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THE DARK SIDE OF TOURISM:
MO’ PEOPLE MO’ PROBLEMS
As the Caribbean’s number one industry grows, so does the burden on infrastructure, the environment and precious resources BY CATHERINE MORRIS, STAR BUSINESSWEEK CORRESPONDENT
Visa cap stopped 6,000 key workers coming to UK in 4-month period Three and a half thousand scientists, engineers, health and technology specialists from outside the EU were refused UK employment visas between December and March, as government immigration restrictions on skilled workers intensified Page 3
Around 30 million people descended on the Caribbean last year, and just over a million of them came to Saint Lucia. They swam in the sea, lounged on beaches, sampled the local food, visited historic sites and contributed US$37bn to the region’s economy. Continued on page 4
Trump bans purchase of Venezuelan debt in new sanctions US President Donald Trump stepped up the financial pressure on Venezuela by banning the US purchase of any debts or accounts receivables owed to the socialist government and staterun oil company PDVSA, as Caracas turns to asset fire sales in order to raise desperately-needed cash Page 7
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Online Inequality:
NET NEUTRALITY IN THE CARIBBEAN BY ED KENNEDY, STAR BUSINESSWEEK CORRESPONDENT
The principle of open internet access in democratic nations requires internet service providers (ISPs) to not unreasonably interfere with a user’s access
The STAR Businessweek BY CHRISTIAN WAYNE – EDITOR AT LARGE
There are two ticking H-bombs currently looming over us in the Caribbean and no, H does not stand for Hydrogen. It stands for Human– a rather unflattering but altogether accurate title for the whispered-seldomspoken immigration crises our region is facing. H-bomb #0001: the Venezuela crisis. Despite jaundiced proclamations by red-eyed sycophants, like Laborie MP Alva Baptiste, who think what’s happening in Venezuela is a “domestic Venezuelan issue”, the mushroom cloud of Venezuela’s humanitarian crisis is beginning to waft in our direction. Don’t believe me? Ask Trinidad & Tobago. Over 3 million Venezuelan refugees have already fled the country. Over 500,000 have ended up in Colombia. Ecuador and Panama have each seen 250,000 people arrive on their doorstep, Chile and Peru have 150,000 each with another 50,000 in Brazil. Little Trinidad, which is actually located closer to the shores of Venezuela than it is to its own sister island of Tobago, may not be shouldering this refugee crisis to the same degree Colombia is, but it’s all relative. 200 refugees arriving by boat per week plus God knows how many more arriving undetected, unvaccinated and unvetted is a recipe for disaster. Trinidad is the mouth (or the derriere—however you want to look at it) of the Caribbean so, as a region, we need to be very careful about what we’re ingesting. H-bomb #0002: the looming Caribbean emigration crisis. We have no universities in Saint Lucia—which is a discussion all on its own—and because of this, we rely on the public education institutions and accommodating immigration policies of other countries like the US and the UK to turn our wee-ones into Derek Walcotts and Arthur Lewises. This is a precarious situation. Why? Two words. Donald Trump. No? Two more words. Theresa May. Still don’t know what this editor is on about? Read this week’s syndications from the Financial Times and be sure to check out our cover story “Mo’ People Mo’ Problems: The Dark Side of Tourism”.
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
Net neutrality (NN) is a hot button issue within the global tech community at present. In fact, to many it’s the hot button issue. One that goes far beyond cursory daily use of YouTube or Facebook. While the day to day nature of political debate often sees the impact of some issues overemphasised, when it comes to the battle for net neutrality, it’s a high stakes affair: for every region around the world, certainly, but especially within the Caribbean. The December 2017 repeal of NN in the US by the Federal Communications Commission (FCC) was nominally a national issue, but one with real implications in the Caribbean. And this could be just a sign of bigger changes to come for us.
WHAT IS NET NEUTRALITY?
