Business Focus Antigua 57 by Regional Publications

The quarterly magazine for decision makers

Visit Us Online - www.businessfocusantigua.com

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Available at HERITAGE QUAY, ST. JOHN’S, ANTIGUA, W.I. 268-462-3107/8

No. 57

BF Aug /Oct 2015

CONTENTS FEATURE

52.

Book Reviews

22.

Economy & Trade Focus 56. Cip Could Make Up 25 Per Cent

the Benefit of All!

58. Fixed Or Floating Exchange Rates 60. Foreign Direct Investment In

REGULARS

64. Study On Foreign Direct Investment

Cancer Center of the Eastern Caribbean : Development and Progress for

04.

Editor’s Focus

06.

Business Briefs

Of Gov’t Revenue

Latin America And The Caribbean Puts Focus On The Caribbean

66. New Fund To Bridge Caribbean

Agriculture And Climate Change

68. World Bank Proposes New

Business Tech 12. Banking on Technology Disruption 14. Star Alliance To Use Sabre’s

Industry-First Technology To Simplify Booking Of Round The World Fares 16. Jamaicans Can Finally Switch Telecoms Providers And Keep Phone Numbers 18. US$160M C&W Investment for Barbados 20. Conference Seeks To Bridge Technology Gap Between Caribbean, Miami

Directions To Boost Trade In The Region 70. Caricom Convenes National Consultations On Single Jurisdiction For Companies

Youth in Focus 74. Lights , Camera , Action Environmental Focus 76. Jamaica’s Coral Gardens Give New Hope For Dying Reefs

78. Cdb Signs Renewable Energy Agreement With Eu-Cif

Business Spotlight

Platinum Accounting Solutions Digicel

Money Matters 38. Caribbean Increasingly

A Source For Fdi

40. First Caribbean Salutes Its Top Performers

42. Imf Supports Jamaica’s Debt Sale 44. World Bank And Imf To Help

Developing Countries Strengthen Tax Systems

In The Know 50. Caribbean Export Building

Geographical Indications For The Caribbean’s Origin-Linked Products 52. Proper Alarm System Design

Tourism Focus 82. Antigua & Barbuda Awarded During Caribbean Week 2015

Health & Wellness 88.

Soursop – the Miracle Healing Fruit

90 Major Moves 92. Events 2014 94. New Company Registrations

BusinessFocus Aug /Oct

Development and Progress for the Benefit of All!

BUSINESSFOCUS

Business Focus magazine is published quarterly by Regional Publications Ltd (RPL) in Antigua and Barbuda.

Governments are elected to manage the affairs of the State to ensure continued progressive development with the end result being that the citizens enjoy a better quality of life.

Publisher / Managing Editor: Lokesh Singh

This cannot be done through income generated from domestic taxes and levies alone. The most critical income stream for Government funding comes from International Donor Countries, Lending Institutions and most importantly by generating funds as Foreign Direct Investment from International Investors who will develop projects in exchange for concessions and a measure of guarantee of a return on their investment.

Advertising Sales: Gilda Alexander • Ann-Maria Marshall Evol Desouza • Shari Dickenson

Lokesh Singh Publisher/Managing Editor

Revenues worldwide from donor countries and agencies has reduced substantially. After a year in office facing major economic challenges to turn the economy around, the new Government must be given credit for their efforts. We have seen their efforts bearing fruit with the confirmation of many new, large and exciting projects which have given hope to realising the statement of making Antigua & Barbuda – an Economic Powerhouse in the Caribbean. Tourism growth is on the increase with additional flights, new airlines and new hotels being announced. The new Airport is soon to be officially opened. Port St John’s re-development as a Commercial and Cruise facility has been moving apace. The Citizen by Investment Programme has generated much debate with the reality that it has become an exciting new source of real income for the Government with tremendous additional benefits for the wider community. We look forward to the projected impact of this being a major contributor to annual GDP. In this Issue, our Special Feature is dedicated to the dreaded disease Cancer and the new recently opened Caribbean Cancer Center and the important services it will offer to our Cancer patients locally and regionally. This will be a boost to our healthcare services with major cost savings to patients. We thank the former Government and the Investors for their vision and confidence in bring this facility to Antigua. We hope that the articles on Cancer in these pages will serve to educate the readers on the importance of healthy living and being Cancer free.

Editor: Martina Johnson Graphic Designer: Deri Benjamin

Cover Photography: Gemma Hazlewood • Martina Johnson Photography: Martina Johnson • Gemma Hazelwood Editorial Contributors: Lokesh Singh • Martina Johnson Dr Chris Bart • Bevil Wooding Brian Ramsey • Dana Niland Brian M Francis • Bevan Springer Sir Ron Sanders • Caribbean Export Lyndell Halliday • Michael Milligan Government of Antigua & Barbuda Antigua Observer • CMC Caribbean News Now • Jamaica Observer Trinidad Express • Trinidad Guardian Regional Publications Ltd Bryson’s Office Complex, Friars Hill Road, P.O. Box 180, Suite #5A,St.John’s, Antigua

+ 1 -268- 462- 7680

mail: sales@regionalpub.com E Website: www.businessfocusantigua.com Business Focus welcomes contributions from professionals or writers in specialised fields or areas of interest. Reproduction of any material contained herein without written approval, constitutes a violation of copyright. Business Focus reserves the right to determine the content of the publication. On the Cover: The Cancer Center of The Eastern Caribbean, Antigua The qu arte

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We also hope that you will enjoy reading the rest of the interesting content in the Magazine and become well informed about the developments in business in Antigua and beyond to help you make the most of the opportunities and services available to grow your personal skills and business. Happy Reading! Visit Us

Online

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usinessfo

cusant

igua.com

Aug/Oct

2015

Business Briefs Bahamas strenuously argued, “assures the necessary protection of the assets of Baha Mar”. “And we do not believe that it is best for the over 2,500 current employees of Baha Mar,” it added.

Bahamas Denies Baha Mar Bankruptcy Extension Application The Supreme Court has denied an application from Baha Mar Ltd. for its bankruptcy proceedings in the United States to be extended to the Bahamas, leaving the developer open to potential legal action by the company’s creditors. The owners of the US$3.5 billion mega resort filed for Chapter 11 Bankruptcy protection in the US earlier this month, claiming US$2.7 billion in debt – including US$2.4 billion owed to state-owned Export-Import Bank of China.

The Bahamas, on the other hand, welcomed the decision, saying it had vindicated the government’s position. “Our government has argued firmly that a Bahamian court, supervising the work of an independent liquidator, is best suited to oversee the restructuring, completion and opening of the resort should Baha Mar, China Construction and Exim Bank be unable to reach an out of court agreement,” it said.

Leading Real Estate Company Gets Set For Expansion In The Caribbean

The company had argued that the general contractor had repeatedly missed deadlines which left the company without a sufficient source of revenue to continue its existing business. It then went to the Bahamas court, asking that those proceedings be recognized in the island. However, in late July Justice Ian Winder yesterday refused the request, which means the stalled project in the Bahamas will not receive the protection available in the US under the US bankruptcy code. Recognition of the US proceedings would have also allowed owner Sarkis Izmirlian to retain control of the reorganization efforts and allowed the China Construction-built resort access to $80 million in fresh capital which he provided. Baha Mar said in a statement issued after the ruling that it did not believe the ruling, for which the BusinessFocus Aug /Oct

project and we look forward to being a part of the Bahamian works and urban community development for years to come,” said Bahamian developer and real estate expert, Jason Kinsale, principal of ARISTO Development. He was speaking at a ground breaking ceremony in July. “We are dedicated to enhancing the lives of Bahamian people through the production and success of our construction projects.” Kinsale is responsible for overseeing the multi-million-dollar investment and sales of the one-bedroom, two-bedroom and three-bedroom units. He will also play a leading role in maintaining ONE Cable Beach’s capital and strategic partnerships. He said the property would attract local and foreign high net-worth investors who want an increasing safe haven, ocean views, premiere living and exclusive conveniences. The revolutionary curve design, Kinsale added, would be built “strong, luxurious and environmentally friendly”.

Leading Real Estate Company Gets Set For Expansion In The Caribbean

AA to expand flight across the Caribbean and more new routes

ARISTO Development, a leading real estate development company, has broken ground on its US$40 million ONE Cable Beach new luxury boutique residences and state-of-the-art project on Cable Beach, Bahamas. The 69-unit, master planned development has a 20 to 24-month time frame for completion once construction begins, and the company anticipates it will provide 200 jobs for qualified subcontractors and other professionals over the life of the project. “We are grateful for the efforts and dedication of all who supported this

AA to expand flight across the Caribbean and more new routes American Airlines (AA) plans to add eight new routes throughout the Caribbean and Latin America and Mexico later this year, further strengthening its position in the region.

Business Briefs

No. 40

The expanded service includes twice weekly flights from Los Angeles to Jamaica starting December 18; a Saturday service from Charlotte Douglas International Airport (CLT) to Curacao beginning December 19; and three flights to the Dominican Republic on Saturdays from CLT and Pine Island Airport, also in North Carolina, and Chicago’s O’Hare International Airport, beginning December 19. The remaining flights will be to Mexico and Ecuador, starting at various times between September 3 and December 18. The new routes are awaiting regulatory approval. “As the premier carrier to Mexico, the Caribbean and Latin America with flights to 85 destinations, these additions highlight our commitment to providing our customers with a network that is second to none,” said Art Torno, AA’s senior vice president for Mexico, the Caribbean and Latin America. “We are committed to each country we serve, and these new routes allow us to contribute to and further promote travel and tourism to and from the region.” AA said it also plans to reinstate its service between New York’s John F. Kennedy Airport and Simon Bolívar International Airport in Caracas, Venezuela, on December 17. Those flights will operate five times per week. With the new routes, the carrier will operate more than 1,750 weekly flights throughout Mexico, the Caribbean and Latin America.

Trump International Golf Club Puerto Rico $78 Million In Debt

Trump International Golf Club Puerto Rico filed for bankruptcy as Donald Trump, the billionaire real estate mogul who licensed his name to the property, upped his campaign for the White House. The financially troubled golf club listed $9.2 million in assets against $78 million in debt, according to the petition filed in San Juan in mid-July. The golf club’s ties to Trump, who is seeking the Republican presidential nomination, nevertheless go no further than the name, Bloomberg reported. Donald Trump isn’t involved in the operations of the golf course and a “difficult business climate in Puerto Rico” resulted in the owner’s financial woes, said Eric Trump, the presidential candidate’s son and an executive at the Trump Organization. “We have zero financial investment in this course,” Trump told Bloomberg. “This has absolutely nothing to do with Trump. This is a separate owner. We purely manage the golf course.” The resort has been in default of its obligations to Trump, moreover, according to Eric Trump. The Puerto Rico resort, which opened in March 2004 as Coco Beach Golf, was renamed in 2008 after licensing the use of Trump’s name. Trump, an avid golfer, is affiliated with 17 golf properties worldwide, according to his website. The golf division of Trump Organization Inc. owns and manages most of the courses. The Puerto Rico property features two 18-hole championship courses in Rio Grande, which were designed by professional golfer Tom Kite. The 1,000acre property has a 46,000-square-foot clubhouse and hosted the 2008 Puerto Rico Open, according to the Trump website.

Dr. Didacus Jules Director-General OECS

Caribbean Cement Posts Record Profit On Cheaper Energy, Debt Windfall

The $870 million in net income earned by Caribbean Cement during the six months to June 2015 beat its highest annual earnings previously achieved in 2004, when it posted $842 million to its bottom line - although this does not take inflation and depreciation of the Jamaican dollar into account. An eight per cent rise in revenue during the June 2015 quarter, coupled with a dramatic reduction in energy costs, resulted in operating profit skyrocketing from a middling $6 million in the comparative period last year to $614 million during the three months to June. The cement manufacturer noted that lower fixed costs and improved operational efficiencies also contributed to the increase in earnings. It did not disclose how debt restructuring with its parent - Trinidad Cement Limited (TCL) - might have impacted its operating lease, which has averaged US$19 million a year since 2009 after a new kiln and cement mill were commissioned at the Rockfort, Kingston plant. However, the successful refinancing of the debt yielded $168 million, net of fees, in prepayment discounts on top of operating profit, which went straight to the company’s bottom line. In May, TCL prepaid in full the override debt renegotiated two months prior, using the proceeds of a bridge loan and internal cash. Consequently, CCCL posted $621 million in net profit for the quarter, compared with an $89 million loss for the corresponding three-month period ending June 2014. BusinessFocus Aug / Oct |

Is Your Board Prepared for a Crisis? by Dr. Chris Bart

One of the most important jobs for the board of directors of any company is to preserve and protect the assets of their organization of which the firm’s reputation is considered its most valuable resource. Accordingly, when a company is confronted with a crisis, its board should be very concerned. That’s because a crisis is an anathema to a firm’s reputation. And if it is handled poorly, the situation will usually only get worse, garnering unwanted and unfavorable attention by either the media or a regulator. Needless to say, corporations everywhere are surrounded with a countless array of both potential and sudden crises: CEO misconduct, rogue executives, fraudulent activities, major product failures, environmental incidents, cyber/terrorist/ social media attacks, persistent financial problems…it’s an endless list. And when one of them hits, and one of them will eventually hit most corporations, chances are the affected organization will only have a few hours to respond appropriately. In the process, a major crisis will reveal the organization’s preparedness and responsiveness and it will demonstrate both the authenticity of the firm’s values as well as the quality of its leadership. Time also seems to speed up in a crisis and if serious mistakes and missteps are made, it can plunge the organization into chaos, destroy its reputation and even force its closure. Thanks to social media, there is BusinessFocus May Aug //Oct BusinessFocus June | | 88

usually little wiggle room available when expected response times shrink from days and hours to even minutes. It is for these reasons that boards need to have reasonable assurance that their organization is well-equipped to handle a crisis when it occurs. Gaining such assurance is part of their “oversight responsibilities” as governors and fiduciaries of their companies. Yet amazingly, one survey of CEOs recently reported that, while most believed their organization would experience a crisis of some sort in the next year, approximately half claimed their organizations were unprepared to handle it. And, of those prepared, many said their plans were seriously deficient. With so much at stake, boards simply cannot allow their firms to be part of these shocking statistics! Savvy boards therefore need to evaluate their organization’s capacity to effectively deal with a crisis both before and when it occurs.

The Before Part In the “before” part, it’s absolutely vital that the mass of crisis preparedness work be done up-front. Boards need to routinely assess their organization’s ability to identify, manage, monitor and mitigate those major risks which have the potential to turn into a crisis. In other words, the best crisis management systems are ones in which the crisis never happens (due to

brilliant crisis mitigation maneuvers) or, if it does, few hear about it. To help make that happen, boards should look for a crisis management framework whereby the primary emphasis is on preparedness, monitoring, and responsiveness – and

Dr. Chris Bart, FCPA is a recognized governance authority, the author of two best sellers, and Co-Founder of the Caribbean Governance Training Institute. The Institute is currently providing throughout the Caribbean an intensive 3 day, six part corporate governance program leading to the prestigious internationally recognized Chartered Director (C.Dir.) designation. For more information visit CGTI’s website: http://www. caribbeangovernancetraininginstitute. com/ or phone Lisa at 758 451 2500

in which the latter is tested frequently through scheduled simulations, not when the crisis actually strikes. Indeed, research has shown that those firms which have anticipated, strategized and frequently practiced various potential crisis situations are much more capable at responding swiftly and appropriately when the proverbial wolf actually appears at the door. That’s because simulations help pinpoint possible deficiencies (e.g., who can and who cannot handle the pressure) and isolate where (and how) response plans need to be strengthened. Just as important, though, a sound crisis management system also clearly specifies the various roles, responsibilities and accountabilities - before, during and after the crisis - of all key stakeholders such as the board, management (e.g., CEO, CFO, Lead Crisis Manager, General Counsel and a Communications Expert) and others, with media training considered essential for all. Finally, while it’s important to identify an organization’s top 5-10 major risks (or “crisis triggers”) as part of the crisis planning process, it’s virtually impossible to strategize in detail for every other type of danger. And even companies with advanced and cutting edge crisis management plans can sometimes fail to foresee novel or unimaginable dangers and hazards, typically referred to as Black Swans. It’s therefore important not to try and create separate plans for every “other” potential crisis but rather plan for varying degrees of ‘business interruption’. So what then should the board itself do in preparation for the next possible crisis? Interestingly, a good board should start by evaluating its own performance as displayed during the last crisis through some sort of self-evaluation. It should also reflect on who the “point person(s)” on the board are during such an event. More specifically, is it the board chair who should be seen to be in charge “on-camera” or should it be the chair of a committee that the crisis most directly affects, such as compensation, safety, environment, governance, audit, etc. Regardless of the situation, the goal of every board in assessing their company’s crisis management system is essentially the same: to gain reasonable assurance that their organization can act authoritatively, assuredly, appropriately and swiftly when it is faced with any crisis. And it should put questions to management on a regular basis around each of these key conditions – especially as new information emerges. Accordingly, key questions that boards

should ask in advance of a possible crisis include:

1. Does the organization know exactly

what it should be doing as part of its preparation for a crisis? In other words, does the organization have a formal crisis management plan (including simulations) that deals with significant risks? 2. How up-to-date is the crisis management plan? 3. Is the plan sufficiently detailed and understood by those charged with its implementation? 4. How quickly can the crisis response team be assembled and activated? How much time is required from the emergence of the crisis to first response? 5. Are those charged with executing the crisis management plan appropriately trained to handle the situations anticipated by the plan? How comfortable and flexible are they operating under extreme pressure and uncertainty? How well do they communicate? Can they inspire confidence amid chaos? 6. Is the crisis management plan appropriately resourced?

The “After” Part Once a crisis does materialize, whether or not the crisis preparation work has been done beforehand, boards must exercise their second ‘crisis oversight responsibility’ to continuously monitor and evaluate the quality of their organization’s responsiveness to the situation. This would again include assessing: the team put in charge to handle the crisis; the emergent crisis response plan; the degree to which everyone on the crisis response team knows and understands their roles and responsibilities in relation to the plan; the degree to which the team is able to competently carryout their assigned jobs; the need for a “specialist” media spokesperson; and the communication plan for all stakeholders. While all of these items are important, the real key to skillfully and successfully managing a crisis, however, is the organization’s ability to provide a rapid response to all relevant stakeholders (employees, customers, regulators, shareholders, etc.) with communications that are timely, frequent, accurate and above all empathetic. Boards therefore need to have confidence that their organization, through its communications, is showing sufficient concern and support to affected stakeholders and doing whatever it can to help overcome their pain and distress. Failure to do so can quickly turn a crisis into a reputational

nightmare for a firm and destroy the loyalty of those stakeholders who were once willing to sympathize with the organization for the situation that it now finds itself in. And beware, social media only makes communication missteps even worse…much, much worse. Nevertheless, there will come a time when it will be appropriate to declare that the crisis has ended and to resume normal business operations. However, selecting that time can be tricky. Calling it quits too soon, when there is still mopup work needed to be done, will fuel the ire of those stakeholders who feel they are being neglected. Waiting too long, on the other hand, runs the risk of distracting the organization from getting back to its business and the battle of beating the competition. Boards therefore need to have a continuing dialogue with their CEO on this matter as the crisis begins to wind down. The directors also need to have a soul searching conversation among themselves as to how well – and appropriately - the board provided oversight (and NOT management) to the crisis. They should especially reflect on what the board learned from it and whether the existing governance systems need to be modified in some fashion to help better in the identification, management, monitoring and mitigation of risks that could potentially turn into a crisis. In conclusion, recent headline-grabbing corporate crises have emphasized the necessity of every organization to have a sound crisis management system for ensuring its sustainability. Effective crisis planning, however, begins with tone-at-thetop and especially the need for directors to provide more diligent oversight, through probing questions, on the quality of this activity in their companies. Sadly, too many boards frequently leave their firms and themselves vulnerable because they have decided not to do this. So here’s the big, uncomfortable question for Caribbean directors: to what extent does your board have the assurance it needs regarding your organization’s readiness and strategies for dealing with a crisis? If you think that there is room for improvement in the way your board carries out this important governance oversight function, you might want to consider sending them to one of the corporate governance training programs currently available in the region – like the one currently being offered by The Caribbean Governance Training Institute. After all, it’s not education which is expensive, but rather ignorance. ¤ BusinessFocus Aug / Oct BusinessFocus May / June | 9|

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BUSINESSTECH TECH BUSINESS

Banking On Technology Disruption Customer-Centered Innovation to Transform Delivery of Financial Services By Bevil Wooding

ustomers across the Caribbean look longingly at innovations in the US and other markets, such as fullservice online and mobile banking, marketplace lending facilities and merchant payment solutions. The open question is if, or when, similar facilities will become available locally. The competitive landscape in the Caribbean does not provide optimal incentive for fast-paced, customercentric, banking services innovations. Instead, dreams of Caribbean e-commerce initiatives and Internet-based entrepreneurism are often dashed at the doors of traditional financial institutions. For many, the region’s financial services status quo seems at variance with calls for greater innovation and economic diversification in the wider economy. This is a major problem that must be addressed.

BusinessFocus Aug | 12 BusinessFocus July Aug//Oct /Oct 12 BusinessFocus Aug | | 10

The challenge facing bank executives and policy makers is how to redefine banking models to meet the challenges and seize the opportunities of the digital age. Before that challenge can be addressed an important question must first be answered: Is there genuine interest in investing in technology to deliver a more efficient customer-focused banking experience, when there is so much profit to be had by maintaining the status quo? Disruption Ahead A 2014 report by Deloitte found that banks, particularly in developed countries, are facing increasing competition from alternative lenders and technology providers. It also found that they need to adapt how they use technology themselves if they want to maintain their market position. According to Deloitte, there are “compelling cost advantages” for banks that decide to upgrade their core banking

Bevil Wooding is the Chief Knowledge Officer at Congress WBN (C-WBN) a values-based international non-profit organization and Executive Director at BrightPath Foundation, responsible for C-WBN’s technology education and outreach initiatives. Follow on Twitter: @bevilwooding

systems. This despite the “significant” costs in doing so and the fact it would be a “major endeavour” that could be considered a “’once in a lifetime investment.” However, short-termism, risk aversion and a lack of suppliers are factors behind banks’ reluctance to overhaul legacy banking IT systems, Deloitte said. Deloitte reports that many banks have chosen to avoid huge overhauls to their core IT systems because they view making small changes to those legacy systems to be “the path of least resistance”. Further, many traditional banks face cost constraints that make a large scale overhaul of their legacy IT infrastructure impractical.

Reluctance to Change Obviously leaping into new systems simply because technology is available is not a practical option for banks. The need to provide improved customer services has to be balanced against security and privacy risks that attend technology-based systems. Banks have to consider the potential for reputation damage or loss of customer confidence if systems fail or are compromised. There also have to weigh the timeframe for return on technology investments. These considerations have to be carefully examined in any decision to introduce new technology into their business. “The central challenge is that banks have designed their IT systems to support processes that deliver products across multiple channels,” Deloitte’s ‘Banking Disrupted’ report said. “Bank systems are, therefore, arranged around products rather than around customers. Digital transformation, on the other hand, demands that customer data be leveraged to provide services at the point of need.” “The rich customer data banks collect often gets lost within product silos. Turning this product-centered model on its head would allow banks to serve not just customer needs but also to capture their experience and address their future expectations,” Deloitte said.

Customer-Centric Approach The customer-centric approach to new technology solutions design is exactly where the opportunities lie. Recent Accenture research shows customers still value the branch, which remains the primary sales channel. Yet bank

branches are becoming less relevant for younger customers, who are more comfortable with digital technology and less concerned with traditional markers of a bank’s trustworthiness. For example, while more than 80 percent of customers consider it important that their bank has a long track record of financial performance, this factor is less important for younger customers. “These customers want a bank that is agile and innovative, with the digital tools to connect with them on a daily basis,” according to the Accenture Digital Disrupting in Banking report. However, in emerging markets, such as the Caribbean, even this inevitable shift in customer preference may not be enough to trigger investment in more innovative banking solutions and services. “From the bankers’ perspective, they may well feel that they have no choice but to resist the forces of change until such change is inevitable or can be effected without compromising profit growth,” says Ronald Hinds, a former financial sector executive, turned technology entrepreneur. Hinds believes that in this scenario “banks will continue to be vulnerable to any business model that can authentically address customer needs in an efficient and cost-effective manner.” Innovative Leadership Required Implementation of cheaper, disruptive, technology solutions may well be the saviour that banking customers have been crying out for and that banking traditionalists have been reluctant to invest in. There is a real opportunity for new, more entrepreneurially minded players to create new models for more customer-centric financial services delivery. Enabling policies are also necessary to make it easier for new providers and new service options to proliferate. There is certainly also a role for community banks, credit unions and even entirely new social micro-financing platforms, such as the eSou-Sou idea floated at the recent Forum on the Future of the Caribbean. New ventures have the best opportunity to seed disruptive technology, based on more modern IT infrastructure and customer-first approach to service delivery. But such ventures also require fresh, forward-thing, leadership initiative if they are to become a sustainable reality.

Competitive and regulatory pressure can help speed the pace of systems upgrades and modernisation projects. However, in the absence of such competitive pressure, or regulatory incentive, banks can literally afford to sustain inefficiencies and defer service improvement options. Contrary to what profitable annual reports may appear to convey, slow banking innovation is not good business. Banking inefficiencies have negative repercussions across the entire economy. Technology is a proven enabler of efficiencies, however, technology innovation cannot proceed without human leadership. As with most technology revolutions, the disruption may be uncomfortable and even expensive in the short term. However, the spoils are there for those with the foresight and courage to depart from the status quo.

Contending with Disruption On the global stage, we are already seeing convergence of traditional and emerging finance, combining the best of both worlds to make finance better for consumers. One example is the recent partnership between Lending Club, a US-based online credit marketplace and Citigroup, a global financial services giant with over 200 million customer accounts in more than 140 countries. Citi now uses Lending Club’s platform to supply up to $150 million to underserved borrowers and communities its branch network is unable to reach. There are similar opportunities for collaboration and partnership between banks and technology services firms in the Caribbean. However, it is unlikely that traditional banking institutions will muster the leadership resolve or investment prioritization necessary for such radical, technology-enabled transformation any time soon. What is more likely is that new, disruptive innovators will arise. When they do, they will greatly benefit customers and the wider economy. How quickly they come forth will depend on the initiative of policymakers and the arrival of innovative solutions that can catalyse the banking revolution customers both desire and deserve.

BusinessFocus Aug | 13 BusinessFocus Aug //| Oct Oct BusinessFocus July / Aug 11 | 13

BUSINESS TECH

Harald Eisenaecher, Senior Vice President EMEA, Sabre

STAR ALLIANCE TO USE SABRE’S INDUSTRY-FIRST TECHNOLOGY TO SIMPLIFY BOOKING OF ROUND THE WORLD FARES

abre Corporation (NASDAQ: SABR), a global technology provider to the travel and tourism industry, has partnered with Star Alliance to offer automated Round the World (RTW) and Circle Trip (CT) airfares through the Sabre GDS.

Earlier this year, Sabre announced its partnership with the Airline Tariff Publishing Company (ATPCO) to create a new industry standard for purchasing RTW and CT fares. The new automated booking technology will help travel agents reduce the cost of selling RTW and CT products, which, in turn, will increase sales of these itineraries for carriers. This new Sabre technology provides a complete fare price to the agent for the passenger’s entire journey. Previously, when booking multi-destination RTW itineraries for travelers, agents had to manually construct the fare after calculating the mileage and checking the fare conditions of a passenger’s journey. Agencies will also benefit from reduced Agency Debit Memo costs (ADMs), sent by airlines when there is a discrepancy between the fare sold to the customer by the agency and the airline’s published price. Harald Eisenaecher, Senior Vice President EMEA, Sabre, said, “We are pleased that together with Star Alliance we can now offer a simpler way of booking and pricing RTW fares. We were keen to respond to industry demand to automate this process, and were proud to be the first GDS to introduce a new industry framework earlier in the year.” He also noted, that “since then, we’ve had a hugely positive response to this new technology from our travel agent clients. This agreement further proves the industry’s need for the automation of these types of complex itineraries. We expect this to drive more bookings from agents of RTW fares.” Meanwhile, Horst Findeisen, VP Commercial and Business Development at Star Alliance, said, “We are pleased to be working with Sabre to open a further distribution channel through which our Round the World and Circle Fares can be easily booked and automatically priced. Leveraging technology to simplify and accelerate complex processes is a key benefit which an alliance can provide.” ¤ BusinessFocus Aug /Oct BusinessFocus Aug /Oct |

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Carlo Alloni, Group Chief Technology and Information Officer.

