STAR Businessweek - 17 March 2018

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AIRLINE ACTIVISM

CARIBBEAN CARRIERS LINK CONSERVATION WITH COMMERCE

BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT

Pristine white sand beaches, clear turquoise waters, clean shorelines when it comes to attracting tourists, the Caribbean’s greatest assets are God-given.

But preserving the natural splendour that keeps tourists coming back is an ongoing effort and Caribbean carriers are joining the fight, in recognition that sustainable tourism guarantees future business.

Continued on page 4

Tui gains as tourists return to Turkey and north Africa

Growing demand for cruise trips, as well as the return of European tourists to Turkey and north Africa, have helped to boost revenues at Tui, the world’s largest holiday company.

Page 3

Puerto Rico pitches for investment after hurricane

Five months after Hurricane Maria, Puerto Rico’s government is shifting from disaster recovery to pitching for business, telling multinational companies that the island that has defaulted on its debt obligations and is still struggling to restore power is on the brink of “an economic transformation”.

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CODING 101: THE CARIBBEAN POTENTIAL

BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT

established, what is the state of programming in our region? And what issues in the industry exist which must be kept in mind?

PROGRAMMING IN THE CARIBBEAN

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BY CHRISTIAN WAYNE – EDITOR AT LARGE The world is at a flashpoint, and the Caribbean has the chance to be at the epicentre of it all. While climate change and disruptive financial technologies may have little to do with one another on the surface, both are mega themes that have already begun massively transforming entire industries. The Caribbean has the opportunity to help shape these trends but to what extent we realize this is at our own peril.

A Woman of No Importance was a play written by Oscar Wilde in 1893 and while I certainly will not claim to have ever read it in entirety, I am aware that it is thanks to Lady Hunstanton in this piece of oft-cited, seldom-read prose that we have the ubiquitously appropriate line “Every saint has a past, and every sinner has a future”.

It was this line in particular that came to mind as I read about international airliners and their push to ‘green’ themselves and their horridly dirty businesses in far more meaningful ways than simply plastering their jets in universal recycling stickers; see the article on Airline Activism starting on page 1.

In keeping with our ‘every sinner has a future’ theme, shall we gander a guess at who is leading the charge in financial inclusion globally? Banks. Financial technologies have the potential to deliver high-quality, relevant financial services to underserved people across the world, including within the Caribbean where nearly 90% of transactions still take place in cash. It is awkward, however, to begin imagining a technology utopia rising out of the Caribbean Sea when basic technical proficiency and 21st century skillsets are so lacking, not just in our youth but also in large ranks of our working-age population and employed workforce. For more on the power of coupling education and technology as tools for fostering economic development, read Coding 101: The Caribbean Potential here on page 2.

All this and more in this weekend’s edition of The STAR Businessweek.

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When someone says the word ‘programming’ at a dinner party, there are typically two responses. The first is the admiration but befuddlement from one group, surrounding how it all works. ‘OK, so a programmer types code and makes a computer do stuff, right?’

Then there’s the second type. Someone who is a programmer, loves it, and maybe laments a bit that some folks just don’t ‘get it’. Between these two perspectives is the future of education and the economy in the Caribbean.

While once upon a time the distances between these two perspectives may have been allowed to persist, today this won’t do. There’s simply too much opportunity on offer in the ‘coding economy’; failing to seize on this, and getting left behind, could fast become very expensive for the region.

So let’s look now at Coding 101 in the Caribbean.

WHY PROGRAMMING?

In order to recognise the value of programming to our region, it’s necessary to identify the changes being seen globally, and how the Caribbean family can take advantage of them.

There are four key elements to understand here: present demand, the English language, globalisation and digitisation.

Dealing with the first: there is a huge demand for programmers around the world.

In fact, within the United States alone, it’s projected that between 2016 and 2026 demand for software developers will grow by a whopping 24%! With the 2016 median pay of an American software developer being $49.17 per hour, and the median salary being

$102,280 per year, programming is a rare field that has huge demand and high pay.

Purists will point out that there can be some difference between the titles of ‘computer programmer’ and a ‘software developer’ (and we’ll discuss this below) but, in reality, the work of programmers and developers is often interchangeable.

Programmers apply for developer roles, and vice-versa, and each role needs coding.

The second big advantage comes from the popularity of the English language.

Essentially all major programming languages are in English, even if not all programmers speak English. In time ahead, as our local economies become more digital and global, programming will offer a job that can easily be done globally without requiring total fluency in other languages.

