STAR Businessweek - 3 March 2018 by STAR Publishing

THE STAR BUSINESSWEEK MARCH 3, 2018

WWW.STLUCIASTAR.COM

CARIBBEAN TOURISM MARKS MILESTONE

CARIBBEAN TOURISM CONTINUES TO BOOM, THANKS IN PART TO DOUBLE-DIGIT GROWTH IN SAINT LUCIA

Venezuela says ‘petro’ cryptocurrency raises US$735m in first day Venezuela says it has raised US$735m in the first day of the pre-sale of its cryptocurrency, the petro, as the country’s economy is battered by hyper inflation and US sanctions.

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

Page 3

Venezuela/petros: cryptobabble

Continued on page 4

Page 7

Photo courtesy of SLTA

The Caribbean reached a milestone last year, welcoming over 30 million visitors for the first time in the tourism industry’s history, according to the Caribbean Tourism Organization (CTO). CTO Secretary General Hugh Riley cautions that there is “more to be done”, however, as the numbers show arrivals were unevenly spread throughout the islands, with some destinations better than others at attracting the tourist dollar.

THE STAR BUSINESSWEEK

MARCH 3, 2018

WWW.STLUCIASTAR.COM

CARIBBEAN TOURISM IN THE ERA OF DIGITAL GLOBALISATION

How will Caribbean countries optimize their tourism products for digital growth? BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE

As small-island developing nations, especially ones that find ourselves particularly geographically isolated, it’s almost expected for many of us to live in a state of latent envy of our more well-endowed, resource-rich global neighbours — if even for no longer than the duration of our weekly gauntlet at the fuel station. Most Caribbean islands are similar to Saint Lucia in respect of the dearth of traditional natural resources readily available to citizens and industries of those countries to take advantage of. Chiefly for this reason, essential goods such as fuel and energy are imported at premium prices, not only making our business environment more expensive, but also making our energy supply unreliable and unstable. Notwithstanding, I’m doubtful many local readers are envious of our southern Bolivarian compatriots in Venezuela. Despite producing over 2 million barrels of crude oil per day in 2017 (down in excess of over 1 million barrels the year before), the government and economy as a whole seem to have hit — not oil — rock bottom. A contradiction of sorts, to say the least. Steadily maintaining his lead role as the most contradictory leader in Latin American and Caribbean politics — a title not easily earned in these parts — President of Venezuela Nicolás Maduro brewed himself a potent concoction of contradiction, desperation, and . . . financialtechnology genius? Read more on pages 3 and 7 about Venezuela’s play to bypass US economic sanctions through creating its own digital cryptocurrency. Sounds farfetched? The new ‘petro’ cryptoasset raised over US$700m on opening day last week. All this and more in this weekend’s edition of The STAR Businessweek.

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 future of the Caribbean economy is set to see new and profound challenges. Within tourism and its ancillary businesses especially‚ the changing nature of the way in which we live and work will place new pressure on the local industry. This will happen because the way in which our cities and nations exist in the world is set for huge change. There are general trends which show our whole world will see more and more people moving to urban areas‚ with up to 66 per cent of human beings projected to live in an urban area by 2050. Identifying the future of cities is a global concern, but one with unique characteristics to each region. It’s clear the time ahead will see major changes in how we live and work. Beyond mere infrastructure, these changes are a story of people and cultures‚ and the Caribbean will need to compete with other growing tourism regions around the world. Just as there are great and exciting opportunities ahead, inaction — as opposed to planning and goal setting — could be a critical mistake. This doesn’t apply only to the tourism industry but it does loom large in this region given tourism’s centrality to our local economy‚ and the world becoming more economically borderless as a whole.

HOW ARE OUR CITIES AND COUNTRIES CHANGING?

