STAR Businessweek - 6 December 2018 by STAR Publishing

THE STAR BUSINESSWEEK JANUARY 6, 2018

WWW.STLUCIASTAR.COM

“While Britons may lose the right to work and travel freely in the EU for a long duration, the Eurostar route from London to Paris will still be busy”

Liberty Global spin off targets Latin America Liberty Latin America, the cable and broadband company being spun off from John Malone’s Liberty Global, expects operations in hurricane-hit Puerto Rico to be “back to our new normal” by the middle of 2018, says its new chief executive. Page 3

WHAT DOES BREXIT MEAN FOR THE CARIBBEAN? BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

Brexit has been a big story for Britain. This is seen every day in headlines. Beyond the implications for London, there have also been ongoing conversations about what it means globally for Britons living in the EU (and Europeans living in Britain). Also about Scottish independence: whether independence in Scotland could see a flow on to Wales, and even the Irish border. All of these are valid and legitimate questions. For all these debates abroad about what may happen, one thing is certain: the Caribbean will be significantly impacted when the UK officially leaves the European Union in March 2019. Though this is discussed outside our region, and of course within it, uncertainty about what Brexit ultimately means can be common. Continued on page 4

Tunisia joins states pushing to escape EU tax haven blacklist

Tunisia is seeking to persuade the EU to take it off a tax haven blacklist as countries around the world deploy geopolitical arguments against Europe’s crackdown. Page 7

THE STAR BUSINESSWEEK

JANUARY 6, 2018

WWW.STLUCIASTAR.COM

WHY ARE CARIBBEAN NATIONS WARY OF CHINESE INVESTMENT? BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE

Uncertainty has become such a dirty word in our culture. Estimates must be precise. Forecasts must never deviate. Figures are never accidently miscalculated; if they were wrong, they must’ve been botched. Ask most ‘successful’ people whether they think randomness played a role in their achievements and, by-and-large, most will attribute a large portion of that success to some variation of ‘being in the right place at the right time’. Of course, these reflections hardly constitute Fast Money page-turners so, instead, we’ve ended up with self-aggrandizing clichés like ‘the harder I worked, the luckier I became’ to the more dubious righteousness of ‘a real man makes his own luck’ (never mind, however, the validity regarding what in fact it is real men do!). The western world has always been obsessed with ‘success’, that’s true, but in that unwavering fixation seeps a debilitating myopia. If most of the successful individuals in our communities attribute their success to randomness, then why do we insist on fetishizing over how this-and-that CEO manages their email inbox? The boring truth is that we live in a world governed not by logic and prefabricated solution sets, but by circumstances and overwhelming uncertainty. We all acknowledge this, but just in case you need more convincing, read why a post-Brexit Caribbean still has many international observers scratching their heads, in our lead story starting on page 1. There are interesting times ahead, that much is certain. I am hard-pressed to recall a period when the Caribbean region has been at the forefront of geopolitics as it is today. Wondering what this editor is going on about? See Why Are Caribbean Nations Wary Of Chinese Investment? here on page 2, and 5. The STAR Businessweek Nothing Personal. It’s Just Business. Stay connected with us at: Web: www.stluciastar.com Social: www.facebook.com/stluciastar Email: starbusinessweek@stluciastar.com

The Caribbean is a region that garners much attention in Beijing. The Communist Party of China (CPC) has been in a longstanding rivalry with Taiwan (AKA the Republic of China) in the battle for diplomatic recognition. The conflict is complex, as is the essential issue that underpins it, but the CPC’s growth as an economic power is a key element. In order to recognise how the Caribbean can benefit from China’s growth, it’s necessary to understand what the CPC wants from the Caribbean; and what the Caribbean can offer the CPC.

BELT AND ROAD INITIATIVE

The starting point to understanding China’s relationship in the Caribbean begins outside the region. Presently, China’s chief focus is building the Silk Road Economic Belt and the 21st-century Maritime Silk Road, better known as the Belt and Road Initiative (BRI), in Eurasia and Africa. It’s here the CPC feels it can make the most inroads in economics and geopolitics. Many developing nations in Africa are receptive to Chinese investment, which the US $900 billion plan can deliver. The BRI has been spearheaded by President Xi to pursue not only economic profit, but also to grow China’s global influence, without doing so in a way that could risk a head-on conflict with Washington. The BRI can operate under the guise of regional trade in Asia, and Africa has long been a region with a competition for influence among the US and other great powers. With its focus in Asia and Africa, it can fairly be asked: What does China want out of the Caribbean? The answers available are somewhat perplexing.

