WMonline20 by Wealth Magazine Ja #1 Business Publication

INNOVATION

CONTENTS December 2013 - January 2014

Lifestyle

Innovation 16

Hashtag It

One Sentence that Can Double your Profits

Expanding your Business with Social Media

Winning Accounts vs Winning Relationships

92 94

ATL 'Ram Goat' Run

Seattle: City Of Cyber Millionaires

More Places To Drink Great Wine

103 Corporate Mingle 104 Corporate Chic

At A Christmas Soiree

Technology 28

The World Of ‘Palm-Sized’ Possibilities

2014: Business Goes Mobile

Security Tips for shopping online

106 Corporate Click

Career 110 Lessons From South Africa 114 116

Finance 38 False Sense Of Security 40 Jamaica Yellow Pages Partners with Google in Strategic Regional Alliance

Deepening Linkages Between Tourism And

42 Manufacturing For Growth 46 Legal Titbits

Reviews 120

52 The Case For Captives In Jamaica 56 Top-Five Business Headlines Feature 70

Medianet: Techie 10.0

An ‘Intoxicating’ Accessory

Health & Wellness 78

Stressed? Find Relief In A Spa Massage

Power Food To Get You Through The Day

85 88

Release And Renew This Christmas

10 Tricks To Help You Keep Your New Year's Resolution

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BANKING ON

ROGER COGLE The Making of a Modern Banker

COVER STORY

PAGE

PUBLISHER’S NOTE Garth Walker Managing Editor

For many decades, Americans have sought to enwrap themselves with a set of ideas that they genuinely expect to make them into a great nation. One of their great ideals is the notion of The American Dream. James Adams puts it best when he said that “Life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement… regardless of social class or circumstances of birth.” When you read these lines, one can’t help but be inspired to create such a society. The truth is that, if we are to create wealth through hard work and determination in our society, then Jamaicans need to have a national vision and dream that drive us. For many of us, our dream is to leave our quaint little rural or inner-city communities and – through success in the education system, the use of street smarts, or both – achieve success and make something of ourselves. If you feel like you’re climbing up the rough side of the mountain with your business idea, it is my hope that this edition will give you a sense of hope. Like Roger Cogle and so many other resilient Jamaicans, you can begin at the lowest rung of the occupational ladder and eventually occupy the loftiest of positions. Author Jim Collin said, “Get the right people on the bus and in the right seat,” and that is our recipe for the continued success of Wealth Magazine, TEAMWORK! So, keep burning the midnight oil. Continue making sacrifices for your business. Finish that degree. Though it’s not easy, the success will make it all worth it!

Merry Christmas and a Prosperous New Y ear!

Leighton Davis Managing Editor

"Started at the bottom, now we here" These words from popular hip-hop artiste Drake says a lot about the feature story in this issue. I am always excited to read about persons who rise to the top of their industry even though the odds were stacked against them. Roger Cogle is a great example of what hard work, dedication and belief in oneself can help a man or woman to achieve. My hat is off to this man who has taken the helm of one of Jamaica's largest financial institutions. RBC Royal Bank or RBC Financial Group is the largest financial institution in Canada, as measured by deposits, revenues, and market capitalisation. The company has operations in Canada and 51 other countries, serves 18 million clients and has more than 80,000 employees across the world. The bank is also listed as the largest Canadian company by revenue and market capitalisation by The Globe and Mail. So, as we end 2013 and look towards the global and local business landscape for 2014, remember not to focus on the businesses that have failed, but keep your eyes on the success stories. Also keep yourself dedicated to driving your business plans forward by sticking to your goals...in the end, the sky is the limit.

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Publisher

The Editor’s Survey

Managing Editors Garth Walker Leighton Davis

We’re almost at the end of 2013, and what a year it was! The end of the year is always a good time for us to take stock of the events of past months. For Wealth Magazine, 2013 marked another milestone in our journey. Beyond a doubt, we can reflect with pride knowing we have accomplished just what we set out to do; to, provide factual, concise and comprehensive information to our readers as well as to educate, inform and inspire.

Brand Manager Simone Riley

Sales Executives Alrick Wynter Allistere Benson Corey Scott Latoya Taylor

We are also well poised to make significant strides in the year ahead as the preeminent business magazine in Jamaica (yes, we have an award to show). We promise to continue delivering pertinent and timely pieces which will prove useful to budding entrepreneurs or consummate business professionals.

Cover Photography Alty Benjamin Jr

In this issue, we take a look back at the Top- Five business headlines for 2013; we also feature St. Elizabeth’s own Roger Cogle, managing director of RBC Royal Bank (Jamaica) Limited. His story shows that it takes vision, faith, hard work, and belief in oneself to achieve one’s dreams.

Cover Design

Denieze Anderson

Cover Stylist

So, as you turn the pages, reflect with us as we look towards 2014; a year of endless possibilities.

Spokes Apparel

Designer

Thank you for your support and all the best for the New Year, to you and yours!

Conroy Green

Monique Grange Guest Editor-in-Chief

Proofreader May Williams

Printed in Jamaica by:

Wealth Magazine accepts no responsibility for unsolicited material. This material may not be reproduced, displayed, modified or distributed without the express prior written permission from the publishers.

The Herald Printers Ltd.

Special thanks to:

Our writers, advertisers, readers, Regency Bar & Lounge, Glam Couture, partners, family, friends and the CME Team. For further information on Wealth Magazine, contact: Creative Media and Events 15b Trinidad Terrace, Kingston 5, Jamaica W.I. Tel: (876) 754-2075 Fax: (876)-754-2070 Cell: (876)-579-7381 info@cmeja.com

www.wealthmagja.com

/wealthmagja

@wealthmagazine

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Contributors Laura Tanna

author of the books Baugh: Jamaicaâ&#x20AC;&#x2122;s Master Potter and Folk Tales and Oral Histories with DVD and CD versions as well as the CD Maroon Storyteller. She does interviews and writes on art, culture and travel for various publications.

Rese Young is a certified health & lifestyle coach, and motivational speaker, with expertise in the art of personal transformation and development. Rese works with corporate companies hosting wellness workshops, seminars and talks on various health topics.

Shelly Anglin Smith is a freelance writer who has contributed to various publications over the years. She is also a communications professional, and although she has worked in a myriad of areas, writing holds a special place in her heart.

Christopher Reckord

is a businessman, entrepreneur and wine enthusiast For decades, his love for the wine business has seen him become the leading local voice on the subject. His entrepreneurial ventures include leading IT solutions provider, Innovative Corporate Solutions, Bin 26 Wine Bar, and Devine Wine. Follow him on Twitter @Reckord.

Ryan Strachan

is the manager of Wealth Division at Stocks & Securities Limited and can be reached at rstrachan@sslinvest.com

Latoya West-Blackwood

is a publishing professional who enjoys travelling and writing. She is passionate about youth and community development and has served since October 2008, as the public affairs and resource officer and secretary of the Board of Youth Crime Watch Jamaica, a youth-led voluntary non-governmental organisation.

Lady

Premier Jade Lee

Chief Operating Officer Jade Lee Investments Group of Companies

1. What inspires you? My children!! Wow! Although I have only four of my own, I foster four boys as well. I refer to them ALL as mine. All the children are wonderfully unique and I learn from them everyday. I call them my true inspiration!! 2. What’s the last good piece of advice you received? Work smarter and not harder. This has become one of my staple ingredients in everything I do. My game plan is focused and well thought out before I make any move. 3. Growing up what was your dream job? I wanted to be a commercial pilot. That didn’t happen, but I did go and do private lessons a few years ago. I have almost completed my hours, so hopefully soon I will have my private pilot license. 4. If you could travel to any place where would it be and why? Bali – Because of the wonderful architecture, furniture, art, and textile. 5. What is your dream car, and why? Hummer H3 -I always liked big vehicles, I guess because I’m so small in stature. 6. After a hard day, what relaxes you? My outdoor hot tub and a deep-tissue massage and sit-down dinner and worship with my children. 7. What current projects are you working on? Outside of my cambio and money-remittance business, I just launched a construction and interior-decor company called One32 Designs. Additionally, I still do quite a bit of work in the entertainment business where I manage Denyque who is blazing her trail on the international scene as we speak. In 2014, my company, Arm Bands Plus and Jamaica Tickets will be launching in the Caribbean as well. 8. What is your favourite aspect of living in Jamaica? The beach for sure. I am a real water baby. Second, I absolutely love the dancehall. I think our dancehall culture is very special.

INNOVATION

! t I g a t h s a H #

ne of the best features of marketing is its dynamism. The ability to put a new spin on traditional marketing tasks infuses excitement and breathes new life into everyday, routine marketing programmes.

The digital age has greatly enabled this dynamism. The many elements and features which have emerged due to the introduction of the worldwide web, has afforded many companies, both small and large, the luxury of representing their firms and products in many different formats and in varying and wider markets. Among the latest emergence from the digital age is the hashtag. The tech savvy amongst us will immediately know what a hashtag is; its use, purposes, advantages and disadvantages. But for those who are just beginning to navigate the Internet, and social media, another discovery of the worldwide web, the ability to just send and receive an email is a victory. A hashtag, more formally known as a metadata tag is a word or phrase preceded by a hash or pound sign (#) used on social media sites such as Twitter to identify messages on a specific topic. This means that when an individual clicks on a hashtag, he or she would be able to find all the thoughts and comments which are specific to that topic. This sole feature makes the hashtag a valuable marketing tool which can be utilised to capture valuable information for companies.

By Sancia

Campbell

While it is not widely used here in Jamaica, many first-world marketers have made this element an integral part of their online branding and marketing campaigns. As local businesses move into the global marketplace, these elements must now be engaged in order to expand the company’s reach and identify more customers in new markets, resulting in increased sales and brand recognition.

Let us look at the example of Jamaican songstress, Tessanne Chin, now appearing on NBC’s The Voice. When Tessanne referred to music as her #breadandbutta, that phrase immediately set off a firestorm of tweets and tags on social media. The hashtag #breadandbutta, if properly managed by Tessanne’s team can track her new fan base, their locations and everything they are saying about her music between the points of her debut on the show to where she exits, (and we all hope it’s as the winner of the competition). The hashtag therefore cannot be ignored. Tagged topics when properly and strategically implemented can get your business’ content found, target your market specifically and drastically improve your online presence. In developing hashtags for a business, one of three strategies may be used: a brand strategy, a campaign-based strategy or by identifying what is ‘trending’ in your industry and seeking to capitalise on those trends. The brand strategy essentially uses your company’s name and tagline

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with a view to increasing brand awareness. For example, #SandysCloset can create this hashtag and use it across all its social platforms to highlight both the products and services offered by the company. Important, social media is built on imagery, therefore good quality images are a must in this process. By using the same hashtag across all platforms, customers can also be included in the company’s promotion and encouraged to add images of themselves in pieces from Sandy’s Closet to their social platforms using the same hashtag. This may also be used as a reward system for customers who share the most online to earn, for example, a 5per cent per cent discount on a future purchase. This type of sharing will considerably increase the company’s online presence and drive even more traffic to Sandy’s Closet. The campaign-based strategy requires a more targeted approach. Say for instance, that Sandy’s Closet plans to introduce its Christmas Collection to capitalise on the season’s parties and special events. #SandysCloset may now add the hashtag #ChristmasCollection to identify its Christmas campaign. Once this is added, when a client clicks on the hashtag, the images and any comments relating to this collection will appear. Sandy is then able to see the kind of impact her Christmas Collection has made, any hits and misses and how those can be addressed in

future Christmas or any other collection. In today’s world where image is everything, trends form a big part of how people act, their lifestyle choices and even the company they keep. Trends also help to form one’s perception of a product or firm. A great example here goes back to the July birth of the royal baby, His Royal Highness Prince George of Cambridge. As the first images of the baby surfaced on the Internet in the wool christening shawl made by G.H. Hurt & Son, both the designer and the company became a trending topic on most major websites and within hours the shawl was sold out. A company that is able to align itself with a trending topic will be able to capitalise on an opportunity to increase brand and product awareness. When Apple releases the newest version of its iPhone and the local exclusive iPhone dealer desires an additional advertising boost, creating a hashtag which aligns to the phone’s release will guarantee increased online traffic, increased sales queries and of course, more sales. So how do you create a hashtag? The purpose of creating a hashtag is to be able to track what is being said about your brand or product and by whom, so the first consideration is that your hashtag should be easy to remember as well as appealing. The next step is to include your hash and there you have it…. #happyhashtagging.

Double your

INNOVATION

One Sentence that Can

Profits By Nick Abbott

know that the title sounds like something from one of those late-night infomercials, which target impoverished insomniacs, but it really is true. Having your sales people use the right opening sentence with each customer really can increase sales and profits. Imagine that you are wandering around a fancy department store and a bright-eyed sales associate comes up to you and says something like, "May I help you?” Your immediate thoughts are likely to be that she is trying to sell you something or that she is going to be pushy and annoying. So

of course, 99 times out of 100 you say, “No thanks, I’m just looking.” This means as a sales person you have two options: you can hover around and make the customer uncomfortable or you can walk away and keep your fingers crossed, hoping that the customer will remember you if he decides that he wants something. Either way, what you have done is lost a great opportunity to engage a customer. So why not give your front-line staff some simple and effective opening questions and then train them on how to engage customers. Not just to sell

to them, but to assist customers with their buying decisions and help them enjoy their time in your store. Here are some examples of the sort of opening sentences you could use: “Have you seen our latest line of Johnny Smith clothes? They just came in yesterday.” “Hi, have you been to this store before?” “Did you see the banner in the window advertising our daily specials?” I am sure that you get the idea and

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could even come up with better opening questions. But what is key is that you ask specific questions, aimed at addressing your customers buying needs. Typically, the answer will be either yes or no, but in every case there will be an opportunity to start a follow-up conversation. Just be sure to arm your team with a follow-up for each yes and for every no. For example:

Another great exercise is to have sales persons practise having conversations outside of work. Challenge them to start three conversations with strangers during the week and have them report back on how they went. How did they open the conversation? What Sales Associate: “Are you familiar with Taylor did they do to keep it going? Cosmetics?” What did they learn about the other person? Give little prizes Customer: “Yes, I use them quite often.” or provide other incentives for those who do the best. Sales Associate: “Great, how do you find them?” And yes, I know what you are Or if the customer says no: thinking: this is all very good, but what about the whole business Sales Associate: “They seem to be really popular of doubling profits? with younger people, let me tell you about them.” Let’s say that you have a sales

Other follow-ups can include: “I gather that Johnny Smith is a big hit in Miami, what do you think about his clothes?” “Great, let me tell you about our special offer for first-time customers.” “I guess that we need more eye-catching window displays, let me tell you about the specials.” What matters then is what you say, how you act and most important, how well you listen. The key word is authenticit; come across as 'salesy' and you will undo all your good work. You want to come across as likeable, relaxed and fun. Show the customer that you are there to help them, not just to sell to them. Train staff to listen to customers rather than spending time thinking about their next question or comment. If they do this, the conversations will flow naturally and as sure as night follows day, so will the sales.

