Businessuite Magazine Digital March 18 -22 by Blackslate Media Group (BMG)

Businessuite Magazine

table of contents Page 5

Page 26

Editorial

These Are Tough Times For Entrepreneurs and SME Business Owners ..................................................................................... Page 7

Page 8

Business Highlights Trending

TRENDING

Caribbean Business Highlights

NEWS Local & Regional

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Stocks + Investing + money markets

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Time For a ROWE; a Result Only Work Environment.

HR +

employment

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Marketing + Advertising + Media

9 Rules To Make Sales Training More Effective

Stocks + Investing + money markets

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Trinidad and Tobago Stock Exchange Report - Friday, 15 Mar, 2013 .......................................................................................

BOJ Foreign Exchange reports

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Page 33

special report

The IMF Agreement, Compliance Practices And The Jamaican Securities Industry. By: Brian Wynter / Governor, Bank of Jamaica

Stocks + Investing + money markets

Considerations for Personal Investments Decisions ........................................................................................ 4

LEADERSHIP

JSE reports

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Page 24

Page 29

Now

Page 11

Page 22

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What it Really Takes to Succeed

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Page 21

To Consolidate or not to Consolidate. Debt Consolidation Explained.

Business Events

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Page 14

Stocks + Finance+ money markets

â&#x20AC;&#x153;Jamaica has much potential for growth in logistics, agriculture and agro-processing and ICT. GDP growth is projected to rise above its historical long run averageâ&#x20AC;? .................................................................................... Businessuite Magazine

Editorial

These Are Tough Times For Entrepreneurs and SME Business Owners Page 37

Hard Knocks: My top 10 tips for surviving at a startup ..........................................................................

Page 39

“I’m quickly running out of cash and it’s getting harder and harder to collect my receivables, my liabilities are backing up and I don’t know how much longer I can hold out. I’m contemplating cutting staff to meet my projected cash flow and for me personally I have to think seriously about my own personal financial position. Time gone by I could take a draw down, because I was not getting a fixed salary, but now I’m having to choose between my own personal expenses, survival, or paying my staff and my company expenses.” It’s very difficult to recall a period in time when doing business in Jamaica was good and companies were making profits and workers felt well about their future. But during all these bad times, companies were making money, well not all but a good deal of them.

technology

Samsung Galaxy S4 launch marks latest skirmish in firm’s battle with Apple

South Korean firm brings hostilities to iPhone maker’s home shores by debuting its latest smartphone in New York. ..........................................................................

Buts it’s very difficult to read the business climate, if you ask business owners and entrepreneurs how’s business, many will say it’s rough, I’m holding on, can’t complain, almost hedging not wanting to seem too ecstatic for fear that they become prays to other peoples suffering. Wayne Chen once commented that a lot of Jamaican businesses are only open today because they are generating a level of cash flow that allows them to pay enough bills to keep the doors open and get the staff back to work the next week. They are not making profits and may never have made a profit since opening. So in reality it was not clear what was truly happening….but this time it’s different. It’s very difficult to understand how a company can stay in business over the years holding down prices in an environment when the exchange rate has moved from 5:50 to over 100:1 for the US$. How is that possible if they were not making profits at 5:50, how are they surviving at 100?

Prices have not moved this drastically over the period so what is happening.

Page 40

Usain Bolt in Power 100 Rank at 48.

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Businessuite Magazine

The truth is Entrepreneurs and Business Owners have given up a lot over this period. They have cut back on their standard of living and lifestyle, resorting to the more simple things in life. They have sacrificed much for their family protecting them from the harsh economic realities ensuring that they have enough to make life comfortable, they have kept on staff members when they should be letting go and cutting back as part of strategic cost saving measures. They have negotiated extended payment plans with creditors, doing whatever it takes to keep the business going in the hope that things will be better tomorrow.

Editorial Why do some businesses fail during tough times while others succeed? Successful entrepreneurs, business owners and top-level executives all appear to share three common characteristics that ultimately define their success: focus, faith and effort (FFE).

Focus There is an amazing power in focus. Just think of a laser beam— a narrowly focused beam of light that is so powerful it can cut through steel. Focus in business has similar powers. What do we need to be focused on? Focus on customers, pick one audience and own it. Become the innovative expert in your field, become a strategic thinker and scan the marketplace so you can react and respond with actions that can foster the sustainability of your business. Think local and global business development, harness the power of technology.

Faith Without faith, you are finished before you start. First and foremost, people need to believe in themselves. If you do not believe in yourself, it is certain no one else ever will. You then need to have faith in a vision. Make sure you have a crystal clear business vision— because the lack of a business vision and without faith, it becomes much harder to execute with focus and effort. As an entrepreneur, you also need faith in your team. Do you constantly complain about your team? When you have lost faith in your own team, I can guarantee they have lost faith in you. Identify each team member’s strength and think of ways to maximize these strengths to maintain and expand business opportunities always, but especially in challenging times

Effort Hard work still matters. In this microwave world we live in, quick success and quick fixes have become the expectations. The only place success comes before work is in the dictionary. It does not matter how focused you are or how much faith you have in yourself, your vision or your team: you will not be successful without putting in consistent effort over time. Part of this effort must be a strategy for the enterprise. Too often as entrepreneurs and business owners, we are running the shop without a real plan, and this contributes to the “just making it from week to week” syndrome. Focused effort can help an enterprises’ ability to better weather the rough economic winds that are blowing all around us. Yes, only the brave harbor thoughts of starting their own business in this environment, yet it’s the only way to ensure you have control over your future. With FFE, your success possibilities can be increased.

On The Cover: Michael Willacy Vice President, Corporate & Commercial Banking , First Global Bank .............................................................

CREDITS: Consultant Editors Dr. Anita Davis-DeFoe, Andrew J Skerritt Publisher and Editor in Chief: Aldo Antonio aldo@blackslateholdings.com Executive Editor: Michael Dixon Michael@blackslateholdings.com Special Features Editor: Damian Wilson Subscription and Distribution Lionel Johnson Advertising Sales businessuitemagazine@gmail.com Graphic Artist: Miguel A. Rowe Photo credits: Sourced from the internet and contributed Social Media CLICK Digital Agency

Businessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business. Businessuite Online, Businessuite Digital, Businessuite Magazine, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media Group. Info: 876-631-4505 (o) or 876-280-9192 (m) 876-458-3253 (Mobile) --------------------------------------------------------------------------------PUBLISHERS: Businessuite News Centre A division of the Blackslate Media Group Silicon Mountain Mandeville Jamaica For all information 876-631-5418 (Kingston Office) 876-458-3253 (Mobile) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) michael@blackslateholdings.com OR email blackslateholdings@gmail.com -----------------------------------------------------Blackslate Media Group Ltd, Silicon Mountain Mandeville Jamaica 876-631-5418 (Kingston Office) 876-458-3253 (Mobile) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslateholdings.blogspot.com aldo@blackslateholdings.com

Businessuite Magazine

Business Events M a r c h 2013

Thursday - Mar 21st, - 6:00 p.m JAMAICA COMPUTER SOCIETY MEMBERS MEETING Location

Lundth Suite

Hotel Four Season, 18 Ruthven Road, Kingston 10, Jamaica www.myjcs.com / 325-2301 or 843-7923 inform@myjcs.com ............................................................................

Tuesday, MARCH 19, 2013, - 7:30 a.m.

Thursday - Mar 21st, - 5:30 p.m

The Jamaica Employers’ Federation CEO BREAKFAST

JCC 31ST ANNUAL DINNER AND AWARDS CEREMONY Location Jamaica Pegasus Hotel,

Location

THE JAMAICA PEGASUS HOTEL- TALK OF THE TOWN 17TH FLOOR

CONTACT: Mrs. Annettia Bennett-Atkinson or Ms. Anna-Kay Maloney 2A Ruthven Road, Kingston 10 Telephone #s: 926-6762, 926-5524, 926-6908, or 906-8370; Fax #s: 968-4576, 754-2132 E-mail:atkinson@jamaicaemployers.com or akmaloney@jamaicaemployers.com ..........................................................................

Tuesday - Mar 19, 2013 - 9:00 a.m

81 Knutsford Boulevard, New Kingston Tel: 876 379 3507 ...........................................................................

a pr il 2 0 1 3

Thursday April 25, 2013 - 6:30pm Kingston BETA Location: JAMPRO Offices, New Kingston

ingrid@connectimass.com. ............................................................................

Business Events – Photo Highlights

AMG Packaging & Paper Company Limited Annual General Meeting Location

Retirement Crescent, Kingston 5 ..........................................................................

Thursday, March 21, 2013 - 5:00 p.m. First Caribbean International Bank Limited Annual General Meeting Location

The Garrison Room,

Hilton Barbados Resort, St. Michael, Barbados 11 Ruthven Road, Kingston 10, ............................................................................ Businessuite Magazine

trending Times Are Tougher In Jamaica Today.

TRENDING

No ICT Fruits For Mandeville Yet.

Now

BUSINESS HIGHLIGHTS TRENDING Times Are Tougher In Jamaica Today… Aubyn Hill Times are tougher in Jamaica today than the majority of people believe, and the signs are that they are going to get even more trying. Many companies have been laying off workers and some are taking difficult dual decisions of both laying off staff and cutting the salaries of those who stay. Owners and managers are focusing on the simple survival of their businesses and hoping economic times will get better. They simply want to survive through this time of crisis until growth and better times arrive. Employees, even in big private-sector businesses which are seen as institutional and economic pillars in our country, are feeling the jitters which accompany the separation of their colleagues and friends. These quiet but significant layoffs in big and small companies are causing increasing uncertainty and those still in employment are cutting their spending and thereby causing economic shrinkage. People everywhere are stating more and more loudly that they do not have any cash and businesses are bemoaning the lack of sales and the difficulty they face in collecting their receivables.

Charged To Safeguard And Secure A Return On The Investment Of Our Shareholders. “The truth is, coupled with cumulative inflation rates of 29 per cent, and devaluation rates in excess of eight per cent over the three years, and challenged even further with successive hikes in the rate of taxation on the business over that same period; it was becoming increasingly clear that some recovery measure had to be undertaken by the management. We are charged as managers of the company to safeguard and secure a return on the investment of our shareholders. Therefore, when now faced with an increase in the customs user fees as was announced recently by the gov8

ernment, the company had to do a full review of its operations and sustainability following such a process it was determined that to protect shareholder value, an increase in the prices of our products was warranted at this time.” Marcus Steele. Managing Director Carreras Jamaica.

Your Digital Project Could Pose Infringement Risks. Hiring a law firm to do a “clearance search” to map out whether a digital project could pose infringement risks can cost $50,000, according to one digital-agency boss, and thus too much to make economic sense for a $300,000 or $400,000 contract. But agencies can easily lose work if they refuse to indemnify their clients (something clients are increasingly asking), so accepting some measure of risk is a necessity. The potentially catastrophic outcome for an agency is ending up in court over an infringement claim. That happened to San Francisco-based digital shop Fluid about five years ago. A retail client was sued over a web application that enabled a manufacturer’s representative to plug information from an end user’s shopping cart into a database, and the agency was contractually required to indemnify the client. Fluid ended up hiring a law firm and teaming up with five companies that had also been sued over the same patent, according to Fluid’s Chief Operating Officer, Tamir Scheinok. It could have been a “business-ending event” had it gone on for two months, he said. But the entity dropped the case after six weeks, incurring substantial but not fatal legal expenses.

Data warehouses can Stimulate Small Business Investments And Attract More Overseas Investors. “People want access to information all the time, wherever they are, and regardless of the device that they are using (mobile, laptop, iPad, android, Samsung Galaxy, Apple, etc.) Probably the one Businessuite Magazine

trending technology that ties everything together or forms the nucleus for all other research and technology is the Internet. Government and public-sector leaders ought to promote broader access to the Internet and other related technologies, since Internet usage, quality of infrastructure, and Internet expenditures are correlated with higher growth in per capita GDP. Data warehouses can be built to link databases across the various government entities, thus allowing better data flow, decision making, and business intelligence. This initiative would also stimulate more small business investments and would attract more overseas investors to do business here. These findings suggest that corporate leaders also will need to sharpen their focus on the opportunities the Internet offers for new products and expanded customer reach. Companies should also pay attention to how quickly Internet technologies can disrupt business models by radically changing markets and driving efficiencies. Due to the significant impact that research and technology have had on our lives, that impact also replicates in our homes, communities, and eventually our country and our economy. Therefore, it can be concluded that research and technology can and will continue to chart the path forward in nation building and economic development.” Vice-President of Information Technology at Northern Caribbean University (NCU) Dr Michael

Jamaican Central Bank To Lift Restrictions On Investments In Foreign Securities. Bank of Jamaica Governor Brian Wynter has given new indications that theCentral Bank will soon lift restrictions on investments in foreign securities. He said it would assist with the initiative for portfolio diversification. “We at the bank and the Financial Services Commission (FSC) are preparing to provide a plan later this year that will over time raise, and in due course, remove the cap on investments in foreign securities which will pave the way for the industry to further diversify the currency composition of its portfolio,” said Wynter.”There have been special representations in the past on this, and so we will be working together on it later this year,” the Central Bank chief told members of the securities industry at a business luncheon hosted by the FSC on Wednesday.