INTRODUCES POST-HURRICANE DRONE SURVEILLANCE

elecoms service provider Cable & Wireless Communications (C&W) is investigating the use of drone technology as an approach to restoring network communication in the aftermath of a natural disaster, making them the first to introduce drone surveillance in the region. The company started its work nearing the end of May, just ahead of the hurricane season which runs from June to November. A drone, which is a mini piloting device that is equipped with a camera, would be able to get an aerial view of the damage and eliminate the need for company personnel to have to do risky tower climbs to assess the impact of the storm. Cable & Wireless has begun to test the technology to not only make it safer for field technicians to fix the issues but also allow expert engineering staff to move quickly to restore the problem and reestablish connectivity in a time of need. “Hurricanes and tropical storms have been known to cause severe damage to telecoms infrastructure in the Caribbean, including our mobile and fibre masts,” said Carlo Alloni, Group Chief Technology and Information Officer. He added, “Along with power and water, it is critical that we re-establish communications swiftly in the event that adverse weather conditions cause wide-spread service disruption. With communications as a linchpin for such relief efforts, we take our role in the recovery process very seriously.” This news comes on the heels of C&W’s recent announcement of Flow as its residential consumer brand in markets where it has received the necessary approval to merge. “Our customers are relying on us to keep them connected, and at the very least to reconnect them swiftly with family, friends and the wider community should a natural disaster, such as a hurricane, impact our services,” explained John Reid, president of the consumer group of C&W that currently operates both the Flow and LIME brands. He added, “We recognise the importance of using technology to find creative solutions to whatever problems come our way,” said Reid. ¤

BusinessFocus Aug / Oct |

BUSINESS TECH

JAMAICANS CAN FINALLY SWITCH TELECOMS PROVIDERS AND KEEP PHONE NUMBERS

Minister of Science, Technology, Energy and Mining Phillip Paulwell

t’s official. After being promised it would happen almost two years ago, Jamaicans can now change landline and mobile phone providers and hold on to their phone numbers.

Local Number Portability (LNP) was rolled out on June 22, after Minister of Science, Technology, Energy and Mining Phillip Paulwell announced that all systems were in place to make it a reality. “It is with a sense of relief and satisfaction that I have received official notification that the tedious process of facilitating number portability has been successfully completed and the Jamaican consumers can now change from one telecommunications service provider to another and retain his/her original number,” he said. The implementation of number portability had been pushed back five times since it was to take effect on December 2012. The latest delay had been earlier in June when telecommunications company LIME had requested and was granted an 18-day extension to get its infrastructure working properly. Paulwell said at the time that the extension would allow for “critical tests to ensure optimum performance and prevent any calamitous system failure that would negatively impact the entire service, impede the porting process, and erode consumer satisfaction and confidence”. With the announcement of the LNP roll-out, however, he cautioned that there could still be some hiccups. “The greatest test is the successful implementation of each request and ultimately the satisfaction of the consumer. Like all new systems of this magnitude, there may be minor glitches, but our expectation is that if and when there is such an occurrence that this will be addressed expeditiously and at a minimal inconvenience to the consumer,” the minister said. Number portability will initially only be facilitated from mobile to mobile and fixed line to fixed line, but Paulwell said that would eventually change. Netherlands-based Porting Access B.V has the Number Portability Administrator licence, which is valid for 10 years, to establish, operate, manage, coordinate and maintain a number portability central reference database in Jamaica. ¤ BusinessFocus Aug /Oct | 16| 16 BusinessFocus Aug /Oct

igicel has unveiled its new look My Digicel App that boasts dozens of new features like managing your Digicel account, access to social media newsfeeds and a customer feedback portal – making it the go-to place for all things Digicel.

In addition, the app, which was first launched in September 2014 and relauched in June 2015, is free to use, meaning that customers are not using a single MB of their data to access the information and content available on the app. Digicel said the newly-designed app introduces a user-friendly interface that comes with a whole host of new features such as allowing customers to send topup to any Digicel phone, locally or internationally; view account information; opt in and out of plans and see the latest promotions and offers – all of which are available 24 hours a day, free of charge to customers. The app also includes social media feeds so that customers can connect with Digicel through Twitter and Facebook and take advantage of exclusive offers that are only available through the app. Digicel Group Chief Commercial Officer, Claudio Hidalgo, said “We are excited to be introducing our newly-designed My Digicel App that makes it easier for customers to access all of our services free of cost at any time using their smartphones. The new app boasts all the great features that customers have come to know and love, as well as a host of new ones such as sending credit to friends and family at home and abroad and accessing Digicel’s social media newsfeeds for the latest updates.” He added, “We wanted to create one place where our customers could access all things – from sending and receiving top up, to activating plans, accessing special offers and getting the latest news - the new My Digicel App does just that. The app also includes a feedback feature where customers can share their views on the app and its functionalities so that we can work to improve it on an ongoing basis.” ¤

BusinessFocus BusinessFocus Jan Aug//Mar Oct | | 17 17

BUSINESSTECH TECH TECH BUSINESS BUSINESS

C&W Unveils the ‘new’ FLOW and Creates History in Barbados 100% Fibre to the Home to Transform Consumer Experience Phil Bentley Chief Executive of CWC

US$160M C&W Investment for Barbados New Retail Brand, Flow unveiled as company begins significant roll out

&W is investing US$160M in Barbados as the Company rolls out its new retail brand Flow on the island as part of its merger with Columbus Communications. Barbados is the first country to launch the newly combined retail brand. Niall Sheehy, Country Manager of the ‘new’ Flow, revealed a number of significant developments for Barbados. “What we have today is the product of two legacies working in unison to meet our customers’ needs,” said Sheehy. Under the new consumer brand Flow, the company has combined the strengths of the former LIME and Flow organisations and is positioning Barbados as the first country in the world with 100% Fibre-to-the-Home (FTTH) broadband connectivity. The FTTH network will allow the Company to bring new and cutting edge services to its customers. As a start, customers will receive telephone (mobile and landline) video, audio, television and just about any other kind of digital data stream using Flow’s comprehensive FTTH broadband connection. Sheehy indicated that the consumers will benefit from bundling of products, new and exciting apps and the ability to access products and services from a variety of platforms, via its network. Sheehy also outlined other aspects of the company’s investments in Barbados as the Company rolls out its new consumer brand. “We have already moved into our new corporate home in Warrens (formerly the Orange Mall) and in August, we will officially transition from our Customer Care Centre at SkyMall to a new retail store under the Flow brand.

elecoms history was made in Barbados as Cable & Wireless Communications (C&W) officially launched its retail brand, Flow, for its newly combined consumer group. The ‘new’ Flow will deliver a compelling set of quad play products and services via its Fibre to the Home (FTTH) infrastructure set to reach 100% of Barbados homes by year end. This will make Barbados the first country in the world to have 100% FTTH coverage. “We are pleased to usher in a new culture of innovation and technical excellence, backed by major investments in our Fibre to the Home infrastructure,” said John Reid, President of C&W Consumer Group. With our combined strengths, Barbados consumers will have access to the most technologically advanced quad play products in the region, through our mobile, video, landline and broadband services. Reid also said that the foundation of the new Flow brand strategy was consistent with the positive characteristics of the Caribbean. “We are driven by all that is positive in the Caribbean” he said – “the people, the passion, and the drive to succeed. Against that backdrop, we commit to continue our focus on innovation, technical excellence and great customer service.”

This new retail outlet will serve as the touch-point for all our products and services of the combined entity,” he said. “Customers will still be able to access a full Flow Customer Service Centre at Windsor Lodge (formerly LIME),” added Sheehy. “These changes are part of a wider plan to ensure that our newly combined company meets our stated goal of putting the customer at the heart of what we do.”

Flow also unveiled plans to become #1 for customer experience in Barbados and the region. According to Niall Sheehy, the Country Manager for Flow Barbados, “Flow will realise this bold vision by making significant changes across our operations to drive an outstanding customer experience, which will extend beyond the obvious frontline transactions.” Sheehy said that, “in all departments and in each role the goal will be to put the customer first in every aspect of our business.”

Sheehy also informed that the company is currently transitioning all of its products and services to the Flow brand. He noted that the transition phase will take some time, during which customers may still see communications using the former LIME and Flow brands. ¤

The ‘unveil’ of the new brand, follows the announcement in March by C&W to merge its operations with Columbus International. C&W will follow this inaugural launch throughout the Caribbean on a phased, country-by-country basis over the next twelve months. ¤

BusinessFocus July / Aug | 12 BusinessFocus Aug /Oct | 18

BusinessFocus Aug / Oct |

BUSINESS TECH

CONFERENCE SEEKS TO BRIDGE TECHNOLOGY GAP BETWEEN CARIBBEAN, MIAMI

Natalie Cofield, president and CEO of the Greater Austin Black Chamber of Commerce

ntrepreneurs and business people from Caribbean and African nations encouraged each other to drive the technological change their countries need at Miami Caribbean Code’s first Regional Tech Summit mid-July in the Design District.

Technology can address a myriad of problems — including government accountability, access to education, energy security and public health access — facing both South Florida and the Caribbean, said Brian Fonseca, director of operations for the Applied Research Center at Florida International University.

Technology is just a thing that should be there to help us solve social problems, solve market problems, solve market demand

“The Caribbean has suffered for a long time from constant brain drain. Intellectuals leave the Caribbean and move into markets that have better quality of life. And that’s just sad because we lose this intellectual power that we should be sustaining in our own communities,” Fonseca said.

“

needs,

”

said Natalie Cofield, president and CEO of the Greater Austin Black Chamber of Commerce, during her keynote speech. She urged attendees to invest in their home countries and then “go

Panellists throughout the day discussed technology’s influence on education, social impact, connectivity and economies. Addressing the problems in these areas begins with more access to technologies, panellists said.

“If we don’t believe in our community enough to go back in and create a solution for them,” she said, “we’ll be upset that somebody else came and did.”

“We have not spoken about new technology that does not exist in the world,” said Nehama Bikovsky, president of Maritime Consulting Enterprise. “However, when we go to the Caribbean, oftentimes we see that this not-amazing-anymore technology is still not there.”

Billions of dollars travel from the U.S. to the Caribbean and Africa, Cofield said. “So why can’t it flow on distribution channels that are created by the very people who are putting billions into the system?”

As some technology reaches Cuba, Jason Ibarra, chapter director of Startup Grind Miami, cautioned attendees to “be a little cynical” about the rate of progress there. Despite growing internet access, costs are still relatively astronomical, he said.

The conference was designed to bring focus on the need for technology advances in the Caribbean, said Eveline Pierre, cofounder of Miami Caribbean Code, dedicated to bridging the technological gap between the Caribbean and Miami. About 75 attended.

“I spend personally about 1 percent of my income on broadband internet,” Ibarra said. “If [Cuban citizens] spent 1 percent on broadband internet, they would have 10 minutes a month.”

home and do business”.

BusinessFocus Aug /Oct

BUSINESS TECH

CARIBBEAN AIRLINES HAS SELECTED AMADEUS AS THE PROVIDER TO UPGRADE ITS PASSENGER SERVICE SYSTEM

he combined reservations, airport checkin, ticketing, inventory management system, and eCommerce will usher in a new era for Caribbean Airlines and its customers as part of the airlines’ overall customercentric strategy. By unifying these systems, every customer touch point will be consolidated with the ability to provide comprehensive real-time information.

Also, a more versatile website would enable passengers to better manage their travel experience. “Amadeus is a leading technology partner for the global travel industry which provides reliable, modern and cutting edge solutions to over 120 airlines worldwide.

“Caribbean Airlines is thrilled to have signed this important contract to become a strategic partner with them. Given the fiercely competitive nature of the airline industry, this acquisition is a good commercial tool to compete against formidable airlines,” stated George Reeleder, Caribbean Airlines’ vice president of commercial operations. By March 2016, Caribbean Airlines expects to complete the full migration. The first phase will be finished by the end of November 2015.

“

An integrated IT platform provides unique capabilities and efficiencies for airlines seeking to stand out against the competition in a busy marketplace, and we are delighted that, following a thorough evaluation of available solutions, Caribbean Airlines has chosen to partner with Amadeus to

”

benefit from the industry-leading Amadeus Altéa Suite,

said John Dabkowski, vice president airline commercial, Amadeus. Dabkowski continued: “Our next-generation technology will enable Caribbean Airlines to deliver its vision for a customercentric travel experience, and we look forward to working together to achieve this.”

BusinessFocus Aug / Oct |

FEATURE

Cancer Centre Of The Eastern Caribbean Opens In Antigua

he Cancer Centre of the Easter Caribbean finally opened in June in Antigua with pomp and ceremony attended by a number of dignitaries who lauded the initiative as a bold step in advancing the health care infrastructure of the region. The centre, located at Medical Pavilion Antigua, Queen Elizabeth Highway, is expected to offer high-quality medical, radiation and surgical oncology services. Antigua & Barbuda’s Minister of Health Molwyn Joseph said the establishment of the centre will bring down the cost of healthcare services pertaining to cancer since individuals would no longer have to travel overseas for several types of treatment which were not offered here. Minister Joseph said, “Unavailability of cancer treatment including radiation in the OECS, required sufferers to travel abroad for critical care and palliative treatment. I speak here not only of the direct financial cost but also of the indirect cost that includes time lost from work, for patient and relatives alike, and time lost to travel overseas and the displacement and inconvenience associated with travelling and treatment abroad.”

will also spend less for the same high quality medical care as they would have elsewhere.

According to the minister, many families in Antigua have been left bankrupt or seriously financially injured by their desperate efforts to save the lives of their loved ones suffering with the effects of cancer.

At the same time, Prime Minister Gaston Browne said although Mount St John’s Medical Centre is offering superior secondary health care service, the provision of cancer treatment services at the new cancer centre will augment the quality services being offered at MSJMC.

He noted that currently, government provides financial assistance to persons with cancer for medical treatment abroad through Medical Benefits Scheme. He added that government would reduce significantly what is spent abroad and it means the patient

He said negotiations are being held with the government of Cuba to get additional specialists while he added that his administration intends to offer health services in other areas at the centre, in the near future, including cardio vascular diseases and neuro-surgery.

BusinessFocus Aug /Oct

Dr. Tom McGowan, Managing Director; Dr. Conville Brown, Chairman; Prime Minister Gaston Browne (Antigua & Barbuda); Prime Minister Perry G. Christie, Chairman Of Caricom; Min. Perry Gomez; Fmr. PM Baldwin Spencer (Antigua & Barbuda), Bill Yeager of Elekta; Molwyn Joseph, Min. of Health; Amb. Bernard Percival at Grand Opening. In the meantime, two Antiguan doctors have been granted scholarships in partnership with Cuba to specialise in Oncology and Radiology at a cost of US$70, 000 annually. Dr Conville Browne, principal and CEO and also chairman of the Cancer Centre of the Eastern Caribbean, and also as well as CEO and Chairman of the Cancer Centre, Bahamas said he is looking forward to bringing the best in cancer care to nationals here, the OECS and by extension CARICOM and beyond. “I am extremely flattered to be asked to deliver a Cancer Centre and a Cardiac Centre for people beyond the shores of my own country and to be able to assist in the health care development of the nation,” Dr Browne said on the day of the opening, June 26. Former prime minister Baldwin Spencer during whose tenure the project was initiated, said he hopes it will improve the provision of accessible cancer treatment services through the sub-region. CARICOM’s Chairman and Prime Minister of The Bahamas Perry Christie commended the public/private partnership approach to this important undertaking. He added that while tourism is vital as an industry, in recent times leaders have come to realise the value of medical tourism and Antigua is well positioned to capitalise on this aspect of economic development. ¤

From lt to rt:Freedom Hliziyo Medical physicist • Dr Tom McGowan managing director Charlene Anderson Radiation therapist • William Deere Senior Radiation Therapist Paul Stapleton Senior Radiation Therapist • Hannah Barnes Senior radiation therapist and clinical manager

BusinessFocus Aug / Oct |

FEATURE

The Managing Director Of The Cancer Centre Bahamas and The Cancer Centre Eastern Caribbean

Dr. Tom McGowan, MD, MBA, FRCPC

The Partnered Care Model and Its Evolution of A Tri– to QuadriPartite Partnership

The Cancer Centre Eastern Caribbean

he Cancer Centre Eastern Caribbean is a comprehensive cancer facility offering both radiotherapy and chemotherapy. The availability of radiation therapy locally is of tremendous importance to those people who are diagnosed with cancer, especially from within The Organisation of Eastern Caribbean States (OECS).

People who have had the ability to arrange radiation treatment elsewhere, will now have a high quality local option, and those people who would not have been able to get treatment at all in the past, will now be able to get it. Radiotherapy is an essential part of the treatment of approximately 50 per cent of patients diagnosed with cancer. The effectiveness of radiotherapy depends on how much radiation is delivered to the cancer and how accurately it is delivered. The ability to deliver the right dose of radiation to the right part of the body is dependent upon two items: The quality of the equipment; and the capabilities of the people who utilise it. We have both the best equipment and outstanding staff at The Cancer Centre Eastern Caribbean. When patients come to The Cancer Centre Eastern Caribbean for cancer treatment, their oncologists will have access to the Elekta Infinity Linear Accelerator with Agility. The significance of this is that patients will be able to be treated with advanced, state of the art treatment techniques, which are both more accurate and delivered in a shorter period of time that had been available previously (as in Stereotactic Body Radiation Therapy - SBRT, and Stereotactic RadioSurgery – SRS). This increase in accuracy allows for both lower side effect and better outcomes. The ability to continue to treat patients to the highest standards means that staffing, quality assurance protocols, and equipment maintenance, all need to be at the highest possible standards. Our local staff and the experts we have hired to help oversee our program are all working together to ensure this facility will be recognized as a model of how to deliver state of the art cancer treatment in a remote location. Our goal is to be the centre other people come to in order to learn how to ensure the highest levels of quality, in a state of the art centre, particularly in a developing country. It has been, and continues to be, a tremendous honour to play a role in bringing state of the art cancer treatment to the OECS. ¤ BusinessFocus Aug Aug /Oct /Oct BusinessFocus

24 | | 24

he Partnered Care Model and Its Evolution of A Tri– to Quadri-Partite Partnership

The Partnered Care Model, originally developed by Dr. Conville Brown in July, 1990, was selected by former Prime of Antigua and Barbuda, MP Baldwin Spencer for the Establishment of The Cancer Centre Eastern Caribbean, to serve The Organization Of Eastern Caribbean States (OECS). Partnered Care initially represented a Tri-Partite (3-Party/ Sector) Partnership, with the Private leading the Government and User Sectors. Originally to foster the development and delivery of Advanced Cardiac Services to the public in The Bahamas, irrespective of ability to pay, it has since seen to the development of a Full Spectrum of Non-Invasive, Invasive and Interventional Cardiology Services, including an Open Heart Surgical Program. Dr. Brown was motivated to develop his Partnered Care Model, upon finding out when he returned home to The Bahamas in July, 1990, as an Invasive Cardiologist, that many of his family, friends and countrymen could not afford the medical services and expertise that he had just spent 15 of his 31 years developing. He also recognized that the healthcare burden was too overwhelming for any one or two of its main sectors in the Private, Government and User Sectors. Hence he set up the Simple Solution of Sharing The Healthcare Burden amongst all three sectors and implementing The Bahamas Heart Centre’s Discount Services System such that Insured Patients were billed according to The Fee Schedule of The Medical Association of The Bahamas. Self-Paying Private Patients received a 25 per cent Discount and Government or Public Patients received a 50 per cent discount at a minimum. Dr. Brown has utilized his Partnered Care Model to establish The Cancer Centre Bahamas, 2002-2004, (The Only American College of Radiation Oncology-Accredited Cancer Centre outside of North America),

Advanced Imaging (Hi-Resolution CT, Nuclear Medicine & Cardiology & Digital Mammography), and a fully Digital Dialysis Unit at The Medical Pavilion Bahamas, (The first of its kind in The Bahamas and Caribbean). The Partnered Care Model is now Celebrating its Silver Jubilee Anniversary of 25 Years of Increasing Affordable Access to High Tech Medical Services for Our People.

The Partnered Care Model Evolves to 4.0, The Quadri-Partite Partnership with Elekta. In October, 2013, a 4th Sector, The Industry Sector, was added to the original Partnered Care Model, courtesy of our New Partner, Elekta. The Quadri-Partite Partnership is now represented by: 1. The Private Sector, 2. The Government Sector, 3. The User Sector, and now 4. The Industry Sector. Elekta brings many invaluable assets to the Healthcare Table: 1. The Launch of a New Cancer Control Program for The OECS led by The Cancer Centre Eastern Caribbean and The Cancer Centre Bahamas. 2. World Class, State-Of-The-Art, Image-Guided, Stereotactic Body Radiation Therapy and Stereotactic RadioSurgery. 3. Their MOSAIQ Oncology Information System, that will allow us to link, via The Cloud, All of Our OECS Member States and Their Respective Cancer & Cardiac Clinics 4. New Imaging Technology (PET-CT) for the OECS, and 5. A Leadership Role in the Development of a Pan-Caribbean Cancer Network. We welcome and thank Elekta for the timely, generous and gargantuan benefits that will accrue to the People of The OECS. The Tri-Partite Sector Participants 1. The Private Sector: 1. Global Health Partners, Ltd., (Primary Investor/Designer) 2. The Cancer Centre Bahamas (Primary Model) 3. Eastern Caribbean Amalgamated Bank (Building Funding) 4. OBMI, Ltd. (Building Design & Project Management) 5. George & George Construction Company, Ltd. (Builder). 2. The Government Sector: 1. Prime Minister Gaston Browne (Major Proponent) 2. Fmr. PM. Baldwin Spencer (Vision & Brainchild) 3. Ministry of Finance & Medical Benefits (Safety Net) 3. Ministry of Health & Social Transformation (Regulatory) 4. Antigua & Barbuda Investment Authority (Concessions) 5. Mount St. John’s Medical Centre Board (Shareholder).

The Honourable Minister of Health And The Environment, Molwyn Joseph,Antigua And Barbuda

t is with great honour that I extend heartfelt congratulations to Global Health Partners on the opening of The Cancer Centre Eastern Caribbean.

Over the past few years The Cancer Centre Eastern Caribbean has moved from conceptualization to realization. Since the signing of the initial Memorandum of Understanding between the Government of Antigua and Barbuda and Global Health Partners Ltd., we have gone through over 5 years of preparatory work and development, including pilot projects such as a Cancer Clinic at the Mount St. John’s Medical Centre. The Cancer Centre Eastern Caribbean is a state of the art facility, situated at The Medical Pavilion Antigua, which seeks to offer comprehensive Oncology and Cardiology services to citizens and residents of Antigua and Barbuda, as well as the wider Eastern Caribbean OECS Member Territories. In keeping with the provision of guaranteed quality healthcare, The Cancer Centre Eastern Caribbean has mandated that it will provide appropriate, accessible, affordable, and acceptable care which will be available to all. Undoubtedly, the Centre will make a great contribution to the promotion of advanced healthcare including radiation therapy. As the cost of medical treatment continues to rise worldwide, The Cancer Centre Eastern Caribbean truly shows its strong commitment to the well-being of patients by providing superior services and assured safety at significantly discounted rates. Additionally, and most importantly, many persons will receive essential treatment, which in some instances will prove to be lifesaving. The undertakings of this facility will eliminate the need for costly and time consuming trips to other countries. It is this type of dedication that the government and people of Antigua and Barbuda welcome. On behalf of the Ministry of Health and the Environment, I would like to once again extend congratulations and wish The Cancer Centre Eastern Caribbean a successful future as we commence a new chapter that further enriches our cherished and promising partnership.¤

3. The User Sector: 1. The Organization ff Eastern Caribbean States, 2. CARICOM, and 3. Beyond. BusinessFocus Aug / Oct | 25

FEATURE

Second leading cause of death in the Caribbean-CARPHA

he Trinidad-based Caribbean Public Health Agency (CARPHA) has reported that cancers are the second leading cause of death in the region; even as it acknowledged that nearly one half of cancers are preventable or treatable if detected early.

“Collaborative, multisectoral, multidisciplinary action supported by good data is urgently needed to impact this problem in our region. Let us use World Cancer Day 2015 to mark the start of concerted actions in our countries for reducing the scourge of cancer in our Caribbean!”

CARPHA said that among females, breast cancer is the main cause of death, followed by cervical cancer. Prostate cancer is ranked as the leading cause of cancer death among males, with lung cancer being the second main cause of cancer death. Lung cancer also contributes to a high number of deaths among women. Colon cancer is the fifth leading cause of death in the region, with an almost equal number of deaths among males and females.

The agency explained it has been supporting member states in identifying the risk factors for chronic diseases including cancer in the population and that results from such surveys have shown high levels of tobacco use in some countries especially among males; low levels of physical activity, overwhelming levels of overweight and obesity; high levels of harmful use of alcohol particularly among men and extremely low levels of intake of fruits and vegetable.

Cervical cancer is one of the most preventable, yet it claims the lives of approximately 2,500 women, CARPHA said. “There are common modifiable risk factors that contribute to the development of cancers. These include tobacco use, unhealthy diets, physical inactivity and harmful use of alcohol,” said CARPHA’s Executive Director Dr James Hospedales. “Research has shown that a reduction in the modifiable risk factors in the population will contribute to a reduction of cancer cases and as a consequence deaths and costs from the disease in our region.” Dr Hospedales said cancer prevention and control is certainly not beyond the Caribbean. BusinessFocus Aug /Oct

It said that the theme for World Cancer Day 2015 (February 4) “Not Beyond Us” and that countries are still being urged to employ proactive approaches to fight against cancer with a strong message which stresses that solutions do exist and are within our reach to reduce the disease burden and cost impact. “In this regard, countries are encouraged to implement and enforce proven policies and interventions which will impact on the reduction of the development of chronic diseases and their risk factors in the population.” CARPHA said it will continue to support and guide countries in the identification of suitable interventions for impacting behavior change in the population, thereby reducing the risks for cancer.

The health agency is also actively working with partners regionally and internationally including non-governmental organizations to reduce risk factors and chronic diseases in the region. In addition, CARPHA is collaborating with institutions and agencies within the Caribbean Community (CARICOM) region to impact trade agreements and influence the availability and access to healthy foods. “Crucially, to improve cancer prevention and control, requires strengthening of information data about cancer, particularly cancer registries. “In this regard, CARPHA is working with the National Cancer Institute (NCI), the International Agency for Research on Cancer (IARC), and the Centre for Disease Control (CDC) to be a cancer registry hub for the Caribbean to strengthen existing cancer registries in the Member States,” the Trinidad-based agency said. ¤

ANTIGUA AND BARBUDA CANCER RANK BY TYPE AGE-STANDARDIZED DEATH RATE PER 100,000 POPULATION

Rate

World Rank

Breast Cancer

29.78

(poor)

Prostate Cancer

24.81

(poor)

Colon-Rectum Cancers

13.61

Ovary Cancer

8.47

Lung Cancers

8.26

119

Uterin Cancer

6.75

(poor)

Other Neoplasms

5.71

(poor)

Cervical Cancer

5.44

Liver Cancer

5.21

107

Rate

World Rank

10.

Lymphomas

4.79

109

11.

Oesophagus Cancer

4.63

12.

Stomach Cancer

4.30

143

13.

Leukemia

3.95

14.

Pancreas Cancer

3.37

15.

Bladder Cancer

3.11

16.

Oral Cancer

2.68

17.

Skin Cancers

0.42

163

(poor)

(good)

Latest WHO data (2010) OUR DATA: We use the most recent data from these primary sources: WHO, World Bank, UNESCO, CIA and individual country databases for global health and causes of death. We use the CDC, NIH and individual state and county databases for verification and supplementation for USA data. BusinessFocus BusinessFocus Aug Aug // Oct Oct | | 27 27

FEATURE

Breast Cancer in women and men

what causes it?

efore discussing breast cancer, itâ&#x20AC;&#x2122;s important to be familiar with the anatomy of the breast. The normal breast consists of milk-producing glands that are connected to the surface of the skin at the nipple by narrow ducts. The glands and ducts are supported by connective tissue made up of fat and fibrous material. Blood vessels, nerves, and lymphatic channels to the lymph nodes make up most of the rest of the breast tissue. This breast anatomy sits under the skin and on top of the chest muscles. Breast cancer develops in the breast tissue, primarily in the milk ducts (ductal carcinoma) or glands (lobular carcinoma). The cancer is still called and treated as breast cancer even if it is first discovered after the cells have travelled to other areas of the body. In those cases, the cancer is referred to as metastatic or advanced breast cancer. Breast cancer usually begins with the formation of a small, confined tumor (lump), or as calcium deposits (microcalcifications) and then spreads through channels within the breast to the lymph nodes or through the blood stream to other organs. The tumor may grow and invade tissue around the breast, such as the skin or chest wall. Different types of breast cancer grow and spread at different rates -- some take years to spread beyond the breast while others grow and spread quickly. Some lumps are benign (not cancerous), however these can be premalignant. The only safe way to distinguish between a benign lump and cancer is to have the tissue examined by a doctor through a biopsy. Men can get breast cancer, too, but they account for just one per cent of all breast cancer cases. Among women, breast cancer is the most common cancer and the second leading cause of cancer deaths after lung cancer. BusinessFocus Aug /Oct

If eight women were to live to be at least 85, one of them would be expected to develop the disease at some point during her life. Two-thirds of women with breast cancer are over 50, and most of the remaining one-third are between 39 and 49. Fortunately, breast cancer is very treatable if detected early. Localized tumors can usually be treated successfully before the cancer spreads; and in nine out of 10 cases, the woman will live at least another five years. However, late recurrences of breast cancer are common. Once the cancer begins to spread, treatment becomes difficult, although treatment can often control the disease for years. Improved screening procedures and treatment options mean that at least seven out of 10 women with breast cancer will survive more than five years after initial diagnosis and half will survive more than 10 years. WARNING SIGNS In its early stages, breast cancer usually has no symptoms. As a tumor develops, you may note the following signs: A lump in the breast or underarm that persists after your menstrual cycle. This is often the first apparent symptom of breast cancer. Lumps associated with breast cancer are usually painless, although some may cause a prickly sensation. Lumps are usually visible on a mammogram long before they can be seen or felt. Pain or tenderness in the breast. Although lumps are usually painless, pain or tenderness can be a sign of breast cancer along with swelling of the arm pits. Any change in the size, contour, texture, or temperature of the breast. A reddish, pitted surface like the skin of an orange could be a sign of advanced breast cancer.