Practise

Another key is practise. Conducting regular sales simulations or role playing is critical if you want to build good habits and help your employees get over any fears or discomfort about what you want them to do. Hold sales simulations for a few minutes at least once a week and make the sessions fun. Maybe you could talk about the best conversations each sales representative had with a customer that week.

associate called Camille who makes an average of 10 sales per day and by using the right opening question and by engaging your customers, she increases her daily sales from one to 11. This will increase your revenues from her by 10 per cent. If you duplicate this across your entire organisation total revenues will grow and will ultimately double your profits. So just by changing the first sentence when interacting with customers your sales associates have an opportunity to increase profits, maybe by as much as 100 per cent. You just need to try it for a while!

Expanding your Business with

SOCIAL MEDIA

n this day and age businesses owners need to be creative in advertising their businesses. They also need to be smart in how they approach prospective clients, drive sales and connect with customers. Since the advent of digital technology, social media has become a fundamental communication channel in the marketing mix and has helped businesses to achieve those objectives. Social media has also changed the concept of marketing as we know it. Through sites such as Twitter, Facebook, Instagram, LinkedIn, YouTube, Pinterest and others, marketers have also become smarter in how advertising dollars are spent and in many cases have become more efficient. If you are a marketer or a business owner, here are some benefits of using social media not only to drive sales, but to expand your company:

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break or make that enterprise. Research has shown that social media sites deliver the highest-quality users. According to a May 2013 report by media intelligence agency Aggregate Knowledge, social media performed 65 per cent better in advertising campaigns than other channels. Social media allows marketers to create a truly unique message, just for that moment, for a specific target group. The immediacy of social media also provide customers with updates and information as they need it. Messages may also be customised to target the exact audience you have in mind for a particular product or service.

Social media allows you to really focus on the customer.

There are significant benefits to be derived from taking a customer-centric approach to marketing. Getting into your customer's mind, figuring out what it is they want and delivering on that desire is a sure way to retain a buyer of your goods or services. It is also important for marketers to understand the behaviour of users on their Twitter account, Facebook page or even those who share or like their content on YouTube, as they seek to respond to their needs and aim to build their brands. Responding to customers in a timely manner is also a means of forging relationships and lend to your businessâ&#x20AC;&#x2122;s credibility. Remember, a satisfied customer is likely to refer your brand to others. Cont'd on next page

Advertising on social media is cost effective; it cuts marketing costs.

Many businesses have gone the way of posting ads on sites such as Facebook or promoting a new product via Twitter because itâ&#x20AC;&#x2122;s cheaper than placing an ad in the newspaper. Social media allows marketers or business owners to reach their target market without the high costs associated with using traditional media such as radio, TV and print. According to the 2013 Social Media Marketing Industry Report, 62 per cent of businesses with 10 employees or less reported that social media has reduced marketing expenses.

Social media helps you to deliver the right message to the right person or group at the right time.

The ability of a business to reach its customers can either

Cont'd Social media helps you to find new customers.

Customers who are on Facebook, for example, sometimes find it easier to use that medium when searching for service providers and/or products. A prospective customer and one who has already experienced your product are also likely to share it with others and pass on your message via social networking if they are pleased with what you are offering. To grab a user’s attention and to pique their interest be sure to create and share meaningful content. Because ‘a picture is worth a thousand words’, ensure that photos and images are also included on your page. More customers inevitably lead to more sales and a greater return on investment.

Social media helps build brand awareness in a shorter time.

Millions of people are interacting through social media sites every second of every day. Against that background, social media is one of the quickest ways to reach large, even global audiences. Start-up or small businesses have the most to benefit from this function as social media has the ability to reach an audience that they probably did not think about seeking out. While being visible on social media sites does not guarantee a sale it will remind a customer that your brand exists. With social media you also have the chance to highlight your product offerings and also give advice or tips on how to use that product.

Social media increases your digital exposure.

If you want someone to know about your business advertise on a social-media site. Due to its world-wide access and large number of daily users, social media is one of the best ways to expose your brand. It helps you to build relationships outside the confines of your office. Through social media, your online presence is enhanced in the digital marketplace. The use of social media is not something a marketer should consider; in this day and age, it’s a must-have! Lacking a presence on platforms such as Facebook, LinkedIn and Twitter is definitely a strategic mistake for those seeking to expand their business.

INNOVATION

WINNING

Accounts Vs WINNING Relationships

By Yanique Grant

inning an account is a great accomplishment and is usually celebrated by the boss and the team as this means more business and more money. Just as any other accomplishment achieved requires maintenance and consistency, so does maintaining a consistent relationship with that account holder. Every business works extremely hard to acquire new customers. In order to acquire the business, your first step would be to make initial contact with the customer, either through email, phone or face to face. After initial contact, you now have the customer’s attention, they may purchase your service or product based on their needs. Let’s take a look at a few examples:

Scenario 1– A newly opened print-supplies business opens and they

contact you to tell you about their products and services and also how competitive their prices are. You advise them that you already have someone that supplies you with toners and stationery for your office and you decline their offer. They call back one month later and remind you of their services and products because they would really like to stay front and centre in your mind in order to “win your account". Six months pass and every month they call you to share the same information. One day they even show up at your office with sample products and a free giveaway bag. After one year of courting you, you eventually start purchasing items from them. However, the difference in behaviour is they no longer call and checkup to see if you need supplies and months pass sometimes before you even remember that they still exist.

Scenario 2 – An automotive company has sales representatives who prospect at different events and one day while attending a business luncheon you were approached by one and you were intrigued by the cars they sold and also the features and benefits of these vehicles. The sales representative calls you weekly as he knows you really want to change your vehicle. He contacts the bank and has the relationship manager at the bank call you, they also contact the insurance company 26

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and arrange for everything. Over six months have passed and you have encountered other automotive sales representatives, but the original one that you met stands out in your mind as he always followed up no matter what. Therefore, when you were ready to make the purchase â&#x20AC;&#x201C; you automatically called the representative who contacted you consistently. You finally receive your new vehicle and the representative called you a day after the delivery of your car and also a week after. However, one year has passed and you have never heard back from that representative.

Scenario 3

â&#x20AC;&#x201C; While collecting a document for work at a businessplace, you are greeted by a young man that states he is in the business of website marketing. Your business is seeking global visibility through a website and social media. You exchanged contact information with the young man and through email, he sent all of the benefits that would be derived from doing business with him. The rates were not competitive, however, the solutions provided were value-added and robust. After three-four months have passed, you now have your website running and you are extremely pleased with the features and flexibility that the website provides. However, 12 months have passed and apart from an email that you receive monthly with a bill for maintenance of the site, you have no communication or support dialogue with the developer as to how the content can be improved or innovative ways that you can generate more traffic to the site. You are somewhat displeased with the quality of after-sales service that is provided and you contact the developer to request some minor changes for the website; he is completely unavailable, he does not return emails and you feel frustrated as you believed there would be some support provided after the site was developed. In all the above scenarios, we must recognise that winning the customer's account is very important, however, building strong relationships is much more important. Customers do not want

winning the customer's account is very important, however, building strong relationships is much more important. to be treated as transactions. Instead, they would like to be treated as people. All customers want value-added services. My challenge to you is think of your business offering and look at how you can offer value-added service to your customers. Statistics have shown that people donâ&#x20AC;&#x2122;t remember what you did, but they do remember how you made them feel.

How do your customers feel after doing business with you? Are your customers your biggest fans? Do they speak highly of your company? Do your team members feel proud to work at your company? When they wear their branded shirts with your company logo and go in public areas, do they feel proud to represent your brand and company? If the answer to any of these questions is 'No', your company, specifically your leaders, need to look at why the team may feel this way and also why the Cont'd on next page

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Cont'd customers feel this way because, as we stated before, human beings usually remember how you made them feel!

How do you make your team members feel? Do you really show them how much you care?

human beings usually remember how you made them feel!

How do you make your customers feel? Many companies focus on building accounts – SELL, SELL, SELL!!! After these prospects become your customers, how are you building those relationships? Do you really care about your customers as human beings versus a transaction or a sale?

1. 2. 3. 4.

Tips for Building Relationships

Give back to your existing and loyal customers even if you are a monopoly. Customers like to know they are saving money or they are getting value, like a free item or service for a month, such as coupons and complimentary gift certificates. Use the information in your customer records, such as birthday, anniversary, upgrades or specials in relation to a previous purchase a customer made. Courtesy calls for customers just to see how their businesses are doing and also how they are doing as people. This can be scheduled such as every six months.

Be human. This last tip is quite simple, but if not applied, can damage your business. A company is not made up of equipment, machinery, products etc, but people are the ones responsible for how your employees feel and how your customers feel! Be connected in your words and actions, be deliberate when working with your team and customers and make sure you show compassion in your interactions because, “People won’t show you how much they care, until you show them how much you care.” My connection was inspired by The Gifts of Imperfection by Brené Brown. As a leader, your most important role is to grow and develop people. I recommend that you give this book to your team to read, because if your team members grow, then by default your company must grow.

Do business with the companies that do business with you. We should all support each other, especially the people who support you. This will allow you to get to know your customers on another level as well.

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TECHNOLOGY

The world of

‘palm-sized’ possibilities

en years ago, computer whiz and CEO of Apple Inc, Steve Jobs, dismissed the concept of a tablet as a failure. Speaking at the All Things Digital conference in 2003, he said Apple had no plans to make the touch-screen

device as people wanted keyboards. For Jobs, this portable personal computer was a device best designed for “a bunch of rich guys”.

users with their apps and content in a much more intimate, intuitive and fun way than ever before,” he said. He was converted!

Fast forward to 2010, Jobs went onstage with fanfare, glitz and under the arc lights to launch the iPad. “iPad creates and defines an entirely new category of devices that will connect

And now, more than three years later, tablets are being used in schools, by kindergarten kids! We certainly have come a far way,

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from writing on a rock in a rectangular wooden frame to writing, reading, playing games and performing other activities on a similarly shaped device. The fingers are playing, but not holding a chalk and screeching on a blackboard, but gliding on plasma, LCD screens.

transformed the classroom into the palm of our hands. With its many educational applications, creative tools, virtual tours and interactive textbooks, the tablet brings lessons to life. Teachers are also able to customise lessons to fit each studentâ&#x20AC;&#x2122;s learning level and abilities. With tablets, teachers are given the opportunity to reinvent their pedagogy in new, interesting, more fun-filled ways. Coupled with traditional learning methods, the use of the tablet in schools has the potential to enhance a pupilâ&#x20AC;&#x2122;s learning experience.

Tablets are 21st-century tools of imparting knowledge in the classroom. In fact, in this technologically driven

classroom in the palm of our hands. era in which we live, tablets have revolutionised how lessons are taught and how students learn in and out of the classroom. They have now

In fact, studies suggest that tablets provide an increased motivation to learn and offer greater interaction between students and teachers as well as their peers.

Ugandan student first day with tablet computers | Image source: http://ugandalittleleaguebaseball.org/

A 2010 report from the European Commission found that â&#x20AC;&#x153;despite the increase in the numbers of computers in schools, hands-on access for pupils Cont'd on next page

Teacher writing alphabet on chalk board | Image source: www.blog-greerplastics.com/

Cont'd remains limited. Allowing pupils to play with and explore new tools could enhance their motivation to think, understand, learn and conceptualise in creative ways". Computer science teacher at the Rollington Town Primary School in Kingston, Tamara Nicholson, can attest to that. Her school was among several which received tablets from telecommunications company, Digicel, in April 2013. She informed that while the tablets are not now being used on a wide scale, students have been introduced to the device. And their response, she says, has been remarkable. Nicholson explained that the tablets will be used especially by the slow learners in an attempt to motivate learning. “Students are not interested when you write on the board, so you have to find other means to get to them and

I believe technology does that. The use of technology makes them eager learners and they grasp better.”

‘chalk and talk’ is a thing of the past. According to her, most of her 6 and 7-year-olds are not book oriented and she believes technology will excite them. The educator said she has already identified a programme which matches letters with their associated sounds. Nicholson is confident that her students will gravitate more to learning with the tablet, as for most of her students, ‘chalk and talk’ is a thing of the past.

The Jamaican Government has also caught on to the phenomenon of teaching with technology. “The propensity of our young people is geared towards technology and therefore providing them with the instruments that can realise their potential and speak to their aptitude and preferences is surely the way to go," stated Education Minister Ronald Thwaites. He also noted that the various types of tablets are now being tested to be distributed to schools with the roll out expected early in the New Year. Imagine how this device can revolutionise education, carrying 1,000 books in the palm of a hand, how good can it get, and how much it can enrich the knowledge of children. The next wave of education revolution has just arrived.

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FINANCE TECHNOLOGY

allow cheque deposits, mobile wallets that allow you to pay for your Starbucks coffee with your phone, QR codes that provide additional information about a product or service and soon we will hear much more about Bluetooth Low Energy (BLE) and iBeacon (Near-Field Communications (NFC) has not taken off and BLE will replace it).

2014: T Business Goes Mobile By David Mullings

he rise of the smartphone, namely iOS and Android devices (to the detriment of BlackBerry mostly), is ushering in a new channel for businesses, mobile. For the last few years, the rise of smartphones was mainly a developed-country phenomenon, but with costs rapidly

dropping, developing countries are quickly claiming their place, especially due to the already massive adoption of mobile phones. This new channel is already being tapped in developed countries for such innovative uses as mobile-payment processing, such as small businesses using Square to process payments on phones and tablets, banking apps that

Innovation is thriving in the mobile space and Caribbean companies must take stock of the opportunities that are presenting themselves. Competitors in Latin America are rolling out their tests with the intention of getting into the large markets like North America and Europe. Entrepreneurs around the world are taking advantage of the iOS and Android stores to build and distribute apps that they either sell or give away and generate advertising from. The opportunities have multiplied and we must get on the train early. Jamaica is similar enough to a number of other countries with much larger populations, such as Ghana, and any mobile app that works here can easily be modified for another market. Mobile is also helping to increase productivity in the workplace. Keystone recently looked at an opportunity to invest in a company that creates mobile apps for enterprise customers.

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A large client provided missioncritical services to some Fortune 500 companies and operated close to 500 trucks nationwide. Normally, the driver calls dispatch to get the location of the next job, calls when they arrive and then calls when they are leaving so that it can be logged and they can get the next address. This company built an app that worked on any smartphone (BYOD - Bring Your Own Device) and the drivers now simply use the app to get directions to the next job, check in via the app, take a photo of the completed job that is then uploaded for someone to check it and then head to the next job.

like an app to track potholes around the island, an obvious candidate to be expanded to other developing countries that face similar infrastructure issues. The next step is for angel investors to provide the capital needed to launch internationally and scale it. There is no question that other ideas are percolating in Jamaica and others are still to come as more people get their hands on cheaper smartphones running iOS and Android.

