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March 18 - 22, 2013 www.businessuiteonline.com

THE ECONOMY

The IMF Agreement, Conpliance Practices And The Jamaican Securities Industry

FINANCE | lIFESTYLE | human resouces | leadership | auto | technology

Whats Inside 04 Entrepreneurship

Hard knocks: My top 10 tips for

surving at a start-up

Cover Story 16 The Economy

Cheif Operating Officer (COO) Michael Dixon michael@blackslateholdings.com

Chief Marketing Officer (CMO) Aldo (Al) Antonio aldo@blackslateholdings.com

The IMF Agreement, Compliance Practices And The Jamaican Securities Industry

19 Finance

To Consolidate or not to

Consolidate: Debt Consolidation Explained

21 Lifestyle

Usain Bolt in Power 10 rank 48

22 Human Resouces

Art Director and Graphic Artist

Jason ‘JayBone’ Johnson jaybonedesignz@gmail.com

24 Leadership

CONTACT US: Black Slate Holdings

30 Trends and Development

Silicon Mountain Mandeville Jamaica 876-631-5418 (Kingston Office) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) www.businessuiteonline.com

2 • BUSINESSUITE Magazine • www.businessuiteonline.com

Time for a ROWE; a Results-Only Work Environment

What it Really Takes to Succeed

Hotel Office Space, by the Hour

33 Technology

Samsung Galaxy S4 launch

31 Auto

2013 Motor Trend Car of the Year: Tesla Model S

Editorial These Are Tough Times For Entrepreneurs and SME Business Owners “I’m quickly running out of cash and it’s getting harder and harder to

Why do some businesses fail during tough times while others

collect my receivables, my liabilities are backing up and I don’t know

succeed?

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

Successful entrepreneurs, business owners and top-level

seriously about my own personal financial position. Time gone by

executives all appear to share three common characteristics that

I could take a draw down, because I was not getting a fixed salary,

ultimately define their success: focus, faith and effort (FFE).

but now I’m having to choose between my own personal expenses, survival, or paying my staff and my company expenses.”

Focus There is an amazing power in focus. Just think of a laser beam—

It’s very difficult to recall a period in time when doing business

a narrowly focused beam of light that is so powerful it can cut

in Jamaica was good and companies were making profits and

through steel. Focus in business has similar powers. What do we

workers felt well about their future. But during all these bad

need to be focused on? Focus on customers, pick one audience

times, companies were making money, well not all but a good

and own it. Become the innovative expert in your field, become a

deal of them.

strategic thinker and scan the marketplace so you can react and respond with actions that can foster the sustainability of your

Buts it’s very difficult to read the business climate, if you ask

business. Think local and global business development, harness

business owners and entrepreneurs how’s business, many will

the power of technology.

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

Faith

other peoples suffering.

Without faith, you are finished before you start. First and foremost, people need to believe in themselves. If you do not believe in

Wayne Chen once commented that a lot of Jamaican businesses

yourself, it is certain no one else ever will. You then need to have

are only open today because they are generating a level of cash

faith in a vision. Make sure you have a crystal clear business

flow that allows them to pay enough bills to keep the doors open

vision— because the lack of a business vision and without faith,

and get the staff back to work the next week. They are not making

it becomes much harder to execute with focus and effort.

profits and may never have made a profit since opening.

As an entrepreneur, you also need faith in your team. Do you So in reality it was not clear what was truly happening….but this

constantly complain about your team? When you have lost

time it’s different.

faith in your own team, I can guarantee they have lost faith in you. Identify each team member’s strength and think of ways

It’s very difficult to understand how a company can stay in

to maximize these strengths to maintain and expand business

business over the years holding down prices in an environment

opportunities always, but especially in challenging times

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

Effort

5:50, how are they surviving at 100?

Hard work still matters. In this microwave world we live in, quick

Prices have not moved this drastically over the period so what

success and quick fixes have become the expectations. The only

is happening.

place success comes before work is in the dictionary. It does not matter how focused you are or how much faith you have

The truth is Entrepreneurs and Business Owners have given up

in yourself, your vision or your team: you will not be successful

a lot over this period. They have cut back on their standard of

without putting in consistent effort over time. Part of this effort

living and lifestyle, resorting to the more simple things in life.

must be a strategy for the enterprise. Too often as entrepreneurs

They have sacrificed much for their family protecting them from

and business owners, we are running the shop without a real

the harsh economic realities ensuring that they have enough to

plan, and this contributes to the “just making it from week to

make life comfortable, they have kept on staff members when

week” syndrome. Focused effort can help an enterprises’ ability

they should be letting go and cutting back as part of strategic

to better weather the rough economic winds that are blowing

cost saving measures. They have negotiated extended payment

all around us. Yes, only the brave harbor thoughts of starting

plans with creditors, doing whatever it takes to keep the business

their own business in this environment, yet it’s the only way to

going in the hope that things will be better tomorrow.

ensure you have control over your future. With FFE, your success possibilities can be increased.

BUSINESSUITE Magazine • www.businessuiteonline.com • 3

Entrepreneurship

Hard knocks: My top 10 tips for surviving at a startup written by Doug Wheeler

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. h t t p : / / w w w. g e e k w i r e . co m / 2 0 1 3 / h a r d knocks-top-10-lessons-survivingstartup/?goback=%2Egde_44774_ member_218904310

Recently, 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 “never-doneit-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

4 • BUSINESSUITE Magazine • www.businessuiteonline.com

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, lessons learned” for those thinking about

a startup, these lessons are for you — in

connections,

joining or leading a startup.

hopes you don’t have to learn them the

something! Then, you must be able to

product

knowledge

–

hard way.

communicate and inspire others. Being ‘really smart’ or having a ‘great rep’ and

Having spent the last 12 years in the startup school of hard knocks — including

1. Cash is everything.

then sitting in the corner and not leading

some that made a mark and others that

It’s more important than you! Really, no

by example doesn’t help a damn thing.

fizzled out — I’ve learned a great many

matter who you are — founder, CEO, CFO

Note: If you are currently in a large, well-

lessons and earned a Ph.D. in venture-

or whatever. You must understand how

funded division of a big brand company,

backed startups.

and how much your business will create

please do not join my startup. Start your

value and earn cash. Your business can

own, learn some lessons and then call

I’ve also become a better marketer,

earn cash from customers or investors,

me.

executive, leader, teacher and human.

but you better know how you are going to

Startups gave me a much-needed dose

fuel the company with cash and manage

6. There is no On the Job Training (OJT) in

of humility, but also taught me how

it to get the best mileage. As we all know,

early stage companies.

to create real value, make measured

it sucks to run out of fuel before you get

If you haven’t done it before, you are

choices quickly and the importance of

to an exit.

a liability. However, if you have direct experience, it’s 10 times more valuable

recognizing and valuing people by what they do — not talk, title or reputation. If

2. Startups are fun, but also hard work

because the company can’t afford

you are thinking about joining or leading

and high-risk.

ginormous screw-ups. This is especially

BUSINESSUITE Magazine • www.businessuiteonline.com • 5

true of the management team. No matter

his or her contribution and how it moves

how hard you work, how confident you

the business up/forward every day.

are, how great you think your product

These goals need to be stable. If you are

is, how really big your market becomes

churning your team with new initiatives,

or even how much money you’ve raised,

goals and objectives – you won’t have

if you lead the company in the wrong

any because your team can’t align and

direction and make a series of poor

create value.

decisions you will waste cash and time, which are precious in companies with

9. It’s not about the salary.

very finite resources. This frequently

However, it is about doing something

results in your investors finding someone

you love, small team changing the world,

else who does have experience!

creating a market, making an impact, honing a skill set, learning from an expert,

7. Absolutely no one – and I mean no one

chasing equity for an IPO – all good

– is irreplaceable.

reasons. Keep that in mind when hiring,

This includes founders and executives.

managing and motivating your team. A

Furthermore, arms and legs are an easy

hint for new founders and executives:

fix. Don’t waste ten seconds worrying

It’s OK if the VP of Sales or one of the

about someone leaving the company.

sales team members is the highest paid

Wish them well for five seconds and then

person(s) in the company – even if they

log in to LinkedIn and start soliciting

make more than you. If you built the right

your contacts for a replacement. Sales,

compensation and margins into your

marketing, development, finance, support,

plan, high commissions mean great sales.

administration and IT – you name it. You

Great sales with reasonable margins

can hire contractors or temps to do damn

generally mean you are generating

near anything while you find another –

CASH! I believe the best teams only have

best fit. Sounds harsh, I know. Having said

two kinds of sales people — rich and new!

that, never forget or minimize the value of people who perform well and stay with

10. Never ever work with or hire assholes.

you. It’s called loyalty. It’s critical your

I don’t care how big the opportunity is

team members understand they and their

or how brilliant they are (or think they

contributions are valued and respected.

are). Life is too short, you spend a lot of

I recommend 90 percent listening and

time together and therefore the price is

doing — 10 percent talking as a good

way too high. Just like Kindergarten, if

way to demonstrate that you value and

someone fails to ‘work and play well with

respect your team.

others’ don’t let them in your sandbox.

The older you get, the truer this becomes.

8. Change not churn!

Make no mistake, I love the startup world

It isn’t important, necessary or even

and suspect that it would be incredibly

desirable for everyone to know or react

difficult for me to return to big company

to everything all the time. Don’t wreck

life. If after reading this you still want

the productivity, momentum and goals of

to take your shot, go for it! Contact me

the organization with every thought, turn

if you have questions and I’ll do my best

and twist that comes into your head from

to help.

a customer call, business development meeting, late night premonition, wineinduced 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

6 • BUSINESSUITE Magazine • www.businessuiteonline.com

BUSINESSUITE Magazine • www.businessuiteonline.com • 7

BUSINESS TRENDING Times Are Tougher In Jamaica Today

are feeling the jitters which accompany

Times are tougher in Jamaica today than the majority of people

the separation of their colleagues and

believe, and the signs are that they are going to get even more

friends. These quiet but significant

trying. Many companies have been laying off workers and some

layoffs in big and small companies

are taking difficult dual decisions of both laying off staff and

are causing increasing uncertainty and

cutting the salaries of those who stay. Owners and managers

those still in employment are cutting

are focusing on the simple survival of their businesses and hoping economic times will get better. They simply want to

Aubyn Hill

their spending and thereby causing economic shrinkage. People everywhere

survive through this time of crisis until growth and better times

are stating more and more loudly that they do not have any

arrive. Employees, even in big private-sector businesses which

cash and businesses are bemoaning the lack of sales and the

are seen as institutional and economic pillars in our country,

difficulty they face in collecting their receivables.