At the outset it’s important to identify that cities are, by nature, fluid. This is something very easy to overlook as, while government leaders and tycoons of industry may come and go, the once-new skyscrapers that gradually age among the clouds give to cities

a perpetual and unchanging appearance. In generations gone by, structures told us a lot about a city. Those skyscrapers would tell a story of profitable banks. A grand city on a harbour would tell all from afar that it was a shipping capital. And airports, train stations and freeways showed a city interconnected and ready to engage with the world around it. That was then. Today, and in future, the real story of a citiy will be its people, and there are push/pull factors involved in this. Certain buildings and services will surely always be a part of our cities and countries. Sports stadiums will still see games played. Cafes and restaurants will still entice people to eat and drink. Those same cafes and restaurants will require construction workers, electricians, and plumbers to maintain their operations. Public institutions, like parliaments and courts, that rely on a public discharge of duties won’t shift rapidly but, beyond these and similar fields, essentially all others are up for reform in the digital age.

THE FUTURE WILL NOT BE ‘BUSINESS AS USUAL’

The old ways of urban planning will not suffice for a new era. Many of us today see the majority of our work done each day at a computer. This gives rise to the capacity for more remote work. This change has already been seen in the way in which we entertain ourselves and, in many areas, the beginning of this trend has been borne out. Video stores that once did a roaring trade on Friday and Saturday nights have today been supplanted by the likes of Netflix, and

commonly seen old and sizeable stores transformed into gyms. More widely, while public libraries still exist, the rise of the internet and popularity of eBooks has seen many lenders now lend digital goods via license, and shift emphasis on the use of a library beyond that of a mere lending location‚ to a true community centre and public space. In tandem with this, growing recognition of work-from-home productivity, the lifestyle benefits of remote work, and even rising property prices around the world that see younger professionals buy further from the urban centres, all factor into diminishing the old justification for a 9-5 commute to the office in this new era. Projections often vary, and the rise of AI and automation complicates them further, but it’s commonly estimated that at least 50% of the workforce will shift away from traditional office roles to remote jobs by 2030. Whatever the exact figure, simply put, our cities as we know them soon won’t require the working population they once did to get business done. These changes are universal but will have some particular implications for the Caribbean. At its core‚ infrastructure and amenities alone will not have the same pulling power they once did. Huge all-inclusive five star luxury resorts may be a unique signature of Caribbean tourism now but there are similar establishments in Asia‚ and the boom of personal wealth and tourism in the Asian region will see its local tourism industry grow rapidly. So, too, will there be renewed challenges in luring the lucrative North American market to our region. American and Canadian office towers will not empty overnight but, if the future of work allows young professionals to work remotely, the desire to ‘get away from it all’ once a year with a trip to the Caribbean will Continued on page 5

THE STAR BUSINESSWEEK

MARCH 3, 2018

WWW.STLUCIASTAR.COM

© The Financial Times Limited [2018]. 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

VENEZUELA SAYS ‘PETRO’ CRYPTOCURRENCY RAISES US$735M IN FIRST DAY BY FT CORRESPONDENT

Nicolás Maduro, Venezuela’s president speaks at the launch of the petro cryptocurrency

Venezuela says it has raised US$735m in the first day of the pre-sale of its cryptocurrency, the petro, as the country’s economy is battered by hyper inflation and US sanctions. President Nicolás Maduro tweeted late on Tuesday that the cryptocurrency reaffirmed the country’s economic sovereignty and celebrated the petro as a “big solution” to Venezuela’s ills. The launch of the petro comes as Venezuela suffers one of the biggest

economic crises in Latin American history. Its economy has shrunk by about a third over the past five years and the International Monetary Fund expects gross domestic product to contract by 15 per cent this year. The IMF forecasts an inflation rate of 13,000 per cent for 2018. The petro is backed by the country’s vast oil reserves and a white paper on the cryptocurrency said 100m petro coins will be issued. Of that, 38.4m will be sold through a pre-sale at the reference price of $60. The

The launch of the petro comes as Venezuela suffers one of the biggest economic crises in Latin American history

pre-sale runs until March 19. A further 44m coins will be sold through an initial offer starting on March 20 with the same reference price, while the country’s Superintendency of Currency and Related Activities will retain 17.6m tokens. Venezuela will accept the petro as payment for taxes, fees and public services, according to the white paper.

TOURISM

PULSE!

STAY-OVER ARRIVALS INCREASED FROM ALL SOURCE MARKETS IN 2017!!!

