STAR Businessweek - 13 January 2018

THE STAR BUSINESSWEEK JANUARY 13, 2018

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Donald Trump with Mexico’s President Enrique Pena Nieto

Fears raised over expansion of powers for the taxman

Sweeping new powers introduced

by HM Revenue & Customs to crack down on avoidance threaten to deny taxpayers access to justice, according to a think-tank.

Page 3

LOOKING SOUTH AND LOOKING UP:

THE STATE OF CARIBBEAN & LATIN AMERICAN RELATIONS IN 2018

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

Within the Americas it has been a difficult time for Caribbean nations looking for growth. To the north, the election of US President Donald Trump has not only changed the dynamic in Washington, but also fractured the strength of the North American relationship between Canada, the US and Mexico. This means that Ottawa and Mexico City now need to spend more time and resources managing the Washington relationship

BY EDthan KENNEDY, STAR they didBUSINESSWEEK prior. The CORRESPONDENT election of Trump, alongside Brexit, China’s growing assertiveness, and political upheaval in Europe, has seen many people of the Caribbean focused on problems in the north. Yet, relations south of our region also remain vital, and recent years have seen some huge events really impact the economies and geopolitics of South America. This has made building links and growing relationships harder between the Caribbean and Latin America. So, what do these events mean for the state of Caribbean-Latin American relations in 2018?

Continued on page 4

US proposes dramatic expansion of offshore drilling

The Trump administration is overturning a longstanding tenet of US energy policy by proposing to open a huge swath of federal waters to oil and gas drilling, a move likely to spark a drawnout battle between oil companies, environmentalists and politicians.

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THE FUTURE OF BLOCKCHAIN IN THE CARIBBEAN

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

The STAR Businessweek

BY CHRISTIAN WAYNE – EDITOR AT LARGE

Aside from the rather sordid history of foreign powers meddling in their domestic affairs, Latin America and the Caribbean have more in common than we may think.

This is especially true when we look at economic performance, education and, of course, the painful shared experiences of the transatlantic slave trade and colonialism. With the receding presence of direct American influence in the region, it is time that the Caribbean turn its attention southwestwards to South America, instead of north to Washington, if, as a region, we are in any way concerned about the growing isolationist behaviours of our two traditional friends in London and D.C. See our lead story Looking South and Looking Up beginning on page 1.

Surprisingly, however, while May’s London turns its attention inwards, Her Majesty’s Revenue & Customs Department is looking outwards—and virtually everywhere in between—in order to reign in tax cheats living within Britain’s borders or expats living abroad in more tropical climates like Saint Lucia. Be sure to read The Financial Times commentary on HM Revenue & Customs’ newly bestowed tax-collection powers, on page 3.

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Recent days have seen the cryptocurrency Ripple rise fast. Like the cryptocurrency Bitcoin, it’s underpinned by blockchain technology. The potential significance of cryptocurrency to the Caribbean was featured in The Star Businessweek edition of October 14, 2017, and this latest news has started a whole new conversation on cryptocurrency, specifically concerning the blockchain technology behind it.

The rise of Ripple has renewed attention on blockchain technology, and has left many in the Caribbean family looking to understand what blockchain is, how the various types differ, and what applications blockchain can have across the Caribbean.

BLOCKCHAIN OVERVIEW

In 2018 the pace and scale of economic change is blistering. Only a decade ago the first iPhone was launched, Twitter was just starting to grow, and Bitcoin had not even begun trading, so this current speed rapid rise of new tech can be difficult to understand.

While debates surrounding the longterm viability of Bitcoin, Ripple and other cryptocurrency will continue, what cannot be questioned is the potential for blockchain. It is a technology related to each cryptocurrency, but also independent of it. Blockchain is the technology that many cryptos are trading on, but there are actually a number of blockchains that exist for separate uses.

The difference from one blockchain to another notwithstanding, blockchain technology brings with it the prospect of revolutionary advances in how we live and work. Chiefly, it has the potential for its users to process data in a quicker, more efficient and accurate way.

Not only can blockchain technology process data faster, but it does so with greater automation. Thereafter, the accuracy of blockchain as a digital ledger is also promising.

It may sound funny in a time when so many businesses have made the shift from paper to digital, but even digital storage can have vulnerabilities. As a peer-to-peer ledger that each user can access, blockchain can store data accessible by all and, by virtue of being stored on all computers, secured by all.

Say goodbye to the days of hard drive crashes seeing data lost.