DHL

Express

Improves

Overnight

Offering To Caribbean And Central

Charged To Safeguard And Secure A Return On The Investment Of Our Shareholders.

America Customers. “These transit time

“The truth is, coupled with cumulative inflation rates of 29 per

improvements provide our customers in

cent, and devaluation rates in excess of eight per cent over the

the Caribbean with an improved level

three years, and challenged even further with successive hikes

of service within the region and around

in the rate of taxation on the business over that same period;

the world. While our document volumes

it was becoming increasingly clear that some recovery measure

have remained steady over the last four

had to be undertaken by the management. We are charged as

years, DHL Express has seen a dramatic

managers of the company to safeguard and secure a return on

increase in parcel volumes to and from

Marcus Steele

the Caribbean. At the same time, shipment

with an increase in the customs user fees as was announced recently by the government,

volumes from the Caribbean to Central

the company had to do a full review of its operations and sustainability following such

and South America and from Central and

a process it was determined that to protect shareholder value, an increase in the prices

South America to the Caribbean have

of our products was warranted at this time.” Marcus Steele. Managing Director Carreras

grown by double digits. DHL Express

Jamaica.

the investment of our shareholders. Therefore, when now faced

is strengthening our air 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.

IPO For Caribbean Cream Limited (CCL )….. ‘KREMI’ “Lots of documents and packages need to

Ice-cream manufacturer Caribbean Cream Limited (CCL) will go to the market this

be moved around the Caribbean quickly

month with an initial public offering to raise between J$60 and J$80 million of equity to

and efficiently, and we responded to

assist the company in its expansion drive. Mark Croskery, President and Chief Executive

our customers’ requests for expedited

Officer of Stocks and Securities Limited, Lead Broker and arranger of the offer, said the

service,” Reiner Wolfs, Managing Director

shares will be priced between J$0.80 and J$1.10. But he said he was unable to disclose

for DHL Express in the Caribbean.

the amount of shares to be offered on the market until the release of the prospectus.

Julian Robinson, State Minister in

CCL, a manufacturer and distributor of ice cream and ice cream products, operates

the Ministry of Science, Technology,

under the brand ‘KREMI’, and was incorporated in 2006 by its current Chief Executive

Energy and Mining, who was speaking

Officer Chris Clarke. The company manufactures 20 different flavors of ice cream in

at the annual general meeting of the

three-gallon, 1.5 gallon and quart sizes, as well as three flavors of ice cream cakes. The

Manchester Chamber of Commerce

company is also the local distributor of the Flavorite brand of frozen novelties from

in Mandeville last Thursday, said his

Trinidad.

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.

8 • BUSINESSUITE Magazine • www.businessuiteonline.com

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 technology

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 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.

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

To Enter Costa Rican Market Sagicor Life Jamaica ( SLJ ) Invests US$6 Million

small business investments and would

Insurance giant Sagicor Life Jamaica (SLJ) will initially invest US$6 million to enter the

attract more overseas investors to do

Costa Rican market, according to its financial report for the year ended December 2012.

business here. These findings suggest

Concurrently, the group stated that it exchanged J$57.7 billion worth of bonds in the

that corporate leaders also will need to

debt exchange last month, which will cut its interest on bonds by about one percentage

sharpen their focus on the opportunities

point. SLJ aims to grow revenues via its new venture in Central America. It received

the Internet offers for new products and

regulatory approval to operate an insurance company last month in Costa Rica but the

expanded customer reach. Companies

company previously did not disclose the expected value of its investment there.”At year

should also pay attention to how quickly

end, the company’s share of capital invested was US$6 million,” stated Sagicor in its

Internet

just released financials. “SLJ injected its 50 per cent share of capital in a joint venture

business models by radically changing

company, Sagicor Costa Rica through its wholly-owned subsidiary Sagicor St Lucia.” SLJ

markets and driving efficiencies. Due

now operates in Jamaica, the Cayman Islands, St Lucia and Costa Rica.

to the significant impact that research

technologies

can

disrupt

and technology have had on our lives,

Jamaican Central Bank To Lift Restrictions On Investments In Foreign Securities.

that impact also replicates in our homes,

Bank of Jamaica Governor Brian Wynter has given new indications that the Central 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

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

Wednesday.

No ICT Fruits For Mandeville Yet. “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.”

BUSINESSUITE Magazine • www.businessuiteonline.com • 9

Your Digital Project Could Pose

Overall Market activity resulted from trading in 23 stocks of which 12 advanced, 7 declined

Infringement Risks.

and 4 traded firm.

Hiring a law firm to do a “clearance

search” to map out whether a digital

Market volume amounted to 1,635,597 units valued at over $20,623,090.26. PRESTIGE

project could pose infringement risks

HOLDINGS LIMITEDwas the volume leader with 402,600.00 units (24.61%) followed by

can cost $50,000, according to one

JAMAICA MONEY MARKET BROKERS LIMITED with 293,300 units (17.93%) and SAGICOR

digital-agency boss, and thus too much to make economic sense for a $300,000 or $400,000 contract. But agencies

FINANCIAL CORPORATION with 292,685 units (17.89%).

Stocks Advancing: Security

can easily lose work if they refuse to

Volume Closing Quote ($)

Change ($)

indemnify their clients (something clients

AGOSTINI’S LIMITED

6,750

16.61

0.01

are increasingly asking), so accepting

ANSA McAL LIMITED

5,811

66.66

0.01

some measure of risk is a necessity. The

CLICO INVESTMENT FUND

140,200

21.18

0.18

potentially catastrophic outcome for an

GUARDIAN HOLDINGS LIMITED

40,204

19.51

0.01

agency is ending up in court over an

GUARDIAN MEDIA LIMITED

785

19.26

0.01

JAMAICA MONEY MARKET BROKERS LIMITED

293,300

0.52

0.01

NATIONAL COMMERCIAL BANK JAMAICA LIMITED

100,000

1.20

0.07

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

NATIONAL ENTERPRISES LIMITED

731

15.02

0.02

a manufacturer’s representative to plug

NATIONAL FLOUR MILLS LIMITED

3,000

0.61

0.01

information from an end user’s shopping

REPUBLIC BANK LIMITED

8,433

108.57

0.05

cart into a database, and the agency was

THE WEST INDIAN TOBACCO COMPANY LIMITED

6,256

92.51

2.42

contractually required to indemnify the

UNILEVER CARIBBEAN LIMITED

4,823

50.14

0.39

Volume Closing Quote ($)

Change ($)

client. Fluid ended up hiring a law firm and teaming up with five companies that

Stocks DECLINGING: Security

had also been sued over the same patent, according to Fluid’s Chief Operating

NEAL & MASSY HOLDINGS LIMITED

Officer, Tamir Scheinok. It could have

ONE CARIBBEAN MEDIA LIMITED

been a “business-ending event” had it

PRAETORIAN PROPERTY MUTUAL FUND

gone on for two months, he said. But the entity dropped the case after six weeks, incurring substantial but not fatal legal expenses.

TRINIDAD AND TOBAGO Stock EXCHANGE WEEKLY WRITTEN REPORT

156,533

59.00

-2.50

100

15.12

-1.00

21,400

3.40

-0.35

PRESTIGE HOLDINGS LIMITED

402,600

9.23

-0.02

SAGICOR FINANCIAL CORPORATION

292,685

6.25

-0.05

70,000

1.80

-0.14

157,595

1.37

-0.03

SCOTIA INVESTMENTS JAMAICA LIMITED TRINIDAD CEMENT LIMITED

Stocks TRADING FIRM: Security ANGOSTURA HOLDINGS LIMITED

WEEK ENDING MARCH 15, 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

20,000

7.80

8,200

7.49

GRACEKENNEDY LIMITED

31,000

3.45

SCOTIABANK TRINIDAD & TOBAGO LIMITED

26,791

67.00

FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED

• • •

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.

1,084.23.

•

The All T&T Index declined by 1.87 points (0.11%) to close at 1,756.19.

•

Volume Closing Quote ($)

The Cross Listed Index advanced by 0.34 points (0.64%) to close at 53.68.

10 • BUSINESSUITE Magazine • www.businessuiteonline.com

3/15/13

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 • www.businessuiteonline.com • 11

3/15/13

Foreign Exchange Trading Summary

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

CURRENCY

PURCHASES

Volume

USD Value

USD

25,157,474.7100

25,157,474.7100

C AD

676,518.3500

GBP

1,732,502.7300

SALES Weighted Average Rate

Weighted Average Rate

Volume

USD Value

96.8590

23,893,893.7900

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

1/1 12 • BUSINESSUITE Magazine • www.businessuiteonline.com

Caribbean Business Highlights

Rastafarian Family Rejects Sagicor Life Inc. Offer Of $1.6 Million. To Move Off The Land Worth $7 Million

First Caribbean Records Increase In Loan

non-performing loans to gross loans

Loss Expenses…..Barbados

decreased to 12.4 per cent compared

High loan loss provisions continued to

to 13.6 per cent at the end of 2011.

Times are tougher in Jamaica today than

be a problem for CIBC First Caribbean

Chairman Michael Mansoor said that

the majority of people believe, and the

International Bank last year despite

the bank’s profit of US$72 million was

signs are that they are going to get

an otherwise satisfactory operating

relatively consistent with the prior year

even more trying. Many companies have

performance. In the company’s 2012

at US$74 million. “The economies of

been laying off workers and some are

annual report, Chief Executive Officer

the majority of the territories in which

taking difficult dual decisions of both

Rik Parkhill noted that the credit

we operate are heavily dependent on

laying off staff and cutting the salaries

environment continued to reflect the

tourism, foreign direct investment and

of those who stay. Owners and managers

challenging economic climate and loan

international transfer payments and all

are focusing on the simple survival of

loss impairment. Expenses increased

of these have been negatively affected

their businesses and hoping economic

from 1.3 per cent of loans in 2011 to

by the lackluster economic recovery in

times will get better. They simply want

1.7 per cent of loans in 2012. According

the United States and Europe. “The Bank’s

to survive through this time of crisis

to management’s analysis, loan loss

results however show that apart from

until growth and better times arrive.

impairment increased by US$33 million

the negative effects of the loan loss

Employees, even in big private-sector

or 37 per cent year on year due to higher

impairment allowances, the business of

businesses which are seen as institutional

specific allowances of US$23 million

the bank continues to be encouragingly

and economic pillars in our country, are

“driven by deterioration in

collateral

stable and provides a sound basis for

feeling the jitters which accompany the

values, new non-performing loans and

better performances when economic

separation of their colleagues and friends.

updates to key assumptions mainly

conditions improve,” he said in the

These quiet but significant layoffs in

affecting business and sovereign and

company’s 2012 annual report. (NB)

big and small companies are causing

personal loans.” However, the ratio of

employment are cutting their spending

Scotia Makes $142m For First Quarter…..Trinidad

and thereby causing economic shrinkage.