At its foundation, the issue of NN is an example of ‘the great exception’. Usually governments determine the laws of their own land but have a more limited impact on global assets. On certain issues, like money laundering and terrorism, many nations align their laws, given the recognition that a threat is local and global. NN falls between the cracks. NN is neither a global issue that will find widespread agreement, nor a local issue whereby a sovereign government can solely determine the impact on its people. But each arena will have an impact on the other. Especially because, at its core, the internet is both a public utility used in our personal lives and is also a vehicle for
private global business. The principle of open internet access in democratic nations requires internet service providers (ISPs) to not unreasonably interfere with a user’s access. There are some exceptions to this: it can be as simple as a user finding their service cut off because they have not paid their bill but the exceptions to the principle are narrow. That’s why any removal of the existing regulations in many nations that prevent ISPs from blocking, monitoring or otherwise controlling a user’s experience of the internet is forbidden. Advocates for change argue that existing regulations are replete with red tape, and that excessive regulation by the government restricts the right of a user and business to form private contracts for varying services.
ENDING NET NEUTRALITY
There are some arguments advanced for an end to net neutrality, done so with the claim that consumer freedom will rise and inefficiencies of online use will decline. With the end to net neutrality in the US, paid prioritisation could now ensure a doctor providing an emergency consultation via a remote service would have access to faster speeds over someone watching a forgettable movie on Netflix. In complement to this, services could also charge varying amounts for premium and non-premium access. A hospital may need to pay a premium for ultra-fast
internet but Netflix viewing could be priced at a lower scale. The problem with this argument is that ISPs can already provide varying internet plans; the diminishment of regulation that mandates fair access for all could eventually see the comprehensive access that all users have to the internet today (internet speeds notwithstanding) become the domain of an elite few, with the sizeable finances to match growing access costs. The experience of Portugal, where Portuguese internet users now have to pay extra to use social media apps like WhatsApp and Twitter, shows that the risk of higher prices is considerable. Similarly, with a greater ability to block content, ISPs could, in theory, cease access to content that is harmful and against the public interest. Any reasonable member of the Caribbean family could identify the benefits in great powers that restrict access to content that advocates for terrorism, preaches hate crime, or provides access to illegal pornography. Identifying potential benefits is one thing; enacting them is another. And even though all people of good will would like to see less content like the above available on the internet, its presence also allows for law enforcement to identify perpetrators who engage in crime, and bring them to justice accordingly. Continued on page 5
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VISA CAP STOPPED 6,000 KEY WORKERS COMING TO UK IN 4-MONTH PERIOD BY FT CORRESPONDENT
Increasing demand for “tier 2” visas follows a fall in the number of EU citizens seeking work in the UK after the Brexit vote
Three and a half thousand scientists, engineers, health and technology specialists from outside the EU were refused UK employment visas between December and March, as government immigration restrictions on skilled workers intensified. Releasing the results of a Freedom of Information request to the Home Office, the Campaign for Science and Engineering said 6,080 applications from skilled overseas workers living outside
the EU and wanting to take up UK jobs were refused visas over the four month period. This was because a cap on the number of so-called tier 2 visas — granted by the Home Office based on a points system designed to measure qualifications — had been reached. These 6,080 rejected visa applications included 3,500 to take up scientific, engineering, health and technology jobs. The increasing demand for tier 2 visas is related to a decline in the number of EU citizens seeking work in the UK since the 2016
“It was disappointing that the government . . . assumes that scientists are happy to just wait and see what’s in the immigration bill next year,”
Brexit referendum, which has forced organisations to recruit from outside the bloc. The Home Office figures showed the number of rejected tier 2 visa applications increasing month by month, from 1,093 in December to 1,958 in March 2018. “These figures show the scale of the problem and the urgency to find a solution,” said Sarah Main, director of the Campaign for Science and Engineering. “Across the country, businesses and public services are being blocked at the last hurdle from recruiting the people they need, including in health, engineering and tech, due to the visa cap.” The Commons science and technology select committee responded to the Home Office figures by saying it would draft proposals for visa rules for scientists and related professionals. “It was disappointing that the government . . . assumes that scientists are happy to just wait and see what’s in the immigration bill next year,” said Norman Lamb, the Liberal Democrat committee chair, referring to government legislative plans for a post-Brexit immigration regime. “We’re going to roll up our sleeves now and set out our proposals for an immigration system that works for the science and innovation sector.” Ms Main said the immediate solution should be to exclude from the tier 2 visa cap roles where there were skills shortages in the UK. Several other scientific, engineering and health organisations supported her call, including the British Medical Association. “The current visa restrictions and arbitrary caps for non-EU workers entering the UK are inexplicable and threatening patient care and safety,” said Chaand Nagpaul, BMA chair.