For the Caribbean especially, blockchain brings with it the prospect of huge change to our two biggest industries: tourism and finance.

TOURISM

Already Aruba has began exploring the use of the Ethereum blockchain to cut out middlemen like Expedia and Priceline , a ledger used for trading of the cryptocurrency ether, but that also has business applications beyond it. The advantage of the Ethereum blockchain is the ability to create smart contracts - tech that can verify a transaction without the need of a third party - and, in so doing, remove the middleman from the equation.

In time, such technology could see the Caribbean as a whole have the chance to do away with middleman services like Expedia and other travel booking providers and, instead, deal with the customer one-to-one in a direct, secure and transparent way. This would not only benefit on a service basis, but ultimately see more profits made in the Caribbean stay in the Caribbean, instead of being shifted offshore.

BANKING

Speaking of offshore, there is, of course, also the revolution of blockchain awaiting the financial industry and it comes at a particularly notable time for the Caribbean. In the postGFC era, the local financial industry has been considerably damaged by the sweeping changes brought about as a result of derisking; this alongside the added scrutiny and criticism generated by the Panama Papers in 2015 and, more recently, the Paradise Papers in November of 2017.

While there are shades of grey in the wider debate surrounding these leaks - and the ambitions of institutions like the EU to demand change in regional banking practices while ignoring those closer to home like the UK - overall the message is clear: in the months and years ahead pressure will grow for changes to banking and finance across the region.

When it comes to finance and blockchain, it has been declared ‘the sky is the limit’. Its speed alone is set to revolutionize asset trading, as settlement of individual trades could be shifted from taking days to complete, to just hours, minutes or even less.

Beyond a personal trader, even sizeable transactions, like a buyout of one company by another, could now be completed in minutes. However you define moments in a transaction, that’s essentially the speed that blockchain can bring, in the shift of transaction time.

PERMISSIONED AND PERMISSIONLESS

While blockchain has immense potential, it is also not without problems. Right now, this centres on the divide between what the technology signifies digitally, and the challenges of implementing it in a real-world setting.

Digitally speaking, the world is largely borderless. A look at the world map shows that this is not the case offline. Blockchain presents some unique challenges in this regard. A useful example is the difference between permissioned and permissionless blockchain.

Permissionless blockchains allow for any user to access the register; permissioned blockchains only provide access for authorized users. In some circumstances such as intelligence agencies and other law enforcement bodies - it is fair and appropriate that a government uses a permissioned blockchain.

For all other government uses, though, it would be innocuous to think that the opportunity blockchain brings for greater transparency and accountability would not be acted upon. That is where permissionless blockchains offer such interest to those seeking greater transparency and accountability in government process.

Conversely, for some nations around the region, such as Cuba - even though the year ahead may see some changes to wider internet accessibility - the rise of blockchain brings with it a big threat. Suddenly there will be the technological capacity for citizens to see what government does in more ways, and no longer will old excuses of transparency being ‘too difficult’ suffice.

Continued on page 5

Already Aruba has began exploring the use of the Ethereum blockchain to cut out middlemen like Expedia and Priceline , a ledger used for trading of the cryptocurrency ether, but that also has business applications beyond it

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JANUARY 13, 2018

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© 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

FEARS RAISED OVER EXPANSION OF POWERS FOR THE TAXMAN

BY FT CORRESPONDENT

Tax experts want a review of the powers which were introduced to give HMRC the upper hand in dealing with avoidance

There has been “a dramatic change in the tone and content of HMRC’s powers” in the past two years, including a proliferation of naming-and-shaming powers, according to a report published by the tax law review committee of the Institute for Fiscal Studies.

The tax experts called for a review of the new powers, which include measures to force taxpayers to pay disputed tax up front, impose penalties under a general anti-abuse rule, deal with “serial avoiders” and recover debts

FOOD & RUM

from taxpayers’ bank accounts.

The changes were introduced to give HMRC the upper hand in dealing with avoidance, after years when taxpayers often had little to lose in engaging in tax avoidance and prolonging disputes and litigation.

The report said it did not challenge HMRC’s aim of tackling those “seen to play the system” but it said many of the new powers were “insufficiently focused and have inadequate safeguards”.

It urged the government to introduce

some form of independent control over HMRC’s powers “if only to provide confidence in the system and the position of HMRC as administrator rather than lawmaker”.