Scotiabank Trinidad and Tobago Ltd., has

People everywhere are stating more and

reported net income of $142.4 million

more loudly that they do not have any

for its first quarter ended January 31. This

cash and businesses are bemoaning the

was $0.8 million or one per cent above

lack of sales and the difficulty they face

the quarter ended January 31 last year,

in collecting their receivables.

the bank said in a statement yesterday.

increasing uncertainty and those still in

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

Desalination firm Consolidated Water Company Increase Revenues….. CAYMAN Islands

yesterday approved a first interim dividend of 40 cents per stock unit payable on April

Consolidated Water’s performance last year was

17 to stockholders on record as at March

driven by a 19 per cent increase in total revenues

19, 2013. Scotia Bank Managing Director

to US$65.5 million, catalysed by a 33 per cent

Anya Schnoor said: “Scotia Bank recorded

jump in bulk water sales to US$40.8 million. It attributed the growth in bulk water

consistent earnings during the first quarter

to the expansion of the company’s Blue Hills plant in The Bahamas during the

led by loan growth in residential mortgages

fourth quarter of 2011.The firm produces and supplies water to end-users, including

and consumer loans of seven per cent

residential, commercial and government customers in the Cayman Islands under an

each relative to prior year as we continued

exclusive retail licence. Retail water revenues increased four per cent to US$24.2

our focus on growing market share.”The

million, behind an increase in the company’s base rates of approximately four per

bank’s total operating income, comprising

cent due to an upward movement in the consumer price indices used to determine

net interest income and other income was

annual base rate adjustments which become effective in the first quarter of each

$347.9 million for the three months ended

year. The company said this was partially offset by an approximate two per cent

January 31. This represented improved

decrease in the number of gallons sold in 2012 due to abnormally high rainfall on

earnings of 5.6 per cent or $18.3 million

Grand Cayman Island during the second quarter of 2012.

when compared to January 31, 2012.

BUSINESSUITE Magazine • www.businessuiteonline.com • 13

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 200-acre Caymanas Park racing complex from the Government.

Racing Divestment Committee chairman, Michael Bernard, made the announcement at a crucial meeting of the committee Michael Bernard

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

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,

phones …,” he said.

the government has developed a wide

Cash Really Is King Especially In Hard Economic Times…

Aubyn Hill

but despite the programs enjoying some

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.

The Global Financial Crisis Has Taken A Heavy Toll On Grenadad “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 KEITH MICHELL

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.

14 • BUSINESSUITE Magazine • www.businessuiteonline.com

array of programs to reach needy groups, 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.

SSL Wealth Division Host successful Leadership and Financial Forum…….Jamaica

Government Cannot Ignore The Potential Economic Benefits Of Oil For A Country That Now Imports Fuel…….

The Bahamas

The much awaited Leadership and

Offshore drilling is sensitive in The Bahamas, where many fear a spill could devastate

Financial Forum hosted March 14, 2013

the fishing and tourism industries. The previous Bahamian government had delayed

at the Jamaica Pegasus Montego Suite by

issuing exploration permits. Prime Minister Perry Christie, who was voted back into

the SSL Wealth Division was a tremendous

office in May, has said he supported exploration. Environmental Minister Kenred Dorsett

success. The presenters for the evening

said the government would seek new regulations to protect the environment and

were Kevin Jones SSL Assistant Manager,

cannot ignore the potential economic benefits of oil for a country that now imports fuel.

Wealth Division presenting on Wealth

“The discovery of oil in The Bahamas would almost certainly prove to be economically

Management Solutions: Opportunity in

transformative for our nation for many generations to come,” he said in a statement.

Crisis Anya Levy Re/Max Elite Broker

The announcement came after a delegation of Bahamian officials, including Dorsett,

Associate, presenting on Important

recently returned from neighbouring Cuba, where he said they discussed that country’s

Legislation

Estate

exploration efforts and the “need for enhanced environmental vigilance and protection,”

Investors Damien King Department of

Affecting

Real

in an environmentally sensitive region just off the southeastern coast of the United

Economics UWI Mona, presenting on The

States (US).

IMF Mandate ;Claude Clarke Managing Director, Richmond Valley Company, presenting on Economic Transformation Through Trade, and Chris Issa HotelierSpanish 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. “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.

BUSINESSUITE Magazine • www.businessuiteonline.com • 15

THE ECONOMY

The IMF Agreement, Compliance Practices And The Jamaican Securities Industry.

Good afternoon.

prior actions, as we are now well aware,

reform programme are a reduction in the

Let me start by saying thanks to the

include the successful execution of the

indebtedness of the public sector and

Financial Services Commission (“FSC”) for

national debt exchange (“NDX”). As this

an acceleration in the rate of growth in

the invitation to speak to you on some

is my first public commentary since the

the real income of Jamaicans. These two

aspects of Jamaica’s economic blueprint

completion of the NDX, I want to thank

objectives are inter-related because the

that will affect the financial sector.

all the stakeholders who participated in

size of Government’s debt service limits

the exchange, some of whom are here

the public investments needed to create

Ladies and gentlemen, Jamaica is about

today, for their contribution towards the

the environment for sustainable growth.

to present its Letter of Intent and the

achievement of debt sustainability.

Simultaneously, higher GDP growth

associated Memorandum of Economic

rates make the task of reducing the

and Financial Policies (“MEFP”) to the

With implementation well underway,

IMF Board for approval.

even ahead of formal approval, it

government’s indebtedness easier.

may be useful to highlight some of

The debt reduction objective requires

The agreement on Jamaica’s policies and

the implications of the medium-term

a strenuous and sustained fiscal effort.

programmes reached between the IMF

economic programme for the Jamaican

Indeed, the commitment to the IMF

Staff and the Jamaican authorities on

securities industry. A complementary and

requires that the central government

15 February completed the negotiations

relevant topic is the original theme for

lift its primary balance (the difference

towards a four-year Extended Fund

this luncheon, that is, the importance

between its revenues and its non-debt

Facility (“EFF”). I am anticipating that

of compliance programmes for financial

expenditures) to 7.5% of GDP over the

the IMF board will support Jamaica’s

stability.

four-year period of the programme and

programme of comprehensive policy

for several years beyond. As you know, this

reforms based on the strength of its

The Macroeconomic Programme and

effort includes, amongst other measures,

design as well as the progress made in

Implications for the Securities Industry

wage restraint in the public sector and a

implementing the prior actions. These

The most important objectives of Jamaica’s

significant tax package.

16 • BUSINESSUITE Magazine • www.businessuiteonline.com

What are the implications of these policy

will be considering the removal of

conditions that allowed Bank of Jamaica

initiatives for the securities industry? The

double taxation for mutual funds. We

to lower its signal rate by 50 basis

elongation of the maturity structure of

are preparing to provide a plan later this

points two weeks ago. Treasury Bill yields

government’s debt as well as the lower

year that will over time raise and, in due

subsequently fell at the regular monthly

deficits that flow from the sustained

course, remove the cap on investments

auction by between 109 basis points and

programme of fiscal consolidation imply

in foreign securities which will pave

182 basis points. The central bank is now

the need for the securities industry to

the way for the industry to further

watching for timely and commensurate

either change its business model or

diversify the currency composition of

reductions in lending rates by the major

enhance its capitalisation or, preferably,

its portfolio. Over time, liquidity and

providers of credit.

both. Lengthening the maturity structure

other prudential standards for securities

of government debt increases the risks

dealers that engage in retail repos will

Greater buoyancy in economic activity

associated with a business model that

be strengthened.

will also bring with it the demand for

funds long-dated assets with shorter-

more innovation in corporate financing.

term liabilities. Regulators worry that

Ladies and gentlemen, the government’s

Firms should seize the opportunity to

the inherent risks in these models, that

growth agenda under the programme,

obtain lower cost financing by issuing

is, concentration risk, interest rate risk

in the context of continued single-

corporate paper. The securities industry

and liquidity risk, may not be matched

digit inflation, will also facilitate the

must now facilitate the strong and

by sufficient capital to weather the

development of the securities industry.

vibrant market for corporate paper that

more extreme adverse scenarios that

Jamaica has much potential for growth in

will make this opportunity a reality for

experience teaches us may indeed evolve.

logistics, agriculture and agro-processing

more of our productive enterprises.

and ICT. GDP growth is projected to rise In addition to higher risks, there will be

above its historical long run average in

The Importance of Compliance for

a substantial reduction in Government’s

the medium term as the benefits from

Financial System Stability

debt issues (both new and rollovers) over

the reform programme materialise. A

I will now turn to the other issues that

the life of the programme. Therefore, for

recovery in investment is expected to be

I had been asked to comment on in this

those entities whose business model

supported by foreign investors, including

forum: the importance of compliance.

relies on earning a margin by funding

through Public Private Partnerships.

government securities with repos, there

The recent global financial crisis is

will be a need to find new sources of

The structural reforms being undertaken

stark reminder, if one was needed, that

business as the supply of government

by the Government are expected to result

regulators cannot see or understand

debt slows. The industry will have to

in improvements in productivity and the

everything that transpires within the

diversity its portfolio into non-GOJ assets.

business environment. To improve the

entities that they supervise. Additionally,

From our perspective, we would like these

business climate, the government, among

they will never have enough resources to

assets to be domestic, but recognise that

other things, intends to increase access

ensure that all the weaknesses that are

they could also involve some high grade

to credit through a secured transactions

identified are fully addressed. It is for this

foreign currency assets.

framework. We are also expecting

reason that, for the purpose of ensuring

the coming fiscal year to see credit

financial

What will the regulators do?

bureau operations enhancing the credit

compliance must be complementary and

Our work programme to facilitate this

environment to the benefit of borrowers

should even be symbiotic. To highlight

transition includes on-going efforts

and lenders alike.