DHL Express Improves Overnight Offering To Caribbean And Central America Customers. “These transit time improvements provide our customers in the Caribbean with an improved level of service within the region and around the world. While our document volumes have remained steady over the last four years, DHL Express has seen a dramatic increase in parcel volumes to and from the Caribbean. At the same time, shipment volumes from the Caribbean to Central and South America and from Central and South America to the Caribbean have grown by double digits. DHL Express is strengthening our air Businessuite Magazine

network in terms of capacity and connectivity to best serve our customers and to respond to this double-digit volume growth.” Andrew Williams, DHL Express Vice President for Sales in the Americas Region. “Lots of documents and packages need to be moved around the Caribbean quickly and efficiently, and we responded to our customers’ requests for expedited service,” Reiner Wolfs, Managing Director for DHL Express in the Caribbean.

IPO For Caribbean Cream Limited (CCL)….. ‘KREMI’ Ice-cream manufacturer Caribbean Cream Limited (CCL) will go to the market this month with an initial public offering to raise between J$60 and J$80 million of equity to assist the company in its expansion drive. Mark Croskery, President and Chief Executive Officer of Stocks and Securities Limited, Lead Broker and arranger of the offer, said the shares will be priced between J$0.80 and J$1.10. But he said he was unable to disclose the amount of shares to be offered on the market until the release of the prospectus. CCL, a manufacturer and distributor of ice cream and ice cream products, operates under the brand ‘KREMI’, and was incorporated in 2006 by its current Chief Executive Officer Chris Clarke. The company manufactures 20 different flavors of ice cream in three-gallon, 1.5 gallon and quart sizes, as well as three flavors of ice cream cakes. The company is also the local distributor of the Flavorite brand of frozen novelties from Trinidad. “We have been challenged by a couple of things. One is the availability of space. These companies are looking for spaces at a minimum of 25, 000 square feet and upwards. They want, what I would call an air-conditioned warehouse, a big open space, which allows them to see an entire production floor without a lot of partitions etc..., that is the ideal space that companies are looking for.” Julian Robinson, State Minister in the Ministry of Science, Technology, Energy and Mining, who was speaking at the annual general meeting of the Manchester Chamber of Commerce in Mandeville last Thursday, said his ministry has brought in a number of companies into Manchester to explore the possibility of the parish becoming an ICT centre, but none has borne fruit so far.

Rubis Brand to Replace Shell In Jamaica For 90 years, Shell has remained the most ubiquitous name on service stations across Jamaica, but that era is coming to an end. In less than 13 months, the brand which now graces 52 stations will disappear from Jamaica altogether. New owner, Rubis Energy 9

Trending Jamaica Limited, will be rebranding the stations under the Rubis name, a project to start next year and wrapped up by mid-2014. No details were forthcoming on the project from head of Rubis Jamaica, Don Gary, this week, but the company is currently wrapping up a two-day meeting in Montego Bay with dealers where the plans for the network are under discussion.

To Enter Costa Rican Market Sagicor Life Jamaica (SLJ) Invests US$6 Million Insurance giant Sagicor Life Jamaica (SLJ) will initially invest US$6 million to enter the Costa Rican market, according to its financial report for the year ended December 2012. Concurrently, the group

stated that it exchanged J$57.7 billion worth of bonds in the debt exchange last month, which will cut its interest on bonds by about one percentage point. SLJ aims to grow revenues via its new venture in Central America. It received regulatory approval to operate an insurance company last month in Costa Rica but the company previously did not disclose the expected value of its investment there.”At year end, the company’s share of capital invested was US$6 million,” stated Sagicor in its just released financials. “SLJ injected its 50 per cent share of capital in a joint venture company, Sagicor Costa Rica through its wholly-owned subsidiary Sagicor St Lucia.” SLJ now operates in Jamaica, the Cayman Islands, St Lucia and Costa Rica.

CORPORATE MOVEMENTS

cotiabank Trinidad and Tobago Ltd and ScotiaTrust and Merchant Bank now have a new chairwoman. On March 8 the boards of directors of Scotiabank and ScotiaTrust and Merchant Bank appointed Sylvia Chrominska to the role of chair of both boards. Chrominska was to appointed a director of these boards on January 23. She replaced Brian Porter at Scotiabank. Hilton Barbados has added a new member to its management team. She is Annabelle Callender, the assistant revenue manager.In her new role, Callender will be responsible for carrying out the day-to-day revenue management activities whilst providing the competitive and demand analysis to assist in the business planning. She will also provide support in the development and monitoring of pricing strategies among other duties. Josea Browne, director of business development, welcomed Callender to the hotel’s management team. She said: “Annabelle has previously worked at Hilton Barbados Resort in a different role and we are pleased to welcome her back in this new capacity. Her understanding of the industry along with her experience and training make her an asset for the hotel.” Andral ‘Jack’ Shirley has been appointed as the new executive director of Betting, Gaming and Lottery Commission (BGLC), the government agency that regulates lottery, gambling and horse racing. Chairman of the BGLC Gary Peart said Shirley was appointed March 1, 2013, but declined to comment further on the terms of the 10

contract. Shirley was not reached for comment. Shirley’s appointment comes three months after the sudden departure of Derek Peart from the post. In December, Peart departed on early retirement after a staff retreat. Chief executive officer of the Private Sector Organisation of Jamaica, Sandra Glasgow has resigned from the position, effective April 26. In announcing the parting, PSOJ President Christopher Zacca said she has spent five and a half years with the private sector lobby group and throughout that time “has worked hard to revitalise the organisation.” Wendy Freckleton was returned unopposed as president of the Manchester Chamber of Commerce (MCOC) at the organisation’s recent annual general meeting. Kayon Wallace will serve the 20132014 administration as first vice-president; Karen Wong, second vice president and director of projects and events; Sandra Peart, treasurer (with assistant Sheriffa McPherson); Doreth Jones, secretary; Delroy Jarrett, director of information and communication technologies; Stuart Barnes, director of entrepreneurism and business advocacy; Garfield Green, director of government relations and economic development; Thelma Vassall, director of workforce development and education (with assistant Janice Brooks); Tracey Drummond, director of membership (assistant Phillip Williams); Charmaine Dixon, director of communication and public affairs; and Reverend Dr Owen Gordon, chaplain. Businessuite Magazine

Trending Cash Really Is King Especially In Hard Economic Times

NEWS Local & Regional

The Global Financial Crisis Has Taken A Heavy Toll On Grenada

CARIBBEAN BUSINESS HIGHLIGHTS Rastafarian Family Rejects Sagicor Life Inc. Offer Of $1.6 Million. To Move Off The Land Worth $7 Million Not even a million dollars is enough to entice a Rastafarian family to move off the land on which they have been squatting for more than three decades. The family of 23 is living in five shanty dwellings on 8.38 acres of undeveloped land next to the upscale Fort George Heights, St Michael, and has refused to move despite the generous offer from the land owner Sagicor Life Inc. to pay them close to $1.6 million. Judy Phillips, her 11 children, 11 grand-children and one great-grand child are living “comfortably” on land which is said to be valued at close to $7 million, even though they have no water and no electricity. And they have successfully resisted several attempts by Sagicor to get them off the land. Attorney David Comissiong, who is representing the family, told the WEEKEND NATION that by virtue of them being on the land for over 30 years they had acquired certain legal rights to it through the Limitation and Prescription Act.

higher specific allowances of US$23 million “driven by deterioration in collateral values, new non-performing loans and updates to key assumptions mainly affecting business and sovereign and personal loans.” However, the ratio of non-performing loans to gross loans decreased to 12.4 per cent compared to 13.6 per cent at the end of 2011. Chairman Michael Mansoor said that the bank’s profit of US$72 million was relatively consistent with the prior year at US$74 million. “The economies of the majority of the territories in which we operate are heavily dependent on tourism, foreign direct investment and international transfer payments and all of these have been negatively affected by the lackluster economic recovery in the United States and Europe. “The Bank’s results however show that apart from the negative effects of the loan loss impairment allowances, the business of the bank continues to be encouragingly stable and provides a sound basis for better performances when economic conditions improve,” he said in the company’s 2012 annual report. (NB)

Desalination firm Consolidated Water Company Increase Revenues….. First Caribbean Records Increase In Loan CAYMAN Islands Loss Expenses…..Barbados Consolidated Water’s performance last year was driven by a 19 High loan loss provisions continued to be a problem for CIBC First Caribbean International Bank last year despite an otherwise satisfactory operating performance. In the company’s 2012 annual report, Chief Executive Officer Rik Parkhill noted that the credit environment continued to reflect the challenging economic climate and loan loss impairment. Expenses increased from 1.3 per cent of loans in 2011 to 1.7 per cent of loans in 2012. According to management’s analysis, loan loss impairment increased by US$33 million or 37 per cent year on year due to Businessuite Magazine

per cent increase in total revenues to US$65.5 million, catalysed by a 33 per cent jump in bulk water sales to US$40.8 million. It attributed the growth in bulk water to the expansion of the company’s Blue Hills plant in The Bahamas during the fourth quarter of 2011.The firm produces and supplies water to end-users, including residential, commercial and government customers in the Cayman Islands under an exclusive retail licence. Retail water revenues increased four per cent to US$24.2 million, behind an increase in the company’s base rates of approximately four per 11

Trending cent due to an upward movement in the consumer price indices used to determine annual base rate adjustments which become effective in the first quarter of each year. The company said this was partially offset by an approximate two per cent decrease in the number of gallons sold in 2012 due to abnormally high rainfall on Grand Cayman Island during the second quarter of 2012.

Cash Really Is King Especially In Hard Economic Times…Aubyn Hill

Caymanas Racing & Entertainment Limited (CRE) Set To take over Caymanas Park…..Jamaica The United Bookmakers Association has come aboard to partner with the racing stakeholders in the divestment of the near 200acre Caymanas Park racing complex from the Government. Racing Divestment Committee chairman, Michael Bernard, made the announcement at a crucial meeting of the committee held in the North Lounge at Caymanas Park yesterday, attended by many stakeholders. Bernard, who provided an update on the committee’s plans, said the process is well advanced and the committee will be in a position to make an offer to the Government within 30 days. He further disclosed that the new company, comprising all the stakeholders with additional financial support from the Sagicor Bank, will be known as Caymanas Racing & Entertainment Limited (CRE). Bernard explained that the plan is to raise a minimum of $250 million among industry stakeholders, represented by owners, trainers, jockeys, breeders and grooms and of course, the bookmakers, who recently signed a memorandum of understanding. If successful with the offer, Bernard said his committee is ready to transform Caymanas Park into a racing, gaming and entertainment centre. Caymanas Racing & Entertainment Limited would increase sales significantly with a technology and equipment upgrade. According to Richard Lake, head of the technical committee: “Telephone betting will be fundamental to drive sales. Persons will be able to watch racing and wager on their phones …,” he said.

In most any business, the area over which managers have most control is on what they spend. Even in the best of economic times, cost control is an area of keen focus. In tough economic times it is vital to survival. In business jargon, the burn rate is that amount of cash the company needs to survive for a set period of time. The best run companies these days calculate accurately the amount of cash they will need to spend daily - Monday’s spend may be greater than Thursday’s - weekly, monthly and annually. If the company’s business is seasonal, expenses will vary some weeks or months from others. The burn rate will cover that raft of expenditure from salaries, rent and electricity to advertising and bearer expenses. The burn rate has to be under the manager’s microscope, constantly. He or she must decide on a regular basis what sum of money must actually be spent. An item of expenditure listed in a static budget may or may not be spent. The dynamic current need of the organisation and its ability to afford the expenditure, are what will trigger the decision to spend. Cash really is king especially in hard economic times.

SSL Wealth Division Host successful Leadership and Financial Forum…….Jamaica The much awaited Leadership and Financial Forum hosted March 14, 2013 at the Jamaica Pegasus Montego Suite by the SSL Wealth Division was a tremendous success. The presenters for the evening were Kevin Jones SSL Assistant Manager, Wealth Division presenting on Wealth Management Solutions: Opportunity in Crisis Anya Levy Re/Max Elite Broker Associate, presenting on Important Legislation Affecting Real Estate Investors Damien King Department of Economics UWI Mona, presenting on The IMF Mandate ;Claude Clarke Managing Director, Richmond Valley Company, presenting on Economic Transformation Through Trade, and Chris Issa Hotelier-Spanish Court Hotel, presenting on Doing Business in Jamaica. Also, there was a Guest Presenter, Doug Trenary, President of Doug Trenary’s Fast-Track Inc. based in Atlanta, GA.