A change in the nipple, such as a nipple retraction, dimpling, for the increased risk of developing breast cancer later. Thus, it itching, a burning sensation, or ulceration. A scaly rash of the is important for women with lobular carcinoma in situ to have nipple is symptomatic of Paget’s disease, which may be associated regular clinical breast exams and mammograms. with an underlying breast cancer. In addition, there are several other less common types of breast Unusual discharge from the nipple that may be clear, bloody, or cancer. another colour. It’s usually caused by benign conditions but could be due to cancer in some cases. What Can you Do to Reduce your Risk? What Are the Types of Breast Cancer?

Many factors can influence your breast cancer risk, and most women who develop breast cancer do not have any known risk The most common types of breast cancer are: factors or a history of the disease in their families. However, you Invasive ductal carcinoma. This cancer starts in the milk ducts of can help lower your risk of breast cancer in the following ways— the breast. Then it breaks through the wall of the duct and invades • Keep a healthy weight. the fatty tissue of the breast. This is the most common form of breast cancer, accounting for 80 per cent of invasive cases • Exercise regularly (at least four hours a week). Ductal carcinoma in situ (DCIS) is ductal carcinoma in its earliest stage (stage 0). “In situ” refers to the fact that the cancer hasn’t • Get enough sleep. spread beyond its point of origin. In this case, the disease is confined to the milk ducts and has not invaded nearby breast • Don’t drink alcohol, or limit alcoholic drinks to no more tissue. If untreated, ductal carcinoma in situ may become invasive than one per day. cancer. It is often curable. • Avoid exposure to chemicals that can cause cancer Infiltrating (invasive) lobular carcinoma. This cancer begins in the (carcinigens). lobules of the breast where breast milk is produced, but has spread to surrounding tissues or other parts of the body. It accounts for • Try to reduce your exposure to radiation during medical about 10 per cent of invasive breast cancers. tests like mammograms, X-rays, CT scans, and PET scans. Lobular carcinoma in situ (LCIS) is cancer that is only in the lobules of the breast. It isn’t a true cancer, but serves as a marker BusinessFocus Aug / Oct |

FEATURE

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If you are taking, or have been told to take, hormone replacement therapy or oral contraceptives (birth control pills), ask your doctor about the risks and find out if it is right for you.

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Breastfeed your babies, if possible. Although breast cancer screening cannot prevent breast • Radiation therapy. Using high-energy rays (similar to cancer, it can help find breast cancer early, when it is X-rays) to kill the cancer. easier to treat. Talk to your doctor about which breast cancer screening tests are right for you, and when you should have them. Male Breast Cancer

How Is Breast Cancer Diagnosed? Doctors often use additional tests to find or diagnose breast cancer. • • • • Staging

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hormones they need to grow. Biological therapy. Works with your body’s immune system to help it fight cancer or to control side effects from other cancer treatments. Side effects are how your body reacts to drugs or other treatments.

Male breast cancer is cancer that forms in the breast tissue of men. Though breast cancer is most commonly thought of as a woman’s disease, male breast cancer does occur. Male breast cancer is most common in older men, though male breast cancer can occur at any age.

Breast ultrasound. A machine uses sound waves to make detailed pictures, called sonograms, of areas inside the Men diagnosed with male breast cancer at an early stage have a breast. good chance for a cure. Still, many men delay seeing their doctors if they notice unusual signs or symptoms, such as a breast lump. Diagnostic mammogram. If you have a problem in your For this reason, many male breast cancers are diagnosed when breast, such as lumps, or if an area of the breast looks the disease is more advanced. abnormal on a screening mammogram, doctors may have you get a diagnostic mammogram. This It’s not clear what causes male breast cancer. Doctors know that is a more detailed X-ray of the breast. male breast cancer occurs when some breast cells begin growing abnormally. These cells divide more rapidly than healthy cells do. Magnetic resonance imaging (MRI). A kind of body scan The accumulating cells form a tumor that may spread (metastasize) that uses a magnet linked to a computer. The MRI scan to nearby tissue, to the lymph nodes or to other parts of the body. will make detailed pictures of areas inside the breast. Where breast cancer begins in men Everyone is born with a small amount of breast tissue. Breast tissue is made up of milkBiopsy. This is a test that removes tissue or fluid from producing glands (lobules), ducts that carry milk to the nipples and the breast to be looked at under a microscope and fat. Women begin developing more breast tissue during puberty do more testing. There are different kinds of biopsies and men do not. Because men are born with a small amount of (for example, fine-needle aspiration, core biopsy, or breast tissue, they can develop breast cancer. open biopsy). Types of breast cancer diagnosed in men include:

If breast cancer is diagnosed, other tests are done to find out if cancer cells have spread within the breast or to other parts of the body. This process is called staging. Whether the cancer is only in the breast, is found in lymph nodes under your arm, or has spread outside the breast determines your stage of breast cancer. The type and stage of breast cancer tells doctors what kind of treatment you need. How Is Breast Cancer Treated? Breast cancer is treated in several ways. It depends on the kind of breast cancer and how far it has spread. People with breast cancer often get more than one kind of treatment. •

Surgery. An operation where doctors cut out cancer tissue.

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Chemotherapy. Using special medicines to shrink or kill the cancer. The drugs can be pills you take or medicines given in your veins, or sometimes both. Hormonal therapy. Blocks cancer cells from getting the BusinessFocus Aug /Oct

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Cancer that begins in the milk ducts. Ductal carcinoma is the most common type of male breast cancer. Nearly all male breast cancers begin in the milk ducts.

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Cancer that begins in the milk-producing glands. Lobular carcinoma is rare in men because men have few lobules in their breast tissue.

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Cancer that spreads to the nipple. In some cases, breast cancer can form in the milk ducts and spread to the nipple, causing crusty, scaly skin around the nipple. This is called Paget’s disease of the nipple.

Inherited genes that increase breast cancer risk Some men inherit mutated genes from their parents that increase the risk of breast cancer. Mutations in one of several genes, especially a gene called BRCA2, put you at greater risk of developing breast and prostate cancers. The normal function of these genes is to help prevent cancer by making proteins that keep cells from growing abnormally. But if they have a mutation, the genes aren’t as effective at protecting you from cancer.

Meeting with a genetic counselor and undergoing genetic testing can determine whether you carry gene mutations that increase your risk of breast cancer. Discuss the benefits and risks of genetic testing with your doctor. Tests and diagnosis Diagnosing male breast cancer If breast cancer is suspected, your doctor may conduct a number of diagnostic tests and procedures such as: • • • •

Clinical breast exam. During this exam, your doctor uses his or her fingertips to examine your breasts and the areas around your armpits and your collarbone for lumps or other changes. Your doctor assesses how large the lumps are, how they feel, and how close they are to your skin and muscles.

area. When analyzed in a laboratory, your tissue sample reveals whether you have breast cancer and, if so, what type of breast cancer you have. Determining the extent of the cancer If you’ve been diagnosed with breast cancer, your doctor will work to determine the extent (stage) of your cancer. Your cancer’s stage helps your doctor determine treatment options. Staging tests include blood tests and imaging tests, such as X-ray and computerized tomography (CT). •

• Mammogram. A mammogram is an X-ray of your breast tissue. To assess your breast tissue, your breast will be pressed flat as much as possible. During a mammogram, you stand in front • of a machine with your shirt off. Two flat plastic plates come together to compress your breast tissue. A radiology technician takes the X-rays. The compression of the mammogram can be uncomfortable. Ask the technician what to expect and • speak up if you’re feeling pain. Ultrasound. Ultrasound uses sound waves to create pictures of a suspicious breast mass. Your doctor may • recommend an ultrasound in certain situations. Using a needle to remove cells for testing. A biopsy procedure involves removing a sample of suspicious tissue for laboratory testing. A breast biopsy is commonly done by inserting a needle into the breast lump and drawing cells or tissue from the

The stages of male breast cancer are: Stage I. The tumor is no more than 2 centimeters (cm) in diameter (3/4 inch) and hasn’t spread to the lymph nodes. Stage II. The tumor may be up to 5 cm (about 2 inches) in diameter and may have spread to nearby lymph nodes. Or the tumor may be larger than 5 cm and no cancer cells are found in the lymph nodes. Stage III. The tumor may be larger than 5 cm (about 2inches) in diameter and may involve several nearby lymph nodes. Lymph nodes above the c ollarbone may also contain cancer cells. Stage IV. Cancer at this stage has spread beyond the breast to distant areas, such as the bone, brain, liver or lungs. Modified from Centre for Disease Control and the Mayo Clinic Staff Researched by: Health Education & Promotion Unit Health Information Division (268) 562-2453/ 462-5685

BusinessFocus Aug / Oct |

FEATURE

CANCER OF THE SKIN By: Dr Maria Perreira

ancer of the skin is one of the most common cancers according to the Centre for Disease Control (CDC). Cases of skin cancer are diagnosed in Antigua and Barbuda every year. Most cases are highly curable once detected early and treated properly.

At increased risk are persons with more than 50 moles and those with a personal or family history of skin cancer. Research shows that thirty percent of melanomas develop from moles. Other causes of skin cancer include smoking, genetic conditions and aging.

The three most common forms of skin cancer are the basal cell carcinoma, the squamous cell carcinoma and the melanoma. The basal cell carcinoma grows slowly and is unlikely to spread or cause death. The squamous cell carcinoma is more likely to spread within five years of appearance. The melanoma is the most aggressive skin cancer and can spread to other parts of the body within six months of appearance. Other less common skin cancers include Merkel cell carcinoma, Kaposiâ&#x20AC;&#x2122;s sarcoma and dermatofibrosarcoma.

Basal cell carcinomas occur on sun exposed areas of the body such as the face, neck and scalp. The basal cell carcinoma appears as pearly white dome shaped papules with tiny blood vessels on the surface. Tumors may ulcerate, bleed and become crusted in the centre.

The causes of skin cancer are many. The main risk factor for skin cancer is exposure to sunlight. Other risk factors are exposure to tanning beds and excessive sun exposure in childhood and throughout oneâ&#x20AC;&#x2122;s lifetime. Skin that burns easily, red or blond hair predisposes persons to skin cancer. Being immunocompromised from underlying diseases such as HIV or cancer or immune suppressing treatments are associated with skin cancer. Exposure to radiation or chemicals known to predispose to cancer such as arsenic is detrimental.

Melanoma appears as an asymmetrical patch with irregular border, color variation and greater than 6 mm in diameter. Melanoma are more common in men.

BusinessFocus Aug /Oct

The squamous cell carcinoma appears on sun exposed areas especially on the head, neck or hands. Tumors have a red base and yellow-white scale. .

Skin cancers may become present as changes in the skin that do not heal, ulcers of the skin, skin discoloration and enlargement of skin discoloration.

The prognosis for skin cancer is generally very good. There are no deaths from basal cell carcinoma and only rare deaths with squamous cell carcinoma, mainly in immunocompromised persons.

The treatment of skin cancer depends on the type of cancer. The basal cell carcinoma may be treated with surgical excision or topical chemotherapy. The squamous cell carcinoma may be treated by surgical excision or cryotherapy. Malignant melanoma is treated by surgery and radiation if indicated. If the disease has spread to other organs then the patient may require other surgery or chemotherapy. For persons whose melanoma is treated before it spreads then the five year survival rate if 98%. If the disease has already spread then the five year survival rate in 16 percent. The prognosis for skin cancer is generally very good. There are no deaths from basal cell carcinoma and only rare deaths with squamous cell carcinoma, mainly in immunocompromised persons. Some research has shown an association between certain bleaching products such as hydroquinone and the development of skin cancer in mice. The advise on this subject is for persons to avoid excessive use of skin bleaching agents and to care for the skin with gentle cleansers, emollients, avoid sun exposure and do perform regular skin self examination. Many skin cancers can be prevented by avoiding the triggers. Prevention of skin cancer involves protecting the skin from excessive sun exposure and using sunscreen with a Sun Protection Factor of 30 or higher. Children need to be protected from excessive sun exposure. Artificial UV radiation such as tanning

beds and sun lamps should be avoided. The sun’s UV rays are strongest between 10 am and 4 pm so avoid sun exposure during these hours. Persons may seek shade when the sun is intense. Wear protective clothing such as broad rim hats and loose fitting clothing to protect from the sun. Prevention of skin cancer includes being aware of any changes noticed in a mole and getting the mole and skin examined by a dermatologist. Everyone should perform regular skin self examination for skin cancer and report any changes immediately ¤ Dr Maria Pereira is a medical practitioner in Antigua and Barbuda. She is a graduate of the University of the West Indies, Medical School, Jamaica. She specialises in Dermatology and HIV and AIDS Medicine. Dr Pereira is the Clinical Care Coordinator for HIV and AIDS in Antigua and Barbuda and is in charge of the HIV and AIDS Outpatient Care and Treatment Clinic. Her office is located at Medical Surgical Associates, Woods Complex, St John’s, Antigua.

BusinessFocus Aug / Oct |

FEATURE

What is Bladder Cancer?

ladder cancer was the ninth most common cancer in the world according to statistics up to 2012 with 430,000 new cases diagnosed that year. It was three times more common in men compared with women.

According to research, the highest incidence of bladder cancer was in Northern America and Europe; and the lowest incidence in Asia and, Latin America and Caribbean. While there may not have been many cases in our part of the world, it is still a disease to monitor. Urologist Dr Dwayne “Baba” Thwaites, who is based in Antigua, said, “I haven’t seen that many cases in Antigua over the last eight or so years. Probably the most I’ve seen is five cases of bladder cancer but I’m sure other doctors have seen one or two. Most of those cases I’ve seen are superficial bladder cancer.” In the USA alone, he said, there’s an average of 134, 000 diagnosed cases of bladder cancer a year and about 14,000 of them dying in a year. Dr Thwaites said, “One of the first signs which we use as a screening tool for bladder cancer, is blood in the urine. Blood in the urine signifies that you need to look a little further to figure out what is inside the bladder and why the person is bleeding.” “With the blood in the urine, there are two components to it, one is called gross hematuria (lots of blood in the urine) and in about 28 per cent of the time we will pick up a cancer in the bladder because of gross hematuria; and then there’s an entity called microscopic hematuria, which is the presence of blood in the urine but it cannot be seen with the naked eye,” Dr Thwaites said. The most common cause of bladder cancer is cigarette smoking. Changes in the genetic material (DNA) of bladder cells may play a role, as well as chemicals in the environment. BusinessFocus Aug /Oct

Additionally, when the lining of the bladder is irritated for a long time, cell changes that lead to cancer may occur. Some things that cause this are radiation treatment, having catheters in place for a long time, or having the parasite that causes schistosomiasis. Bladder cancer is twice as likely to develop in smokers than in nonsmokers. Experts believe that smoking causes about half of all bladder cancers in men and women. Dr Thwaites said, “People who make tyres, who clean chimneys, hairdressers, nail technicians and people in the newspaper industry who are exposed to the ink during printing, because they are involved with chemicals, their job disposition puts them in a position to get cancer of the bladder.”

To understand more about bladder cancer, one should also study the bladder and its functions. The bladder is a hollow organ in the pelvis with flexible, muscular walls. Its main function is to store urine before it leaves the body. The average adult bladder holds about two cups of urine. Urine is made by the kidneys and is then carried to the bladder through tubes called ureters. When you urinate, the muscles in the bladder contract, and urine is forced out of the bladder through a tube called the urethra. In women, the urethra is very short and opens just in front of the vagina. In men, the urethra is longer. It passes through the prostate gland and the penis, and opens at the tip of the penis. The wall of the bladder has four main layers. • •

The innermost lining is made up of cells called urothelial or transitional cells, so this layer is called theurothelium or transitional epithelium.

Beneath the urothelium is a thin layer of connective tissue, blood vessels, and nerves, which is called the lamina propria.

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Next is a thick layer of muscle called the muscularis propria.

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Outside of this muscle, a layer of fatty connective tissue separates the bladder from other nearby organs.

Knowing about these layers is important in understanding how bladder cancer grows. Most bladder cancers start in the urothelium. As the cancer grows into or through the other layers in the bladder, it becomes more advanced and harder to treat.

Types of Bladder Cancer Bladder cancers are divided into several types based on how their cells look under a microscope. Different types can respond differently to treatments. Transitional Cell (urothelial) Carcinoma This is by far the most common type of bladder cancer. About nine out of 10 bladder cancers are this type. The cells from transitional cell carcinomas (TCCs) look like the urothelial cells that line the inside of the bladder. Urothelial cells also line other parts of the urinary tract, such as the lining of the kidneys (called the renal pelvis), the ureters, and the urethra, so TCCs can also occur in these places. In fact, patients with bladder cancer sometimes have other tumors in the lining of the kidneys, ureters, or urethra. If someone has a cancer in one part of their urinary system, the entire urinary tract needs to be checked for tumors.

Bladder cancers are often described based on how far they have invaded into the wall of the bladder: •

Non-invasive bladder cancers are still in the inner layer of cells (the transitional epithelium) but have not grown into the deeper layers.

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Invasive cancers grow into the lamina propria or even deeper into the muscle layer. Invasive cancers are more likely to spread and are harder to treat. A bladder cancer can also be described as superficial or non-muscle invasive. These terms include both non- invasive tumors as well as any invasive tumors that have not grown into the main muscle layer of the bladder. Transitional cell carcinomas are also divided into 2 subtypes, papillary and flat, based on how they grow (see image above).

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Papillary carcinomas grow in slender, finger-like projections from the inner surface of the bladder toward the hollow center. Papillary tumors often grow toward the center of the bladder without growing into the deeper bladder layers. These tumors are called non- invasive papillary cancers. Very low-grade, non-invasive papillary cancer is sometimes called papillary neoplasm of low-malignant potential and tends to have a very good outcome.

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Flat carcinomas do not grow toward the hollow part of the bladder at all. If a flat tumor is only in the inner layer of bladder cells, it is known as a non-invasive flat carcinoma or a flat carcinoma in situ (CIS).

If either a papillary or flat tumor grows into deeper layers of the bladder, it is called an invasive transitional cell (or urothelial) carcinoma. ¤

BusinessFocus Aug / Oct |

FEATURE

Lung cancer is the leading cause of cancer death for both sexes combined in this region.

Incidence of Cancer in the Caribbean About 1.1 million people are diagnosed with cancer annually in Latin America and the Caribbean About 1.1 million new cancer cases and 600,000 cancer deaths are estimated to occur annually in Latin America and the Caribbean. Prostate cancer is the leading cause of cancer death among males, with about 51,000 deaths annually, followed by lung cancer and stomach cancer. Among females, breast cancer is the leading cause of cancer death, with about 43,000 deaths annually, followed by cervical and lung cancer. BusinessFocus Aug /Oct

Lung cancer is the leading cause of cancer death for both sexes combined in this region.

Notably, lung cancer mortality rates among females continue to increase in most countries of the Americas. There is considerable variation in cancer rates and trends within Latin America. For example, cervical cancer incidence rates in 2012 ranged from 11.4 cases per 100,000 population in Costa Rica to 47.7 cases per 100,000 in Bolivia, with the highest rates generally found in low-income countries. Cervical cancer rates are decreasing in many countries due to increased screening, while breast cancer rates are increasing due to increased prevalence of hormonally-linked factors such as delayed childbearing and lower parity, as well as lifestyle risk factors. Gallbladder cancer rates are exceptionally high in many Latin American countries, especially Chile and Bolivia, for unknown reasons. Lung cancer mortality rates have begun to stabilize or decrease among males in many middle-income countries of the Americas, such as Argentina and Brazil, because of decreased smoking prevalence. Notably, lung cancer mortality rates among females continue to increase in most countries of the Americas, reflecting the lag in smoking reduction. While cervical cancer rates are decreasing, breast cancer rates are increasing in this region. 造

Live Life Cancer-free! You can reduce your risk of cancer by leading a healthy lifestyle. Whether you have a history of cancer in your family, or are currently battling the disease, lifestyle factors, including your diet, can make a huge difference in helping you fight off cancer. Some foods actually increase your risk of cancer, while others support your body and strengthen your immune system. By making smart food choices, you can protect your health, feel better, and boost your ability to fight off cancer and other diseases. The link between cancer and diet Not all health problems are avoidable, but you have more control over your health than you may think. Research shows that a large percentage of cancer-related deaths are directly linked to lifestyle choices such as smoking, drinking, a lack of exercise, and an unhealthy diet. Avoiding cigarettes, limiting alcohol, reaching a healthy weight, protecting your skin from sun damage and getting regular exercise are a great start to preventing cancer. But to best support your health, you also need to look at your eating habits. What you eat—and don’t eat—has a powerful effect on your health, including your risk of cancer. Without knowing it, you may be eating many foods that fuel cancer, while neglecting the powerful foods and nutrients that can protect you. For example, a daily serving of red or processed meat increases your risk of colorectal cancer by 21 percent, whereas eating whole soy foods such as tofu or edamame can help reduce your risk of breast cancer. Every 35 grams of dairy protein you consume each day can increase your risk of prostate cancer by 32 percent, while eating more fruits and vegetables can lower your risk for a variety of common cancers. By making small changes to your diet and behaviour, you can lower your risk of disease and possibly even stop cancer in its tracks. Eating a healthy balanced diet Stories about various foods and diets linked to preventing cancer are often in the news. This is because a lot of research is going on into diet and cancer. But it isn’t easy to study the link between diet and cancer because there are so many different factors involved, and cancer can take years to develop. No single food or supplement can prevent cancer from developing. Overall, research shows a link between eating certain groups of foods (rather than any specific foods, vitamins or nutrients) and a reduction in cancer risk. Eating a healthy balanced diet may lower your risk of developing cancer.

A healthy balanced diet contains: • • • • •

plenty of fruit and vegetables: try to eat at least five portions a day plenty of bread, rice, potatoes, pasta and other starchy foods: choose wholegrain foods where possible as these contain more fibre some meat, fish, eggs, beans and other non-dairy sources of protein some milk and dairy foods just a small amount of foods and drinks high in fat or sugars, such as cakes, crisps and biscuits Eating a healthy balanced diet will help make sure your body gets all the nutrients it needs.

Fibre Evidence consistently suggests that eating plenty of fibre can reduce the risk of bowel cancer. Diets high in fibre can help keep your bowel healthy and prevent constipation. Fibre-rich foods include wholegrain pasta, bread, breakfast cereals and rice. Pulses, fruit and vegetables are also good sources of fibre. Red and processed meat Meat is a good source of protein, vitamins and minerals, such as iron and zinc. But evidence shows that there is probably a link between eating red and processed meat, and the risk of bowel cancer. People who eat a lot of these meats have a higher risk of getting bowel cancer than people who eat small amounts. Beef, pork and lamb are all red meat. Processed meats include bacon, sausages, salami and ham. If you eat more than 90 grams of red or processed meat a day (the equivalent of about three thin-cut slices of roast beef, lamb or pork, where each slice is about the size of half a piece of sliced bread), it is recommended that you cut down to 70 grams. You can find out more about eating red and processed meat. Beta-carotene supplements Beta-carotene, often found in antioxidant supplements, has been found to increase the risk of lung cancer developing in smokers and people who have been heavily exposed to asbestos at work. It is possible that taking large amounts of beta-carotene supplements would also increase the risk of cancer in other people. ¤ BusinessFocus Aug / Oct |

MONEY MATTERS

CARIBBEAN INCREASINGLY A SOURCE FOR FDI

A America.

s Caribbean economies grow, they have become sources of foreign direct investment (FDI) and not only receivers, with outward FDI from the region going to other Caribbean countries as well as the US and Latin

In recent weeks, the Economic Commission for Latin America and the Caribbean (ECLAC) issued a report entitled “Foreign Direct Investment in Latin America and the Caribbean” which dealt with – among other things – trends in FDI, the types of FDI flowing to the Caribbean, the impact of FDI on the Caribbean, how the Caribbean can leverage better results from its FDI and the Caribbean as a source of FDI. Michael Milligan of the ECLAC Economic Development Unit said at the recent launch event for the report that as Caribbean countries grow, they are making their own investments abroad. Among the considerations for FDI from the Caribbean are risk smoothing across geography and across sectors; the ability to synergise and reduce costs between different arms of business, and economies of scale which may not be possible operating only in a small country. “Firstly, FDI from Caribbean countries goes to other Caribbean countries. This often includes mergers, even of assets with former

BusinessFocus Aug /Oct

ownership outside the region, as when Sagicor Group acquired RBC Jamaica from the Royal Bank of Canada,” Milligan said. He added that much of the FDI also goes to Latin America and many large Caribbean countries have operations there. Caribbean companies, however, sometimes face their own hurdles in investing in Latin America. The nearest and perhaps most obvious candidate is Venezuela, but regulatory and foreign exchange controls hamper the efforts of some Caribbean countries to invest there. “Many Caribbean companies also invest in the US, sometimes in services, and often in Miami to act as a transport hub. Because transport costs in the Caribbean are high, and economic integration remains incomplete, investing in Miami can reduce costs for operations between Caribbean states,” Milligan said. “Finally, an interesting example is Digicel. In addition to investments in Latin America, it is one of the very few companies to have used its expertise operating in small island Caribbean states to begin operations in the South Pacific. This may be an example to be followed by other Caribbean companies, as they use their knowledge to extend their companies to other parts of the world,” he added.¤

MONEY MATTERS

SALUTES ITS TOP PERFORMERS

(Standing, from left: Brian Lee, chief financial officer; Irene Markus, managing director, Wholesale Banking; Rik Parkhill, chief executive officer; Stephane Burke; Hughzavia Bourne; Mark St. Hill, managing director, Retail, Business & International Banking; Donna Wellington, managing director, Barbados Operating Company. Seated, from left: Damien Boyce; Shinkia Reid; Shadden McLaughlin; Sheldene Pinder; Andre Waithe; Alford Collis).

ight men and women from around the region who were voted CIBC FirstCaribbean’s top performers, or “Players of the Series” in 2014, were recently celebrated by the bank for the second time this year.

some time touring the building and meeting their colleagues, many of whom they would have met only through the telephone or by email.

In January, a group, comprising the eight Caribbean winners and their guests, joined outstanding employees from throughout the CIBC group for a week of celebratory events in Hawaii, where they got the chance to mingle with senior officers of the CIBC group and take part in business sessions and fun activities. As a continuation of their “Player of the Series” recognition, the group, in May, visited Barbados for a celebration weekend with the bank’s senior Caribbean executives. The weekend started with a tour of the Michael Mansoor Building, where they had brunch with the senior executive team and spent BusinessFocus Aug /Oct

A cocktail reception in the evening at the Crane Resort, where they were staying, was followed by an awards dinner at Champers Restaurant the following evening, which brought the weekend to a close. The winners also went on a tour of the island which included a visit to the Animal Flower Cave. The winners came from all levels of the bank, and received their awards for achievements in Sales, Customer Service, Leadership, Innovation and Teamwork (Helpful Partner). ¤

Francoise Acting Studio Antigua Presents

STUDIO 153 I.I.N.F.A.C.T.S Interactive International Film Acting Theatre Class September 26-27

October 17-18

Acting & Photography Class

Film Class

Venue: Caribbean Cinemas

For More information visit: http://francoisebowen.blogspot.com/

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MONEY MATTERS

Jamaica Prime Minister Portia Simpson Miller

IMF SUPPORTS JAMAICA’S DEBT SALE

he International Monetary Fund (IMF) said it supports the Jamaica government’s decision to sell some of its debt.

“The buyback is firmly anchored in the goals of the Government’s reform program. It’s an important step in reducing the value of the country’s public debt and will help to put debt firmly on a downward trajectory,” said Gerry Rice, IMF Director, Communications Department. Speaking with international reporters Rice said that the Washington-based financial institution “welcome the Jamaican Government’s proactive move to manage its debt and its continued commitment to economic reform. “The IMF fully supports the transaction,” he said. In late July sold US$2 billion dollars in bonds to help pay down debt owed to Petroleos de Venezuela SA under the PetroCaribe programme, the oil initiative Caracas has with several Caribbean islands. Jamaica sold US$1.35 billion in bonds due 2028 to yield 6.75 per cent and US$650 million of notes due 2045 to yield 7.875 per cent.