my point I will recall a number of recent

at strengthening the regulatory and

stability,

regulations

and

examples of the failure of compliance

oversight framework for the industry and

A significant fillip to growth should also

systems. Last December HSBC Holdings

fostering conditions that will encourage

come from the reduction of crowding

paid significant fines (US$1.9 billion)

the industry to pursue an alternative

out pressures from the fiscal accounts,

for failure to implement adequate anti-

business model. Bank of Jamaica has

leaving more resources for private sector

money laundering (AML) systems in some

issued to the industry a consultation

investment and paving the way for long

of its Mexican operations.

paper on the Omnibus Banking Law. The

term interest rates to fall. This process

timeline for feedback is now 28 March

is already underway. The projected near-

Consequent on that lapse in HSBC’s

2013 and I am encouraging you to give

term weakness in economic activity

AML protocols, South

us your feedback if you have not already

coupled with the outlook for sustained

American drug cartels were allegedly

done so. In addition, the government,

strong fiscal adjustment and the impact

able to introduce illicitly obtained

under its work programme of tax reform,

of the successful NDX created the

funds into the formal banking sector.

and Central

BUSINESSUITE Magazine • www.businessuiteonline.com • 17

Similarly, UBS incurred fines (US$1.5

What Are the BOJ Expectations for

Ladies

billion/£940 million) for its involvement

Industry Compliance Programmes?

opportunities lie ahead for the Jamaican

in the manipulation of LIBOR rates. This

This sets the stage for me to outline

economy both during this transitional

followed Barclays pay out of more than

BOJ’s expectations for the industry’s

period and into the foreseeable future

US$450 million for the same reason.

compliance programmes. As a start, when

as the government deleverages risk

and

gentleman,

significant

we as regulators inspect institutions,

through the upfront actions under the

The identification of these failures

we are looking for well-planned and

economic

naturally imposes significant cost on the

executed compliance programmes which

success will depend on how well the

individual financial institution. However,

can adequately identify, measure, monitor

government executes the programme of

owing to the interconnectedness of

and mitigate compliance risks across

reforms, but it will also depend on the

modern markets, the economic and

business lines. Beyond that, the structure

fleet footedness of agents within the

reputational damage done by compliance

of each entity’s compliance function

financial sector in changing and adapting

failures of this nature is not always neatly

should be commensurate with its profile,

their business model. Importantly as

resolved within the subject institutions.

risk posture and scope of activities.

well, sound compliance practices in

They can, in some instances, result in

Perhaps

albeit

the industry, fostered and supported by

significant externalities, including costs

intangible, element of a good compliance

the appropriate ethos at the top of

for the state when it is required to

programme is the culture within an

organisations, will place Jamaica securely

provide restitution, either as lender of

organisation. The

Committee

on the road to strong sustained growth in

last resort or through deposit insurance

on Banking Supervision (BCBS) has

the future, free from the fitful stops and

mechanisms.

underscored that compliance starts at

starts that, I hope, will come to reside

the top and highlighted the role that

only as a vague part of our collective

While Jamaican regulators and the

the board and senior management must

memories.

financial industry have had a history of

play in establishing and maintaining a

amicable relations, we are acutely aware

corporate culture that emphasizes high

Thank you.

of this reality, given our own problems

standards of honesty and integrity. Bank

Brian Wynter

in the financial sector in the mid to late

of Jamaica’s Standards of Best Practice

Governor, Bank of Jamaica

1990s. The society, the public at large,

for Effective Corporate Governance

is paying for the state’s interventions

similarly outline that senior managers are

during that period even now. For this

obligated to lead by example, emphasise

added reason we must marry sound

standards of honesty and integrity and

and responsive regulatory guidance with

hold themselves and all employees to

effective, proactive compliance within

high standards of conduct, observing not

our institutions.

only the letter but the spirit of laws, rules

the

and standards.

18 • BUSINESSUITE Magazine • www.businessuiteonline.com

most

critical,

Basel

programme.

Undoubtedly,

Finance

To Consolidate or not to Consolidate: Debt Consolidation Explained It’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 was

banks will recognize and might step in and offer even their own

actually two separate entities coming together to form a

clients products of debt consolidation. For instance if you use

singular unit. Debt (which is a noun) means something owed

to pay out $100,000 to debts each month, with a consolidation,

or the state of owing; and consolidation (a noun also) means

you may only have to pay $80,000, so you would have $20,000 to

the unification of two or more corporations by dissolution of

do something else with monthly. Some banks have been known

existing ones and creation of a single new corporation. With this

to engage clients with their debt consolidation programs which

definition you can actually see where the authors of the word

includes giving the individual the opportunity to save with them

may have been going with this concept. But, let us take a mental

that $20,000 every month.

note, consolidation by no means refers to a total expunging of the entity, but a fusing of the originals so that a new entity

Michael Willacy, Vice President, Corporate and Commercial

emerges. Refinancing on the other hand emphasizes reduced

Banking for the First Global Bank indicated that in order for

interest rates which are not always the case in consolidating

banks to offer debt consolidation with a refinancing component,

debt.

they would definitely have to look at the feasibility of offering an individual or business the loan at a lower rate and whether the

Therefore, for those who are apt to finding the proper definition

loan is an unsecured loan or not. He indicated that unsecured

of things, when simply put, debt consolidation is taking out one

loans carry a greater risk for the bank and this may be the reason

(1) loan to pay off others usually to secure a lower interest or

why some banks do not offer debt consolidation as part of their

fixed rate; or for the convenience of servicing only one loan.

portfolio. In taking on debt consolidation there is no definite way

Hypothetically speaking, you may have a credit card debt at 42%,

of knowing, especially for a business, which way the industry will

a car loan at 18%, a mortgage at 12% and the list may go on. It

turn, as there are several factors such as inflation, and foreign

seems no easy task having to go from one financial institution to

exchange availability to contend with. So the predictability of

the next on an hour lunch break to pay these expenses which not

cash flows in the future to service debt makes the risk greater

only saps your productive energy, but drains your income with no

for a business. On the other hand, an individual who has a

opportunity of putting down a little nest egg for emergencies.

salary is a more predictable undertaking for banks because an

The extreme case is the inability of an individual or business

employee has to be paid. The Vice President of Corporate affairs

to service these loans consistently which is usually a sign that

went on further to elaborate:

BUSINESSUITE Magazine • www.businessuiteonline.com • 19

“Although this might be the case, there are banks that see

“Is twofold, it offers the individual or business lower and fixed

debt consolidation as an opportunity and have turned it into a

interest rates with an extended tenure enabling the client the

product, based on what is happening in the market; households

opportunity to manger their debt responsibility while increasing

and business are experiencing

greater economic challenges

their disposable income, and the benefit to the bank is that with

than they ever did with the recession and the IMF issues to deal

this facilitation a new client would have been gained access to

with; there is low consumer demand as the psychology of the

the disposable funds now available because of the consolidation.”

consumer is that ‘I can’t spend much,’ government spending has

Incidentally there seem to be little difference between a business

been reduced also affecting business activity so what this does

and the individual when it comes to consolidation of debt, and

is shrink the economy; this has created a need for people to

although the interest amount might be greater because of the

reduce their debt servicing obligation hence the whole issue of

longer tenure, the loan becomes manageable for the individual

consolidating and making it easier for you each month.” “Now the

or business which is considered better off than being immersed

advantage of a good debt consolidation plan” he went on to say,

in an impossible situation of a debt trap.

Corporate Movements Scotiabank 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 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 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 2013-2014 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.

20 • BUSINESSUITE Magazine • www.businessuiteonline.com

LIFESTYLE

Usain Bolt in Power 100 rank 48

W

Rank last year: Unranked sport: Running age: 25 Most recent notable achievement: Two Gold Medals at the 2011 World Championships

earniongs: key sponsors:

$6,000,000 Puma, Gatorage, Digicel

hy he’s on the list: Usain Bolt has the perfect

Rounding out this year’s top five: Green Bay Packers quarterback

name for a sprinting superstar. The reigning

Aaron Rodgers (who had $19 million in earnings, estimates

Olympic champion at the 100- and 200-meter

CSE), New England Patriots quarterback Tom Brady ($28 million),

races, as well as a member of Jamaica’s 4×100

Miami Heat basketball forward LeBron James ($61 million), and

relay team, Usain St. Leo Bolt also holds either

tennis champion Rafael Nadal ($21.7 million).

the legal or world records in these distances. The Jamaican is laid-back, fun, and photogenic, perfect for endorsements that

Newcomers to the list include Novak Djokovic (who had a near-

have been flowing like rich, flavorful gravy.

perfect tennis season) at No. 9, rising golf star Rory McIlroy at No. 21, and the Los Angeles Dodgers’s Matt Kemp, who signed

Drew Brees, the New Orleans Saints’s popular quarterback, took

a contract extension worth $160 million over eight years, the

the No. 1 spot in this year’s Power 100, a ranking by ________(CSE),

largest in National League history, at No. 32.

an integrated sports and marketing firm in Atlanta, and Horrow Sports Ventures that uses data from Encino (Calif.)-based

“The real key is measuring how these superstars perform,” says

research company E-Poll Market Research.

Horrow. In athletics, power means “earning power for athletes, owner, agents, communities, and corporate brands.” As this year’s

CSE evaluated about 600 of the best-performing athletes from

list shows, an athlete’s value can change dramatically in one

a pool of 3,000 based on statistics, the popularity and viewing

year.

audience of their sports, endorsement earnings, and their reach on social media. Nielsen/E-Poll N-Score data, based on surveys

For more go to

that evaluate such factors as players’ name and face awareness,

http://www.businessweek.com/finance/drew-brees-tops-the-

appeal, influence, and trustworthiness, were also included to

power-100-in-2012-01252012.html

measure an athletes’ endorsement potential.