7% 12.5%

Caribbean

14%

Europe

28%

Other

24%

THE STAR BUSINESSWEEK

MARCH 3, 2018

WWW.STLUCIASTAR.COM

Caribbean Tourism marks milestone CARIBBEAN TOURISM CONTINUES TO BOOM, THANKS IN PART TO DOUBLE-DIGIT GROWTH IN SAINT LUCIA

Continued from page 1

Saint Lucia was one of the year’s success stories, recording double-digit growth of 11%

UNEVEN GROWTH

Caribbean tourism has been growing steadily over the last eight years and increased by 1.7% in 2017. Total visitor expenditure reached US$37bn, with stay-over arrivals providing the lion’s share of US$34.2bn. “The performance in 2017 was primarily supported by sustained economic growth in all of our major source markets,” said Ryan Skeete, CTO Acting Director of Research

COMING SOON SATURDAY MARCH 31ST, 2018

in announcing the organization’s State of the Industry report. This was particularly evident in the United States where solid economic growth, low unemployment and high consumer confidence drove 14.9 million American tourists to visit the islands — a 0.5% increase from the previous year. While the region performed well as a whole, some destinations showed a lacklustre performance. Hurricanes Irma

and Maria roared through some islands in September 2017, causing widespread damage to tourism infrastructure and dampening interest from source markets. Tourism in some of the hurricane-impacted islands fell by as much as 18%. By contrast, Saint Lucia was one of the year’s success stories, recording doubledigit growth of 11%. Skeete attributed this to a number of factors including greater air

THE STAR BUSINESSWEEK

access and high-profile investments in the industry such as new resorts and facilities. He added that destinations which saw growth in 2017 would also have benefitted from focused promotional efforts, saying: “Increased seat capacity, new room stock and improved marketing efforts would have contributed to the performances generally.”

STAR Businessweek

Nothing Personal. It’s Just Business.

RENAISSANCE 2.0:

ICT AND THE DIGITAL REVOLUTION In this Special Edition of The STAR Businessweek, we’re taking a broad look at the massive disruptions that are taking place in the ICT industry and what they mean for business in Caribbean nations like Saint Lucia and our digital futures!

For advertising please call sales at: 758.450.7827

THE STAR BUSINESSWEEK

A WAY TO GO

Saint Lucia’s strong performance may be good news for the island and the wider region but CTO Secretary General Hugh Riley warns Caribbean stakeholders not to be complacent, saying: “Despite the severe challenges of 2017, more visitors arrived in the Caribbean and they spent more. But is that enough? Is our work now over? Not by a long way. The Caribbean, with a highly competitive tourism product, has quite some distance to go in order to realise our full potential.” One of the biggest tasks on the horizon is educating future visitors. When the category 5 storms tore through the region last year, images of collapsed buildings, flooded streets and crumbling infrastructure were beamed all over the world leading to the perception that the Caribbean was damaged beyond repair. Those unfamiliar with the geography assumed that all islands were affected in some way and arrivals to the Caribbean sharply dipped as a result. Now industry must spread the word, letting travellers know that many islands were left unscathed and that those affected are rebuilding and rejuvenating; in short, that the Caribbean is open for business. “Perception is all that matters when it comes to driving business,” says Alex Zozaya, CEO of Apple Leisure Group. “Perception has affected business even more than the hurricanes themselves.” Zozaya, President and Founder of AMResorts, suggests that those in the industry look at trips for travel agents and broadcast live media from Caribbean destinations to tell the world that the region is ready to welcome visitors.