BusinessFocus Aug /Oct

Jamaica said in a filing mid-July that it plans to spend US$1.5 billion of the proceeds to pay down debt owed to state-owned PDVSA. The country’s total debt under the program is about US$3 billion. Market sources said that since the PetroCaribe programme was conceived in 2005 by then President Hugo Chavez, Venezuela has sold more than US$28 billion of oil to Caribbean and Central America countries that pay for only a portion of the bill upfront and finance the remainder at one or two per cent over 25 years. The credit was raised by two rating companies in the past two months. Standard & Poor’s lifted Jamaica to B from B-in June, saying the island is making progress in lowering debt levels that remain among the world’s highest. Moody’s Investors Service raised its grade by one level on May 28, saying the government’s commitment to fiscal reform should help fuel economic growth in the next two to three years. Bank of America Corp. and Citigroup Inc. are managing the sale. Jamaica last tapped global markets in July 2014, selling US$800 million of 10-year notes. The remaining proceeds of the sale will be used for general budgetary financing. Rice told reporters, that looking ahead the IMF believes that the “full implementation of the ongoing economic reform programme…should help maintain access to international financial markets at favourable terms. “We see the program as being on track and Jamaica just recently completed the 8th review,” he added. ¤

GOVERNMENT AND OPPOSITION SAY ABIB STABILITY NOT A PARTISAN POLITICAL ISSUE

he government and opposition leadership of Antigua & Barbuda have joined hands in what they describe as a necessary union to ensure the survival of the island’s financial system.

In a joint statement in June, from the Office of the Prime Minister and on behalf of both the Government and leader of the Opposition Harold Lovell, it was noted that, “After discussions between ourselves as Prime Minister of Antigua and Barbuda and Leader of the Opposition United Progressive Party, we have agreed that the situation with respect to ABI Bank is of such importance to the financial stability of Antigua and Barbuda and the Eastern Caribbean Currency Union that it should not be a partisan political issue.”

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The statement noted that the Government of Antigua and Barbuda and the Eastern Caribbean Central Bank (ECCB) are “hard at work to bring what has been a very complex matter to a successful resolution.” Weeks after issuing the release PM Browne said, “…We are looking at the possibility of even consolidating ABIB with ECAB (Eastern Caribbean Amalgamated Bank) to make sure that we have a much larger and much stronger bank,” Browne said. “We believe that if all goes well with that consolidation, we will eventually end up with a bank that will have in excess of $1.1 billion.” Assistance in ensuring the bank’s viability has been secured from the Caribbean Development Bank, the International Monetary Fund, and the World Bank. “Both the government and the opposition are sincerely convinced that this bipartisan and responsible approach would be in the best interest of the citizens of Antigua and Barbuda, depositors and stakeholders and members of the Eastern Caribbean Currency Union at this very challenging time for the ABI Bank,” the statement concluded.¤

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BusinessFocus Aug / Oct |

MONEY MATTERS

THE ECCB WITHDRAWS ONE AND TWO CENT COINS WORLD BANK AND IMF TO HELP DEVELOPING COUNTRIES STRENGTHEN TAX SYSTEMS

he World Bank and International Monetary Fund (IMF) are launching a new initiative to help developing countries strengthen their tax systems.

The announcement came ahead of the Financing for Development conference in Addis Ababa, Ethiopia July 13 to 16, at which heads of state, civil society organisations, multilateral institutions and private sector representatives discussed how to scale up finances to meet the Sustainable Development Goals (SDGs). “A strong revenue base is imperative if developing countries are to be able to finance the spending they need on public services, social support and infrastructure,” said IMF Managing Director Christine Lagarde. “But experience shows that with well-targeted external technical support and sufficient political will, it can be done.” Responding to country demands, the IMF/World Bank initiative has two pillars: deepening the dialogue with developing countries on international tax issues, aiming to help increase their weight and voice in the international debate on tax rules and cooperation; and developing improved diagnostic tools to help member countries evaluate and strengthen their tax policies. By further leveraging their collective expertise, the Bank and Fund aim to play a fuller role in helping all of their member countries achieve the ambitious goals that the world will be setting for itself later this year in New York. “We very much want to help developing countries raise more revenues through taxes because this can lead to more children receiving a good education and more families having access to quality health care,” said World Bank Group President Jim Yong Kim. “If everyone pays their fair share – even while challenging the status quo – developing countries can close their financing gaps and promote inclusive growth.” The initiative will deepen the institutions’ ongoing collaboration with developing countries to identify key international tax policy concerns and potential solutions, both at the country level and in the context of the continuing international dialogue. The institutions also plan to strengthen their diagnostic tools, developing new methodologies where needed, to enable member countries to identify priority tax reforms and design the requisite support for their implementation. This effort would complement the launch of the Tax Administration Diagnostic Assessment Tool (TADAT) in November.¤ BusinessFocus Aug /Oct

ffective July 1, 2015, the Eastern Caribbean Central Bank (ECCB) discontinued the issuance of the one cent and two cent coins to Eastern Caribbean Currency Union (ECCU) commercial banks. The commercial banks were also ordered to cease issuing coins to consumers during transactions at any of their branches. The ECCB explained “the significant cost of producing and handling the coins, coupled with their very low purchasing power, and the public’s perceived inconvenience in using the coins, are the main reasons for withdrawing the coins.” According to the ECCB the coins can still be used to purchase goods and services as they remain legal tender up to June 30, 2020. Alternately, the coins can be deposited or exchanged for face value at any of the commercial banks within the ECCU during the fiveyear period ending June 30, 2020. The bank is encouraging businesses not to give back one and two cent coins as change since the coins are being removed from circulation. With the coins withdrawn, the banks have to apply “rounding rules” for the settlement of cash transactions. All transactions SPACE for which EC cash willFOR be CONTENT given backONLY as change or for settlement require rounding, such as the exchange of foreign currency, or the use of third party cheques. Rounding will not be applied to non-cash payments such as cheques, debit and credit cards. Payments made using these noncash methods do not need to be rounded, because they are settled electronically to the exact amount. Explaining the rounding rules, the bank noted, “The rules indicate that when the total transaction value ends in x cents and payment is by cash rounding should be done up or down to the nearest five cent increment as follows: Where the total cash payment is of a value where the last digit after the decimal point is 1 or 2, it shall be replaced by a 0. For example, if the total is EC$45.22 the amount to be paid is EC$45.20.” “Where the total cash payment is of a value where the last digit after the decimal point is 3, 4, 6, or 7, it shall be replaced by a 5. So, if the total is EC$45.26 the amount to be paid is EC$45.25.” The bank added that where the total cash payment is of a value where the last digit after the decimal point is 8, or 9, it shall be replaced by a 0, and the digit to its left will be incremented by 1. “For example, if the total is EC$45.29 the amount to be paid is 45.30 and where the total cash payment is of a value ending in 0 or 5, it shall remain unchanged,” the ECCB said. The price of individual items, as well as any duties, fees or taxes should be calculated in their exact amount prior to rounding. The bank noted, “If you have the exact amount in cash, your total bill will not be rounded. Although 1 and 2 cent coins will no longer be issued, they will remain legal tender up to June 30, 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions until then. “¤

MONEY MATTERS

COMMONWEALTH FOCUSES ON DE-RISKING DIASPORA REMITTANCES

he Commonwealth has pledged to work with regional and international financial institutions to reduce the risks associated with Diaspora money transfers, which provide a crucial source of income to citizens in many developing countries. The Financial Action Task Force (FATF), the US Treasury, regional bodies, international experts, central bank governors and global banks attended a Commonwealth-led forum on remittances and regulations to tackle money laundering and terrorist financing, according to a press statement. The dialogue, which took place in Marlborough House, London from 20 – 21 July 2015, explored the implications of the de-banking of the remittance sector and identify policies to effectively address the impact of anti-money laundering and counter financing of terrorism (AML/CFT) regulations on money transfers. “While AML/CFT regulations are essential to protect the integrity of the financial system, measures such as the closure of money transfer operators can have a marked impact on the flow of remittances,” said Deodat Maharaj, Commonwealth Deputy Secretary-General. He added: “At their meetings in 2014, Commonwealth Finance Ministers and central bank governors from Africa, Asia, the Caribbean and the Pacific, emphasised the importance of balancing the need to tackle money laundering and terrorist financing with the need for financial inclusion. These concerns were echoed at the annual Commonwealth and Francophonie Dialogue with the G20, in April 2015.” Eight Commonwealth developing countries are among the most dependent on remittances, with India receiving US$71 billion from diaspora communities – the highest value of remittances in

Commonwealth Deputy Secretary-General Deodat Maharaj

2014. Money transfers to the Caribbean and Africa also exceeded all other forms of external finance. Mr Maharaj said: “The Commonwealth Secretariat is acting with urgency to find a way to decrease the cost of money transfers and to make remittances a viable and secure source of finance for developing countries. “International co-operation remains crucial to maximise the mobilisation of all forms of finance – be they private or public. In this regard the Commonwealth is bringing together all key stakeholders to ensure that the development potential of remittances is not unduly constrained.” FATF Executive Secretary, Rick McDonell, added: “The FATF fully supports the objectives of financial inclusion and recognises the importance of remittances in many parts of the world. We believe that the international standards can and should be implemented in a balanced way that satisfies the need for appropriate regulation but does not unnecessarily obstruct international money transfers.” Mr McDonnell described the dialogue as “a good opportunity to exchange views on whether that balance is being achieved.” The forum, which took place just three days after the Financing for Development conference in Ethiopia, where discussions centred on domestic revenue mobilisation, as well as innovative financing, fed into meetings with finance ministers and central bank governors, and the continued engagement with the G20. The forum also came ahead of the UN summit on the post-2015 sustainable development goals and climate change that will take place later this year.¤ BusinessFocus Aug / Oct |

MONEY MATTERS

ver the past eight years, I have been writing a weekly column for the Business Authority, an offshoot of the Barbados Nation Publishing Company, that addresses mostly regional and international issues and their implications for businesses in particular and Caribbean economies in general. These columns represent my token contribution to public education and public discourse on important financial and economic matters that affect all of us in the region.

BORROWING AND LENDING BEHAVIOUR IN THE OECS By: Brian M. Francis (Ph.D)

Owing to the dearth of public discourse on issues of the day, I have decided to extend my public education campaign to other OECS and Caribbean countries with contributions that initially will address several areas of concern pertaining to behavioural patterns in our vital financial and banking system. Upfront, let me take this opportunity to thank the management and staff of this media outfit for granting me the space to freely express my views in the spirit of good journalistic practices. This article will highlight “the Risk of Over-indebtedness and the Consequences of Irresponsible Borrowing from Irresponsible Lenders”. To put things into proper context, let us briefly zero in on a basic building block of economics: the forces of demand and supply. These forces, even where not immediately visible, do exist and combine to determine market outcomes. On the demand side are consumers who express their willingness and ability to buy goods and services on a regular basis. Producers, on the other hand, create and sell goods and services in the market place. These producers make up the supply side. When demand and supply, or the wants of consumers and the output of producers coincide, the result is efficient market outcomes. Otherwise, markets are left in disequilibria, with either demand being greater than supply, or conversely, supply exceeding demand. In short, the behavior of both consumers and suppliers in any market will ultimately determine efficiency levels in terms of both prices and quantities of goods and services exchanged. In financial markets, efficient outcomes require, among other things, appropriate conduct on the part of both borrowers (representing the demand side) and lenders (capturing the supply side). It should therefore come as no surprise that in light of the dire economic challenges confronting small economies in the OECS, some commentators, including lenders have expressed serious concerns about the impact of rising personal debt levels among the people of the sub-region.

Brian M. Francis (Ph.D) is a Senior Lecturer in the Department of Economics at the Cave Hill Campus of the University of the West Indies. His contact details are as follows: P.O. Box 64, Bridgetown, Barbados. Tel: (246) 417-4276/4279 Fax : (246) 417-4270 brian.francis@cavehill.uwi.edu briangrenada@hotmail.com BusinessFocus Aug /Oct

In some recent oral exchanges with senior management, one lender, Axcel Finance, a microfinance institution that operates in Barbados and other OECS countries, confirm that they are noticing a trend of increasing levels of indebtedness by many persons applying for loans. Axcel reports an over 16% increase in what it categorises as “high over-indebtedness risk” - a measure based on debt-to-income ratios. High indebtedness risk means that a large percentage of a person’s income is being used to service debt—a situation that is clearly unsustainable.

MONEY MATTERS

Further, on the supply side, this writer was reliably informed that many people are accessing simultaneous loans from different institutions, resulting in high debt-to-income ratios for these individuals, thus putting them at higher risks for serious financial burden if not financial disaster. Incurring debts beyond 30-40% of total income can place a borrower at a relatively high risk of financial stress as the individual is most likely to have insufficient money to pay for unexpected events, such as illness, a slowdown in orders/work for retailers/contractors, or even sudden death in his family. Perhaps we need to consider the role financial institutions ought to play other than disbursing loans to their customers. It was therefore surprising to notice a company such as Axcel Finance implementing a comprehensive client education component whereby they counsel clients on how to manage a balanced budget. They went a step further and introduced the use of social media to advance financial literacy and promote prudent borrowing and spending. With some institutions so focused on their bottom line and short term financial gains, it is refreshing to see a new model of a double bottom line—managing a sustainable and viable financial performance while ensuring a positive social impact. On the supply side, many of us are concerned that we may be witnessing a phenomenon in which some quick loan companies are changing the optics of their loans by extending the maturity period and thus lowering the monthly repayments. While such actions may appear beneficial to both borrowers and lenders in the short term, it is possible that the long run consequences could be harmful. Corporate Social Responsibility demands that lending institutions exercise extreme care. Just in case you are having difficulty understanding the basic message of this column, please bear this in mind: recent debt statistics on the United States indicate that the average American household’s credit card debt stands at USD $15,480. In total, American consumers owe $11.74 trillion in debt, an increase of 5% from last year when the figure was $872.2 billion in credit card debt. My friends, the moral of the story is simple: both borrowers and lenders have to alter their behavior in order to ensure the smooth functioning of the financial system in the OECS and wider Caribbean. Irresponsible action on either or both sides can prove disastrous for all of us in the medium to long term. At this stage in the regional economic recovery, our society can ill afford greater financial costs. We must, therefore, strive to avoid falling under the burden of personal debt. In some sense, lenders must save vulnerable consumers from themselves. Otherwise, too late shall be the cry! ¤

Labour, National Insurance and Public Service Minister Shane Gibson

BAHAMAS GOV’T INCREASES MINIMUM DAILY WAGES

he Bahamas government has increased the national minimum wage by 40 per cent.

Labour, National Insurance and Public Service Minister Shane Gibson said that he had signed the Minimum Wages Order to increase the minimum wage to US$210 per week or US$42 per day or US$5.25 per hour. “I am very pleased to publicly announce and formally communicate to Parliament that the Government of the Bahamas, acting on a recommendation from the National Tripartite Council, has taken a decision to increase the National Minimum Wage,” Gibson said, adding that the new order comes into effect from August 15, once it gets approval from Parliament. “The new minimum wage is a 40 percent increase, and while we in the government would have liked to have seen it a bit higher, we have accepted the recommendation of the National Tripartite Council and acted accordingly,” Gibson said. He said he was told that the council “deliberated, agonized and analyzed” data acquired locally and internationally as well as compared legislation from a number of Caribbean Community (CARICOM) members states before coming to agreement on a final figure for the new national minimum wage. Gibson said, additionally, the council will monitor the cost of living and the retail price index and is prepared to recommend additional increases to ensure that weekly wage of Bahamian workers is able to keep pace with any increase in these indexes. He has also dispelled a notion that the increase in the minimum wage would lead to higher levels of unemployment. Gibson warned “unscrupulous employers” against trying to undermine the increase and deliberately and intentionally withholding the increment from “hard working Bahamians”. He said the Inspectorate Unit of the Department of Labour has been instructed to implement a comprehensive inspection plan to ensure that there is compliance and will aggressively pursue violators and prosecute them to the full extent of the law. ¤

BusinessFocus Aug / Oct |

IN THE KNOW

ANTIGUA WANTS EU TO APOLOGISE FOR NAMING IT A TAX HAVEN

ntigua & Barbuda has written to the European Union’s (EU) representative in the Caribbean, strongly objecting to the twin-island nation being named a tax haven and calling on the EU to apologize and withdraw the list.

In a strongly worded letter to Head of the Delegation of the EU to Barbados and the Eastern Caribbean Ambassador Mikael Barford, Prime Minister Gaston Browne said Antigua & Barbuda’s placement on the list was “unjust”. “In damaging the reputation of Antigua and Barbuda –– and many other Caribbean countries that appear on the extremely defective list –– the EU Commission may well have infringed the terms of the Economic Partnership Agreement (EPA) between the EU and Caribbean countries,” Browne said. He further called on the EU Commission to apologize for “the damage it has done to the jurisdiction of Antigua & Barbuda” and to publicly rescind the “flawed and injurious list”. Around mid-June, the European Commission published a list of 30 jurisdictions, including Antigua & Barbuda and 13 other Caribbean countries, considered the world’s worst tax havens because they were not doing enough to crack down on tax avoidance. Each country was identified by at least 10 EU countries. In the case of Antigua & Barbuda, those countries were Bulgaria, Croatia, Estonia, Greece, Italy, Latvia, Lithuania, Poland, Portugal and Spain, which Browne said his country did little or no business with. “Antigua and Barbuda has not received any requests for information from these 10 countries that it has refused. It is also significant that the EU countries, such as Britain and France, with which Antigua and Barbuda does significant transactions, did not name our jurisdiction,” Browne wrote. When the list was published, EU Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici said that publishing the list of “non-cooperative jurisdictions” was a decisive step in pushing the territories to adopt international standards. BusinessFocus Aug /Oct

But Browne said his government totally objected to Moscovici’s implication that Antigua & Barbuda was a non-cooperative jurisdiction. He said the EU Commission and Moscovici had done considerable harm to Antigua and Barbuda and many other countries named on the list. “In the case of Antigua and Barbuda, the jurisdiction has been found to be in compliance with the highest international standards of transparency and exchange of information as set by the Global Forum of the Organization for Economic Co-operation and Development (OECD) of which EU countries are members,” Browne wrote. “Indeed, since the publication of the EU list, the OECD Global Forum has dissociated itself from the action of the EU and underscored the fact that it is their assessment which is the relevant assessment for the purposes of determining a country’s cooperation in tax matters.” The prime minister added that it was also made clear that Antigua & Barbuda has been found to be fully compliant and cooperative with international standards established by the Financial Action Task Force on whose decision-making councils EU countries sit. His letter also pointed to the fact that Antigua & Barbuda has signed tax information exchange agreements with a significant number of EU members and that no request for information by an EU member state has ever been declined. “In the circumstances, my government regards the criteria by which Antigua and Barbuda has been named on the EU list of tax havens as fatally flawed,” Browne wrote to Barford. Several other Caribbean countries have also objected to their placement on the list. However, in a statement seeking to clarify the list later in June, Barford said the list of 30 was not new. He said it was simply a compilation of EU member states’ lists as they were communicated to the European Commission in December, 2014.¤

IN THE KNOW

TICKETS FOR NY TO ANTIGUA FLIGHTS OUT ON SALE

CHOICE HOTELS ASCEND HOTEL COLLECTION EXPANDS TO ST. MAARTEN

Antigua and Barbuda Minister of Tourism, The Hon. Asot Michael shakes hands with Marty St. George Executive Vice President Commercial & Planning at JetBlue Airways

etBlue announced that its new nonstop service between New York’s John F. Kennedy International Airport (JFK) and Antigua’s VC Bird International Airport (ANU) is out for sale.

Antigua will become JetBlue’s 92nd BlueCity on November 5, 2015, with three times weekly service on Tuesdays, Thursdays and Sundays, subject to receipt of government operating authority. “As our 35th destination in the Latin America and Caribbean region, Antigua offers another opportunity to grow our network in high-value geographies and strengthen JetBlue’s position as the leading brand for Caribbean travel,” said Umang Gupta, Director of JetBlue Getaways and leisure sales. “We know Antigua will attract travelers to discover its spectacular 365 beaches.” For customers planning a vacation in Antigua, JetBlue Getaways provides the added convenience of offering flights, hotels, car rentals and other amenities and activities all in one package, helping save customers’ time and costs. “We are absolutely delighted that we are now able to offer visitors to Antigua and Barbuda even more convenient routes for getting to our destination,” said Antigua and Barbuda’s Minister of Tourism, the Honourable Asot Michael. “With so many new and exciting events taking place in Antigua and Barbuda this winter, we are confident we will fill these seats quickly, and individuals searching for affordable and direct same day connections from the Northeast Region of the United States can now travel with JetBlue flights to get here,” the minister stated. ¤

hoice Hotels International, Inc. (NYSE: CHH), one of the world’s leading hotel companies, continues to islandhop in the turquoise blue of the tropics.

This week, Choice’s Ascend Hotel Collection announced further Caribbean expansion with the addition of the distinctive 78-room Alegria on the southern coast of St. Maarten. Alegria is the 11th hotel property in the Choice Hotels Caribbean portfolio, joining the Ascend Hotel Collection member hotels quickly on the heels of ACOYA Hotel Suites & Villas on Curaçao. Overlooking the ocean at Maho Bay and adjacent to Maho Beach, Alegria is an oasis where visitors can immerse themselves in world-famous white sand beaches and enjoy the excitement of watching airplanes land at Princess Juliana International Airport. The hotel is a short taxi ride from Philipsburg, capital of the island’s Dutch side, and numerous beaches. Michael Murphy, senior vice president of upscale brands for Choice Hotels International said, “With its extraordinary location and high level of service, the addition of Alegria to the Ascend Hotel Collection elevates the portfolio like never before. This boutique-style property set in the middle of paradise offers guests a truly unique travel experience and convenient access to one of the most popular beaches in the world.” ¤ BusinessFocus BusinessFocus Aug Aug / / Oct Oct | | 49 49

IN THE KNOW

BUILDING GEOGRAPHICAL INDICATIONS FOR THE CARIBBEAN’S ORIGIN-LINKED PRODUCTS

he Caribbean Export Development Agency (Caribbean Export) hosted a two-day sub-regional workshop on Branding and the use of Geographical Indications in the development of management strategies for origin-linked products at the Knutsford Court Hotel in Kingston, Jamaica in July. The aim of of the Workshop was building the capacity of CARIFORUM producers to identify and develop geographical indications and origin linked products. It is hoped that the attending businesses will prosper and enhance their competitiveness in the international arena, and as a result build economic growth and sustainability of the Caribbean region. The Hon. Hylton, Jamaica’s Minister of Industry, Investment and Commerce highlighted in his address to the participants that “Within the Caribbean exist numerous opportunities for GI protection including Black Pineapple from Antigua, Cascarilla from the Bahamas, Cahune Oil from Belize, Nutmeg from Grenada and Sarsaparilla from St. Kitts just to name a few. Geographical Indications offer us the opportunity to protect these brands and our consumers, even as we continue to guarantee quality and provenance.” Mrs. Pamela Coke-Hamilton, executive director of the Caribbean Export Development Agency (Caribbean Export) in her welcome remarks expressed, “We recognise that the environment in which the region’s private sector operates is ever changing and key areas such as Intellectual Property Rights have emerged which require us to pay attention”. Geographical Indications (GIs) is a form of Intellectual Property Rights given to goods that have a specific geographical origin and possess qualities, reputation or characteristics that are essentially attributable to that place of origin. Research has shown that a product with a protected “Destination of Origin” may attract a premium price of as much as 40 per cent higher than that of a similar product without a GI classification.

Pamela Coke Hamilton executive director Caribbean Export Development Agency “Without access to geographical indications protection tailored to their circumstances and needs, few producers of originlinked products can benefit from their rights.” There are many challenges that Caribbean countries face when dealing with GIs and IPs as a whole, these include the lack of knowledge of what constitutes IP and the value this property represents to individual firms; the lack of knowledge of IP laws and insufficient awareness of the work of local intellectual property offices in protecting IP; government agencies which work on IP are understaffed and in many situations, persons at these agencies have multiple portfolios; and the high cost attached to registering IP is considered a deterrent by SMEs in the Region. To overcome these challenges, Mrs. Coke-Hamilton suggests that firstly we need to make IP capacity building, of firms and the BSOs at the local level, a priority; secondly, the region needs a structured, specialised programme through which relevant firms can be trained in IP; thirdly, there is a need to work with financial institutions to recognise the value of IP, so that they make it possible for the private sector to leverage their IP as collateral when seeking financial assistance and lastly, there is a need to develop and share case studies within the region. “I do not think that we need to be convinced of the value of GIs and OLPs for our products. What is needed is a commitment on our end to complete the work that has already started in developing GIs for various products such as our Jamaica Jerk, Cocoa, Nutmeg and Pineapples”, stressed Mrs. Coke-Hamilton. The workshop was hosted by the Caribbean Export in collaboration with the Government of Jamaica (the Jamaican Intellectual property Office), the Office of Trade Negotiations of the CARICOM Secretariat, the World Intellectual Property Organisation and the REACH Programme of the Inter-American Development Bank in Kingston, Jamaica from 21st – 22nd July.

Mrs. Coke-Hamilton indicated that the power of GIs for the region has significant implications for ‘Brand Caribbean’ as we continue to seek new markets for our goods and to further penetrate existing markets. “When we speak about Brand Caribbean, we speak about the need to set the Caribbean apart from other regions, to distinguish our products on shelves flooded by products from Asia or elsewhere and to ensure that the world knows that high quality is not some elusive concept achievable only by first world producers”. She gave the example of the reputation of the Jamaican Blue Mountain Coffee which is one of the most expensive and highly sought-after coffees in the world.

About Caribbean Export

Echoing these sentiments Ambassador Paola Amadei, Head of Delegation for the European Union to Jamaica, Belize, The Bahamas, Turks and Caicos Islands and Cayman Islands expressed that “The European Union is convinced of the untapped potential that Geographical Indications have for the Caribbean’s economic development.” In addition she reiterated,

More information about Caribbean Export can be found at www.carib-export.com. Contact: JoEllen Laryea, PR and Communications, Caribbean Export Development Agency, Tel: +1(246) 436-0578, Fax: +1(246) 436-9999, Email: jlaryea@ carib-export.com ¤

BusinessFocus Aug /Oct

Caribbean Export is a regional export development and trade and investment promotion organisation of the Forum of Caribbean States (CARIFORUM) currently executing the Regional Private Sector Programme (RPSDP) funded by the European Union under the 10th European Development Fund (EDF) Caribbean Export’s mission is to increase the competitiveness of Caribbean countries by providing quality export development and trade and investment promotion services through effective programme execution and strategic alliances.

IN THE KNOW

2015 INVEST CARIBBEAN NOW to be Hosted in Saint-Martin

THE ORGANIZATION OF AMERICAN STATES (OAS) HAS A NEW ASSISTANT SECRETARY GENERAL.

Dr. Ma, Lin, the Deputy Secretary-General of the Beijing Municipal Government was part of the panel on “BeijingCaribbean Tourism and Investment Opportunities” at ICN 2014 at the Harvard Club in NYC. (Sharon Bennett image)

he exotic French Caribbean island of Saint-Martin will this year put the spotlight on its global investment opportunities through an exclusive collaboration with Invest Caribbean Now, the global private sector Caribbean investment agency. The Office of Tourism of Saint-Martin, in conjunction with executives at ICN, will present the 2015 Conference this September 28-30, 2015 in the capital of Marigot to spotlight on the Collectivité of French Saint-Martin. This elite invitation only event will feature several officials from China along with key harbour developers and top regional and local stakeholders from the north-eastern Caribbean. “We are happy to host the 2015 Invest Caribbean Now Conference this year in Saint Martin and to lead the way with this exciting partnership in the north-eastern Caribbean,” said Hon. Jeanne Rogers-Vanterpool, Présidente, Office de Tourisme de Saint-Martin. “We look forward to welcoming the Chinese and other delegates to this year’s event and to presenting the many facets of French Saint-Martin.” “Invest Caribbean Now is excited to take ICN 2015 to the Caribbean this year through an exclusive collaboration with the Collectivité of French Saint-Martin, an island with tremendous growth potential in the north-eastern Caribbean,” commented ICN founder, Felicia J. Persaud. Partners for the 2015 ICN Conference include Hard Beat Communications, the Chinese-American Business Development Center, the Sino-American Friendship Association, One Caribbean Television, CaribPRWire and News Americas Now.

ormer Permanent Representative of Belize to the Organization of American States (OAS) Nestor Mendez took the office as OAS Secretary General in a ceremony attended by the Minister of Foreign Relations of Belize, Wilfred Elrington. The Secretary General of the OAS, Luis Almagro, congratulated the new Assistant Secretary General stating: “I have nothing short of great expectations for our work together.” For his part, Mendez reiterated his commitment to work closely with Secretary General Almagro in the process of modernisation of the institution. “We must find ways to overcome our challenges and create the enabling environment for economic and social prosperity by identifying new areas of cooperation, creative financing mechanisms, and maximising the catalytic potential of the OAS,” he said. Ambassador Mendez was elected OAS Assistant Secretary General for the 2015-2020 period on March 18. Nestor Mendez served as Ambassador of Belize to the OAS and to the Government of the United States since June 2008. He was an Advisor to the Belize High Commission in London from 1997 to 1999 and holds a postgraduate title from George Washington University in International Affairs. Ambassador Mendez replaces Ambassador Albert Ramdin of Suriname in the post of OAS Assistant Secretary General. ¤ BusinessFocus Aug / Oct |

BusinessFocus Aug /Oct

multiple industries. Both possess mercurial personalities and have often treated others harshly.