The report raised particular concerns about the penalties in cases involving “follower notices”, in which HMRC can demand payment of disputed sums after securing a legal victory in a relevant case. In 2016-17, HMRC issued 9,000 follower notices with a total value of more than £520m and 99 follower notice penalties with a value of £6m.

It said: “They make the financial risks of appeal so great that even taxpayers with strong cases may not be prepared to risk going to court. The taxpayer does not just pay over the disputed tax but faces the imposition of a 50 per cent or 60 per cent penalty if they continue to dispute the matter and lose in the courts.

“It is therefore not surprising that some argue that HMRC has been placed above the law through the FN provisions. Reliance on benign operation by HMRC is not a safeguard.”

Similarly, taxpayers are exposed to the risk of a 60 per cent penalty in cases where HMRC decides a taxpayer might be within the scope of the general anti-abuse rule, a relatively new weapon aimed at tackling aggressive tax arrangements.

The report said HMRC justified the new powers, including their limited safeguards, on the grounds it sought to change the behaviour of some taxpayers — “the recalcitrant few”. It also cited statistics showing the courts agreed with HMRC in 80 per cent of cases, making HMRC well placed to identify what transactions would be successfully countered.

But the report said “the powers are written in wide terms which go beyond the target of ‘the recalcitrant few’ and which may easily sweep up the 20 per cent who would otherwise be successful in defeating HMRC in litigation”.

The IFS also raised concerns about HMRC’s powers to collect unpaid tax

debts. A public backlash against proposals put forward in 2014 resulted in extra safeguards, including a right of appeal to the County Court and a need for HMRC to believe the taxpayer had no chance of a successful appeal. The IFS report said, however, that “only time will tell how accessible those rights are for taxpayers and especially the more vulnerable; and they only apply once an account is frozen”.

HMRC’s ability to name-and-shame avoiders has increased sharply, the report said. For example, in 2016 it acquired the power to name taxpayers as “serial avoiders”, with information about the tax “avoided” and their addresses being disclosed.

In a statement responding to the report, HMRC said: “Our powers deter the small minority who try to dodge their obligations. Accelerated payment and follower notices are carefully targeted and subject to strict conditions. They contain safeguards to protect taxpayer rights, including the ability for taxpayers to make representations against notices.”

There has been “a dramatic change in the tone and content of HMRC’s powers” in the past two years, including a proliferation of naming-and-shaming powers, according to a report published by the tax law review committee of the Institute for Fiscal Studies

SAINT LUCIA

FOOD & RUM SAINT LUCIA

JANUARY 12 – 14, 2018

www.stlucia.org/food-rum-festival

Headliner Celebrity Chef

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RUM INSPIRED FOOD EXPERIENCES MIXOLOGIST COMPETITION LOCAL AND INTERNATIONAL RESTAURANTEURS CELEBRITY CHEF DINNER LIVE CONCERTS ISLAND WIDE FESTIVITIES FOOD AND RUM PAIRINGS INAUGURAL CARIBBEAN RUM AWARDS EXCITING MUSIC & ENTERTAINMENT FREDDIE JACKSON, TEDDYSON JOHN & MORE Photo courtesy of: Big Chef Steakhouse

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Looking South and Looking Up:

THE STATE OF CARIBBEAN & LATIN AMERICAN RELATIONS IN 2018 Continued from page 1

HISTORY HAS A LONG MEMORY

As the years go by, the Cold War looks increasingly distant on the calendar. The Berlin Wall fell, the USSR is no more, but the history and geopolitics of that era remain a defining factor in relations across the Americas, as they do in the Caribbean.

The US holds a controversial legacy within the Caribbean, and it is just the same within Latin America. Navigating this hurdle has proved difficult for all parties as, while Washington has seen various leaders come and go - just as South American governments have - the history, enduring political ethos, and regional rivalries all complicate the situation.

In particular, a longstanding shatterpoint in Latin American relations has been the relationship between Colombia and Venezuela and, by extension, the United States with which Bogota continues to retain close links, and Caracas continues to decry. The fact that many Latin American nations are still building and growing their countries and economies complicates this further.

Just like the Caribbean, across Latin America there is an emphasis on independence and resentment of undue foreign influence. This, coupled with Washington’s legacy in the region, has seen a pronounced divide open up between Latin American nations, like Colombia, that would seek to build closer ties with Washington, and nations like Venezuela that would aspire to building regional links in Latin America, to the exclusion of Washington.