So, if you can understand this sentence here, chances are good you can programme globally!

‘Bricks and mortar’ industries will find themselves increasingly challenged by digital competition. Being digitally literate and knowing programming will ensure that a professional is equipped to meet the challenges ahead, and make the best of them. In fact it’s estimated that 8% of the entire workforce works remotely, and this trend is telling also.

Our world is set to grow more digital, especially as demand grows, not only from ‘digital-only’ businesses like eCommerce shops, but also from traditional industries that recognise the need to shift online to sustain their business long-term. This means more work on offer, now and into the future, from employers near and far.

The benefits of programming now

Much good work has been done by the Caribbean programming community, but much remains.

In particular, developing a stronger programming culture locally remains a key issue.

Many hoteliers and tourism businesses around the world have established coding bootcamps.

Already within our region there is the possibility of attending an eight-week coding course in Curacao.

There’s even been the offering in a quintessentially Caribbean experience - to learn coding while cruising!

These initiatives are welcome but they give rise to a question for local programmers, educators, and tourism providers, as often these courses are run by foreign businesses that ‘decamp’ in the region temporarily.

Or, in the case of a cruise ship, offer little in the way of instruction and local engagement ‘on the ground’, as opposed to classes being held aboard.

Certainly, the Caribbean has a rich history of welcoming people from all over the world, and building a terrific reputation for the hosting of events, conferences and courses. Nothing needs to change with that! But instead there remains much potential to develop local coding camps.

And viewing the presence of visiting businesses as truly local products would be a mistake.

This reality also has a heavily digital component. Any reader who does a Google search right now for ‘Coding Caribbean’ will find numerous front page links to a coding business in Miami. Again, everybody is welcome in this region, and Miami is a great city, but by any measure it is difficult to define Miami or Florida as the epicentre of the Caribbean, either geographically, economically or culturally.

Continued on page 5

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TUI GAINS AS TOURISTS RETURN TO TURKEY AND NORTH AFRICA Travel group also benefits from continued popularity of cruise holidays

BY FT CORRESPONDENT

Bookings to Turkey from Germany for this summer were up by around 50 per cent, according to TUI

Growing demand for cruise trips, as well as the return of European tourists to Turkey and north Africa, has helped to boost revenues at Tui, the world’s largest holiday company.

The FTSE 100 group said it was benefitting from the continued desire of holidaymakers to take cruises to the Canary Islands and the Caribbean, despite disruption from hurricanes last year.

On Tuesday the company announced a further expansion of its cruise business by ordering another 2,900-capacity ship for its joint venture with Royal Caribbean Cruises, seeking to meet healthy demand, particularly from German tourists.

Tui said it was also benefitting from

a “recovery” in journeys by Europeans to Turkey and north Africa, especially Egypt. In recent years terrorist attacks and political instability had hurt demand for holidays in the region.

The company’s diversity of holiday offerings and destinations is part of a wider strategy to reduce volatility in a notoriously seasonal business.

“Our strategy is successful,” said Fritz Joussen, Tui chief executive. “Our focus is on hotels and cruises . . . this makes Tui more profitable, and we now generate our earnings more evenly across 12 months.”

The company is also rapidly opening own-brand hotels, which it says allow it to earn higher profit margins than by making deals with third-party hoteliers. The group said it has about 15 planned openings over

the course of its financial year.

By contrast, rival Thomas Cook said last week its profit margins were being weighed down by Spanish hoteliers, which have raised prices in recent years, as tourists — particularly from the UK — flocked to the country.

Tui said overall turnover for the three months to December 31 grew just over 9 per cent on a constant currency basis to €3.6bn.

There was a loss of €24.9m in underlying earnings before interest, tax and amortisation — the period represents the company’s quieter winter season — but that was a 65 per cent improvement compared with the same period a year earlier.

Tui added that its current trading was

“in line with our expectations” and reiterated in its guidance that it was on course to deliver at least 10 per cent underlying ebita growth for the full year.

“Shareholders are comforted by strong demand [from holidaymakers in north and central Europe], summer already 35 per cent sold and continued improvement in destinations such as Turkey and north Africa, which had been shunned following acts of terrorism,” said Mike van Dulken, head of research at Accendo Markets, in a note.

“Very reassuring too is the growing cruises segment faring so well with revenues and profits jumping in spite of much inclement weather in [second half of] last year.”