BUSINESSUITE Magazine • www.businessuiteonline.com • 21

HUMAN RESOURCES

Time for a ROWE; a Results-Only Work Environment The buzz in Organization Development

with the worker in the next cubicle,

Pink shares, “Most of us believe that

thought circles globally these days is

serving you haphazardly, but certainly not

the best way to motivate ourselves and

employee engagement; that is, what can

with focused intent.

others is with external rewards like

leaders, managers, organizations do to

money, the carrot-and-stick approach.

reverse this tide of disconnectedness

Inventive

and

That’s a mistake. The secret to high

before the proverbial organizational ship

organization behaviorist concur that a

performance and satisfaction, at work, at

totally sinks in today’s current sea of

large part of the problem seems to be

school, and at home, is the deeply human

change.

that business models popularized over

need to direct our own lives, to learn and

the years, and still currently being used

create new things, and to do better by

It is reported by a Gallup Poll, that on any

by most organizations, have become as

ourselves and our world.”

given day more than 50% of employees in

outdated as an eight track tape deck.

the United States are not engaged at work,

This growing gap between what is

In other words, Pink suggests that

and roughly 20% are actively disengaged.

known about human motivation and

organizational leaders and managers,

Even more startling is the approximation

business operations seems to be fueling

who do not understand the dynamics

that all of this disengagement costs the

managerial, leadership and ultimately

critical for fostering a workplace of

United States some $300 billion a year

organizational dysfunction.

excellence and personal productivity only

thinkers,

human

in lost productivity. Scan your workplace,

serve to create climates that diminish

observe businesses that you frequent in

In a thought provoking book aptly

the value and output of a businesses’

your community; are workers focused

entitled, “Drive” Daniel Pink convincingly

greatest resource, a resource that just

on customer service, or are they more

shares how organizations and their

happens to be human.

interested in communicating on their

leaders can better harness and unleash

personal cell phone. Take a look around

the inventive and creative thinking of

You see, businesses are complex social

that bank office, is the teller talking to

employees in pursuit of mission-driven

systems, comprised of people, and

you about your needs, or instead chatting

results.

leaders who understand the needs and

22 • BUSINESSUITE Magazine • www.businessuiteonline.com

aspirations of individuals in the workplace

Others ultimately found a work flow that

can create climates and opportunities that

was comfortable, and now the employee,

enable people to effectively contribute to

along with their families sing praises for

achievement of the organizational mission

the ROWE business environment.

and bottom-line. Contrary to pervasive thought

management

This evolving workplace dilemma speaks

circles, autocratic control does not elicit

in

traditional

to the challenge organizations are facing

the best from people, whether a Baby

at a time when they need employees who

Boomer or from Gen-X.

are self-directed, agile and who can think critically. Public, private and third sector

Shocking was the fact that large numbers

businesses have created workers who are

of employees in these companies were

like robots putting widgets in a round

so conditioned to highly controlled work

peg without much thought. This can no

environments that they could not function

longer work, the cultures and operational

in a ROWE

climates of organizations must shift if competitive edge is to be maintained and

Two former human resource executives

regained if already lost.

from electronics giant Best Buy crafted a work environment called the ROWE;

We are in a rapidly moving conceptual

a results-only work environment.

For

economy, and engaged workers on all

organizations that are ROWEs, employees

levels who do more than just sit and wait

do not have to be at work at a certain

to be instructed relative to what to do

time, or come at all; they must simply

next are part of the inefficiencies and

complete the work, meet timeframes,

lost productivity we all witness daily;

and achieve organizational goals. Of

inefficiencies that must be remedied.

course, they must attend meetings when called. Companies trying this, contrary

Is your organization ready to ROWE? Email

to naysayers, have found that profits,

your thoughts to dradefoe@gmail.com.

creativity and employee engagement have skyrocketed. Shocking was the fact that large numbers of employees in these

Dr.

companies were so conditioned to highly

management, leadership and quality

controlled work environments that they

management

could not function in a ROWE; with some

to organizations world-wide.

people quitting because they just did not

theafiadevelopmentcorporation.org

Anita

Davis-DeFoe consulting

provides services www.

know how to function in such a workplace.

BUSINESSUITE Magazine • www.businessuiteonline.com • 23

Leadership

What it Really Takes to Succeed

T

he modern marketplace demands that people

ager to excel together. You need heaps of positive energy, the

possess a wide range of skills. But what core

guts to make tough yes-or-no decisions, and the endurance to

qualities are truly essential to career advance-

execute—get the job done. And, indeed, you do have to possess

ment, regardless of industry or job?

self-confidence and humility at the same time. That combination

The answer could fill a book and it has, thou-

is called maturity.

sands of times, if not more. Myriad experts claim that career advancement is a function

We would also add two other qualities to the must-have list. One

of everything from extreme self-confidence to

is heavy-duty resilience, a requirement because anyone who is

extreme humility (or both at once). Still others make the case

really in the game messes up at some point. You’re not playing

that big-time professional success derives from more sinister

hard enough if you don’t! But when your turn comes, don’t make

behaviors, such as callous ambition or unfettered narcissism.

the all-too-human mistake of thinking getting ahead is about

And then there is the whole “positive thinking” bandwagon,

minimizing what happened. The most successful people in any

which claims that getting ahead is primarily a function of believ-

new job always own their failures, learn from them, regroup, and

ing you can. In sum, there’s so much contradictory advice out

then start again with renewed speed, vigor, and conviction.

there about the core components of success that it’s enough to reduce you to a weary sigh of: “Whatever.”

The other quality we’d mention is really special but quite rare: the ability to see around corners, to anticipate the radically

Which is just fine. Because we’d suggest that you can’t really

unexpected. Now, practically no one starts their career with a

manipulate yourself into success with personality tweaks or

sixth sense for market changes. It takes time to get a feel for

even major overhauls. In fact, we’d say just the opposite. The

what competitors are thinking and what product or service

most powerful thing you can do is, well, be real. As in not phony.

customers will eventually want - once they know it exists. But

As in grappling, sweating, laughing, and caring. As in authentic.

the bottom line is, the sooner you develop this acumen, and the more you hone it, the farther you will go.

Yes, yes, we know the upper echelon of the corporate world has its share of slick super achievers who appear simultaneously all-

But not if you’re not real, too. Think of authenticity as your foun-

knowing and unknowable. They’re cool, poised, almost digitally

dation, your center, and don’t let any organization try to wring it

enhanced in their affect. But such bloodless executives, even the

out of you, subtly or otherwise. That happens. Companies have

most technically skilled ones, rarely reach the highest heights.

a way of tamping people down, particularly early on. Not that

They’re just too remote to move people. They can manage, but

it happens with any kind of conscious planning, of course. But

they can’t motivate.

too many organizations manage to surreptitiously nudge people toward a generic type who keeps it all pretty well tucked in.

Now, we’re not saying that authenticity is the only quality you need for professional advancement. Everyone knows that to

Meanwhile, if you put your whole self out there, bosses can com-

succeed in today’s competitive global marketplace, you also

plain that you act too emotional or get too close to teammates

have to be smart, curious, and highly collaborative. You have to

or become too worked up in meetings. Your performance reviews

be able to work with diverse teams and ignite them as a man-

will note: “Tom has some potential, but he just doesn’t fit in.” Or

24 • BUSINESSUITE Magazine • www.businessuiteonline.com

“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 decisionmaking strategy for success at work and in parenting, love and friendship. Together with her husband Jack Welch, Suzy is also coauthor 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 • www.businessuiteonline.com • 25

MARKETING

Emerging Technologies Demand New Marketing Fundamentals Marketers Who Try to Respond with Today’s Practices and Skills Will Fail

E

merging

technologies

The efficacy of turnkey marketing

customers to follow the path to purchase.

from smart objects and

solutions used to engage with customers

To master this fundamental, marketers

wearables to behind-the-

is waning. Your brand is more than what

must look to add new skills such as those

scenes taxonomy tools

you say it is; it’s also what you produce

of game designers or content producers

are radically changing how customers

and the experiences you create. This

to the standard mix of copywriters, art

think, act and relate to others. And in turn,

means in order to differentiate and go

directors and agencies.

forcing a rebuild of how brands must go

deeper with customers, brands must now

to market on every dimension. It’s clear

design their own unique interactions

that marketers who try to respond to

and experiences. Marketers can take a

this seismic shift with today’s practices

page from areas such as game design

Value has always had its place in

and skills will fail. So how can marketers

- for years this practice has woven

marketing brands are built upon its

adapt? There are four fundamentals to

stories, personas and smart objects into

promise. But what’s different now is

consider:

virtual environments, allowing people

the efficiency and speed of the value

to play and achieve things together

exchange, which when understood, gives

and alone. These play arenas can help

marketers more powerful tools to acquire

create positive sentiment that persuades

customers and build-long term loyalty.

Design is the new marketing

26 • BUSINESSUITE Magazine • www.businessuiteonline.com

Value is the currency

speculatively. Expect to see more and more of these consumer controlled software

agents

brokering

brand

relationships and permissions.

People are the regulators Thanks to new tools and channels, our connected society has taken the reigns of control when it comes to regulating brand interactions. But this isn’t all bad news for marketers. With more intelligence based upon more sophisticated permissions, brands have the ability to move from rudimentary advertising to more nuanced advice. For instance, CRM systems in 2012 began to live alongside richer consumer data gained from social graphs. Publishing systems morphed into dialogue systems through social and web 2.0; and B2B and B2C technologies converged to provide more flexible people and group-based systems. Yes, brands should continue to see consumers as the star of the show, but now it’s time to support them intelligently or else risk being locked out completely.

Nature thrives on complexity and so too does innovation. As of yet, few marketers are meeting the demands that accompany this seismic shift in consumer behavior, and the effects are showing. More than half of US online adults are already annoyed by the amount of advertising But it’s important to remember that

brand’s app or website, there are multiple

they see and 37% would rather not be

consumers are now acutely aware of

levels of mediation at play hardware,

contacted by brands at all, according to

the barter value of their data and the

operating systems and browsers are

new Forrester data. The brands that will

power they wield in exchange. As a

powerful ecosystems each with their

survive this disruption will be those that

result, marketers must demonstrate real

own gravitational pull and controls. This

embrace the growing complexity of the

value to gain customers. Tactics such as

is a new type of intermediary agents that

consumer/brand relationship. The result

content marketing and ‘freemium’ models

are intellectually curating consumers’

will be a marketing mind shift that leads

demonstrate an understanding of giving

experiences and, in doing so, mediating

to competitive edge innovations.

first to receive in return. As Evernote CEO

the brand relationship. Google Now is

Phil Libin has said, “The easiest way to

one such disruptive personal agent for

get one million people paying is to get

consumers, repositioning the search

one billion people using.”

paradigm from on demand to always on. The agent proactively searches for

Agents broker brand relationships

relevant content for users based on web history, location and other contextual

Even when people and devices use a

cues before presenting the information

written by Anthoy Miller Senior Analyst, Forrester Research

BUSINESSUITE Magazine • www.businessuiteonline.com • 27

5

Ways Brands Are Cutting Out Agencies

A

gencies love “Mad Men.” One reason: It shows when they were at the zenith of their standing with clients. That’s slowly gone away, along with the culture of drinking copiously during the day.