TRADE AND ECONOMICS

A central issue within this rivalry between Colombia and Venezuela is its volatility. The capacity for big shifts has, at times, been a positive thing: the June 2017 disarmament of the Colombian paramilitary group FARC brought with it the potential for a reset of relations. Yet, ironically for Venezuela, the constant back and forth between Bogota and

Caracas has offered an ongoing justification (for better or worse) of Washington’s involvement in Latin America.

The ‘Washington issue’ is not only difficult history but holds real implications for the future of economies across the Americas. Sure, the Organization of American States, founded in 1948, has US membership (and its permanent secretariat in Washington) but other initiatives, like Mercosur, the Union of South American Nations, and the Community of Latin American and Caribbean States, operate to the exclusion of Washington.

Beyond fiery speeches at the UN and curt communiques between embassies, this divide makes more difficult the growth of stronger regional ties and trade. Historically the world’s biggest economies were north-west, and concentrated around the Atlantic, but the years and decades ahead will see the world’s economic power shift south-east, and to the Pacific Ocean.

States of Latin America are aware of the opportunities here, and initiatives like the Forum for East Asia and Latin American Cooperation offer a vehicle to seize upon its advantages. Given that many nations in Asia also remain developing, and are hungry for natural resources, building closer ties on the Latin American continent is also in the interests of the Asian region.

CRAFTING A CARIBBEAN STRATEGY

So, with these dynamics now addressed, where does the Caribbean come in?

Like Latin America, the Caribbean has its own difficult history managing the Washington relationship. But the regional dynamics are different. While nations like Grenada and Cuba have had a torrid relationship with the United States, others, like Saint Lucia and American territories like the US Virgin Islands and Puerto Rico, have, despite a few hiccups, largely held good relations with the US. This, in part, can be explained by the different experiences of obtaining independence.

For many Latin American nations, winning independence from colonial rule was a difficult and embittered process. Though the Caribbean also holds similar stories, many nations obtained independence via a far more cordial parliamentary process. Where both regions share a common mission is growing engagement and trade across the Americas.

It must be remembered that it was not until the 1st Caribbean Summit and the Bridgetown Declaration of Principles in 1997 that the modern relationship between Washington and the region began. While 20 years is a long time on a calendar, is it a mere blink in the history of the world where states trace their foreign relations back hundreds, and even thousands of years. Just as Latin America is renegotiating a new relationship with the US in the 21st century, so too is the Caribbean considering what relations in the north mean for our region, and our relations in the south.

INFLUENCING FACTORS

Presently there are two major factors that

will influence the state of relations between the Caribbean and Latin America, especially as trade and partnerships are often pursued through regional frameworks and bodies.

Firstly, the crisis in Venezuela. While those opposed to Venezuela’s view on the global stage may welcome its diminishment as a regional voice, the instability of the nation can be bad news for business across both Latin America and the Caribbean, as Caracas is a key exporter of oil, and a strong trading partner for many surrounding nations.

Resolving the instability here in the north of South America will be important, just as the upheaval of Brazilian and Argentinian presidential politics in the past two years diminished the power of Rio and Buenos Aires as economic powers.

Secondly, to what extent the Trump administration wishes to engage in Latin America will be an important factor that shapes the region’s economic future.

It’s not news that Donald Trump is unique in the history of the US presidency and, at times, he has advocated for a deliberately vague and ambiguous foreign policy.

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Leaders, from left, El Salvador’s President Salvador Sanchez, Dominican Republic’s President Danilo Medina, Ecuador’s President Rafael Correa and Cuba’s President Raul Castro attend the V Summit of the Community of Latin American and Caribbean States, CELAC, in Bavaro, Dominican Republic, 2017

While nations like Grenada and Cuba have had a torrid relationship with the United States, others, like Saint Lucia and American territories like the U.S. Virgin Islands and Puerto Rico, have, despite a few hiccups, largely held good relations with the US

Nonetheless, what can be discerned so far is a more isolationist America; one that is concerned with affairs abroad, seeks to contest China’s growing influence, and also quell North Korea.

Where Trump’s US has looked beyond its southern border, its foreign policy focus has been the construction of a border wall with Mexico. His critics notwithstanding, Trump’s era has seen some advances for US foreign policy. The question of his unreliability will remain an issue.

It is here that the Chinese Communist Party may seek to fill the gap. As opposed to Trump’s turbulent domestic support, Xi’s power is strong in China, and the CPC is increasingly looking beyond its borders.

Similar to the Caribbean dynamic, Latin America is not a chief focus for the CPC in its foreign policy outside its diplomatic rivalry with the Republic of China (Taiwan) but, as a nation that’s growing its global influence, increasing its presence within Latin American will be a strategic goal.

