STAR Businessweek - 27 January 2018 by STAR Publishing

THE STAR BUSINESSWEEK JANUARY 27, 2018

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LEVERAGING THE EPA

IT’S BEEN IN FORCE FOR A DECADE, BUT ARE CARIBBEAN BUSINESSES MAKING THE MOST OF THE ECONOMIC PARTNERSHIP AGREEMENT?

EU recommends removing Panama and 7 others from tax haven blacklist European officials have recommended that eight countries, including Panama and Tunisia be moved from the EU’s tax haven blacklist to its grey list, after they promise to reform. Page 3

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

EU imposes sanctions on Venezuelan and North Korean officials This year marks a decade since CARIFORUM joined with the European Union to sign the Economic Partnership Agreement (EPA), a landmark piece of legislation that ushered in a new era of trade relations. The overarching goal of the EPA was to create a partnership that would not only improve market access, but also encourage sustainable development and promote greater regional and international integration. It was an important step into the world economy for CARIFORUM States, but many feel that businesses are still not fully exploiting the legislation and missing out on all the European market has to offer. Continued on page 4

The EU has imposed travel bans and asset freezes on top Venezuelan government officials and North Korean diplomats accused of breaking sanctions across Africa and Asia. Page 7

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WHAT DO DRONES MEAN FOR THE FUTURE OF CARIBBEAN BUSINESS? BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE From handshaking to hand-slapping and everything in between, the Caribbean and the European Union have participated in quite a few – sometimes fiery— engagements with one another over the past few months. From blacklisting, to economic sanctions, to a new Economic Partnership Agreement for the region, today’s issue of The STAR Businessweek has it all. In December of last year, Saint Lucia became part of the EU’s inaugural Name-and-Shame campaign aimed at non-cooperative tax jurisdictions engaging in what Brussels deems aggressive tax arbitrage schemes. The official list has been colloquially dubbed the Tax Blacklist. Rest easy, bereaved citizens, Saint Lucia was in the company of the crème de la crème of niche offshore financial service providers, as over 25 other supposed tax havens also made it onto the exclusive list, meaning, presumably, that we’re all in this together. Well, if you’re that gullible you probably wouldn’t be reading this publication, so … think again! Leaked news coming from Brussels this week indicates that Saint Lucia is less and less in the good company of others, and more and more in the company of itself. EU officials have given recommendations for eight countries, including Grenada and Barbados, to be moved from the blacklist to the less-severe but equally ambiguous greylist. The news that the eight countries also included Panama, the world’s ‘most prolific tax haven’, is evidence to many that the entire list is itself one big, fat joke. Ask this editor who is the butt of all those jokes. He’d say, the countries that are still stuck on the blacklist! Ah, but like all abusive relationships, there’s still something in it for us—or so says Virginia Paul, head of the OECS Trade & Policy Unit, who sat down with The STAR Businessweek to discuss the new Economic Partnership Agreement between the European Union and the Caribbean and the new opportunities it offers in Leveraging the EPA starting on page 1.

How are you enjoying our weekly editions of STAR Businessweek? Share your thoughts with the Editor at starbusinessweek@stluciastar.com. 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

You’ve heard of them. You’ve maybe even heard them flying overhead. Buzzing about the region, and with it ushering in a quiet revolution for the future of business across the board. Sure, we’ve had model planes, helicopters - and even the humble kite - fly through our skies for generations. So too the click of the camera shutter, helping showcase the beauty of our region. This time it’s different. By combining aerial flight with visual media, Unmanned Aerial Vehicles (hereafter called drones) bring with their greater use immense potential for the Caribbean. Not everything about drones is widely understood though. For example, did you know they are used by hobbyists and professionals alike? And that they have the potential to benefit our region in a number of ways beyond film and photography? Let’s look now at some of the areas drones can be used locally, and also some of the challenges surrounding their use.