THE CPC AND THE CARIBBEAN

While China can offer immense profit to nations of the Caribbean, the Caribbean can offer little in the way of what China usually seeks from its trading partners. Relative to other areas of the world, the Caribbean has a smaller population, smaller economies, and little in the way of natural resources that the 1.3 billion population nation craves. Similarly, while the Caribbean can sell its health and lifestyle factors as ‘clean and green’, the similar offerings found in Australia and New Zealand - nations in much closer proximity to China - nullify this advantage. The competition between the CPC and the ROC for diplomatic influence is a significant factor in the CPC’s engagement in the region, but it’s not the sole one. This rivalry has been going on for many decades now, long before

the Deng Reforms in the 1980s began China’s new era of economic growth. What is a chief factor is the United States. Here in the Caribbean, the CPC has a chance to ‘test the waters’ of a global rivalry with the United States, doing so in a relatively low-risk environment. For unlike Asia that is a tinderbox of rivalries, and Africa where issues of political instability and corruption could quickly see the CPC’s global reputation damaged further, as a whole the Caribbean is a stable, profitable, and growing region. It’s also one where the United States holds a controversial history, and the election of President Donald Trump has amplified concerns surrounding its reliability as a regional leader and partner. It’s here the CPC sees the fertile ground to invest, curry favour in a low-risk way, and build global influence with new allies in new ways. This is especially because the CPC holds an advantage over the US: the capacity to pursue foreign affairs with a ‘you need not choose’ narrative surrounding political freedoms. While the realities of trade and economy mean Washington is by no means always a perfect ambassador for these values, the US government will face a robust backlash from the free press if a new trade deal or diplomatic agreement is announced that sidesteps human rights concerns. No such issue exists with the CPC, and this can appeal to regional nations. Not because governments of the region as a whole aren’t committed to political freedoms - governments like Cuba notwithstanding - but because of the potential for immense investment without complexity. As is so often the case with the CPC though, it’s not that clear-cut.

WHAT ARE THE RISKS OF TRADE WITH THE CPC?

Ultimately, the risk is CPC investment is not mutually beneficial but instead parasitic. A larger trading nation arrives, acquires resources, and then leaves the smaller nation. The smaller nation remains as it was before, but potentially much worse off. This is not a prediction as much as a cautionary tale, as the experience of the CPC investment in Africa has shown. The experience of the CPC domestically in China versus abroad has shown - while some tremendous projects have been pursued - that the CPC is unable to simply mirror results abroad. Strong workplace safety laws, protections against corruption, competitive free market tenders for projects, and other factors all may be

inconsequential in Xi’s China, but are limiters in free nations. Even when these factors are set aside, the issue of investment capital itself can be the biggest danger. The controversy surrounding the Baha Mar resort project in the Bahamas is an illustration of this. Originally predicted to add 12 per cent to the GDP of the Bahamas, delays and investor conflict - with a CPClinked party a chief backer of the project - for a time damaged the credit rating of the Bahamas government. This, in a year when China maintained an economic growth rate of 6.8% GDP. The CPC can sustain the delay of big projects like Baha Mar - whole cities have sat empty for a time after construction without damaging China’s growth - but the same cannot be said for Caribbean nations. Herein lies a key risk of business with the CPC. As well as investment, a central question is the risk of ownership. The controversial construction of a port in Jamaica’s southwest following a deal between Kingston and the CPC has been mirrored in similar deals around the world. China agrees to build infrastructure in return for the right to lease it for a period of time. As it stands, deals like this at present time represent a relatively lowrisk overall.

STABLE AND RESPONSIBLE?