Ultimately, the Caribbean and Latin America have much in common as developing areas: regions in the New World, with a chance in the post-Cold War era to shape their own destinies, and a desire to build new economic relationships, and a sense of regional unity as a whole.

While geopolitics will continue to play a role in South America’s future, the Caribbean also has a unique opportunity, as an area with a diverse mix of developing nations and economies, to be a leading voice for growth and greater regional integration, not only locally, but also through the Americas. It is also true that developing a greater sense of regional identity must remain a chief focus within the Caribbean as there is still a long way to go in coming together and building further.

Nonetheless, these goals are not mutually exclusive, and multiple avenues for progress can be pursued at once. As has always been the case when building relations in Latin America, doing so effectively will require knowledge, timing, and just a little bit of luck to navigate the headwinds of politics south of our seas.

If this is done effectively, though, our region could be a growing voice, not only for greater engagement with South America, but stronger ties globally.

That’s something where every resident of a New World nation could surely find a shared mission.

JANUARY 13, 2018

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THE FUTURE OF BLOCKCHAIN IN THE CARIBBEAN Blockchain energy grid

Continued from page 2

LOOKING FORWARD Ultimately, a region-wide approach to blockchain is compelling but difficult to envision soon. The offerings of the new technology are immense and diverse. The reality of gaining consensus and agreement among numerous Caribbean nations will be difficult. A cursory examination of the diverse views across the 50 states of the US shows attitudes towards blockchain among government can range from an embrace, to indifference, to fear.

This experience has been mirrored in other regions around the world, and so

too is it seen throughout the Caribbean, even when the region-wide value of blockchain to tourism and finance is taken into consideration.

Challenges notwithstanding, the benefits of blockchain are considerable in the region, and those who would aspire for greater blockchain use already have a local champion in Bitt, the Barbados-based start-up seeking to create a settlement network that spans the region.

Oftentimes, the wheels of government can be slow to turn with the wheels of

bureaucracy; this until a business in the private sector communicates to politicos and markets the real and enduring value of a new technology.

If not for Bitt, the further growth and development of blockchain business in the region will light a path for the technology. If businesses can light the spark and keep it alight, the potential for widespread use of blockchain across the Caribbean is incredibly promising. This field will perhaps prove the most important ‘watch this space’ within the Caribbean business community going forward.

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CORPORATE

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HANDS

The Saint Lucia CARIBBEAN LEADERS LAUNCH Government Gazette AMBITIOUS PLAN TO CREATE THE WORLD’S FIRST “CLIMATE-SMART ZONE” Company Registration

Name: Landholding Pigeon Island Inc. Description: Landholding Directors: Starfire Inc. Date Incorporated: 18-Dec-17 Chamber: Amicus Legal - Saint Lucia Name: Ocean Estate Ltd. Description: Real Estate Directors: Crowne Nominee Service Ltd. Date Incorporated: 19-Dec-17 Chamber: Crowne Corporate Services Ltd. - Saint Lucia Name: Maison Renee Ltd. Description: Real Estate Directors: Crowne Nominee Service Ltd. Date Incorporated: 19-Dec-17 Chamber: Crowne Corporate Services Ltd. - Saint Lucia

If the world is to end poverty in all its forms by 2030, we must boost resilience—in all its forms. This means the capacity to cope with shocks without major economic, social and environmental setbacks. Photo: Michael Atwood / UNDP

The UN Development Programme (UNDP) announced its support to Caribbean leaders gathered last month during the launch of a new publicprivate coalition to create the world’s first “climate-smart zone” to support the parts of the region decimated by some of the most powerful hurricanes to ever cross the Atlantic in September.

The announcement came at the One Planet Summit hosted by French President Emmanuel Macron in Paris to review progress made on the Paris Agreement adopted by global governments two years ago.

Alongside the on-going recovery efforts, the Caribbean Climate-Smart Coalition aims to find a way to break through the systemic obstacles that stop finance flowing to climate-smart investments. With the right domestic and international reforms, the world can step up and help unleash the means to catalyse an ambitious US $8 billion investment plan to bring greater energy and infrastructure resilience to 3.2 million Caribbean households.

This would help Caribbean islands to eliminate their costly dependency on fossil fuels so that they can meet close to 100% percent of their energy needs from renewable sources, and to embed resilience into communities and livelihoods to realise the bold ambitions of all Caribbean people.