TOURISM

PULSE!

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

US

UK

7% 12.5%

Caribbean

14%

Europe

28%

Other

24%

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AIRLINE ACTIVISM

Caribbean carriers link conservation with commerce

Continued from page 1

ECO-EARNINGS

In 2007 Caribbean Airlines became the first carrier in the region to launch its own sustainable travel initiative, the CarbonNeutral programme. This gave customers the opportunity to offset their carbon footprint by investing in eco-friendly projects such as rainforest conservation in Guyana and recycling efforts in Trinidad.

Since then, international airlines have followed suit with similar ventures, the latest being JetBlue’s newly-launched Caribbean Consortium.

With flights to over 20 Caribbean destinations, JetBlue is one of the region’s largest airlines. The company brings around 1.8 million tourists a year to the Caribbean, most of whom are visting with the sole purpose of enjoying the unique tropical environment. “One-third of JetBlue’s network is in the Caribbean and Latin America,” says Tamara Young, Manager of Corporate Communications at JetBlue.

“This region is very important to us. Natural resources are essential for the airline, and tourism relies on having beautiful, natural and preserved destinations for customers to visit.”

In 2013, the airline partnered with the Ocean Foundation to determine the economic value of conservation, directly tying it to revenue to highlight its importance. This gave rise to the ‘EcoEarnings: A Shore Thing’ report which discovered a link between beach trash, mangrove health and revenue per available seat mile. In their conclusions, the authors of EcoEarnings called for a more definitive study, with greater data collection and analysis. Last month JetBlue took the next step in these efforts, creating the Caribbean Consortium in collaboration with the New York Botanical Garden (NYBG).

The Consortium brings together industry partners to address conservation and commerce in the Caribbean, focusing on one destination at a time. The group will begin its efforts with a pilot programme in Cuba that looks at four action areas: capacity-

COMING SOON SATURDAY MARCH 31ST, 2018

building, public policy, knowledge-sharing and access to resources. If successful, the project will be extended to other Caribbean islands in the future.

LEADING THE WAY

While the Caribbean Consortium is the first of its kind, other major airlines in the Caribbean market have recognised the need to ‘green’ their brands. In the past few years Delta has been working with the Nature Conservancy to offer customers a way to offset the emissions associated with their flight while Canadian competitor Sunwing has introduced environmentally-friendly initiatives and practices across both its airline and its resorts.

“At Sunwing we are passionate about our commitment towards the development of environmentally-friendly practices across our airline operations and the destinations we serve. We constantly strive to lead discussions on new ideas to reduce our carbon footprint,” says Sunwing’s Senior Director of Marketing Jacqueline Grossman.

Several of Sunwing’s resorts, such as the Royalton Resort in Saint Lucia, carry their Green Globe Certification which signifies that the facility meets certain conservation standards. “This global certification recognizes these resorts for their promise to sustainable tourism, and to engage in positive contributions to the community and the planet by adhering to a stringent conservation programme that implements recycling, solar energy, composting, energysaving lights and more,” explains Grossman.

In addition, Sunwing is working on upgrading other resorts in its portfolio to TripAdvisor’s GreenLeaders programme which showcases eco-friendly hotels.

The travel group is also extending its conservation efforts into the local community through its charitable arm, the Sunwing Foundation, which recently worked with the Canadian government and the Ministry of Education in Saint Lucia to refurbish Castries Comprehensive Secondary School and improve energy

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RENAISSANCE 2.0:

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efficiency throughout the building.

Grossman says: “From our airline operations to the destinations we fly to and the communities we support, we at Sunwing are strongly committed to the continuous development in being green, and applying environmentally-friendly practices in all our efforts and services.”

“When you think of an airline, you don’t automatically think of sustainability” Tamara Young, Manager of Corporate Communications at JetBlue

SUSTAINING PROFITS

Airlines have a bad reputation when it comes to environmental issues. From carbon emissions to their role in encouraging widespread development and urban pollution, these carriers are often viewed as the enemy by environmentalists. There are groups however, such as the Nature Conservancy, who realise that collaboration is better than conflict and leveraging the link between conservation and profit is the way to bring companies to the table.

“When you think of an airline, you don’t automatically think of sustainability,” says Young who acknowledges that conservation is no longer just about saving the planet, but about saving revenue. “Truth is, we depend on natural resources and healthy environments to keep our business running smoothly. Travel to the Caribbean is a key pillar of JetBlue’s business model. Large-scale environmental degradation in the Caribbean is a risk to demand for air travel to the area, impacting airlines and tourism companies like JetBlue.