The problem is that the CPC retains a capacity to engage in high risk behaviour as, especially under Xi, it maintains a hot and cold approach to be a responsible nation in the global community. China has commendably been a leader in sustainability, and it’s undoubted that the quality of life of so many in poverty in China and beyond has been improved by Beijing’s economic growth. Nonetheless, the CPC has also escalated tensions in the South China Sea creating artificial islands. It has refused time and time again to pressure Pyongyang to rein in its rogue behaviour (and, as its only major ally, Beijing is the lone voice North Korea may listen to) and the increase of CPC army military exercises around Taiwan has raised tensions higher. Domestically, Xi’s ‘corruption crackdown’ is seen as a backdoor to purging rivals, and Xi’s elevation in September to the level of Mao and Deng in China’s Constitution affirms he is a leader willing to go against convention when it suits. Even the banning of Bitcoin in China in September illustrated this. Continued on page 5

THE STAR BUSINESSWEEK

JANUARY 6, 2018

WWW.STLUCIASTAR.COM

© The Financial Times Limited [2017]. All Rights Reserved. Not to be redistributed, copied or modified in anyway. Star Publishing Company is solely responsible for providing this translated content and the Financial Times Limited does not accept any liability for the accuracy or quality of the translation

LIBERTY GLOBAL SPIN OFF TARGETS LATIN AMERICA BY FT CORRESPONDENT

Many parts of Puerto Rico are still under curfew as damaged electrical grids leave swaths of the country in darkness

Liberty Latin America, the cable and broadband company being spun off from John Malone’s Liberty Global, expects operations in hurricane-hit Puerto Rico to be “back to our new normal” by the middle of 2018, says its new chief executive. As of mid-December, the company had restored service to 30 per cent of customers in the US territory, said Balan Nair, the former Liberty Global chief technology officer who was recently named to lead its Latin American and Caribbean business, known as LiLAC. It started trading as an independent company on Tuesday, the completion of a process begun in 2015 when it was launched as a tracking stock ahead of Liberty’s £5.4bn acquisition of Cable & Wireless Communications.

FOOD & RUM

As Mr Nair prepares to take the dealmaking playbook that has made Liberty Global Europe’s biggest cable operator to Latin America in 2018, he is also dealing with the impact of two back-to-back category 5 hurricanes that ravaged the Caribbean in September, leaving power grids and infrastructure in tatters. “This year is very unique. In 30 years, 100 years, you’ve not seen two category 5 storms hitting closely apart, and both direct hits. This is not business as usual,” Mr Nair said in an interview. “But I’m not daunted by what happened. We experienced severe damage, but we will be back stronger than ever.” Hurricanes Maria and Irma shaved about US $19m in revenue from Liberty’s operations in Puerto Rico and $3m from its Cable & Wireless Communications business in the third quarter. The company has warned investors that it will continue to see

Mr Nair said he will be “very opportunistic” about potential deals as well as organic growth in the region’s fragmented telecoms market. “If you look at Latin America, there’s still a lot of hunger for broadband, connectivity and services that is still only 50 per cent met,” he said

SAINT LUCIA

FOOD & RUM SAINT LUCIA

JANUARY 12 – 14, 2018

information@stlucia.org

financial effect in the fourth quarter of 2017, when revenue losses in Puerto Rico are estimated at $80m to $100m, and in the first half of 2018. Repairing property and equipment is expected to cost more than $150m, some of which will be covered by insurance policies. In Puerto Rico, Liberty’s teams are working to restore service as power companies bring operations back online. The company has raised more than $1.8m in relief funds and is providing free WiFi services on the island. “You can’t time these things,” Mr Nair said. “Headwinds hit you many different ways and at different times in your career and business. This hit us right before our spin. Good businesses are built to withstand these things.” Mr Nair said he will be “very opportunistic” about potential deals as well as organic growth in the region’s fragmented telecoms market. “If you look at Latin America, there’s still a lot of hunger for broadband, connectivity and services that is still only 50 per cent met,” he said. “We are quite an entrepreneurial company. We will have our own balance sheet to take advantage of inorganic opportunities for growth.” Liberty has positioned the demerger as an opportunity for investors to tap higher growth in Latin America, compared to more mature European markets, and as giving the independent business an acquisition currency for future deals. “Over the last 10 years, we have been building and investing in Europe . . . Now we can be a leading consolidator” in Latin America, said Mike Fries, Liberty Global’s chief executive, who will serve as LiLAC’s executive chairman. Mr Fries added that Liberty expects to participate in further deals in Europe as well, as media groups scramble to adapt to new consumer behaviour and demand for connectivity. “There will be a couple of surviving players in every nation — and we will be one of them,” he said.

