin America,” he added, saying he was hoping Barbados would within two years be recognised as an international wealth management centre, a position not enjoyed as yet by its competitors, “so that should be our niche,” suggested Mr. Arrindell. “They are looking for a centre for their wealth to be managed as the U.S. is driving that business away. European investors are also looking for such a centre. BIBA has a significant role to play and should be a catalyst for all private sector organisations (in this endeavour)” he advised.•
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THEBROADSTREETJOURNAL July 23, 2012
DENIAL, from Page 1
tic currency rating to Baa3 from Baa2, and reaffirmed its Baa3 foreign currency bond rating. The outlook on both ratings had been revised to “negative.” Moody said then in its report that the “main triggers” had been its “increasing concerns” about the capacity of the domestic market to keeping taking on government debt, especially when higher oil prices were also impacting on the already large current account deficit; and its view that Barbados’ debt-to-GDP ratios were “likely to deteriorate further over the next 12 to 18 months,” thus placing its investment grade rating in jeopardy. In October the year before, Standard & Poor’s had similarly cited “the continuing weakening of the Government’s fiscal profile,” and said that Barbados’ debt burden would likely escalate during the coming two years. As a result, it had dropped Barbados’ foreign currency rating down to BBB-minus from BBB. At the same time, the local currency rating fell from A-2 to A-3. Since these ratings are the lowest “investment grade” ratings which S&P gives before assigning junk bond status to sovereign debt, Moody’s, in assigning its own lowest investment grade rating of Baa3 eight months later was, like Mr. Sinckler, late to the party. But there was a political reason for the minister of finance’s delayed arrival, and he explained, after delivering his main speech for the occasion, that the lateness had been associated with the receipt of a communication from Standard & Poor’s. Since the S&P ratings were already lower than Moody’s until two days before, it could be argued the only major difference then between Moody’s Investor Services’ and Standard and Poor’s most current reports was that Moody’s outlook was “negative” while S&P’s was “stable”. Yet, standing in the shadow of one of the great symbols of excessive governmental spending, as the RBC hosts engaged in some not-too-stingy spending of their own entertaining their high-profile guests for a few hours, Mr. Sinckler used the just-received report to try to neutralise the Moody’s downgrade. According to the Nation of June 16, 2011, he described the S&P report as a vote of confidence in the administration’s efforts
Parliament Square, Bridgetown. Photo by the BSJ to reduce the fiscal deficit. He deemed the two agencies’ reports contradictory, saying “We are on a trajectory to achieve growth,” and decried as “inflammatory” what he called “the loose talk about junk status” (Nation, June 16, 2011, page 4A). As for the Moody’s report, Mr. Sinckler, the day before, had called it a “speculative and unnecessary rush to judgment.” (NATION, June 15, 2011, page 4A).
B
UT THE GROWTH path Mr. Sinckler and Standard & Poor’s were looking for, around two percent in 2011, was already starting to slip out of grasp. By October the Central Bank of Barbados had revised downward the expected growth for 2011 to “be not much better than one percent.” It was eventually put at under half a percent. 2012 was not going much better, with the central bank saying only that growth was “expected” and S&P putting it at under half a percentage point again. Still, despite all of that preparation of the wicket by both ratings agencies, despite warnings from the opposition, economists, and other commentators, last week’s downgrade of Barbados by Standard & Poor’s to junk bond status seemed to have caught the government by surprise. Perhaps the authorities had held on to some belief that Standard & Poor’s would always have their back, always be there with
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words of comfort, saying they were doing all the right things and it would only be a matter of time before the situation was turned around. The same agency, whose ‘letter of comfort’ had made such warm reading for Mr. Sinckler that glittering evening under the dramatically lit-up, historic wings of the Concorde, was now accused by the governor of the central bank of not knowing what they were talking about. In a press release, the bank noted that “The downgrade says to the investment community that Barbados’ foreign debt has become more risky, which is manifestly not the case.” The bank and the government, the release said, certainly knew the importance of the foreign reserves in protecting the currency from devaluation, and “the current foreign reserve level of BDS$1.4 billion provides adequate support to the exchange rate anchor. This was not acknowledged in the S&P report.” It seemed a bit like splitting hairs in trying to defend a shaky position, for while the ratings agency did not specifically mention the amount in the foreign reserves piggy bank, it did suggest that, in its view, the Barbados economy was depending on other factors to help it protect those reserves, noting that “Erosion of the external or government