“Sustainability is about smart business and planning now for the future. “

At Sunwing we are passionate about our commitment towards the development of environmentallyfriendly practices across our airline operations and the destinations we serve. We constantly strive to lead discussions on new ideas to reduce our carbon footprint,” says Sunwing’s Senior Director of Marketing Jacqueline Grossman

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CODING 101: THE CARIBBEAN POTENTIAL Continued from page 2

There are four key elements to understand here: present demand, the English language, globalisation and digitisation

The creation of blogs, news sites and even social media channels that provide dedicated discussion of our region and its tech scene would be a great way to diversify the Google search results.

THE LANGUAGE OF PUBLIC AND PRIVATE

In tandem with the private sphere, greater recognition from government of the fluidity of global tech is required. It’s easy to overlook today how permeable the digital economy is, and programming accordingly.

While the language JavaScript is beloved by all who write lines of code, it was only in 1995 that it came into being!

The same applies for WordPress. It’s estimated that the popular blogging platform hosts 27% of online content, and yet its

initial release was only in 2003!

The speed of this change goes beyond programming websites alone, to include the wider architecture that makes up online use; just a decade ago, in 2008, Twitter was credited as being a leading component of the first US presidential election in the social media age.

It needs to be recognised that the wheels of government can turn slowly in this regard. So, too, that it is not up to government alone, and that good government infrastructure, like the GINet pilot programme here in Saint Lucia, creates the foundation for the private sector to thrive.

Credit must be given for the progress made so far here, and around the region.

But it’s no good resting on laurels, especially when real progress can happen very fast in the digital age.

Cities like Dublin in Ireland, and nations like Estonia, have built new tech identities quickly.

With the right policy and strategy, growing a new industry isn’t a matter of decades, but just a few years. Nobody suggests that a Caribbean city or nation needs to become the next Silicon Valley overnight. But nobody can say any longer that good investment here won’t reap dividends. The rise of AI and globalisation could see many existing jobs replaced, and that means growing new skills is essential to meet market demand and provide new employment.

These opportunities should be seized now because, in the years ahead, the need for more programmers will be essential, and no nation wants to be caught behind the eight-ball of a sweeping global change.

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HANDS

OECS MEMBER STATES COLLABORATING TO ELIMINATE HIV AND TUBERCULOSIS

TB/HIV Guidelines workshop

The OECS Commission has partnered with the Pan American Health Organization and the Global Fund to implement a programme aimied at eliminating tuberculosis and HIV in the Eastern Caribbean.

The US$5 million TB/HIV project funded by the Global Fund will operate in six participating OECS Member States: Saint Vincent and the Grenadines, Saint Lucia, Antigua, Dominica, St. Kitts and Nevis, and Grenada, with outcomes and lessons learned being applied to other Member States.

Representatives of the countries recently convened to provide an update on project progress to all stakeholders.

Dr. Cleophas d’Auvergne, Project Coordinator of the HIV/TB Elimination Project at the OECS Commission, reported: “We presented the newly developed OECS TB/HIV Clinical Guidelines to be endorsed by the Member States as a document that can be used as a model for others.

“We also aimed to finalize the TB elimination plans of countries, as well as to agree on specific implementation activities for 2018.”

The guidelines aim at harmonizing the processes of prevention, control and treatment of tuberculosis and HIV among all the participating countries.

Dr. Davy, Clinical Care Coordinator for TB/HIV in Saint Vincent and the Grenadines explained that the guidelines are prominent for medical practitioners.

“The project allows us to concentrate our efforts on major improvements to elimination efforts. Before we had the guidelines, some health professionals were attaining a diagnosis in an incorrect way.

One case of tuberculosis is one too much in this modern day and age,” said Dr. Davy.

In the case of SaintVincent and the Grenadines, Dr. Davy concluded by stating that an average of seven cases of tuberculosis were recorded annually in that nation.

The Saint Lucia Government Gazette Company Registration Name: St. Romain Enterprises Ltd.

Name: Nissa Trading Company Ltd.

Description: ( a ) Sales

Description: Imports and Exports

( b ) Consultancy ( c ) Charity

Directors: Menissa Rambally; Nelista Rambally

Directors: Josh St. Romain

Date Incorporated: 6-Mar-18

Date Incorporated: 2-Mar-18

Chamber: Clarence Rambally Chambers, Saint Lucia

Chamber: SEDU, Saint Lucia

Name: Al Wadi Holding Ltd. Name: Blue Horizon Ltd.