Caribbean leaders have brought together a coalition of global organisations such as the Inter-American Development Bank, the World Bank and the Caribbean Development Bank, as

well as businesses and supporters from the Caribbean and the international community. The coalition aims to reinvigorate the islands that have been impacted by recent hurricanes Irma and Maria, and help build more resilient infrastructure and communities across the region as the likelihood of future extreme weather events increases.

Prime Minister Keith Mitchell of Grenada, Chair of CARICOM, said: “Caribbean leaders have come together as a powerful collective to build a better future for the people of the Caribbean.

We welcome the financial commitments from our partners – around US $1.3 billion for recovery efforts and US $2.8 billion toward the vision shared by all members of the coalition and others.

This is a great first step. Now we need to turn this possibility into a set of realities that benefit all our people. We all need to work together to change the rules of the game to accelerate climatesmart financial flows for the Caribbean and other small island developing states. Together we can build thriving economies fuelled by clean energy, nature-based resilient design and innovation. The time for action is now.”

Prime Minister Roosevelt Skerrit of Dominica, said: “Despite the immense human suffering and economic damage caused by the recent hurricanes, the people of the Caribbean do not want to be just passive victims of climate change. Rather, they want to be active participants in designing and implementing solutions, and for their Caribbean region to serve as a beacon of

hope for island nations all over the world.”

The announcement comes after over 400 high-level representatives from governments, multilateral and civil society organisations and the private sector gathered at UN headquarters on 21 November at the “CARICOMUN High-level Pledging Conference: Building a more Climate-Resilient Community ” to help countries “build back better” as the first climateresilient countries in the world.

“The next hurricane season is only six months away so achieving climatesmart and resilient development for the Caribbean is critical. Affected individuals are the focus of the $5 billion recovery process, but this effort will only be successful if it involves the private sector, civil society and governments at all levels working together for a more resilient Caribbean.

Last month, close to $2.5 billion was pledged at a conference co- organised

by CARICOM and UNDP for recovery and resilience in the Caribbean, and it is our objective to facilitate joint efforts with the work of the Caribbean Climate-Smart Coalition,” said Achim Steiner, Administrator of UNDP. Coalition members will help to establish partnerships that can make investment deals happen. They will also bring their collective abilities together to break down the technological and financial barriers that represent the last obstacles to Caribbean people grasping the transformational opportunities that are in reach.

Name: Moon Bay Ltd. Description: Real Estate Directors: Crowne Nominee Service Ltd. Date Incorporated: 19-Dec-17 Chamber: Crowne Corporate Services Ltd. - Saint Lucia Name: Express Construction Inc. Description: Real Estate Development Directors: Chandler Mater; Stephen Mater Date Incorporated: 19-Dec-17 Chamber: Andra Gokool-Foster - Saint Lucia Name: MS Prestige Inc. Description: Import/Export Directors: Salvatore Merolla Date Incorporated: 21-Dec-17 Chamber: Beverley Downes - Saint Lucia Name: KMA Consulting Ltd Description: Consultancy Practice Directors: Alison Gajadhar; Peter Foster Date Incorporated: 21-Dec-17 Chamber: Peter I. Foster & Associates - Saint Lucia Name: Lucian Thriller Adventures Inc. Description: Tours Directors: Starfire Inc. Date Incorporated: 22-Dec-17 Chamber: Amicus Legal - Saint Lucia Name: M. Horne Group Inc. Description: Import/Export; Production of Juices; Vehicle Rentals Directors: Miguel Edison Horne Date Incorporated: 27-Dec-17 Chamber: N/A Name: Optima Construction Company Ltd. Description: Construction Works Directors: Debra Tobierre; Kenneth Tobierre; Keifer Vitalis Date Incorporated: 28-Dec-17 Chamber: Vern Gill - Saint Lucia

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© 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

US PROPOSES DRAMATIC EXPANSION OF OFFSHORE DRILLING

BY FT CORRESPONDENT

The US interior department has unveiled plans to make about 90 per cent of federal waters available for drilling, in response to a 2017 executive order from President Donald Trump.

The decision — which includes areas off the coasts of Florida, California and Alaska — was quickly condemned by environmentalists and is likely to spark broader opposition, including from some Republicans who are allies of Mr Trump.

The move is the latest snub to the environmental legacy of Barack Obama and an extension of Mr Trump’s profossil fuel policies, which the White House has framed as an “America first” effort to reduce US dependence on foreign oil.