ENGAGING CITIZENS

Looking ahead to 2018, Riley wants Caribbean destinations to take greater ownership of their product and says: “The first order of business as a region is to stop treating tourism as some sort of casual pursuit. Tourism is a serious business. Tourism is the business that delivers foreign exchange every time a plane lands and a cruise ship docks. It reduces unemployment and delivers massive amounts of tax dollars to our national treasuries. We should worry when we’re not using this job-creating, tax-generating, foreign exchange-earning machine to its full potential.” Despite reaching the landmark

30 million visitor target, there is room for improvement in the region’s 2017 performance. Hotel occupancy rates were 70%, a 1.2% drop from the previous year, while the Caribbean’s overall market share shrank by 0.1%. “Of every hundred rooms available, at least 30 are going empty every night,” says Riley. “This tells us that we have an opportunity — indeed a responsibility — to market ourselves more effectively, to improve the quality of our service substantially, to enhance the value of our product significantly and to fill those empty rooms.” Riley believes that understanding exactly how tourism impacts life in the Caribbean is key to unlocking its potential and wants to see a system that can trace the tourist dollar through the economy, breaking it down so that Caribbean citizens can see exactly how that investment is dispersed throughout their communities. “This business can truly be the lifeblood of the Caribbean, but we have to treat it more seriously.”

THE COMING YEAR

The CTO is certainly taking the industry seriously, and recently adopted a Strategic Plan covering the period 20182022. The plan identifies seven key areas, including human capital development, and is designed to deliver on the organization’s mandate of positioning the Caribbean as the premier warm weather destination. Other priority areas include sustainable product development, tourism brand leadership, market intelligence and resource mobilization and sponsorship. The mood going into 2018 is optimistic. The CTO is predicting growth of 2-3% and says it expects tourist arrivals to increase between 2% and 3%, supported by the strengthening US, European and Canadian economies which will be favourably impacted by low oil prices. The Caribbean tourism industry is in a strong position but it must maintain market share in an increasingly competitive environment. Riley has a stark word of warning for the sector: “We are thankful for the results in 2017 and we have to celebrate our victories, but there are bigger celebrations occuring in the places that are stealing our market share. In this highly competitive business we have to keep fighting in the Caribbean, and we have to win.”

Love is in the air!

WWW.STLUCIASTAR.COM

CARIBBEAN TOURISM IN THE ERA OF DIGITAL GLOBALISATION

How will Caribbean countries optimize their tourism products for digital growth? Continued from page 2

The future of Caribbean tourism will see a new emphasis placed upon the unique and authentic — increasingly powered by digital infrastructure such as the GINet pilot project

diminish‚ given that a remote worker will have the potential to work location-independent throughout the year.

WHAT WILL STAND THE TEST OF TIME?

Cities and nations, as unique business hubs, are set to change; cities and nations as desirable destinations will not. Fortunately our region is one abundant with immense advantages in the latter aspect. Ultimately, while cities around the world may increasingly function in a similar way due to the universality of the digital global economy, no nation in Europe can offer a tourist the beauty of Marigot Bay at sunset; or replicate the wonder of hiking St Vincent ‘s beautiful Grand Bonhomme mountain. And yes, for any sporting

fan, no journey in the world delivers a smile quite like one to Sherwood Content, Jamaica — the village where Usain Bolt was born and where his first steps were taken in his sprint to be the world’s fastest man. The issue of climate change is, of course, also a factor in this area. For the overall sustainability of tourism depends on addressing it in the long term. But this can also be made into an asset, and a way to raise greater awareness of the need for action in the short term. If the Caribbean can continue to drive action and promote sustainable initiatives, this, too, can draw new tourism and business to the region. A renewed emphasis upon what only we can offer locally also need not be confined exclusively to

sustainability projects. The (GINet) Project that is set to see Saint Lucia’s Wi-FI access soar, promises to attract renewed interest in visiting and investing in the island. Initiatives like this are digital, global and truly local in their tourist appeal. That scores points across the board. In this new era when the world becomes more digital and global, the future of Caribbean tourism will see a new emphasis placed upon the unique and authentic. The challenges are real, and the changes will be big, but when it comes to a unique region with a rich abundance of authentic people, cultures, and attractions? This is a field in which local tourism providers have already done wonderful work, and it has a future in which they can thrive.

EXPERIENCE A DELICIOUS JOURNEY IN THIS CHOCOLATE MAKING TOUR. SEE, FEEL, HEAR AND SMELL THE TRANSFORMATION TO FOND DOUX’S CHOCOLATE.