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THE DARK SIDE OF TOURISM:
MO’ PEOPLE MO’ PROBLEMS Continued from page 1
Without tourism many Caribbean economies would collapse but the sector has its downsides. More people means more problems, specifically overcrowding at vulnerable sites, pressure on an already ailing infrastructure and stress on the fragile environment. With greater numbers of visitors flooding into island destinations, countries like Saint Lucia risk becoming the victim of their own success.
CROWDS AND THREATS
The Caribbean’s visitors are, by and large, seasonal. They tend to shun the hurricane months of the summer and vacation mostly between November and May, catching the best of the weather. The climate and tropical environment is the main attraction—luring people to beachside resorts where they can enjoy the much-publicised sun, sand and sea. But space is limited on small islands and a busy winter season can lead to overcrowded beaches, alienating local residents and putting pressure on vital marine and land habitats. These problems can quickly escalate as large resorts spring up to accommodate extra visitors, changing the character of seaside neighbourhoods, increasing traffic to the area and introducing more waste, more pollution and more development. And it’s not just beaches. As the Caribbean moves to monetise its heritage, tourist boards across the region are now encouraging visitors to experience historic sites and cultural landmarks. These important areas are especially vulnerable to degradation: while the vast majority of tourists behave respectfully, there will always be those who litter or deface attractions.
OFFERING MORE
Across the region, the tourism industry provides much-needed employment, opportunities for small businesses and economic stability. This crucial sector must be allowed to grow and fulfil its potential but it’s a balancing act and growth without careful consideration will be self-defeating. Most of the problems that come with overcrowding can be avoided through diversity and innovation. While Saint Lucia’s tourism
The Saint Lucian government is undertaking several strategic infrastructure projects aimed at relieving capacity strains associated with increased travellers
THE STAR BUSINESSWEEK
model has previously relied on its large, allinclusive, beachside resorts, the country is now branching out into a more sustainable product, offering visitors more options so they are not concentrated in just a few areas. This summer, the Ministry of Tourism is launching its ‘Summer of Discovery’ promotion which invites tourists to visit 25 sites and attractions that showcase the island’s family, adventure, dive, health and wellness, romance and culinary niches. The ‘village tourism’ initiative, first introduced in 2007 and now finally gaining ground, is also focused on spreading the tourist dollar. The government has received a EC$324,000 grant from the CARICOM Development Fund to help draw up a roadmap for the project which concentrates on eco and heritage tourism, powered by local small businesses and entrepreneurs. This diversity will help spread the concentration of visitors around the island, into different sectors and markets.
UPGRADING AND EXPANDING
In a year when many Caribbean countries were struggling to rebuild post-hurricanes, Saint Lucia emerged as a star performer in the tourism stakes, recording 11 per cent growth in 2017. With visitor numbers at an all-time high, the government is now looking to upgrade its infrastructure to ensure tourists remain a blessing rather than a burden. The Hewanorra International Airport has reached capacity and is embarking on an ambitious US$100m redevelopment plan, financed by the Republic of China (Taiwan). The phased redevelopment will include construction of a new terminal building, creation of a new air traffic control tower and redesign of the runway. The new facilities are expected to come onstream by 2020. Saint Lucia’s cruise sector grew by 14 per cent in 2017, requiring a new look at the present port situation. The government intends to completely overhaul Pointe Seraphine in the coming years, adding a new shopping complex, hotel, business centre and marina. Elsewhere, the government is upgrading its road network and its water supply chain, replacing pipes, expanding water treatment plants and installing new storage tanks.