THE DEMAND FOR DRONES

Commercial drones have been around for a long time. Militaries, for example, have used drones for years but only in the smartphone era did the stars really align to deliver a powerful‚ user friendly‚ and affordable piece of technology to the market. Typically operated by remote control or smartphone app‚ a standard drone today weighs a few kilograms‚ comes with an outstanding camera‚ and a light construction overall. With many models able to fit into a backpack‚ drones have become the accessory of choice for professionals and tourists seeking to capture something rare and new from the air above the Caribbean. As a result of this phenomenon globally, the drone industry has grown to such a scale as to have a predicted value of $127 billion by 2020. Sure, a good chunk of that may be hobbyists‚ but it also represents the drone’s growing use-cases.

WHAT DO BUSINESSES USE DRONES FOR?

With a definition now in hand it is easy to imagine many applications for drones if you are yet to use one. Today a good drone can be acquired for around $700 USD. This is not small change‚ but for a tourism business seeking to try something new in their marketing‚ it offers a quick and easy way to do so. Drones can be used to capture a continuous single shot for use in one video. Footage can

also be captured for editing with other film‚ being used for an establishing shot or final view over the landscape. Still the old adage ‘easy to begin‚ hard to master’ is true. Many entrepreneurs have identified in the rise of drone tech the potential for a new business. Similarly‚ so too have established photographers recognised the headwinds of change‚ and incorporated drone services into their existing business. The prospect of greater drone use is exciting because of their obvious applications, and their wider use. Many businesses have taken to social media after an event encouraging people to tag family and friends in photos. This may be great when it is in a ballroom or a dance hall, but the depth of field a drone offers can take this to the next level. It’s true cameras like the GoPro have allowed tourists to capture great memories while out on the water in our region. But before drones this meant footage could only be acquired ‘at the ground level’, so really seeing how fast that windsurfer went, or how high that paraglider soared, could be difficult. Not only on land, but on water too drones bring a new dynamism to promoting tourism.

WHAT INDUSTRIES OUTSIDE OF TOURISM USE DRONES?

More widely‚ drones have been used in surveying work‚ conservation efforts‚ and rescue efforts. As well as tourism‚ their wider use in the agricultural sector is also very promising‚ providing farmers a way to monitor crops‚ water supplies‚ and even fence lines in a faster and more costeffective way. The most exciting aspect of drones is they remain relatively new, and ripe for further innovation. Just as Apple didn’t invent the tablet - but with the iPad ushered in an era where it would find daily use - so too can drone fans look forward to a future where they become even more user friendly, and find more uses in daily business.

THE GENERAL DO’S AND DON’TS OF DRONE USE

For all the new benefits drones offer‚ like any airborne or recording technology‚ they do come with some restrictions surrounding their use. Specific laws surrounding drones vary from one nation to another. Similar to another emerging technology in blockchain, globally some governments largely welcome greater drone use, whereas other have sought strict

regulation. That’s why someone is OK to fly a drone in our St Lucia - but given Nicaragua has previously banned drones outright - traveling and using a drone from one country to another can be a very different experience. Differences notwithstanding, there are universal guidelines when it comes to drone use that are common features of the law everywhere: 1) DRONES MUST NOT POSE A HAZARD IN THEIR USE Hitting someone with a drone, disrupting a public event like a cricket match, interfering with the safe operation of an aircraft, or even just hitting power lines accidently can all see a drone operator run afoul of the law. Planning the route a drone will fly before take off can help prevent such issues from occurring. 2) DRONE USE MUST NOT INTRUDE ON PRIVACY OR PRIVATE PROPERTY. No individual should feel they are being spied upon. Even in a public space, the right to not be unreasonably observed or monitored is recognised in many legal systems. This also applies to the use of drones over private property. Even if no other person is present, if a drone operator would be concerned they’re trespassing if they stood beneath where their drone was to fly, then it’s possible they shouldn’t fly their drone there. 3) BUT USE AT A SUFFICIENT HEIGHT IS USUALLY OK While a lawful right to privacy and private property are core to many regional nations, reasonable use of the airspace above private property is also recognised. Though drones may not fly as high as airplanes or helicopters, flying at a sufficient height to pass without intruding on anything below is usually not an issue. 4) WHILE THEY MUSTN’T TRESPASS, AN OWNER BEARS RESPONSIBILITY TO RECOVER A DRONE POST-CRASH In event a drone crashes or otherwise fails, it is the owner’s responsibility to retrieve it. While they must not trespass in doing so, failure to try and retrieve the drone (by making contact Continued on page 5