This improvement in efficiency allowed the client to reduce call-centre staff from 100 to 30 people and generated a 16-times return on investment. This is only possible, thanks to the rapid increase in processing power and connectivity that technology has brought, combined with visionary entrepreneurs. Imagine how Jamaican tourism could grow via mobile marketing and apps that show the tourists what to do and where to go before they even get here? Other countries like Malta are already taking advantage of that to entice visitors. I am aware of local innovation

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developed by Rovio. I do it only because it dispels the overnight success myth while still providing a realistic picture of a non-US developer leveraging smartphones to create a very successful company. Rovio is a developer based in Finland. They spent eight years trying to break into the mobile app marketplace, releasing 51 games that all failed and nearly bankrupted the company. Then they released game number 53 in December 2009, Angry Birds. At the end of 2012 they had 1.7 billion downloads, merchandise and licensing deals, 263 million active users and generated 152.2 million euros in revenue with net profit of 55.5 million euros. This was a company, started by three students, that grew then went from 50 to 12 employees and was on the brink. Their timing worked out well and they had a very successful product, which led to them raising US$42 million in venture capital in March 2011 and over 1 billion downloads by May 2012.

I generally refrain from using breakout hits to try and justify why something should be seriously looked at, but I feel compelled to talk about a little game most of us know, Angry Birds,

Mobile is the future and businesses, entrepreneurs and investors in Jamaica must to take notice in 2014 or risk being late to the game.

TECHNOLOGY

Security tips

for Shopping

nline

or many Jamaicans, shopping online is fast becoming the preferred way to do business. It offers access to the desired product and service 24 hours per day and one does not have to leave home to get their desired item. With the holiday season fast approaching, there is no doubt that online shopping will be increasing, especially since most consumers will avoid the markup local merchants place on items. However, while PC Magazine reports that more shoppers are now engaging in e-commerce, there are those who have reservations about carrying out business over the Internet because of what they believe is the lack of security in protecting their hard-earned dollars. Thirty-nine-year-old Paula Ricketts has vowed never to shop online again after her identity was stolen. “I went on a site to purchase an

airline ticket and a month later I got a statement from the bank saying I owed several hundred thousand dollars,” she said. “I later realised that my credit card details had been stolen and used to make several purchases online.” Among the purchases that were made were computers and computers parts; a Blu-ray DVD player, cellphones and a video camera. She said it took six months for the bank to finally believe that she had not made those purchases. To date, Paula does not know how thieves managed to gain access to her credit card, but she is determined never to own a credit card again. Paula is not the only one who has suffered. Thirty-year-old Neil Brown said he once bought software online, but ended up paying a monthly fee despite being told on the site that it was a one-off cost. He said even when he uninstalled the software, the developers still took money from his account.

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“I had to change my credit card, change my bank, computer and email address. That was the first I had bought anything online and it was probably my worst experience,” he said.

herself and enjoying the convenience of online shopping. According to writer Eric Griffith from PC Magazine, persons who shop online should follow the following basic tips.

But not all the stories about shopping online are bad. School teacher Brenda Peterkin said she is yet to have a bad experience when shopping online because she takes the necessary precautions.

Use Familiar Websites

“I only visit known sites like Amazon, Best Buy, Macy’s, Victoria Secrets, and those that have security locks. If I’m buying a ticket, I go directly to the airline and I close every window except for the site I’m shopping on. I also ensure that my anti-virus software can facilitate online shopping to protect from viruses and those things that hackers use,” she said. “I also check my statement and read all fine prints if there are any on the site.” For online security experts, Brenda is on the right track in terms of protecting

• “Start at a trusted site rather than shopping with a search engine. Search results can be rigged to lead you astray, especially when you drift past the first few pages of links. If you know the site, chances are it's less likely to be a rip off. Beware of misspellings or sites using a different top-level domain (.net instead of .com, for example); those are the oldest tricks in the book,” he said.

Look for the Lock

• “Never ever, ever buy anything online using your credit card from a site that doesn't have SSL (secure sockets layer) encryption installed, at the very least. You'll know if the site has SSL because the URL for the site will start with

HTTPS:// (instead of just HTTP://). An icon of a locked padlock will appear, typically in the status bar at the bottom of your web browser, or right next to the URL in the address bar. It depends on your browser. Never, ever give anyone your credit card over email. Ever,” he advises.

Check Statements

• Don't wait for your bill to come at the end of the month. Go online regularly during the holiday season and look at electronic statements for your credit card, debit card, and chequing accounts. Make sure you don't see any fraudulent charges, even originating from sites like PayPal. (After all, there's more than one way to get to your money.) If you see something wrong, pick up the phone to address the matter quickly. In the case of credit cards, pay the bill only once you know all your charges are accurate. You have 30 days to notify the bank or card issuer Cont'd on next page

TECHNOLOGY

Cont'd of problems, however, after that you might be liable for the charges anyway.

Inoculate Your PC

• Swindlers don't just sit around waiting for you to give them data; sometimes they give you a little something extra to help things along. You need to protect against malware with regular updates to your anti-virus programme.

Use Strong Passwords

• We like to beat this dead horse about making sure to utilise uncrackable passwords, but it's never more important than when banking and shopping online. Our tips for creating a unique password can come in handy during a time of year when shopping around probably means creating new accounts on all sorts of e-commerce sites.

Think Mobile

• The National Retail Federation says

that 5.7 per cent of adults will use their mobile devices to do comparison shopping before making a purchase. (And 32.1 per cent will comparison shop online with a computer as well.) There's no real need to be any more nervous about shopping on a mobile device than online. The trick is to use apps provided directly by the retailers, like Amazon, Target, etc. Use the apps to find what you want and then make the purchase directly, without going to the store or the website.

Avoid Public Terminals

• “If you do, just remember to log out every time you use a public terminal, even if you were just checking email. What about using your own laptop to shop while you're out? It's one thing to hand over a credit card to get swiped at the checkout, but when you must enter the number and expiration date on a website while sitting in a public cafe', you're giving an over-theshoulder snooper plenty of time to see

the goods. At the very least, think like a gangster: Sit in the back, facing the door.”

Know What's Too Good to Be True •

Once again, McAfee has compiled a Twelve Scams of Christmas list, all things to be aware of while shopping. The 'coupon-scam offers' of a free product with purchase, in particular an iPad (a very coveted gadget at any holiday) or even holiday-job offers. Many of these 'offers'will come in via social media. Beware even of your friends, who might innocently forward such a thing. Be very wary even if you get a message from a friend claiming he or she has been robbed, especially a friend overseas looking for money to be wire transferred, unless you absolutely can confirm it by talking to him or her personally. Skepticism in most cases can go a long way towards saving you from a stolen card number.

FINANCE

False sense of

Security

By Ryan Strachan

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lady friend, precious as she is, is terrified of flying. So extreme is the fear that she tends to cling for the closest seat, arm rest and/or passenger within reach, as she believes that this will provide the requisite safety during airplane turbulence. As anyone who has flown in an airplane before will know, the concept of ‘safety’ is merely an illusion, for anything one grabs on to is still subject to the ups and downs of the environment, if you will. If the worst happens in a plane, rest assured that hanging on to anything inside of it will be of no help to you, nor any passenger. This would therefore cause one to consider, or question, what therefore is safety? Is it a matter of the mind, or reality? To question it further would be to ask if the things we consider a safe bet, are they really that safe after all? The question bears relevance, for over the last five years, this postfinancial crisis environment has seen a downgrading of the credit rating of the world’s beacon of ‘safety’, the United States of America. Further, in Cyprus, during their tackling of the European recession, those holding savings accounts in particular banks had the misfortune of seeing their funds taxed 10 per cent on the principal! Now a savings account is the safest of the ‘safe’, which therefore suggests that it really isn’t as safe as conventional thought would have investors believe. Fixed-income instruments such as bonds bear risk in that the lending institution or country (such as Argentina or Belize) could default on their payments. The rate of return relative to associated risk should lead one to question whether what is considered ‘risk free’ is really true or a questionable portrayal. In other words, is the risk worth a 10 per cent return, at most? Does the reward justify the risk? The recent government shutdown in the USA caused treasury yields to increase to their highest level since April 2011,

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finance blogger who started to buy AAPL (Apple) shares at $5 in $1997 and sold above $600 in 2013. Regardless of any way you spin it, that’s 120 times his initial investment, which could see USD$10,000 becoming $1.2 million in 16 years!

Surviving the Turbulence

(near 3 per cent). This, combined with lower treasury buy-in from Chinese investors, increasing interest rates on mortgages, a slowdown of the real estate ‘recovery’ (and that word is used very loosely) and price attrition in the bond market (as lower prices will lead to higher yields, as would result if treasuries rise), further exacerbated the issues of perception regarding USA safety. Until the aversion of the government shutdown in October 2013, some ratings agencies had the USA on a ‘negative’ outlook; quite unbecoming of a ‘safe’ environment. With all that said, and to take it a step further, what some of us perceive as risky, such as equities, really as risky as we may have been led to believe? Were one to consider total principal capital loss as the absolute ‘worst’ risk that accompanies an equity investment, it would be clear that the solution is to invest what one can afford to ‘lose’, as it were. On the other hand, the potential gains are endless. Stories come to mind of this writer’s favoured

Equities bear benefits for the average investor concerned during turbulent times and seeking safety for they mitigate the client’s exposure to Central Bank volatility. This affirms that if an individual is able to identify a great company to invest in, even in the most difficult of times, said person should generate capital gains. An example is investors in Google (GOOG; which has become a verb in the Oxford dictionary) which recently reported increased gains and saw their stock price break the $1,000 plateau. Credit to them! This was achieved in the midst of extreme financial turbulence where winds of pessimism blew treasury prices down and yields up, whereas gusts of optimism (mostly fuelled by Quantitative Easing 3 – Google it) blew prices up and yields down. The net gain of a fixed-income investment, risks and all, is likely to top out at 15 per cent, if you’re able to buy it relatively low and sell on the open market at an increased price. With equities, however, the correct investment could cause exponential portfolio gains, such as Starbucks which investors bought in the $40s in January 2013 and sold in the mid-$70s circa September 2013! The story tells the tale, and as the turbulent times forces investors to pursue capital gains instead of an interest ‘rate’, the stock market is the place to be. Secondary, and just as important however, is the correct pilot to steer the vessel through choppy skies. More on that later.

FINANCE

Jamaica Yellow Pages Partners with Google

in Strategic Regional Alliance

amaica Yellow Pages inked a powerful new deal with webbased search giant, Google in November. Google has selected Jamaica Yellow Pages, and the broader Global Directories family, to become a part of the Google Adwords Premier SMB programme. With this agreement in place, Jamaica Yellow Pages becomes the authorised reseller of the Google Adwords advertising programme in the region. As a Premier SMB partner, Jamaica Yellow Pages now provides full-service AdWords account management on behalf of local businesses, from account setup and activation, to ongoing campaign management and optimisation. The agreement will encourage small and medium size businesses to use online advertising as a cost-effective way to find and target new customers as well as drive repeat customers. Jamaica Yellow Pages hosted customers at their Google Adwords breakfast seminar this November, featuring presentations by Rogelio

Montekio, head of Channel Sales Google, and Ted Baker, head of Digital Sales - Global Directories. Montekio outlined the dramatic acceleration in technological change and innovation over the past five years. He shared insights on the move to mobile technologies, citing statistics showing shipments of tablets surpassing that of desktop PCs in the last quarter of 2012. While the adoption of mobile technology for search and content development has soared, he predicted explosive growth in wearable technology like Google Glass, and smart watches to “add another layer of mobility” to our lives. The presentation went on to underline the key elements of a successful Google Adwords campaign – identifying the right combination of multiple variables, and consistent re-evaluation to keep up with changing search patterns. Relevance of content, landing page quality, CPC (Cost per Click) bids and scheduling among other things all contribute to an advertiser’s ad ranking. Global Directories’ Ted Baker shared with the participants the power of such a campaign and explained how

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Ladianne Wade, director of Sales, Global Directories and Rogelio Montekio, head- Channel Sales, Google, prepare for the Google Adwords seminar hosted by Jamaica Yellow Pages.

Jamaica Yellow Pages will provide support for advertisers seeking to achieve an ideal mix of the key variables in order to heighten online visibility for their brands. “As a business, we are continuing to invest in the best resources to deliver the right partners to boost the visibility of our advertisers,” said Ladianne Wade, director of Sales for Global Directories, publishers of the Jamaica Yellow Pages®. "We are very excited with our participation in this programme which extends our range of innovative products and services and further demonstrates our commitment to providing the best solutions possible when it comes to digital marketing," added Mrs. Wade. With 16 directories and a print circulation of over 1.6 million, Global Directories is a regional powerhouse connecting buyers and sellers through print, online and mobile platforms. Their portfolio of 16 digital e-directories boasts 772 million visitors and 9 million searches annually with impressive statistics showing that Jamaica Yellow Pages alone, is referenced over 138 million times per year. Jamaica Yellow Pages now offers a comprehensive portfolio of digital products with a Google-trained support team to guide its customers through the development of their online marketing strategies.

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Rogelio Montekio, head of Channel Sales at Google delivered an engaging breakfast seminar for Jamaica Yellow Pages customers. Global search giant Google has selected Jamaica Yellow Pages – Global Directories, to serve as the region’s Premier small and medium-sized business partner.

Sol Petroleum Jamaica’s marketing implementer, Karoline Smith (centre) is flanked by Jamaica Yellow Pages’ Jessica Campbell, general sales manager and Aron Edwards, advertising consultant.

FINANCE

Deepening tourism manufacturing Linkages between

and

for growth

he growth of Jamaica’s economy and the strength of the linkages between the manufacturing and tourism sectors are intrinsically connected. To many players in both industries, deepening the ties will lead to a reduction in the country’s imports, which averaged US$6 billion between 2009 and 2012, and US$4 billion exclusive of oil.

Numerous studies have been conducted to determine the procurement of locally made products by the tourism sector, which has been said to range between 20 and 50 per cent. The United Nations Conference on Trade and Development (UNCTAD) estimates leakage in the food and beverage industries to be between 40 and 50 per cent of the gross earnings from tourism in small countries. Clearly, there is a long way to go to improve the supply of local goods to the tourism industry. The good news is that in 2013, the Ministry of Tourism and Entertainment, the Jamaica Manufacturers’ Association (JMA) and Jamaica Hotel and Tourism Association (JHTA) established a Tourism Linkages Hub and both the hoteliers and manufacturers have set a clear path on the way forward.