UNIQUE RUM OFFERINGS Headliner Celebrity Chef

MARCUS SAMUELSSON @marcuscooks

RUM INSPIRED FOOD EXPERIENCES

MIXOLOGIST SPECIALS & RUM COMPETITIONS CELEBRITY CHEF DINNERS

EXCITING MUSIC & ENTERTAINMENT Photo courtesy of: Big Chef Steakhouse

THE STAR BUSINESSWEEK

JANUARY 6, 2018

WWW.STLUCIASTAR.COM

WHAT DOES BREXIT MEAN FOR THE CARIBBEAN? Continued from page 1

1973 VS 2018

However you view it, the world looks very different now, in 2018, than it did in 1973 when the UK first joined the European Economic Community. The same is true of the Caribbean. Many former British domiciles have shifted decisively from being governed out of London to independence. While historical ties can endure, regional nations with UK links have a clearer sense of their own identity, and also more options economically in the world of global trade. This is only set to grow in the future. While 1973 saw most of the world’s biggest economies located in the north-west, in years ahead they will continue to emerge in the south-east. Alongside Japan and China, the nations of Brazil, India, Indonesia and South Korea are all slated for robust growth. Changes notwithstanding, many Caribbean nations trace their existing trade agreements within the UK back to before 1973. Once the UK joined the EU, those arrangements became deals between Caribbean nations and the EU. They do not revert upon the UK leaving the EU, meaning the implications of a no-deal ‘hard Brexit’ in March of next year could be substantial, potentially leaving regional nations and London back at square one when it comes to negotiating favourable trade treaties.

NEGOTIATION ISSUES

Negotiation could also prove to be a big issue for the Caribbean beyond economics alone. Recent months and years have seen considerable debate surrounding how to act on the revelations found in the Panama Papers and Paradise Papers leaks. While there are differing views across the English Channel, broadly speaking, Brussels seeks action whereas London is resistant. While countries like Saint Lucia and the Bahamas are sovereign nations, the British

Virgin Islands and the Cayman Islands are British Overseas Territories. In an era when there is the largest rich-poor gap since the early 1900s, many European leaders are conscious that being seen to let Britain ‘off the hook’ could be risky for their own fortunes politically. With the Brexit negotiations, Brussels has a considerable pressure point to really push London for action. This notwithstanding, it would be a mistake to read the EU as a champion of fairness, especially for the people of the Caribbean. While many Caribbean people hold concerns surrounding tax minimisation - for while it’s legal, it is still unpalatable - the EU’s recent decision to name a ‘blacklist’ of nations it considered party to tax evasion was critiqued as it “smacks of imperialism”. Saint Lucia garnered a mention, St Kitts and Nevis also, and so too the Bahamas, Antigua and Barbuda, and a number of other regional nations. Notably absent were larger and more powerful nations known to engage in tax minimisation practices, namely the UK itself. This has left many people of the Caribbean conflicted between a desire for action, and disdain for a declaration from a far-flung European capital, that harkens back to the old days of foreign rule.

‘BUT MY NATION HAS NO BRITISH LINKS’

Brexit is a global issue, but it is one of many. It is easy to recognise, then, why the people of many nations in the Caribbean especially those without any historical ties to the UK - may well ask, ‘What does this really have to do with me?’ British Overseas Territories, and the nations facing the EU/ UK divide, will be far more impacted by Brexit than others in the region. Nonetheless, there are two areas where the effects of Brexit could still be felt

“Notwithstanding, it would be a mistake to read the EU as a champion of fairness, especially for the people of the Caribbean”

significantly: tourism and small business. In 2015 the Caribbean had 28.7 million visitors. When the population of the region is estimated at around 39 million, it’s easy to see how a change could have huge flow-on effects, when annual visitors to the region are over two thirds of the total population. Any decline in the British pound sterling could have significant implications for the region, given that many tourists will happily ‘island hop’ throughout the Caribbean, just as they go from state to state in the US, or nation to nation in Europe. It’s true that the impending break of Britain from the EU increases the chance that more Britons will look elsewhere to holiday. But while Britons may lose the right to work and travel freely in the EU for a long duration, the Eurostar route from London to Paris will still be busy. And, at just US $60 for a oneway ticket, will remain far more affordable than a London to Castries flight that will cost around US $1,000. This is particularly concerning on the retail level. While multi millionaires and

billionaires will continue to holiday wherever they please, with little concern for the state of local currency, hotels and other tourism outlets that rely on incentivising travellers with added value and extras could be hit hard by a decline in the pound. At present the pound is performing better than it did in the early period after the Brexit decision, trading at around US $1.35 versus $1.20. But it is still way down on highs in recent years, with $1.71 seen in 2014, just two years before the Brexit vote. Ultimately, the performance of the pound will depend upon the performance of the British economy which, in turn, will depend heavily on a Brexit deal, and the success of the transition.