Businessuite Magazine

Trending “There has never been a time where the need for leadership has been more important. With uncertainties remaining in the Jamaican environment—financially, socially, and politically—business leaders have to be able to shape the performances and outcomes of the personnel they manage every day.” Tara Fraser, SSL Coordinator for the event said “It was actually oversubscribed, initially the forum was intended for a maximum of 150 guest, however there were over 300 persons turning up; since late last night to early this morning we have been getting several phone calls from persons reaching out to us saying the panel was superb and they enjoyed the presenter Doug Trenary immensely.

mits. Prime Minister Perry Christie, who was voted back into office in May, has said he supported exploration. Environmental Minister Kenred Dorsett said the government would seek new regulations to protect the environment and cannot ignore the potential economic benefits of oil for a country that now imports fuel. “The discovery of oil in The Bahamas would almost certainly prove to be economically transformative for our nation for many generations to come,” he said in a statement. The announcement came after a delegation of Bahamian officials, including Dorsett, recently returned from neighbouring Cuba, where he said they discussed that country’s exploration efforts and the “need for enhanced environmental vigilance and protection,” in an environmentally sensitive region just off the southeastern coast of the United States (US).

The Global Financial Crisis Has Taken A Heavy Toll On Grenada Western Union Will Help Government Bridge the Gap between Our Cash Transfer Programmes and the Vast Numbers of Citizens Nationwide…………Haiti Government cash payments, known worldwide as conditional cash transfers, have become a successful tool to address the needs of the poorest sectors of societies all over the world. In Haiti, the government has developed a wide array of programs to reach needy groups, but despite the programs enjoying some amount of success, the cash payments were difficult to deliver over the course of the “last mile,” owing mainly to the remoteness of certain locations. For instance, the Haitian government said one of the most successful programs called Kore Handicape et Ti gran Moun (Handicapped and elderly), provides a cash payment to 50,000 handicapped and elderly Haitians, who must be reached at home given their particular life circumstances. To overcome these difficulties, the government sought partnerships with the private sector to help make these transfer payments easier to deliver to the thousands who receive them each month. Western Union, a leading global payment services company which already has an important presence in Haiti, proved to be an ideal partner.”Mainly because of its expertise, Western Union’s tools will help our government bridge the gap between our cash transfer programs and the vast numbers of citizens nationwide who receive them,” said Laurent Lamothe, Haiti’s prime minister.

Government Cannot Ignore The Potential Economic Benefits Of Oil For A Country That Now Imports Fuel……. The Bahamas Offshore drilling is sensitive in The Bahamas, where many fear a spill could devastate the fishing and tourism industries. The previous Bahamian government had delayed issuing exploration perBusinessuite Magazine

“The global financial crisis has taken a heavy toll on the country, and aggravated the severe debt overhang that continues to weigh down our economy,” said Mitchell. “It is now time for Grenada to confront the fact that it cannot continue to pay its debts on current terms, and that the restoration of growth requires the debt overhang to be resolved. We need a fresh start, and it is therefore imperative that we approach our creditors promptly to discuss an orderly restructuring of our liabilities. Tax levels in Grenada are at approximately 20 per cent of GDP, while the debt is closing on to 90 per cent of economic output.

Scotia Makes $142m For First Quarter….. Trinidad Scotiabank Trinidad and Tobago Ltd., has reported net income of $142.4 million for its first quarter ended January 31. This was $0.8 million or one per cent above the quarter ended January 31 last year, the bank said in a statement yesterday. Earnings per share for the quarter stood at 80.8 cents compared to 80.3 cents for the same period last year. The board of directors yesterday approved a first interim dividend of 40 cents per stock unit payable on April 17 to stockholders on record as at March 19, 2013. Scotia Bank Managing Director Anya Schnoor said: “Scotia Bank recorded consistent earnings during the first quarter led by loan growth in residential mortgages and consumer loans of seven per cent each relative to prior year as we continued our focus on growing market share.”The bank’s total operating income, comprising net interest income and other income was $347.9 million for the three months ended January 31. This represented improved earnings of 5.6 per cent or $18.3 million when compared to January 31, 2012. 13

Stocks + Investing + money markets WEEKLY BULLETIN 15.03.13 SGJ - Trading in Shares

Dividend/Capital Distribution Payments Amount (Cents)

X-Date

Record Date

Payment Date

CHL

100

08/03/13

12/03/13

28/03/13

CPJ

4.5

20/03/13

22/03/13

28/03/13

DCOVE

07/03/13

11/03/13

28/03/13

GENAC

4.85

13/03/13

15/03/13

28/03/13

GLNR

3.5

28/02/13

04/03/13

22/03/13

08/08/13

12//03/13

27/03/13

HONBUN

11/03/13

13/03/13

27/03/13

JAMT

22/03/13

26/03/13

28/03/13

JBG

11/03/13

13/03/13

28/03/13

JMMB

14/03/13

18/03/13

28/03/13

KWL

20/03/13

22/03/13

28/03/13

PJAM

110

11/03/13

13/03/13

25/03/13

SGJ

11/03/13

13/03/13

28/03/13

SIJL

11/03/13

13/03/13

28/03/13

SLJ

13/03/13

15/03/15

28/03/13

13/03/13

15/03/15

27/03/13

SVL

12/03/13

14/03/15

28/03/13

Date

SIJL - Trading in Shares & Resignation • Scotia Investments Jamaica Limited (SIJL) has advised that a related party purchased 137,866 SIJL shares on March 4, 2013. SIJL has also advised that Mrs. Kaylene Grant-Patterson has resigned as a Branch Manager effective March 8, 2013. NCBJ- Trading in Shares • National Commercial Bank Jamaica Limited (NCBJ) has advised that a related party bought 28,532 NCBJ shares on March 7, 2013. • National Commercial Bank Jamaica Limited has advised that a related party purchased 29,565 NCBJ shares on March 12, 2013. SLJ - Submission of Financials • Sagicor Life Jamaica Limited has released its audited financial statements for year ended December 31, 2012. JBG - Submission of Financials • Jamaica Broilers Group Limited has released its unaudited financial statements for the third quarter ended January 26, 2013. BPOW - Submission of Financials

Annual/Extra-Ordinary General Meeting Company

• Scotia Group Jamaica Limited (SGJ) has advised that a related party sold 9,092 SGJ shares on January 30, 2013.

• Blue Power Group Limited has released its unaudited financial statements for the third quarter ended January 31, 2013.

Venue

AMG

March 19/9:00 a.m.

9 Retirement Crescent

FCIB

March 21/5:00 p.m.

Hilton Barbados Resort

May 29/4:00 p.m.

73 Harbour Street

JSE Investor Events JSE’s Corporate Outreach

Bond Indices Summary for the period March 11 - 15, 2013 Caribbean Investment Grade Index up 0.05 points or 0.04% to close at 125.70 points Caribbean Stock Index down 2.51 points or 3.29% to close at 73.76 points Jamaica Global Bond Index down 0.16 points or 0.13% to close at 121.22 points JSE Money Market Index up 0.06 points or 0.06% to close at 98.97 points

JSE is offering an exciting 15-minute presentation geared towards employees in the Jamaican workforce. The aim of the programme is to present simple and concise information about how the stock market works to benefit Jamaicans. If your company would like to participate, kindly contact Mrs Charlette Eddie Nugent or Miss Davia Eastman at 967-3271 to arrange a visit from us.

Please direct your comments and enquiries to: Jamaica Stock Exchange, P.O. Box 1084. 40 Harbour Street, Kingston. Tel: 967-3271; Fax: 924-9090

Businessuite Magazine

Stocks + Investing + money markets THE JAMAICA STOCK EXCHANGE MARKET TRADE SHEET Market Summary For The Week: 11-Mar-2013 To 15-Mar-2013

Dollar Market Summary JA$ Market Val:

Market Capitalization JA$ Market Capitalization:

521,371,830,677.00

US$ Market Vol:

US$ Market Capitalization:

32,444,707.00

US$ Market Val:

Index Title

13,130,581.00 93,649,752.26

JA$ Market Vol:

676,210.00 73,884.85

Value

JSE Combined

84,990.63

JSE Index

83,458.69

All Ja Comp

78,054.12

JSE Select

2,131.12

Cross Listed

848.98

JSE Junior

633.48

JSE USD

Security

YTD Div

Volume Traded

Value Traded ($)

This Period's Hi Low ($) ($)

Last Sale Price ($)

Change

78.57

Close Price ($)

Change Change ($)

(%)

-1,677.66 -1,941.55 -3,418.09 -106.91 0.00 39.12 7.14 Closing Bid Ask ($) ($)

JA$ Market Access Financial Services Limited 0.65 AMG Packaging & Paper Company Limited Barita Investments Limited 0.11 Berger Paints Jamaica Ltd. Blue Power Group Limited C2W Music Limited Cable & Wireless Ja. 5.5% Cable & Wireless Ja. 6% Cargo Handlers Limited XD 0.68 Caribbean Cement Company Ltd. Caribbean Producers Jamaica Limited Carreras Limited 2.60 Ciboney Group Limited Consolidated Bakeries (Jamaica) Limited Desnoes & Geddes Ltd Dolphin Cove Limited XD First Caribbean Internationa Bank 0.02 USD General Accident Insurance Company (JA) Limited XD Gleaner Company Ltd. GraceKennedy Limited XD Guardian Holdings Limited Hardware & Lumber Ltd. 0.13 Honey Bun (1982) Limited XD 0.06 Jamaica Broilers Group XD Jamaica Money Market Brokers Ltd XD Jamaica Money Market Brokers Ltd 8.50% 0.07 Jamaica Money Market Brokers Ltd 8.75% 0.07 Jamaica Producers Group Ltd. 0.20 Jamaica Public Service 5% C XD Jamaica Public Service 5% D XD Jamaica Public Service Co. 6% XD Jamaica Public Service Co. Ltd. 7% XD Jamaica Stock Exchange Variable Preference 0.03 Jamaican Teas Limited K.L.E. Group Limited Kingston Properties Limited 0.00 USD Kingston Wharves Limited Lasco Distributors Limited Lasco Financial Services Limited 0.30 Lasco Manufacturing Limited LIME Mayberry Investments Limited Montego Bay Ice Co. Ltd. National Commercial Bank Jamaica Ltd. 0.23 Palace Amusement Co. Ltd. 1.75 Pan Jamaican Investment Trust Co. Ltd. XD Paramount Trading (Jamaica) Limited Proven Investments Limited 8% Pulse Investments Limited Radio Jamaica Limited Sagicor Investments Jamaica Limited XD Sagicor Life Jamaica Limited XD Salada Foods Jamaica Ltd. 0.40 Scotia Group Jamaica Limited XD 0.40 Scotia Investments Jamaica Ltd. XD 0.45 Seprod Limited Supreme Ventures Limited Trinidad Cement Limited

48,763 1,000 139,199 34,168 3,670

323,903.97 3,900.00 472,616.60 67,006.61 19,597.00

6.79 3.90 3.40 2.00 5.50

6.60 3.90 3.20 1.94 5.10

72,950 328,700 35,257 6,000 176,100 1,758,536 8,000

66,663.50 657,440.00 1,815,032.58 180.00 281,914.00 7,098,111.35 63,510.00

1.00 2.05 53.00 0.03 1.65 4.18 8.00

0.88 1.99 51.00 0.03 1.60 4.00 7.93

1,091,146 6,064 13,548

1,695,572.62 6,791.68 713,251.00

1.60 1.12 54.00

1.50 1.12 52.00

49,739 742,383 11,801

198,956.00 3,362,628.75 86,096.23

4.00 4.60 7.30

4.00 4.50 7.21

120,262 49,366

390,851.50 740,490.00

3.25 15.00

500

945.00

1.89

22,175 40,642 92,637 40,761 772,216 33,310

123,719.31 442,987.80 556,833.00 427,872.82 137,454.85 66,627.50

5.70 11.00 6.49 11.00 0.18 2.01

5.41 10.50 5.88 10.00 0.17 2.00

195,436

3,713,915.64

19.15

19.00

606,357 355,822 4,222,100

29,208,358.20 1,168,334.47 21,356,584.00

50.55 3.50 5.09

48.00 3.05 5.04

250,861 25,618 1,307,566 100 320,788 40,337 99,200 7,503

326,119.30 400,920.80 9,132,169.93 850.00 6,175,085.40 889,664.00 1,438,400.00 18,396.85

1.30 16.00 7.12 8.50 22.00 25.00 14.50 2.46

1.30 15.60 6.95 8.50 18.01 22.00 14.50 2.45

676,210

73,884.85

0.12

0.11

6.75 3.90 3.20 1.95 5.50 1.15 0.50 0.53 10.02 0.88 2.00 52.50 0.03 1.64 4.00 8.00 110.00 1.60 1.12 54.00 270.00 3.22 4.00 4.51 7.21 3.50 3.25 15.00 0.36 0.35 0.40 0.39 1.89 3.70 3.70 4.00 5.41 10.90 6.49 11.00 0.18 2.00 18.00 19.00 95.00 50.00 3.50 5.09 1.00 1.30 15.60 7.00 8.50 19.00 25.00 14.50 2.45 15.58

6.75 3.90 3.38 1.97 5.50 1.15 0.50 0.53 10.02 0.88 2.00 52.52 0.03 1.65 4.02 8.00 110.00 1.58 1.12 53.59 270.00 3.22 4.00 4.51 7.29 3.50 3.25 15.00 0.36 0.35 0.40 0.39 1.89 3.70 3.70 4.00 5.44 10.90 6.27 11.00 0.18 2.00 18.00 19.00 95.00 50.00 3.44 5.07 1.00 1.30 15.60 6.95 8.50 18.27 22.06 14.50 2.45 15.58