Description: Imports and Exports

Description: Property Holding

Directors: Ayman Wadi

Directors: Marva Paul

Date Incorporated: 6-Mar-18

Date Incorporated: 5-Mar-18

Chamber: McNamara & Co. Chambers, Saint Lucia

Chamber: Brickstone Law, Saint Lucia

Name: iYap Liquid Cash 758 Inc.

Name: RiNix Ltd.

Description: ( a ) Marketing Servies

Description: Property Holding

( b ) Pre-paid Services ( c ) Merchant Services

Directors: Richard Du Boulay; Nicole Du Boulay

Directors: Brenda Elwin; Vahnroy Hosear Sr.

Date Incorporated: 6-Mar-18

Date Incorporated: 5-Mar-18

Chamber: Du Boulay, Anthony & Co. Chambers,

Chamber: Lydia Faisal Chambers, Saint Lucia

Saint Lucia

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PUERTO RICO PITCHES FOR INVESTMENT AFTER HURRICANE

Governor pitches for business as one in five islanders remains without power

BY FT CORRESPONDENT

Governor Ricardo Rosselló says Puerto Rico saw opportunities before the storms but now has a blank canvas

Five months after Hurricane Maria, Puerto Rico’s government is shifting from disaster recovery to pitching for business, telling multinational companies that the island that has defaulted on its debt obligations and is still struggling to restore power is on the brink of “an economic transformation”.

One in five Puerto Ricans is still without electricity and an estimated 200,000-300,000 of its 3.4m population have left since hurricanes Irma and Maria hit, but Governor Ricardo Rosselló told a Financial Times conference in New York last week that the US territory was pushing “trailblazing” economic reforms to attract business.

“Even before the storms we saw opportunities but now we have a blank canvas,” he told an audience of financial and corporate investors. “We are at least reaching levels of normalcy which allow us to look a little bit further ahead.”

Mr Rosselló announced plans in January to privatise the generation business of Puerto Rico Electric Power Authority, the electric utility known as Prepa, and to seek bidders to operate its transmission and distribution operations on a concession model.

The potential for a new operator to reduce power costs for businesses and individuals was central to turning the island, a US jurisdiction with no federal taxes and lower labour costs than the mainland, into “a very competitive jurisdiction”, he told the conference.

At present the utility “spends over 60 per cent of its budget on buying expensive fuel for inefficient machinery that is 50, 60 years old,” he said, but a more efficient operator could make a profit while investing in renewable energy and driving down costs for customers. Tesla was among 19 companies that had submitted proposals for energy projects, he added.

Gerardo Portela, executive director of Puerto Rico’s fiscal agency, said the island’s economy would shrink 9.2 per cent in the 2018 fiscal year, but estimated that about $70.5bn of disaster relief funding would help to restore growth from 2019.

Federal funding has fallen far short of the sums San Juan asked for, but Mr Portela said its forecast includes an expected $35.3bn in public assistance from the Federal Emergency Management Agency and $13.2bn in supplemental appropriations from Washington, on top of $21bn in private insurance payments.

Gerardo Portela, executive director of Puerto Rico’s fiscal agency, said the island’s economy would shrink 9.2 per cent in the 2018 fiscal year, but estimated that about $70.5bn of disaster relief funding would help to restore growth from 2019

Mr Rosselló said he expected the draft fiscal plan, which foresees a $3.4bn budget surplus over the next five years, to be certified by an oversight board within days.

The price on a benchmark $3.5bn bond Puerto Rico issued in 2014 that matures in 2035, and is believed to be largely held by hedge funds, rallied about 30 per cent last week. The bonds traded at 32 cents on the dollar on Friday, up from 24 cents on the dollar at the end of last year but far below levels seen before Maria made landfall, according to data from the Municipal Securities Rulemaking Board.

Puerto Rico’s lack of political representation in Washington had hindered it since Maria hit; Mr Rosselló said: “It was always harder for us.

Nothing was given, nothing was assumed, everything had to be sort of battled through and it’s because we don’t have political power.” But he said that 90 per cent of people on the mainland now know that Puerto Ricans were US citizens, up from as little as 20 per cent before the hurricane. “That gets the needle moving.”

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