MUST READS

Volume 12

By: Lyndell Halliday

Elon Musk – the next Steve Jobs?

business executives at his companies as well as his closest friends and family. Consequently, Vance’s Elon Musk is the only biography on Musk to have been written to date in which the author had direct access to the renowned entrepreneur and other insiders.

On April 30th, renowned eccentric billionaire and business leader Elon Musk strolled onto a stage in front of a packed auditorium in Los Angeles, California and gave a sharp, powerful 20 minute presentation in which he unveiled his latest initiative – Telsa Energy. Telsa Energy offers an aesthetic and compact home battery storage device at significantly lower prices than existing competing products. Musk’s highly anticipated presentation earned glowing reviews throughout the business and technology press. Some compared Musk’s enthralling presentation style, the accompanying electric atmosphere, deft marketing and hordes of adoring fans to the effect of another legendary technology CEO – the late Steve Jobs. Like Jobs, Elon Musk - the CEO of fast growing electric car manufacturer, Telsa Motors and upstart aerospace company SpaceX – has attained an iconic celebrity CEO status. But who is Elon Musk and how did he rise to this prominence? Ashlee Vance attempts to tell the inside story in a just released biography entitled Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future, published by Ecco (May 2015).

Vance’s Elon Musk is more than just a biography on its namesake. It is also a detailed chronicle on two pioneering American companies – SpaceX and Telsa. In addition, the writer offers the inside story on the e-commerce giant PayPalwhere Musk was a co-founder and solar energy provider, SolarCity - of which Musk is a major investor.

by Lyndell A. Halliday BSc., MBA, CMA

Elon Musk: Tesla, SpaceX and the Quest for a Fantastic Future by Ashlee Vance Ashlee Vance is a business journalist who has written extensively for the Bloomberg Business Week, New York Times and the Economist magazine. Had it not been for Vance’s unyielding resolve, this insightful 400 page biography may not have seen the light of day. Scores of other journalists had long sought out Musk seeking his collaboration on a biography. But the elusive Musk had always refused to cooperate. Vance likewise was turned down on several occasions but persisted and the entrepreneur, impressed with Vance’s persistence, eventually relented. Musk agreed to let Vance interview the

SpaceX is an aerospace company based in California that designs, manufactures and launches rockets and spaceships. SpaceX is particularly focussed on the objective of designing and building fully reusable spacecraft. Since its founding, SpaceX has significantly disrupted the dynamics of the aerospace industry with a relentless determination to drive down costs and push the boundaries of existing technology. In similar vein, Telsa Motors through the pioneering use of lithium ion batteries in electric cars has redefined the electric car market. Both these companies are considered major success stories today, but Vance reveals just how precariously close both companies once came to failure. In fact, Telsa Motors was hours away from bankruptcy at one stage. Their turnaround was a product of Musk’s genius, unflinching resolve, tireless work ethic and perhaps above all else: his willingness to risk absolutely everything! Vance also details the personal side of Musk including his relationships, his difficult childhood growing up in South Africa, his subsequent emigration to America and his early business failures. Although Vance’s admiration for Musk is clear throughout the text, the author discusses in detail Musk’s failures and character flaws as much as his triumphs and accomplishments. On several occasions, Vance compares Elon Musk to Steve Jobs noting that they are both revolutionary entrepreneurs who questioned the status quo and disrupted

Vance paints a portrait of Elon Musk as a passionate, driven visionary with a evangelistic fervour who is motivated not out of a desire for wealth or success but a deeper altruistic aspiration to save the world. Musk holds the firm belief that that the future of the human race and the planet is at risk. SpaceX then is not just an aerospace company, building and launching rockets to deliver space cargo and launch satellites. It is a company with a vision of one day getting man to colonize Mars – because its founder is convinced that the human race must become a multi-planet species in order to ensure its survival. Similarly, Telsa Motors is not merely a luxury electric car manufacturer. Its mission is to make the electric car affordable to the masses so that one day it becomes as ubiquitous as gasoline powered cars and then eventually displaces the internal combustion engine altogether, thereby helping to combat the problem of global warming and saving the planet. Overall Ashlee Vance’s Elon Musk provides a captivating account on an insurgent and inspirational business leader and icon who may not yet have reached the zenith of this career and mission. Clearly, many more books will be written on this magnate. In the meantime, this biography is highly recommended.

Lyndell Halliday is a business executive who has served in a range of leadership roles across the Caribbean. He is currently employed as the General Manager of Automotive Art (St Lucia) Ltd. Mr Halliday is also a part time facilitator at the National Research and Development Foundation where he teaches Leadership, Strategic Operations Issues and Business Ethics and Social Responsibility for the Australia Institute of Business MBA and BBA programmes.

BusinessFocus July / Aug | 53 BusinessFocus Aug Aug//Oct Oct | | 53 53 BusinessFocus

IN THE KNOW IN THE KNOW

Sagicor Brings ‘Wise Financial Thinking’

with Donald Austin at Helm

Establishes New Company to Service Eastern Caribbean

s the Caribbean its economic standing thanks Ouracommitment of theirCaribbean needs are business paramount of Sagicor’s Eastern As the Caribbean reaffirmsreaffirms its economic “Sagicor strives to ensure strong futureand understanding to the resurgence of tourism and other industries, to earning their loyalty and thus enabling us to grow even further,” is being transferred into this whollystanding, thanks to the resurgence of for centuries to come by delivering on Sagicor Financial Group has maintained its position Austin said. owned subsidiary, Sagicor Life (Eastern tourism and other industries, Sagicor our brand promise of “Wise Financial as one of the leading institutions bracing the region Caribbean) Inc. Group has maintained its position as Thinking” through a prudent approach to through a recession and now through its path to recovery. In 2013 the transfer of British-American Insurance Company one of the leading institutions in the our business operations,” Austin said. Limited ’s traditional insurance business to Sagicor Life Inc was this is completed across the region, Caribbean despite a sustained recession With that, the Group, which has been in operation for 175 years, finalised. Subsequently,Once a new entity was incorporated in St. it is expected that up 25% of&the shares which has affected the entire the region. He went on to note as the Company has moved to bundle its presence in the region through the that Lucia with the Company’s management in to Antigua Barbuda, this&entity will listed onSt. theVincent Eastern& With that, of theSagicor Group, (Life) whichEastern has beenCaribbean forges operational excellence formation withtowards none other Dominica, Grenada, St.ofKitts Nevis, St.be Lucia and and stable returns, it must continue toall reporting Caribbean Securities Exchange in operation for 175atyears, has formed than Donald Austin its helm. the Grenadines to Donald Austin as CEO. within He told Business Focusapproximately that all of Sagicor’s Eastern guarantee success by being customertwo years. CitingCaribbean insurance and launched Sagicor Life Eastern Austin is well for hisother stalwart in the Caribbean’s business is being transferred into this wholly-owned subsidiary, “Our customers are number numbers in Saint Lucia, Austin underlined Caribbean Inc,known with none thanleadershipcentric. technology sector through and WirelessONE Communications. Sagicor Life (Eastern Donald Austin at its helm. Cable This separate to us, whether it is in satisfying their Caribbean) that someInc. 25 percent of citizens in Speaking with Business Focus Saint Lucia, Austin said Sagicor St. Lucia have life insurance, leaving a entity will undertake the management financial services needs or as it pertains was proud and thankful to have maintained position of communities Once this in is which completed across the75region, is potential expected that comfortable percentit for of allboth Sagicor’s Eastern Caribbean to the aneeds of the trust and respect among its customers almost 200 years after some 25% of the shares of this entity will be listed on the Eastern market growth. assets and businesses from St. Kitts to we operate. If there is one reason for establishment. Caribbean Securities Exchange within approximately two years. Grenada. Austin is well known for his our success, it is our attention to detail to this, said Sagicor was already sterling of Cable and Wireless whenofitan comes to our customers. He citedleadership the Company’s strength as being a grasp excellent “We also Our continue toAdded maintain a he presence in Anguilla and working onportfolios providing there. MutualWe Funds to Communications the Caribbean’s and understanding balance betweeninthe provisions of strongcommitment financial services Montserratoftotheir service our existing are always the region that in therolling Eastern technology needs are paramount earning for its manysector. valued customers and competitive returns on the to looking to their grow our business. Weso will be citizens aggressively out loyalty and thus enabling to growtoeven will have investments of its shareholders. newussystems help in Caribbean making it even easieranother for ouravenue customers to said. further,” Austin said. do business with us,” the forCEO investments. This is expected to be Speaking with Business Focus Saint Lucia, “Sagicor strives to ensure a strong future for centuries to come offered through a subsidiary company Austin said Sagicor was both proud and by delivering on our brand promise of “Wise In Financial Thinking” insurance numbers in Saint Lucia, Austin underlined thankful to have maintained a position 2013 the transfer ofCiting British-American - Sagicor Asset Management (Eastern that through a prudent approach to our business operations,” Austin some 25 percent of citizens in St. Lucia have life insurance, leaving of trust and respect among its customers Insurance Company Limited’s traditional Caribbean) Ltd, which will allow Sagicor to said. a comfortable 75 percent for potential market growth. almost 200 years after establishment. insurance business to Sagicor Life Inc offer customers a full financial package. He cited the Company as being a secure, was finalised. Subsequently, a new entity That means that should Sagicor’s existing He went on to note that as the Company forges forward towards Added to this, he said Sagicor was already working on providing stable institution for its many valued was incorporated in St. Lucia with the or potential customers into a lump operational excellence and stable returns it must continue to Mutual Funds to the region so that citizens in thecome Eastern Caribbean customers, giving trustworthy advice Company’s management in Antigua & sum of cash or seek to set aside some guarantee success by being customer-centric. will have another avenue for investments. This is being offered Barbuda, Dominica, Grenada, income for savings,Asset the company can Inc, and at the same, providing world-class throughSt. a Kitts subsidiary company - Sagicor Management & Nevis, Lucia and St. Vincent & the for them across the region and financial solutions competitive “Our customers areand number ONE to us, whether it be inSt. satisfying which allows Sagicor toinvest offer itcustomers a full financial package. Grenadines, all reporting tomeans Donaldthat Austin in theexisting USA or emerging markets, to returns on the services investments of its their financial needs or as it pertains to the needs of That shouldeven Sagicor’s or potential customers the communities in which we operate. If there oneHe reason for come intothat a lump cash, theacompany can invest for them as isCEO. told Business Focus all sum of give them better return. “We ithave a shareholders. our success, it is our attention to detail when it comes to our across the region and even in the USA or emerging markets, to customers. give them a better return. BusinessFocus July Aug//Oct | 54 BusinessFocus Aug BusinessFocus Aug /Oct | | 62 54

“We have a very experienced team that was formed in 1997, who are very willing and able to help potential customers across the region. Over the years they have delivered returns consistently above other market players or benchmarks for the industry,” Austin said. Staying true to his calling, Donald Austin was sure to mention the advancement of technology in the Caribbean as being one of the most considerable pillars in the Sagicor empire today. He cited technology as moving at a “mind-boggling pace” in the region with the impact of Information and Communication Technologies (ICTs) on all industries being considerably dramatic. ome of these technological developments are being eyed for infusion into the insurance industry as a whole, with Sagicor of course being very much out of the starting blocks on this front. “We have our CariCARE Cards which allow instant claims settlement for our Group and Individual Health customers so that they do not need to have all the funds when they visit their health providers. Their claim is verified on the spot and they pay only their portion of the bill (usually about 20%) resulting in immediate satisfaction to our many customers. We are also upgrading our internal systems to deliver faster and better service levels to our customers. When these upgrades are completed clients can look forward to convenient online transactions over the internet and via their smartphones” he said. Sagicor serves many customers with diverse needs and requirements. But this diversity also manifests itself as a key strength, with the Company having to be constantly interfacing with its customers and the various markets to develop products and services that are relevant for the environments in which it operates. Recently Sagicor launched its Maximum Protector product in St. Lucia and St. Kitts and re-launched it across the rest of the Eastern Caribbean. This gives customers a Life Insurance product with medical and health benefits included, without the need for medical tests if they are between the ages of 18 and 55 – a truly great product for the region. Sagicor is also in the process of formulating another new product, which will be launched in the next few months. Questioned about what next to expect from Sagicor, Austin said this was greatly dependent on the needs of new and existing customers. Whatever the direction might be however, he is confident in his ability to lead the Sagicor Eastern Caribbean office to give of its best through a decisive people-oriented vision that would stimulate and convince. In the meantime, the Eastern Caribbean as a whole remains a major market for Sagicor with many opportunities for growth. “My vision is for us to create a self-sufficient entity that is uniquely relevant and sustainable. So I want you to visualise with me a functional, self-contained entity which will make and execute decisions locally, while leveraging our regional experiences and expertise. I envisage that this new entity will put the customers’ needs FIRST at all times while upholding Sagicor’s vision,” Austin said. ¤ BusinessFocus Aug / Oct |

ECONOMY & TRADE FOCUS

CIP COULD MAKE UP

25 PER CENT

OF GOV’T REVENUE

Prime Minister of Antigua Hon. Gaston Browne

he controversial Citizenship by Investment Programme (CIP) could represent as much of 25 per cent of the country’s earnings this year, and this would help the government meet its many obligations, some of which are in arrears, Prime Minister Gaston Browne said. Browne said, “By the end of this year, in Antigua & Barbuda, the CIP programme will contribute in the region of 25 per cent in total revenues, revenues that will go towards funding the various sectors of our country’s economies, revenues that will be used for health care, for education, for infrastructure development, to market tourism.” So far, since the inception of the CIP in 2013, the country has sold 510 passports, 416 of them were issued under the National Investment Fund, 89 were under the Real Estate option, while only five were under the Business Investment area. Under the NIF option, the applicant is required to make a contribution in the minimum sum of US$250,000 per application, in the form of a one-time payment. Currently, to qualify for citizenship under the Real Estate option, the government requires applicants to make an investment in designated, officially approved real estate with a value of at least US$ 400,000 plus the payment of government processing fees and due diligence fees. In addition, two or more applicants who have executed a binding sale and purchase agreement may apply jointly for citizenship by investment provided that each applicant contributes the minimum investment of US$ 400,000. The Citizenship by Investment Unit (CIU) shall, after consultation with the Antigua & Barbuda Investment Authority (ABIA) approve BusinessFocus Aug /Oct

businesses, whether existing or proposed, for the purposes of investment in business under the CIP. Another option is where a person proposes to make an investment in an approved business of at least US$ 1,500,000 on their own behalf. The fourth investment option, where at least two persons propose to make a joint investment in such an approved business totalling at least US $5,000,000, and each of those persons proposes to contribute at least US $400,000 to the joint investment, an application or application for CIP may be submitted on his, her or their behalf through an agent. The controversial Citizenship by Investment Programme (CIP) could represent as much of 25 per cent of the country’s earnings this year, and this would help the government meet its many obligations, some of which are in arrears, Prime Minister Gaston Browne said.

“

By the end of this year, in Antigua & Barbuda, the CIP programme will contribute in the region of 25 per cent in total revenues, revenues that will go towards funding the various sectors of our country’s economies, revenues that will be used for health care, for education, for infrastructure development, to market tourism.

Browne added,

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ECONOMY & TRADE FOCUS

Fixed Or Floating Exchange Rates:

Which Serves The Caribbean Better?

Is the fixed currency exchange rate between the US and some Caribbean countries affecting the latterâ&#x20AC;&#x2122;s international competitiveness? This is a question that deserves review as Caribbean countries struggle with difficult economic conditions caused, in part, by the rapid change in their terms of trade and the value of currencies in which such trade occurs. Nine of the 14 independent Caribbean Community (CARICOM) countries have currencies whose values are tied to a fixed exchange rate with the US dollar. These countries are: The Bahamas, Belize, Barbados and the member states of the Eastern Caribbean Currency Union - Antigua and Barbuda, Dominica, Grenada, St Kitts-Nevis, St Lucia and St Vincent and the Grenadines. There is no evidence to suggest that these nine countries are performing more competitively than other countries in CARICOM that have a floating exchange rate. Indeed, based on economic performance over the last decade, particularly as guaranteed markets for exports have disappeared and trade rules have changed significantly, the economies whose currencies are not fixed to the US dollar, have done better. Small states face real difficulty in competing with other countries across the world in the free trade environment that has developed since the 1960s. While it was possible in previous decades to propup economies through import substitution protected by high tariff walls, those days are over. Businesses now have to stand on their own, competing with foreign businesses in their own market and for a place in export markets. The issue of competitiveness is now central to the success of any small state in finding work for its people, including its annual school leavers.

Sir Ronald Sanders is a business executive and former Caribbean diplomat who publishes widely on Small States in the global community.

BusinessFocus Aug /Oct

The ability to compete is determined by many factors such as natural resources, available capital, skill levels, cost of production, and productivity. Additionally, good communications, transport infrastructure, and efficient, proportionate and cost effective bureaucracies are all necessary for international competition. It goes without saying that a stable and peaceful environment is also vital. The list may seem long and complex. That is because it is. There is no silver bullet that determines economic success and full

employment. The recipe is multifaceted and made up of fast-changing ingredients. An important element in the list is the exchange rate of local currency in international trade, particularly for countries whose economies are as open as those in CARICOM and which are reliant on tourism as export earnings. Until recently, a system of international trade dominated by the US dollar has existed. Created since 1947, the system represented a degree of hegemony never previously seen. In this context, the decision taken in the 1960s to link Caribbean currencies to the US dollar was a compelling policy step, especially in the light of the then existing world trading pattern and geographical factors in the region. Among those factors were: dominant trade with the US in goods and services, including tourism; and significant aid and investment from the US. However times have changed. Aid and investment from the US has dwindled. Businesses in the region now have to be competitive on world markets and in their domestic markets against imports from which there can no longer be import duty protection. The rules of the World Trade Organisation, which give no special or differential treatment to small states, have put an end to protection of local businesses. The unequal reciprocal arrangements of the Economic Partnership Agreement between the entire European Union as a bloc and individual Caribbean states also put a detrimental nail in that coffin.

to deal effectively with the problem of a lack of economic competitiveness, a fixed exchange rate tied to the US is one policy that should be scientifically reviewed. Setting their exchange rates against a basket of currencies, particularly the currencies of countries with whom their trade is increasing such as China, and those from which the majority of their tourists come, would seem to be considerably more advantageous. By continuing to tie their currencies to the US dollar, the countries that do so also seem to be linking their fortunes to the policies of the US alone – policies that are made rightly in the interest of the US alone. In a world dominated by free trade, a fixed exchange rate appears to be an anachronism and inimical to the international competiveness of Caribbean countries. The fixed exchange rate between the US dollar and the currencies of the nine CARICOM countries named earlier, may be contributing to a weakening of their international competitiveness. It would be useful if the governments were to commission an independent study by leading Caribbean economists – and there are many capable of doing the job – to provide objective advice on the exchange rate. If the nine can’t do it together, the governments of the Eastern Caribbean Currency Union should consider it. ¤

For its own domestic purposes, the US Government has adopted policies designed to keep its dollar strong against other currencies. Therefore, for those countries whose currencies are fixed to the US dollar, the cost of their exports to, and tourism from, other major markets is expensive and uncompetitive. Local manufacturers, farmers and service providers also face severe competition in their own domestic market from non-US countries. To re-enforce the point, tourists to CARICOM countries as a whole are mainly non-US. Therefore Caribbean countries, whose currencies are tied to the high value US dollar, are prohibitively expensive for non-US tourists. Further, the US is no longer the principal source of Caribbean imports. Consequently, the cost of imports from non-US sources is high and raises the cost of living. The currency link to the US dollar brings no benefit other than for exports and imports to and from the US. In essence the only market where the region operates on a level playing field is the US. World trade is increasingly no longer dominated by the US or by the US dollar. The Chinese yuan, the Japanese yen, the European Union Euro, the British sterling and even the Hong Kong dollar are assuming growing importance. China trade rivals the US globally. Indeed, for many countries in the world, China is now their main trading partner. In the Caribbean, imports of Chinese products are so high that China enjoys a large trade surplus with the entire region (including those countries with which it does not have diplomatic relations). While there are many challenges that governments and the private sectors in CARICOM countries need to address so as BusinessFocus Aug / Oct |

ECONOMY & TRADE FOCUS

FOREIGN DIRECT INVESTMENT IN LATIN AMERICA AND THE CARIBBEAN: Focus on the Caribbean By: Michael Milligan Foreign Direct Investment (FDI) is a source of investment and employment. It can allow the transfer of technology and skills and knowledge from the FDI source country to the FDI recipient country. It provides funds to make up for a capital shortfall in the home country. And, very importantly, it is a source of foreign exchange. FDI coming into the Caribbean Now, why do investors come to the Caribbean? There are three basic reasons. First, resource seeking – investors seek access to natural resources. This is the case with both extractive resources, like oil and gold, and with tourism, where it is the natural resources of the Caribbean that makes it attractive. Second, in some cases there may be efficiency advantages to the Caribbean. For example, some call centres are located in the Caribbean, where labour costs can be lower than in developed countries. Finally, some countries come to the Caribbean for access to Caribbean markets – telecommunications is a good example here. These drivers of FDI manifest themselves differently in different countries. We see that some countries are dominated by natural resources, and many, especially in the Organisation of Eastern Caribbean States (OECS) rely primarily on tourism. Only the Dominican Republic, the largest economy in the region, can truly be said to have diversified FDI. Tourism is a major source of FDI to the economy and as we can see, very important both as a contributor to GDP and as a source of foreign exchange. When we talk about FDI tourism in the BusinessFocus Aug /Oct

Caribbean, we are mainly talking about hotels. Luxury and ultraluxury hotels have been an especially developed sector – several hotels opened in the Dominican Republic in 2014, Guyana saw the opening of the long-awaited US$51 million Marriott Hotel, and the Baha Mar is expected to open in 2015, to name a few major developments. Jamaica is undertaking or recently undertook several large scale tourism projects as well, including Moon Palace Golf & Spa Resort is reopening after an estimated US$ 100 million by Mexico’s Palace Resorts, US$150 million dollar construction and refurbishment project for Playa Hotels and resorts, and the Royalton White Sands which reopened in late 2013 after Canada’s Blue Diamond Hotels & Resorts spent US$ 50 million on upgrading and updating. There are other examples as well. Talking about tourism in general, we can see that the Caribbean’s share of tourism in the world has been decreasing. A recent IMF study provides evidence that this is because of the high cost of tourism compared to other parts of the world. This may worsen for other Caribbean countries as Cuba-U.S. relations continue to thaw; The Economist is predicting that tourism to Cuba will rise 17 per cent after 2015 alone. There may be only so much that the Caribbean can do to reduce costs; but it can take better advantage of the tourist FDI it does have. Most inputs for large hotels and resorts are imported, which means these companies are sending back out much of the profits and foreign exchange they bring into the country. Caribbean countries can better profit from tourism by developing domestic industries to service the tourist industry at home. With regard to extractive FDI, this is particularly important

in a few countries – oil and gas in Trinidad and Tobago, and mining in Guyana and Suriname. Agriculture also attracts FDI, particularly into state-owned companies, in Belize and Guyana; which is interesting, because agriculture usually does not attract large amounts of FDI in the rest of the world. One of the most important FDI investments into natural resources in recent years is the acquisition of the Pueblo Viejo gold mine in the Dominican Republic by a Canadian firm. In Trinidad and Tobago, falling oil prices have caused concerns about some ongoing FDI projects into oil and gas, but these projects continue. In one of these projects BP began construction of its offshore gas project Jupiter in the fourth quarter of 2014, to be completed in 2017; these may involve capital as high as US$2.1 billion. Suriname and Guyana also- investments into mining from firms from the United States, Canada, the United Arab Emirates, China and the Russian Federation. In many of these countries, even as FDI continues, the profitability of these enterprises has decreased, as commodity prices fall; so it is possible we could see less FDI into extractive industries in the next few years.

For those countries where FDI income is high, this income represents a debit to the balance of payments. That is, high FDI income could represent high amounts of foreign exchange flowing out of the country, offsetting some of the foreign exchange that came in with the original FDI. The impact of FDI on the balance of payments is complex. There are four such types of measures, or promotion policies that Caribbean countries are using to attract FDI: Improving the business climate; removing regulations harmful to foreign investors; creating financial incentives; and strengthening IPAs.

Improving the business climate is probably the best way to attract FDI. If we look at the World Bank’s ranking of Caribbean countries on ease of doing business, most countries do worse than the Latin American average, and some score quite poorly given their relative wealth. Regulatory challenges include a slow judicial system, poor security, and a cumbersome bureaucracy. Some Caribbean countries have more ministries Tourism and natural resources are by the far most important than large, more developed states, such as in Europe. types of FDI in the region; so much so that economies are often Improving the business climate should be the top priority – based into tourism- and resource-based. But they are not the only this would help both foreign and domestic investors. sectors. Manufacturing exists in several countries, though in a large scale only in the Dominican Republic, in apparel, and to some The next type of FDI promotion policy is to remove regulations extent in Haiti, where apparel manufacturing gets a boost from the harmful to foreign investors. All CARICOM countries have United States’ HOPE act. Some countries are also the recipients of double-taxation agreements amongst themselves, except business process outsourcing FDI, which for the most part means Suriname, and some have no need for them, as in the call-centres; less expensive later and educated populations make Bahamas where there is no income tax. Most countries also these countries appropriate for call centres from the U.S. and have DTAs with their main trading partners. Harmonising the Netherlands. FDI comes into financial service centres as well, these agreements would help the Caribbean as a whole to particularly in some smaller areas that are not member States of attract investment. Only Belize has special regulations to ease ECLAC, such as the Cayman Islands. migration restrictions for foreign investors. And, only 38 per cent of Caribbean economies do not allow discrimination Education is also an interesting recipient of FDI. Medical schools between domestic and foreign firms in government and other international schools are often funded by FDI. These procurement contracts. Removing these restrictions could bring in foreign exchange, and may also bolster tourism as family increase FDI, for example, into infrastructure, which is and friends of students come to the school. particularly likely to have spill-over benefits and positive externalities. So what are the implications of FDI for the Caribbean economy? FDI is equivalent to a large amount of GDP in Caribbean economies. Perhaps the most controversial type of investment promotion For some, it is more than 10 per cent annually; it is almost always policy is financial incentives. Most Caribbean countries offer higher than the Latin America average. In fact, at more than 4 per income tax breaks to foreign investors, most commonly, full cent of GDP, the Caribbean attracts proportionally more FDI than exemption for the first 15 years. Many offer discounts on any other region in the world. dividends withholding taxes, property taxes and import tariffs as well. It is difficult for Caribbean countries to reduce these Though high, the amount of FDI varies quite a bit. We see a trend individually; the result is a race to the bottom, with Caribbean – a big spike in FDI flows just before or during the crisis, and countries out-competing each other to offer discounts then a fall-off. However, whereas T&T and Dominican Republic and attract investment. There are efforts in CARICOM to have largely recovered, the other countries have not. This fall- harmonise incentives for investors, and these efforts should off is largely due to the OECS, which more than any other group be strengthened, which would benefit the region as a whole. of countries had a massive fall-off in FDI, and most of this FDI is FDI coming out of the Caribbean into tourism. This sector has been slow to recover. This means longer-term planning is necessary, to smooth GDP growth and to As Caribbean countries grow, they are making their own accumulate foreign exchange reserves for when they tend to fall. investments abroad. Some of the largest, which are discussed more fully in the report, are here. Large conglomerates have For many countries, the profitability of FDI is not terribly high. distinct advantages among Caribbean countries – they have There are caveats – this includes significant investments in real risk smoothing, across geography and across sectors, they can estate in some countries, including residential, which would not synergise and reduce costs between different arms of their be expected to earn annual income. We can also see that in recent business, and they can achieve economies of scale which may years, FDI into natural resources has been more profitable than not be possible operating only in a small country. into tourism, which is perhaps not surprising. BusinessFocus BusinessFocus Aug Aug // Oct Oct | | 61 61

ECONOMY & TRADE FOCUS

CARIBBEAN COUNTRIES MOVE CLOSER TO JOINT MANAGEMENT OF RADIO FREQUENCIES

ountries of the eastern Caribbean are working together to promote more efficient use of their wireless communications frequencies, for greater social good.