0.60 0.06 0.08 0.06 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.48 -0.01 0.05 -0.15 0.07 0.00 0.08 -0.01 3.60 0.00 0.00 0.45 0.01 -0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.90 0.47 1.40 0.01 -0.22 0.00 -0.02 0.00 -0.50 0.29 0.03 0.00 0.00 0.10 -0.37 0.00 -3.41 -1.00 0.00 -0.01 0.00

9.76 1.56 2.42 3.14 7.84 0.00 0.00 0.00 0.00 0.00 0.00 0.92 -25.00 3.13 -3.60 0.88 0.00 5.33 -0.88 7.20 0.00 0.00 12.68 0.22 -0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.74 9.00 8.10 14.58 5.88 -9.91 0.00 -0.11 0.00 -0.99 9.21 0.60 0.00 0.00 0.65 -5.05 0.00 -15.73 -4.34 0.00 -0.41 0.00

0.11

0.01

10.00

6.01 3.61 3.20 1.90 5.20 0.50 0.53 10.05 0.88 1.85 52.50 0.03 1.20 4.02 7.61 96.50 1.41 1.12 52.51 270.00 3.15 3.95 4.53 7.21 3.50 3.21 15.11 0.36 0.35 0.40 0.39

6.75 3.90 3.50 1.94 6.90 1.20

1.10 2.00 52.89 0.08 1.60 4.16 8.40 107.00 1.70 1.40 57.00 300.00 4.35 4.00 4.60 7.29 4.59 3.25 17.70

3.70

1.89 4.20 3.69

5.41 10.52 6.00 10.58 0.18 2.01

5.70 11.30 6.30 11.00 0.20 2.35

19.00 65.00 48.20 3.16

19.15 95.00 56.95 3.55

1.25 1.32 15.50 6.95 8.00 19.00 22.15 14.50 2.50 15.60

1.60 1.70 18.00 7.10 8.50 20.00 23.00 15.00 2.85

0.10

0.12

US$ Market Proven Investments Limited

Businessuite Magazine

0.00 USD

Stocks + Investing + money markets

THE JSE REGULAR MARKET SUMMARY FOR: The Week:11-Mar-2013 To 15-Mar-2013

The Regular Market Volume (excluding blocks) amounted to 10,893,601.00 units valued at $ 87,808,930.58. The following companies represent the overall volume leaders:   

Proven Investments Limited 8% with 4,222,100 units, amounting to 38.76% of the market volume Desnoes & Geddes Ltd with 1,758,536 units, amounting to 16.14% of the market volume Sagicor Life Jamaica Limited with 1,307,566 units, amounting to 12.00% of the market volume

Overall Market activity resulted from trading in 27 stocks of which 9 advanced, 11 declined and 7 traded firm.

Stocks Advancing Barita Investments Limited Berger Paints Jamaica Ltd. Carreras Limited GraceKennedy Limited Jamaica Broilers Group Kingston Wharves Limited LIME Proven Investments Limited 8% Sagicor Investments Jamaica Limited

Stocks Declining Ciboney Group Limited Desnoes & Geddes Ltd Gleaner Company Ltd. Jamaica Money Market Brokers Ltd Mayberry Investments Limited National Commercial Bank Jamaica Ltd. Pan Jamaican Investment Trust Co. Ltd. Sagicor Life Jamaica Limited Scotia Group Jamaica Limited Scotia Investments Jamaica Ltd. Supreme Ventures Limited

Stocks Trading Firm Caribbean Cement Company Ltd. Jamaica Money Market Brokers Ltd 8.75% Jamaica Producers Group Ltd. Jamaica Stock Exchange Variable Preference Radio Jamaica Limited Salada Foods Jamaica Ltd. Seprod Limited

Close Price

Change

% Change

3.38 1.97 52.52 53.59 4.51 5.44 0.18 5.07 15.60

0.08 0.06 0.48 3.60 0.01 0.04 0.01 0.03 0.10

2.42% 3.14% 0.92% 7.20% 0.22% 0.74% 5.88% 0.60% 0.65%

Close Price

Change

% Change

0.03 4.02 1.12 7.29 2.00 19.00 50.00 6.95 18.27 22.06 2.45

-0.01 -0.15 -0.01 -0.01 -0.22 -0.02 -0.50 -0.37 -3.41 -1.00 -0.01

-25.00% -3.60% -0.88% -0.14% -9.91% -0.11% -0.99% -5.05% -15.73% -4.34% -0.41%

Close Price

Change

% Change

0.88 3.25 15.00 1.89 1.30 8.50 14.50

Trading activity for the period March 11, 2013 to March 15, 2013, saw the following:     

The JSE Combined Index declined by 1,677.66 points or (1.94%) to close at 84,990.63 points. The JSE Index declined by 1,941.55 points or (2.27%) to close at 83,458.69 points. The JSE All Jamaican Composite Index declined by 3,418.09 points or (4.20%) to close at 78,054.12 points. The JSE Select Index declined by 106.91 points or (4.78%) to close at 2,131.12 points. The JSE Cross Listed Index closed at 848.98 points.

The JSE Index comprises all Ordinary Companies on the Main Market.The JSE All Jamaican Composite Index comprises of only Jamaican Companies on the Main Market. The JSE Select Index comprises the JSE's 15 most liquid Securities on the Main Market. The JSE Cross Listed Index comprises of only foreign companies on the Main Market. ****End of Report****

Businessuite Magazine Page 1 of 1

Stocks + Investing + money markets THE JSE MARKET SUMMARY FOR: The Week:11-Mar-2013 To 15-Mar-2013

For the period March 11, 2013 to March 15, 2013JA$ market volume (excluding blocks) amounted to 13,130,581.00 units valued at $93,649,752.26. There were no block transactions for the period in the JA$ market. US$ market volume (excluding blocks) amounted to 676,210.00 units valued at $73,884.85. There were no block transactions for the period in the US$ Market. The following companies represent the overall volume leaders:  Proven Investments Limited 8% with 4,222,100 units, amounting to 32.15% of the market volume  Desnoes & Geddes Ltd with 1,758,536 units, amounting to 13.39% of the market volume  Sagicor Life Jamaica Limited with 1,307,566 units, amounting to 9.96% of the market volume Overall Market activity resulted from trading in 40 stocks of which 21 advanced, 11 declined and 8 traded firm.

Stocks Advancing Access Financial Services Limited AMG Packaging & Paper Company Limited Barita Investments Limited Berger Paints Jamaica Ltd. Blue Power Group Limited Carreras Limited Consolidated Bakeries (Jamaica) Limited Dolphin Cove Limited General Accident Insurance Company (JA) Limited GraceKennedy Limited Honey Bun (1982) Limited Jamaica Broilers Group Kingston Wharves Limited Lasco Distributors Limited Lasco Financial Services Limited Lasco Manufacturing Limited LIME Paramount Trading (Jamaica) Limited Proven Investments Limited Proven Investments Limited 8% Sagicor Investments Jamaica Limited

Stocks Trading Firm Caribbean Cement Company Ltd. Caribbean Producers Jamaica Limited Jamaica Money Market Brokers Ltd 8.75% Jamaica Producers Group Ltd. Jamaica Stock Exchange Variable Preference Radio Jamaica Limited Salada Foods Jamaica Ltd. Seprod Limited

Close Price

Change

% Change

6.75 3.90 3.38 1.97 5.50 52.52 1.65 8.00 1.58 53.59 4.00 4.51 5.44 10.90 6.27 11.00 0.18 3.44 0.11 5.07 15.60

0.60 0.06 0.08 0.06 0.40 0.48 0.05 0.07 0.08 3.60 0.45 0.01 0.04 0.90 0.47 1.40 0.01 0.29 0.01 0.03 0.10

9.76% 1.56% 2.42% 3.14% 7.84% 0.92% 3.13% 0.88% 5.33% 7.20% 12.68% 0.22% 0.74% 9.00% 8.10% 14.58% 5.88% 9.21% 10.00% 0.60% 0.65%

Close Price

Change

% Change

0.03 4.02 1.12 7.29 2.00 19.00 50.00 6.95 18.27 22.06 2.45

-0.01 -0.15 -0.01 -0.01 -0.22 -0.02 -0.50 -0.37 -3.41 -1.00 -0.01

-25.00% -3.60% -0.88% -0.14% -9.91% -0.11% -0.99% -5.05% -15.73% -4.34% -0.41%

Close Price

Change

% Change

0.88 2.00 3.25 15.00 1.89 1.30 8.50 14.50

Trading activity for the period March 11, 2013 to March 15, 2013, saw the following:       

Page 1 of 2

Businessuite Magazine

Stocks + Investing + money markets

THE JAMAICA STOCK EXCHANGE REGULAR MARKET TRADE SHEET Market Summary For The Week: 11-Mar-2013 To 15-Mar-2013

Market Summary Market Vol: Market Val:

Market Capitalization Market Capitalization:

Index Title 10,893,601.00 87,808,930.58

499,758,411,672.00

Value

JSE Combined

84,990.63

JSE Index

83,458.69

All Ja Comp

78,054.12

JSE Select

2,131.12

Cross Listed

Security

YTD Div

Volume Traded

Value Traded ($)

This Period's Hi Low ($) ($)

Last Sale Price ($)

Change

848.98

Close Price ($)

Change Change ($)

(%)

-1,677.66 -1,941.55 -3,418.09 -106.91 0.00 Closing Bid Ask ($) ($)

JA$ Market Barita Investments Limited Berger Paints Jamaica Ltd. Cable & Wireless Ja. 5.5% Cable & Wireless Ja. 6% Caribbean Cement Company Ltd. Carreras Limited Ciboney Group Limited Desnoes & Geddes Ltd First Caribbean Internationa Bank Gleaner Company Ltd. GraceKennedy Limited XD Guardian Holdings Limited Hardware & Lumber Ltd. Jamaica Broilers Group XD Jamaica Money Market Brokers Ltd XD Jamaica Money Market Brokers Ltd 8.50% Jamaica Money Market Brokers Ltd 8.75% Jamaica Producers Group Ltd. Jamaica Public Service 5% C XD Jamaica Public Service 5% D XD Jamaica Public Service Co. 6% XD Jamaica Public Service Co. Ltd. 7% XD Jamaica Stock Exchange Variable Preference Kingston Properties Limited Kingston Wharves Limited LIME Mayberry Investments Limited Montego Bay Ice Co. Ltd. National Commercial Bank Jamaica Ltd. Palace Amusement Co. Ltd. Pan Jamaican Investment Trust Co. Ltd. XD Proven Investments Limited 8% Pulse Investments Limited Radio Jamaica Limited Sagicor Investments Jamaica Limited XD Sagicor Life Jamaica Limited XD Salada Foods Jamaica Ltd. Scotia Group Jamaica Limited XD Scotia Investments Jamaica Ltd. XD Seprod Limited Supreme Ventures Limited Trinidad Cement Limited

Regular Transaction: Number of Trades: Total Value: Total volume: JA$ Totals Total Value: Total volume:

0.11

2.60

139,199 34,168

472,616.60 67,006.61

3.40 2.00

3.20 1.94

72,950 35,257 6,000 1,758,536

66,663.50 1,815,032.58 180.00 7,098,111.35

1.00 53.00 0.03 4.18

0.88 51.00 0.03 4.00

6,064 13,548

6,791.68 713,251.00

1.12 54.00

1.12 52.00

742,383 11,801

3,362,628.75 86,096.23

4.60 7.30

4.50 7.21

120,262 49,366

390,851.50 740,490.00

3.25 15.00

500

945.00

1.89

22,175 772,216 33,310

123,719.31 137,454.85 66,627.50

5.70 0.18 2.01

5.41 0.17 2.00

195,436

3,713,915.64

19.15

19.00

606,357 4,222,100

29,208,358.20 21,356,584.00

50.55 5.09

48.00 5.04

250,861 25,618 1,307,566 100 320,788 40,337 99,200 7,503

326,119.30 400,920.80 9,132,169.93 850.00 6,175,085.40 889,664.00 1,438,400.00 18,396.85

1.30 16.00 7.12 8.50 22.00 25.00 14.50 2.46

1.30 15.60 6.95 8.50 18.01 22.00 14.50 2.45

0.02 USD

0.13

0.07 0.07 0.20

0.03 0.00 USD

0.23 1.75

0.40 0.40 0.45

305 $87,808,930.58 10,893,601 87,808,930.58 10,893,601.00

3.20 1.95 0.50 0.53 0.88 52.50 0.03 4.00 110.00 1.12 54.00 270.00 3.22 4.51 7.21 3.50 3.25 15.00 0.36 0.35 0.40 0.39 1.89 4.00 5.41 0.18 2.00 18.00 19.00 95.00 50.00 5.09 1.00 1.30 15.60 7.00 8.50 19.00 25.00 14.50 2.45 15.58