PROTECTING THE ENVIRONMENT
Protecting infrastructure and resources from an onslaught of tourists is important but the environment deserves equal attention. The Caribbean has long relied on its pristine
ecosystem to support industries such as agriculture and tourism and the region is home to many unique habitats and species. The ecology of the Caribbean is diverse, rich and especially vulnerable to development. Effective, and rigorously implemented, environmental laws can help. Domestic legislation that limits boating activity and fishing around vital reefs, protects endangered species such as sharks and sea turtles, and has a crucial role to play in determining tourism best practices. Also necessary is a comprehensive waste management strategy. An influx of visitors means more garbage but destinations can limit this through sensible, pro-active measures such as recycling, public awareness efforts and use of compostable materials.
DEVELOPING A STRATEGY
The world is getting richer, and more mobile. Thanks to technology, it’s now more convenient than ever to arrange and book trips and, with airlines spreading their routes across the Caribbean, even easier to visit the islands. Travel is booming and, with that growth, comes the need to talk about strategic tourism. Spreading visitors across sites, ensuring the necessary infrastructure is in place and protecting both locals and the environment are all part of a holistic approach to manage and support tourist growth. A recent report from The World Travel & Tourism Council called for tourist destinations around the world to build their own customised toolkit as the industry grows at a rapid pace, saying: “Destinations need to shift their focus from promotion to broader planning and management challenges. Those with a clear, long-term strategy built upon a solid fact base are more likely to achieve sustainable growth and mitigate—or even prevent—overcrowding.”
The government intends to completely overhaul Pointe Seraphine in the coming years, adding a new shopping complex, hotel, business centre and marina
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Online Inequality:
NET NEUTRALITY IN THE CARIBBEAN Continued from page 2
Allowing private business to make determinations about what content should be in the public domain is fraught with difficulty, not only for its ability to run aground of free speech principles, but also the potential for obstruction of justice.
NOT THE TIME, NOT THE PLACE
A further problem with advocacy for ending NN is its tensions with broader public interest in this time and era. Where many nations are seeing citizens’ (already limited) civil rights diminished, the capacity for democratic nations to advocate effectively for change, while also permitting net neutrality, risks being ‘an own goal’. This, in a period of history when 1.3 billion Chinese are increasingly embattled in their day to day access to the internet in the era of Xi Jinping’s everexpanding Great Firewall, and a revisionist Vladimir Putin in Russia is held to have interfered in the US presidential election via a mass campaign of fake news. The revelation that the FCC decision followed on from mass submissions of fake comments and consumer complaints only enhanced the view of many that this is a time when free and open internet access should not be limited, but secured; at the very least, seeing a continuation of the Obama-era policy instituted in 2015 ensuring robust protection surrounding open access.
And for all the complexities and minutiae of the debate, when the UN defines internet access as a human right and net neutrality can diminish the quality of that access, that’s an issue. While the US has gone one way ending net neutrality, the European Union is holding firm following reforms in recent years to enshrine the open access in its region.
to get online in Grenada, an entrepreneur deciding to grow something online for his community here in Saint Lucia. These folks should not be denied the tools and fair access with which Americans built tech empires, and that Europeans continue to enjoy. It’s for the next generation of internet users, more so than us here and now, that NN must remain.