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EU RECOMMENDS REMOVING PANAMA AND 7 OTHERS FROM TAX HAVEN BLACKLIST BY FT CORRESPONDENT

Pierre Moscovici seeks a ‘credible’ EU blacklist of tax havens. (Photo European Commission)

European officials have recommended that eight countries, including Panama and Tunisia be moved from the EU’s tax haven blacklist to its grey list, after they promise to reform. The Europe Council’s group of tax experts – the so-called Code of Conduct group – recommended that EU Finance Ministers move Barbados, Grenada, South Korea, Macau, Mongolia, Panama, Tunisia and UAE off the list of “noncooperative” tax jurisdictions at their regular meeting next Tuesday, according to a leaked memo. With the recommendation to move Panama to the grey list, the council’s blacklist “becomes laughable” according to Markus Ferber, German MEP and member of the parliament’s Economic and Monetary Affairs Committee. Pardoning “the world’s most prolific tax haven… would be a fatal signal for the EU’s role in fighting tax evasion

and money laundering. Panama has built its reputation of a top-notch tax haven and money-laundering hub for years – the Panama Papers are proof of that. To pardon Panama after only a little more than month and a noncommittal letter promising to do better is hard to beat in terms of naivety.” Critics argued that blacklisting Tunisia in December sat 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. Tunisia had been working closely with officials to secure the move, after its reform commitments arrived too late to secure the move in December. South Korea and UAE are also strategically and economically important to the bloc and have been working intensely to secure a move off the blacklist. The council announced a blacklist of 17 countries on December 5 and most of those jurisdictions have been working

With the recommendation to move Panama to the grey list, the council’s blacklist “becomes laughable” according to Markus Ferber, German MEP and member of the parliament’s Economic and Monetary Affairs Committee

on tax reforms to meet the bloc’s three criteria: have fair tax rules, meet transparency standards and implement anti profit-shifting measures set by the Organisation for Economic Co-operation and Development. If the leaked recommendation is approved by the ministers, Panama and the other seven countries would join nearly 50 other jurisdictions on the grey list which have one year to fulfill their commitments. Developing nations on the list have an extra year to reform. The council’s analysis excluded 48 of the least developed nations, while eight hurricane-affected 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.

SAVE THE DATE! SAINT LUCIA JAZZ 2018 10-13 May 2018 MONDAY MAY 7 BARBARA CADET & DENYS BAPTISTE SANDALS GRANDE ST. LUCIAN SPA & BEACH RESORT

2018

THURSDAY MAY 10 CAMERON PIERRE & LUTHER FRANCOIS SANDALS GRANDE ST. LUCIAN SPA & BEACH RESORT

TUESDAY MAY 8 PAULINE JEAN & ARNAUD DOLMEN SANDALS GRANDE ST. LUCIAN SPA & BEACH RESORT

FRIDAY MAY 11 CAROLYN MALACHI, AZIZA FEAT. CHRIS POTTER, DAVE HOLLAND, LIONEL LOUEKE & ERIC HARLAND SANDALS GRANDE ST. LUCIAN SPA & BEACH RESORT

WEDNESDAY MAY 9 ZARA MCFARLANE, ETIENNE MBAPPN SANDALS GRANDE ST. LUCIAN SPA & BEACH RESORT

THURSDAY 10 & FRIDAY 11 MAY A TASTE OF BOURBON STREET FEATURING JAZZMEIA HORN HARBOR CLUB, RODNEY BAY

FRIDAY 11 AND SATURDAY 12 MAY A MUSICAL TAPESTRY LALAH HATHAWAY & ALFREDO RODRIGUES ROYALTON ST. LUCIA RESORT & SPA SUNDAY 13 MAY MOTHERS’ DAY SPECIAL THE FRANTZ LAURAC QUARTET RONALD ‘BOO’ HINKSON & FRIENDS R+R=NOW

http://www.stlucia.org/jazzfestival

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Leveraging the EPA:

Head of the OECS Trade Policy Unit, Virginia Paul, delivers remarks at the CARIFORUM EU Economic Partnership Agreement workshop

IT’S BEEN IN FORCE FOR A DECADE, BUT ARE CARIBBEAN BUSINESSES MAKING THE MOST OF THE ECONOMIC PARTNERSHIP AGREEMENT? Continued from page 1

CHANGING THE TRADE DYNAMIC

When the EPA came into force in 2008, the global marketplace was a very different environment. Trade relations between the Caribbean and Europe were governed by the Cotonou Agreement which granted duty-free, non-reciprocal preferential access to the European market. This drew the ire of the World Trade Organisation (WTO), however, which voiced opposition to this kind of discriminatory trading. If certain Caribbean nations were given favourable terms to trade with Europe then all members should receive those same allowances, according to the WTO. It was obvious that a new trade dynamic was needed so discussions began to decide on a way forward that would satisfy all economic and political interests. Negotiations concluded in December 2017, and the WTO-compatible EPA was officially signed into law the following year. More liberal than the trade provisions of Cotonou Agreement, the EPA is a reciprocal agreement that keeps the level of discrimination at a minimum to satisfy WTO requirements. It also has a broad remit - although its core is trade in goods, the EPA also covers services, investment, trade-related issues and development.

MARKET RESEARCH

By widening the scope of the EPA, lawmakers aimed to help the participating Caribbean nations diversify their economies and pursue sustainable growth but, a decade later, many are questioning whether it has had the desired effect.

“The main aim of the EPA was to secure preferential market access treatment for products and services from CARIFORUM states. It has not generally achieved its objective due to the limited production capacity of the Caribbean countries who signed the agreement and the global financial and economic crisis that followed its signature,” says Virginia Paul, Head of the Organisation of Eastern Caribbean States (OECS)’s Trade Policy Unit. While global instability and political change is unavoidable, building capacity in the region is achievable - and must be a top priority if Caribbean businesses want to expand and grow. Uptake of EPA opportunities among smaller businesses however is not where it should be, according to economists from both Caribbean Export and the OECS (both of which regularly host workshops to raise awareness of how firms can use the EPA). SMEs are often dissuaded by the thought of shipping products to a farflung continent which encompasses around 28 countries, each with their own language, culture and regulations. “It is not as intimidating as you think,” Caribbean Export consultant Dr Noel Watson told participants at a workshop held last year in Trinidad and Tobago. “You just need to have the proper guidance.” Market research is key, according to Dr. Watson who advises companies to spend time finding buyers, making strategic alliances with regional partners and getting to know the country they’re targeting - what are its transportation routes like? Is there a representative on the ground to advise on customs duties and other regulations? Do products meet European standards? Paul highlights the importance of marketing and wants to see businesses invest in getting the word out about their

Participants take part in the Caribbean Export Promotion Agency hosted workshop designed to showcase market opportunities created through the EPA.

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WHAT DO DRONES MEAN FOR THE FUTURE OF CARIBBEAN BUSINESS?

Honorable Bradley Felix, Saint Lucia’s Minister for Commerce discuss market access and value chains related to the EPA.

Can a US$ 700 drone give your business a 21st century edge?

products. She says: “Caribbean SMEs can turn market access into market presence by undertaking promotional activities and meeting the required standards, registrations, and other regulations. This usually requires an investment of time and money.” Considering the consumers is also crucial. Buyers in Europe are not necessarily looking for a bargain but prioritise quality over price, says Dr. Watson. Demand for natural, handmade and environmentally-friendly products is growing - giving the Caribbean a prime opportunity in terms of agricultural goods and crafts. “They want flavours and ingredients that we have in our cuisine,” says Dr. Watson. “The Caribbean is exotic.”