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Exploiting the economic value from the link between manufacturing and tourism The tourism sector is diverse, and the opportunity is rife to provide numerous products to small and large hoteliers, restaurants and attractions especially from the following sub-sectors: fixtures and fittings, furniture, wooden and bedding products, office stationary and supplies, food and beverage, articles of apparel and clothing accessories/textiles & sewn products, chemicals, cosmetics and pharmaceuticals, electrical, electronics and automotives, mineral and metal products. Products within these categories are also directly consumed by tourists.

JAMAICA’S IMPORT FROM WORLD OF SELECTED PRODUCTS 2012 Product label

Trade Indicators Imported value 2012 (USD million)

All products

1,801.30

Beverages, spirits and vinegar

232.90

Food

928.40

Electrical, electronic equipment

187.10

Key Strategies Being Pursued by the Tourism Linkages Hub Having identified the problems, the four main strategies being employed by the Tourism Linkages Council are: 1.Improving Marketing and Distribution Systems • Encourage manufacturing sector to aggressively target the tourism businesses. • Create an e-commerce platform to facilitate online purchasing of local goods. • Create more opportunities for tourism and manufacturing to improve future prospects for business.

Paper, paper products and articles thereof 98.10 Articles of apparel, accessories, not knit or

124.60

crochet Chemicals

89.10

Pharmaceuticals

72.50

Mattress supports; mattresses

6.37

Furniture and parts thereof

62.10

Articles of precious metal or metal clad

0.13 Source: International Trade Centre

Challenges to Overcome

Remaining globally competitive is important for tourism and manufacturing alike as both industries need a reliable source of quality inputs, at competitive prices. It is therefore no surprise that one of the reasons cited for the low procurement of local goods by the tourism sector is that of pricing and supply consistency. It is also believed that there is limited knowledge of the demand and purchasing practices by hoteliers and the capacity of the manufacturing sector to supply the tourism industry. The manufacturers are seeking to overcome this perception and have identified their own set of challenges in trying to do business with hoteliers, as some hotel chains procure from their country of origin or practice integrated purchasing as a group.

2. Increasing Finance and Procurement • Set up meetings with the financial sector, for example, the Development Bank of Jamaica and EXIM Bank to further explore the provision of adequate opportunity for working capital. • Examine the feasibility of establishing contract pricing in United States Dollars. 3. Boosting Capacity and Competitiveness • Recognise the need for the manufacturing sector to retool. 4. Developing Appropriate Policy and Legislative Framework • Undertake demand study. • Explore the need to develop local purchasing policy.

Additionally, products for the tourism sector are largely imported by major retail companies rather than sourced locally. The key question is: how do we integrate retailers into the value chain to be part of the change process?

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Linkage: Happening and can be done

Local manufacturers from the furniture subsector such as Boss Furniture, Therapedic, McIntoch Group, Jamaica Fibreglass Products have been supplying hotels such as Secrets, Sunset Resort, Spanish Court, Hedonism, Sandals, Couples and Coconut Bay with furniture. One manufacturer reported that in a six-month period in 2013, orders were fulfilled valued at J$10M to six hotels. Just recently, Jamaica Fibreglass Products secured a contract to supply Sandals Resorts with bedroom furnishings valued at US$300,000 (J$31 million). The company is far advanced in negotiations to furnish the Marriot Courtyard for the Kingston hotel which is under construction. In the past, Jamaica Fibreglass also furnished numerous fast-food chains and casual dining such as KFC, TGIF and Pizza Hut. Crimson Dawn, manufacturer of apparel, also supplies some of Jamaica’s prominent hotels and attractions such as Chukka Caribbean Tour with uniforms. From the food subsector, companies such as Caribbean Broilers Group and Chocolate Dreams have secured lucrative contracts. More generally, according to a study that was conducted by the Ministry of Agriculture and Fisheries, in 1996, hotels reportedly sourced all their supplies of eggs (141,449 dozen) locally. The hotel industry also reportedly sourced all of the 38,754 litres of milk required monthly from local suppliers. Roughly 15.8 per cent of the total monthly food bill or J$35.8 million per month was spent on local processed foods and juices.

Lobby at the Half Moon Resort | Image source: Half Moon Resort

Some key tips which can be employed in assisting companies in accessing the tourism market are: • Become a member of the JMA and JHTA which would give networking access to hoteliers. • Have direct face-to-face meetings with hotel purchasing agents and general managers. Ensure to plan follow-up visits within a month of initial meeting. • Follow up regularly to ensure that your database of purchasing managers is current. • Target villas, guest houses, apartments and hotels that have less than 100 rooms. They represent 40 per cent of the accommodation sector. • Make regular visits to the tourism centre and participate in linkage-type events such as JAPEX and Expo Jamaica (the next staging is April 3-6, 2014).

Economic Benefits

As a visitor, much pride can be felt if the bed you slept on or the ketchup you used at our local hotels is made in Jamaica. Greater consumption of local goods and services by the tourism sector can stimulate higher levels of output within the economy. This will help to create more jobs and retaining foreignexchange earnings. It is therefore paramount that we forge mutually beneficial relationships between the manufacturing and tourism sectors, which will grow from strength to strength in the years ahead.

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FINANCE

Legal

Titbits By Alethia A. Lambert

Which Business Option Should You Choose?

s a result of the challenging job market and tight financial crunch affecting the country, graduates of tertiary-level institutions as well as established professionals are increasingly exploring the possibility of starting their own business ventures in 2014. As prospective business owners, it is important to consider the various business vehicles available and the legal requirements and implications of choosing one over the other.

The main options are sole proprietorship, partnership and a company. In choosing the type of business vehicle to establish, one must take the following factors into account:

• Purpose of business • Capital needs • Size and scope of business • Appetite for risks • Number of persons involved • Costs

SOLE PROPRIETORSHIP The sole proprietor or sole trader is simply an individual operating a business as himself. Sole proprietorship may be used for most types of businesses. The advantages include the absence of formalities in the organisation of the business and very little regulation. On the other hand, it can be risky as the sole proprietor contracts in his own name and his personal assets are fair game for satisfying business debts. The most important legal requirement is that where the sole proprietor wishes to use a name other than his own for the business, he or she must register the name under the Registration of the Business Names Act.

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PARTNERSHIP

An individual may opt for an alternative to the sole proprietorship to take advantage of the net worth of other persons. One such alternative is the partnership in which two or more individuals join together with the goal of making a profit. There are several advantages to forming a partnership. These include greater opportunity for capitalisation, risk sharing and balanced decision-making among partners. Additionally, compared to a company for example, partnerships are easy to form and maintain as there are no legal requirements for meetings, appointment of officers and filing of annual returns. However, in a partnership arrangement, there is unlimited joint and several liability of all the partners involved. This means that each partner may be sued for debt owed by, or claims made against the partnership. Additionally, an agency relationship exists among the members of a partnership, which means that each partner may bind the other partners in contract. Another downside to a partnership, especially when all partners have an equal interest, is the possibility of conflict as a result of the various personalities involved.

PARTNERSHIP AGREEMENTS

The partnership relationship results from a contract, which can be expressed or implied. The contents of partnership agreements often provide for the following

clauses, as well as others: ▪▪ Commencement and duration of partnership ▪▪ Capital contributions of partners ▪▪ Division of profits/losses ▪▪ Admission and expulsion of partners ▪▪ Management of partnership ▪▪ Accounts and banking arrangements ▪▪ Dispute resolution ▪▪ Dissolution A partnership may be terminated by dissolution or winding up of the business. If the partnership is registered under the Registration of Business Names Act, one of the partners should notify the Registrar of Companies that the business has been dissolved.

A COMPANY

A company is a legal entity in its own right, separate from the person or persons who brought it into existence. In most countries, a company can engage in similar activities as an individual. It can acquire assets, enter into contracts in its own name, sue and be sued. The process leading to the incorporation of a company is one of registration under the Companies Act, which ends in the issue of a Certificate of Incorporation by the Registrar of Companies.

WHO CAN FORM A COMPANY?

One or more persons can form a company by filing Articles of Incorporation with the Registrar of Companies and otherwise complying with the requirements of the Companies Act in respect of registration. Cont'd on next page

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TYPES OF COMPANIES

The types of companies that may be formed are companies limited by shares, companies limited by guarantee and unlimited companies. The required documentation, which must be sent to the Registrar to facilitate registration, include: • • • • • •

Stamped Articles of Incorporation Notice of Appointment of Director Notice of Appointment of Secretary Notice of Registered Office Declaration of Compliance Prospectus and Supporting Documents (Public Companies)

The main advantages of incorporation is the limited liability of members of a company. This means that the liability of the company is separate from the personal liability of a member whose assets cannot be seized to pay company's debts. Additionally, a company has perpetual succession until it is wound up, and therefore it doesn't die with its members. A company provides greater opportunity for raising capital by way of a floating charge, which attaches to the company’s assets, thereby allowing it in the interim to be able to use these assets.

Some of the disadvantages to forming a company include less privacy as there are statutory obligations for annual public filings, annual meetings and election of directors and officers. There is also the issue of loss of control, particularly as it relates to public companies. The Companies Act stipulates that the name of the company should have 'limited' as the last word of the name in the case of a company limited by shares or by guarantee. It further specifies that a company shall not be registered by a name which, in the opinion of the Registrar, is undesirable. In fact, a company name will not be registered if it is identical or similar to an existing company name or if the name is misleading. Given that a company is an artificial person, it requires the hands and minds of actual persons to act on its behalf. Directors therefore perform the managerial function of a company while the members/shareholders of the company have ultimate decision-making powers, which they delegate to directors. For guidelines concerning the incorporation of companies, see the Companies Act and the Companies Office of Jamaica website.

FINANCE

The case for

captives In Jamaica By Dwight Geddes

he islands of the Caribbean are known the world over for many things: beautiful beaches, intoxicating landscapes and idyllic sunsets that have inspired many a song and tale, not to mention one of the most diverse ethnic melting pots in the world. The English-speaking former colonies in the Caribbean, of which Jamaica, Bermuda, Anguilla, British Virgin Islands, Barbados, and the Cayman Islands are included, have for many years reaped the economic benefits of their natural beauty via tourism. What these other islands in particular, with the notable exception of Jamaica, also have developed over the last few decades is a vibrant and growing captive insurance industry.

greater control over their insurance costs. These are generally speaking, companies not involved in the business of insurance, but who recognise that by forming a captive they will be able to better manage their risks and reduce their underwriting expenses.

To better understand captives, it’s important to understand the role of a traditional insurance company. An insurance company at its simplest construct is in the business of taking on the risks of others. They understand that managing these risks leads to lower claims costs and thus increased profits for the company and stability for its policyholders. That balance is what all insurance companies strive to maintain. So what is a captive insurance company? A captive insurer is a vehicle to provide a company or group of companies

• Lower insurance costs • Cash flow • Risk retention • Coverage of difficult risks • Risk management • Access to the reinsurance market • Tax minimisation and deferral

Domiciling (headquartering) a captive company in an offshore location is likewise not a new concept, having been in existence for almost a century. Over the last 20 to 30 years, its use has expanded from a niche; large companies looking to reduce costs and consolidate risk management. Where it is presently is a viable option for many mid-size companies and groups of businesses in related fields. The benefits of forming a captive are tremendous. Some of them include:

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The last one of those, the tax minimisation, is a significant factor for many parties exploring their options. Section 831(b) of the US IRS tax code permits the captive insurer to receive up to US$1.2 million per year in insurance premiums tax free. This means that the company or companies paying the premiums (the owners of the company) will deduct up to US$1.2 million per year for insurance costs, but that amount is not taxable to the captive. This can result in significant annual benefits to the business. All investment income in the 831(b) captive insurance company is taxed at standard corporate rates. When a captive is sold or liquidated, its owners pay tax on any gains in the value of their stock at long-term capital gains rates. The Cayman Islands and Bermuda are the standard bearers for the industry in and out of the Caribbean. According to a November 2009 Insurance

Information Institute article titled, 'Captives and Other Risk-Financing Options', as of 2008, Bermuda (960) and Cayman Islands (777) are home to more captives than the top-five US captive states combined: Vermont (#1 US-based captive state with 557); Hawaii (165); South Carolina (163); Nevada(123), and Utah (122.) In addition, the Cayman Islands Monetary Authority (CIMA) in 2013 announced that it received 67 applications for new captive insurance licenses in 2012.

hastened to pass legislation to become competitive. Tennessee, Connecticut, and New Jersey are relatively new entrants to the market, and those states have made significant public efforts to gain market share. With the global economy still trying to recover, businesses are paying even closer attention to costs, and the captive alternative is an appealing, commonsense option whether the company is enduring the economic storm or riding high.

Barbados implemented the Barbados Exempt Insurance Act in 1983, and has since earned a reputation as a very good base for offshore captives. The website BusinessBarbados.com stated in 2010 that, “Since 1983, Barbados International Sector has grown to become one of the top five domiciles worldwide” with “over 400 captives registered since 1983.”

In this financial sector, dominated as it is by English-speaking Caribbean countries, Jamaica has been largely nonexistent. Considering the strength of the overall Jamaican insurance industry, it is puzzling that the largest of the English-speaking Caribbean countries and one with strong, longstanding ties to North America and the UK is not a significant player in this market.

The industry is growing, and several states on the mainland USA have

The reasons for this are various. The Cont'd on next page

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ones most stated in several off-therecord conversations with people involved in the insurance industry in and outside of Jamaica are as follows:

a. Political instability b. Corruption (aka the cost of doing business) The relative ease and transparency of regulations that exist in other islands that don't appear to currently exist in Jamaica. The best way to look deeper at it may be to examine what these other countries are doing. The British Virgin Islands (BVI) prides itself on their regulators being keen to meet clients' needs and working to improve the flexibility of regulations governing captives. The BVI government has trumpeted its integrity as a strong and robust jurisdiction of choice for captives; they have entered into extensive tax information-exchange agreements in recent years, in addition to pushing new legislation to combat/ prevent money laundering and counterterrorist financing. The result? Steadily increased investment in the British Virgin Islands financial sector which helped to boost the per capita GDP to $39,015 in 2011. Jamaica’s per capita GDP was $5,562.24 in the same year according to a World Bank report. Barbados, (via the BusinessBarbados. com website) touts its “…ideal yearround climate, highly developed

Image Source: http://static.panoramio.com/photos/large/25534727.jpg

infrastructure, high academic standards, mature business environment… skilled and available labour force, high quality rental accommodations (both personal and business), an open, virtually unrestricted real estate acquisition policy, and significantly lower operating costs than any of its major competitors in the region". Similarly, I was an attendee at an industry conference in early 2013 when the premier of Bermuda, Craig Cannonier told the gathering of over a thousand risk managers and industry professionals the following: “Our message to you is this. Doing business in Bermuda has never been easier. We have the leading market for captives, reinsurance and insurance. We have the breadth of products and the depth of experience. We are a one-stop shop.” I cannot recall a time when a Jamaican head of state, of either parties, has made a public case such as that to boost something besides tourism or an IMF loan. The recurring themes? A willingness to enact legislation to entice investment. Local infrastructure development to support the incoming business. Cooperation with foreign regulatory bodies so that transparency is not just a word, but a way of doing business. Visionary leadership in the public and private sectors.