The League of Conservation Voters slammed it as “beyond reckless”, saying it posed a grave threat to the climate and coastal residents whose livelihoods depend on tourism and fishing.

Announcing the decision, Ryan Zinke, secretary of the interior, told reporters: “Under President Trump we are going to have the strongest energy policy and become the strongest energy superpower. We certainly have the assets to do that.”

Florida quickly emerged as an outpost of opposition, with Rick Scott, its Republican governor, saying he opposed offshore drilling in the state and had requested a meeting with Mr Zinke to discuss his concerns about protecting its natural resources.

Rhea Suh, president of the Natural Resources Defense Council, an environmental group, said: “The administration’s backward-looking approach puts oil and gas profits first — and will place our coastal communities and all they support at risk of the next BP-style disaster.”

Opening up oil drilling in all federal waters is a big shift, not just from the Obama era, but from all administrations since the Reagan one. The last offshore lease sale for the east coast was in 1983, and for the west coast in 1984.

Mr Zinke stressed that the Trump administration was ready to listen to the worries of Mr Scott and others and said the interior department was committed to making sure energy was produced “responsibly”.

“Certainly the states and local communities have a voice,” said Mr Zinke. “This is the beginning of opening up and saying this is what’s available.

At the end of the plan, we are going to listen to the voices of communities, of our stakeholders.”

Any move to start oil and gas development from the new offshore

The Trump administration wants 90% of federal waters opened up for oil and gas companies

areas would be a lengthy process given a lack of survey data and infrastructure.

The proposal, covering leases from 2019 to 2024, is to open up 25 out of 26 planning areas in the US’s outer continental shelf, leaving off-limits only a part of Alaskan waters that George W Bush signed an order to protect as president.

Tom Steyer, a billionaire political donor and climate change activist who is fiercely critical of Mr Trump, said: “The Trump administration’s energy policy ignores every fact out there except the sincere desire of fossil fuel executives to drill everywhere in the world.

“Rather than encouraging them to lose more of their shareholders’ money and endanger our health and safety, the federal government needs to promote a clean-energy economy that creates good-paying jobs and protects our air and water.”

Mr Zinke said: “We’re not going to give anyone a pass. We are going to hold corporations accountable and make sure the safety and regulatory framework is appropriate.”

Frontier exploration has fallen out of favour in the oil industry in general in recent years as a result of the fall in crude prices since 2014 and the availability of abundant onshore shale reserves that are relatively easy to access.

However, industry groups have long argued that more of the US offshore should be

Florida quickly emerged as an outpost of opposition, with Rick Scott, its Republican governor, saying he opposed offshore drilling in the state and had requested a meeting with Mr Zinke to discuss his concerns about protecting its natural resources opened up for drilling.

Erik Milito of the American Petroleum Institute said in a statement that the ability to develop resources in all US coastal areas was “a critical part of advancing the longterm energy security of the US” and would

encourage economic growth and create thousands of jobs.

There has not been any seismic surveying to identify potential prospects for drilling in most US offshore areas.

Some companies have applied for permits to begin those surveys off the Atlantic coast, and may be awarded those soon, but that is only the beginning of the process. The surveys will need to be followed by exploratory drilling, and if that is successful the reserves can take five years or longer to bring into production.

The new offshore areas will also require new infrastructure including pipelines and other facilities, putting them at a disadvantage to the Gulf of Mexico which already has a well-established industry.

The Santa Barbara oil spill of 1969, the third-largest offshore after Deepwater Horizon in 2010 and Exxon Valdez in 1989, sparked a backlash against drilling in US waters. The spill, caused by a blowout at a well being drilled for Union Oil, left oil up to six inches think along 35 miles of California coastline.

The accident led to tight restrictions on drilling rights in US waters. As oil prices fell in the 1980s, and with most attempts at finding oil off the east and west coasts having been unsuccessful, the pressure for increased access faded.

7

8

THE STAR BUSINESSWEEK

JANUARY 13, 2018

REGIONAL PUBLIC NOTICES

WWW.STLUCIASTAR.COM

Further information can be obtained from:

The Government of the Commonwealth of Dominica

Project Coordination Unit

The Project Coordinator

has received financing from the World Bank towards the

Disaster Vulnerability Reduction Project

Project Coordination Unit

cost of the Disaster Vulnerability Reduction Project, and

Attn: Mr. Collin Guiste – Project Coordinator

Attn. Ms. Cheryl Mathurin

intends to apply part of the proceeds toward payments

38 Cork Street, First Floor

VULNERABILITY REDUCTION PROJECT

2nd Floor Finance Administrative Centre

under the contract for Contract # PPCR/DVRP/NCB/02/17,

Roseau, Commonwealth of Dominica

Category: General Procurement Notices

Pointe Seraphine,

Construction of Meteorological Office Building.