balance sheet could lead to pressure on the currency peg.” It added, ominously, “If this were to occur, we would consider lowering our ratings on Barbados again.” Boiled down, of course, the issue is the deficit. For, despite draconian measures which have virtually stopped the local economy in its tracks in order to ease pressure on the reserves, the government is still spending more than even a higher revenue intake due to the increase in Value Added Tax can cover. The S&P put it this way: “...Efforts in reducing high transfers and subsidies (especially to statutory bodies) have been less successful, and this financing was shifted (in 2011) to the National Insurance Scheme (NIS).” The rest of the arguments put forward by the central bank in its hasty press release seemed to have been answered, although perhaps not to Dr. Worrell’s satisfaction, in the rating of “stable” on the part of Standard & Poor’s, rather than being seen as enough to save the lowering of the sover-
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THEBROADSTREETJOURNAL July 23, 2012
eign debt to non-investment grade. In its last plaintive plea, the bank said that “Even S&P acknowledges that Government has made focused efforts to bring down its deficit, during these challenging times. S&P’s own analysis therefore fails to justify its action in downgrading Barbados’ investments.” Unfortunately for Dr. Worrell, who through his out-sized defensive arguments appeared to have rather more skin in the policy-making game than one might have thought, Standard and Poor’s did not rush to revise its Barbados rating back up a notch because of his criticism.
T
HERE WAS also something eerie in the silence that befell the actual administration. Mr. Sinckler did speak to the press but he did not hold a press conference like the governor. He maintained that “this government has been doing the right things under very tough economic circumstances.” Prime Minister Freundel Stuart observed a strict silence on the matter until Friday. And when the prime minister did finally speak to reporters about it on Friday, he said S&P’s opinion was, like the Opposition’s, only one of several on the economy, and that he remained unperturbed. So if the immediate responses are anything to go by, the policies will stay in place as the authorities continue to run Barbados in a state of denial. But, unfortunately for the country, the Stuart Administration’s mix of policies, spearheaded by the minister of finance and backed up by the governor of the central bank, have not saved the country from the ignominy and economic fall-out to come
The Treasury Building, Bridgetown. Photo by the BSJ of having the country’s debt downgraded to junk. The week before, Ireland became the third European country - Greece being the first and Portugal the second - to also be downgraded to junk status. Moody’s lowered its rating a notch to Ba1, saying it would need more bailout money and pointing to “the increasing possibility” that bondholders would be asked to suffer losses as part of any new bail-outs, according to the Financial Times. Portugal’s downgrade, which occurred a few weeks ago, was not well-received by EU policymakers, who, said the FT, were furious and began to float the idea of “credit ratings for countries in bail-out programmes being suspended.”
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But Deven Sharma, the chief executive of Standard & Poor’s, defended the agency’s actions to the Financial Times, saying: “We feel it is completely unfair and counterproductive to blame rating agencies for calling it as it is – our record on sovereign debt is strong.” He said if ratings were to be suspended, it would create more uncertainty in the market and end up costing countries more. According to the FT, “His comments are the strongest yet from a rating agency executive in the heated debate about whether Moody’s, S&P and Fitch have improperly attempted to influence policy-making in the debt crisis.” A junk rating can force some investors, whose rules do not permit the holding on debt rated below investment grade, to sell off a country’s bonds if they are given junk status. A country’s borrowing costs can also rise dramatically. For example, Moody’s noted that Italy, which it also downgraded last week to two notches above junk status, was now “more likely to experience a further sharp increase in its funding costs or the loss of market access” for borrowing to service its budget, according to the Telegraph. In fact, the downgrade pushed the country’s 10-year bond yield back above the 6% “danger level”. The response to such scenarios affecting Barbados has been that it simply doesn’t apply as the government borrows most of its money by issuing bonds domestically. How long that can continue is anybody’s guess, but in the meantime it seems fair to rewrite the Chris Sinckler Plan’s slogan: “It still tastes awful and it certainly isn’t working.”•