With more states in the American mainland looking to entice companies onshore, the marketplace, while growing, has more options. If Jamaica is to make inroads in this industry, now is the time. Can Jamaica become a player in the offshore captive industry? Well, on the surface, the obvious answer is yes. All of the advantages that the other Caribbean nations active in the industry possess are just as, if not more, abundant in Jamaica. There is also a well-established industry for traditional insurance, with several foreign companies involved in the island over the years either through a local base of operations or partnership with local companies. As the largest of the islands in the English-speaking Caribbean, the enticements that others have can be found in Jamaica in abundance. The approach needed by Government and private industry, not to mention permeating down through every level of business, is to step up to and embrace a different way of doing business that may not be present now, but that can and has to be changed. Maybe then Jamaica can achieve the kind of economic viability that it should have already established more than half a century after independence.

http://www.iii.org businessbarbados.com/industry -guide/financial-services/barbados-captive-insurance-domicile http://www.bviifc.gov.vg/FinancialSectors/CaptiveInsurance/tabid/115/Default.aspx http://bernews.com/2013/04/premier-tells-rims-bermuda-is-one-stop-shop

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Do you think the Government should implement/consider-exchange rate control measures given the continued devaluation of the Jamaican dollar? “I don’t believe in control. I believe in a free market system. So no, I don’t believe the Government should implement exchange-rate controls. I think the Government should try to increase productivity, that’s what I really think. That’s the only way to stop it [devaluation].”

Andrew Collins, president of the Jamaica Exporters’ Association

“I don’t know that those things work. What they do is create panic as people take that as a sign of problems. So they [control measures] cannot be sudden. If the Government goes for draconian it could cause some panic in the system especially in a time of high demand for US dollars. One of the key things you will have to have is communication between the Bank of Jamaica and the public, particularly the business sector. But I don’t think it should be implemented now.”

Anne Shirley, financial analyst

“No, you can’t do that in today’s world; the IMF wouldn’t allow that. That would also lead to a Flight of capital because investors would run. They are very sensitive about their money. If you look at what’s happening in America, America is the biggest market in the world yet investors are being extremely cautious because of the shutdown in the federal government and the possibility of that happening again on January 15, the controversy surrounding the raising of the debt ceiling...so if Jamaica tries that the country would collapse.”

Ralston Hyman, financial analyst and host, of Real Business on Power106 FM

“All the analysis that I have seen suggest that the best option is a flexible or a managed exchange rate in the way we are seeing now. That gives us the best option in the context of the many constraints facing the government. Just so you know, there are pluses and minuses to both scenarios. If you fix it there are negatives and positives, if you don’t the same apply. Comprehensive analysis has provided empirical evidence that our best option is to manage the [exchange] rate. But it ought to be complemented by initiatives that continue to improve the productive use of imported capital and that we, ultimately, pursue strategies that will enable us to export more and earn more foreign exchange.”

Professor Rosalea Hamilton, head, Micro, Small and Medium-sized Enterprises (MSME) Alliance

“The Government of Jamaica must take some serious measures to curb the slide of the dollar because it will create some damning effects as far as our economy is concerned. As we will realise, the small business is the engine that moves an economy, and the constant slide of the dollar is going to interrupt the whole process. And if we are not very careful it is even going to affect our debt-payment arrangement because of the stress on the dollar itself. The greatest way to curb the slide of our dollar is to produce more so that we can export more, and if we export more we will be able to retain more of our NIR. Our economy should at least be growing at Three per cent before we fix the dollar. If we get into that now, it’s is going to become progressively more difficult for us to really manoeuvre around our debt payment and helping small businesses to improve.”

Dr Davidson Dawey, economist and lecturer, at the University of Technology

Image source: jamaica-gleaner.com/‎

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TOP5 Business Headlines

FINANCE

2013

he year 2013 can be described as quite eventful on many spheres. Stories on Jamaican athletes Usain Bolt and Warren Weir dominated newspaper headlines in the area of sports. In the entertainment industry, songstress Tessanne Chin also made headlines in the latter part of the year after she entered US singing competition, The Voice. Certain happenings in the financial sector are also worth highlighting as they have impacted not only the Government, local businesses or even international investors, but every Jamaican.

Let’s take a look at the top-five business headlines...

1.Government Announces National Debt Exchange

n the second month of 2013, February 12 to be exact, Prime Minister Portia Simpson Miller, alongside Finance Minister Dr Peter Phillips, announced that the Government would be embarking

on another National Debt Exchange offer. That announcement came as a surprise, as just days before, the Government dismissed talks of another debt exchange, having engaged in one in 2010. But speaking during a national broadcast, the prime minister described the move as “a critical component of both the IMF (International Monetary Fund) agreement and our [Jamaica’s] Debt Reduction Programme”. Referred to unofficially as JDX2, the offer targeted approximately J$860 billion of debt issued in the local market. Its objective was to reduce the debt ratio to 8.5 per cent of the country’s

gross domestic product (GDP). At the time of the offer, Jamaica’s debt to GDP ratio stood at more than 140 per cent. Reluctantly, some of the big players in the industry, GraceKennedy Limited, National Commercial Bank, the Scotia Group, Sagicor Life and Guardian Life, took up the offer. But that was not enough to achieve a 100 per cent takeup. That forced the Government to approach several financial institutions in a ‘private offer’ in an attempt to plug the shortfall. One month later, in March, the Government announced that the National Debt Exchange was successfully implemented with 98.8 per cent participation.

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2.IMF Agreement Signed

3. Devaluation

of the Jamaican Dollar

onfirming that the National Debt Exchange was indeed a critical component of a deal with the IMF, the Government on May 1 declared that an agreement had been reached with the multilateral agency. Jamaica’s application for a four-year Extended Fund Facility was approved in the amount of SDR615.4 million or approximately US$932.3 million. Under the deal, the country has access to a cumulative drawdown of US$2 billion from the IMF and other multilaterals, including the InterAmerican Development Bank and the World Bank, over the next four years. Although many breathed a sigh of relief following the long-awaited announcement, for some it was not good news as the agreement signalled a period of belt tightening. As a precursor to the IMF deal, the Government had to meet several prior actions. Among those prerequisites was the signing of a wage-freeze agreement with public-sector workers. That belt-tightening measure meant that workers in the public service would not see any increases in their salaries until 2015. In addition to the National Debt Exchange offer and the wage restraint programme, the Government also approved a drawdown of J$45 billion from the coffers of the National

Housing Trust, despite objections from some members of civil society and the opposition Jamaica Labour Party. Nonetheless, the IMF seemed pleased with Jamaica’s performance since the signing of the agreement, as on September 30, 2013, the lending agency approved the completion of the country’s first review under the deal, making it possible for a second drawdown of SDR 19.97 million (about US$30.6 million).

t the penning of this review in November 2013, the Jamaican dollar was being traded for J$105.6 to its US counterpart. This followed months of continued depreciation since the dollar hit the J$100.08 – US$1 record on June 7, 2013. Prior to that record slide, Mr Martijn was quoted in the local media in May as saying his agency welcomed the devaluation of the dollar and saw it as an important “correction”. He was also quoted as saying that the Jamaican currency was overvalued. His comments further triggered speculation that the IMF wanted the dollar to depreciate.

And on November 13, 2013, the Fund also announced that Jamaica met all quantitative performance targets and indicative targets for the second quarter. Yan Kees Martijn, the IMF’s mission chief for Jamaica, noted that the island’s implementation of the policy under the Extended Fund Facility was strong. “Looking ahead, the critical challenge will be to support economic growth, while continuing to undertake the necessary fiscal adjustment," he noted.

Technical documents posted on the IMF’s website also indicated that “a flexible exchange rate regime should play a central role in Jamaica’s macroeconomic policy framework and its structural agenda going forward. The recent nominal exchange-rate depreciation has been useful, by reversing part of the overvaluation of the real exchange rate that has The IMF’s management and executive emerged in recent years, thus board is expected to consider the supporting price competitiveness”. preliminary understandings under the second review of the deal in late In October 2013, governor of the Bank December. If approved, SDR 19.97 of Jamaica Brian Wynter insisted that million (about US$30 million) would be the rapid depreciation in the value of the Jamaican dollar would not made available to Jamaica. continue for the remainder of the fiscal year, which ends in March 2014. Cont'd on next page

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Rise in Unemployment

the unemployed up to that date and that although the labour force increased to 38,900, only 8,700 Jamaicans were able to find jobs. To add to that, the Jamaica Employers’ Federation and the Private Sector Organisation of Jamaica forecast in September, that about 20,000 school leavers may not get jobs in 2013.

espite the Government’s promise to create jobs, jobs and more jobs, unemployment rose to a 10-year high of 16.3 per cent in April 2013, as reported by the Statistical Institute of Jamaica. STATIN also revealed that 215,000 people joined the ranks of

Logistics Hub

Depressing figures aside, the Government has taken steps to address the unemployment rate. In September, Labour and Social Security Minister Derrick Kellier announced a 50 per cent increase in the amount allocated under the National Insurance Fund’s small and medium enterprise credit facility, from $1 billion to $1.5 billion. The minister said the move was to “increase job creation, grow businesses and stimulate entrepreneurial access to working capital”. He also announced plans for the expansion of the overseas employment programme. In the same breath, the minister has also urged job seekers to look to other countries; his comments indicative of the stark reality of Jamaica’s job market.

Another big item that caught the attention of many was the Government’s much-touted proposal to construct a logistics hub. By building the logistics hub, the Government plans to take advantage of the increase in maritime activities on the completion of the Panama Canal in 2015. Described by the Opposition as a “pipe dream”, the Government promoted the US$8 billion logistics hub as one of the measures aimed at providing thousands of jobs. But the Government’s plans have been shrouded in controversy since it announced that Chinese investors had indicated the Goat Islands in St Catherine as the preferred location for the project. Controversy aside and in the absence of confirmation of the location, the establishment of the logistic hub has significant implications for the business sector.

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According to minister of Industry, Investment and Commerce, Anthony Hylton, the project is expected to open trade opportunities between North American exporters and international markets. “The logistics hub would not only transform lives, it would also transform businesses in a number of ways, including the creation of a better business environment, less bureaucracy, more efficient government process, more opportunities, with more businesses to supply goods and services," stated minister of state in the Ministry of Industry, Investment and Commerce, Sharon Ffolkes Abrahams, at an expo in October 2013. All in all, the Government has reiterated its commitment to ensure the logistics hub initiative will become a reality within the next few years.

COVER STORY

BANKING ON

GER

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COGLE: The Making of a Modern Banker

anks are like onions. No, by that I do not refer to their ability to bring a tear to the eye upon sight of new charges for small transactions. That is meat for another supper. Banks are extremely complex, multilayered organisms and when you step into one, it’s clear that there is so much more going on than what meets the eye. To use another simile, your bank is quite like an orchestra with an array of skilled technicians, performing several seemingly independent duties; reliant on a talented conductor to turn potentially jangling discords into harmony. But Roger Cogle sees things somewhat differently. For the avid sportsman and sports fan, he sees his role as something out of Barcelona’s La Masia Academy. His job is to orchestrate his team, as if on the football pitch. He plays insightful through balls into the final third. He pings passes all over the park with precision, to set up his teammates and create chances for his strikers to be the hero. If that wasn’t enough, Roger Cogle can be seen on this metaphoric football pitch,

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By Dennis Brooks

dropping deep and defending in order to ensure his team makes no mistakes and ultimately keeps a clean sheet in a winning effort. Why the football analogy, you ask? It’s because this is not your ordinary banker. Roger has a brand of confidence oozing out of his sweat glands that’s produced by delivering the goods on several different fields of sporting endeavour. And it is there that we begin our inquest into what makes RBC Royal Bank Jamaica’s managing director tick.

No Place Like Home Transport yourself three decades from today into the quaint deep rural St Elizabeth community of Potsdam and you will find several young boys actively engaged in sports of all kinds. These young lads may not be as financially endowed as their urban counterparts, but be not deceived, they are just as (if not more) talented. Roger is one of those young boys. He explained that in that context, purchasing a brand new Tiflex cricket ball – or ‘cherry’, as schoolboys called them – was definitely not an option. For him, necessity was the mother of sporting invention. “We would

squeeze cans into a [ball] shape and wrap rubber bands around it to make our cricket ball,” he revealed. Armed with such a ball as well as a bat made of coconut bows, Roger Cogle and his young friends were preparing themselves, not only to learn about cricket, but also about life. One of his most endearing memories of being a child in rural Jamaica is the sense of connectedness. For Roger, that sense of community and duty of care to one another has remained with him even today, and influences the way he makes decisions about RBC’s thousands of clients across Jamaica and the region. “The friends and the neighbours, jumping from home to home, I would call that real community. Your neighbours were your parents because of how close knit we were and continue to be.” The RBC boss told a familiar tale of ‘community parenting’, which was common across Jamaican culture at one point in our development. However, such norms have been erased through the passage of time. However, he said that knowing several community members were looking out for him was instrumental in grounding him in a set of unshakeable principles. “It helps to shape you as an individual because of the respect you had to have for everyone. You knew you had more than one mother and father because people cared. That was my life. They didn’t just scold you, but they had good discussions and told you when you were wrong. Those key things, without knowing, shape your mindset. You gain key characteristics that you Cont'd on next page

COVER STORY

Cont'd can now pull on; honesty, respect, integrity, sound discipline.”

The Drive to Win From very early, Roger Cogle realised he had a competitive streak in him. Even as a child playing sports with his friends, it was clear that he loved to win and hated to lose. This competitiveness led him to engage in several sporting activities, which helped to feed his appetite for competition and hone several skills. When we combine young Roger’s competitive spirit with his obvious academic potential at the time, and fuse that with the fact that he was growing up in Potsdam, St Elizabeth, there was only one logical place for him to gain a secondary education. Luckily for him, he lived in walking distance from Munro College, and therefore was not just a member of the school community, but of the wider community as well. Like many Munro old boys will tell you, the years he spent there represent a crucial period in his development as a man. He was afforded the opportunity to develop his various intelligences, and he pointed out to us that he took every chance that he got. “I ended up running the 800m and 1500m at Boys’ Champs in the National Stadium and had a good record of reaching the finals from Class III through to Class I,” he shared with pride. He also represented Munro in field fockey and table tennis, but it is when he spoke of his love for ‘the beautiful game’ of football that his eyes seem to widen and a spark is ignited. In football, there are several positions one can play in order to influence the result. Those who score the brilliant goals often get the praise, but Roger Cogle doesn’t quite see himself as the glory-hogging striker. “I represented my school in daCosta Cup and I do still play a lot of football. I’m always that integrator. I like to play in midfield. It’s

not always about me, but distributing and making sure that I take it from the defense and supply the goals. You need that central individual making sure the team is doing well!” Cogle explained. This tendency, he said, ought not to be taken for granted. It has as much pertinence to his life beyond the boundaries of the pitch. As said previously, Cogle sees himself as an orchestrator, making things happen and ensuring he gets the best out of his teammates at RBC.