GETTING READY TO COMPETE

The Caribbean may be a disparate group of nations, but there’s strength in numbers. Dr. Watson urges firms to come together to target Europe effectively, saying: “One of our problems in this region is that we’re small, but if small businesses got together they would be able to do a lot more.” Companies can reduce costs by sharing packing centres and containers. They can also pool together to get discounts and deals. These economies of scale and scope can give smaller firms the help they need to compete. Businesses can also take advantage

of support from regional organisations. Both the OECS and Caribbean Export regularly host workshops, presentations and roundtable meetings on the EPA and how it can be applied. Paul says there is always more to be done and wants to see increased activity at the domestic level. “The support required to exploit the EPA is typically technical in order to understand and meet the regulatory requirements,” she says. “There is still need for awareness building on the EPA, particularly by national governments. Regional agencies cannot do it all.” As the EPA looks ahead to another decade, there is a lot of uncertainty on the horizon. The EU is set to lose a major trading partner soon as the UK moves ahead with BREXIT - a shift that will undoubtedly have far-reaching implications for the entire trading bloc. In the meantime, firms are advised to make full use of the tools available to them. These include the EU’s free online export helpdesk which gives information on EU import requirements, tariffs and trade preferential agreements. The OECS continues to spread the word, through activities undertaken by its Competitive Business Unit, and looks forward to greater participation by all stakeholders in the future. “The next ten years will be a time for a review of the impact and value of the EPA,” says Paul. “Efforts will continue to penetrate the European market.”

Continued from page 2

with the property owner and seeking its return) could see the operator fined for littering. 5) DRONES MUST NEVER FLY OVER MILITARY BASES OR SIMILAR LOCATIONS WITHOUT PRIOR PERMISSION A drone operator may understandably want to explore with their drone. Yet, any flights over military bases or similar buildings must be avoided. Best case scenario may only see a drone brought down out of the sky, but serious charges could also be involved. Given the maritime nature of our region, a similar guideline applies to commercial vessels. It’s unlikely the owner of a 6-foot fishing boat out to catch some tuna on Sunday would

pursue legal action for a flyover, but a cruise ship or international freighter may. A drone operator is wise to follow the same guidelines for use at sea as is done on land.

ALL SET FOR TAKEOFF

As we’ve discussed prior, the tourism industry in the Caribbean is set to experience considerable change in the years ahead. The chief question for all who work within it across the region is how to ensure that change is one that is positive and beneficial? As opposed to one that sees global headwinds sweep through and diminish business and profitability. Undoubtedly, the Caribbean family has the potential to face this trial head on. Many entrepreneurs and businesses

across our region have not only pioneered innovations, but also made it an ongoing feature of their business model. The greater use of drones to not only promote local tourism, but also draw more people to the region specifically for drone use is a great way to diversify a business model. This is true not only for large businesses, but also small business (and even individuals) who wish to start a side hustle selling drone footage. Drones not only offer an effective and economical way to make a tourism operator standout, but are also finding new use in conservation and public safety efforts. Our team at The STAR will continue to watch with interest the growth of drone use across our region accordingly.

THE STAR BUSINESSWEEK

JANUARY 27, 2018

CORPORATE

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HANDS

The Saint Lucia Government Gazette Company Registration Name: DAS Accounting and Supplies Ltd. Description: Accounting and Auditing Services Directors: Dale Malcolm Joseph; Kimberley De’ Leon-Williams; Hudson Malcolm Date Incorporated: 5-Jan-18 Chamber: SEDU, Saint Lucia

Name: Gourmey Delicacies Ltd. Compete Caribbean’s Productivity & Innovation Coordinator, Annie Bertrand, (centre) chats with participants from Belize at the Capacity Building of Business Support Organizations workshop held last week at the IDB Barbados Country Office.

