Business News March 2012

VOLUME 27, NUMBER 3, 0834-2012

MARCH, 2012

Looking forward, Muskrat Falls

IN THIS ISSUE:

•Real estate, construction and legal •Board of Trade history •Business Summit photos

WHEN BIG THINGS HAPPEN. For more than 150 years, McInnes Cooper has been there to help the region’s businesses get involved with large projects. With more than 200 lawyers, we have the team, the experience and the resources.

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Contents IN THIS ISSUE Business News is a monthly publication of the St. John’s Board of Trade.

Reproduction of any material contained in Business News is permitted provided written approval from the St. John’s Board of Trade.

Articles and criticisms are invited, but opinions expressed by contributors do not necessarily represent those of the St. John’s Board of Trade.

We encourage you to support the business leaders whose names and products you see advertised in this issue as well as throughout our entire membership. The Board reserves the right to edit submissions.

Editor: Printed by: Layout:

Erin Doherty British Group of Companies Roxanne Abbott

ST. JOHN’S BOARD OF TRADE EXECUTIVE Steve Power Denis Mahoney Sharon Horan Kim Keating Jo Mark Zurel Paul Janes

COVER STORY

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CHAIR’S MESSAGE FEATURES

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KEEPING CURRENT MEMBERSHIP

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Chair Senior Vice-Chair First Vice-Chair Second Vice-Chair Immediate Past Chair Secretary-Treasurer

BOARD OF DIRECTORS Dallas Mercer Andrea Brocklehurst Wayne Bruce Heather Bruce-Veitch Lynn Sullivan Karen McCarthy Dorothy Keating Des Whelan

STAFF Nancy Healey Jennifer Chaytor Lori Coleman Margie Davis Alisha Morrissey Craig Ennis

Wanda Palmer

Jackie Bryant-Cumby

Chief Executive Officer Manager of Finance and Compliance Business Affairs Manager Sales Manager Policy Research Analyst Vice President of Policy and Communications Events Marketer & Administrative Coordinator Member Relations Administrator

St. John’s Board of Trade 34 Harvey Road P.O. Box 5127 St. John’s, NL A1C 5V5 Canada Tel: (709) 726-2961 Fax: (709) 726-2003 E-mail: mail@bot.nf.ca Website: www.bot.nf.ca

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March 2012

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Cover Story mUSkraT fallS muskrat falls: Building for the future in Newfoundland and labrador

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uskrat Falls and Gull Island make the Lower Churchill River the best undeveloped hydroelectric source in North America.

Developing the hydroelectric potential of the river has been discussed for decades. The current conversation focuses on Nalcor Energy’s proposal to develop Muskrat Falls and build a transmission line from central Labrador to Soldiers Pond on the island of Newfoundland.

Nalcor’s immediate priority is to meet the increasing need for electricity on the island and replace the oil-burning plant in Holyrood with a stable, renewable energy source. Demand for electricity has grown steadily over time and will continue to grow into the future. This is primarily driven by economic growth, increased use of electric heat in homes and the new Vale nickel processing facility in Long Harbour.

Examination of alternatives for leastcost power Nalcor and its subsidiary Newfoundland and Labrador Hydro (Hydro), have a responsibility to meet those needs by recommending the lowest-cost generating supply option.

To meet the growing demand for energy on the island Nalcor considered a broad portfolio of supply options. This included indigenous resources, fuel imports and importing energy from outside the province. Two optimized generation scenarios emerged: 1) Isolated Island (upgrades to the current system) and 2) Interconnected Island (Muskrat Falls).

Muskrat Falls, with a transmission link from Labrador to the island is the least-cost alternative over remaining isolated by a preference of $2.2 billion (2010$).

Stabilizing electricity rates The province is presently dependent on oil and global oil markets for electricity generation at the Holyrood plant. Oil prices are far from stable and over the next 2

Managing cost escalations Nalcor has completed a significant amount of work to mitigate financial risks.

Hydroelectric projects are well understood and Nalcor has completed detailed field and engineering work The province is presently dependent on oil and to support the estimates global oil markets for electricity generation at the for the project. All alternatives are subject to Holyrood plant. Oil prices are far from stable and cost pressures and risks over the next few years, electricity rates on the and Nalcor is taking a island are expected to increase. By investing in best practice approach to hydropower, Hydro will secure stable electricity managing the project and rates for consumers in the short and long term. project risk. few years, electricity rates on the island are expected to increase. By investing in hydropower, Hydro will secure stable electricity rates for consumers in the short and long term. When Muskrat Falls’