SO WHAT IS LIKELY TO HAPPEN?

Ultimately, a hard Brexit remains unlikely. So, too, a ‘rough landing’ - as the UK and EU look to a transition period. At time of writing, the prospect of the UK landing a trade deal with the EU similar to that of Japan, South Korea

STAR ‘IN SOCIAL PUBLISHING SETTINGS, ONE COMPANY SHOULD ALWAYS

A VISUAL COMMUNICATIONS COMPANY

LOOK THEIR BEST’ FOR INQUIRIES, PLEASE EMAIL

sales@stluciastar.com or call +1 (758) 450-7827

THE STAR BUSINESSWEEK

and Canada is considerable. It is surely not the ideal in the minds of many, but better than a hard exit that could deliver another round of turbulence to the UK in years ahead. This is particularly true as it could hurt niche sectors, but ones with rapidly growing business. Any local businesses that have ongoing links with Britain and Europe could also be impacted by VAT. While British goods are often highly regarded around the world, they could also be more highly priced, as extra customs duties come into play. Initially, this may not seem like a huge consideration but, in the day and age of eCommerce, the potential for higher prices somewhere along the supply chain - if not simply at the start or the end - is considerable. Thereafter, the prospect of many British traders, suddenly without the free-flowing access to the EU, having to raise prices or change modes of distribution, is also a factor.

JANUARY 6, 2018

Brexit is a global issue, but it is one of many. It is easy to recognise, then, why the people of many nations in the Caribbean - especially those without any historical ties to the UK - may well ask, ‘What does this really have to do with me?’

WHY ARE CARIBBEAN NATIONS WARY OF CHINESE INVESTMENT?

Chinese President Xi Jinping (right) meets with Grenada’s Prime Minister Keith Mitchell in 2013

FINAL THOUGHTS

The Brexit vote mandates that some renegotiation of the British relationship with the EU will be necessary, especially as the central tension between London and Brussels has been that of ongoing access to the common market. Britain wants to keep it but Brussels won’t entertain it unless it also comes with freedom of movement. This is an aspect that many lead proponents of Brexit have refused to accept, promising an EU-free Britain that would have greater control over its immigration policy. As a region, the Caribbean has shifted from a one-time reliance upon exports like bananas to now being a global leader in tourism and finance. The heavy emphasis upon these two sectors in the economy is not without its vulnerabilities but is certainly an illustration of the growth and dynamism of regional nations, and the many professionals who’ve built great businesses. What a post-Brexit Britain can offer the world remains to be seen. What the region of the Caribbean can offer is considerable. Just as people of our region will watch with interest the negotiations out of London before they conclude in 2019, so too should they keep a keen eye on what happens closer to home. The year ahead promises to be an immensely exciting one around the Caribbean.

WWW.STLUCIASTAR.COM

Continued from page 2

All these factors show a changing dynamic in Beijing, and a new level of risk to investment with the CPC. Jamaicans reading this will surely be delighted to know it’s unlikely the Land of Wood and Water will be the site of a global conflict between the CPC and other nations. But what if a trade war broke out between the US and the CPC? One that saw the US apply sanctions and the CPC, in turn, look to constrict freedom of navigation and open-sea lines of communication? Once again, the CPC is (for now) intent on avoiding an all-out conflict with Washington. But what if done via backchannels such as the ceasing of operations at a port? Millions, if not billions, could be at stake to a local economy. Billions that may be small change for the CPC’s annual GDP, but

could be ruinous for a small regional nation.

THE STATUS QUO

Overall, in the absence of a dramatic change to the status quo - such as a Taiwanese declaration of independence or CPC invasion of the island nation - the CPC may circle its rivals but have no wish to begin a war, economic or otherwise. This is good news for those who wish to live in a world that can continue to benefit from China’s economic growth (and that of the wider Asian region) while also maintaining the (relative) peace and security that the world has seen in the postCold war liberal order, with the US at the helm. Nonetheless, while the potential rewards of greater Chinese investment are undoubtedly appealing to nations of the Caribbean, the risks are also not insignificant. What’s more, they are unlikely to recede,

as opposed to grow greater in future. This, especially as conflict will increasingly be pursued not with ships and missiles, but as cyber warfare and economic sabotage. At its core, the decisions here are a matter for the governments of the Caribbean and, accordingly, the people to whom those governments are accountable. At the beginning of this article, it was suggested that, in order to recognise how the Caribbean can benefit from China’s growth, it’s necessary to understand what the CPC wants from the Caribbean; and what the Caribbean can offer the CPC. The ultimate question is: What can the Caribbean truly gain from trade with the CPC? Any investment that proceeds on that basis - and avoids the risks of major economic loss or compromised security - is sure to be a positive outcome economically.