FINALISTS VIE FOR UP TO USD$400,000 FROM COMPETE CARIBBEAN CHRIST CHURCH, BARBADOS, JANUARY 19, 2018 – Eight finalists representing cluster projects from across the region vied for funding from Compete Caribbean on Friday, January 19, 2018 during an Investment Panel at the Inter-American Development Bank (IBD) Barbados Country Office. The Compete Caribbean Partnership Facility (CCPF) is a private sector development program funded by the Inter-American Development Bank (IDB), the UK Department for International Development (DFID) and the Caribbean Development Bank (CDB). The CCPF executes projects in 13 countries across the Caribbean, working with a broad mix of private, public and not-for-profit organizations to deliver innovative and practical solutions that stimulate economic growth, increase productivity and foster innovation and competitiveness. To make recommendations on which projects should receive funding, an independent panel of judges evaluated the cluster projects’ potential impact on employment creation, including for women and marginalized groups, and on the generation of revenue and foreign exchange. Clusters are defined as three or more private sector firms collaborating to produce and sell new or better products/services at competitive costs on the regional or international market. Compete Caribbean’s call for cluster project proposals, which closed in November 2017, received 91 applications from 13 Caribbean countries. Forty-one per cent of the

proposals were from the agriculture, agro-processing and aquaculture sector; 17% were related to the creative/ cultural industry; 17% were related to the tourism sector; and 16% to the service sector. The Investment Panel heard pitches from one finalist from Grenada (Hidden Treasures – North East Cluster), two finalists from Suriname (Promotion and Enhancement of the North Commewijne Tourism Destination and Suriname High Value Natural Products Cluster), two from Belize (Belize Shrimp Biosecurity Aquaculture Zone and Enhancing Six Small Tourism Enterprises in Toledo) and three from Jamaica (Digitization of Jamaica’s Outsourcing Industry, Pepper Supply Chain and JBU Grow Castor Bean Project) whose projects span the tourism, agro-processing and service sectors. Compete Caribbean will grant the selected cluster project(s) 80% of the total budget for the proposed project, to a maximum of USD$400,000. The winning cluster(s) must in turn contribute a minimum of 20% of the total project cost, half of which can be provided in-kind. Professional consultants will also be available to support the project development process. Executive Director of Compete Caribbean, Sylvia Dohnert, highlighted that Phase One of the CCPF was successful in creating nearly 12,000 jobs, increasing the revenue of participating firms by 41% and increasing their exports on

average by 23%. Indicating that this prompted the donors to approve a Phase Two, Dohnert noted that in addition to continuing their work with governments and private sector, in this second phase Compete Caribbean will be focused on transferring knowledge to business support organizations (BSOs) of the region. Accordingly, the Investment Panel was preceded by a two-day regional workshop for Capacity Building of Business Support Organizations. This workshop formally marked the start of Compete Caribbean’s Cluster Capacity Building in Small and Vulnerable Countries project, which Dohnert explained “is a project to increase the capacity of these business support organizations to identify very good cluster projects, to develop the strategies for them and to help implement them.” The workshop was attended by 10 BSOs – Grenada Investment Development Corporation, Jamaica Manufacturers Association, Jamaica Business Development Corporation, BELTRAIDE (Belize Invest), Centre for Economic Development (St Vincent and the Grenadines), Tourism and Hospitality Association of Guyana, Dominica Export Import Authority (DEXIA), Grenada Hotel and Tourism Association, St Lucia Trade Export Promotion Agency, as well as the Caribbean Tourism Organization. For other information about Compete Caribbean initiatives to aid private sector development, visit www.competecaribbean.org.

Description: Food Processing Directors: Beverly Andrea Felix; John Baptiste Felix Date Incorporated: 11-Jan-18 Chamber: SEDU, Saint Lucia

Name: TeleCarib Labs Inc. Description: Entrepreneur Capacity-Building Directors: Christian Wayne Date Incorporated: 11-Jan-18 Chamber: Peter I. Foster & Associates, Saint Lucia

Name: Gravytec Energy Ltd. Description: Energy Development, Technology distribution and sales Directors: Lorenzo Rudolph Francis; Leo Harrigan Date Incorporated: 11-Jan-18 Chamber: Stanley Felix Chambers, Saint Lucia

Name: KD Holdings Ltd. Description: Holding Company Directors: Kedhma Dorh Date Incorporated: 16-Jan-18 Chamber: SEDU, Saint Lucia

Name: JAG Petroleum Ltd. Description: All types of business dealing with oil, petroleum, and like products Directors: Julian Adjodha Date Incorporated: 17-Jan-18 Chamber: Jennifer Remy & Associates, Saint Lucia