These companies invest in a few places in the world. Firstly, FDI from Caribbean countries goes to other Caribbean countries. This often includes mergers, even of assets with former ownership outside the region, as when Sagicor Group acquired RBC Jamaica from the Royal Bank of Canada. Much FDI also goes to Latin America, and many large Caribbean countries have operations there. Massy, in fact, recently Massy & Neal, rebranded as Massy in part because this name is considered to have positive associations in Spanish – Mas? Si! Caribbean companies sometimes face their own hurdles in investing in Latin America – the nearest and perhaps most obvious candidate is Venezuela, but regulatory and foreign exchange controls hamper the efforts of some Caribbean countries to invest there. Many Caribbean companies also invest in the U.S., sometimes in services, and often in Miami to act as a transport hub. Because transport costs in the Caribbean are high, and economic integration remains incomplete, investing in Miami can reduce costs for operations between Caribbean states. Finally, an interesting example is Digicel. In addition to investments in Latin America, they are one of very few companies to have used their expertise operating in small island Caribbean States, to begin operations in the South Pacific. This may be an example to be followed by other Caribbean companies, as they use their knowledge to extend their companies to other parts of the world. Finally, I’d like to conclude with a word about Cuba, as I know many of you will have questions about it. Cuba does not release FDI data, so it is hard to write a fact-based analysis of FDI in the country. We do know that the number one source of FDI to the country is Spain. Tourism is expected to increase greatly with the thaw in U.S. Cuba relations, and so tourism FDI to Cuba should grow – hoteliers such as Mariott have already expressed interest. There is little doubt that FDI to Cuba will increase in the future. ¤ BusinessFocus Aug /Oct | 62 BusinessFocus Aug /Oct | 62

A new agreement has been drafted to minimise cross-border interference between countries of the Organisation of Eastern Caribbean States (OECS) and the Caribbean French territories of Guadeloupe and Martinique. The new agreement will aid in the roll-out of nationwide 4G mobile broadband telecommunications networks. The draft agreement was developed at a recent workshop on spectrum management, hosted by the Caribbean Telecommunications Union (CTU) in Grenada in June. The workshop formed part of a harmonised caribbean spectrum planning and management project that aims to bring the spectrum policies of various Caribbean countries into closer synchronisation. Participating countries are working together to develop a national frequency allocation table (NFAT) for each country and a regional frequency allocation table (RFAT) for the Caribbean. Among other things, the RFAT will facilitate the adoption of common frequencies and international protocols for disaster management and emergency telecommunications. Countries are also working to produce a regional strategic plan for spectrum management. The workshop was intended to build capacity in spectrum management in 14 Caribbean countries, including the OECS, as well as examine approaches for minimising cross border interference in wireless communications. It attracted a wide range of stakeholders, including academia, regulators, policy makers, operators and international subject matter experts. The spectrum harmonisation project is being implemented by the CTU, with technical cooperation support from the Inter-American Development Bank (IDB) and Compete Caribbean. The CTU is a Caribbean intergovernmental organisation focused on developing the region’s telecommunications sector.¤

SURINAME SIGNS DEAL WITH CDB TO REDUCE TRADE LICENCES WAIT

uriname has signed two historic agreements with the Caribbean Development Bank (CDB) for projects to improve the country’s implementation of both the European Partnership Agreement (EPA) and the CARICOM Single Market and Economy (CSME).

DIVERSE LANGUAGE SKILLS NEEDED FOR CARIBBEAN’S TOURISM GROWTH t’s time for stakeholders in the Caribbean’s hospitality industry to more broadly represent the multicultural nature of the region and serve the growing diversity of visitors to the Caribbean by learning to speak more than one language.

The call was made by the president of the St Lucia Hotel and Tourism Association (SLHTA) Karolin Troubetzkoy who said she sees much potential ahead for the development of the Caribbean human resource.

The two projects will assist in transforming Suriname into a more competitive economy, increasing its export earnings, and making the country more attractive for investment.

Troubetzkoy, operations director of leading St. Lucian resorts Anse Chastanet and Jade Mountain and president-elect of the Caribbean Hotel and Tourism Association (CHTA), said plans are in the works for St Lucia to offer more hospitality specific language courses such as Portuguese, Spanish, French, and German.

The projects, to be implemented by the Ministry of Trade and Industry and the Suriname Business Forum, are being funded through two grant facilities – the CSME Standby Facility and the EPA between the European Union and CARIFORUM Standby Facility.

“These, of course, represent some of the key languages from our current and potential future source markets,” said Troubetzkoy, who added that even Russian and Mandarin should not be forgotten as some parts of the region draw travellers from the former Soviet Union and China.

“With the support of the Caribbean Development Bank, CARIFORUM and the EU, we will be able to accomplish some important goals with these projects,” said Minister of Trade and Industry, Don Soejit Tosendjojo.

Troubetzkoy, who was recently re-elected as president of SLHTA for a third term, believes tourism is the key to unlocking sustainable economic growth and development in the Caribbean: “It is the only sector today which collectively offers the opportunity to attract foreign investment, grow employment in significant numbers, support local producers and manufacturers, preserve our environment and attract international attention to our entertainment talents, arts and culture, ” she asserted.

“These grants through the Trade Facilities will allow us to bridge the gap between world trends in Trade Facilitation and our current system, as well as prepare ourselves to deal with the increasing challenges of operating in competitive world markets.” The ministry will implement a grant from the EPA Standby Facility which will help determine the requirements for establishing an Electronic Single Window (ESW). The ESW will allow importers and exporters to submit all of the documentation needed to obtain licences to trade online. Currently, applications for trade licences must be submitted in hard copy and manually processed. Depending on the volume of applications received and the extent to which forms have been filled correctly and accompanied by the required certificates, it can take up to a month to obtain a licence. The establishment of an ESW will allow all applications and processing to be done electronically thereby significantly reducing processing time to as little as 48 hours. “These two projects, when fully implemented, will in a tangible way demonstrate how the region’s trading regime can be used to create sustainable economic opportunities for our people,” said

Addressing the SLHTA’s annual general meeting in June, she urged stakeholders “to challenge (themselves) to grow the sector, strengthen linkages and nurture fledgling industries which also show potential for growth over the long term like agro-processing, service-based industries, niche-based manufacturing and the creative industries.” St Lucia, she contended, needed to “explore more aggressively how we strengthen our competitiveness through reduced taxation, greater human capital development, more efficient business processes, reduced bureaucracy and a collective commitment to more innovative, eco-friendly and sustainable business practices.” Troubetzkoy, known for the quality of her staff training at Anse Chastanet and Jade Mountain resorts, underscored: “Without a doubt, the development of human resources is the key to unlocking productivity and business improvement processes, particularly in hospitality. As such, we need to gear our staff members and our work system towards productivity improvement on a daily basis.” BusinessFocus BusinessFocus Aug Aug//Oct Oct | | 63 63

ECONOMY & TRADE FOCUS

FOREIGN DEMAND FOR CARIBBEAN REAL ESTATE DOUBLES IN FIRST HALF OF YEAR

STUDY ON FOREIGN DIRECT INVESTMENT PUTS FOCUS ON THE CARIBBEAN

ECLAC Executive Secretary, Alicia Bárcena

he Caribbean receives higher amounts of Foreign Direct Investment (FDI) when compared to other developing economies, according to a newly published report from the Economic Commission for Latin America and the Caribbean (ECLAC). Entitled “Foreign Direct Investment in Latin America and the Caribbean”, the flagship report was launched by ECLAC Executive Secretary, Alicia Bárcena, on May 27 at the organisation’s headquarters in Santiago, Chile. For the first time, the flagship report dedicates an entire chapter to foreign direct investment (FDI) in the Caribbean, thus placing increased emphasis on the importance of FDI for the region. FDI inflows into the Caribbean amounted to approximately 5 per cent of GDP in 2014, compared to 3 per cent for Latin America, and less in other developing regions. In the Caribbean, FDI is important both as a source of funds for development and as a source of foreign exchange. Nevertheless, questions remain about the extent to which these flows contribute to growth and development in the Caribbean.

Walter Zephirin emand for regional real estate has doubled during the first six months of 2015, compared to the same period last year, according to Caribbean independent luxury property specialist 7th Heaven Properties.

Analysis of enquiries received via the 7th Heaven Properties website and the company’s magazine, The Caribbean Property Investor, indicates that interest in residential and commercial real estate in the Caribbean increased dramatically across all price brackets. There was a particularly high increase in enquiries for residential real estate in St Kitts and Nevis, Turks and Caicos Islands, Antigua and Barbuda and the Dominican Republic. St Lucia and Jamaica also saw notable increases in enquiries for commercial real estate, including hotels for sale and land for development. The majority of the enquiries originate from the United States, Canada and the United Kingdom with enquiries from American and Canadian buyers more than doubling, and enquiries from British buyers up over 30 per cent. Managing Director of the London-based 7th Heaven Properties, Walter Zephirin, said the increases came as economic growth in the US, Canada and the UK stimulated buyer confidence.

Given the increasing propensity of many large Caribbean transnationals to make significant cross-border investments, the report looks at outward FDI from Caribbean countries to regional and extra-regional economies.

“Growth in demand for Caribbean property has been underpinned by the impressive performance of the region’s tourism sector, particularly in locations such as the Dominican Republic and the Turks and Caicos Islands, and the continued success of highly attractive Citizenship by Investment Programs in St. Kitts and Nevis and Antigua,” he added.

The publication discusses recent developments in key sectors, which either attract the most FDI inflows or possess potential for increased FDI. Examples include tourism, natural resources, manufacturing, business process outsourcing, financial services, and offshore education. Potential benefits and drawbacks of FDI are examined.

Zephirin further noted, “The outlook for the second half of 2015 is extremely promising with a strong sales pipeline. A succession of announcements on increasing airlift to the region and major resort developments linked to Robert de Niro in Antigua and Barbuda and Leonardo DiCaprio in Belize, as well as the first licensed casino in Jamaica, have boosted the Caribbean’s profile and enhanced its accessibility and appeal to buyers.”

The report provides an analysis of the modalities commonly utilised by Latin American and Caribbean countries to attract and leverage FDI. It also looks at the extent to which these methods attract FDI, which contributes to economic growth and sustainable development. ¤

According to 7th Heaven Properties, which lists residential and commercial property for sale in over 30 Caribbean territories, enquiries for properties priced from US$1 million to US$2 million more than doubled and the proportion of enquiries for properties priced below US$1 million increased from 39 per cent to 44 per cent. ¤

BusinessFocus Aug Aug/Oct /Oct BusinessFocus

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CARICOM COMMITTEE OF AMBASSADORS HOLD INAUGURAL MEETING

CARICOM Secretary-General Ambassador Irwin LaRocque CARICOM Committee of Ambassadors has been activated, with an inaugural meeting held at the CARICOM Secretariat headquarters in Guyana, on May 30, 2015.

as it were, as a think-thank as we shape the future course of Caribbean integration. I see this body operating almost like a board of directors, so to speak, of Caribbean integration providing strategic guidance.”

The Committee, comprising ambassadors accredited to CARICOM by its Member States, will play a major role in the ongoing process of reforming the integration architecture and its governance arrangements. The reform process is geared towards achieving greater efficiency and delivery of the services provided for the development of the region and its people.

The inaugural meeting was chaired by Bahamas’ Ambassador to CARICOM Picewell Forbes who emphasised the Committee’s unique and pivotal role.

CARICOM Secretary-General Ambassador Irwin LaRocque, addressing the opening of the meeting said, “Colleagues, fulfilling your mandate will advance the integration process, particularly through facilitating the implementation of decisions taken.” “Your consultations with stakeholders at the national level will help to streamline proposals to the Organs and Bodies of the Community. It will also help to identify the challenges in implementing decisions arising from those proposals.” The secretary-general identified two broad overarching roles for the Committee: “On the one hand, as Ambassadors, you represent the interests of your countries, and the Terms of Reference of the Committee point to specific functions you will undertake. “But of equal importance, or probably of even greater importance, I also see this body as a cohesive whole, acting,

“…The formation of this Committee provides an opportunity for us to greatly impact the efficiency and effectiveness of the CARICOM Secretariat and its related agencies. As ambassadors we have a unique position in having direct contact with our Heads of Government and Cabinets, as well as with the technical advisors and stakeholders,” he said. The official urged, “We must therefore maximise these unique positions in actioning our responsibilities to provide strategic advice and support to the Community Council of Ministers and support for the reform of the Community. The Committee can truly serve as a Rapid Response Mechanism to get early feedback from Member States on matters of import.” CARICOM Heads of Government agreed to the establishment of the Committee, and approved its Terms of Reference, at their 26th inter-sessional meeting in the Bahamas, February 26 to 27, 2015. The Committee will, among other things, operate as a preparatory body for the Community Council which is responsible for the development of strategic planning and coordination.¤

BusinessFocus Aug / Oct |

ECONOMY & TRADE FOCUS

Kelle Bevine, head of Strategy in the Structured and Corporate Finance Department of the IDB

NEW FUND TO BRIDGE CARIBBEAN AGRICULTURE AND CLIMATE CHANGE

BY DANA NILAND

he Inter-American Development Bank (IDB) has approved the US$5 Million Climate-Smart Agriculture Fund for Latin American and the Caribbean (CSAF), which aims to incentivize private sector investment in projects that increase farmers’ incomes while also combating climate change. The initiative was created in partnership with the Global Environment Facility. “Our efforts thus far have produced solid results on climate mitigation. This new initiative complements those achievements with a first-of-its-kind fund to pursue equally ambitious results on climate adaptation,” said Kelle Bevine, Head of Strategy in the Structured and Corporate Finance Department of the IDB. “Concessional financing tools like this help to unleash the innovation of first mover projects and shift from business as usual.” The climate-smart agriculture business model seeks to increase agricultural output while maintaining or reducing inputs such as land, water or fertilizer, as well as to increase overall productivity while bolstering resilience to threats to production posed by the effects of climate change, the IDB said. The CSAF addresses the barriers commonly inherent to climatesmart agriculture investments by providing risk-tolerant capital and cushioning early losses. The investments will go towards the restoration of degraded lands through reforestation and other methods of increasing productivity and profitability. The Caribbean and Latin American region faces many challenges associated with climate change as a result of the prevalence of agriculture, making the reduction of emissions and increased resilience to climate-associated risks particularly significant.¤ BusinessFocus BusinessFocus Aug Aug /Oct /Oct

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OECS TAKES FURTHER STEP TO POVERTY REDUCTION THROUGH MULTIDIMENSIONAL APPROACH

ive Organisation of Eastern Caribbean States (OECS) member states: Antigua and Barbuda; Dominica; Grenada, Saint Lucia and St Vincent and the Grenadines have successfully launched a multidimensional project on reducing poverty in the OECS. The government of Chile is funding the project to the tune of EC$2.7 million. Addressing the launch at UN House in Barbados earlier this year, OECS Director General Dr Didacus Jules noted that the multidimensional approaches to reduce and eradicate poverty will include a paradigm shift that gives respect and voice to the experience of the poor. Expressing its commitment to the programme, the United Nations Development Programme (UNDP) re-emphasised why the move towards multidimensional approach to poverty reduction is essential, particularly given that income was the traditional tool for measuring poverty. The launch of the OECS/UNDP multidimensional approaches to poverty reduction follows the signing of the two-year project agreement between the OECS Commission, UNDP Barbados and the government of Chile. Youth and civil society organisations, ministers, permanent secretaries, a delegation from the government of Chile and representatives from the OECS Commission and the UNDP were part of the gathering at the UN House Barbados for the official launch.¤

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ECONOMY & TRADE FOCUS

WORLD BANK PROPOSES NEW DIRECTIONS TO BOOST TRADE IN THE REGION

new World Bank report has highlighted the need for more investment in a number of areas to boost trade and accelerate growth in the region.

The report, ‘Trade matters: New opportunities for the Caribbean’ which was released mid-June at the Third Regional Caribbean Growth Forum, highlights that trade plays an important role in job creation. “Continued efforts to improve trade facilitation and step up investments in research and innovation, as well as quality education, will help improve skills and generate well-paid jobs in the Caribbean,” said Jorge Familiar, the World Bank vice president for Latin America and the Caribbean. The report also highlighted that the region’s trade performance is limited by lack of diversity and limited innovation. The number of patent applications in the Caribbean has been lower than in other regions of the world. Looking at emerging trade opportunities, the report showed that Caribbean Community (CARICOM) agreements have driven a rapid increase in intra-regional trade and that a common market would lead to a substantial rise in exports in the region. The Caribbean share in global trade fell from 3 per cent in the 1970s to nearly a quarter per cent in 2012. With the exception of the Bahamas, St Kitts & Nevis, St Lucia, Belize and Haiti, exports from Caribbean countries to growing emerging markets remain small. The report suggested three main opportunities to boost trade and generate a positive cycle of shared prosperity in the region: It said deepening trade integration with North America would BusinessFocus Aug /Oct

boost trade and accelerate growth in the region. “The gains for the Caribbean of entry to the North American Free Trade Agreement (NAFTA) would be six times the size of the gains for implementing a Caribbean common market. The negotiations toward a Canada-CARICOM free trade agreement launched in 2007 should also be pursued,” it said. Additionally, the World Bank noted, improving the trade facilitation environment through modernised customs systems and better connectivity would have a major impact on trade. It said efforts across the region to modernise customs administrations and border management should be accelerated. It noted that with the expansion of the Panama Canal and the expected increase in transshipment, recent initiatives to modernise ports infrastructures and regulation are being carried out in Jamaica, the Dominican Republic, Bahamas and Haiti. Improving the business environment and investment climate would be essential to enhance productivity and competitiveness, the report further noted. “While Caribbean economies recently adopted a record number of reforms improving the local business regulatory climate, exporting firms remain affected by the limited access to electricity, telecommunication and transport services, and the need for policies to further promote technology capability and innovation. More efforts are needed to improve skills and access to infrastructure and finance,” the World Bank said. Some of the proposed policy recommendations are being discussed at the Caribbean Growth Forum in view of identifying new strategies and tools to stimulate competitiveness, productivity and entrepreneurship. ¤

ECONOMY & TRADE FOCUS

FOUR CARICOM NATIONS NAMED AMONG COUNTRIES AT RISK OF HEADING INTO DEBT TRAP

SEVERAL ACP COUNTRIES TO ENJOY VISA-FREE TRAVEL TO EUROPEAN UNION STATES

he EU signed short-stay visa waiver agreements with St Lucia, of Dominica, Grenada, St Vincent and the Grenadines, the Republic of Vanuatu, the independent State of Samoa, and Trinidad and Tobago, at a ceremony that took place in Brussels.

our Caribbean Community (CARICOM) nations have been named among countries at risk of government external debt crises – one of them specially highlighted among those “rapidly heading” in that direction.

Guyana, Haiti and St Lucia are in a list of 29 countries identified by Jubilee Debt Campaign – a coalition of national organisations and local groups around the UK calling for the unjust and unpayable debts of the poorest countries to be cancelled. The group notes the countries risk finding themselves in debt crisis, while Dominica is said to be at “high risk” based on large external debt, a large and persistent current account deficit, and high projected future government debt payments.

The new visa regime provides for visa-free travel for EU citizens when travelling to the territory of these countries and for citizens of these countries when travelling to the EU, for a period of stay of 90 days in any 180-day period.

The information is contained in the Jubilee’s 40-page document entitled The new debt trap: How the response to the last global financial crisis has laid the ground for the next, which analyses public and private debts owed by countries across the world.

On behalf of the EU, the agreements were signed by Zanda Kalniņa-Lukaševica, parliamentary state secretary for EU Affairs, Ministry for Foreign Affairs of Latvia, and Dimitris Avramopoulos, commissioner for Migration, Home Affairs and Citizenship.

Jubilee’s analysis defines countries as at risk of a government debt crisis if they have net debt higher than 30 per cent of GDP, or current account deficit more than five per cent of GDP; and future government debt payments exceeding 10 per cent of government revenue or, where projections are not available, current government external debt already over 40 per cent of GDP.

On the African, Caribbean and Pacific Group (ACP) side, representatives from the seven countries signed the agreements. “(These) agreements will encourage people-to-people contacts, boost tourism, and invigorate business between the EU and these seven ACP countries”, Kalniņa–Lukaševica said. In order to benefit from visa-free travel, citizens from the EU and the signatory countries must be in possession of a valid ordinary, diplomatic, service/official or special passport. Visa-free travel applies to all categories of persons and for any kind of purposes of travel (for instance tourism, cultural visits, scientific activities, family visits, business etc.), except to persons travelling for the purpose of carrying out a paid activity. Ireland and the United Kingdom will not be subject to the application of the agreement, in accordance with the protocols annexed to the EU treaties. The visa regime to these member states remains subject to their national legislation. ¤

The 14 countries at high risk have net debt of more than 30 per cent of GDP; future government debt payments exceeding 15 per cent of government revenue or, where projections are not available, current government external debt already over 50 per cent of GDP; and a current account deficit that is more than five per cent of GDP. “Of these, some are already likely to be back in debt crisis, but the figures are not yet available to show that they are. These are expected to have high government debt payments over the next few years; they include nations such as Dominica, Ghana and Mauritania,” the report stated. It also pointed out that Belize, the Dominican Republic, Grenada, Jamaica and St Vincent and the Grenadines are among 22 countries already in a government external debt crisis, with “high government debt payments leading to large amounts of money leaving their country each year, along with an overall net debt with the rest of the world”. Net debt for that group stands at over 30 per cent of GDP and external debt payments exceed 15 per cent of government revenue. No Caribbean nation was named in the list of 28 countries at risk of facing a private-sector debt crisis.¤ BusinessFocus Aug / Oct | 69 BusinessFocus Aug / Oct | 69

ECONOMY & TRADE FOCUS

CARICOM CONVENES NATIONAL CONSULTATIONS ON SINGLE JURISDICTION FOR COMPANIES

he Caribbean Community (CARICOM) Secretariat held a series of national consultations across member states which was initialised in Saint Lucia.

The aim of the consultations were to discuss the Draft Framework Policy on the Single Jurisdiction whose aim is to create a seamless space within which companies can do business. The establishment of a single jurisdiction would allow businesses in member states participating in the CARICOM Single Market and Economy (CSME), to register anywhere in the CARICOM Single Market (CSM). Once registered in one participating member state, businesses wishing to operate in another state, would not need to undergo a similar process. This initiative is expected to facilitate easier access to cross-border commercial opportunities for companies, creating possibilities for economic growth and increased employment in member states. The draft policy was developed by the firm, BKP Development Research and Consulting, under the 10th European Development Fund (EDF) CSME and Economic Integration Programme.

BARBADOS AND HONG KONG SIGN AIR SERVICES AGREEMENT

It addresses incorporation of companies, securities, bankruptcy and other law-related areas. In the consultations, staff of the CARICOM Secretariat CSME Unit solicited feedback from public and private sector representatives on the efficacy of the policy and sought recommendations for possible improvements. The first round of consultations took place throughout the month of June in Saint Lucia, Dominica, Antigua, and Trinidad and Tobago. Consultations in the remaining member states will be conducted in August. These national consultations are vital since the creation of a single jurisdiction would be of significant benefit to those wishing to exercise the Right of Establishment under the Revised Treaty of Chaguaramas. ¤

arbados and Hong Kong have inked an Air Services Agreement which would allow the two government to promote mutually beneficial economic and cultural initiatives.

That’s according to the Ambassador Extraordinary and Plenipotentiary of Barbados to the People’s Republic of China Dr. Chelston Brathwaite. The ambassador said the deal “provides the framework for the provision of international air services between Hong Kong and Barbados and opens new doors for cooperation in tourism and trade between the two countries.” He also added that it “represents another step in strengthening the relationship between Barbados and China.” Ambassador Brathwaite made the comments as he delivered remarks at the signing of the Air Services Agreement with Hong Kong Special Administrative Region (HKSAR) in June this year. The Secretary for Transport and Housing, Professor Anthony Cheung Bing-leung, signed on behalf of his Government. ¤

BusinessFocus Aug /Oct | 70 BusinessFocus Aug /Oct | 70

CARICOM FORUM DISCUSSES REGIONAL SUSTAINED DEVELOPMENT

UPDATE Scheme Scheme Scheme Scheme Scheme

overnment leaders and senior officials from the Caribbean Community (CARICOM) gathered in Antigua and Barbuda to discuss solutions to the challenges the region faces in pursuing sustained economic growth.

Held under the theme “CARICOM Overcoming Challenges: Pathway to Development,” the one-day regional forum was geared at reviewing the progress of the community’s strategic plan for 20142019 and clarify priorities and obstacles in CARICOM’s path. Addressing the opening ceremony, St. Kitts and Nevis’ Prime Minister Timothy Harris stressed the need for sustained economic growth in the Caribbean, saying that “episodic growth is not enough to cause development.” “Development is an intergenerational reality. It requires a sufficiency of growth for a prolonged period of time to bring real people-centered development,” Harris said. “Our reality is that over the last 30 years growth has been anemic, and our region lags behind Latin America in terms of the level of secular growth. This is a challenge that we must overcome,” he added. The prime minister urged the CARICOM members to attach great importance to “creativity and innovativeness” in pursuing the region’s future sustained development, and called for joint efforts among countries sharing common history and experiences. Antigua and Barbuda Prime Minister Gaston Browne said the forum is not about talking, but about finding solutions. He emphasised that creating new jobs and ensuring a healthy population are vital to the region’s future growth. Speaking of the regional bloc’s strategic plan, Antigua and Barbuda’s Ambassador to CARICOM, Clarence Henry, said it was aimed at “addressing issues that have plagued real progress with the implementation of the integration project, as well as the responsiveness of the community to the realities affecting member states.” He added that they should always remember that “the strength of the community comes from the collective.”

Effective 3rd August, Scheme2015, the Medical Benefits SchemeScheme will fully implement the provisions of the Scheme Medical Benefits Act 2010 and the Medical Benefits Scheme Regulations 2011. This will bring about a number of changes. Scheme Here are some of the changes regarding Scheme contributions:

Scheme Scheme Rates of Contributions Scheme “The contributionScheme to be paid on behalf of an employed person who has attained the age of 60 Scheme years or over but who has not attained 70 years Scheme of age shall be 2 ½Scheme % of that person’s salary or wages.” Scheme Scheme Medical Benefits Regulations, 2011, Scheme Regulation 17, sub – regulation 3 Scheme Schemeaged 16 years or over “A self-employed person but who has not attained Scheme60 years of age shall pay contributions Scheme to the Scheme at the rate of 5% of the categoryScheme into which his salary falls as determined by the Board.” Scheme Scheme Medical Benefits Regulations, 2011, Scheme Regulation 17, sub-regulation 4 Scheme Schemeaged 60 years or over “A Self-employed person Scheme70 years of age shall but who has not attained pay contributions toScheme the Scheme at a rate of 2 ½ % of the category Scheme into which his salary falls as determined by the Board.” Scheme Scheme Scheme Medical Benefits Regulations, 2011, Scheme Regulation, 17, sub-regulation 5 Scheme For additional information log on to our Scheme website at www.mbs.gov.ag or Scheme For questions: mbsquestions@mbs.gov.ag Call:Scheme 481-6200 BusinessFocus Aug / Oct |

Business Spotlight ENVIRONMENTAL FOCUS

Internal Audit The Catalyst To Growth?

ll companies, from small businesses to big conglomerates, want their business to grow. Business will grow as a consequence of more profit being made and reinvested but what prevents this from occurring? There are many answers to this question, including bad management and over-spending, however chief amongst these is the lack of internal controls which severely reduces or even eliminates the potential of the company to grow. Internal audit has often been called the “catalyst for growth” through its three-pronged approach of Risk Management, Governance and Internal Controls. This type of audit strengthens and solidifies a company’s potential to overcome fraud and operational leakages. Internal audit strengthens a company’s bottom line, ensures the completeness of revenue recognition and prevents the potential loss of millions of dollars in assets. Regular internal audit checks allow the company to run more efficiently, ensuring resources aren’t lost, and that there are minimal errors and losses and less unpleasant surprises.

BusinessFocus Aug /Oct

Internal controls serve as the first line of defense in fraud and violations of laws, regulations and provisions of contracts and agreements, according to withum.com. This is why Internal Audits are different from External Audits. An external auditor does not look for fraud throughout the audit process. An external auditor works on a sample basis to test the financial systems within the company and provides their experienced opinion on the truthfulness of the financial statements. An external audit, which is a statutory requirement, usually occurs once per year and well after the year has been completed. This process focuses on finance and the key risks associated with the organization’s financial business and the timeline of undertaking an external audit does not lend itself to being a proactive solution for a company’s growth and hence cannot be used as a vehicle for growth. We have included a graphic below which simplifies the main differences between the two (2) types of audits, hopefully to assure you of which type of audit could be used as a catalyst for growth in your business:

COMPARING TWO MAIN TYPES OF AUDIT

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BusinessFocus Aug / Oct |

ECONOMY & TRADE FOCUS YOUTH FOCUS

Lights! Camera! Action!