T H E AWA R D W I N N I N G

TOUR PRICES

FOND DOUX PLANTATION & RESORT IN SOUFRIERE SAINT LUCIA HAS NOW OPENED ITS VERY FIRST CHOCOLATE SHOP

PLUS 10% SERVICE CHARGE AND 10% VAT

“PLAS CACAO”.

MARCH 3, 2018

CHOCOLATE MAKING US$40.00 TREE TO BAR US$65 PLUS 10% SERVICE CHARGE AND 10% VAT

To book yo ur Fond Doux Ch ocolate He ritag e Tou r, p lease call (1758) 4597545 /48 or Cell #7168801.

THE STAR BUSINESSWEEK

MARCH 3, 2018

WWW.STLUCIASTAR.COM

CORPORATE

HANDS

The fisheries sector in Dominica was decimated by Hurricane Maria during the 2017 Atlantic hurricane season

CRFM FAST-TRACKS PROTOCOL FOR CLIMATE CHANGE AND DISASTER RISK MANAGEMENT IN FISHERIES AND AQUACULTURE We know from the devastation wrought in the Caribbean last September by Hurricanes Irma and Maria, just how important it is for the region to step up its game in tackling climate change and the risks posed by natural disasters. The Caribbean Regional Fisheries Mechanism (CRFM) has recently inked an agreement with the Food and Agriculture Organization of the United Nations (FAO) that will put the region on better footing to address the impacts of disasters on fishing communities. The CRFM â&#x20AC;&#x201D; the CARICOM agency which works to promote sustainable development of the fisheries and aquaculture sector â&#x20AC;&#x201D; is a regional partner on the Climate Change Adaptation in the Eastern Caribbean Fisheries Sector (CC4FISH) Project, funded by the Global Environment Facility (GEF). It is under this umbrella that the new initiative is being implemented for the benefit of the CARICOM States. The CRFM is overseeing the development of the regional protocol to integrate climate change adaptation and disaster

risk management in fisheries and aquaculture into the Caribbean Community Common Fisheries Policy. The intent is to have the protocol ready before the start of the next hurricane season, which begins on June 1. Leslie John Walling of Jamaica, a Coastal Resource Manager whose specializations include Coastal Resources Assessment and Management, Disaster Risk Reduction Planning, and Climate Change Adaptation Planning, has been engaged as a consultant to assist with the development of the new protocol. Mr. Walling will be consulting with government and non-government stakeholders in fisheries/aquaculture, climate change and disaster risk management, including the Caribbean Community Climate Change Center (CCCCC) and the Caribbean Disaster Emergency Management Agency (CDEMA), as he puts together the draft document. The draft protocol will be presented for review and validation at a regional workshop slated for 18 April, 2018 in Montserrat, on the heels of the 16th Meeting of the

Caribbean Fisheries Forum, the technical and advisory arm of the CRFM. After the technical experts from the member countries and partner agencies weigh in on the document, it will be refined then tabled at the May 2018 meeting of Caribbean ministers responsible for fisheries and aquaculture, the Ministerial Council of the CRFM, which sets policy for our region. The Caribbean Community Common Fisheries Policy, which was endorsed by the Council for Trade and Economic Development (COTED), in October 2014 lists, among its objectives, the development of a fisheries policy that integrates environmental, coastal and marine management considerations, in a way that safeguards fisheries and associated ecosystems from human-induced threats and to mitigate the impacts of climate change and natural disasters. The policy calls for the development of protocols to build upon the policy and recognizes that those protocols would also be considered to be a part of the regional policy.