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EU IMPOSES SANCTIONS ON VENEZUELAN AND NORTH KOREAN OFFICIALS BY FT CORRESPONDENT

The EU has accused President Nicolás Maduro of Venezuela of ‘non-respect of democratic principles’

The EU has imposed travel bans and asset freezes on top Venezuelan government officials and North Korean diplomats accused of breaking sanctions across Africa and Asia. The measures on Venezuela are the first by the EU against individuals involved in that country’s political crisis, while the scope of the North Korea targets is a sign of growing western efforts to cut off funds to Kim Jong Un’s regime. Foreign ministers from the 28-member EU signed off the sanctions at a meeting in Brussels on Monday in the union’s latest efforts to impose itself as a force in international crises. The European states have listed seven Venezuelan officials they accuse of human rights violations and “nonrespect of democratic principles or the rule of law”. President Nicolás Maduro’s government has cracked down on opponents, with human rights groups claiming that security forces have asphyxiated, electrocuted and sexually abused prisoners. Last month Mr Maduro

suggested banning the main opposition parties from this year’s presidential election. The EU’s targets include Néstor Luis Reverol Torres, interior minister, Gustavo Enrique González López, head of the national intelligence service, and Antonio José Benavides Torres, former head of the national guard. Also on the list are legal and electoral officials accused of facilitating policies that undermined democracy and the rule of law. The measures come after the EU imposed an arms embargo on Venezuela in November, as well as a ban on the sale of equipment for internal repression. The European states have also added 17 people to an expanding North Korea sanctions list that now runs to 68 individuals and entities, in addition to 133 listed by the UN. The union said it was imposing the measures to press North Korea because of its “continued and accelerated development of nuclear and ballistic programmes” in “flagrant disregard” of UN Security Council resolutions. The officials targeted include Chol Yun,

Mr Chol was allegedly involved in the sale of Lithium-6, a nuclear-related material prohibited by the UN, while Son Young-Nam, who is based at the North Korean embassy in Bangladesh, is accused of involvement in the smuggling of gold and other banned items

third secretary at the North Korean embassy in China, as well as Pyongyang diplomats in Bangladesh, Angola, South Africa and Egypt. Mr Chol was allegedly involved in the sale of Lithium-6, a nuclear-related material prohibited by the UN, while Son Young-Nam, who is based at the North Korean embassy in Bangladesh, is accused of involvement in the smuggling of gold and other banned items. Another diplomat is accused of activities relating to the sale of North Korean coal in Malaysia. In Africa, several individuals are accused of assisting evasion of sanctions by trying to sell arms and related material to Eritrea. Choe Kwang Su, third secretary to the North Korean embassy in South Africa, is accused of signing a contract to supply arms and arms-related material to a company controlled by the Mozambican government. Pyongyang’s envoy in Angola is accused of negotiating contracts for a UN-sanctioned company to refurbish Angolan naval vessels.

THE STAR BUSINESSWEEK

JANUARY 27, 2018

TENDER NOTICES INVITATION TO TENDER The Department of Infrastructure, Ports

and Energy wishes to invite you to submit a tender for the renewal of insurance

coverage for its vehicle and equipment

fleet for the period April 1, 2018 - March

31, 2019. Please contact us for a list of the vehicles and equipment on the fleet

Tenders should be submitted in sealed

envelopes labeled “ Tender for the

Insurance of MIPEL Fleet of Vehicles” and address to:

The Chairperson Central Tenders Board Ministry of Finance 2nd Floor Finance Administrative Complex Pointe Seraphine Castries, Saint Lucia Tenders shall be delivered to address above on or before February 13, 2018 at 4:00 p.m. Should you require any additional information or assistance please contact the Executive Officer – Miss Latoya Felix at: Telephone: 468-4344 Email: lafelix@gosl.gov.lc