Tel: 1 (767) 266-3139 / 266-3199

Public Reference: Project ID No. P127226

Castries

Interested eligible bidders may obtain further information

Fax: 1 (767) 448-3873

Financing: World Bank

Saint Lucia

from the Project Coordinator, Project Coordination Unit,

Implementing Agency: Ministry of Finance, Economic

Tel: 758-468-2413

Ministry of Health and Environment, at e-mail address

Procurement of Contracts financed by the World

Email: chmathurin@gosl.gov.lc

ppcrdvrp@gmail.com and inspect the bidding documents

Bank will be conducted through the procedures

during office hours 8:00 a.m. to 4:00 p.m. on Mondays to

as specified in the World Bank’s Guidelines:

Fridays, at the address given below.

Procurement under IBRD Loans and IDA Credits

TENDER NOTICES 1. SAINT LUCIA DISASTER

Affairs & National Development Location: Saint Lucia Status: Open - 2018-03-31 Description: The Government of Saint Lucia has

Ministry of Finance, Economic Growth,

Bids must be delivered to the address below on or before

Job Creation, External Affairs and the Public Service

secured financing from the World Bank towards the

(January 2011), and is open to all eligible bidders

3:00 p.m. on Thursday, February 15, 2018. Electronic

as identified in the guidelines. Consulting services

bidding will not be permitted. Late bids will be rejected.

will be selected in accordance with the World

costs of the Disaster Vulnerability Reduction Project, and

2. CONSTRUCTION OF

intends to apply part of the proceeds to payments for

METEOROLOGICAL OFFICE BUILDING

of EC$25,000.00 (or equivalent in freely convertible

Consultants by World Bank Borrowers

consulting services.

Location: Dominica

currency).

(January 2011).

All bids must be accompanied by a Bid Security

Bank’s Guidelines: Selection and Employment of

FINANCIALLY SPEAKING Financial Literacy 101 presented by Bank of Saint Lucia

NEW YEAR, NEW PLAN Set an achievable budget. Take an honest note of your net income, and never overestimate. Categorise and keep track of your spending. This will assist in identifying areas, particularly in your variable expenses, where adjustments can be made.

Review your budget on a regular basis.

The start of the New Year means different things for different people. For some it means adopting a healthier lifestyle, changing diets, investing and saving more or adopting a more positive outlook. A new year spells new beginnings and whatever the perspective, planning is critical.

For those focused on achieving financial freedom, a new year presents a unique opportunity to begin to plan effectively to work towards achieving your financial goals. Set your financial goals and write them down.

Set & Review Goals. Your budget will provide an assessment of your expenditure and income and assist in identifying available finances to support future goals. Now you are in a better position to list all the financial goals you wish to accomplish. Be sure to identify which goals are short term and which are medium and long term. These goals can include:

Whether your goals are to increase savings, to invest in a new financial instrument, to purchase property or even consolidate your debt – write them down. Visualizing them is important. Here are some tips to guide you:

- Increasing your savings - Increasing for retirement - Undertaking a mortgage - Consolidating your debt

Assess your current situation. To begin, assess your current financial status and take stock of the previous year. This may be a stressful experience for some, but very necessary. Which goals were achieved? What were your spending habits?

What financial surprises were encountered? What can be done differently in 2018?

Consider a Savings Fund for Emergencies. There is no doubt that surprises can be encountered throughout the year, which can temporarily throw us off the path to achieving our financial goals. The emergency fund should be sufficient to cover expenses over a period of at least 3 months.

Maintain a repository of all financial documents. Ensure all financial documents are organized in hard copy or electronic form – from income tax returns to insurance policies, to income and expenditure receipts.

Faster, safer, more convenient

Financial planning is not set in stone. It is important also to find a system that works for you. Your financial services provider is available to assist you in outlining achievable financial goals. If tracking expenses seems like an onerous task, consider perhaps using personal financial software to keep a running gauge on your finances and investments. There are a number of great options available for download on your computer or mobile device. Another key tip is to commit to learning more about financial services and financial markets, and there are a number of publications available for perusing.

When in doubt, consult your financial services provider.

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