The right time is now In addition to Muskrat Falls being the least-cost way to meet increasing demand for power, the timing for the Muskrat Falls Project is ideal. Interest rates are low and Long-term benefits and revenue for the the federal government has agreed to a province loan guarantee. As well, an agreement When Muskrat Falls is operational, is in place with the Labrador Innu and a expected in 2017, 40 per cent of the power water management agreement has been will be needed for the island and 40 per signed with Churchill Falls (Labrador) cent will be available to support future Corporation. industrial growth in Newfoundland and Nalcor is following a proven decision Labrador. The remaining 20 per cent will gate practice for the development of the go to Nova Scotia’s Emera Inc. for 35 Muskrat Falls project. In the fall of 2010, years in exchange for their $1.2 billion Nalcor passed through gate 2 and prepared investment in the Maritime link. During a recommendation to move forward on that 35-year period, Nalcor will have Muskrat Falls as the preferred option access to about 70 per cent of the link’s and conduct further detailed engineering capacity – at no cost. Nalcor can use the required to get to a project sanction link to transmit any Muskrat Falls power decision. not needed in the province, as well as The company is currently conducting energy from any the work to progress to new generation gate 3, project sanction, The benefits of the Muskrat sources in the and is developing a falls Project will be seen province. thorough information by consumers on their The project package and will make a will also provide recommendation on the electricity bills, as revenue significant project to its shareholder, for the province, among the employment the Government of labour force and throughout and economic Newfoundland and the business community for benefits throughout Labrador, later this year. generations to come.

Newfoundland and The benefits of Labrador. At peak, the Muskrat Falls it will employ Project will be seen 2,700 people, and deliver $1.4 billion in by consumers on their electricity bills, labour and employment income and $212 as revenue for the province, among the million in taxes to the province. labour force and throughout the business community for generations to come. power is brought to the island, rates for consumers will stabilize with minimal increases of less than one per cent per year into the future.

March 2012

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Chair’s Message government’s kitchen table

Chair, Steve Power

As an accountant I often sit with people who are either trying to keep up with their bills or are trying to take the money they do have and create something even greater.

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t’s an interesting way to view money and there are a lot of parallels in our local economic history. We’ve had days when we were trying to keep up with our bills and we are now in days where we are trying to create something even greater.

I’m also a husband and father, so I often sit down at our kitchen table to work on the family finances. It’s not always easy, but people have to adjust what they spend to what they earn. Sometimes, that means difficult choices. That’s business and that’s life too.

In my volunteer life – which now includes being the Chair of the St. John’s Board of Trade amongst other things – I wrestle with difficult choices. My family benefits

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today from increased education and health budget and find that your family is in debt, spending and I put my family above all you reach the conclusion that you have to else. But I don’t want to see all of today’s go without something. Not taking action to resources simply spent on today’s needs pay off your credit card or loan just keeps and wants. Want to know why? the core problem going (in fact it makes it The reason is simple: because I know that worse because interest compounds, same there will be a tomorrow, but I know there as it does with public debt). Your son will are threats to the revenues - the means to have to take a pass on maybe a second pay for it may not keep flowing. So when I extracurricular activity at 16, same as he sit around my kitchen table and when I talk would at six because you haven’t solved to government about what’s going on in the core problem.

Cabinet – their kitchen table – I talk about The money you have lost in interest is long-term fiscal prudence. money you could have used to do the What I mean by that is pretty simple: things you really want. I don’t know a making decisions today that can prolong single person who says ‘I don’t mind as much as possible the level of public paying this interest, I made the decision services we enjoy now. And sometimes to spend beyond my means so sure I’ll prolonging the vital services means saying just keep paying the financing costs.’ It’s no to the ‘wouldn’t it be nice to…’ things not something you’re ever going to hear today. around a kitchen table and it would be nice The Board of Trade talks about debt if it never had to come up at the Cabinet a fair amount and people think it’s a table again. numbers thing, To make sure it but really it never comes up at isn’t. It’s a the Cabinet table “Making decisions today human thing again, we have to that can prolong as much as that involves take the money we numbers and spend in financial possible the level of public those are interest and spend services we enjoy now. And completely it on our public different interest. Get back to sometimes prolonging the matters. It a level of spending vital services means saying is almost that can be sustained no to the ‘wouldn’t it be nice budget time by our economy in provincially the long term. Use to…’ things today.” and the one-time revenues premier’s to pay off our recent speech $15,000 per person at one of our luncheons talked about debt that costs us $1,500 per person in affordability, fiscal prudence and regional interest payments every year. cooperation as a way of efficiently Investment in the public service was delivering services. Those were welcome necessary after years of doing without. But principles from the head of our provincial now we need to make sure we can continue government. Why? Because if we adopt to afford what we have, so we don’t go this approach we can maintain what we back to a society that has to make choices have today and pass it along to our kids. between one service and another, instead It beats the alternative. If we don’t adopt let’s ensure we can have it all. this approach what we will be passing along to our kids is tough decisions and not Steve Power became Chair of the St. John’s being able to accomplish some things they Board of Trade on January 26. might want to accomplish. Again, if you sit down at the kitchen table to work on the March 2012

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Feature new Condo act explained have to be included in the Estoppel certificate such as the declaration of the corporation, bylaws, financial documents, any outstanding litigation, assessments, liens, current annual budget, and minutes of the last annual general meeting.

New Condominium act offers buyers more protection

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he new Condominium Act, 2009 and regulations to the act were proclaimed in force on Dec. 1, 2011. The long overdue changes are good news for consumers, offering protections and a safer purchase environment. The new Act and regulations standardize the way Condominium Corporations are established and managed and bring Newfoundland and Labrador in alignment with the rest of Canada.