Finding that Balance If you’re questioning how Roger found the time to juggle representing Munro College in all those sporting disciplines, while balancing the demands for academic success, you’re not alone. When we put that question to him, he made it clear his parents laid down the law in their household so that he knew what his priorities were. “I think [balance] is a function of your mindset, in terms of what you truly want. At all times the focus was on education – because my parents wouldn’t allow otherwise. You had to deliver. You went to a great school. They were doing their part, so I had to bring the results. I did well in CXC/GCE and A’ Levels. But there was a clear balance. I was really enjoying school, but I was also excelling,” he said. Cogle noted that when the time came to exchange the quiet tranquility of Potsdam for the hustling bustling metropolis, even that was made easier by the presence of an excellent support system. “There were a number of us that came to Kingston at the same time. We formed a bond and supported each other. I grew up in the church and had great support even in Kingston and could leverage that. So coming to Kingston, it was never a ‘breakaway’. I stuck to my values, understood who I was and lived who I was and not what others wanted,” he explained.

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Making Bucks from Brains Roger Cogle shared that one of his early preoccupations was the question of how to use education as a platform for wealth creation. It is a question many who come from humble beginnings are led to ponder, as they seek to eek out an existence in this challenging global economy. He revealed that 20 years ago when he entered banking and began to peel away at the different layers of the onion, he became taken in by the stratification system and how to climb it. “I came in as a teller and saw so many individuals ahead of me. I said ‘Wow! How do I move one rank to the next? How can I skip a few ranks? Is that possible? Well, I was able to skip ranks through education,” he said. Cogle noted, however, that in banking ‘education’ must not only be understood to be that gleaned in the formal institutional context. “You have to ensure that while on the job you are learning, because that is a form of education. You build your knowledge base and your capabilities and learn to leverage that. Then, the organisation begins to see that you are someone who can add value.” Roger Cogle is quick to highlight a number of mentors and sponsors he said have supported him through his career. These individuals were there 20 years ago, and remain permanent fixtures of his support system today. “People like Bonita White, Horton Dolphin, Herby Reynolds and late teacher at Munro, Stephen Harle.” ‘Getting into banking, I had Minna Israel, Wayne Powell even today, they are persons who I would sit down and have lunch – not to just chit chat, but to get advice and counsel. It’s learning vicariously and these people have been there. I am not so arrogant to believe I don’t need the support of individuals who’ve been there. I’ve leveraged a lot of that.” His dogged determination to succeed along with his ability to endear himself to his superiors would eventually take him to one of the biggest banks in Canada, where he spent several years honing his leadership skills, learning both formally and informally and moving from one tier to the next in the banking sector. When given the opportunity to work in a new area of the bank, he seized those chances with both hands. He did so until it was time to return to Jamaica, equipped with an array of skills and experiences that would help him tackle the challenges of leadership in the local banking sector.

A Philosophy of Leadership After spending an hour in Roger Cogle’s company, we couldn’t shake the feeling that he is the product of a grand design. His life experiences seem to have all conspired to mold him into the best person to take over the reins of RBC on November 1; challenges and all. He told us that one of the greatest lessons his unique journey has taught him is the need to get the best out of people; to coach his team to a desired result. He said the challenge is to do this without being judgmental. “Coming from the country, you have certain key behavioural skill sets and discipline. Then I came to Kingston and that was a different environment, I had to integrate.

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â&#x20AC;&#x153;I see LEADERSHIP more as an honour...

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...It’s less about Roger and more about the people I lead, because it is a privilege.” -ROGER COGLE

Managing Director RBC Royal Bank (Jamaica)Ltd.

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COVER STORY As part of his regular routine, Roger Cogle (right) takes time out to engage his team members. Here, he interacts with members of the Dominica Drive branch (from left), Lorraine Muir, assistant branch manager and Nickeir Thompson- Malcolm, CSR Cash.

Cont'd I went off to Canada and I’ve also been to all of the countries of the Caribbean. I’ve learned to understand diversity and cultural differences. All this really helps your leadership abilities – not just in banking. I’ve learned to look at things from different perspectives and to be non-judgmental.” You will struggle to find another managing director of a major regional entity as down to earth and grounded as Roger. Watch him carefully and it becomes obvious that he’s most comfortable when around his staff. He’s not the type to spend the entire day locked in his office. When you try to make the conversation about him, he respectfully reminds you that it’s about the team. This we found refreshing, because it’s indicative of his broader guiding principles. “I see leadership more as an honour. It’s less about Roger and more about the people I lead, because it is a privilege. You are vested with people’s careers. If you look at it from this point you can’t see it as you being the ‘big man in charge’ and can do anything. If you genuinely have your people’s interest at heart then it changes the entire dynamics of how you lead. Today, I’m able to get things done through people, because of those same fundamentals I learnt so long ago.”

Putting Clients First Maybe it’s his upbringing or maybe it’s the fact that he’s been wrapped up in the Personal Banking portfolio for so long or – maybe still – it is a dynamic combination of both. However, one thing is for certain, and that is Roger Cogle’s client-centred approach to banking is real. It’s not contrived. On multiple occasions in our conversation, he deflects to insistence on making it about him, and shifts attention back to the importance of making the client happy. “You have to have understanding, in order to get right into the frontline and that’s what I do always. That’s what I love about RBC; it keeps me close to my clients. That’s what is important. It’s all about clients interacting and engaging with them to bring value. I leave my experts to do the legal, risk management and compliance work, and what I do is integrate all that. My role is to put the clients first!”

Keeping it Real The bonds of family are particularly important to this banker. He credits his marriage at a relatively young age to helping to keep his feet on terra firma throughout his career, providing him with the platform to be successful. “I have a beautiful wife and two kids, an 18-year-old who just went off to the University of Western Ontario, which is fantastic! I have a 12-year-old who is in middle school in Canada. I got married pretty early four years after I came to Kingston and that also helped to ground me.” As a man of faith, he stressed the importance of staying true to your values. He believes that finding a work environment that aligns with your fundamental principles is an important aspect of building a successful career. “It all comes back to your values. If you look at most organisations, you ask, ‘What are some of the key characteristics that the organisation is looking for?' Then when you look at what you stand for, when you have [the same values the company is looking for] you don’t have to work hard to align yourself, because this is your life!” he declared. Whether by luck, fate or grand design, Roger has always worked for banks that embrace the same values as his. “All the organisations I’ve worked for in the past, line up perfectly with my own value system. I don’t have to struggle to make decisions because it’s a part of my life.” It’s rather amazing how humble beginnings can be the perfect ingredient for a successful career. With the right people around you, the right values and the conviction to stick to them, you can be lifted from the lowest valleys to the highest mountains. While he may not have the global recognition of Barcelona’s Xavi, Juventus’ Pirlo or Liverpool’s Gerrard, Roger Cogle will tell you he’s enjoying the ‘playmaker’ role as managing director at one of the world’s most successful banks. By the looks of things, this youngster from Potsdam – the city set upon a hill that cannot be hid – will be looking to set up several goalscoring opportunities for the Jamaican operation and take Team RBC to places it has never been.

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FEATURE

TECHIE 10.0

By Joni Wedderburn

e can h a r d l y imagine our lives without a close, reliable friend; always there when we need to chat, there to protect us and there to help us remember important things. We cannot stand the thought of going a day without our ‘partner in crime’ as life would be so empty, miserable and riddled with spelling errors. Yes, our pal technology has become such a big part of our world that when it fails we feel like we’re faced with our own devastatingly painful apocalypse, or is that just me? Our need to be able to make video calls, quickly surf the net and access databases when and where we want is so strong that we oftentimes take for granted the ‘behind the scenes’ work that allows us to easily do these activities. Our growing need for constant connectivity, both in personal and professional circles, has given birth to an Information Technology sector

where skilled technicians ensure that our networks and increasingly sophisticated gadgets are running smoothly at all times. There’s really no pressure since it’s just our tax offices, hospitals, air traffic control, police and other critical services who depend on them to do their jobs perfectly. “In 2003, there were quite a few IT companies in Jamaica and Voice Over Internet Protocol (VoIP) was an emerging technology,” shared Everon Grier, the man behind Medianet Ltd. “At that point, I had been involved in the industry for a decade and I was ready to go out on my own. I was confident that my track record, expertise and reputation would make it easy to solicit business in the field, and once I controlled my overheads, I would be able to compete with larger, established organizations,” he explained. Ten years ago, Medianet set out to grab a piece of the local IT pie. With just two employees: Everon mainly setting up systems and writing proposals,

and another staff member working double duty as the accounting clerk and technician, they looked to convince corporate customers to hire them to do wireless installations and structured cabling. They quickly learned the power of ‘name brands’ wasn’t just confined to cellphones, laptops and tablets in the technology arena but extended IT firms. Although Everon was able to source a loan of JMD$750,000 from Scotiabank, when the young company got up and running it still faced some early hurdles. As a new business with a non-existent marketing budget it relied heavily on word of mouth and personal references to get projects but had a difficult time signing up customers because they were unknown. If they did secure a job, they found themselves having to go way beyond expectations to prove they deserved the contract and to get positive recognition from their clients. Flexing their entrepreneurial muscles in a cut throat industry didn't go down too well with their competitors. However, Medianet was able to beat the odds

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Everon Grier, managing director Medianet Limited

by consistently outperforming their rivals, increasing its customer base and building an enviable reputation over the years. In 2005, the company scratched off two important tasks on its things to do list when it officially partnered with Dell to distribute its computers and Cisco Systems to market its network equipment. Since both organizations were particular about certification, Medianet had the chance to train its staff to not only sell but also service a number of popular products. With the agreements in place, both Dell and Cisco enjoyed a jump in sales in Jamaica and Medianet was able to build its employees’ skills in a way that it wouldn’t have been able to without the alliances. “We’re in the business of selling IT solutions, which requires setting up partnerships and pulling together different components in order to meet the varying needs of our customers,” Everon pointed out. “In addition to Dell and Cisco, we work with other global leaders including Samsung, Microsoft, Palo Alto Networks, Avaya, APC by Schneider Electric and VM Ware, to ensure that we’re not just offering the best services available in Jamaica but delivering the world’s most outstanding products,” he noted. The early days of hawking two

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services has given way to marketing an enviable selection of more than ten solutions for dealing with those pesky IT issues of cooling servers, fixing unsightly wiring, installing electrical and heavy duty equipment, managing data, implementing reliable communications, adopting energy efficient solutions and taking advantage of cloud computing. Our rising reliance on the web coupled with our island’s ongoing tussle with the crime monster has translated to high demand for Medianet’s data centre technology, network security and video surveillance services. Data

centre technology has understandably taken its place in the techie VIP since everything on the internet is driven by data centres. It involves a complex routine with multiple technology platforms from network security to switching and routing to structured cabling to uninterruptable power supply to cooling systems. After carefully setting up the right infrastructure, businesses have to be proactive in defending themselves from hackers with way too much time on their hands. Medianet is very proud of its portfolio from Palo Alto, which has been recognized by Bloomberg

The Medianet team poses for the camera

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Cont'd as a pioneer in firewall technology. Its products can address newer threats in networks where some of the other dominant players in the space have fallen short. With safety concerns high on the list of priorities for local companies, video surveillance has become a vital component in protecting properties and deterring criminal activities. Since the security sector has traditionally used analog devices that have their limitations, Medianet is focusing on IP based systems that are not readily available in the market. The firm has partnered with Samsung to push their high end video surveillance products and also works with the overseas based Milestone to centrally manage an open source platform for video cameras. “We’ve worked very hard and have developed a strong reputation for delivering high quality products on time and at a competitive price,” Everon revealed. “We’re a close knit

group, very friendly, customer oriented and passionate about good service. Our team members are the most valuable asset in our organization, without them we wouldn’t have this thriving business,” he enthusiastically remarked. When it comes to celebrating good times Medianet has plenty to be happy about as it has dramatically grown in so many areas. The company has transitioned from a small office into a spacious, multilevel facility, the staff complement has increased from 2 to 15 persons and annual revenues have surged by more than 4,000%., Over the last decade, Medianet has amassed significant acquisitions, made major investments and considerably expanded its client base, which includes Digicel, e-Learning Jamaica, Guardian Life, National Commercial Bank (NCB), Mayberry Investments, WINDALCO, the Government of Jamaica, Guardsman and the University of the West Indies (UWI).

To mark its 10 years in business Medianet will showcase its products and services at a local technology event presented in collaboration with its overseas partners, including Eaton Power Quality, which offers awardwinning, IT-focused power protection solutions such as the 9PX and BladeUPS. Medianet also plans to host a commemorative church ceremony as well as a celebratory breakfast and awards dinner for its staff to recognize their priceless contributions. “We are very pleased with our accomplishments over the past 10 years but we recognize that we still have a lot to achieve,” mentioned Everon. “We have quite a few plans for the company: we want to continue to expand our product offerings, build our client base to incorporate more private sector firms, increase our brand recognition and enter the wider Caribbean region. We are doing big things and will continue to take steps in making a positive impact on Jamaica’s economy,” he commented.