3.38 1.97 0.50 0.53 0.88 52.52 0.03 4.02 110.00 1.12 53.59 270.00 3.22 4.51 7.29 3.50 3.25 15.00 0.36 0.35 0.40 0.39 1.89 4.00 5.44 0.18 2.00 18.00 19.00 95.00 50.00 5.07 1.00 1.30 15.60 6.95 8.50 18.27 22.06 14.50 2.45 15.58

0.08 0.06

2.42 3.14

3.20 1.90 0.50 0.53 0.88 52.50 0.03 4.02 96.50 1.12 52.51 270.00 3.15 4.53 7.21 3.50 3.21 15.11 0.36 0.35 0.40 0.39

3.50 1.94

0.00 0.48 -0.01 -0.15

0.00 0.92 -25.00 -3.60

-0.01 3.60

-0.88 7.20

0.01 -0.01

0.22 -0.14

0.00 0.00

0.00

0.04 0.01 -0.22

0.74 5.88 -9.91

5.41 0.18 2.01

5.70 0.20 2.35

-0.02

-0.11

-0.50 0.03

-0.99 0.60

19.00 65.00 48.20

19.15 95.00 56.95

0.00 0.10 -0.37 0.00 -3.41 -1.00 0.00 -0.01

0.00 0.65 -5.05 0.00 -15.73 -4.34 0.00 -0.41

1.25 1.32 15.50 6.95 8.00 19.00 22.15 14.50 2.50 15.60

1.60 1.70 18.00 7.10 8.50 20.00 23.00 15.00 2.85

1.10 52.89 0.08 4.16 107.00 1.40 57.00 300.00 4.35 4.60 7.29 4.59 3.25 17.70

1.89

Legend: XD/XB/XS without entitlement to dividends, bonus, split SUS Suspended Applicable to dividends only: TT Trinidad and Tobago US United States Close Price is the weighted average of all trades. Last Sale Price is the last price at which the symbol traded. Prices on US$ market are quoted in US$

Businessuite Magazine

Stocks + Investing + money markets

THE JSE MARKET SUMMARY FOR: The Week:11-Mar-2013 To 15-Mar-2013

The Junior Market Volume (excluding blocks) amounted to 2,236,980.00 units valued at $ 5,840,821.68. The following companies represent the overall volume leaders:   

General Accident Insurance Company (Ja) Limited with 1,091,146 units, amounting to 48.78% of the market volume Paramount Trading (Jamaica) Limited with 355,822 units, amounting to 15.91% of the market volume Caribbean Producers Jamaica Limited with 328,700 units, amounting to 14.69% of the market volume

Overall Market activity resulted from trading in 12 stocks of which 11 advanced, 0 declined and 1 traded firm.

Stocks Advancing Access Financial Services Limited AMG Packaging & Paper Company Limited Blue Power Group Limited Consolidated Bakeries (Jamaica) Limited Dolphin Cove Limited General Accident Insurance Company (JA) Limited Honey Bun (1982) Limited Lasco Distributors Limited Lasco Financial Services Limited Lasco Manufacturing Limited Paramount Trading (Jamaica) Limited

Stocks Trading Firm

Close Price

Change

% Change

6.75 3.90 5.50 1.65 8.00 1.58 4.00 10.90 6.27 11.00 3.44

0.60 0.06 0.40 0.05 0.07 0.08 0.45 0.90 0.47 1.40 0.29

9.76% 1.56% 7.84% 3.13% 0.88% 5.33% 12.68% 9.00% 8.10% 14.58% 9.21%

Close Price

Change

% Change

Caribbean Producers Jamaica Limited

2.00

Trading activity for the period March 11, 2013 to March 15, 2013, saw the following: 

The Junior Market Index advanced by 39.12 points or (6.58%) to close at 633.48 points.

The Junior Index comprises all Ordinary Companies on the Junior Stock Market. ****End of Report****

360 Signature Events is a Caribbean company specialising in the planning and execution of Corporate and Marketing Events including, Exhibitions, Conventions, Conferences, seminars, Sporting and Hospitality Events, Road Shows, Brand Promotion, Product launches, Incentives and Special Event.

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19 Page 1 of 1

Stocks + Investing + money markets THE JAMAICA STOCK EXCHANGE MARKET TRADE SHEET Market Summary For The Week: 11-Mar-2013 To 15-Mar-2013

Market Summary Market Capitalization Market Capitalization: Security

Index Title

Market Vol:

2,236,980.00

Market Val:

5,840,821.68

JSE Junior

Value

Change

633.48

39.12

21,613,419,005.00 YTD Div

Volume Traded

Value Traded ($)

This Period's Hi Low ($) ($)

Last Sale Price ($)

Close Price ($)

Change Change ($)

(%)

Closing Bid Ask ($) ($)

JA$ Market Access Financial Services Limited 0.65 AMG Packaging & Paper Company Limited Blue Power Group Limited C2W Music Limited Cargo Handlers Limited XD 0.68 Caribbean Producers Jamaica Limited Consolidated Bakeries (Jamaica) Limited Dolphin Cove Limited XD General Accident Insurance Company (JA) Limited XD Honey Bun (1982) Limited XD 0.06 Jamaican Teas Limited K.L.E. Group Limited Lasco Distributors Limited Lasco Financial Services Limited 0.30 Lasco Manufacturing Limited Paramount Trading (Jamaica) Limited

Junior Transaction: Number of Trades: Total Value: Total volume: JA$ Totals Total Value: Total volume:

95 $5,840,821.68 2,236,980 5,840,821.68 2,236,980.00

48,763 1,000 3,670

323,903.97 3,900.00 19,597.00

6.79 3.90 5.50

6.60 3.90 5.10

328,700 176,100 8,000 1,091,146 49,739

657,440.00 281,914.00 63,510.00 1,695,572.62 198,956.00

2.05 1.65 8.00 1.60 4.00

1.99 1.60 7.93 1.50 4.00

40,642 92,637 40,761 355,822

442,987.80 556,833.00 427,872.82 1,168,334.47

11.00 6.49 11.00 3.50

10.50 5.88 10.00 3.05

6.75 3.90 5.50 1.15 10.02 2.00 1.64 8.00 1.60 4.00 3.70 3.70 10.90 6.49 11.00 3.50

6.75 3.90 5.50 1.15 10.02 2.00 1.65 8.00 1.58 4.00 3.70 3.70 10.90 6.27 11.00 3.44

0.60 0.06 0.40

9.76 1.56 7.84

6.01 3.61 5.20

0.00 0.05 0.07 0.08 0.45

0.00 3.13 0.88 5.33 12.68

10.05 1.85 1.20 7.61 1.41 3.95 3.70

0.90 0.47 1.40 0.29

9.00 8.10 14.58 9.21

10.52 6.00 10.58 3.16

6.75 3.90 6.90 1.20 2.00 1.60 8.40 1.70 4.00 4.20 3.69 11.30 6.30 11.00 3.55

Legend: XD/XB/XS without entitlement to dividends, bonus, split NT Not tradable Applicable to dividends only: TT Trinidad and Tobago US United States Close Price is the weighted average of all trades. Last Sale Price is the last price at which the symbol traded. Prices on US$ market are quoted in US$

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Trinidad and Tobago Stock Exchange Report - Friday, 15 Mar, 2013 In this Week’s trading session the following reflect the movement of the TTSE Indices: • The Composite Index advanced by 0.51 points (0.05%) to close at 1,084.23. • The All T&T Index declined by 1.87 points (0.11%) to close at 1,756.19. • The Cross Listed Index advanced by 0.34 points (0.64%) to close at 53.68.

stocks of which 12 advanced, 7 declined and 4 traded firm. Market volume amounted to 1,635,597 units valued at over $20,623,090.26. PRESTIGE HOLDINGS LIMITEDwas the volume leader with 402,600.00 units (24.61%) followed by JAMAICA MONEY MARKET BROKERS LIMITED with 293,300 units (17.93%) and SAGICOR FINANCIAL CORPORATION with 292,685 units (17.89%).

Overall Market activity resulted from trading in 23

Stocks Advancing: Security Volume Closing Quote ($) AGOSTINI’S LIMITED 6,750 16.61 ANSA McAL LIMITED 5,811 66.66 CLICO INVESTMENT FUND 140,200 21.18 GUARDIAN HOLDINGS LIMITED 40,204 19.51 GUARDIAN MEDIA LIMITED 785 19.26 JAMAICA MONEY MARKET BROKERS LIMITED 293,300 0.52 NATIONAL COMMERCIAL BANK JAMAICA LIMITED 100,000 1.20 NATIONAL ENTERPRISES LIMITED 731 15.02 NATIONAL FLOUR MILLS LIMITED 3,000 0.61 REPUBLIC BANK LIMITED 8,433 108.57 THE WEST INDIAN TOBACCO COMPANY LIMITED 6,256 92.51 UNILEVER CARIBBEAN LIMITED 4,823 50.14

Change ($) 0.01 0.01 0.18 0.01 0.01 0.01 0.07 0.02 0.01 0.05 2.42 0.39

Stocks Declining: Security NEAL & MASSY HOLDINGS LIMITED ONE CARIBBEAN MEDIA LIMITED PRAETORIAN PROPERTY MUTUAL FUND PRESTIGE HOLDINGS LIMITED SAGICOR FINANCIAL CORPORATION SCOTIA INVESTMENTS JAMAICA LIMITED TRINIDAD CEMENT LIMITED

Volume Closing Quote ($) 156,533 59.00 100 15.12 21,400 3.40 402,600 9.23 292,685 6.25 70,000 1.80 157,595 1.37

Change ($) -2.50 -1.00 -0.35 -0.02 -0.05 -0.14 -0.03

Stocks Trading firm: Security ANGOSTURA HOLDINGS LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED GRACEKENNEDY LIMITED SCOTIABANK TRINIDAD & TOBAGO LIMITED

Volume Closing Quote ($) 20,000 7.80 8,200 7.49 31,000 3.45 26,791 67.00

• The Composite Index comprises all Ordinary Companies. • The All TTSE Index comprises Trinidadian companies only. • The Cross Listed Index comprises companies originating outside of Trinidad & Tobago. Businessuite Magazine

Stocks + Investing + money markets

3/15/13

Foreign Exchange Trading Summary

Foreign Exchange Trading Summary FOREIGN EXCHANGE TRADING SUMMARY( Trade Date : 2013-03-15 )

CURRENCY

PURCHASES

SALES Weighted Average Rate

Volume

USD Value

USD

25,157,474.7100

C AD

676,518.3500

GBP

1,732,502.7300

Weighted Average Rate

Volume

USD Value

96.8590

23,893,893.7900

97.6601

656,120.4197

93.9386

649,786.2900

644,823.5027

96.9143

2,610,748.2948

145.9590

1,108,710.9000

1,693,198.7866

149.1444

OTHER

912,058.1149

703,782.0069

TOTAL

29,336,401.5394

26,935,698.0861

CURRENCY

PURCHASES Highest

SALES

Lowest

Highest

Lowest

USD

98.9000

80.3300

102.9300

91.4300

C AD

96.5000

76.7800

98.9800

92.8000

GBP

149.1000

118.8600

151.6000

142.8000

10-DAY MOVING AVERAGE RATE CURRENCY

PURCHASE

SALES

USD

96.4884

97.3150

C AD

93.7156

95.9350

GBP

145.0344

147.6014

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Todays Counter Rates

Todays Counter Rates The following rates are for currencies traded at the counters of the Bank of Jamaica on 2013-03-15 . BUY CURRENCY

DMD & TT

NOTES

SELL COINS

DMD,_TT_&_CASH

AUSTRALIA DOLLAR

99.0089

89.1100

101.2679

BAHAMAS DOLLAR

95.3430

85.8100

97.5184

BARBADOS DOLLAR

47.6715

42.9000

48.7592

BELIZE DOLLAR

47.6715

42.9000

48.7592

BERMUDA DOLLAR

95.3430

85.8100

97.5184

CANADA DOLLAR

94.3374

89.6200

CAYMAN DOLLAR DANISH KRONE DOMINICAN REP PESO E.C. DOLLAR

69.6200

114.4116 102.9700

95.0425 117.0220

16.5956

14.9400

16.9741

2.3380

2.1000

2.3913

35.3123

31.7800

36.1179

EURO

123.7599 117.5700

GIBRALTAR POUNDS

143.5150 129.1600

146.7895

GREAT BRITAIN POUND

145.7005 138.4200 118.4200

146.7895

GUYANA DOLLAR HONG KONG DOLLAR JAPANESE YEN NORTHERN IRELAND PD

97.5700

126.5837

0.4708

0.4200

0.4815

12.2883

11.0600

12.5686

0.9919

0.8927

1.0145

143.5150 129.1600

146.7895

NORWEGIAN KRONE

16.4214

14.7800

16.7961

SWEDISH KRONA

14.7968

13.3200

15.1343

100.3980

90.3600

102.6887

T&T DOLLAR

14.8373

13.3500

15.1758

U.S. DOLLAR

96.7949

91.9600

SWISS FRANC

71.9600

97.5184

1/1

Businessuite Magazine

Stocks + Investing + money markets

Considerations For Personal Investment Decisions

fter accumulating some savings, you have to make investment decisions. There are many investment opportunities and unless one is able to clearly understand the true nature of each, one can easily be confused. Sometimes people are unable to make up their minds and just leave their monies in ordinary savings accounts in banks or building societies. Although there are a number of professional advisors available to advise on the subject, they may not, however, always fully understand your investment objectives, problems and prospects in life, etc. despite all the information that you may provide. Hence, it is important that you come to grips with the subject yourself to intelligently discuss it with your investment advisors before you decide about your investments. Some of the considerations that you should take into account before making a decision are discussed in this article.