The Condominium Act is designed to establish a foundation of order. The old act lacked standardization, often leading to confusion for buyers and boards of directors. In the past declarations were all written independently making it difficult to administer and implement amendments to the rules and regulations.

The recent changes are a comprehensive overhaul of the act, expanding it from 21 sections to 93. The primary focus is protecting consumers. I have been working with condo buyers and developments for 12 years and applaud these changes.

Following are three highlights of the new act and regulations which will improve the purchase and ownership of condos throughout the province.

Reserve fund studies The reserve fund study protects unit owners and new purchasers from deficient funding for future wear and tear of the common elements of the corporation. This change provides guidelines for the reserve fund and facilitates the ability of boards to maintain the good financial health of the corporation.

Corporations with ten or more units have two years from Dec. 1, 2011 to complete the study. The study identifies the condition of the common elements of the corporation and is prepared by a professionally designated entity such as an engineer, architect, member of the Appraisal Institute of Canada or Reserve Fund Specialists. The reserve fund of 4

Collect on outstanding accounts The new liens section gives corporations more teeth to collect on outstanding accounts from unit owners. With the new act, liens rank first ahead of the banks and other encumbrances but must be registered with the Registry of Deeds.

A power of sale can be initiated and the lien will take precedence over all except taxes.

Considering that condominium living is a preferred choice for many buyers and that there are currently more than 600 condominium units under application in the city of St. John’s, the new act is a welcome protection for buyers.

Larry Hann corporations with less than ten units, should within five years, be equivalent to 100 percent of the annual operating budget of the corporation. The study can cost anywhere from $2,500-$7,000 depending on the size and complexity of the corporation.

Estoppel certificates and 10-Day cooling off period

This update provides significant protection for new purchasers, allowing time for a condo buyer to do a comprehensive review of the corporation before making a final decision. Buyers have time to ensure they are making the right decision and no real reason is required to withdraw an offer.

In the past the Estoppel certificate was usually ordered within a day or two of closing. The new act allows a 10-day cooling off period from the latter of an accepted agreement of purchase and sale and receipt of the Estoppel certificate of the corporation. Written notice of cancellation of the agreement has to be presented to the vendor’s lawyer within that 10-day period.

The act also outlines what documents March 2012

Condo buyers and boards should consult a lawyer about the new act and regulations. You can view or download the act and regulations from the Government of Newfoundland and Labrador website – www.gov.nl.ca .

Larry Hann, The Hann Group, Hanlon Realty www.stjohnscondo.ca www.larryhann.com (709) 728-1169 Larry Hann, an award winning Realtor® at Hanlon Realty and member of the Canadian Condominium Institute, has been selling real estate in St. John’s for 12 years. With expertise in condos, condo development projects and residential properties Larry has helped numerous buyers through the condominium purchase process.

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Feature avOId rISk your organization become more nimble and responsive.

The MHPM Newfoundland team currently serves Memorial University - St. John’s and Corner Brook campuses, and St. John’s International Airport Authority as project managers and strategic advisors for sustainability and business planning needs. Visit us online at mhpm.com/ newfoundland for more information.

who is leading your next project to success?

By Steve Matthews, Project Manager, MHPM Project Leaders

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veryone seems to have a story about a construction project gone wrong.

The behind schedule, over-budget chaotic mess that would leave a lesser man pulling out the remaining hair on his head. Whether the result of inexperience, poor time management, or simply a lack of resources, knowledge or techniques to get the job done right, the solution is simple: hire a professional and independent project management firm.

Professional project managers identify and manage project risk by creating a “roadmap” to lead your project to successful completion. Once you know how to avoid the proverbial bumps and potholes, it stands to reason that you’re going to work smarter. In essence, project managers guide the project from point “A” to point “B” demonstrating efficiency, cost-savings and plain ‘ol ingenuity along the way.

Firms, like MHPM, employ results-driven professionals who are trained to identify and quantify all areas of project risk and to immediately implement strategies and solutions to prevent future problems or delays. They keep minor problems from growing into significant ones and provide a single-point of responsibility when representing your interests. They take risk management out of your hands by assuming responsibility for your project’s scope, schedule, cost and quality, while you retain the final decision-making authority. After all, you are the client!

A key benefit of hiring a professional project management firm is our collective knowledge and experience bank. You can leverage the knowledge garnered from hundreds – or in our case thousands – of similar projects, since our processes and tools are based on key lessons learned and industry best practices. Why is this important? It ensures your projects are delivered successfully time and time again.

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Before your next project, consider the following:

Steve Matthews And this collective knowledge goes well beyond just project management. It includes sustainability and climate change, energy management, advisory services, constructability, and relocation services to name a few. Project leaders can identify and maximize opportunities within your project that will not only meet expectations for today but into the future as well.

Great examples of a project management team complementing a client’s internal resources are the current projects being delivered at the Memorial University’s Grenfell Campus in Corner Brook. As Memorial’s project management team onsite, MHPM complements the skills of the university’s facility management team to deliver its new academic building and residence projects – a winning combination.