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Rebranding in their own image Juliet: “What’s in a name? That which we call a rose By any other name would smell as sweet.” Romeo and Juliet (II, ii, 1-2) by William Shakespeare WHEN IT COMES to love, Juliet was, of course, right. In the immortal tragedy, Juliet is telling Romeo that she didn’t care if his name was Montague and hers Capulet, because names were just artificial conventions. Romeo agrees, saying he will “deny (his) father” and instead be “new baptized” as Juliet’s lover (according to the very helpful www.enotes.com website). But Romeo Montague and Juliet Capulet were members of two families at war with each other, and, opines enotes, the one “short line” quoted above, which has remained one of the bard’s best-loved through the centuries, “encapsulates the central struggle and tragedy of the play.” In today’s corporate marketing terms, we might say the Montague and Capulet families had distinctive brands, and these days, we might hope, the “star-cross’d lovers” would not have to find parting such “sweet sorrow,” but would have been able to come together in some sort of “merger” or “acquisition” agreeable to both “brand” owners. But although today there is less likelihood of human tragedy being part and parcel of these situations, today’s company owners are even more focussed on brand dominance, even if their own M&A activities have given them businesses with other well-known names still attached. Over the last few years, as we all know, there have been a lot of mergers and acquisitions here, but the next obvious step of re-branding has been slow to occur. That was because almost all of the M&A activity involved foreign entities buying up local ones, and it was apparently deemed better to let sleeping logos lie rather than further arouse the nationalistic fervour of a nation which has watched helplessly as its private shareholding in the biggest local groups has been replaced by foreign investment. But dominant brands are, by their very defintion, unlikely to hide in the bushes for long, as they didn’t get to be where they are today by lying low. In today’s global market, it is vitally important for companies to show that their brands, like soldiers, are always on the march conquering new territories, even if one of them is just that shining little island on the eastern side of the Caribbean archipelago. The result is that there seems to be a lot of old signs being taken down and a lot of new ones going up around the country. Of course, it is much more than signs, as re-branding often involves structural changes to buildings and sometimes major refurbishment on the inside. They can be very complex projects, all the more so because the businesses have to remain open through it all. Our corporate and retail environment is changing materially right before our eyes. For example, SOL Caribbean, owned by Barbadian Sir Kyffin Simpson, purchased the Shell business in the Barbados & the Eastern Caribbean several years ago, but apart from its distribution vehicles, there wasn’t much by which to remember that fact. Lately, SOL has begun to re-brand its service stations, starting with the one at Wildey. Meanwhile, Rubis, the French company which a few years ago bought out Chevron’s distribution activities in the Eastern Caribbean, and more recently in the northern, is now planning to start re-branding its Texaco service stations here later this year. (Last month, the rollout in the region began when two of its stations in Antigua still under the Texaco logo were rebranded). At present, only its vehicles are displaying the Rubis logo and colours. In banking, CIBC inserted its name in front of its Caribbean subsidiary to become CIBC FirstCaribbean International Bank after buying out the
Barbados’ Shell service stations are being rebranded to reflect the name and colours of their owner, SOL Caribbean. Photo by the BSJ other major shareholder, Barclays, six years ago, but keeping a low profile about it. Perhaps it was felt that, as its Canadian rivals in the region, RBC and Scotia, were on the proverbial march, it was time to make the CIBC brand name much more visible again in the region. Meanwhile, Royal Bank of Canada, which seems to be heading for a corporate name contraction that will eventually lead to its being called just RBC, is also in the process of merging its banking operation with RBTT here, at which time, the RBTT name may disappear completely. In retail and distribution, A&R Tempro, Brydens and Stokes & Bynoe, all owned by the T&T Ansa McAl group, are in the process of being merged into one entity, no final name as yet having been announced. And the Barbados National Bank, majority owned by Republic Bank of T&T for many years, has finally shed its Bajan moniker and now proudly displays its own name on the front of its buildings, and everywhere else, as the long-familiar BNB name is now consigned to history. And as we are on the subject of things being to consigned to history (if not the dustbin), Barbados Shipping & Trading Co. Ltd. , once the island’s largest company and now just an almost wholly-owned subsidiary of T&T’s Neal & Massy Holdings, has been de-listed from the Trinidad & Tobago Stock Exchange since May and has applied to do the same thing on the Barbados Stock Exchange. And so, older Barbadians are having to adapt to the fact that many of the local brand names for companies and products which they grew up with are now disappearing en masse. And with it, the realisation that, at least in local “big” business, Barbadians are no longer the owners of the enterprise, and often feel like pawns in others’ games. •
THEBROADSTREETJOURNAL theweekinbusiness Editor: Patrick R. Hoyos Published weekly in PDF by Hoyos Publishing Inc. Boarded Hall, St. George, Barbados Tel: 230-5687 Email: bsjbarbados@gmail.com © 2012 Hoyos Publishing Inc. All rights reserved.