Investment Options The number of investment options is large. Some of the important ones are:

• Bank and Building Society Accounts - various banks, various types of accounts, fixed deposits, etc.

• Government Bonds, Corporate Bonds, Preference Shares – Various securities with different interest rates and maturity dates. Some in US$ and some in Jamaican J$.

• Shares- Several companies to choose from. • Debentures- several to choose from. • Properties- in several parishes, several types, etc. • Life Insurance- Several companies, several types of policies, equity linked policies, etc.

Businessuite Magazine

Stocks + Investing + money markets â&#x20AC;˘ Unit Trusts/ Mutual Funds with or without life insurance, income or growth trusts.

The above is a broad picture (not a comprehensive list) of the various investment possibilities. Each one has a different level of risk, possible rewards and other pros and cons like security, level of return on investment, time taken to convert them into cash, susceptibility to interest rate and other fluctuations, etc. Some are appropriate for short and medium term, while others are more appropriate for long term. Thus, appropriateness of each depends on the circumstances of the investor, and should therefore, be carefully studied before making investment decisions. The considerations influencing the choice are set out below:

1. Existing Savings The total amount of money that you have, whether from your own savings or family wealth influences your investment choice in terms of; â&#x20AC;˘ Spread of investments: Certainly, if the amount is substantial, you would like to spread the investments so as to minimize the risk. Further, for some investments, the minimum amount may be high, e.g. property investment. â&#x20AC;˘ Ability to take risk: your ability to take risk naturally depends on the amount available and future commitments / liabilities.

2. Dependents The number of dependents (and other financial obligations), their age, their education, their financial status, etc. will also affect the choice of investments. You would like to ensure their financial security, before venturing into any high Businessuite Magazine

risk investments.

3. Living Accommodation Whether you have a house of your own or on mortgage or family inherited will influence your decision, because the first thing that you may like to be sure about is that you and your family have somewhere to live. If you do not have one, you may like to purchase one on mortgage and there lies your investment choice. You will be servicing that mortgage for several years.

4. Life Insurance Everybody likes to ensure that, in case of any disaster, the other family members or dependents have some measure of financial security. Life insurance fulfills this need. Hence, if you do not have a life insurance policy, you would like to have one. Even if you have one, you may like to have a second one, depending on the amount of insurance. As a general rule, you should have life insurance for at least two times your annual earnings. The exact amount depends on age, other investments, family obligations, etc.

5. Attitude Towards Risk Quite apart from the ability to take risk, some people do not like to take risk. Others enjoy taking risks. Hence, you have to determine exactly the degree of risk you are prepared to take, without losing your sleep. Will a substantial loss cause a heart attack, or just a minor frustration? The investment choices can then be made in accordance with your attitude towards risk. The structure of your investment portfolio should really reflect your risk profile.

6. Tax Considerations There may be tax advantages for certain investments. You may like

to take advantage of those. You should also check the difference in returns between taxable and tax free investments before jumping to take advantage of the tax benefit. It may be more advantageous sometimes to forego the tax benefit and get a higher return on the investments. You may need to do some calculations.

7. Utilization of Savings Your plans as to the utilization of savings and the timing and currency of utilization may influence your choice. For example, if you plan to use the savings for starting a business. After three years, you may like to invest in some shares in companies which are likely to peak in three years time. If you plan to buy a house in your home country, you may choose to invest in some properties which will, perhaps, take care of the housing boom or doom. If you plan to buy a house in a foreign country then you may consider investing in US$ securities so that you are not affected by currency fluctuations. Thus, the investment choice is affected by the plans for the utilization of funds.

8. Time Available to Service Investments The time available to service your investments may depend on your job and family obligations, other interest in sports, reading, writing, social clubs, etc. Servicing of investments include keeping records, checking interest/dividend payments, monitoring market trends and the performance of your portfolio, making purchases or sales or switches, etc. Depending on the size of your portfolio, this will require time. If your circumstances do not allow you to devote the time required for this exercise, you may like to invest on a long-term basis in portfolio type investments, e.g., unit trusts /mu25

Stocks + Investing + money markets tual funds or managed portfolio accounts rather than shares in individual companies.

9. Intuition About the Future Based on all your reading of market forecasts, political and economic news and any other information or knowledge that you have, you tend to develop your own feel as to the growth areas of the future. This includes forecasts as types of industries or products, etc. You will certainly like to put some of your money into these areas.

10. Diversification of vestments

In-

After consideration of all the above factors, you should make a decision about the priority of investments to be made from savings. If you have already accumulated considerable savings, you may

like to spread them in a portfolio that provides both for safety and growth. Essentially, the approach should be to spread/diversify the investments as follows: • Provide for necessities and security e.g. life insurance and children’s education, housing and furniture. • Provide for comforts e.g. good housing, car, pension during retirement, etc. • Provide for growth. After providing for necessities and comforts, the balance should be invested for growth. It may be in shares, properties, unit trusts, etc. depending on your forecast of growth about various options. • As a general rule, investments must be diversified in various classes of assets to minimize the risks because the risk profile of different asset classes is not the same.

Stocks + Finance+ money markets

Conclusion There are many investment options. Each one has its pros and cons. Before making an investment, however, one should carefully think about the considerations set out above. Sometimes, because of the constraints or priorities, obvious eliminations and choices will emerge. In other cases, there may still be a lack of clarity. In those cases, continue to do the research, thinking and discussion until you are fully satisfied about the decisions that you make. Investment decisions should be made with careful consideration of all the factors, and not in a hurry. I hope that the above approach will be helpful in making your investment decisions! Sushil K.Jain FCMA, FCCA, FCIS

To Consolidate or not to Consolidate: Debt Consolidation Explained

t’s interesting to note that up until a few years ago banking facilities began incorporating within the financial jargon the word debt consolidation. The concept of debt consolidation apparently has been around for some time and has been used interchangeably with the word refinancing. However, many astute bankers will insist that the two words although similar in meaning have their distinctions, and even if the difference is as miniscule as a single point, it must be adhered to consistently. Drawing from my old tenth edition Merriam Webster’s Collegiate Dictionary, it occurred to me that the word

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simply put, debt consolidation is taking out one (1) loan to pay off others usually to secure a lower interest or fixed rate; or for the convenience of servicing only one loan. .â&#x20AC;?

Interview with Michael Willacy Vice President, Corporate & Commercial Banking , First Global Bank was actually two separate entities coming together to form a singular unit. Debt (which is a noun) means something owed or the state of owing; and consolidation (a noun also) means the unification of two or more corporations by dissolution of existing ones and creation of a single new corporation. With this definition you can actually see where the authors of the word may have been going with this concept. But, let us take a mental note, consolidation by no means refers to a total expunging of the entity, but a fusing of the originals so that a new entity emerges. Refinancing on the other hand emphasizes reduced interest rates which are not always the case in consolidating debt. Therefore, for those who are apt to finding the proper definition of things, when simply put, debt consolidation is taking out one (1) loan to pay off others usually to secure a lower interest or fixed rate; or for the convenience of servicing only one loan. Hypothetically speaking, you may have a credit card debt at 42%, a car loan at 18%, a mortgage at 12% and the list may go on. It seems no easy task having to go from one financial institution to the next on an hour lunch break to pay these expenses which not only saps your productive energy, but drains your income with no opportunity of putting down a little nest egg for emergencies. The extreme case is the inability of an individual or business to service these loans consistently which is Businessuite Magazine

usually a sign that banks will recognize and might step in and offer even their own clients products of debt consolidation. For instance if you use to pay out $100,000 to debts each month, with a consolidation, you may only have to pay $80,000, so you would have $20,000 to do something else with monthly. Some banks have been known to engage clients with their debt consolidation programs which includes giving the individual the opportunity to save with them that $20,000 every month. Michael Willacy, Vice President, Corporate and Commercial Banking for the First Global Bank indicated that in order for banks to offer debt consolidation with a refinancing component, they would definitely have to look at the feasibility of offering an individual or business the loan at a lower rate and whether the loan is an unsecured loan or not. He indicated that unsecured loans carry a greater risk for the bank and this may be the reason why some banks do not offer debt consolidation as part of their portfolio. In taking on debt consolidation there is no definite way of knowing, especially for a business, which way the industry will turn, as there are several factors such as inflation, and foreign exchange availability to contend with. So the predictability of cash flows in the future to service debt makes the risk greater for a business. On the other hand, an individual who has a salary is a more predictable undertaking for banks because an employee has to be paid. The Vice President of Corporate affairs went on further to elaborate: â&#x20AC;&#x153;Although this might be the case, there are banks that see debt consolidation as an opportunity and have turned it into a product, based on what is happening in the market; households and business are experiencing greater economic challenges than they 27

Stocks +Finance+ money markets ever did with the recession and the IMF issues to deal with; there is low consumer demand as the psychology of the consumer is that ‘I can’t spend much,’ government spending has been reduced also affecting business activity so what this does is shrink the economy; this has created a need for people to reduce their debt servicing obligation hence the whole issue of consolidating and making it easier for you each month.” “Now the advantage of a good debt consolidation plan” he went on to say, “Is twofold, it offers the individual or business lower and fixed interest rates with an extended tenure enabling the client the opportunity to manger their debt responsibility while increasing their disposable income, and the benefit to the bank is that with this facilitation a new client would have been gained access to the

disposable funds now available because of the consolidation.” Incidentally there seem to be little difference between a business and the individual when it comes to consolidation of debt, and although the interest amount might be greater because of the longer tenure, the loan becomes manageable for the individual or business which is considered better off than being immersed in an impossible situation of a debt trap. Harriett M.C Clarke Blazing Trails PR, Marketing and Adverting Network

Businessuite Magazine

Leadership

LEADERSHIP

What it Really Takes to Succeed

he modern marketplace demands that people possess a wide range of skills. But what core qualities are truly essential to career advancement, regardless of industry or job? The answer could fill a book and it has, thousands of times, if not more. Myriad experts claim that career advancement is a function of everything from extreme selfconfidence to extreme humility (or both at once). Still others make the case that big-time professional success derives from more sinister behaviors, such as callous ambition or unfettered narcissism. And then there is the whole “positive thinking” bandwagon, which claims that getting ahead is primarily a function of believing you can. In sum, there’s so much contradictory advice out there about the core components of success that it’s enough to reduce you to a weary sigh of: “Whatever.” Which is just fine. Because we’d suggest that you can’t really manipulate yourself into success with personality tweaks or even major overhauls. In fact, we’d say just the opposite. The most powerful thing you can do is, well, be real. As in not phony. As in grappling, sweating, laughing, and caring. As in auBusinessuite Magazine

thentic. Yes, yes, we know the upper echelon of the corporate world has its share of slick super achievers who appear simultaneously all-knowing and unknowable. They’re cool, poised, almost digitally enhanced in their affect. But such bloodless executives, even the most technically skilled ones, rarely reach the highest heights. They’re just too remote to move people. They can manage, but they can’t motivate. Now, we’re not saying that authenticity is the only quality you need for professional advancement. Everyone knows that to succeed in today’s competitive global marketplace, you also have to be smart, curious, and highly collaborative. You have to be able to work with diverse teams and ignite them as a manager to excel together. You need heaps of positive energy, the guts to make tough yes-or-no decisions, and the endurance to execute—get the job done. And, indeed, you do have to possess self-confidence and humility at the same time. That combination is called maturity. We would also add two other qualities to the must-have list. One is heavy-duty resilience, a require-

ment because anyone who is really in the game messes up at some point. You’re not playing hard enough if you don’t! But when your turn comes, don’t make the all-toohuman mistake of thinking getting ahead is about minimizing what happened. The most successful people in any new job always own their failures, learn from them, regroup, and then start again with renewed speed, vigor, and conviction. The other quality we’d mention is really special but quite rare: the ability to see around corners, to anticipate the radically unexpected. Now, practically no one starts their career with a sixth sense for market changes. It takes time to get a feel for what competitors are thinking and what product or service customers will eventually want - once they know it exists. But the bottom line is, the sooner you develop this acumen, and the more you hone it, the farther you will go. But not if you’re not real, too. Think of authenticity as your foundation, your center, and don’t let any organization try to wring it out of you, subtly or otherwise. That happens. Companies have a way of tamping people down, particularly early on. 29

Leadership Not that it happens with any kind of conscious planning, of course. But too many organizations manage to surreptitiously nudge people toward a generic type who keeps it all pretty well tucked in. Meanwhile, if you put your whole self out there, bosses can complain that you act too emotional or get too close to teammates or become too worked up in meetings. Your performance reviews will note: “Tom has some potential, but he just doesn’t fit in.” Or “Sally has some rough edges, but with coaching, her intensity might even out.” In time though, if you have everything else you need in terms of talent and skill, your humanity will come to be your most appealing virtue to an organization. Your team and your bosses will know who you are in your soul, what kind of people you attract,

and what kind of performance you want from everyone. Your realness will make you accessible; you will connect and you will inspire. You will lead. So, getting back to the original question of this missive: Yes, the modern marketplace does demand that people possess a wide range of skills to achieve success. Most of them you have to acquire, develop, and refine. But one of them - the most important one - is already inside you, ready to be let out. Don’t get in its way. A version of this column originally appeared in BusinessWeek Magazine. Jack Welch is Founder and Distinguished Professor at the Jack Welch Management Institute at Strayer University.