THE GATHERING STORM
THE FUTURE
While advocates for an end to NN in our region, like Digicel, cite it as an avenue to provide for business, the argument fails to recognise that the internet is, at its core, an innovator’s domain. NN might provide a more secure playing field for existing business but the internet is not just the property of existing business; it belings to future business, too. The rise of Microsoft, Google, and Facebook, notwithstanding the social media companies’ present turbulence with the Cambridge Analytica scandal, have all been dependent on an open internet that allowed founders room to create, engage and grow. And most of all, if changes to NN occur, pressure will be brought to bear not on the prime ministers, presidents, and leaders of the day but on the future innovators in the Caribbean tomorrow: a young boy in Jamaica, a young girl in Barbados, an existing business trying
Net neutrality is an issue that strikes at the heart of what it means to have a free and open society. It is also a case of the public interest being met for the masses. For all the inflammable statements and combustible elements of contemporary political debate, rarely are issues clear-cut. There are always shades of grey involved. But for people of the Caribbean on an individual level, on a regional level as a community of nations and indeed on a global level, this is an issue that is bruising today, and risks growing bitter wounds tomorrow. The Caribbean region is one where so much potential exists for the greater growth of business and national economies via greater online access. An end to net neutrality locally would not only risk seeing the region turn the page on that growth and miss an opportunity in this generation, but risk closing the book on it forever. Digicel were contacted for comment but did not provide a reply in time for publication.
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HANDS
CAN WE REVIVE AND SUSTAIN THE CARIBBEAN QUEEN? BY INTER-AMERICAN DEVELOPMENT BANK
What do the names Cambombia, Cambute, Cararol Rosa, Cobo, Botuto, Guarura, Lambi and Carrucho all have in common? Prized in many countries, the queen conch (Strombus gigas) has a wide variety of aliases, and rightly so, given its extensive distribution and economic impact across the wider Caribbean region. Even with all its accolades, this once abundant marine gastropod is facing the very real threats of unsustainable harvesting, over-exploitation, habitat degradation, and illegal fishing. Supply is caught between meeting the demands of a lucrative United States market for conch as well as accommodating the dietary needs of many poor subsistence fishing communities in the region. Since the late 1990s, the global conch market has been estimated at US$60 million each year, and in 2015 alone, 1.4 million kilograms of conch was exported to the United States from the Caribbean. The fishing industry accounts for up to eight per cent of Caribbean territories’ gross domestic product; the conch industry is a significant contributor because it is the second most important benthic fishery in the region. Millions made through the conch industry’s harvest are responsible for further revenue generation through jobs created within the processing and marketing industries for conch products. Due to its popularity, the availability of conch has steadily declined since the early 2000s. Coupled with illegal trade and poaching, this makes the conch a particularly vulnerable fishery. Why is conch so popular? Generally valued as a subsistence food, a delicacy, a form of decoration, and even as a wind instrument, conch also has potential uses in medicine, materials engineering, and even coastal
Major Producers of Queen Conch Exports from 1998-2008. (Source: CERMES, 2010)
protection. Conch populations also support Caribbean fisheries by maintaining seagrass communities where one acre can produce enough biomass to sustain as many as 40,000 fish and 50 million small invertebrates. Since the 1970s, the demand for conch meat and conch products has seen a threefold increase. Given that this slowmoving organism is late to mature (3-3.5 years) and can be found in dense aggregations within clear shallow waters (10-30 meters), many populations were easily accessed and have been exploited over decades. In a country such as The Bahamas, where 15 per cent of the population work either full- or part-time in the fisheries sector, the livelihoods of approximately 9,000 fishers are under threat if queen conch populations continue to decline.
Appropriately dubbed the “final frontier” for conch, the healthiest populations have dropped by 71 per cent during the last few years in The Bahamas. In February of 2018, the IDB became an institutional partner to a regionally historic bilateral agreement for the preservation and management of queen conch in The Bahamas. Financially supported by the Japan Special Fund Poverty Reduction Programme (JPO), with an in-kind contribution from the Bahamas National Trust, a project is underway to undertake community-based mechanisms in order to: 1. Create alternative livelihoods in fishing communities; 2. Implement localized conch monitoring; 3. Develop conch fishery reserves/no-take zones; and, 4. Implement a conch ‘traceability’ program to connect fishers with local restaurants (laying the foundation for certification). The project is being executed by two stalwarts in marine conservation: the Bahamas National Trust and The Nature Conservancy. By working directly with the consumer, the intent is to cultivate future sustainability within rural Bahamian communities. It is expected that through this project, there will be diversification of fishers’ income, an enhanced sustainability of conch harvest, a medium-term recovery of conch stock, and improved links of fishers to local markets. Fictionally epitomized in William Golding’s acclaimed novel the “Lord of the Flies,” the conch plays a powerful symbol of civilization and order. This symbology is quite fitting for an ambitious project of this kind which hopes to bring queen conch— Strombus gigas—back to her former status as a queen of the seas. Go to Youtube to watch the music video that The Bahamas National Trust created on Conchservation entitled “Conch Gone”.