A professional project manager augments your internal team’s capacity and capabilities. We are well-equipped to adapt to and adopt internal administrative processes, ensuring all team members follow unified project strategies and best practices. If you are considering a construction project or important building renovation, we can offer an objective, unbiased evaluation of your needs and help

March 2012

• Do you have sufficient resources with the required time to handle the level of project complexity in-house?

• do your internal resources have experience on similar projects in terms of size and scope?

• do you have the advisory or sustainability knowledge to ensure your project is built with the future in mind?

• do you have appropriate project management methodologies, tools and processes in place, or will they have to be created?

• do you have thousands of lessons-learned from diverse sectors and markets to guide your project delivery strategies?

If no, consider contacting a professional project management firm for assistance.

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Feature ambassador column Suzanne M. Kenny s one of the most influential business associations in the province, The Board of Trade has an impressive reputation and is a highly respected advocate for pro-business in our province. As a native Newfoundlander, returning home after many years away it was quickly evident that the St. John’s Board of Trade was an association I clearly wanted to be a part of.

The St. John’s Board of Trade mission and commitment to advocacy very much resonate with me on multiple fronts, from the perspective of being a professional looking to return home, to building a better understanding of the opportunities in Newfoundland and Labrador and as an employer addressing key challenges in a thriving economy.

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My involvement and experience with the Ambassador program, its members, fellow ambassadors and staff this past year has been beyond rewarding on both a professional and personal level and has allowed me to connect with business leaders, build relationships and make a difference in our community.

If you haven’t had the opportunity to get out and attend one of our events, please take the opportunity to do so and take advantage of your membership. I’m very privileged to represent the St. John’s Board of Trade and I hope to meet you soon !

Suzanne is the Senior Manager for Deloitte’s Enterprise Risk practice here in St. John’s, suzkenny@deloitte.ca 709-682-1136.

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Feature amBaSSadOr cOlUmN lori Bragg

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have recently become an ambassador of the Board of Trade and I would like to take this opportunity to introduce myself. After gaining management experience in the restaurant industry, I took on an extremely challenging professional role in July, 2007 as the General Manager of Jumping Bean Coffee. At that time, the company was in its infancy with just three staff members (including myself). Since then, I have helped to successfully grow the entity to where it is today. We have a staff compliment of almost twenty five people and we were recipients of Board of Trade Business Excellence Awards in both 2009 and 2010. In addition, we now operate several business divisions including a full service cafĂŠ, a distribution line, a catering branch and two kiosks at Mile One Stadium.

I have volunteered for several different community organizations, and I felt the

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timing was right to become more involved in the business community. After being a member of the Board of Trade and participating in some of the events, I thought that becoming an ambassador would be a great opportunity for professional and personal growth. I am looking forward to the next two years including the relationships that I will develop and the opportunities that this position will bring. Already, I have attended some ambassador meetings, the 2012 Business Summit and the Networking on Ice event and I have met many exceptional people.

I am originally from Mount Pearl, but I currently reside in the east end of St. John’s with my husband Steve. Outside of work, I enjoy spending time with family, playing the piano and travelling.

Lori Bragg is General Manager of Jumping Bean Coffee Compay.

March 2012

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Feature expropriation, appraisal and legal expenses If a person has real property expropriated from them, then that person should not hesitate to obtain professional advice from an appraiser, lawyer, surveyor or accountant.

ability to pay for the needed services. The expropriating authority, by law, is obliged to pay the amount of the expropriated person’s reasonable professional expenses required in order to put forward and to negotiate a compensation claim in response

I

t is the law in Newfoundland and Labrador that an expropriating authority has to pay the reasonable costs of the expropriated person concerning their obtaining the professional assistance required by them in order to obtain proper compensation concerning the real property that has been compulsorily taken.

Conversely, if an appraiser, accountant or surveyor is approached for assistance Michael Crosbie by a person who has had real property expropriated, there should to a Notice of Expropriation. not be any concern about the person’s If there are concerns about the expropriated person being able to pay for professional services, such as appraisal services, then a lawyer familiar with expropriation principles should be contacted. Under Newfoundland and Labrador caselaw, if the expropriating authority is unwilling to pay for the reasonable professional expenses required as a result of the Notice of Expropriation, then an Application can be made to the Expropriation Tribunal or to the Court for an Order that the authority immediately pay for the expropriated person’s reasonable appraisal, legal and other professional expenses associated with providing a response to a Notice of Expropriation.

It should be noted, however, that in the event that the expropriated party cannot 8

March 2012

obtain a negotiated settlement with the expropriating authority concerning the appropriate amount of compensation that is to be paid concerning the Notice of Expropriation, and in the event that the matter has to proceed to an Expropriation Hearing, then there are different rules concerning the authority’s obligation to pay for appraisal, legal, surveying and accounting services.

The actual Expropriation Hearing is subject to rules concerning litigation expenses similar to the rules in ordinary Court matters, but there can be some important further differences. These expropriation rules concerning compensation for professional services used in the Expropriation Hearing are something that should be discussed by the expropriated party with the lawyer involved in conducting the Expropriation Hearing on their behalf.