Agencies are in a perilous position. As Digiday’s Confession series has shown, this is a known fact. At the root of all this is the tendency of agencies to cede power — to brands, to tech platforms, even to publishers. Digiday spoke with several sources on all sides of digital media — agency, brand, publisher, platform to determine the five biggest disintermediation challenges now facing agencies.

01 | SERVICE-DRIVEN CONTENT CREATORS

BuzzFeed, Yahoo and Vice all have one thing in common: They provide creative services for brands who advertise on their platforms. Think of Virgin Mobile’s partnership with BuzzFeed. Thursdays, Virgin meets at BuzzFeed’s office, where an editorial meeting takes place for about 90 minutes. The teams collaborate around story ideas and go over the numbers of the previous week’s performance. Based on that, plans are set for the following week’s publishing schedule. With services like these, by a publisher, there’s not really a need for the agency.

“Our brand strategy is to stay one step ahead or alongside the Virgin fan,” said Ron Faris, head of brand marketing at Virgin Mobile. “What’s unique is we had our own staff of writers that put the content together. Working with BuzzFeed was like having an always-on, 24-7 newsroom.”

28 • BUSINESSUITE Magazine • www.businessuiteonline.com

brand enough. I don’t believe you have

02 | GETTING CLOSER TO STARTUPS

Startup

incubator

programs

to be a digital native to get digital. How like

does Fisher Price figure out toys? They

Mondelez’s Mobile Futures program

don’t have kids doing their marketing,

and the PepsiCo10 program are good

that’s for sure.”

examples of how brands are cozying up to

The same is happening on the media-

startups. Whereas agencies traditionally

buying side. It never made sense for most

were the liaison between brands and

marketers to do media buying in-house.

their ad tech providers, brands are now

But the rise of programmatic ad buying

looking to take out the middle man for

means instead of needing a 100 media

direct relationships.

buyers, only four sharp analytics-minded

The brand center of excellence is another

people are needed to use automated ad

example how brands are forging close

platforms. At that point, it makes sense to

ties with ad tech and startups. Companies

do more in-house.

like PepsiCo, Kraft, Nestle Purina, GE

“A lot of brands are finding that working

and MasterCard have these units set

with a centralized trading desk isn’t

up within the organization to evaluate

really worth it. With all this money

platforms, devices and channels. These

going to Facebook and publishers and

teams’ sole purpose is to filter out all

technology companies giving brands

the noise of ad tech and figure out

alternatives, agencies certainly are being

what the opportunities are for their

squeezed from all sides,” said a publisher

respected brands. That’s made them a

who asked to remain anonymous. “If you

key constituency to getting in with the

are a smart-enough brand, you realize

world’s largest marketers.

you could use programmatic buying, and

03 | MOVING MARKETING IN-HOUSE

the service providers are [providing] marketing services. These and other

Moving marketing disciplines in-house

technology companies are becoming the

Brands have recently been taking their

new agencies. The agencies aren’t really

social media management in-house:

bringing anything new to the table, so

Nike, Campbell Soup, MasterCard and

when a brand is looking to decrease their

others are realizing that they don’t

spend, guess what they’ll be doing.”

need agencies for the day-to-day stuff, claiming a truly “authentic” relationship

04 | RECRUITING DATA SCIENTISTS

is only possible if the brand handles the

Target’s data scientists helped the retailer

dialogue with consumers.

target ads at women in their second

According to Carmen D’Ascendis, director

trimester of pregnancy. This is a time when

of global marketing at Jack Daniel’s,

expecting mothers begin to buy things

the brand’s Facebook and social media

like vitamins and maternity clothing,

engagement scores are up since the

things Target sells. By identifying women

whiskey maker formed an in-house social

in their second trimester, specifically,

media team. That’s not to say that Jack

Target thought it could then make these

Daniel’s does not use agencies. Jack

women customers for years because

Daniel’s in-house social team does the

once they started buying diapers at their

day-to-day stuff while its agencies help

nearest Target, they’d start buying paper

with strategy and campaigns.

towels, cereal and soda there as well.

“Some companies outsource, and then

Data and analytics are things a lot of

they have 23-year-old digital natives

brands lean on their agencies for. But big

tweeting and texting and such on their

brands are realizing that sifting through

behalf,” D’Ascendis said. “To me, that

all the data the Internet produces is a

seems not the most effective way to

full-time job, and it’s more cost-effective

engage with your consumer. The reason

to have someone on the team handling

is, it’s unclear if they understand your

it full-time than having an agency bill

you for it.

“We’re living in a fast-paced world where we need to gather and analyze data to make intelligent business decisions in a matter of seconds and minutes,” said Kasey Skala, digital communication manager at Great Clips. “Brands who house these decision-makers and producers in-house have a clear advantage over those who source these capabilities elsewhere.”

Take Publisher’s Clearing House as another example. The company has an enormous stat team. It has more than 10 PHD statisticians working full time.

Data is a big part of everything PCH does, and it handles all of the mining of data in-house.

“We don’t trust external agencies with this data,” said Kenn Gold, director of content development at PCH. 05 | DIPPING INTO THE AGENCY TALENT POOL

A lot of brands are hiring former agency and ad tech execs to join their marketing teams. Campbell Soup’s Adam Kmiec used to be with Leo Burnett and Draft.

PepsiCo’s Shiv Singh used to be with Vivaki. “[Companies]

are

re-trenching

and

re-architecting their brand teams and support organizations to build leadership capabilities in the age of content, consumer conversation and engagement,” said Steve Cook, former CMO of Samsung.

“I believe that CMOs are looking outside of the traditional brand person profile at people with agency experience, digital and creative in particular, to import skills and accelerate consumer-centric work to build engaging content and conversations.”

source www.digiday.com

BUSINESSUITE Magazine • www.businessuiteonline.com • 29

TRENDS AND DEVELOPMENTS

Hotel Office Space, by the Hour be available, and the amount of traffic passing through — especially when the hotel bar is nearby — may make serious or confidential discussion difficult.

Nancy Butler, a speaker and business coach, has used hotels to meet clients after giving up her physical office, she said, but privacy is always her top consideration. “We need to be able to speak without everybody around us overhearing,” Ms. Butler said.

When picking a place to meet, she said, “it has to provide for confidentiality, so I will not choose a place where I don’t have a good sense of what Somewhat by default, hotel lobbies, business centers and the open space around meeting areas have long functioned as places to meet, network and get work done, although workers’ growing ability to be connected without being tethered to a desk has accelerated the trend.

Now, some hotels are starting to manage visitors’ previously ad hoc use of seats, tables and nooks — and, in some cases, charging for it. For the hotels, the space has become an untapped source of additional revenue and new customers who live and work nearby.

Sonja Fisher, a sales engineer at the software company ParAccel, is among them. “I’ve worked in Starbucks, apartment building conference rooms, restaurants, libraries,” she said. “Hotel lobbies have become very convenient.”

Ms. Fisher said that paying to guarantee use of a suitable work space would be a worthwhile trade-off. “I could see myself using it or even my company taking advantage of it. We’re a small company and we have limited conference space,” she said. “I can see where they’d be O.K. with expensing that.”

Julie Germany, vice president for digital strategy at the DCI Group, a public affairs consulting company, said she preferred lobbies and other hotel public spaces to conference rooms for networking and collaboration. “It’s a more casual setting,” she said. “It’s a much more outgoing atmosphere. People are more open to talking.”

That informality can be a double-edged sword, though. Travelers have no way of knowing beforehand if a couch, table or nook will

30 • BUSINESSUITE Magazine • www.businessuiteonline.com

it’s like.”

The second element on Ms. Butler’s wish list, after privacy, is table space for putting out paperwork and taking notes. “If I have to do that in my lap, that’s tough,” she said.

Mark Gilbreath, chief executive of LiquidSpace, an online booking platform that offers short-term work spaces by reservation using a business model resembling the one used by car-sharing companies, said he had found that “people are increasingly leaving work to get work done.” Hotel space makes up about 10 percent of his inventory, Mr. Gilbreath said, and is the fastestgrowing category in the 250 cities across the United States the site serves.

Marriott offers what it calls Workspace on Demand at roughly three dozen Marriott Hotels & Resorts, Renaissance Hotels and Courtyard by Marriott hotels, primarily in the San Francisco and Washington areas. The spaces include high-top tables, alcoves in the lobbies and small meeting spaces intended for gatherings of 10 or fewer people.

“The way people work is changing,” said Peggy Roe, vice president for global operations at Marriott International. “Work is more social and mobile.”

Starwood Hotels & Resorts’ Westin brand has introduced a similar concept of small-scale, nontraditional work space at two American hotels, in Boston and Arlington, Va., and at a hotel in Germany, in Munich. In Arlington, the company took what had been the hotel’s business center and turned it into a more modern, free-form work area with Wi-Fi, couches and Xbox video

game console in addition to more typical conference room accessories like videoconferencing equipment and dry-erase boards.

“It’s not about reinventing the business center, but when we looked for real estate in the hotel, we came to the conclusion pretty quickly that the old business center is pretty irrelevant for

Working from home vs. the office from a time management perspective

today’s traveler,” said Brian Povinelli, senior vice president and global brand leader at Westin.

“You don’t need the built-in technology as much as you used to,” he said. “That’s less of an issue today because you’re working off a tablet or something.” Westin plans to add this kind of work space at more of its hotels.

Both Marriott’s and Starwood’s work spaces can be booked via LiquidSpace.

Aside from wireless Internet and a casual atmosphere, the appeal of these spaces is that they are available on demand.

Most reservations are made within 48 hours, Ms. Roe said, although some are made less than an hour beforehand.

Some spaces at the various Marriott brands — like a lobby table or alcove — are free to reserve, and prices for the more enclosed spaces with high-tech amenities are considerably lower than typical meeting room rental costs, with most topping out at about $200 for a half-day, Ms. Roe said. Starwood’s two work spaces in the United States are rented for $50 an hour.

Hotels benefit even when travelers book free work spaces, since many of them end up

“The best case is if travelers think of our hotels as a place to work even when they’re at home,”

buying food or drinks. And LiquidSpace takes a cut of the fee users pay to rent the space.