Through its executive education and Welch Way management training programs, the Jack Welch Management Institute provides students and organizations with the proven methodologies, immediately actionable practices, and respected credentials needed to win in the most demanding global business environments. Suzy Welch is a best-selling author, popular television commentator, and noted business journalist. Her New York Times bestselling book, 10-10-10: A Life Transforming Idea, presents a powerful decision-making strategy for success at work and in parenting, love and friendship. Together with her husband Jack Welch, Suzy is also co-author of the #1 international bestseller Winning, and its companion volume, Winning: The Answers. Since 2005, they have written business columns for several publications, including Business Week magazine, Thomson Reuters digital platforms, Fortune magazine, and the New York Times syndicate.

Businessuite Magazine

Human Resources

HR +

employment

he buzz in Organization Development thought circles globally these days is employee engagement; that is, what can leaders, managers, organizations do to reverse this tide of disconnectedness before the proverbial organizational ship totally sinks in today’s current sea of change. It is reported by a Gallup Poll, that on any given day more than 50% of employees in the United States are not engaged at work, and roughly 20% are actively disengaged. Even more startling is the approximation that all of this disengagement costs the United States some $300 billion a year in lost productivity. Scan your workplace, observe businesses that you frequent in your community; are workers focused on customer service, or are they more interested in communicating on their personal cell phone. Take a look around that bank office, is the teller talking to you about your needs, or instead chatting with the worker in the next cubicle, serving you haphazardly, but certainly not with focused intent. Inventive thinkers, human and organization behaviorist concur that a large part of the problem seems to be that business models popularized over the years, and still currently being used by most organizations, have become as outdated as an eight track tape deck. This growing gap between what is known about human motivation and business operations seems to be fueling managerial, leadership and ultimately organizational dysfunction. In a thought provoking book aptly entitled, “Drive” Daniel Pink convincingly shares how organizations and their leaders can better harness and unleash the inventive and creative thinking of employees in pursuit of mission-driven results. Businessuite Magazine

Time for a ROWE; a Results Only Work Environment Pink shares, “Most of us believe that the best way to motivate ourselves and others is with external rewards like money, the carrot-and-stick approach. That’s a mistake. The secret to high performance and satisfaction, at work, at school, and at home, is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world.” In other words, Pink suggests that organizational leaders and managers, who do not understand the dynamics critical for fostering a workplace of excellence and personal productivity only serve to create climates that diminish the value and output of a businesses’ greatest resource, a resource that just happens to be human. You see, businesses are complex social systems, comprised of people, and leaders who understand the needs and aspirations of individuals in the workplace can create climates and opportunities that enable people to effectively contribute to achievement of the organizational mission and bottom-line. Contrary to pervasive thought in traditional management circles, autocratic control does not elicit the best from people, whether a Baby Boomer or from Gen-X. Shocking was the fact that large numbers of employees in these companies were so conditioned to highly controlled work environments that they could not function in a ROWE Two former human resource executives from electronics giant Best Buy crafted a work environment called the ROWE; a results-only work environment. For organizations that are ROWEs, employees do not have to be at work at a certain time, or come at all; they must simply complete the work, meet timeframes, and achieve orga-

nizational goals. Of course, they must attend meetings when called. Companies trying this, contrary to naysayers, have found that profits, creativity and employee engagement have skyrocketed. Shocking was the fact that large numbers of employees in these companies were so conditioned to highly controlled work environments that they could not function in a ROWE; with some people quitting because they just did not know how to function in such a workplace. Others ultimately found a work flow that was comfortable, and now the employee, along with their families sing praises for the ROWE business environment. This evolving workplace dilemma speaks to the challenge organizations are facing at a time when they need employees who are self-directed, agile and who can think critically. Public, private and third sector businesses have created workers who are like robots putting widgets in a round peg without much thought. This can no longer work, the cultures and operational climates of organizations must shift if competitive edge is to be maintained and regained if already lost. We are in a rapidly moving conceptual economy, and engaged workers on all levels who do more than just sit and wait to be instructed relative to what to do next are part of the inefficiencies and lost productivity we all witness daily; inefficiencies that must be remedied. .................................................................... Is your organization ready to ROWE? Email your thoughts to dradefoe@gmail.com. Dr. Anita Davis-DeFoe provides management, leadership and quality management consulting services to organizations world-wide. www.theafiadevelopmentcorporation.org

Marketing + Advertising + Media

9 Rules To Make Sales Training More Effective

ales Training is often boring, useless and sometimes even counter-productive. However, it does not have to be that way. For all you Sales Managers out there, here are the rules on how to make sales training far more effective.

RULE #1: Set a goal to be the best trained sales organization in your industry. This will allow you to differentiate yourself from the competition, which can be challenging in a world where customers can easily find similar products and services. Michael Jordon always stayed a couple minutes after the end of the training sessions, just in case his opponents had decided to put in extra time.

RULE #2: When times get hard, increase your sales training. When sales are down, it’s often a waste of money to spend more on marketing and promotion. The biggest bang for your buck usually comes from improving the ability of your sales team to sell. It is the sales force, not the marketing and promotion plan that brings in the dollars.

RULE #3: Include skills training in every sales team meeting. Set a goal to spend at least one third of every team meeting on sales training. You’re more likely to increase everyone’s numbers by improving skills rather than with more product training. Fifteen minutes each week is 32

more effective that one hour each month.

RULE #4: Focus the training on fundamental skills. Most sales failures take place because of a lack of ability or practice in very fundamental skills, like questioning or presenting. Even top sports stars train the fundamentals every day. Sales people should too. This will help all your people to become more like your best people.

RULE #5: Tie the fundamentals to your sales process. If you understand how those skills help move an opportunity through the sales cycle, you can identify exactly where additional training is needed, either on a group or on an individual level. Identify where small inputs can generate largest returns.

RULE #6: Include role-playing in every training session. While it’s fun to bat around concepts about selling and sales theory, it’s only useful if the theory is tied to actual behavior. That means practicing, in a controlled way, so that the skills are really learned. “Show me” that you can do it is more convincing that “tell me”.

RULE #7: Track the impact immediately after training. When you teach a skill, you must first ascertain whether or not the skill is actually being applied in the field, and what impact it is having. That way you can constantly im-

prove performance. Goal setting and measurements are the most powerful tools for instigating change and growth.

RULE #8: At each meeting, check for retention of what was taught before. Sometimes sales training involves eliminating bad habits and integrating new good habits. That requires continuing attention to make sure that the training sticks and continues to be used. Sometimes it is necessary to Learn, Unlearn and Relearn.

RULE #9: Make sales training into a fun event. Sales training should ideal involve a contest, a competition, and/ or prizes. Sales pros are naturally motivated to win, so turning sales training into an opportunity to win practically guarantees their attention and participation. When you have a team of winners, you have a winning team. Now that you have read these great ideas, do you need help to shake up your routine? Give us a call. Not the Sales Manager but you know that your team could use some help? Then please feel free to share these rules with your Sales Manager. Original source www.ltsemaj.com http://conta.cc/Yl5NzV

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Special Report

The IMF Agreement, Compliance Practices And The Jamaican Securities Industry. “Jamaica has much potential for growth in logistics, agriculture and agro-processing and ICT. GDP growth is projected to rise above its historical long run average”

et me start by saying thanks to the Financial Services Commission (“FSC”) for the invitation to speak to you on some aspects of Jamaica’s economic blueprint that will affect the financial sector. Ladies and gentlemen, Jamaica is about to present its Letter of Intent and the associated Memorandum of Economic and Financial Policies (“MEFP”) to the IMF Board for approval. The agreement on Jamaica’s policies and programmes reached between the IMF Staff and the Jamaican authorities on 15 February completed the negotiations towards a four-year Extended Fund Facility (“EFF”). I am anticipating that the IMF board will support Jamaica’s programme of comprehensive policy reforms based on the strength of its design as well as the progress made in implementing the prior actions. These prior actions, as we are now well aware, include the successful execution of the national debt exchange (“NDX”). As this is my first public commentary since the completion of the NDX, I want to thank all the stakeholders who participated in the exchange, Businessuite Magazine

Brian Wynter Governor, Bank of Jamaica

some of whom are here today, for their contribution towards the achievement of debt sustainability. With implementation well underway, even ahead of formal approval, it may be useful to highlight some of the implications of the medium-term economic programme for the Jamaican securities industry. A complementary and relevant topic is the original theme for this luncheon, that is, the importance of compliance programmes for financial stability.

The Macroeconomic Programme and Implications for the Securities Industry The most important objectives of Jamaica’s reform programme are a reduction in the indebtedness of the public sector and an acceleration in the rate of growth in the real income of Jamaicans. These two objectives are inter-related because the size of Government’s debt service limits the public investments needed to create the environment for sustainable growth. Simultaneously, higher GDP growth rates make the task of reducing the government’s indebtedness easier. 33

Special Report The debt reduction objective requires a strenuous and sustained fiscal effort. Indeed, the commitment to the IMF requires that the central government lift its primary balance (the difference between its revenues and its non-debt expenditures) to 7.5% of GDP over the four-year period of the programme and for several years beyond. As you know, this effort includes, amongst other measures, wage restraint in the public sector and a significant tax package.

What are the implications of these policy initiatives for the securities industry? The elongation of the maturity structure of government’s debt as well as the lower deficits that flow from the sustained programme of fiscal consolidation imply the need for the securities industry to either change its business model or enhance its capitalisation or, preferably, both. Lengthening the maturity structure of government debt increases the risks associated with a business model that funds long-dated assets with shorter-term liabilities. Regulators worry that the inherent risks in these models, that is, concentration risk, interest rate risk and liquidity risk, may not be matched by sufficient capital to weather the more extreme adverse scenarios that experience teaches us may indeed evolve. In addition to higher risks, there will be a substantial reduction in Government’s debt issues (both new and rollovers) over the life of the programme. Therefore, for those entities whose business model relies on earning a margin by funding government securities with repos, there will be a need to find new sources of business as the supply of government debt slows. The industry will have to diversity its portfolio into non-GOJ assets. From our perspective, we would like these assets to be domestic, but recognise that they could also involve some high grade foreign currency assets.

of double taxation for mutual funds. We are preparing to provide a plan later this year that will over time raise and, in due course, remove the cap on investments in foreign securities which will pave the way for the industry to further diversify the currency composition of its portfolio. Over time, liquidity and other prudential standards for securities dealers that engage in retail repos will be strengthened. Ladies and gentlemen, the government’s growth agenda under the programme, in the context of continued single-digit inflation, will also facilitate the development of the securities industry. Jamaica has much potential for growth in logistics, agriculture and agro-processing and ICT. GDP growth is projected to rise above its historical long run average in the medium term as the benefits from the reform programme materialise. A recovery in investment is expected to be supported by foreign investors, including through Public Private Partnerships. The structural reforms being undertaken by the Government are expected to result in improvements in productivity and the business environment. To improve the business climate, the government, among other things, intends to increase access to credit through a secured transactions framework. We are also expecting the coming fiscal year to see credit bureau operations enhancing the credit environment to the benefit of borrowers and lenders alike. A significant fillip to growth should also come from the reduction of crowding out pressures from the fiscal accounts, leaving more resources for private sector investment and paving the way for long term interest rates to fall. This process is already underway. The projected near-term weakness in economic activity coupled with the outlook for sustained strong fiscal

What will the regulators do? Our work programme to facilitate this transition includes on-going efforts at strengthening the regulatory and oversight framework for the industry and fostering conditions that will encourage the industry to pursue an alternative business model. Bank of Jamaica has issued to the industry a consultation paper on the Omnibus Banking Law. The timeline for feedback is now 28 March 2013 and I am encouraging you to give us your feedback if you have not already done so. In addition, the government, under its work programme of tax reform, will be considering the removal 34

Ladies and gentlemen, the government’s growth agenda under the programme, in the context of continued single-digit inflation, will also facilitate the development of the securities industry. .” Businessuite Magazine

Special Report

adjustment and the impact of the successful NDX created the conditions that allowed Bank of Jamaica to lower its signal rate by 50 basis points two weeks ago. Treasury Bill yields subsequently fell at the regular monthly auction by between 109 basis points and 182 basis points. The central bank is now watching for timely and commensurate reductions in lending rates by the major providers of credit. Greater buoyancy in economic activity will also bring with it the demand for more innovation in corporate financing. Firms should seize the opportunity to obtain lower cost financing by issuing corporate paper. The securities industry must now facilitate the strong and vibrant market for corporate paper that will make this opportunity a reality for more of our productive enterprises.

edly able to introduce illicitly obtained funds into the formal banking sector. Similarly, UBS incurred fines (US$1.5 billion/ÂŁ940 million) for its involvement in the manipulation of LIBOR rates. This followed Barclays pay out of more than US$450 million for the same reason. The identification of these failures naturally imposes significant cost on the individual financial institution. However, owing to the interconnectedness of modern markets, the economic and reputational damage done by compliance failures of this nature is not always neatly resolved within the subject institutions. They can, in some instances, result in significant externalities, including costs for the state when it is required to provide restitution, either as lender of last resort or through deposit insurance mechanisms.