The important point remains that the expropriation authority is liable to pay in full for the initial reasonable professional expenses of the expropriated person.

If an actual Expropriation Hearing becomes necessary, then payment for the professional expenses is something that needs to be discussed and arranged with the lawyer involved in conducting the Expropriation Hearing for the expropriated party.

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Keeping Current POlIcy maTTErS The Diversification Dossier The St. John’s Board of Trade has been discussing economic diversification for some time. Economic diversification has to be front and centre in any government decision-making process because we know that oil revenues will end. It is both urgent and important.

Your Board has to offer solutions to public policy issues to be effective and

help you do business. Here are some highlights of diversification ideas we have recently put before the provincial government for consideration. Many of the solutions focus on creating and strengthening an environment in which innovation and diversification can thrive.

employment and 90 per cent of GDP, by 2050. That is not necessarily a definitive goal but it outlines definitive numbers and timelines to work towards and measure against. The concept is that there would be a number of industries so that one was not dominant.

The Concept: Economic diversification might look like 10 industries, representing 70 per cent of

Recommendations Short Term Appoint a Parliamentary Secretary for Diversification to ensure political leadership and accountability.

Create a diversification sub-committee of Cabinet.

Appoint a committee to oversee Blue Ribbon Panel which will generate diversification report, much like Our Place in Canada commission. This initiative

“Diversification will be the key to ensuring that we donÕ t enjoy one generation of prosperity at the cost of future generations.Ó

would come at a substantial cost, perhaps in the $4-5 million range, but considering the topic and potential return on investment over a period of 25-50 years or more, the investment would be easily recouped Medium Term Policy Changes - Creation of a Diversification Index and reporting to the House of Assembly at both fall and spring sittings on the Index.

Work with post-secondary education faculty and employees to include innovation, commercialization, 10

March 2012

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Keeping Current policy matters diversification, and business outreach/ inreach as part of their job and promotion requirements.

Create a diversification fund hold back, similar to the C-NLOPB system where a percentage of project value has to be spent on R&D, training, etc. The province should consider allocating the first 2% of each budget to diversification initiatives and report on how that money is spent.

Direct fund managers of public pension funds to invest in start-ups in Newfoundland and Labrador. The taxes of residents and businesses can then be directly invested in their collective future through companies doing work in sustainable and global industries.

Long Term Turn the tables on our demographic challenges by identifying and capturing best practices for aging populations and then sell that knowledge to economies that will need to address the same issues in 20 years; China and India for instance will have large but new middle classes which are getting older and their governments and businesses will have to know how to deliver services and provide value.

• Examples of natural or historic Newfoundland and Labrador assets and activities that can be modified to capture existing and emerging knowledge for export would include Tele-Health for remote seniors care, community/neighbourhood/building design for seniors, and IT management of healthcare data.

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LET US HELP YOU...

St. John’s 709.576.6667 St. John’s Conception Bay South 709.576.6667 709.834.6594 Conception Bay South Bay Roberts 709.834.6594 709.786.6687 Bay Roberts Clarenville 709.786.6687 709.466.6622 Clarenville Gander 709.466.6622 709.651.6667 Gander Corner Brook 709.651.6667 709.634.6668 Corner Brook Happy709.634.6668 Valley Goose Bay 709.896.6667 Happy Valley Goose Bay 709.896.6667 Head Office 25 Kenmount Road St. John’s, NL Head Office A1B 1W1Road 25 Kenmount 709.576.6667 St. John’s, NL A1B 1W1 709.576.6667

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March 2012

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Feature competing interests Landlord and tenant issues in the commercial market ffice space costs are like any other commodity – supply and demand dictates all.

Given the continued surge in economic activity in the St. John’s Metropolitan Area, resulting mainly from offshore development and related supply industries, vacancy rates have remained challengingly low for the last several years at less than five per cent. We could assume that lack of inventory is the culprit but this is not the whole story.

From 2007 to 2011, gross leasable area for all classes of office space increased 27 per cent – with almost 500,000 square feet converted from other usages. Our market absorbed it all, with no noticeable decrease in vacancy.

With vacancies continuing at these extreme lows, it is now a landlord’s market, with the associated rises in rental rates evident over the last several years.

Gross office lease rates have increased 49 per cent since 2007; net rental rates rose 12.2 per cent in 2011 alone.

It is not merely the downtown office market that has seen an increase, suburban Class B buildings have seen net lease rates rise 13.4 per cent. The increase in the downtown rates, and the availability of new suburban office buildings now coming

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Suzanne Morrison to the market, with rental rates ranging between $22 and $28 per square foot, have influenced rate increases.

Landlords of new buildings, either under construction or planned, are competing for existing tenants at relatively similar rental rates. Landlords of existing buildings are finally achieving rental rates which permit them to reinvest in their properties to retain their tenant base. After all, it costs more to find a tenant than keep one even if you are paying costs on behalf of a tenant in the renewal process.