Although most of the earlier users have been hotel guests,

Ms. Roe said, she expects future bookings to come from local business people seeking a place to work or meet, as well as travelers. Mr. Povinelli of Westin said he anticipated use by local people to represent 25 to 30 percent of bookings. “In the two pilots in North America, we’re seeing a good uptick in local business,” he said.

“The best case is if travelers think of our hotels as a place to work even when they’re at home,” Ms. Roe said. Strengthening ties in the local area also helps hotels insulate themselves against downturns in business travel.

The use of spaces like hotels is increasing, with corporations cutting office sizes as more employees work remotely, said Richard Kadzis, spokesman for CoreNet Global, an association for corporate real estate professionals. In a survey last year of 500 North American companies, CoreNet found that 40 percent expected to allot 100 square feet or less per worker in five years.

In 2010, the average was 225 square feet per worker.

“Fifty percent of the time, assigned space sits empty,” Mr. Kadzis said. “We don’t need as much square footage per person in the traditional office environment anymore.”

The recent furor brought on by Yahoo’s CEO Marissa Mayer surfaced up a growing concern: are employees able to manage their time as effectively at home as they can at the office?

The obvious objections were trotted out: at home there’s the distraction of kids, errands, the garden, television and Facebook.

Are employees really able to manage their time well enough to block out activity that the company has no interest in funding?

However, these objections obscure a larger debate - how does an employee remain immune from distractions everywhere?

In a conversation with a local CEO recently, he admitted the truth. Since assuming the position he has had no time to think.

His work environment is so driven by distractions that he is forced to either arrive at work early or leave late in order to get difficult work done. Regular working hours are all about fire-fighting.

The fact is, most employees have great difficulty avoiding distractions in the workplace. They are given smartphones, and then expected to answer them regardless of what else is happening around them. They are given email, and told to “be responsive” which means interrupting whatever worthwhile work they were doing to slavishly check their Inbox... just in case something important has arrived. They are forced to attend useless meetings, and when they aren’t in meetings their colleagues interrupt their productive solitude with drummed up emergencies that can safely be ignored. When that colleague is a manager... well, I know of employees who fake being sick just so that they can stay at home in order to avoid an unproductive, disruptive boss.

Add to that the modern tendency to cut costs by cramming employees into cubicles with low walls, ensuring that every whispered conversation is cause for wide-scale interruption.

Bombarded by noise, interruptions and unnecessary meetings, it’s no wonder that most employees dream of quiet kitchen tables en their empty home where they have complete control over their environment.

Yahoo hasn’t solved anything by forcing people to return to unproductive offices. I predict that they’ll soon come to realize this fact.

Francis Wade is the President of Framework Consulting and the author of a new book - “Bill’s Im-Perfect Time Management Adventure.” columns@fwconsulting.com

BUSINESSUITE Magazine • www.businessuiteonline.com • 31

BUSINESS EVENTS Tuesday, MARCH 19, 2013

@ 7:30AM

Thursday, April 25, 2013

@ 6:30pm

The Jamaica Employers’ Federation

Kingston BETA

CEO Breakfast

The first in the series of four Kingston BETA events will be on

WYNDHAM KINGSTON HOTEL- BALLROOM 3

Thursday, April 25th, 2013 6:30pm at the JAMPRO Offices in New

CONTACT:

Kingston.

Mrs. Annettia Bennett-Atkinson

atkinson@jamaicaemployers.com

It’s a special edition that will have a panel discussion is

STARTUP CITY: KINGSTON – How to make the city a hub for tech

Ms. Anna-Kay Maloney

akmaloney@jamaicaemployers.com

entrepreneurship and innovation. There will be as usual tech

2A Ruthven Road, Kingston 10

entrepreneurs pitching their ideas and will be judged by a panel

Telephone #s: 926-6762, 926-5524, 926-6908 or 906-8370

of successful entrepreneurs who are also Kingston BETA alumni.

Fax #s: 968-4576 or 754-2132

Entry Contribution: JMD$500 | USD$5.

Do you want to pitch your idea or startup at this event whether you are in Kingston or from Kingston living in the region or

Tuesday, MARCH 19, 2013

@ 9:00AM

AMG Packaging & Paper Company Limited Annual

Diaspora? Send in your name, idea in a single paragraph with a link if relevant in an email to ingrid@connectimass.com.

General Meeting 9 Retirement Crescent, Kingston 5, Jamaica

THURSday, MARCH 21, 2013 @ 5:00PM First Caribbean International Bank Limited Annual General Meeting The Garrison Room, Hilton Barbados Resort, St. Michael, Barbados

THURSday, MARCH 21, 2013 @ 4:00PM

Avaya Evolutions Kingston Jamaica

Jamaica Computer Society

The annual event that features industry and thought leaders

Members Meeting

focused on transformative business results related to

Lundth Suite, Hotel Four Season, 18 Ruthven Road, Kingston 10,

collaboration, customer care and networking technologies.

Jamaica www.myjcs.com | 325-2301 or 843-7923 | inform@myjcs.com

THURSday, MARCH 21, 2013 @ 4:30 PM The Jamaica Chamber of Commerce 31ST Annual Dinner and Awards Ceremony Jamaica Pegasus Hotel, 81 Knutsford Boulevard, New Kingston 379-3507

32 • BUSINESSUITE Magazine • www.businessuiteonline.com

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

T

he launch of the Samsung

last year. But Apple remains the market

But industry analysts believe the Galaxy

Galaxy S4 on Thursday

leader in the US with ComScore, which

S4 could change the situation, with some

marks the latest skirmish

tracks phone ownership, calculating that

suggesting Android users have been

in the longrunning and

there were 48.9m iPhones in use in

waiting for the phone’s launch to buy a

often bitter battle between the South

the US by January 2013, compared with

new handset.

Korean firm and Apple for supremacy in

27.7m Samsung smartphones.

the smartphone market.

Apple is still bristling from a setback in The number of iPhone users grew more

its mobile patents battle with Samsung.

The launch event is seen as Samsung

than Android – including Samsung –

bringing the fight to Apple’s home market,

users in the US last year – by 19m to

Earlier this month, a US judge slashed

with a rumoured production run of 100m

48.9m, compared with a rise of 18.5m

a $1.05bn (£698m) award by more than

S4 handsets. Apple and Samsung account

to 67.7m respectively, with consumers

40% ($450m) and ordered a new trial

for one in two mobile phones sold.

buying almost half a million more Apple

to decide how much – if any – damages

handsets in December compared with

Samsung should pay for infringements by

Worldwide, Samsung dominates the

Android. The higher growth in Apple

14 handsets and tablets. Both companies

smartphone

analysts

sales is attributed to the launch of the

rely on each other for components and

63.7m

highly-anticipated iPhone 5 last October.

business.

estimating

market, that

it

with shipped

smartphones in the fourth quarter of

Original Source: www.guardian.co.uk

BUSINESSUITE Magazine • www.businessuiteonline.com • 33

INVESTING

Considerations for Person Investment Decisions After accumulating some savings, you have to make investment

•

decisions. There are many investment opportunities and unless

Unit Trusts/ Mutual Funds - with or without life insurance, income or growth trusts.

one is able to clearly understand the true nature of each, one can easily be confused. Sometimes people are unable to make

The above is a broad picture (not a comprehensive list) of the

up their minds and just leave their monies in ordinary savings

various investment possibilities. Each one has a different level

accounts in banks or building societies.

of risk, possible rewards and other pros and cons like security, level of return on investment, time taken to convert them into

Although there are a number of professional advisors available

cash, susceptibility to interest rate and other fluctuations, etc.

to advise on the subject, they may not, however, always fully

Some are appropriate for short and medium term, while others

understand your investment objectives, problems and prospects

are more appropriate for long term. Thus, appropriateness

in life, etc. despite all the information that you may provide.

of each depends on the circumstances of the investor, and

Hence, it is important that you come to grips with the subject

should therefore, be carefully studied before making investment

yourself to intelligently discuss it with your investment advisors

decisions.

before you decide about your investments.

The considerations influencing the choice are set out below: Some of the considerations that you should take into account before making a decision are discussed in this article.

01. Existing Savings The total amount of money that you have, whether from your

Investment Options

own savings or family wealth influences your investment choice

The number of investment options is large. Some of the

in terms of;

important ones are:

•

• •

Spread of investments: Certainly, if the amount is substantial,

Bank and Building Society Accounts -various banks, various

you would like to spread the investments so as to minimize

types of accounts, fixed deposits, etc.

the risk. Further, for some investments, the minimum

Government Bonds, Corporate Bonds, Preference Shares –

amount may be high, e.g. property investment.

Various securities with different interest rates and maturity

•

Ability to take risk: your ability to take risk naturally

dates. Some in US$ and some in Jamaican J$.

depends on the amount available and future commitments

•

Shares - Several companies to choose from.

/ liabilities.

•

Debentures-several to choose from.

•

Properties- in several parishes, several types, etc.

02. Dependents

•

Life Insurance- Several companies, several types of policies,

The number of dependents (and other financial obligations),

equity linked policies, etc.

their age, their education, their financial status, etc. will also

34 • BUSINESSUITE Magazine • www.businessuiteonline.com

affect the choice of investments. You would like to ensure their

by the plans for the utilization of funds.

financial security, before venturing into any high risk investments.

08. Time Available to Service Investments 03. Living Accommodation

The time available to service your investments may depend on

Whether you have a house of your own or on mortgage or family

your job and family obligations, other interest in sports, reading,

inherited will influence your decision, because the first thing

writing, social clubs, etc. Servicing of investments include keeping

that you may like to be sure about is that you and your family

records, checking interest/dividend payments, monitoring market

have somewhere to live. If you do not have one, you may like to

trends and the performance of your portfolio, making purchases

purchase one on mortgage and there lies your investment choice.

or sales or switches, etc. Depending on the size of your portfolio,

You will be servicing that mortgage for several years.

this will require time. If your circumstances do not allow you to devote the time required for this exercise, you may like to invest

04. Life Insurance

on a long-term basis in portfolio type investments, e.g., unit

Everybody likes to ensure that, in case of any disaster, the other

trusts /mutual funds or managed portfolio accounts rather than

family members or dependents have some measure of financial

shares in individual companies.

security. Life insurance fulfills this need. Hence, if you do not have a life insurance policy, you would like to have one. Even if

09. Intuition About the Future

you have one, you may like to have a second one, depending on

Based on all your reading of market forecasts, political and

the amount of insurance. As a general rule, you should have life

economic news and any other information or knowledge that

insurance for at least two times your annual earnings. The exact

you have, you tend to develop your own feel as to the growth

amount depends on age, other investments, family obligations,

areas of the future. This includes forecasts as types of industries

etc.

or products, etc. You will certainly like to put some of your money into these areas.