The Importance of Compliance for Financial System Stability I will now turn to the other issues that I had been asked to comment on in this forum: the importance of compliance. The recent global financial crisis is stark reminder, if one was needed, that regulators cannot see or understand everything that transpires within the entities that they supervise. Additionally, they will never have enough resources to ensure that all the weaknesses that are identified are fully addressed. It is for this reason that, for the purpose of ensuring financial stability, regulations and compliance must be complementary and should even be symbiotic. To highlight my point I will recall a number of recent examples of the failure of compliance systems. Last December HSBC Holdings paid significant fines (US$1.9 billion) for failure to implement adequate anti-money laundering (AML) systems in some of its Mexican operations.

Significant opportunities lie ahead for the Jamaican economy both during this transitional period and into the foreseeable future as the government deleverages risk through the upfront actions under the economic programme. â&#x20AC;&#x153;

Consequent on that lapse in HSBCâ&#x20AC;&#x2122;s AML protocols, South and Central American drug cartels were allegBusinessuite Magazine

Special Report

While Jamaican regulators and the financial industry have had a history of amicable relations, we are acutely aware of this reality, given our own problems in the financial sector in the mid to late 1990s. The society, the public at large, is paying for the state’s interventions during that period even now. For this added reason we must marry sound and responsive regulatory guidance with effective, proactive compliance within our institutions.

What Are the BOJ Expectations for Industry Compliance Programmes? This sets the stage for me to outline BOJ’s expectations for the industry’s compliance programmes. As a start, when we as regulators inspect institutions, we are looking for well-planned and executed compliance programmes which can adequately identify, measure, monitor and mitigate compliance risks across business lines. Beyond that, the structure of each entity’s compliance function should be commensurate with its profile, risk posture and scope of activities. Perhaps the most critical, albeit intangible, element of a good compliance programme is the culture within an organisation. The Basel Committee on Banking Supervision (BCBS) has underscored that compliance starts at the top and highlighted the role that the board and senior management must play in establishing and maintaining a corporate culture that 36

emphasizes high standards of honesty and integrity. Bank of Jamaica’s Standards of Best Practice for Effective Corporate Governance similarly outline that senior managers are obligated to lead by example, emphasise standards of honesty and integrity and hold themselves and all employees to high standards of conduct, observing not only the letter but the spirit of laws, rules and standards. Ladies and gentleman, significant opportunities lie ahead for the Jamaican economy both during this transitional period and into the foreseeable future as the government deleverages risk through the upfront actions under the economic programme. Undoubtedly, success will depend on how well the government executes the programme of reforms, but it will also depend on the fleet footedness of agents within the financial sector in changing and adapting their business model. Importantly as well, sound compliance practices in the industry, fostered and supported by the appropriate ethos at the top of organisations, will place Jamaica securely on the road to strong sustained growth in the future, free from the fitful stops and starts that, I hope, will come to reside only as a vague part of our collective memories. Thank you. Brian Wynter Governor, Bank of Jamaica 13 March 2013 Businessuite Magazine

Entrepreneurship

HARD KNOCKS: My top 10 tips for surviving at a startup

ecently, a colleague of mine sent me a guest post from GeekWire that talked about ‘full-stack marketers’ and the value of having marketing people with broad skill sets in startup companies. Great article. And I would add that startups need full-stack people in every position. Having just sold TappIn where we began with three people, starting from a music store warehouse in Fremont, it would have been almost impossible to grow the company (and then successfully exit in 11 months for $17 million) with a team of “neverdone-it-before-one-trick-ponies.” Many of the comments posted on the story were related to what makes startup companies successful. I started to post a comment, but it evolved into more of “hard lessons learned” for those thinking about joining or leading a startup. Having spent the last 12 years in the startup school of hard knocks — including some that made a mark and others that fizzled out — I’ve learned a great many lessons and earned a Ph.D. in venture-backed startups. I’ve also become a better marketer, executive, leader, teacher Businessuite Magazine

and human. Startups gave me a much-needed dose of humility, but also taught me how to create real value, make measured choices quickly and the importance of recognizing and valuing people by what they do — not talk, title or reputation. If you are thinking about joining or leading a startup, these lessons are for you — in hopes you don’t have to learn them the hard way.

1. Cash is everything. It’s more important than you! Really, no matter who you are — founder, CEO, CFO or whatever. You must understand how and how much your business will create value and earn cash. Your business can earn cash from customers or investors, but you better know how you are going to fuel the company with cash and manage it to get the best mileage. As we all know, it sucks to run out of fuel before you get to an exit.

2. Startups are fun, but also hard work and highrisk. If you and your team really knew everything that was going on in your market, your competitive position and the real opportunity,

you would most likely have never started, invested in or joined the company in the first place. Get over it, roll up your sleeves and go take your share of the market before the money runs out!

3. Don’t wait to be perfect. No matter how much planning, market research and development you do, you are likely wrong about something anyway. Get the 80 percent solution done, adjust as you learn and focus on execution, execution and more execution! Your market response and customers (or lack thereof) will guide you. 4. Revenue and revenue growth will cure a multitude of illnesses in a business. This is true at almost any stage or type of company. Side note: No matter what size company — public or private — I have yet to meet an investor who didn’t think they could easily solve your expense problems. 5. You are what you contribute. In a startup, you must be a valuable resource of content for business experience, salesmanship, marketing, connections, product knowledge – something! Then, you must be able to communicate and inspire others. Being ‘re37

Entrepreneurship ally smart’ or having a ‘great rep’ and then sitting in the corner and not leading by example doesn’t help a damn thing. Note: If you are currently in a large, well-funded division of a big brand company, please do not join my startup. Start your own, learn some lessons and then call me.

6. There is no On the Job Training (OJT) in early stage companies. If you haven’t done it before, you are a liability. However, if you have direct experience, it’s 10 times more valuable because the company can’t afford ginormous screw-ups. This is especially true of the management team. No matter how hard you work, how confident you are, how great you think your product is, how really big your market becomes or even how much money you’ve raised, if you lead the company in the wrong direction and make a series of poor decisions you will waste cash and time, which are precious in companies with very finite resources. This frequently results in your investors finding someone else who does have experience!

7. Absolutely no one – and I mean no one – is irreplaceable. This includes founders and executives. Furthermore, arms and legs are an easy fix. Don’t waste ten seconds worrying about someone leaving the company. Wish them well for five seconds and then log in to LinkedIn and start soliciting your contacts for a replacement. Sales, marketing, development, finance, support, administration and IT – you name it. You can hire contractors or temps to do damn near anything while you find another 38

– best fit. Sounds harsh, I know. Having said that, never forget or minimize the value of people who perform well and stay with you. It’s called loyalty. It’s critical your team members understand they and their contributions are valued and respected. I recommend 90 percent listening and doing — 10 percent talking as a good way to demonstrate that you value and respect your team.

VP of Sales or one of the sales team members is the highest paid person(s) in the company – even if they make more than you. If you built the right compensation and margins into your plan, high commissions mean great sales. Great sales with reasonable margins generally mean you are generating CASH! I believe the best teams only have two kinds of sales people — rich and new!

8. Change not churn!

10. Never ever work with or hire assholes.

It isn’t important, necessary or even desirable for everyone to know or react to everything all the time. Don’t wreck the productivity, momentum and goals of the organization with every thought, turn and twist that comes into your head from a customer call, business development meeting, late night premonition, wine-induced brainstorm, plane ride to your next airport or discussion with the board. Of course, there will be changes and the joy of working for a small company is the ability to change rapidly. However, it is critical for everyone to understand his or her contribution and how it moves the business up/forward every day. These goals need to be stable. If you are churning your team with new initiatives, goals and objectives – you won’t have any because your team can’t align and create value.

I don’t care how big the opportunity is or how brilliant they are (or think they are). Life is too short, you spend a lot of time together and therefore the price is way too high. Just like Kindergarten, if someone fails to ‘work and play well with others’ don’t let them in your sandbox. The older you get, the truer this becomes. Make no mistake, I love the startup world and suspect that it would be incredibly difficult for me to return to big company life. If after reading this you still want to take your shot, go for it! Contact me if you have questions and I’ll do my best to help.

9. It’s not about the salary. However, it is about doing something you love, small team changing the world, creating a market, making an impact, honing a skill set, learning from an expert, chasing equity for an IPO – all good reasons. Keep that in mind when hiring, managing and motivating your team. A hint for new founders and executives: It’s OK if the

Doug Wheeler is Chief Marketing Officer of Optify and a 20+ year veteran executive in the technology industry. You can follow Doug on Twitter @dougawheeler and @optify or the Optify blog. http://bit.ly/16FMDZa

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Technology

technology

Samsung Galaxy S4 launch marks latest skirmish in firm’s battle with Apple South Korean firm brings hostilities to iPhone maker’s home shores by debuting its latest smartphone in New York. The launch of the Samsung Galaxy S4 on Thursday marks the latest skirmish in the longrunning and often bitter battle between the South Korean firm and Apple for supremacy in the smartphone market. The launch event is seen as Samsung bringing the fight to Apple’s home market, with a rumoured production run of 100m S4 handsets. Apple and Samsung account for one in two mobile phones sold. Worldwide, Samsung dominates the smartphone market, with analysts estimating that it shipped 63.7m smartphones in the fourth quarter of last year. But Apple remains the market leader in the US with ComScore, which tracks phone ownership, calculating that there were 48.9m iPhones in use in the US by January 2013, compared with 27.7m Samsung smartphones. The number of iPhone users grew more than Android – including Samsung – users in the US last year – by 19m to 48.9m, compared with a rise of Businessuite Magazine

18.5m to 67.7m respectively, with consumers buying almost half a million more Apple handsets in December compared with Android. The higher growth in Apple sales is attributed to the launch of the highly-anticipated iPhone 5 last October. But industry analysts believe the Galaxy S4 could change the situation, with some suggesting Android users have been waiting for the phone’s launch to buy a new handset. Apple is still bristling from a setback in its mobile patents battle with Samsung. Earlier this month, a US judge slashed a $1.05bn (£698m) award by more than 40% ($450m) and ordered a new trial to decide how much – if any – damages Samsung should pay for infringements by 14 handsets and tablets. Both companies rely on each other for components and business. Original Source: www.guardian.co.uk 39

Lifestyle

USAIN BOLT

IN POWER 100 RANK AT 48 Rank last year: Unranked Sport: Running Age: 25 Most recent notable achievement: Two Gold Medals at the 2011 World Championships Earnings: $6,000,000 Key sponsors: Puma, Gatorade, Digicel Why he’s on the list: Usain Bolt has the perfect name for a sprinting superstar. The reigning Olympic champion at the 100- and 200-meter races, as well as a member of Jamaica’s 4×100 relay team, Usain St. Leo Bolt also holds either the legal or world records in these distances. The Jamaican is laid-back, fun, and photogenic, perfect for endorsements that have been flowing like rich, flavorful gravy. Drew Brees, the New Orleans Saints’s popular quarterback, took the No. 1 spot in this year’s Power 100, a ranking by ________(CSE), an integrated sports and marketing firm in Atlanta, and Horrow Sports Ventures that uses data from Encino (Calif.)-based research company E-Poll Market Research. CSE evaluated about 600 of the best-performing athletes from a pool of 3,000 based on statistics, the popularity and viewing audience of their sports, endorsement earnings, and their reach on social media. Nielsen/E-Poll N-Score data, based on sur40

veys that evaluate such factors as players’ name and face awareness, appeal, influence, and trustworthiness, were also included to measure an athletes’ endorsement potential. Rounding out this year’s top five: Green Bay Packers quarterback Aaron Rodgers (who had $19 million in earnings, estimates CSE), New England Patriots quarterback Tom Brady ($28 million), Miami Heat basketball forward LeBron James ($61 million), and tennis champion Rafael Nadal ($21.7 million). Newcomers to the list include Novak Djokovic (who had a near-perfect tennis season) at No. 9, rising golf star Rory McIlroy at No. 21, and the Los Angeles Dodgers’s Matt Kemp, who signed a contract extension worth $160 million over eight years, the largest in National League history, at No. 32. “The real key is measuring how these superstars perform,” says Horrow. In athletics, power means “earning power for athletes, owner, agents, communities, and corporate brands.” As this year’s list shows, an athlete’s value can change dramatically in one year. For more go to http://www.businessweek.com/finance/drewbrees-tops-the-power-100-in-2012-01252012.html Businessuite Magazine

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