The Saint Lucia Government Gazette Company Registration Name: Tamash Enterprises Ltd. Description: General construction Directors: Terrick Rambaransingh; Indrajeet Rambaransingh
Name: Talah Holdings Inc. Description: Land holding Directors: Yasin Mohammed
Date Incorporated: 26-Apr-18 Chamber: KOBALT Services, Saint Lucia
Name: Jaibodsingh Solutions Ltd.
Date Incorporated: 14-May-18 Chamber: TM Antoine Partners Chambers, Saint Lucia
Description: Providing construction supplies, industrial supplies, and ICT technologies Directors: Rohan Jaibodsingh; Rameshwar Jaibodsingh Date Incorporated: 10-May-18 Chamber: Gordon, Gordon & Co.,
Name: Caribbean Medical Services Ltd.
Saint Lucia Description: Holding company Name: Royalty Pools International Inc.
Directors: PIF Corporate Services Inc.
Description: General business activites Directors: Marlene Emmanuel Date Incorporated: 10-May-18
Date Incorporated: 14-May-18 Chamber: Peter I. Foster & Associates,
Chamber: Temple Law Associates, Saint Lucia
Saint Lucia
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TRUMP BANS PURCHASE OF VENEZUELAN DEBT IN NEW SANCTIONS US steps up financial pressure on government of Nicolás Maduro after his re-election BY FT CORRESPONDENT
A man casts his vote in front of an image of late Venezuelan president Hugo Chavez in Caracas on Sunday
US President Donald Trump stepped up the financial pressure on Venezuela by banning the US purchase of any debts or accounts receivables owed to the socialist government and staterun oil company PDVSA, as Caracas turns to asset fire sales in order to raise desperately-needed cash. The executive order followed the reelection of Nicolás Maduro to a second six-year term in Sunday’s presidential election, which has been labelled a sham by the White House, EU and Latin America’s biggest countries. “This measure is designed to stop the government of Venezuela from mortgaging the country’s future, and [to stop officials] lining their own pockets,” a senior administration official said. “It covers all debt and accounts receivables, debt pledged as collateral, and [trading or purchase] of any equity interest in which the Venezuelan state owns more than 50 per cent.” In an unprecedented move, 14 Latin American countries, including Brazil and Mexico, agreed to step up financial scrutiny of sanctioned members of the Venezuelan government. In a sign of how Venezuela’s crisis has ramifications beyond the Americas, the US official added that the administration also had
“pointed discussions” with China and Russia about trading in Venezuelan debts. US action was widely expected following the election, which saw less than half of all voters turn out in a poll skewed by alleged vote-buying in return for food and other gifts. But the new order fell short of an outright ban on US purchases of Venezuelan crude, currently running at about 500,000 barrels per day. It also does not ban cash sales by US energy companies of chemicals that PDVSA uses to blend with Venezuelan heavy crudes for subsequent export. Brent crude, which had been trading higher all day on expectations of further US sanctions, settled up 0.9 per cent at $79.22 per barrel, near the recent high of $80.50 set last week. West Texas Intermediate climbed 1.4 per cent to hit a fresh three and a half year intraday high of $72.41 a barrel. Venezuelan bonds — which may become harder to trade following the latest ban — were largely unmoved by the news. The benchmark 2027 note, which is in default, rose a fraction of a penny to 29.80 cents on the dollar. There was no immediate response to the latest US ban from Caracas, although televised footage over Mr Maduro’s Twitter account still showed crowds cheering from the previous night at an election rally. The US ban on accepting as collateral any
In an unprecedented move, 14 Latin American countries, including Brazil and Mexico, agreed to step up financial scrutiny of sanctioned members of the Venezuelan government
asset in which Venezuela has a majority interest seems targeted on Citgo, the US-based refinery and gasoline retail station that Caracas has used to pledge a 49.9 per cent stake as collateral against a $1.5bn loan from Rosneft, the Russian energy company. As for accounts receivables, China is the largest single recipient. Over the past 10 years it has loaned Venezuela as much as $60bn in return for future oil shipments. The US official said such dealings were not outlawed, but if they “transited through the US financial system, the situation gets more complex”. The ban, which follows US sanctions on trading with Iran, includes any “foreign entity that wants to buy accounts receivables and to use US-based institutions to do that”, he added. In the private sector, oil services companies such as Halliburton and Schlumberger have also been paid in receivables for tens of millions of dollars owed by PDVSA, but both companies have recently written off their Venezuelan exposure. Reduced participation by foreign partners is expected to hurt further Venezuelan output, widely forecast to drop by a third to 1m bpd by the end of the year.