REGIONAL PUBLIC NOTICES

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JOB VACANCY Saint Lucia Development Bank MANAGING DIRECTOR The Saint Lucia Development Bank, a statutory corporation, established by Act of Parliament No 12 of 2008 and commenced operations in February 2009, is seeking to recruit a Managing Director. The successful applicant should possess the following: • Strong leadership skills predicated on: (i) integrity and credibility; (ii) sincerity and honesty; (iii) a high sense of professionalism; (iv) forward looking and open-mindedness; and (v) competency and a record of achievement; • Deep understanding of the social and economic development challenges of Saint Lucia; • Excellent strategic thinking, visioning, problem-solving and decision-making skills; • Effective management and delegation skills; Strong negotiation, public

• • • • •

relations and presentation skills; An understanding of issues in organizational development and related human resource management matters; Ability to interface effectively with stakeholders at various levels (including Staff, Customers, Board of Directors, Heads of Government Departments and Agencies; Ministers, Representatives of Regional and International Institutions); Strong communication skills (verbal, writing and interpersonal); Alignment and commitment to the core values of the SLDB; Good grasp of development finance, development economics; development banking, micro-financing or commercial banking or lending;

Academic Qualifications and Experience • Post-graduate qualification in Finance, Banking, Economics, Management or other related discipline with at least five (5) years of experience at a senior level in a lending or project financing environment; Or • Professional qualification in Accounting, Banking or Finance and training and experience in project financing, with a minimum of eight (8) years’ experience at

a senior level in a financial institution or project financing environment.

Compensation Compensation will be commensurate with qualification and experience. The mandate of the Saint Lucia Development Bank is to promote socioeconomic development in Saint by providing, inter alia, quality project and development financing, with related technical services to meet the needs of its customers and ensure the continued development of Saint Lucia through the effective mobilization and allocation of resources. Interested applicants should submit their applications, including a cover letter and detailed curriculum vitae, with the names and contact information of three (3) references addressed to: Chairman of the Board of Directors, Saint Lucia Development Bank, No. 4 Bridge Street Castries, Saint Lucia to reach the offices of the Bank by 09th February, 2018.

Applications could also be submitted by email at: mybank@sldb.lc. All Applications will be treated in strict confidence and only suitable applicants will be contacted.

FINANCIALLY SPEAKING Financial Literacy 101 presented by Bank of Saint Lucia

DREAM VACATION? START PLANNING NOW

Start with a Vacation Budget – Where do you wish to go? What type of vacation? How much do you want to spend? How long are you planning to go for? List all possible expenses including travel costs, accommodation, entertainment, ground transportation, excursions, dining and contingencies. Be realistic with your estimations.

In keeping with our ongoing commitment to financial literacy, Bank of Saint Lucia is committed to delivering timely, useful information to empower readers to make sound financial decisions. So as we come to close of the first month in 2018, many of us have started executing our many plans to chart the path to achieving our personal, professional and financial goals. Any plans to treat yourself and your family? What about the dream vacation? Well, the best time to start planning is right now, while the year is still fresh!

Open a Vacation Savings Account – If your plan is to save towards this vacation, the budget should provide a fair assessment of the level of savings required monthly. By having a separate account, you can keep track of the funds accumulating while minimizing the risk of spending or withdrawing prematurely. Saving a portion of extra funds such as tax refunds or bonus pay can go a long way in realizing that dream vacation. Consider a standing order from your main savings account to your vacation savings account with a fixed amount on a fixed date monthly. Ask your financial services provider about setting up standing orders.

Experts agree that a vacation is good for both mental and physical health, leading to a re-energized and more productive return to work. To ease the expenses associated with your dream getaway, advanced planning is key. This will help you identify whether you can accumulate sufficient funds to cover your expenses or whether a travel loan or credit card can help.

Consider a Travel Loan – Don’t want to make a run on your savings? You may want to consider a travel loan. There are however a few things to consider first. Do you need to borrow? Can you afford a travel loan given your current

Here are a few tips to making that dream vacation a reality:

Faster, safer, more convenient

circumstances? What is the interest rate and loan term? Would your current commitments allow you to honour your monthly loan obligations? Would a credit card suit your needs instead? Manage your current spending – Take stock of your current spending habits and try to identify areas you can cut back on or eliminate altogether. Take those net funds and place in that savings account. You’ll be happy you did.

Happy vacationing! You deserve it! • Use credit and debit cards where it

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