With Francoise Bowen rancoise Bowen is a young, rising Antiguan and Barbudan actress, with a great desire to develop the film industry in her country.

This 31 year old fashion designer, Toastmaster and humanitarian spent most of her life on the stage and has worked with numerous “big screen names” in the industry in New York and Atlanta; and is now ready to share the knowledge and experience she has garnered from her esteemed coaches. Through her “Francoise Acting Studio Antigua,” she’s presenting “Studio 153 I.I.N.F.A.C.T.S – Interactive International Film Acting Theatre Class,” on September 26-27 and October 17-18, at Caribbean Cinemas, Antigua. “It will be intense, there’s a lot to teach and a lot to learn” she promises. To deliver her lessons, Bowen will be teaming up with the likes of Stuart Films, which organizes the annual October Film Festival, in New York. “My country Antigua/Barbuda may not have all the bells and whistles that many other countries like America and Europe may have, but nothing should stop us from aiming high and going beyond; because art is life,” she muses. “One of the main reasons I have stepped up to host these classes is because I see opportunities to build the film industry in my country. Currently, I find it is not respected sufficiently because for many it is seen just as a hobby, not a career,” she adds. She laments over the lack of dramatic presentations in the various communities, in Antigua & Barbuda. “Once upon a time there were stage plays in every community. Antigua was alive with these activities, but it is not so anymore,” Bowen said. So, she’s offering persons 13 years and over, with a passion for the arts, opportunities of a lifetime: film classes, acting lessons and photography training all of which will be delivered at the BusinessFocus Aug /Oct | 74 BusinessFocus Aug /Oct | 74

sessions at Caribbean Cinemas between 9 am and 2 pm on each of the aforementioned training days, “This is the chance for persons who have an interest in directing, producing and filmmaking to not only be afforded the opportunity to sharpen their skills, but also to know how to network with those established in the industry.” To enroll in any of the classes, visit this link http:// francoisebowen.blogspot.com/ where you’ll find information on cost and how payment can be made through Paypal. Registration has already commenced and there’s an early bird special until September 12. Before you jump to the link, pause for an introduction to one of the facilitators. Emelyn Stuart of Stuart films is a producer. She produced the award winning short film “Wings and Beer”; “Heads and Tails” which made it to network TV, and she has been awarded Best Producer for her wildly successful web series “12 Steps to Recovery” at the 2011 LAWebfest. Having featured almost 100 local New York City actors, “12 Steps to Recovery” not only went viral throughout the world of New Media, this show can now be seen on the Punch TV cable network in as many as 35 million homes! This sort of exposure – and more - is what Bowen is aiming for by pushing to develop the industry. “There will be a domino effect into the areas of my concern such as-tourism, education, financial, culture and media industry. Small wins create large tidal waves,” she notes. “The need is there and I am happy to do it. Yes it comes with tears but it will pay off. Sometimes I have my reservations but I keep pressing on thanks to the encouragement received from one of the facilitators - Emelyn Stuart,” says this humble artist. If all goes according to plan, classes will be held each year, twice a year “depending on availability of the facilitators until I receive my own acting studio.”

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BusinessFocus Aug / Oct |

ENVIRONMENTAL FOCUS

JAMAICA’S CORAL GARDENS GIVE NEW HOPE FOR DYING REEFS

ith time running out for Jamaica’s coral reefs, local marine scientists are taking things into their own hands, rebuilding the island’s reefs and coastal defences one tiny fragment at a time – a step authorities say is critical to the country’s climate change and disaster mitigation plans. Five years ago, local hoteliers turned to experimental coral gardening in a desperate bid to improve their diving attractions, protect their properties from frequent storms surges and arrest beach erosion. BusinessFocus Aug /Oct

In 2014, their efforts were boosted when the Centre for Marine Science (CMS) at the University of the West Indies (UWI) Mona scored a US$350,000-grant from the International Development Bank (IDB) for the Coral Reef Restoration Project. Project director and coastal ecologist Dale Webber said his team will carry out genetic research, attempt to crack the secrets of coral spawning and re-grow coral at several locations across the island and at the centre’s Discovery Bay site. The project will also share the research findings with other islands as well as another IDB project, Belize’s Fragments of Hope.

The reefs of Discovery Bay have been studied for more than 40 years, and are the centre of reef research in Jamaica. It is also home to several species of both fast and slow growing corals that Webber says are particularly resilient.

He cautioned that the impact of “urban stressors” on the park and in surrounding communities – high human population density and high levels of run-off – makes it difficult to judge the success of the restoration.

“They have tolerated disease, global warming, sea level rise, bleaching, etc. – all man and the environment have thrown at them – and are still flourishing. So they have naturally been selected based on their resilience,” he explains.

One of the most recent projects proposed the construction of an artificial reef off the shore of Sandals Resorts International Negril, as one of many solutions to reduce beach erosion along the famous ‘Seven Mile’ stretch of the Negril coast. The National Environment and Planning Agency (NEPA) approved the construction of an artificial reef in 1.2 metres of water offshore the Resort’s Negril bay property.

A total of 60 fragments from five species of corals have been placed on the trees in the coral nursery. The five species are Orbicella annularis; Orbicella faveolata; Siderastrea siderea; Acropora palmata and Undaria agaricites. These fragments are being monitored as they grow and will be planted on the reefs. Jamaica’s reefs – which make up more than 50 per cent of the 1,022 kilometres of coastline, have over the years been battered by pollution, overfishing and improper development. In 1980 Hurricane Allen smashed them. Many hoped the reefs would regenerate, but sluggish growth caused by, among other things, frequent severe weather events and an increase in bleaching incidences due to climatic changes sent stakeholders searching for options. A massive Caribbean-wide bleaching event in 2005 resulted in widespread coral death and focused attention on continuing sand loss at some of the island’s most valuable beaches. But aside from the devastation caused by the hurricane, scientists say the poor condition of the reefs are also the result of a die-off of the sea urchin population in 1982 and the continued capture of juvenile reef fish and the parrot. Predictions are that the region could lose all its coral in 20 years. Some reports say that only about 8 per cent of Jamaican corals are alive. However, new surveys conducted by the UWI at several sites across the island show coral cover of between 12 and 20 per cent. Along Jamaica’s north coast from Oracabessa in St. Mary to Montego Bay, coral recovery projects have yielded varying levels of success. The Golden Eye Beach Club, the Oracabessa Fish Sanctuary and Montego Bay Marine Park are among those that have experimented with coral gardening. The process is tedious, as divers must tend the nurseries/gardens, removing algae from the fragments of corals as they grow. The pieces are then fixed to the reefs. The results are encouraging and many see this is an expensive but sure way to repopulate dying reefs. A combination of techniques, management measures and regeneration have boosted coral cover at Discovery Bay from 5 percent to 14 per cent in recent years. “We hope to supplement this and get it growing faster,” Webber who also heads UWI’s Centre for Marine Sciences says. At the Centre’s newest Alligator Head location in the east of the island, the aim is to increase the coral cover from the existing 40 per cent. The nurseries have also been set up at the site in Portland to compare the differences in growth rate between sites. At the NGO-operated Montego Bay Marine Park, where an artificial reef and coral nursery was established in the fish sanctuary, outreach officer Joshua Bailey reports: “There have been moderate successes. New corals are spawning and attracting fish.”

Andrew Ross is responsible for the Sandals and several other projects. A marine biologist and head of Seascape Caribbean, he explains that the Negril project lasted one year. It allowed for the study of fast and slow growing coral species and included the construction of a wave attenuation structure to determine how wave action influences sand accumulation. The coral nursery and the structures were populated with soft corals, sponges and a variety of other corals from the area. In Oracabessa, a fishing village on 16 kilometres east of the tourist town of Ocho Rios, the commitment of the fishermen who initiated the project and their private sector partners have kept the reef and replanted corals clean and healthy, demonstrating how successful the process can be in restoring the local fisheries. “The fishermen have done a beautiful job of keeping the corals alive and the fish sanctuary successful,” Ross says of the project he started in 2009. Much of Jamaica’s reefs have reportedly been smothered by silt from eroding hillsides, the algal blooms from eutrophication as a result of agricultural run-offs and the disposal of sewage in the coastal waters. The reefs are critical to Jamaica’s economy as tourism services account for a quarter of all jobs and more than 50 per cent of foreign exchange earnings. Fisheries directly employ an estimated 33,000 people. Overall, the Caribbean makes between US$5 billion and US$11 billion each year from fishing and tourism, an indication of the importance of reefs to the economies of the islands. The Restoration Project provides the CMS with the resources to undertake a series of research activities “to among other things mitigate coral depletion, and identify and cultivate species that are resistant to the ravages of the impact of climate change,” Webber says. In an email outlining the process, he notes that the project will provide “applicable information and techniques to other countries in the region that are experiencing similar challenges,” during its 18-month lifetime. Expectations are that at the end of the project, there will be visible changes in coral cover. The successes seen in Oracabessa, where fishermen report improvements in catch rates and fish sizes, and at other sites are an indication that coral gardening is working. Like Ross, Webber expects that there will be changes in coral cover at replanting sites within a three- to five-year period. ¤

BusinessFocus Aug / Oct |

ENVIRONMENTAL FOCUS

CDB SIGNS RENEWABLE ENERGY AGREEMENT WITH EU-CIF

he Caribbean Development Bank (CDB) has signed a Contribution Agreement with the European UnionCaribbean Investment Facility (EU-CIF) geared at supporting the new Sustainable Energy for the Eastern Caribbean (SEEC) Programme. This arrangement, entered into on June 8 in Brussels, Belgium is to promote the use of renewable energy and energy efficiency among the CDB’s borrowing member countries. The SEEC Programme is a multi-partner loan and grant facility with a total budget of approximately €21.4 million. The EU-CIF grant contribution of €4.45 million to the SEEC Programme will provide both technical assistance and investment grants to six beneficiary countries - Antigua & Barbuda, Grenada, Dominica, St Kitts & Nevis, St Lucia, and St Vincent & the Grenadines. The signing comes against the backdrop of the CDB making energy security a thematic focus in its current Strategic Plan, guided by the Energy Sector Policy and Strategy. In 2014, the CDB produced a study: “A New Paradigm for Caribbean Development: Transitioning to a Green Economy” which examined the merits of transitioning to increased energy efficiency and use of renewable energy. President of the CDB, Dr William Warren Smith said, “The SEEC Programme will allow CDB, in collaboration with its Development Partners, to employ innovative financing methods to advance sustainable energy solutions for six of its borrowing member countries.” She noted the programme has the potential to initiate a radical change in the energy landscape for the beneficiaries.

St Kitts and Nevis Minister of Energy Ian Liburd

ST KITTS EYES GEOTHERMAL ENERGY

By Dana Niland t Kitts and Nevis is strengthening is geothermal energy initiatives as part of its effort to expand renewable energy sources according to the Government.

St Kitts and Nevis Minister of Energy Ian Liburd pointed to plans for a feasibility study for the establishment of geothermal energy systems in St Kitts, with reference to strategies for reducing the high cost of electricity. “Geothermal development is a key factor, as well as moving forward to establishing such a resource on St. Kitts, without retarding the progress of the geothermal development on Nevis,” he stated.

“It could become a model for the rest of the Caribbean; and the lessons learned from this Programme can inform the creation of expanded facilities for the benefit of all of the borrowing member countries of CDB,” Dr Smith stated.

After years of stops and starts on its own geothermal project, Nevis has passed the exploratory drilling stage of the geothermal development process, and the Government is now in the midst of revising the energy policy to meet the current demands of the various stages of the process, it said.

The signing was a side-event to the second EU-CELAC/8th EU-LAC Summit held June 9 – 11 under the theme: “Shaping our common future: working for prosperous, cohesive and sustainable societies for our citizens”.

“The Government is looking at the legislation and bringing it up to speed to deal with feeder tariffs, geothermal development and other renewable energy resources,” Liburd said.

The EU-CELAC summit brought together European, Latin American and Caribbean leaders to strengthen relations between both regions. ¤ BusinessFocus Aug /Oct | 78 BusinessFocus Aug /Oct | 78

The country has been at the forefront of the region’s green energy movement, from a solar-powered airport in St Kitts to a wind farm in Nevis.¤

JAMAICA’S US$236 MILLION GREEN ENERGY TRANSFORMATION

amaica’s US$236 Million Green Energy Transformation Jamaica is going green in a big way with a number of green energy projects either underway or set to launch on the island, to the tune of $236 million USD, according to Energy Minister Phillip Paulwell. These include the ongoing Wigton Wind Farm expansion project in Manchester, valued at $50 million; a $90 million wind farm project by US firm BMR Energy in St Elizabeth; a $36 million hydropower plant in St Elizabeth and a $60 million solar energy plant in Clarendon. “Already, we find that there is growing interest in the use of energy saving and energy-efficient devices,” Paulwell said. “This enthusiasm is gathering momentum, especially in the wake of the significant cost reduction, resulting from the Government’s removal of taxation on energy-efficient devices, while encouraging the use of renewable energy.” The government itself is also implementing a $20 million project aimed at conserving energy use, Paulwell said.

BusinessFocus Aug / Oct |

ENVIRONMENTAL FOCUS

CARIBBEAN TO INCREASE RESILIENCE TO CLIMATE CHANGE THROUGH US$10M GRANT

PM Browne and Japanese Vice-Minister for foreign affairs, Takashi Uto Sign Agreements for Grant Aid

ANTIGUA-BARBUDA AND JAPAN SIGN AGREEMENTS FOR GRANT AID

ntigua and Barbuda Prime Minister Gaston Browne, on the eve of his Antigua and Barbuda Labour Party’s (ABLP) first anniversary in office on June 12, signed two grant aid agreements in the areas of fisheries and disaster reduction with Japanese Vice-Minister for Foreign Affairs, Takashi Uto. On the margins of the ABLP’s anniversary retreat, Browne and Uto signed a fisheries equipment improvement project and a disaster reduction provision of equipment support grant aid agreement following discussions on a wide range of issues, including United Nations Security Council reform, UN Human Rights Council and climate change. Browne said Antigua and Barbuda values its relations with Japan, as over the years the government of Japan has assisted the country particularly in the areas of fisheries, JICA training for government workers and the grassroots human security projects. He also thanked Japan for removing the per capita criteria regarding eligibility for grant aid following his discussions with Prime Minister Shinzo Abe last year. Uto, who visited Antigua for the 16th ministerial meeting of the Organisation of Eastern Caribbean States (OECS) on the sustainable use of living marine resources said that Japan is looking forward to strengthening the relations that exist with Antigua and Barbuda and is prepared to consider providing assistance to the country in the provision of equipment and other resources to develop a deep sea fishing industry.¤ BusinessFocus Aug /Oct

aribbean countries will increase their resilience to climate change by enhancing the adaptive capacity across the region through a US$10.39-million grant from the InterAmerican Development Bank (IDB).

The IDB said the funds were approved with support from the Pilot Programme for Climate Resilience (PPCR) of the Climate Investment Funds. The project is to be executed by the Mona Office of Research and Innovation (MORI) of the University of the West Indies (UWI) in Jamaica. It will be co-implemented by regional organisations working on climate change in the region, including the Caribbean Community Climate Change Centre; Caribbean Institute for Meteorology and Hydrology, Climate Change Studies Group of UWI, Caribbean Public Health Agency, Caribbean Agricultural Research and Development Institute, and the Caribbean Regional Fisheries Mechanism. “The project is the implementation of the PPCR...and it will help the Caribbean region improve regional processes of climaterelevant data acquisition, storage, analysis, access, transfer and dissemination, and pilot and scale up innovative climate-resilient initiatives directly in PPCR countries - Jamaica, Haiti, Dominica, Grenada, St Lucia, and St Vincent and the Grenadines,” the IDB stated. “However, it is expected that the region as a whole will benefit from the improved capacity and increased information and services related to climate change.” It said the project will focus on improving geospatial data and management for adaptation planning, sea level rise and storm surge impact analyses; consolidating and expanding the regional climate network and global platform linkages; as well as downscaling and expanded climate projection models and high-resolution maps. “There will be a strong emphasis on disseminating the lessons learned and information generated from the implementation of the project activities, as well as the information related to the benefits of the PPCR approach in building climate resilience to countries in the Caribbean,” the IDB said, noting that as a result of this programme, the Caribbean will build on its historical regional approach to addressing the impacts of climate change and strengthen adaptation efforts across the region.¤

Minister of Agriculture Raymond Ryan

CATS AIMS TO SUSTAINABLY MANAGE MARINE AREAS IN SVG

nvironmental groups in St Vincent and the Grenadines have taken steps towards drafting legislation that will help to sustainably manage marine areas in this country.

Some weeks ago, a one-day conference on the Caribbean AquaTerrestrial Solutions (CATS) was held at Sunset Shores with various stakeholders to discuss the issues and challenges related to managing marine areas. CATS is a project being implemented in countries within CARICOM and is being implemented by the Caribbean Public Health Agency (CARPHA), the Environmental Health and Management Unit and the German Development Cooperation. In brief remarks at the event, director of National Parks, Rivers and Beaches Andrew Wilson outlined the objectives of the second phase of this project. “We are actually the last Caribbean country that is a part of the project who is actually conducting this legal and institutional framework conference,” Wilson revealed. “The overall objectives of the CATS 2 programme is to provide the management of existing marine protected area in selected CARICOM member states.” Wilson revealed that the St Vincent and the Grenadines project site was the South Coast marine area. He noted that it is one of 10 marine areas in this country and is the only conservation marine area on the mainland.

The CATS specific objective with respect to the St Vincent and the Grenadines South Coast marine conservation is twofold. The official added, “First of all, the development of a management plan for the South Coast marine area based on stakeholder participation involvement, and secondly to operationalise the marine park and the marine management area with sustainable financial mechanisms in place.” Legal consultant Danielle Andrade facilitated most of the presentations done at the conference. She noted that while the discussion focuses on the South East marine coastal area, anything outlined and discussed within strategic action can be implemented in other marine areas. “We will be discussing in particular, strategic recommendations in a plan of action that will outline where some of the key priorities and steps can be taken to improve the legal and organisational frame work for managing marine areas on St Vincent and the Grenadines,” Andrade said. Permanent secretary in the Ministry of Agriculture Raymond Ryan highlighted the importance of marine management strategies, as they may be used to protect habitats and life stages common among marine species. Ryan noted that the South Coast marine area is used for many purposes and is home to an endemic seahorse and endemic reef fish. “There are several marinas, many hotels and restaurants, several historical and cultural sites. The heavy use of the site has been linked to the defiling eco-system health as a result of overfishing, anchor damage, solid waste discharges, black water and grey water pollution and sediment,” he said. The permanent secretary stressed an urgent need for the management of activities which can impact negatively on the south coast eco-system. BusinessFocus Aug / Oct |

TOURISM FOCUS

ANTIGUA & BARBUDA AWARDED DURING CARIBBEAN WEEK 2015

ntigua & Barbuda copped two prestigious awards at Caribbean Week 2015 in June during Caribbean Tourism Organisation’s (CTO) ‘Media’ day displaying a unified, powerful presence at the ‘Media Market’.

The country won the CTO Travel Media Award for Best Online Feature, beating out the other 119 entries; and the other award was for being one of the Caribbean’s Top 10 Traveler’s Choice, voted for by TripAdvisor - the world’s largest travel site with more than 60 million members and 170 million reviews and opinions of hotels, restaurants, attractions and other travelrelated businesses.

international level that reaches an audience of millions. Now in its 42nd year, the week-long event, organised by the CTO, showcased the sights, sounds, colours, culture and unique experiences of the Caribbean. It is a unique platform to interact with Caribbean tourism officials, the media, artists, performers, celebrity chefs, investors and stakeholders particularly in combining business sessions and consumer-oriented events. Antigua & Barbuda was the only country to have a double-booth at Caribbean Week, resulting in incredible interest from the media in attendance.

Antigua & Barbuda was presented with the Best Online Feature or ‘Virtual Visitor’ Award that was won by Luisita Lopez Torregrosa from The New York Times for her online feature piece, “Seeing the Whole of Antigua.”

The Caribbean Media Awards Luncheon, held at the Wyndham New Yorker hotel, recognises media for positive coverage of the Caribbean and for influencing their readers to travel to the Caribbean.

On hand to accept both awards on behalf of the nation were Antigua and Barbuda Tourism Authority (ABTA) CEO, Colin C. James and Tourism Consultant in the Ministry of Tourism, Shirlene Nibbs.

Awards are presented in nine categories in addition to the ‘Best in Show,’ winner.

Caribbean Week is the largest, most engaging regional tourism activity in the greater New York and US market, and typically attracts thousands of participants resulting in extensive media coverage of the various events at a local, national, and

In addition to the awards ceremony, the CTO held the ‘Media Market,’ a two and a half hour open forum for media to attend, allowing them to network with the different participating regions, and receive the latest destination updates directly from the country representatives. ¤

BVI’S TORTOLA PIER PARK SET TO OPEN FOR 2015 CRUISE SEASON BY DANA NILAND The British Virgin Island Ports Authority says it expects “substantial completion” in its Cruise Pier Development Project by Oct. 31. The company announced the date in a release, citing cooperation and support from partner cruise lines and the Florida Caribbean Cruise Line Association. By that date, BVI Ports Authority (BVIPA) projects it will have completed 10 of the 11 leasable buildings of the landside development, Tortola Pier Park (TPP), a modern cruise pier facility that will offer world-class, environmentally-sustainable development. There are 54 businesses are currently committed and approved for lease within TPP, including jewellery, footwear, clothing, BusinessFocus Aug /Oct | 82 BusinessFocus Aug /Oct | 82

souvenirs and leather goods stores, as well as food and beverage vendors, a post office, medical services, and more. “The BVI Ports Authority looks forward to substantial and actual completion of this project when the substantial benefits under Berthing Agreements would mature and be derived,” said Claude Skelton Cline, Managing Director of the BVIPA. The rate of progress is in line with objectives established for the commencement of cruise season on October 1, at which time Norwegian Cruise Line will be required an increased head charge of $15 as opposed to the current rate of $7 per person, the BVIPA said.

ABTA’s Chief Executive Officer (CEO), Colin James

ANTIGUA & BARBUDA TOURISM LAUNCHES

“PRIX FIXE ‘UR SUMMER”

he Antigua and Barbuda Tourism Authority (ABTA) North America has launched “Prix Fixe ‘Ur Summer,” a promotion capitalising on the ever-popular prix fixe menu across fine dining restaurants in North America.

The destination is however taking this staple a step further by including all-resort-summer packages and tours and attractions specials under the same offer. The new cost savings campaign will be available to visitors during the months of June through September and seeks to position Antigua & Barbuda as a fun escape for families who are seeking value when planning their summer vacation. “As summer is traditionally a heavy travel period for families, the two things synonymous with Antigua & Barbuda’s ‘Prix Fixe ‘Ur Summer’ promotion are value and cost savings. We are confident that our clients will make wise choices by switching their plans and escaping to Antigua & Barbuda this summer,” said Marie Walker, vice president of Sales and Marketing North America. The campaign will take on a multi-channel, integrated, marketingcommunications approach that will include driving awareness and engagement across traditional and non-traditional platforms to include direct-to-consumer initiatives with partners such as Trip Advisor, travel agent outreach, public relations and a strategic social media campaign. The “Prix Fixe ‘Ur Summer” programme will be hosted on the newly launched www.AntiguaBarbudaBuzz.com website which focuses on enticing, engaging and informing savvy consumers and travel agents by offering up-to-date information on the destination and includes on-going offers that will attract visitors. More than 15 participating vendors have signed on to the initiative and have offered lower rates and a variety of discounts to visitors.

Walker added, “This promotion would be of even greater value to existing clients who would recognise the great savings on their ‘tried’ and ‘enjoyed’ favourites on island.” The official also confirmed, that “Prix Fixe ‘Ur Summer” is in keeping with the ABTA’s commitment to building public/private sector programmes that will stimulate business and reap greater returns on investment. And she noted initiatives such as this are the way forward in a highly competitive environment and called for all stakeholders to work together in creative and innovative ways. ABTA’s Chief Executive Officer (CEO) Colin James endorsed the collaborative effort. “The ABTA recognises that the travel industry is constantly evolving and in order to increase arrivals and create repeat visitors to the island, we must continue to be strategic in order to remain competitive,” James said. The ABTA official continued, “We definitely see this initiative being of great value to the destination, especially during the slow season. We have to commit to creating programmes that will entice visitors to our shores not just during the winter season, but all year round. The ABTA is fully supporting the ‘Prix Fixe ‘Ur Summer’ programme and looks forward to more initiatives of this magnitude and approach.” Visitors to the www.antiguabarbudabuzz.com website will have access to a list of offers from each participating vendor and details on how to book these specials and packages.¤

BusinessFocus Aug / Oct |

TOURISM FOCUS

TOURISM PARTNERS DUB SHOWCASE ANTIGUA BARBUDA A SUCCESS

ntigua and Barbuda’s Tourism Industry partners are expressing enthusiasm about the new business prospects for tourism in Antigua and Barbuda following a well-executed ‘Showcase Antigua Barbuda’ that promoted the destination to travel partners from the United Kingdom, Europe and North America, in early-June.

the best groups of product managers we have had on island for many years. The hoteliers have had very full meeting schedules, and have taken advantage of the one-on-one meetings where discussions would have centered on ensuring that the hotel product was carried in as many tour operator programmes as possible, and on ways to boost visitor numbers to the islands.”

Thirty-seven visiting Tour Operator delegates as well as close to 50 exhibitors consisting of hotels, villas, tour companies, airlines and destination management companies attended the Trade Show organised by the Antigua Hotels & Tourist Association (AHTA) in partnership with the Antigua and Barbuda Tourism Authority (ABTA), and held in The Hangar at the Executive Business Centre at the VC Bird International Airport.

Antigua and Barbuda’s business from the UK continues to be strong, with UK tour operators reporting a 15 to 20 per cent increase for 2015. Hayes and Jarvis, one of the world’s leading luxury tour operators and a member of the TUI Group, has also reported for the first time that Antigua has taken the top spot ahead of Barbados and St Lucia.

The hangar, transformed with booths, representative of suppliers was filled with tropical palms, wedding gazebos, island safari jeeps, helicopters, locally produced products and more as the exhibitors put on grand displays to welcome their visitors. The ABTA and the Ministry of Tourism delegation at Showcase Antigua Barbuda was led by: Permanent Secretary in the Ministry of Tourism Paula Frederick-Hunte, Chairman of the ABTA Rohan Hector, UK & Europe Vice President of Sales and Marketing, Jean-Marc Flambert and North American Vice President of Sales and Marketing, Marie Walker. Hoteliers in attendance described Showcase Antigua Barbuda, as a “stunningly successful and exceptionally executed event” enabling relationship building with travel partners and allowing a number of local tourism businesses to have direct and easy access to new partners from the various markets. General Manager of the AHTA, Neil Forrester said, “This is one of BusinessFocus Aug /Oct

New business from Europe is expected with Italian tour operator, Konrad Travel and Finland operator, Aurinkomatkat, reporting that they will begin selling the destination for the 2015/2016 Winter Season. In the US and Canada, tour operators are optimistic about the product, having journeyed to the destination as part of the North American Offices’ aggressive familiarisation trip programme which will bring close to 100 agents to the destination before the end of the summer. The tour operators expressed commitment to the destination, with Expedia indicating their desire to increase their inventory of hotels and villas on island from 84 to 100. The ABTA chairman said: “We should see numbers pick up for the destination. Our tour operator partners are offering positive reviews on our destination, hotels and product. From all reports coming out of our major markets we should expect an increase in consumer demand.” ¤

ANTIGUA GOV’T SAYS VISAFREE TRAVEL TO CANADA STILL IN EFFECT

Charles Fernandez, Minister for Foreign Affairs and International Trade

he Ministry of Foreign Affairs and International Trade has advised that the Canadian Electronic Travel Authorization (eTA) is a new entry requirement for visaexempt foreign nationals travelling to Canada by air.

The Ministry noted citizens of approximately 58 countries, to include Australia, Austria, Barbados, Federal Republic of Germany, Japan, New Zealand, Portugal, Spain and Singapore whose citizens do not require a visa to enter Canada will as of March 15, 2016, require an Electronic Travel Authorization (eTA) before travelling to Canada. “The authorisation is electronically linked to your passport and is valid for five years or until your passport expires. The eTA is not a visa requirement but a simple travel authorisation system that will allow for smooth immigration processing on arrival in Canada,” the ministry stated. Therefore, the eTA does not affect the visa free entry that nationals of Antigua and Barbuda are currently afforded. According to information posted by the Department of Citizenship and Immigration website of Canada, the eTA Program is a key commitment of the Perimeter Security and Economic Competitiveness Action Plan and will mirror the current U.S. Electronic System for Travel Authorization (ESTA) Program to ensure a common approach to screening travelers outside the North American perimeter. The Ministry has been advised that starting August 1, 2015, affected travelers to Canada will be able to apply for an eTA through an online application process. In the vast majority of cases, eTA applications will be approved through an electronic processing system within minutes and will cost $7.00 Canadian dollars. Additional information can be obtained from the Department of Citizenship and Immigration Canada website at CIC-eTAAVE@cic.gc.ca. Additional information is also available on the Canada Gazette website: http://canadagazette.gc.ca/rp-pr/ p2/2015/2015-0422/html/sor-dors77-eng.php. For further clarification, persons may contact the Ministry of Foreign Affairs and International Trade at telephone number 128 462-1052..¤

ROYALTON RESORT TO BE BUILT IN ANTIGUA

The Honourable Gaston Browne, Prime Minister of Antigua and Barbuda & Stephen Hunter, CEO & president, Sunwing Travel Group

oyalton Luxury Resorts, a division of the award winning Canadian-based Sunwing Travel Group, plans to open a 500-room all-inclusive resort at Deep Bay, Antigua.