FEATURE

‘INTOXI ACCESSORY By Joni Wedderburn

amaica’s vibrant party scene, renowned for its chic clubs pulsating with heavy base beats emanating through the floors, and high-energy events packed with funloving patrons reveling in ‘good vibes’, not only offers a chance to let loose, but also gives Jamaicans a stage to show off their unique, daring style. The island’s social landscape offers a great window for seeing what’s trending in the fashion world, from eye-popping designs to bold prints to provocative pieces. If you’re looking to stand out this upcoming holiday

season, when it comes to accessories, the usual suspects: earrings, watches, purses and shoes, just aren’t enough. Time to accentuate your look with the perfect bottle of alcohol. Huh? Obviously we’re not talking about your usually muted, stuffy, ‘corporate suit approved’ brand. Quite the opposite, as this line is gritty, confident, and even cheeky. Known for his loud, over the top, tattoo-inspired patterns, Christian Audigier, the creative mastermind behind Ed Hardy, who previously designed for Diesel, Levi and Von Dutch, is now channeling his original

flair into the spirits industry through a wine, champagne and vodka label proudly bearing his name, Christian Audigier Beverages (CAB). Recognising Jamaicans’ natural affinity for anything fashion forward, Marlon Thompson, a ‘serial entrepreneur’ and owner of Priority Financing Ltd, has made the audacious move to bring the CAB brand to the country’s shores. “I’ve been very frustrated with the relatively small selection of alcoholic drinks available in Jamaica," shared Marlon. “I wanted to bring something new and distinctive to what I see as a

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CATING’

limited and somewhat conservative market. After I tried one of CAB’s wines, I instantly fell in love and reached out to the company to potentially work out a business arrangement," he explained. With a deal officially inked in December 2012, Marlon’s company was named the sole distributor for CAB in Jamaica as well as a merchant for other Caribbean islands. Get ready to add some oomph to your outfit at the next bottle party you attend as you walk in with a striking bottle, embellished with bright colours and Christian Audigier’s instantly

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recogni-sable designs. Why not be associated with a brand that is just as energetic and alluring as you are? For event promoters, the attentiongrabbing CAB bottles will undoubtedly add some spice to your bar’s display case and effortlessly compliment your modern décor. “It’s a great looking product, but what ultimately attracted me to the brand is its high quality," Marlon revealed. “I am very impressed by the taste and the great effort that goes into making these beverages.

I’m proud to be associated with a globally recognised brand and a line of beverages which has garnered a lot of respect worldwide," he noted. Montpeyroux Estates, perfectly positioned in the highlands of the prestigious South of France, provides an idyllic setting for growing grape trees. Made from mature grapes that have been carefully selected to create a highly concentrated, fruity, fresh blend, the wine catalogue, which includes Syrah, Sauvignon Blanc, Rose, Merlot, Chardonnay, Cabernet Sauvignon, champagne and sparkling

wines, radiate an indulging range of aromas marked by citrus, peach, cherry, blackberry, green pepper, raspberry and blackcurrant scents. Since its worldwide launch in 2008, CAB has copped several honours, including numerous Wine Star Awards from Wine Enthusiast Magazine and the Feminalise Silver Medal. Tired of harsh tasting alcoholic drinks? You should definitely check out the brand’s vodka, which has been carefully developed to deliver a light, smooth taste. In keeping with the glitzy and urban personality of its line, the promotional campaign for Christian Audigier Beverages in Jamaica will focus on a vibrant media launch and will embark on forming strategic alliances with popular, local events that resonate the brand’s iconic, ‘rock star’ aura. Of course, this marketing plan wouldn’t be complete without the passion that started it all in the first place: fashion!

Look out for great giveaways and get ready to also stand out in flashy, branded shirts and caps. The products will be competitively priced and easily accessible through a vast network of select retailers. Christian Audigier Beverages will make its big Jamaican debut in Kingston just in time for the exciting, event-filled Christmas holidays and will gradually roll out across the island over the next few months. Be sure to look out for the eye-catching bottles at your local supermarket and at your favourite parties and social events. Remember, making a bold, fashion statement is always in season and isn’t only confined to your standard clothing and accessories. You can say just as much about your style by aligning yourself with the right, glamorous line. Christian Audigier Beverages isn’t just a brand, it’s a lifestyle!

HEALTH & WELLNESS

? d e s s e r St e g a s s a M a p S a in f e li e R d Fin

By Shelly Anglin

tress is universal, and though usually referred to in a negative way, is not always bad. It can in fact be a positive motivator when striving for a promotion or seeking to accomplish an important task. Whenever you jump to catch a badly thrown ball, hit the brakes in time to avoid a car accident, or feel really energetic before an important meeting, this is stress working. Stress may be temporary, such as being stuck in traffic, or chronic, like dealing with family-related matters, during financial difficulties, or chronic illness.

It is not necessarily the event, but rather your body's response to the event that causes stress. When the brain senses any kind of stress, your heart rate and blood pressure rise and your muscles tighten. However, when there's never any relief from it, the sustained fight-or-flight response causes problems for your health. A way to help ease chronic stress and get some 'aaahhh' back into your life is through regular spa massage therapy. This has been proven to calm both the mind and body, thus bringing relief. Why is massage so powerful? When administered by a well-trained and licensed practitioner, it helps shift your thoughts away from everyday

worries allowing for relaxation. Research has shown that it can lower your heart rate and blood pressure as well, and in addition, encourages the production of endorphins - the body's natural 'feel good' chemical. Serotonin and dopamine are released through massage, and the result is a feeling of calm relaxation that makes stress, whether chronic, habitual, acute or shor term, much easier to overcome.

Types of Stress-Relief Massages There is a veritable grocery list of the types of spa massages that one can experience; each offering its own flavour. So you need to find what

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you feel best suits you. But whatever you decide on, the physical and mental end result should be the same. Spas usually offer various treatment packages in a bid to cater to the individuality of clients, as well as to their level of affordability. Music and aromatherapy are often a part of the experience. A popular type of massage experience is the basic back massage, also known as a Swedish massage. Here, the back, arms, legs, head and a small portion of the chest are targeted. This type is more of a top-layer massage in which average pressure is usually applied. Here is a run down of the other types typically offered:

Reflexology -This focuses on the feet.

Pressure is applied in areas that correspond to systems and parts of the body.

Aromatherapy Stress-Relief Massage-

A basic massage which includes the use of natural or essential oils. Scents are chosen for their healing and relaxing properties.

Deep Tissue Stress-Relief Massage

Focuses on massaging the deeper layer of muscles and tissue. It targets severely tight muscles, posture problems and injury recovery. A day or two of some soreness following this massage is typical.

Neuromuscular Therapy - The experience sees pressure placed on specific points of the body to relieve pain. It helps to stabilise the nervous system after changes triggered by trauma or stress. Hot Stone Massage - Smooth, heated stones are placed on parts of the body to loosen the muscles. Light pressure may be placed on the stones for a light massage. Shiatsu Stress-Relief Massage massage

therapist

places

- The his/her

Cont'd on next page

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Cont'd fingers on specific points and applies pressure. The points followed are like those used in acupuncture.

Tai Stress-Relief Massage

- Also includes finger pressure placed on specific points of the body. Stretches into positions similar to yoga are a part of the experience.

Thermal Stress-Relief Massage

- You are placed in a massage bed that has jade emitters. These emitters are rolled up and down your body delivering heat while massaging the body. The heat (thermal) treatment helps to massage muscles and joints and relieve pain. It is considered to be a great way to detox since the heat purportedly penetrates the body, promoting waste removal at a cellular level.

Spa Experiences

Now, just as there is variety in massage

experiences, the same applies for spa experiences. Again, you need to find what best suits you in terms of the experience desired and the location. A Day Spa is the type that many persons are familiar with. You stop by to get massages, as well as other treatments for your body. The treatment area is usually separated from any other part of the building. It should be quiet with a calming mood. This type of spa ranges in facility, size and quality. For this reason you will find a range of prices for the services. A Destination Spa is focused on helping you develop a healthy lifestyle. It may provide nutritional information, fitness and stressreduction classes, massages, and lessons on how to inculcate and further the good habits gleaned at home. They usually require you to stay a few days. Prices usually include all of the services provided and meals.

A Resort Spa is similar to a destination spa. It provides nutritional information, classes and a restaurant. You may find that the cost of these is not included in the quoted price, so be sure to make enquiries so as to have all the details upfront. This facility can also range in size and quality, again affecting the prices available. Some include activities like golf and swimming, and they may also cater to children. So at the end of the day, in order to ensure that your spa massage experience meets all your expectations you need to do your homework know what you want beforehand and determine who can provide it. Then armed with the requisite knowledge youâ&#x20AC;&#x2122;ll be able to carve out a total package to your satisfaction. After all, you only have one body and its care lies in your hands. So why not ensure that itâ&#x20AC;&#x2122;s healthy and stress free?

HEALTH & WELLNESS

to Get You Through the Day By Shelly Anglin

ave you ever had one of those days where it seems like your ‘get up and go’ just got up and went? Ever noticed that even though you may have started out strong in the a.m., by the p.m. your energy just seemed to evaporate? Generally reported by more women than men, sluggishness can be caused by many things. But believe it or not, poor nutrition is often the culprit for this phenomenon. This is because when we choose the wrong foods to fuel our bodies our performance is negatively impacted. The fix for this

problem can be as simple as altering your diet. The most important factor in the endeavour towards healthy eating is to eat a well-balanced diet filled with carbohydrates, proteins, along with essential vitamins and minerals. Be creative with your meals. Make them fun and plan ahead to eliminate the tendency of grabbing something unhealthy due to cravings or hunger pangs.

Get the Power Ball Rolling with Breakfast

Many persons rush off to work or school without a thought to their

body's dietary needs. Who has time to eat in the morning anyway? Research shows that breakfast improves concentration and alertness and helps you shed weight by preventing overeating during the day. Nutrition and diet experts recommend carbohydrates for energy and protein for endurance. For those in a rush some quick options for breakfast include: • Cereal with fruit and yogurt • Oatmeal with raisins • Whole-grain toast with peanut butter and fruit • Scrambled eggs, toast and fruit • Whole-grain bagel or bread with cheese.

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Foods Cereal with fruit and yogurt

Keep it Going throughout the Day

Healthy eating shouldn't end with the morning meal. A well-balanced diet throughout the day is an essential source of sustained energy. Carbohydrates have got a bad reputation in recent years. However, it is still the body's preferred source of energy. They offer fuel to the body in the form of glucose, which is the best energy source for the brain and central nervous system, two vital body systems. The best way to maximise the body's potential for energy is to consume a combination of simple and complex carbohydrates. Complex carbohydrates are slow burning and as such should constitute the bulk of the carbohydrates we eat. These include whole grains and starchy vegetables such as pumpkin, carrots, sweet potatoes and squash. Simple carbohydrates provide a faster burn and can therefore provide an immediate source of energy. Great sources for this type of food are like those found in fruits, vegetables, and honey. Bananas, apples, oranges, papaya, callaloo, broccoli, asparagus, and spinach are good picks. Ensure that your complex carbohydrates have fibre as this

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Oatmeal with raisins helps the carbohydrates to be more slowly absorbed by the body, giving a more balanced release of energy, as opposed to the quick burst. Many processed carbohydrates, such as pasta, white rice and white bread contain little or no fibre. Check the label for fibre content prior to purchasing. A slice of bread should ideally contain 2 to 3 grams of fibre.

Protein Power

Yes, fats and carbohydrates may supply the body with energy, but protein works to help regulate the release of that power. Protein maintains cells, assists in growth, transports hormones and vitamins and preserves lean muscle mass. Muscles and many hormones are, in fact, made up of protein. You need proteins for your immune system and it is considered an essential energy food especially when you’re trying to drop a few pounds. So replenishing your body's source of the nutrient is very important. Good sources of protein include meat, fish poultry, nuts, eggs, beans, soy and low-fat dairy products. And don’t forget to include yogurt. With a rainbow of flavours to choose from, it is a healthy breakfast or snack option if you’re in a hurry. Rich in

Scrambled eggs, toast and fruits magnesium, which is crucial for the release of energy, yogurt also adds a dose of calcium to your diet and will help replenish your glycogen sources. When the body does not get its usual fuel of carbohydrates and fat, protein will step in to provide the energy needed. Ensure that you eat direct plant-source foods to round off your sources of these three.

Don’t Forget Water

Since two-thirds of your body is water, its importance cannot be overemphasised. Not only does it help control body temperature, move food through the intestines, and grease the joints, it is also essential in the production of energy. And dehydration is actually one of the leading causes of a lack of energy. Other dietary reasons for lack of energy include too much alcohol - a depressant - and a deficiency in certain vitamins and minerals. Low iron is a fairly common problem for women. If after covering all nutritional bases with a well-balanced diet you still find yourself struggling to get through the day, consider visiting your doctor for a check-up.

By Rese Young

t’s that time of year again. Can you feel the excitement in the air? Selecting gifts for the people who matter the most to us; it’s truly a blessing to be able to share with them at least once per year. It’s also a pleasure to watch the excitement on children’s faces as they eagerly await that special Christmas Day.

We often use the phrase, “Christmas has come early” when we find ourselves being - showered with gifts. Christmas really heralds good tidings and for most of us, it’s all those great gadgets that we seek after year round. We joyfully wait in anticipation of these amazing gifts. Over the years many of us have amassed so much yet we can’t seem to get enough. It’s as if we are never satisfied, when will it be enough? Let’s face it; we are often bombarded by great marketing and advertising campaigns that tell us why we need another item. Now don’t get me wrong, we all need to upgrade and feel as if we are progressing, but when is it ever enough? Many persons in their 20s and 30s chase after things to make themselves comfortable. They work hard, get a job, pursue more degrees to ensure they get more money, or at least in hope, so they can be comfortable in their chosen lifestyle. This comfort usually involves getting jewellery, clothing, a car, a house, and beautiful furniture to fill the house. We often find every opportunity to add to that material collection and Christmas is usually one such time when that is done. The interesting thing to note though, is that as we grow older, we crave more of the meaningful, high points of life; like spending time with the people who matter to us. We learn to be more fluid and not so wrapped up in the material things. We often become more aware of our own mortality. We begin to question the need for certain things in our lives. This is usually more potent when we lose a loved one. I have even heard people offer to give up material things to get that loved one back or stave off their own health issues. Many have also made promises to God that if he fixes an issue, they would be willing to give up something in return. Cont'd on next page

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HEALTH & WELLNESS

s a m t s i r h C s i h t w e n e R Release and

Cont'd Why does it usually take a negative occurrence for us to become awakened? Do we truly need more stuff? I ask this question around Christmas because

we’ve got it. Yet, our lives are no more interesting or happier. Truth is, we all get these things because we believe it will make us happy. But what if we could release and renew ourselves in the process?

Ask yourself this question, “Do I truly need this item”?

If the answer is no,

4. 5. 6. 7. 8.

Identify someone (or charity organisation) that could put it to good use.

Give it to the person or organisation. Take something you treasure and give it away (yes, give it away as a bonus).

Practice this concept every six months.

that’s when we usually increase our shopping and go overboard. Items that we pass up throughout the year we convince ourselves that because it’s Christmas we should “live a little” and then. I recently watched an interview with Oprah (I completely admire and revere her). She was being interviewed at a yard sale, but this was not an ordinary sale. The items were quite grand and lavish. In fact, it was said to be the biggest yard sale ever. It was being covered by E! TV. Guess whose yard sale it was? Oprah’s! I have dubbed her the quintessential Spiritual Queen. I was completely glued to my television set as she explained that as she gets older the more she realises less is truly more. She indicated that she was selling the things to donate the money to one of her charities. She explained that eventually her home will have very little furniture, if any, as she learns to appreciate the beauty of letting go of material possessions. It struck me that many of us amass a number of household items, shoes, clothing, jewellery, technological gadgets, ornaments, you name it,

Oprah’s example led me to truly examine my own life and surroundings to see whether or not I needed more or less. One of the questions you could ask yourself is, “Do I really need more of_____”? You fill in the blank. Then ask yourself, “What do I truly need”? The answer may just surprise you. I would like to challenge you for this beautiful and magical season, to evaluate your surroundings and see if the things you possess are all necessary. This Christmas, let’s do a release and renew.