THE STAR BUSINESSWEEK

MARCH 3, 2018

WWW.STLUCIASTAR.COM

VENEZUELA/PETROS: CRYPTOBABBLE BY FT CORRESPONDENT

President Nicolás Maduro claims the petro will be backed by Venezuela’s oil reserves, with prices to match, yet investors will not be able to swap their petros for oil

Venezuela and cryptocurrencies make perfect bedfellows. Both are powered by magical thinking, dubiously valued and rightly viewed with suspicion. Yet Venezuela’s bitcoin-esque “petro” still makes little sense. The government has incubated its cryptocurrency in a haze of confusion. Information was sparse on Tuesday, the official launch date. Previously, a price of US$60 per petro had been mooted — linked to the price for a barrel of oil — and enough for the country to raise US$6bn and avert default. But millions of tokens have been touted to global buyers at an unknown discount and no up-to-date information on pricing has

been published. Having claimed that 100m units would be released, the government said Venezuela would make up to 38.4m in a presale. The link between petros and oil is also questionable. President Nicolás Maduro claims the petro will be backed by Venezuela’s oil reserves, with prices to match, yet investors will not be able to swap their petros for oil. Right now, they can only buy them with hard currencies such as US dollars rather than the wrecked bolívar. This is the real plan in motion. Venezuela is dealing with quadruple digit inflation and tanking oil production. It wants dollars and needs to circumvent sanctions to get them. If petros work, expect to see a raft of cryptos from

Venezuela is dealing with quadruple digit inflation and tanking oil production. It wants dollars and needs to circumvent sanctions to get them

other sanctioned nations (the Myanmar yango? Cuban tobaccoin?). But this is not a given. The US Treasury has already warned that anyone silly enough to buy petros may be exposed to sanctions risk. Venezuela has a poor credit history and is in economic crisis. The petro is not the answer to these problems. But it may make the history books anyway. Cryptos were born of anti-authoritarians who sought to replace banks and states with blockchain. As cryptos gain traction, intermediaries want in. Venezuela will host one of the first intersections between cryptos and the very institutions they were designed to avoid.

THE STAR BUSINESSWEEK

MARCH 3, 2018

REQUEST FOR TENDER

PUBLIC NOTICE years commencing 1st June 2018, Mondays to Fridays. Interested companies should contact the following Officers: Assistant Accountant General (Administration)

Tender title: Request for Tenders for the Provision of Security Services Department of Finance Accountant General’s Department The Accountant General’s Department invites tenders for the provision of security services for its main and suboffices for a period of two (2)

REGIONAL PUBLIC NOTICES

WWW.STLUCIASTAR.COM

or the Senior Executive Officer at telephone nos. 468-3903 or 468-3830

The Development Control Authority (DCA) under the Physical Planning and Development Act is responsible for land development in Saint Lucia. Under this authority, the DCA has been monitoring developments along the road reserves throughout Saint Lucia.

significant disruptions to the intended

the John Compton Highway and the

uses and users of the reserve.

roads within the city of Castries. The

The function of the road reserve is

This campaign commenced 15th

Physical Planning, the Department

February, 2018 in the north of the

of Infrastructure and the Royal

island and will include the Castries-

Saint Lucia Police Force. The DCA is

Gros Islet Highway from the entrance

requesting the fullest co-operation of

into Cap Estate to the La Toc

the public in this regard.

to facilitate services such as power lines, street lights, water distribution networks, pedestrian sidewalks,

for further information and to arrange a site visit prior to submission of

accesses to properties, road widening, traffic lights, traffic signs and traffic

proposals.

lines of sight, bus stops and vehicle

The Secretary Central Tenders Board Department of Finance Pointe Seraphine Castries

years the Authority has observed

campaign will thereafter move to In an effort to address this concern

Vieux Fort followed by other areas

the Authority is undertaking a clean-

around Saint Lucia.

up campaign of the road reserves by removing unauthorized uses including

The DCA is undertaking this activity

advertisement signs and vending.

in conjunction with the Crown Lands Section of the Department of

Roundabout, the Rodney Bay main road and minor roads, the Bonne Terre main road to Caye Mange, the Monchy

laybys. However, over the past few

main road, the Mongiraud main road, the Bois d’Orange main road, the

that the road reserves have become inundated with unauthorized vending

main and bypass roads to Corinth and

activities including advertisement

Marisule, the Allan Bousquet Highway,

signs and displays. This has caused

the Vigie roundabout and stretch,

Any person seeking further clarification on this activity is encouraged to contact the Authority byy calling 468-4441/4457 or visiting its offices on the 1st floor of the Greaham Louisy Administrative Building, Waterfront, Castries.