Another influence for landlord and tenant consideration is the introduction of “green”

systems in the operation of an office building. The landlord’s ability to meet the standards can influence major national or international firms whose corporate governance may mandate environmental sustainability. These tenants will seek office space that will meet their corporate standards and the green factor adds a new dimension to whether leases are renewed or not.

For some tenants, an increase in rent can represent the equivalent of the salary of several staff members so that growth may be affected, especially in smaller firms.

The lack of options available can force acceptance of less than ideal space. If it is determined that inefficiencies exist in an older floor plan, moving to a new building can correct those deficiencies.

The tenant’s ability to rethink the way they do business is sometimes hampered by internal processes. In such cases, often an outside consultant can assist in the decision-making process. The consultant can examine how the space is utilized: what works and what doesn’t. Alternative locations are presented, including the existing location, and financial considerations are examined.

The solutions can run from reducing the number or size of private offices; increasing the density of staff in the same square footage and in the same location; or moving to a new location with a newly developed floor plan. With different options, presented by a commercial real estate specialist, the tenant’s business decisions are more easily made.

Cushman & Wakefield Atlantic is a provider of such services to corporate clients. For a landlord or a tenant, knowledge of local conditions and client motivation is essential for determining the best rental rates – whether for payment or collection. It is possible to balance those competing interests and produce a fair deal for all parties.

Susan Morrison, General Manager NL, Cushman & Wakefield Atlantic, may be contacted at smorrison@cweast.com

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Feature PaST PrESIdENTS ction Ò The chief fun JohnÕ s of the new St. rk board is to wo roved toward an imp osphere economic atm Ó in the capital.

Ò The St. JohnÕ s Board of Trade will serve the businessmen of St. JohnÕ s, and will, likely, become a member of the provincial body.Ó

on to the organizati y b d e n n la p eak out re being y intend to sp e Ò many steps a th d n a , s m proble .Ó combat these ry opportunity e v e t a t n e m rn loudly to gove

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March 2012

Business News

Feature giving thanks At the Chair’s inauguration we launched the Past President’s Recognition Program, which honours our past presidents, who helped build the organization with a gold keepsake pin.

Each Past President has been a significant player in the business community over the last few generations. With the help of Pat Thompson of Diamond Design, a long-term Board member, we designed the gold pin with a representation of Cabot Tower and a single diamond. The pin symbolizes the weight of the position and the commitment made to the business community.

Robert Innes, our founding president in 1970, was the owner and operator of Bon Marche. Innes is also a war hero, a piano player and accountant by trade and spent some time talking about the creation of the Board of Trade after receiving his pin.

A number of our past presidents helped us celebrate this milestone. Each of our past presidents will receive their pins at events in the coming years.

Three of the presidents chat about the pin after being awarded the honour.

Business News

Andrew Crichton, our fifth president in 1976, came to the Board by way of Memorial University, where he was responsible for the implementation of co-op programs. He’s a former navy officer, a heritage advocate and continues to work as a consultant to the oil and gas industry.

March 2012

William A. Neal was our third president in 1972. William Neal operated the family business William A Neal Ltd, a wholesaler on Water Street until he was well into his 70s. He’s an avid baseball fan, former coach, and a Mason.

Burford Ploughman, our second president in 1971, was the manager of Hickman’s on Water Street. He’s a transportation advocate, an avid outdoorsman, a hunter and one of this province’s best tennis players.

15

A SPECIAL THANK YOU TO OUR EVENT AND GRAND PRIZE SPONSORS

ENTER LOGOS HERE Steve Power, our chair for 2012, cut the ribbon to open the annual trade show.

Clare Barry of Avalon Laser Health putted to win at the Steers booth.

Lynn Heward, captured the audience with colorful visuals.

Denis Mahoney welcomes exhibitors to 2012 Business Development Summit at the first annual exhibitorsâ&#x20AC;&#x2122; mixer.

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March 2012

Business News

A SPECIAL THANK YOU TO OUR EVENT AND GRAND PRIZE SPONSORS

ENTER LOGOS HERE Lynn Heward, director of creation for Cirque du Soleil, made a show out of her presentation.

Meg Oâ&#x20AC;&#x2122;Neill, president of ExxonMobil Canada, gave us an overview of the oil industry in her presentation.

Don Mills, President and CEO of Corporate Research Associates, was as always a compelling speaker with great information.

Exhibitors at the Business Summit 2012.

Business News

Our annual trade show had 91 contributors and was a huge success!

ZoĂŤ Yujnovich, president and CEO of IOC, Hege Rogno,Vice President, Offshore Upstream, Stat Oil Canada and Zita Cobb, founder and president of the Shorefast Foundation, spoke as panelists at Outlook.

Derek Burleton, vice-president and deputy chief economist of TD Bank Group, talked about trends in the economy and what to expect next.

Bev and Tom Davis of Frontline Paintball.