THE STAR BUSINESSWEEK

JANUARY 6, 2018

CORPORATE

WWW.STLUCIASTAR.COM

HANDS

ON A MISSION TO EMPOWER RURAL WOMEN IN SURINAME SOURCE: INTER-AMERICAN DEVELOPMENT BANK

“The women speak no English or Hindi, and one had never left her village before”

On September 12, 2015, Anna Nantawi (52) and Ketoera Aparaka (45) left their village in the southern interior of Suriname to attend a six-month training programme in India provided by the NGO Barefoot College to become solar engineers. The women speak no English or Hindi, and one had never left her village before. The programme enables non-skilled women who may not be able to read or write to install and maintain solar panels. After their return to Suriname, the women were able to set up, maintain and repair solar energy systems. Today, Anna and Ketoera act as trainers and transfer their acquired knowledge to fellow villagers and neighbouring villages. This opportunity arose out of a collaboration between the Amazon Conservation Team Suriname (ACT-Suriname), Barefoot College, and the Indian government. The 2016-2030 Sustainable Development Goals, the followup to the United Nations Millennium Development Goals (MDGs), have gender equality and women’s empowerment at their core and include a target to double the agricultural productivity and incomes of small-scale food producers, in particular women. In the year 2000, with 189 other countries, Suriname committed itself to the UN Millennium Declaration that embraces eight MDGs addressing the most pressing global developmental challenges like good governance, poverty alleviation and sustainable human development. Rural women are often the backbone of sustainable community livelihoods because they are the ones providing food for their families and their communities while also taking care of children and their households. But according to the MDG indicators, it is rural women that suffer the most from poverty, and face multiple forms of discrimination, violence and insecurity relative to rural men and urban men and women. In southern Suriname, most villages are only accessible by plane or water. It is difficult for residents to generate sustainable income. ACT-Suriname is providing opportunities to transform rural women’s lives by tapping into their wealth of traditional knowledge of the forest and enhancing their

Rural women are often the backbone of sustainable community livelihoods because they are the ones providing food for their families and their communities while also taking care of children and their households

capacity with regard to both handicraft production and sustainable agriculture. ACT-Suriname strengthens networks of indigenous artisans, and assists them with the manufacture and marketing of their products. With upgraded skills and designs and new entry to markets, they may increase their income. To date, women in two villages, Apetina and Kwamalasamutu, have received onsite training to improve handicraft production. New designs respecting the cultural heritage of the products are developed in collaboration with international designers and eventually sold in local markets. In three communities—Pelelu Tepu, Matawai, and Kwamalasamutu— in collaboration with the IDB, ACTSuriname is engaging a group of 80 women in pepper production. The women are taught technical as well as business skills. Through training in sustainable farming methods and workshops on nutrition and health, the women are able to increase the nutritional value of their crops, maximize their land yield and map out potential markets. They have been provided with tools and machinery that enable them to dry their pepper three times faster and process and preserve the pepper immediately. ACT-Suriname also is providing assistance in pepper branding and marketing. Meanwhile in Tepu, with the help of the UNDP, the Japan Caribbean Climate Change Program and ACTSuriname, Anna Nantawi and Ketoera Aparaka will be busy over the next few weeks supporting the installment of 78 solar panels that have arrived in their village. When the solar network is installed, with the assistance of the government, local authorities and ACT-Suriname, connected households will pay a small fee from which the solar engineers will be paid as they provide ongoing maintenance. With their expanded capacity, the women can contribute to the development of their communities, help pave the way for sustainable development of their nation, and serve as an example to the next generation. Inspirational stories like those of Anna and Ketoera must be told and shared to both build support and involvement and inspire other women to take action. According to Cesar Falconi, Country Representative of Suriname at the Inter-American Development Bank, “these kind of initiatives are consistent and align with the cross-cutting areas of gender and inclusion of the Suriname Country Strategy. The Bank is collaborating with partners to promote these activities.”