Here are some simple and easy steps:

1. 2.

Assess all the items you currently own in each room of your home.

Give yourself permission to be free from needing anything.

The idea here is simply this, instead of buying more and cluttering your life, why not give away some items. But don’t just give away items that are useless, give gifts of value. The process of renewing your spirit when you release can only be felt as you practice this exercise. Go ahead, you may like it.

Have a great Christmas.

Identify items that you have not used in more than one year.

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HEALTH & WELLNESS

10 Tricks To Help You Keep your

NEW YEAR’S

RESOLUTION By Shelly Anglin

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o you’ve made your New Year’s resolution. Congratulations! So what did you vow to do? Lose weight? Get fit? Quit smoking? Something very noble I’m sure. Broken it yet? Well, if so you’re not alone. Statistics show that half of all who make New Year’s resolutions give up on their goals within six months; many before the first month has even ended. Avoid being one of them. With a little elbow grease it is possible to keep those resolutions, after all, 50 per cent succeed. Here are some tricks to help.

1. Plan Ahead

Don’t wait until New Year’s Eve to make your resolution. Make it count and be worthwhile to you. If you wait until the last minute, it will be based on your mindset that particular day. So plan it well before December 31 arrives.

2. Be Realistic

Don’t set unattainable goals. This is the surest way to fall short of achieving it or

failing outright. So resolving to NEVER eat your favourite food again, which you know you absolutely cannot resist no matter what, is setting yourself up to fail. Instead, strive for an attainable goal such as avoiding it more often than you do now.

3. Get Specific

Vague goals are another setup for failure. They just don’t work. A good

approach is to map out your strategy before New Year’s arrives. If you want to lose weight for example, first decide on a precise number of pounds you wish to shed. Then set concrete mini-goals and target dates on which you plan to accomplish each of them. Rather than saying, “I want to save money”, determine the amount you need to save each month. Decide what you are saving for, the specific behavioural changes needed for you to get there - skipping your afternoon snack or finding ways to save on gas costs - and what you will do once you hit your target.

4. Outline Your Plan

Decide how you will deal with the temptations that will lead to failure. Decide on things like how you will handle the temptation to skip that exercise class or have that piece of cake. This could include calling on a friend for help and self-talk, or reminding yourself how it will affect your long -term plans if you give in.

5. Write It Down

Write down your goals, outlining each small, manageable step needed by you in order to achieve them. If you set a big goal - like learning a foreign language —without a step-by-step plan, it could be overwhelming and trigger frustration or negative thoughts which would of course get in the way of your success. But by planning and accomplishing small things one at a time, you’ll stay on track and remain positive. Cont'd on next page

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Cont'd

6. Carve Out Time To 8. Track Your Accomplish It Progress Be sure to set aside enough time for yourself to achieve your goals. If you really want to write a book you might set aside three regular blocks of time of four hours each during the week. You might even plan one day each month to track your progress. If you want to exercise more, map out time in your weekly schedule for runs, walks or time at the gym.

Keep track of each small success. Short-term goals are easier to keep, and each small success will help keep you motivated. So instead of focusing on losing 30 pounds all at once, focus on losing the first five initially, then on losing it in increments of five pounds each. Keep a food journal to help you stay on track and reward yourself for each five pounds lost.

7. Be Vocal About It 9. Reward Yourself Share your resolution with friends and family members. Don’t keep it a secret. They’ll be there to support your resolve to change yourself for the better or improve your health. The best-case scenario is to find someone who shares your New Year’s resolution and then you can motivate each other.

No, this is not a license to eat an entire box of chocolates if your resolution is to eat better. And losing that five pound does not entitle you to eat half a chocolate cake, icing and all. Instead, celebrate success by treating yourself to something you enjoy that doesn’t negate your resolution or your achievements. If you have been sticking to your self-made promise to

eat better, do something like rewarding yourself with new fitness clothing or by going to a movie with a friend.

Be Persistent 10. Stick to It

Experts say it takes about 21 days for any new activity to become a habit and about six months for it to become part of your personality. It will not happen overnight, so be persistent, patient and stick with it. Oh, and good luck!

LIFESTYLE

More places to drink Great

Wine

By Christopher Reckord

o some persons, wine is just a drink; to others wine is a complex creative expression of the winemaker and the vineyard that is filled with history, geography, art, science, politics and religion. Some argue that the wine world is divided into two large overarching groups of wine drinkers those with wine knowledge and those without wine knowledge. Others joke that this group can also be described as those who simply want to drink the stuff versus those that want to talk about wine. Whichever group that you are part of, there are more places in Kingston, Jamaica, to relax and drink really great wine these days.

What makes a meaningful wine list? International

experts

suggest

that

an establishment's wine list should have around 60 wines on offer to be considered serious about wine. Here in Jamaica, wine lovers are happy to see more than 20 wines to choose from. A good list should also include a â&#x20AC;&#x2DC;wines by the glassâ&#x20AC;&#x2122; programme, the list should offer wines from the major wine regions, unless they are a culture-specific venue, example, Italain Restaurant or French Bistro. Most important is that one should have most, if not all, of the wines on their list in their inventory. Great stemware and correct serving temperatures should be part of the experience at these establishments.

The New Spots The Regency Bar & Lounge

recently opened its does at Terra Nova All Suite Hotel with over 120 wines from 12 countries, made from all the major grape varietals, The Regency Bar has something for everyone. With an

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award-winning chef and restaurant on property, the small plates menu in the bar is mouth-watering.

Fromage Gourmet Market

at 8 Hillcrest Avenue is a French-themed gourmet wine-and-cheese market with a small bistro serving light Europeanstyle food. They have recently added a delicious Sunday brunch menu.

The Wine Shop can be found at Shop 7B in Southdale Plaza. Initially focused on offering wines from small European wineries, they have now added a Meze Bistro menu which combines Mediterranean, Turkish and Near East styles and flavours. Cru Bar, located in the Courtyard 71

The Regency Bar & Lounge | image source: www.terranovajamaica.com/

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Complex on Lady Musgrave Road, is sort of a hybrid wine and premium spirits bar. Owned by distributor Caribbean Producers Jamaica, patrons can enjoy a range of food offerings made from CPJ's own processed meats, and specially imported gourmet cheeses.

While not so new, Uncorked! is in a new more spacious location, the Sovereign North Plaza at 29 Barbican Road. They continue to offer a wide range of wine, cheeses, specialty gourmet items, Jamaican-made chutneys, preserves and sauces. Their food menu includes paninis, salads, and sandwiches.

Other spots Most of the other hotels around town like The Jamaica Pegasus hotel's new Blend Bar + Lounge do offer a comfortable, relaxing bar area, even though their focus might be more on cocktails and not on wines. Some restaurants, like Red Bones Blues Cafe, have greatly improved the wine lists and Bin 26 Wine Bar in Devon House, are still great choices to enjoy fine wines. Even if you are new to the world of wine, knowledgeable at these establishment can help you to make the right wine choice.

n Saturday, November 23, at 8:00 am, the Caymanas Golf and Polo Club in St Catherine saw over 90 teams anxiously waiting to participate in the inaugural inter-parish cross-country road challenge dubbed ATL’s Ram Goat Run. Visionary Adam Stewart’s aim was to raise $5 million to assist with the purchase of a steriliser for the children's ward of the Cornwall Regional Hospital. This is just another initiative that demonstrates ATL’s commitment to the Jamaican populous. The Ram Goat Run ended with an after-party at the Caymanas Golf and Polo Club. The concept, execution and purpose are Unbeatable, kudos Team ATL! Team Wealth Magazine supports these ventures wholeheartedly. The full album can be viewed at Facebook.com/wealthmagja.

By Simone Riley

LIFESTYLE

Seattle: City of Cyber Millionaires

By Laura Tanna

his is the time of year one thinks of giving. If you have wealth you've probably thought about how you might leave a legacy so your name could be associated with something of value after you're gone. Seattle, America's major Pacific Northwest city, just a hundred miles south of Canada, boasts two entrepreneurs who have done just that. Microsoft

co-founders Bill Gates and Paul Allen have left their marks on the city in quite different ways.

another side to his philanthropy, one that celebrates Seattle's history of alternative music.

In 2003, the Paul G. Allen Center for Computer Science and Engineering was dedicated at the University of Washington as a result of a US$72 million gift from Paul Allen. Popularly known as 'The Allen Center', this addition adds immeasurably to a university founded in 1861, just 10 years after the creation of the Washington Territory. But Allen has

Back in the early 20th century, dozens of jazz clubs abounded and then along came Jimi Hendrix. Yes, Seattle is his birthplace and Allen isn't going to let anyone forget that magical electric guitar that reverberated through the air of Woodstock and into posterity with his rendition of 'The Star Spangled Banner'. The EMP Museum, originally

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Central Library with Hen

ry Moore sculpture in fore

known as the Experience Music Project and Science Fiction Museum and Hall of Fame, opened in 2000. Architect Frank O. Gehry designed an extraordinary structure to resemble one of Hendrix's performance-ending smashed guitars. You can enter the museum daily from 10 a.m to 5 p.m at 325 5th Avenue North to experience music, cinema and science fiction in an atmosphere "intended to inspire risk taking and spark creativity and imagination". Ever since Microsoft moved just north of Seattle to Redmond in 1979, the company has been having a

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major impact on the four million metropolitan Seattle residents. Kitty-corner across from the EMP Museum is the Bill and Melinda Gates Foundation Visitor Centre, open Tuesday through Saturday, 10 a.m to 5 p.m, at 440 5th Avenue North. There you can learn how the Gatesâ&#x20AC;&#x2122; wealth is improving lives from Seattle to South Africa. It might also give you some ideas of projects to be undertaken in your own country. Both the EMP Museum and the Gates Foundation Visitor Centre are accessible on the Seattle Center Monorail, a popular two-minute ride Cont'd on next page

Cont'd built in 1962 to show the world what mass transit in the future would be like. Today, you can connect every 10 minutes from the Seattle Center, site of the 1962 World's Fair and Westlake Center at 5th and Pine Street. Looming behind the EMP Museum you'll see the iconic Space Needle, also built for the World's Fair, today loved for its exterior elevators to a platform that provides a fabulous view or even reserve a table at the Sky City revolving restaurant on top. Seattle has a variety of stunning architecture, including the controversial Central Library designed by awardwinning Dutch architect Rem Koolhaus with an avant garde outdoor sculpture by Henry Moore just across the street and the Rainier Tower, designed by Minoru Yamasaki, a Japanese architect, whose amazing building contains an entire city block of superlative shops at 1310 5th Avenue. Nearby at 1st Avenue and Union Street is another stunner, the Seattle Art Museum (SAM) designed by Venturi Scott Brown and Associates and later expanded by architect Brad Cloepfil in 2007. SAM has a gigantic Hammering Man sculpture on its doorstep and within are over 23,000 multi-cultural works of art. On a previous visit I was so intrigued by a West African video and exhibition I appealed to our museum here (here where?) to try to have it pass our way one day. Walk half a dozen blocks farther along and you're in Pioneer Square, the so-called "birthplace of modern Seattle", with its cobbled-stoned square, shops and First Thursday Art walks from noon to 8 p.m. to local galleries. All of these are within walking distance of what has become Seattle's most famous attraction- Pike Place Market. Located above the Seattle waterfront, more than 10 million visitors come to this market renowned for its fishmongers and agricultural produce as well as some 190 craftsmen who sell their wares ranging from beautiful hand-blown glass to more esoteric "T-shirts for Perverts". Of course all kinds of cuisine may be sampled as you amble through this covered arcade which extends for several blocks and into alleyways. In the 1930s, the Market Sign was considered the first large neon sign west of the Mississippi. This is also where the first Starbucks coffee store opened in 1971, though the original market opened in 1907 and is America's oldest continuously operating farmers' market. Don't forget to make your contribution to Rachel, a 550-ound bronze piggy bank which stands at the entrance. All donations go towards the Market Foundation, a nonprofit organisation which aids low-income groups. Seattle is America's 8th busiest seaport and the downtown waterfront includes an amazing Seattle Aquarium at Pier 59 and at Pier 57 the Great Wheel gives you a magnificent view of Elliott Bay. From this harbour area you can either take a one-hour live-narrated Argosy Cruises Harbour Tour or if you wish to go farther afield, you can actually

Rainier Tower

Entrance To Pike Place Public Market

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take the Victoria Clipper from Pier 69 which whisks you off to Victoria, British Columbia, in just two-anda-half hours where you can visit Butchart Gardens, have tea and return all on a spectacular day trip. If you're looking for a sophisticated place in which to stay during your exploration of Seattle, Boutique Hotel Monaco is nearby at 1101 4th Avenue. Its stunning lobby capitalises on the aquatic theme in a chandelier studded lobby and to complete your stay try the Dahlia Lounge at 2001 4th Avenue where crab cakes are a specialty of the region. Believe me, you've only scratched the surface of Seattle! Remember, summer is best when it doesn't rain as often.

Photography for this article is provided by Laura Tanna

Pat Fero with Rachel, iconic Pike Place Market Pig

Lobby of Hotel Monaco

Another successful Corporate Mingle for Wealth Magazine, sponsored by The HP Store Jamaica.

At Corporate Mingle, everyone is a winner! Andre Fray of Intcomex is awarded his prize of an HP Slate 2 by Jonathan Summons of The HP Store Jamaica.

Wealth Magazine Business Access producers Christina Benjamin and Shakera Campbell play dress up for our cameras at Corporate Mingle.

Oct. 25, 2013

This mingler was captivated by all the great devices offered by The HP Store Jamaica.

Manager of HP Store Jamaica Jonathan Summons, head of Royal Computers Jack Khemlani, managing director of LAN Integrators and Wealth Magazine Chairman Garth Walker are all smiles at the recent Corporate Mingle event.

These cheery Corporate Mingle attendees pose for our lens with the latest issue of Wealth Magazine, featuring WISYNCO’s Managing Director William Mahfood.

Tai DaCosta and ART Catering’s Andre´ Lue chat up a storm, showing that Corporate Mingle is still networking at its best.

Networking with a Purpose

Manager of the HP Store Jamaica Jonathan Summons shares lens time with wife Karen Summons, manager of Pastry Passions.

Corporate Mingle host Allison Watson engages executive director of the Jamaica Manufacturers’ Association Imega Breese-McNab.