March 2012

17

Winners of Indiviual booth prizes Tradeshow 2012 Company (booth Host) The St. John's Board of Trade Scotiabank Weight Watchers Holiday Inn Martin's Fire Safety

WINNER

PRIZE

Stephen Puddister - CIBC

Gift basket

Sheila Dominaux - VON

Kodak Easy Share 16 MP camera

Barry Wight - J & B Engineering Inc.

Gift basket

Jackie Clayton- Eimskip

A night's accomadation

Angela Croft - Scotia Recycling

TonyAND RocheGRAND - Dept Foreign Affairs A SPECIAL THANK YOU TO OUR EVENT PRIZE SPONSORS

Certified General Accountants

Meaghan Felt

Gift certificate -The Keg

Pattison Outdoor

Gord Healey- Scotiabank, National Mort Sales

Joan Brett - Carlson Wagonlit

Gift certificate - Outdoor Advertising

Electronic Centre

Ann Marie Andrews - East Coast Mobile Medical

Jacket

Lacey Kelley - Axis Career Services

Jacket

CAA

Randy Murphy - Shred Guard

Jacket

John Andrews - Huskey Energy

2 piece luggage set

Jenny Hogan - Munn Insurance ENTER LOGOS HERE

Cabletec FrontLine Paintball

Barry Wight - J & B Engineering Inc.

Corporate Team Building Game

Murray Premises

Marlene Leyte - ADP

One night hotel stay

Anthony Insurance

Sue Rideout - Vivian

Gas card

Deidre Hutchings- Big Brothers, Big Sisters

Discount toward PMAC course

Household Movers

Tanya Smith

"Light of Hope" Print

VON

Martha Snow

VON blanket

Allison Tilley - CMA

1 month fitness & conditioning

Purchasing Management Association of Canada(PMAC)

Max Arts. Athletics.

McInnes Cooper

Randy Murphy - Shred Guard

Gift basket

Jackie Clayton - Eimskip

Comp night at Hillview

Jema Interntational Travel Clinic

Meaghen Felt - McInnes Cooper

Wine and chocolate gift bag

Steers Insurance

Greg Clarke - Specialty Apparrel

8GB iPod Nano

Hutton International Press (HIP)

Pat Watkins - New World Fitness

Printing 500 busienss cards

WHSCC

Deborah Cook - City of St. John's

Hillview Terrace Suites

Royal Bank of Canada

Kim Diamond

Plush figure

Pat Watkins - New World Fitness

Plush figure

Gail Taylor - Weight Watchers

RBC Jacket

Ann Marie Andrews - East Coast Mobile Medical

RBC Jacket

Avalon Lazer Health Clinic

Gail Parsons - Cal LeGrow's insurance

Gift certificate toward Clinic Service

Resource Centre for the Arts

Valerie O'Connell

2 tickets to "Dancing with Rage"

St. John's International Airport Chocolate Wellness International Xocai Knightsbridge Robertson Surrette

Jackie Clayton

Gift basket

Pat Watkins - New World Fitness

Basket of Xocai Chocolate

Wayne Basha - Exit Realty on the Rock

Gift certificate

A SPECIAL A SPECIAL THANK THANK YOU YOU TO TO OUR OUR EVENT EVENT SPONSORS SPONSORS

A MARBLE A MARBLE MOUNTAIN MOUNTAIN GETAWAY GETAWAY -- Congratulations Congratulations to to winner winner Rob Rob Bennett, Bennett, Steers Steers Insurance Insurance

18

March 2012

Business News

Keeping Current arOUNd THE BOard

Premier Kathy Dunderdale talked about fiscal restraint in her speech to the membership.

Board Chair Steve Power alongside Vice Chair Denis Mahoney and Minister of Finance Tom Marshall met recently to talk about diversification and the provincial budget.

Premier Kathy Dunderdale was also ambushed by Mary Walshâ&#x20AC;&#x2122;s infamous character, Marg Delahunty after her speech.

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Business News

March 2012

19

SIGN MEE UP.

Enjoy exclusive deals and LQFHQWLYHV ZLWK WKH 6W -RKQ路V %RDUG RI 7UDGH路V QHZ Member-to-Member Discount Program.

For a complete list of member offers or to create an offer for your company, contact Jackie Cumby:

jcumby@bot.nf.ca 726-2961

Membership mEmBEr NEwS

Industry Minister Christian Paradis welcomed Board Chair Steve Power and CEO Nancy Healey.

Chair Steve Power poses in front of Parliament while in Ottawa for the Northern Lights conference. More than 250 Newfoundlanders and Labradorians attended the meetings and tradeshow in hopes of doing business in Canadaâ&#x20AC;&#x2122;s North.

2 Words.

Pillowtop Mattress!

Intergovernmental Affairs Minister Peter Pensashue met with Chair Steve Power and CEO Nancy Healey while they were in Ottawa for the Northern Lights conference.

Welcome Back to the Greenwood Inn and Suites.

All the comfort, convenience and quality youâ&#x20AC;&#x2122;ve come to trust, along with new improvements including pillowtop mattresses and LCD flatscreen televisions in every guestroom. Call to book your reservation today!

Board Chair Steve Power and CEO Nancy Healey share a laugh with ACOA Minister Bernard Valcourt after a productive meeting at his Parliament Hill office.