“With their expanded capacity, the women can contribute to the development of their communities”

THE STAR BUSINESSWEEK

JANUARY 6, 2018

WWW.STLUCIASTAR.COM

TUNISIA JOINS STATES PUSHING TO ESCAPE EU TAX HAVEN BLACKLIST BY FT CORRESPONDENT

Tunisia is seeking to persuade the EU to take it off a tax haven blacklist as countries around the world deploy geopolitical arguments against Europe’s crackdown. President Beji Caid Sebsi has said friendly EU states led by France are helping Tunisia to fight its inclusion on the list. Mr Sebsi said Tunisia’s inclusion was “unjust” and undermined its efforts to transform itself into a “21st-century state”. Critics argue that Tunisia’s designation as one of 17 “non-cooperative” territories in December sits uncomfortably with European support for the north African state’s efforts to fight terrorism, attract foreign investment and deal with the fallout from turmoil in neighbouring Libya. Other countries on the list, such as the United Arab Emirates and South Korea, are also strategically and economically important for the bloc. “Punishing countries like Tunisia hardly speaks of a well thought-out neighbourhood policy in Brussels,” said Francis Ghilès, an associate senior researcher at the Barcelona Centre for International Affairs, a think-tank. Mr Ghilès joined Tunisian business and finance figures and former European ministers to write to the Financial Times in December, accusing the EU of misunderstanding Tunisia’s policy and endangering the bloc’s efforts to foster the country’s democracy. One senior EU diplomat sympathetic to Tunisia said the country needed to be taken off the list before President Emmanuel Macron of France visits in February. Tunisia plans to propose measures ahead of an EU finance ministers’ meeting on January 23 to address the bloc’s concerns about its tax regimes for exports and financial services. The diplomat said Tunis’s poor management of deadlines was to blame for the blacklisting. Under EU rules, Tunisia’s special tax regimes for exports and financial services qualified as a harmful preferential tax regime while its offer of reform arrived too late to move it to the bloc’s less consequential “grey list”. The senior diplomat said the EU could have had “more political sense” and taken the extra time to consider the offer. But he added that reform was needed and said Tunisia’s quick removal to the grey list could provide “another positive signal to attract foreign investors”. Blacklisting stops countries from acting as intermediaries in transfers of

Tunisia says the blacklisting will set back efforts to help the country recover after incidents such as terror attacks

official EU funds, although it does not halt direct aid. EU finance ministers will discuss other countermeasures next year. Several other countries are also seeking to persuade the ministers to rethink their designation as tax havens. South Korea has reacted with anger to its blacklisting over its special economic zones, which it started discussing with the EU late in the classification process. Officials in Seoul said it would lobby to rescind its inclusion, which was “not in accordance with international standards” and could violate “taxation sovereignty”. “The government plans to make diplomatic efforts to explain our stance through high-level talks with the EU or separate meetings with EU countries,” said Noh Kyu-duk of the ministry of foreign affairs. The UAE, a western security partner and an export market for big-ticket European goods such as military hardware, expressed surprise at being on the list. It said it expected to have in place a process to meet EU requirements on exchanging tax-related information by October.

South Korea has reacted with anger to its blacklisting over its special economic zones, which it started discussing with EU late in the classification process. Officials in Seoul said it would lobby to rescind its inclusion, which was “not in accordance with international standards” and could violate “taxation sovereignty”

European officials insist the blacklist process is objective and aimed at rewarding reform. “The blacklist is made up of jurisdictions that did not engage in dialogue with the EU or did not make sufficient and timely commitments during their contacts with us,” said Pierre Moscovici, commissioner for tax. “But I’m convinced that this should be a dynamic process. If the listed countries take the necessary steps, they should be taken off.” The EU’s process has offered some concessions to countries facing difficult circumstances. The analysis excluded 48 of the least developed nations, while eight hurricaneaffected jurisdictions including the US Virgin Islands and the British territories of Anguilla, the British Virgin Islands and the Turks and Caicos Islands, have extra time to respond. Developing nations have two years, rather than one, to implement promised changes.

THE STAR BUSINESSWEEK

JANUARY 6, 2018

MAKING

WWW.STLUCIASTAR.COM

MOVES

MONETTA WILSON – Yogi, Healer, Entrepreneur!