05. Attitude Towards Risk Quite apart from the ability to take risk, some people do not

10. Diversification of Investments

like to take risk. Others enjoy taking risks. Hence, you have to

After consideration of all the above factors, you should make

determine exactly the degree of risk you are prepared to take,

a decision about the priority of investments to be made from

without losing your sleep. Will a substantial loss cause a heart

savings. If you have already accumulated considerable savings,

attack, or just a minor frustration? The investment choices can

you may like to spread them in a portfolio that provides both for

then be made in accordance with your attitude towards risk. The

safety and growth. Essentially, the approach should be to spread/

structure of your investment portfolio should really reflect your

diversify the investments as follows:

risk profile.

•

06. Tax Considerations

•

Provide for necessities and security e.g. life insurance and children’s education, housing and furniture.

There may be tax advantages for certain investments. You may like to take advantage of those. You should also check the

Provide for comforts e.g. good housing, car, pension during retirement, etc.

•

Provide for growth. After providing for necessities and

difference in returns between taxable and tax free investments

comforts, the balance should be invested for growth. It may

before jumping to take advantage of the tax benefit. It may be

be in shares, properties, unit trusts, etc. depending on your

more advantageous sometimes to forego the tax benefit and get a higher return on the investments. You may need to do some calculations.

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.

07. Utilization of Savings Your plans as to the utilization of savings and the timing and

Conclusion

currency of utilization may influence your choice. For example,

There are many investment options. Each one has its pros and

if you plan to use the savings for starting a business. After three

cons. Before making an investment, however, one should carefully

years, you may like to invest in some shares in companies which

think about the considerations set out above. Sometimes, because

are likely to peak in three years time. If you plan to buy a house in

of the constraints or priorities, obvious eliminations and choices

your home country, you may choose to invest in some properties

will emerge. In other cases, there may still be a lack of clarity. In

which will, perhaps, take care of the housing boom or doom.

those cases, continue to do the research, thinking and discussion

If you plan to buy a house in a foreign country then you may

until you are fully satisfied about the decisions that you make.

consider investing in US$ securities so that you are not affected

Investment decisions should be made with careful consideration

by currency fluctuations. Thus, the investment choice is affected

of all the factors, and not in a hurry.

BUSINESSUITE Magazine • www.businessuiteonline.com • 35

Where Do You Plan To Invest ?

Once you accumulate some amount of savings, the next question

The allocation of funds will be based on the objectives, ability

that you face is its investment. The number of investment

to take risks, and one’s view of the future prospects of different

options is so large that one finds it difficult to make a choice.

investments. For example, if you do not want to take any risk,

This article puts together some of the general considerations for

you may invest all your savings in a fixed deposit in a bank

investments and a systematic approach to select a particular are

or a building society. Alternatively, you may like to invest the

or sector of investment.

funds in a high growth mutual fund in some selected markets or worldwide.

Defining Investment Objectives

Once the above profile is done, the next step is to choose the area in which you would like to invest. This involves

Before making investment decisions, one has to review several

consideration of the prospects of the various markets, countries,

matters. This review leads to eliminations of some of the

currencies, industries and services, and making your choices.

investment options and narrows down the choices for final decisions.

Selecting Specific Areas of Investment

Some of the factors taken into consideration while defining

In order to select a specific area, the following step by step can

one’s investment objective are:

be helpful:

•

Place of stay and how long in the future

•

Amount available for investment

•

Ability to take risk

• Read the financial newspapers, magazines, market

•

Tax Considerations

reports, investment commentaries by various

•

Living accommodation

financial institutions/advisors, etc. to get a broad

•

Dependents

picture of the world markets. This may be done

•

Life Insurance in place

•

Period of investments

•

Attitude towards risk

•

How the savings are to be used

•

Availability of information

•

Ease and speed of communications

and eliminate some market/options. There

•

Time available to service investments

may be areas of political uncertainty, currency

•

Forecast of the future prospects

devaluations, low growth rates or where the

Study the Environment

1.

over a period of several months.

• Discuss with colleagues, friends and advisors.

• Reflect on the information and views, pros and cons of various options.

• Form some tentative views as to the future

market indices are very high, and so one.

A detailed review of the above and other personal factors will enable one to define one’s broad investment objectives and

Select the Markets

eliminate some of the investment options.

A profile of the investment objectives would provide a clear indication of:

For the remaining markets, the following steps may

2.

be taken:

•

Periods of investment for different amounts

•

Degree of risk for different amounts

•

Income or growth preference for the different amounts

on these markets-this should include study of

•

Currency preferences/allocations.

the political and economic factors, growth rate

• Study the latest market position and commentaries

forecasts, development plans, capital flows, etc.

• Think about the markets/countries where you

36 • BUSINESSUITE Magazine • www.businessuiteonline.com

want to invest

Select the Industries

• Consider the effects of currency fluctuations on the choices made.

• Decide the broad market areas e.g. Europe,

Within the specific markets, different industries or sectors of the

economy are likely to show different levels of growth.

Asia, North America, Emerging Markets, etc in

Hence, you have to choose the industries/sectors in which you

which you to invest. Then decide the percentage

will invest by:

allocation to each area. You may decide not to invest in specific markets but on a worldwide basis. Alternatively, you may decide to invest n

5.

specific countries e.g. China, India, etc.

• Studying the economic changes on the horizon e.g. government policies, foreign investments, technological or social changes, and so on.

• Selecting the industry or service sectors which are likely to benefit most from the changing scenario.

Select the Countries

In a fast changing economic scenario, you may select a special opportunity fund.

3.

• Study the present situation and prospects • Select the countries which you feel offer excellent prospects of growth and currency stability.

Having made the above choices, you will then decide about the appropriate investment vehicle in the area of your specific choice. Here again, you should consider the pros and cons of each option before making a decision.

Consider the Currency Implications Conclusion

4.

• Consider the past trends and future prospects of different currencies.

Selecting the right area of investment is vital to benefit from

• Reflect on the prospects.

your investments. The number of options is vast. There are

• Prepare your own forecast of the currency

exciting investment opportunities throughout the world. Why

fluctuations.

• Use your own forecast in the selection of the countries/markets in which you want to invest.

should you miss them? The rewards can be great. It is hoped that the above step-by-step approach will be found helpful in the process.

You may forecast wide currency fluctuations and therefore decide to invest in a multicurrency fund.

Comments may be sent to: sjainy2k@yahoo.com

written by Sushil K. Jain FCCA, FCMA, FCIS

BUSINESSUITE Magazine • www.businessuiteonline.com • 37

AUTO

2013 Motor Trend Car of the Year: Tesla Model S Shocking Winner: Proof Positive that America Can Still Make (Great) Things

T

he 2013 Motor Trend Car of the Year is one of the

won’t look out of place rolling up the drive of a leafy country

quickest American four-doors ever built. It drives

club or at the curb of a hip hotel. It’s a credible alternative to a

like a sports car, eager and agile and instantly

Mercedes, BMW, or Audi for someone who lives in metroplexes

responsive. But it’s also as smoothly effortless as a

such as Los Angeles, New York, Chicago, and Atlanta. We’ve cov-

Rolls-Royce, can carry almost as much stuff as a Chevy Equinox,

ered more than 1400 miles in cars equipped with the 85-kW-hr

and is more efficient than a Toyota Prius. Oh, and it’ll sashay up

battery pack, and can confirm that version of the Model S will

to the valet at a luxury hotel like a supermodel working a Paris

easily handle 200 miles of mixed city, suburban, and freeway

catwalk. By any measure, the Tesla Model S is a truly remarkable

driving without any hypermiling techniques. For the typical daily

automobile, perhaps the most accomplished all-new luxury car

diet of commuting and short trips (the average American drives

since the original Lexus LS 400. That’s why it’s our 2013 Car of

about 40 miles a day), the Model S is a compelling proposition.

the Year. Wait. No mention of the astonishing inflection point

The mere fact the Tesla Model S exists at all is a testament to

the Model S represents -- that this is the first COTY winner in

innovation and entrepreneurship, the very qualities that once

the 64-year history of the award not powered by an internal

made the American automobile industry the largest, richest, and

combustion engine? Sure, the Tesla’s electric powertrain delivers

most powerful in the world. That the 11 judges unanimously

the driving characteristics and packaging solutions that make

voted the first vehicle designed from the wheels up by a fledg-

the Model S stand out against many of its internal combustion

ling automaker the 2013 Motor Trend Car of the Year should

engine peers. But it’s only a part of the story. At its core, the Tesla

be cause for celebration. America can still make things. Great

Model S is simply a damned good car you happen to plug in to

things.

refuel.

Read more: www.motortrend.com Performance of Intended Function The Tesla Model S nails the formula established by the German brands that currently dominate the midsize luxury sedan sector.

It’s fast and great to drive. It’s well-equipped and high-tech. It

38 • BUSINESSUITE Magazine • www.businessuiteonline.com

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 • www.businessuiteonline.com • 39

Page 1 of 1

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 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. 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:       

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

The JSE USD Equities Index advanced by 7.14 points or (10.00%) to close at 78.57 points.

40 • BUSINESSUITE Magazine • www.businessuiteonline.com

Page 1 of 2

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****

BUSINESSUITE Magazine • www.businessuiteonline.com • 41

Page 1 of 1

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

3.25 15.00

500

945.00

1.89

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

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$

42 • BUSINESSUITE Magazine • www.businessuiteonline.com

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 0.00

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

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

3.25 15.00

500

945.00

1.89

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

0.11

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

0.00 USD

BUSINESSUITE Magazine • www.businessuiteonline.com • 43

Security

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

YTD Div

Volume Traded

Value Traded ($)

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

Last Sale Price ($)

Close Price ($)

Change Change ($)

(%)

Closing Bid Ask ($) ($)

Legend: XD/XB/XS without entitlement to dividends, bonus, split SUS Suspended Applicable to dividends only: TT Trinidad and Tobago US United States

95 $5,840,821.68 2,236,980 305 $87,808,930.58 10,893,601 93,649,752.26 13,130,581.00

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$

8 $73,884.85 676,210 73,884.85 676,210.00

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

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$

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