Construction is expected to begin this summer on the Royalton Antigua Resort & Spa as well as a residential complex with more than 200 condominium units. Opening is scheduled for 2017. . The $400 million development is expected to generate 2,000 new jobs and will represent a “massive injection to the economy,” according to Tourism Minister Asot Michael. Prime Minister Gaston Browne said, “We are very pleased with this new partnership and what it means for the people of Antigua/ Barbuda,” adding that “tourism is vital to our economy and this partnership secures significant growth in revenue and jobs for the years to come”. Sunwing Travel Group, North America’s largest vertically integrated travel company, will also be using its subsidiary Sunwing Airlines to add new flights from key source markets which are expected to represent 30,000 incremental visitors to the island in the first year of operation. Meanwhile, NexusTours, the Group’s full service destination management company, is also on board to support this tourism revitalisation through the promotion and sale of local excursions and attractions. The announcement was made at an event hosted by the Antigua and Barbuda Tourism Authority (ABTA) during the Caribbean Tourism Organization’s (CTO’s) Caribbean Week which took place in New York in June. More than 180 tourism representatives, travel agents and investors attended the event, including actor Robert De Niro, who has been named special economic envoy for Antigua & Barbuda. De Niro and a partner, Australian billionaire James Packer are developing a resort on the site of the former K Club on Barbuda.¤ BusinessFocus Aug / Oct |

TOURISM FOCUS

St Lucia’s Prime Minister Dr Kenny Anthony

t Lucia’s Prime Minister Dr Kenny Anthony said the island is not prepared to invest in the cash-strapped regional airline, LIAT, and called on its shareholder governments to bite the bullet and put in place policies that would ensure the financial viability of the Antigua-based carrier. “This is not a question of governments making sacrifices, it is also a question of LIAT, its employees and its pilots also making sacrifices for the future of LIAT,” Dr Anthony said. LIAT is owned by the shareholder governments of Antigua & Barbuda, Barbados, Dominica and St Vincent and the Grenadines. The four regional governments have been appealing to other Caribbean Community (CARICOM) governments to invest in the airline that services 17 destinations. Those countries and LIAT itself are now involved in upgrading the fleet with a loan from the Barbados-based Caribbean Development Bank (CDB). Dr Anthony, speaking at the recent CARICOM summit in Barbados, said that his island has suffered “greatly under the new regime” that the airline is now applying. “Our citizens enjoy fewer flights, we have also had reports in some countries our citizens are being discriminated against, and they are told by LIAT staff in some of those airports that they cannot assist them because the government of St Lucia does not invest in LIAT. “That kind of behaviour is totally unacceptable, unwarranted. St Lucia is an important destination for LIAT, but I do not believe that

BusinessFocus Aug /Oct

ST LUCIA NOT PREPARED TO INVEST IN REGIONAL AIRLINE kind of pressure should be exerted on St Lucia merely because St Lucia does not invest in LIAT. “The fact of the matter is that we are spinning top in mud and as much as I would want to see a strong viable regional carrier, it cannot be at all costs, meaning that you in invest solely because it is a regional carrier. “There has to be more to it than that,” Dr Anthony said, adding “the reality of the situation is this LIAT may never seriously earn a significant profit, but that is no excuse to ensuring that inefficiency continues.” Prime Minister Anthony said the airline needs to be transformed to ensure that it is far more efficient “that it is operated strictly on appropriate financial formula that ensures losses are curtailed and efficiencies are gained. “I believe that if these things can happen that the future of LIAT will be different, but I am not going to be goaded into supporting LIAT for purposes of nostalgia.” Dr Anthony said he has also “made it very clear” that if the governments of the region are going to provide marketing support to other external airlines to fly in passengers into the Caribbean “then it would be discriminatory for that to happen but we are not extending support to LIAT, but the fact of the matter is that LIAT itself must undergo transformation to be able attract investment by the government of St Lucia.”¤

BusinessFocus Aug / Oct |

HEALTH & WELLNESS

Soursop – the Miracle Healing Fruit

How Soursop, Also Known as Guanabana, Fights Cancer

oursop - A tropical fruit widely available and very popular in the Caribbean (which is also known as Guanabana) contains powerful healing properties that fight cancer and other diseases. Some people say that Soursop is so effective for medicinal purposes that it’s a miracle fruit. The Soursop is an evergreen broad leaved tree whose every part is useful and has medicinal properties. Recently, it has gained attention and popularity due to its natural cancer cell killing properties. Apart from its anti- cancer properties, it has several other medical benefits. A Sweet Fruit Soursop is a large green, spiky fruit with white pulp that grows in tropical regions, such as the Caribbean, Central America, Mexico, Cuba, and northern South America. This fruit is extremely delicious with a sharp aroma and a sweet-sour taste which is basically a combination of the taste of pineapple and strawberry. The fruit’s sweet flavour makes it a popular choice for people to use as juice and in smoothies, sherbert, ice cream, and candy and many other kitchen applications. While Soursop’s seeds are edible they can be toxic to people who consume too much of them, people can safely eat the white flesh of the Soursop fruit after removing the seeds. Healing Properties Not only does Soursop taste good (despite its name), but it’s also useful in treating and healing a wide array of medical problems, say people who use it for medicinal purposes. Soursop contains antimicrobial ingredients that can clear up fungal infections, bacterial infections, and intestinal parasites. People have also used Soursop to lower blood pressure and treat depression and stress. Miraculous Cancer Foe? But the reason why some people consider Soursop a miraculous fruit is that it seems to be powerfully effective at treating Cancer. BusinessFocus Aug /Oct

While more research and clinical trials are needed to determine exactly how and why Soursop fights Cancer, some laboratory tests have shown it to be up to 10,000 more times effective than traditional chemotherapy drugs at slowing the growth of cancer cells, said a guide at Florida’s Fruit and Spice Park, which grows tropical plants to study. Soursop does even more than slow down cancer cell growth; it seems to be miraculously effective at killing cancer cells, as well. What’s particularly exciting to researchers is that soursop compounds target just cancer cells for destruction while leaving healthy cells unharmed in laboratory studies, such as those conducted at the Catholic University of Korea. Since traditional chemotherapy kills many healthy cells along with cancer cells, being able to selectively target just cancer cells would be a huge step forward in cancer treatment if a drug derived from Soursop is eventually produced and approved for use in cancer patients. Soursop Leaves Soursop leaves are considered the most beneficial parts of this tree. They have the Acetoginin containing compounds namely bulatacin, asimisin and squamosin. Acetoginin acts as an antifeedent. Scientific research conducted by The National Cancer Institute has proved that Soursop leaves can effectively attack and destroy cancer cells. In addition to this, they are also used in the treatment of several other diseases. Soursop leaves are rich in several compounds including protein, calcium, fructose, fat, vitamins A and B and the like. Thus, the leaves have excellent medicinal properties making them usable as an ingredient in several herbal health products. Compounds from Soursop leaves seem to be especially powerful against certain types of Cancer -- lung, prostate, and pancreatic -- according to a Purdue University research study. Elders of the Caribbean have long been using Soursop for generations as a remedy for a variety of ailments. ¤

UN AGENCIES URGE C’BEAN GOV’TS TO IMPOSE MEASURES TO CURB ALCOHOL CONSUMPTION

wo United Nations health organisations are calling on Caribbean governments to implement measures that would curb the consumption of alcohol after a new study found that alcohol consumption in the Americas is higher on average than the rest of the world. “There are many actions that governments can take to control access to alcohol, including government monopolies, limiting hours and days of sale, and enforcement of minimum purchasing ages,” the Pan American Health Organization and the World Health Organization (PAHO/WHO) say after releasing the findings of a Regional Status Report on Alcohol and Health in the Americas. “Limiting availability, restricting marketing, and increasing prices through taxation are three of the “Best Buys” recommended by the WHO to reduce the burden of non-communicable diseases through cost-effective interventions. “These policies, along with measures to counter drinking and driving, are part of WHO’s Global Strategy to Reduce the Harmful Use of Alcohol. A number of other effective actions also exist, and countries should prioritize as many of these interventions as possible,” the two UN agencies said. They said that rates of heavy episodic drinking (HED) have risen in the past five years, from 4.6 to 13 per cent among women and 17.9 to 29.4 per cent among men. They said alcohol led to approximately one death every 100 seconds, on average, in the Americas in 2012 and that it contributed to more than 300,000 deaths in the region, with more than 80,000 of those involving deaths that would not have occurred had alcohol not been consumed.

“Alcohol use contributes to more than 200 diseases and injuries, including cancers, HIV/AIDS, and various mental disorders. Alcohol was the cause for more than 274,000,000 years of healthy life lost in the Americas in 2012. About 5.7 per cent of the region’s population reported suffering from an alcohol use disorder, although the number is likely higher.” The two UN organizations also noted that the report stated that alcohol is the leading risk factor for death and disability among people aged 15–49 in the Americas and worldwide. “This is the age range in which people are typically at their most productive. A 2006 US study estimated that the harmful use of alcohol cost that country approximately US$224 billion (an average of $750 per person), 72 per cent of which was attributed to lost workplace productivity. “Other substantial costs to society exist, including when drinking leads to arrest, property damage, job loss, or health service visits.” They warn that as countries in the Americas, including those in the Caribbean, develop economically,” we can expect to see an increase in alcohol consumption and related harms in the absence of effective policies to prevent them. “Evidence also suggests that the socioeconomically disadvantaged often experience more harm from the same levels of consumption than their wealthier counterparts, possibly due to the lack of access to health care resources or greater social exclusion.” The UN agencies note that in most countries of the Americas, alcohol is produced and sold by private entities, and governments may or may not regulate and monitor these activities in the interest of public health. They said alcohol marketing restrictions are likely to have a large impact on women, who are less prone to have started drinking than are men, and an even greater effect on youth, who are more susceptible to advertising. “Total bans are the most effective type of marketing regulation and are relatively inexpensive to enforce,” PAHO/WHO said, adding that reducing the affordability of alcohol has an effect on all aspects of drinking, including prevalence of drinking, frequency, and intensity of consumption, as well as on many of the consequences of excessive drinking. “Alcohol taxes are an efficient way to raise government revenue. They require relatively little additional enforcement mechanisms and the revenues can be used to provide health and social services, further improving equity at the population level.”¤ BusinessFocus Aug / Oct |

MAJOR MOVES

With over 20 years experience in Hotel and resort Management in Canada and the Caribbean, Sandals Halcyon Beach Hotel welcomes Christopher Elliott to its helm as General Manager.

Manager for IGY Rodney Bay Marina. Mathurin also served on the Yachting, Ferry and Cruise Sub-committee and Atlantic Rally for Cruisers committee of the Saint Lucia Tourism Board (SLTB). Mathurin’s specialization and experience in Customer Relationship Management, Mass Event Planning, Sales and Marketing, provides an ideal platform for the efficient and effective functioning of CARILEC’s Marketing and Member Service Department.

Elliott was previously the Hotel Manager at Sandals Grande Antigua and Sandals Regency LaToc. He has also held the position of General Manager of Sandals Carlyle in Montego Bay, Jamaica during his almost 10 years with the company.

Gale Jean Baptiste – Head of Human Resource, OECS

Speaking of his goals previously when he was first transferred to Antigua last year, he said, “My ultimate goal is to see the performance in terms of scores and occupancy stay consistently high. I want us to be able to run at full house in the summer months (which is traditionally the slower months) and this can only be achieved by having consistent high service levels and feedback.”

Gale JeanBaptiste is a strategic, commercially driven, senior Human Resource (HR) leader. During her 20 year career in HR, she has held several leadership positions within global organisations such as Yahoo! and British Petroleum, as well as several small to medium size businesses. She has a reputation for developing and managing high performing HR teams across Europe, the Middle East and the Americas and has spearheaded major HR initiatives driving significant change within multifaceted corporations.

Alana Mathurin has been appointed to the position of Marketing and Member Services Manager at Caribbean Electric Utilities Services Corporation (CARILEC). She holds a Bachelor’s Degree in Management from the University of Wales and is a Certified Business Professional in Marketing, a certification from the International Business Training Association in Dubai. Prior to joining CARILEC, Ms. Mathurin worked in the Maritime Sector, in the capacity of Marketing, Sales and Events BusinessFocus Aug /Oct

Gale’s last assignment was Head of HR for Yahoo! Middle East where she spent 4 years integrating recently purchased Maktoob.com into Yahoo’s global business. With HR responsibility for Egypt, Jordan, Saudi Arabia, Kuwait and Dubai she worked as part of the Yahoo! Middle East Leadership team to grow and exceed business results. Prior to this, she headed Talent Acquisition and its related HR Programmes, including Reward & Compensation, Talent Development and HR Business Partners across Europe. She managed a team of just over 30 employees across nine counties.

Gale obtained a fellowship to the Chartered Institute of Personnel Development in 2005 and holds a Post Grad in Human Resources.

Chairmanship of the Monetary Council of the Eastern Caribbean Central Bank (ECCB) was transferred to the Honourable Council Member for Anguilla Victor F Banks, during an official ceremony on July 24 at the La Vue Resort, Anguilla. Chief Minister Banks succeeded Chairman, The Honourable Council Member for St Vincent and the Grenadines Dr Ralph Gonsalves,. The Monetary Council is the highest decision making authority of the ECCB and comprises the eight Ministers for Finance of the ECCB member governments. Chairmanship of the Council is rotated alphabetically each year among the eight ECCB member countries: Anguilla, Antigua and Barbuda, The Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, Saint Lucia and St Vincent and the Grenadines. Following the Ceremony, the Council convened its 82nd Meeting where received the ECCB Governor’s Report on Money and Credit Conditions in the Eastern Caribbean Currency Union.

MAJOR MOVES mechanisms for social dialogue in order to promote collective action and meet the challenges of productivity, informality, inequality and social exclusion. New ILO Regional Director for Latin America and the Caribbean

Prior to assuming this role as ILO director, Salazar served as Assistant DirectorGeneral of Policy, at ILO headquarters in Geneva, Switzerland.

The new Director of the International Labour Organization (ILO) for Latin America and the Caribbean, José Manuel Salazar Xirinachs said it is important to promote inclusive growth and creating more and better jobs, as a means to close the productivity gaps and reduce inequalities in the region.

His work covered areas such as employment policies, enterprise development, vocational training, labour market analysis, employment services, the transition from informality to formality, the relationship between trade and employment, promotion of youth employment, and related topics.

In summarizing his vision of the major challenges of the region, Salazar, who took office on June 1, said this is critical as a short-term policy in the current economic slowdown, as much as it is for the longterm. “Inclusive growth must be high and sustained for decades. It has a broad base of dynamic sectors that create productive employment, reduce poverty and informality. That is the way to move towards a future of greater prosperity and social justice,” Salazar said. He added, “The economic and social achievements of the past decade will not be sustainable under current policies. It will require us not only to redouble our efforts, but also to adjust growth and policy models to maintain the achievements and avoid a reversal,” he added. The Regional Director said that the economic slowdown will, without any doubt, impact labour markets in 2015 and in the years to come. Salazar stressed that a priority of his leadership for the ILO Regional Office will be to contribute to the promotion of a productive transformation that allows for more broadly diversified economic growth, generation of more and better jobs, a reduction of informality and poverty, leading to a more inclusive and sustainable society. He said it will also be important to help remedy the deficit of institutional

Prior to joining the ILO, Salazar served as Director of the Trade Unit of the Organization of American States (OAS) in Washington from 1998-2005.

The Caribbean Hotel & Tourism Association (CHTA), at the Annual General Meeting (AGM), has elected Karolin Troubetzkoy president-elect for the 2016-18 biennium. She will spend the next year working closely with current CHTA President Emil Lee before taking office in June 2016. Troubetzkoy currently is First Vice President of CHTA, President of the St. Lucia Hotel and Tourism Association and Executive Director, Marketing and Operations of Anse Chastanet and Jade Mountain Resorts in St. Lucia.

Troubetzkoy was elected by acclamation at CHTA’s AGM which was held in conjunction with the annual “Taste of the Caribbean” culinary competition in Miami. “The CHTA membership made a great choice in selecting Karolin Troubetzkoy as the president-elect,” said Lee. “She has been a leader within the Bulgaria Appoints Honorary Consul To St. Lucia hotel and tourism industry and has shared her expertise in marketing Antigua & Barbuda and hotel operations as part of CHTA’s In early June, Bulgaria’s government gave volunteer leadership which have helped the green light to Antigua & Barbuda to move the association forward,” Lee added. open an honorary consulate in Sofia. And, Law Professor Dr Ivan Todorov will “I am honored to be selected as president-elect of CHTA and look forward be the honorary consul of the country. to working with current president Emil The government said the appointment of Lee,” said Troubetzkoy. “I will continue an honorary consul is expected to enhance to work with the CHTA leadership on contacts with Antigua & Barbuda and the evolution of our Association and contribute to the development of bilateral to strengthen the National Hotel and Tourism Associations across the region,” relations in areas of mutual interest. she added. With tourism being the main source of revenue of Antigua and Barbuda’s Troubetzkoy has served as President economy, the relationship with Bulgaria of the Saint Lucia Hotel and Tourism opens up new opportunities for both Association (SLHTA) since 2010 where she been instrumental in the successful tourism and trade, among other things. implementation of a hotel booking The Bulgarian Cabinet approved the engine for the association as well as opening of the consulate, which will be the launch of a Saint Lucia Tourism Enhancement Fund. based in the capital city Sofia. BusinessFocus Aug / Oct |

events 2015 CARIBBEAN ASSOCIATION OF PHARMACISTS - 35TH ANNUAL CONFERENCE CARILEC Engineering and Occupational Health & Safety 09 – 16 August, 2015 at the Guyana Marriott Hotel, Georgetown, Guyana The Caribbean Association of Pharmacists is a network of care providers dedicated Conference to improvingJuly the health and well being of people. The association achieves this by 26th—29th, 2015, Atlantis Paradise Island Resort in Nassau, Bahamas fostering a culture of continuous learning and improvement among the membership This event is organized for the professionals in the field of Engineering, Health in pursuance and of the advancement of theThe profession aspire Safety and Disaster. theme of of Pharmacy. this year’sMembers conference is “Engineering for to practice Pharmacy with a social conscience and commitment to the growth and sessions will Safety and Sustainability: A World of Opportunities”. The conference developmentalso of the peopletopics of thesuch Caribbean. The year’s ‘The Pharmacist -A include as ‘Embracing thetheme visionisthrough new technologies’, ‘Grid Vital Link in Analytics: Providing Technologies Quality Healthand Care’. applications’, ‘Power System Planning and Engineering For further info: http://www.cap-pharmacists.com/ Modeling Tools’, ‘Demystifying the Smart Grid’, ‘OHS Management Systems and International Standards’, etc. Dr. Henry Cloud, Clinical Psychologist and Leading Consultant will head the webcast on July 26th CARIBBEAN HOSPITALITY INDUSTRY EXCHANGE For further info: http://www.carilec.org/

FORUM, CHIEF CANTO 2015 - 31st Annual Conference and Trade Exhibition

2-4 October, July 2015, El Conquistador Puerto Rico 26-31, 2015, Hyatt Resort, Regency, Miami, Florida CHIEF 2015CANTO is offering2015 the platform to learn expenditure reduction andLives enhance will focus on the theme “Improving through Broadband revenues in aInnovation”. new way. It offers innovative educational including sessions lead by multi-industry Caribbean ICT stakeholders, CANTO members, are expected experts, an interactive tradeinshow showcasing the Caribbean’s best vendors, andThese discussions to be involved important discussions that will take place in 2015. engaging industry roundtables with one-on-one discussions with our knowledgeable will play a very important role in obtaining information and statistics that will show panelists. Their educational tracksin(Operations, SalesInAnd Marketing, and 2015 Go Green clearly the situation the Caribbean. addition, CANTO will showcase an & Improve Profitability) will cover gamut of howthe to run your business in exhibition which boaststhe 80entire plus booths within conference hall, where all lunches a more efficient effective interactive trade show floor will include live andand coffee breaksway. willThe be served. demonstrations exclusive discounts on products and services provided only to Forand further info: http://www.canto.org/ CHIEF attendees. Commonwealth Parliamentary Association (CPA) - 40th For further info: http://www.caribbeanhotelandtourism.com/chief/

Annual Conference of the Caribbean, the Americas and the Atlantic Region FCCA 22ND ANNUAL CRUISE CONFERENCE & TRADE SHOW

25 July to 1st Aug, 2015 – British Virgin Islands The British Virgin Islands (BVI) will host the 40th annual conference of the 05 –09 October, 2015 at Cozumel, Mexico Caribbean, Americas and the Atlantic Region of the Commonwealth Parliamentary The annual Florida-Caribbean Cruise Association (FCCA) Cruise Conference & Association (CPA). The opening of the conference will take place on July 27, Trade Show is the premier industry event of the year to meet with key industry players, 2015 under the theme: ‘Promoting Democracy and Good Governance: A Unified analyze trends and discuss current issues. It is because of the unique forum provided Approach’. Deliberations will take place from July 25 until August 1. The conference by the Conference that nearly 1,000 cruise industry partners, including approximately will include the eighth conference of Commonwealth women parliamentarians, the 100 cruise executives, attend each year. regional executive committee meeting, plenary sessions, the annual general meeting For further info: http://www.f-cca.com/ and the regional youth parliament. For further infor: http://www.cpa-caaregion.org/

CARIBBEAN RENEWABLE ENERGYofFORUM CREF 2015 Caribbean Association Pharmacists - 35th Conference 19-21 October 2015 at the Barceló Bávaro Palace Deluxe & Convention Center,

Annual

Punta Cana, 09 Dominican Republic – 16 August, 2015 at the Guyana Marriott Hotel, Georgetown, Guyana Regional policy increasingly renewable-friendly, capital available,ofthe price TheisCaribbean Association of Pharmacists is is a network care providers dedicated of technologytocontinues to the fall health – and the oil isoftrending As the achieves this by improving andprice well of being people.upwards. The association largest and longest established event in the Caribbean, CREF provides a membership fostering a culturerenewables of continuous learning and improvement among the compelling mixture of world-class content and superlative opportunities to meet all in pursuance of the advancement of the profession of Pharmacy. Members aspire the key participants in this rapidly emerging renewables market. you are to practice Pharmacy with a social conscience andWhether commitment to athe growth and regional policy-maker or an international developer, a regional utility or a multilateral development of the people of the Caribbean. The year’s theme is ‘The Pharmacist - A active in the Caribbean, CREF is a must-attend event, which will be co-hosted by the Vital Link in Providing Quality Health Care’. Government For of the Dominican Republic. further info: http://www.cap-pharmacists.com/ For further info: http://www.caribbeanenergyforum.com/ BusinessFocus Aug /Oct

BusinessFocus July / Aug

events 2015 CARIBBEAN TOURISM ORGANIZATION (CTO) - STATE OF THE INDUSTRY CONFERENCE CARILEC and– Willemstad, Occupational Health & Safety 20-23 October, 2015 – Engineering World Trade Center Curacao During two full days of passionate exchanges delegates at the Caribbean Tourism Conference Organization’s (CTO) State2015, of theAtlantis Industry Conference (SOTIC) will exchange ideas July 26th—29th, Paradise Island Resort in Nassau, Bahamas with leading Caribbean and international tourism experts on a range of elements that Health This event is organized for the professionals in the field of Engineering, are critical to the development and success of the sector in the region. This year’s and Safety and Disaster. The theme of this year’s conference is “Engineering for conference will be under the theme: ‘Realizing the Vision; Positioning Caribbean Safety andheld Sustainability: A World of Opportunities”. The conference sessions will Tourism for Change’. alsoMajor include topics such as ‘Embracing the vision through new technologies’, ‘Grid For further info: http://www.onecaribbean.org/ Analytics: Technologies and applications’, ‘Power System Planning and Engineering

2015 STATE OF THE INDUSTRY CONFERENCE

Modeling Tools’, ‘Demystifying the Smart Grid’, ‘OHS Management Systems and International Standards’, etc. Dr. Henry Cloud, Clinical Psychologist and Leading STATEConsultant OF THEwill INDUSTRY CONFERENCE head the webcast on July 26th For further info: http://www.carilec.org/

CANTO - 31st Conference and Trade Exhibition 20-23 October, 20152015 – World Trade Annual Center – Willemstad, Curacao During two full days of passionate exchanges delegates at the Caribbean Tourism Organization’s July 26-31, 2015, Hyatt Regency, Miami, Florida (CTO) State of the 2015 Industry will“Improving exchange ideas leadingBroadband Caribbean CANTO willConference focus on (SOTIC) the theme Liveswith through and international tourism experts on a range of elements that are critical to the development Innovation”. Caribbean ICT stakeholders, including CANTO members, are expected and success ofinvolved the sector the region. This year’s conference willinbe heldThese underdiscussions the theme: to be in in important discussions that will take place 2015. ‘Realizingwill theplay Vision; Positioning Caribbean Tourism for Major Change’. a very important role in obtaining information and statistics that will show For further info: www.onecaribbean.org clearly the situation in the Caribbean. In addition, CANTO 2015 will showcase an exhibition which boasts 80 plus booths within the conference hall, where all lunches coffee breaks will be served. 68TH and ANNUAL CONFERENCE – GULF & CARIBBEAN For further info: http://www.canto.org/ FISHERIES INSTITUTE Commonwealth Parliamentary Association (CPA) - 40th 9 - 13 November, in Bridgetown, Annual2015 Conference of Barbados the Caribbean, the Americas and the The theme of the 68th GCFI conference is “Two Oceans... Same Coastal Issues” and will focus Atlantic Region

on applying fisheries and marine science to solve problems by bringing multiple users of ocean July toto 1stmake Aug,informed 2015 – British Virgin Islands resources25 together and coordinated decisions about how to use sustainably The British Virgin Islands (BVI) host the interdisciplinary 40th annual conference of the use these resources. The emphasis will be will on practical, and ecosystemCaribbean, Americas and the Atlantic Region of the Commonwealth Parliamentary based approaches to science and how these can make a difference in both conservation and Association (CPA). The opening of the conference willOgden take who placeretired on July 27, development. The opening keynote address will be by Dr. John C. in 2010 2015 under the theme: ‘Promoting of Democracy GoodatGovernance: A of Unified as Professor Emeritus within the Department Integrativeand Biology the University South Florida. Approach’. Deliberations will take place from July 25 until August 1. The conference will include the eighth conference of Commonwealth women parliamentarians, the For further info: www.gcfi.org regional executive committee meeting, plenary sessions, the annual general meeting and the regional youth parliament. For further infor:HOTEL http://www.cpa-caaregion.org/ THE CARIBBEAN INVESTMENT CONFERENCE

& OPERATIONS Caribbean SUMMIT Association

Pharmacists

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Conference

Nov 12-13, 2015, San Juan, Puerto Rico 09 – 16Hotel August, 2015 at Conference the Guyana& Marriott Hotel, Georgetown, Guyana The Caribbean Investment Operations Summit (CHICOS) is the region’s The Caribbean Association of Pharmacists is a network of care providers must attend hospitality and tourism investment conference. CHICOS is organized bydedicated HVS and the with healththeand well being of people. The association co-hostedtobyimproving a partnership Caribbean Hotel and Tourism Associationachieves (CHTA) this and by the culture of continuous learning improvement theopportunity membershipto Caribbeanfostering TourismaOrganization (CTO). The event and provides attendeesamong with the in pursuance of the advancement of the the profession of Pharmacy. aspire significantly expand their network while learning most important trendsMembers that can impact to practice Pharmacy with a social conscience and commitment to the growth and their investment decisions. development of the peopleConference of the Caribbean. The year’s themehas is ‘The Pharmacist A The Caribbean Hotel Investment & Operations Summit proven itself as -the Vital Link in ProvidinginQuality HealthCHICOS Care’. is tasked with showcasing the many premier hospitality conference the region. For further info: different exotic islands andhttp://www.cap-pharmacists.com/ spectacular hotels throughout the Caribbean chain. For further info: http://chicos.hvsconferences.com/ BusinessFocus July / Aug | 97 BusinessFocus BusinessFocus Aug Aug//Oct Oct | | 93 93

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