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Standard & Poor’s downgrades Barbados’ credit rating to “junk bond” status By Patrick Hoyos Tuesday, July 17, 2012 became a historic day in the economic history of Barbados as it was the day when Standard & Poor’s downgraded the country’s national debt to junk bond status in 13 terrible words: “We have lowered our sovereign credit ratings on Barbados to ‘BB+/B’ from ‘BBB/A-3’.” Thus did the influential ratings firm lower Barbados’ sovereign debt rating from its “lower medium grade” status to “noninvestment grade/speculative,” or, in trade jargon, “junk bond,” status. The outlook was kept at “stable.” Additionally, the ratings firm said it had assigned a recovery rating of ‘3’ to Barbados’ foreign-currency debt, by which it signalled that only half to two-thirds of the country’s loans were likely to be repaid in the event of a “sovereign default.” The “stable outlook,” it said, meant the country could withstand “mild fiscal deterioration and weak economic growth in the near term without affecting its creditworthiness.” The downgrade was a heavy blow to the country as it continued to struggle with inflation, running for the second year at just below ten percent per year, unemployment at over 12 percent, and almost no growth in the economy.
The S&P downgrade also seemed to be a dismissal of the Central Bank of Barbados’ justification for the main fiscal measures being pursued by the Stuart Administration, which the bank said last week were all part of a strategy to conserve foreign exchange. The bank declared on page 4 of its economic review for the first half of 2012 that “any alternative economic strategy is likely to accelerate inflation and depress growth and employment, because it would exhaust foreign reserves and threaten the exchange rate.” However, Standard & Poor’s seemed to have remained unswayed. It said the Barbados economy was weakening not only because of the “external environment” (that is, the financial downturn around the globe) but also because of “more pronounced competitiveness and other structural shortcomings.” Among these shortcomings were the nation’s “rising debt burden, off-budget spending, and outstanding contingent liabilities.” By “off-budget spending,” the agency noted the administration’s lack of success in reducing the “high transfers and subsidies (especially to statutory bodies),” adding that “this financing was shifted (in 2011) to the National Insurance Scheme (NIS).” And as for “outstanding contingent liabilities,” S&P noted that CLICO was of special concern. Turning to the government’s Medium-
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Term Fiscal Strategy target, which requires the fiscal deficit as a percentage of Gross Domestic Product to fall each year, Standard & Poor’s said that while the results achieved were ahead of the 5.6% target for the just-ended fiscal year, “the fiscal stance remains weak, with ongoing risks to continued fiscal consolidation.” These risks included a “sluggish outlook” in the main economic sectors of Barbados, “continuously weak private-sector activity,” high unemployment, “potential spending pressures,” and costs related to the resolution of CLICO. “In addition, transfers to public enterprises began to rise again in the first half of fiscal 2012,” said the ratings firm. Explaining why it had retained the “stable outlook” for the Barbados economy, Standard & Poor’s said that it believed that “gradual” fiscal adjustment would continue, stabilizing the debt burden, and that foreign direct investment would fund at least 60% of the current account deficit. However, the firm warned that “erosion” of either the external or government balance sheet could lead to pressure on the currency peg. “If this were to occur, we would consider lowering our ratings on Barbados again. Conversely, we would likely raise the ratings if the country’s economic prospects strengthen in a sustainable manner or if fiscal accounts show structural improvement.” •
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Allan H A Managin rrIS g Directo Forde’s R r o Clapham ad , St. Mich Tel 427-9 ael 7 allanh@ 06 caribsurf .com
2012 Edition
WHO’S WHO LISTING & AD RATES
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Beve r Event ley LYNC H P.O. B Coordinato o Worth x 151W r Christ ing T 435 Church bayan -3860 F 4 2 @carib dwellingto 0-6350 n surf.c om
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arba & Ind dos Cham ustry b (ww er of Co m w.bd scha merce m .com )
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