BY KERYN NELSON, STAR BUSINESSWEEK CORRESPONDENT

According to Monetta, adapting to change is key for business success!

DO YOU SEE YOURSELF AS A HEALER? A YOGI? AN ENTREPRENEUR?

MONETTA: I would say all of the above!

HOW CAN SAINT LUCIA’S HEALTH & WELLNESS PRODUCT BE PROMOTED?

MONETTA: I think Saint Lucia is in a great position to tap into the wellness tourism market if we change our marketing strategies. Other than Le Sport, no one really markets their wellness activities. So, instead of marketing towards only travel agents, persons could market instead towards Yoga teachers, studios and fitness experts, that sort of stuff, because that’s where the people who are interested in wellness are.

WHAT DID 2017 TEACH YOU IN BUSINESS?

MONETTA: To survive in business you have to adapt to the changes around you. I teach at resorts and people’s houses but sometimes someone wants a service that we don’t exactly offer. For instance, I had a client who requested I develop a yoga programme suitable for pregnancy but that’s not really something I do. However, business has been slow the past year so you just have to give the customer what they want.

IS YOUR BUSINESS GROWING?

onetta Wilson is one of few Saint Lucians who has pioneered a fresh idea and turned it into a fruitful business. After graduating from the US Coast Guard Academy in New London, Connecticut, Monetta eventually moved back to Saint Lucia where she established “Sayana Yoga” - a yoga and fitness company which spreads the revitalizing benefits of the meditative practice across the island. No stranger to the press and wider public, Monetta is back in the spotlight to update us on Sayana Yoga’s progress and what we can expect from the growing business in 2018!

HOW DID YOUR YOGA JOURNEY BEGIN?

MONETTA: While I was in college at the US Coast Guard Academy some students started a yoga club. I didn’t like going to the gym; I was never really good at it but I had always been interested in yoga because it was different. So I joined the twice-weekly yoga classes.

MONETTA: I have expanded the business to include another yoga instructor who recently completed her training as a recipient of the Yoga Alliance, which is based in the United States, aspiring teacher scholarship. I helped her apply and she got the scholarship. She just finished her Yoga teacher training so, sometime this year, she will start offering classes.

WHAT’S IN STORE FOR SAYANA YOGA IN 2018?

WHEN DID YOU DECIDE TO MAKE THIS A BUSINESS?

MONETTA: In 2010 I was living in New York when I realized that I wasn’t going to be an environmental scientist so, instead, I thought I’d like going into teaching. I finally did my yoga teacher training in 2013 after the death of my brother and being diagnosed with fibromyalgia. I lost my job as a mathematics teacher which was when I decided to teach yoga full-time.

WERE GRANTS AVAILABLE TO START YOUR BUSINESS?

MONETTA: No, I had no financial assistance from grant facilities. My mom helped as much as she could, as did family and friends.

YOGA OBVIOUSLY ISN’T ANYTHING NEW TO SAINT LUCIA. WHAT MAKES SAYANA YOGA SPECIAL?

MONETTA: Actually at the time there were very few yoga teachers in Saint Lucia. Since starting, I have rebranded as “Yoga with Mo” with the tagline “Yoga designed for you”. I teach yoga that is specifically adapted to meet the needs of individual students.

To survive in business you have to adapt to the changes around you. I teach at resorts and people’s houses but sometimes someone wants a service that we don’t exactly offer . . . business has been slow the past year so you just have to give the customer what they want.

MONETTA: I hope to launch my yoga teacher training, a membership area on my website and my Yoga in Schools programme. The idea is to train teachers so that they can teach yoga to children. The first response right now for a lot of children when they are angry is that they resort to violence but, if they are exposed to Yoga, they will have something else they can use. It will also help change the language that people use when they speak to children. If a child is acting up, people tend to want to yell at the child and call the child names but, if both the caregiver and the child are exposed to yoga, then instead of conflict, the teacher can implement breathing exercises or other helpful yoga techniques.

If readers would like to contact Sayana Yoga, please call +1 (758) 489-9079 or visit http://www.yogawithmo.com

PRINTED & PUBLISHED BY THE STAR PUBLISHING CO, (1987) LTD. RODNEY BAY INDUSTRIAL ESTATE, MASSADE , P.O. BOX 1146, CASTRIES, ST LUCIA, TEL (758) 450 7827 . WEBSITE WWW.STLUCIASTAR.COM ALL RIGHTS RESERVED