FINANCIALLY SPEAKING Financial Literacy 101 presented by Bank of Saint Lucia

COVENIENCE BANKING SERVICES & CUSTOMER PROTECTION There is no denying that convenience banking services have made our lives a whole lot easier. More and more, everyday people are willing to conduct their daily activities using a computer or hand held device. Services such as online and mobile banking, debit and credit cards, point of sale devices or ATMs – now give customers greater access to account information and to conduct transactions outside of a traditional bank branch. These services offer many benefits, both in terms of the ease of transacting business and also through the reduction of paper consumption and wastage. There are however some risks in transacting your business on the Internet. Common examples include phishing schemes, trojan horses and malware. Phishing schemes are typically falsified emails or texts claiming to be from a bank, agency, retailer or company – intended to lure persons via email or text into providing valuable information such as bank account and credit card numbers, log in credentials and password details - in an attempt to commit fraud. These fictitious emails or texts often bear similar logos and graphics to deceive the receiver into believing that the sender is legitimate.

Financial institutions are not likely to solicit your personal information via email, link or text; thus customers are strongly cautioned to not click on any links within these emails, and to delete immediately. If the email is believed to be suspicious please contact your financial institution immediately. It is advisable to treat all emails with a degree of caution, and that you take the time to scrutinize them including the sender’s email address. Never open attachments from strangers- if there is a link you can hover your mouse over it to verify whether the link corresponds to the subject of the email. Cyberattacks pose a risk to both customers and institutions and can cause devastating economic and reputational losses. Here are some simple steps to mitigate online risks: Use a strong password with upper and lower case letters, numbers and symbols - instead of typical names, places or birthdates. Change passwords regularly. Faster, safer, more convenient

Ensure that personal devices such as workstations, laptops and other mobile devices are always updated with the latest security patches to block vulnerabilities. Be aware of what computers or devices you use when accessing online services. Exercise extreme caution if using public computers to access online services. Banks take customer safety and security very seriously, and will remain committed to safeguarding the financial affairs of their valued customers. Some institutions have gone a step further by replacing traditional password sign-in for mobile banking with biometrics such as fingerprints. Remember, customer protection starts with you be vigilant, and take the necessary steps to protect your personal data including your account information. Remain vigilant.

• Use credit and debit cards where it

previously was impossible Faster, safer, more Use credit and debit cards where cardconvenient transactions with•wireless • Small, and portable it previously waslightweight, impossible card transactions with wireless point of sale systems from Bank • No second phone needed Small, andline portable of Saint Lucia mean •you can lightweight, point of sale systems from Bank • Increased reduce the amount SWIPE • No second phonesecurity line -needed of Saint Lucia mean youand canGo! Convenient of cash you handle wireless point-of-sale •solution Increased security - reduce SWIPE and Go! Convenient from Bank of Saint Lucia. Accept the amountCalloforcash youtohandle wireless point-of-sale solution visit us today find out more

card payments wherever you

from Bank of Saint Lucia. Accept are, whenever you need: card payments wherever you are, whenever you need:

Faster, safer, more convenient

• Use credit and debit cards where it previously was impossible

card transactionsStreet, with wireless PO Box 1862 1 Bridge point of sale systems from Bank of Saint Lucia mean you can Castries, Lucia SWIPE and Go!St. Convenient • Small, lightweight, and portable • No second phone line needed

wireless point-of-sale solution from Bank of Saint Lucia. Accept card payments wherever you are, whenever you need:

• Increased security - reduce the amount of cash you handle

TEL: 1 758 456 6000 FAX: 1 758 456 6720

Ask Ask for it!for it!

about this liberating convenience service from Bank of Saint Lucia!

EMAIL: cardservices@bankofsaintlucia.com WEB: www.bankofsaintlucia.com

A SUBSIDIARY OF

cardservices@bankofsaintlucia.com LIKE US ON: FACEBOOK.COM/BANKOFSAINTLUCIA WWW.BANKOFSAINTLUCIA.COM

A SUBSIDIARY OF

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 cardservices@bankofsaintlucia.com