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FROM BRIDGE STREET TO WALL STREET! BY CHRISTIAN WAYNE, EDITOR-AT-LARGE
“We specialize in helping clients from all over the world invest in today’s global financial markets such as, individual securities, mutual funds, ETFs, managed accounts, structured products, as well as insurance and banking solutions. We match the investment to the objective, such as: retirement, college savings, wealth preservation, capital appreciation and income solutions.” Free consultation request by contacting Don at dgross@gcgam.com Don Gross (standing), Vice President & Sr. Financial Advisor during the Global Capital Group ‘Lunch & Learn’ lecture series at Big Chef Steakhouse
Predictable growth and peace of mind are two attributes we all strive for, be it in our personal lives, our careers or our financial goals. But when it comes to the latter, predictable growth and peace of mind may seem like competing results, don’t you think? Well, not if you ask independent senior financial advisor Don Gross! “We’re bringing Wall Street to Bridge Street” was the message Gross shared with his intimate gathering of curious Saint Lucian Baby Boomers and Gen-Xers at his firm’s bi-monthly Lunch & Learn event that took place at Big Chef Steakhouse in Rodney Bay. The audience was a kaleidoscope of industry professionals: real estate, tourism, legal, accounting, education, you name it. Their commonality: dissatisfaction with the breadth of investment opportunities in Saint Lucia. Drawing on his 29 years of experience
in the securities industries, which includes a successful track-record as a securities wholesaler and financial advisor on Wall Street with brands like Putnam Investments and the United National Federal Credit Union, Gross and his firm, Global Capital Group, are introducing a series of retail financial products that, in his own words, “really set us apart from the pack!” Gross’ claims are far more than just New York salesmanship though. Despite Saint Lucia’s grandiose ambitions of becoming the Caribbean’s next ‘premiere offshore financial centre’, Saint Lucians remain grossly underserved when it comes to competitive retail finance offerings. Gross says he’s here to change that. Offshore financial services are a mere sliver of the entire landscape of global financial services and are, by definition, geared only towards foreigners.
Since the International Business Act was passed in 1999, the Saint Lucian government has thrown its full-force behind supporting this relatively niche sector. Yes. Now we have ‘tax haven’ status, IBCs, zero tax schemes and CIPs but still very little innovation on the side of the market that is designed to serve local Saint Lucians. Enter Don Gross and Global Capital Group. With Gross’ robust network of clientfocused service providers like Knighthead Annuity & Life Assurance Company—a cohost of the Lunch & Learn event—Gross is offering Saint Lucian investors access to the same type of retail financial products that were previously only available to American citizens. The seasoned financial advisor also says he’s doing it at a fraction of the cost, thanks to technology and nearly a decade of experience in international wealth management.
Don Gross, Vice President & Sr. Financial Advisor, Global Capital Group
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