Business News

March 2012

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21

Membership mEmBEr NEwS St. John’s airport breaks records

set last year. Six airlines fly more than 80 flights in and out of the St. John’s International Airport - Air Canada, West Jet, Porter, United, Provincial Airlines, and Air Saint Pierre - each day travelling to twelve destinations.

adfinitum networks gets a $542,000 boost In 2011, a record 1.4 million people traveled through St. John’s International Airport. This is the second record-breaking year in a row for the airport with a four per cent increase in traffic over the record

GrowthWorks Atlantic Venture Fund along with the Research and Development Corporation (RDC), a Crown corporation of the Government of Newfoundland and Labrador, have come together to help the company develop of a new and

innovative marketing analytics tool. The RDC’s investment will help fund technical and financial risk that is involved in extending adfinitum Network’s market reach. Adfinitum Network is currently in the process of creating two new services: Analytics and Ad Spend which will be developed to provide marketers valuable information about competitor advertising, such as spending and location patterns.

Provincial Airlines and Air Greenland have signed an agreement to work together The announcement of the memorandum of understanding was made at the Northern Lights 2012 Business and Cultural Showcase in Ottawa in February.

The agreement will allow each airline to provide both passenger and cargo services between points in Canada and Greenland without transiting through Europe. Both countries have undergone large growth in the resource sector, resulting in higher market demand for air service. Initially, the airlines will offer same day connections between points in Newfoundland and Labrador and Greenland through Iqaluit.

Destination St. John’s launches new campaign

Realty Specialists Ltd., Brokerage

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Each Office Independently Owned and Operated

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22

Kevin Heffernan Your Trusted Real Estate Advisor

(709) 728-1755

March 2012

St. John’s has been voted one of the world’s top 20 most colorful cities.

Destination St. John’s is building its new marketing campaign on that idea.

“Colourful Encounters” a campaign created by the Idea Factory, focuses on bursts of colour. It can be seen on the newly redesigned website (www. destinationstjohns.com), social media marketing and new marketing materials, as well as a new Destination St. John’s logo.

The concept came from numerous interviews with travel writers, tourists and promoters and many hours of research.

Destination St. John’s is as a non-profit organization dedicated to selling the Business News

Membership industry news products of local tourism driven businesses such as hotels, George Street and the St. John’s Convention Centre.

The Angel Network is getting some help from the federal government

The Government of Canada will spend $160,000 to help the angel investment network over the next two years. The angel investment network is run by the St. John’s Board of Trade’s BOT Capital Project Inc. and aims to assist emerging Newfoundland and Labrador small businesses with start-up to late stage funding. The announcement was made recently by ACOA Minister Bernard Valcourt.

Federal support helped establish the network and was a catalyst for further investments. To date, there has been just under $1 million directly invested by angel investors in Newfoundland and Labrador companies as well as $2.7 million in additional investment from other sources.

“NLAN, which is co-managed by the St. John’s Board of Trade, operates with the support of ACOA and our other funding sources,” said Nancy Healey, Chief Executive Officer of the St. John’s Board of Trade. “Our partnership with the Government of Canada through ACOA directly contributes to the growth of local businesses that compete in national and international markets, and it helps to develop a pool of private local capital that can keep generating jobs and wealth right here. This is a great example of government and business working together

to create and sustain high value companies and jobs in Newfoundland and Labrador.”

NLAN currently has 30 angel investors associated with the Network, and plans to expand that number to 50 by 2014.

square two When your lawyer understands your business, you never have to start from the beginning.

Business News

March 2012

23

Membership industry news St. Johnâ&#x20AC;&#x2122;s tops list for highest employment growth in Canada

St. Johnâ&#x20AC;&#x2122;s is No. five on the list of highest employment growth rates of all Census Metropolitan Areaâ&#x20AC;&#x2122;s (CMA) in Canada for last year. With steady increases in areas like employment, labour force, personal income and retail sales it is clear that Newfoundland and Labrador is prospering despite various setbacks. Unemployment rates are at the lowest they have been in 15 years with a 1.1 per cent reduction in 2011. Also topping records in housing trends, housing starts have risen by 5.9 per cent to a record number of units for the CMA and the population has increased by nearly 6 per cent since 2006.

Unfortunately, despite the rising statistics Newfoundland and Labradorâ&#x20AC;&#x2122;s economic growth for 2012 is forecasted to slow down as a result of declining exports due to lower oil production.

Hebron â&#x20AC;&#x201C; Special Project Order A Special Project Order (SPO) for the construction phase of the Hebron Project in Bull Arm has been approved by the provincial government. Sanctioned collective agreements have been negotiated and will provide labour stability for the duration of the construction project, allowing for better labour relations stability, unique regimes, and a commitment to no strikes or lockouts during the construction period. The construction phase of the Hebron project is expected to create roughly four million person hours of employment expected to last over five years. More than 3,000 people are expected to be employed at the Bull Arm site at peak construction.

an upward path. With this increase in investment there is more demand for workers in the oil and mining industries. Energy and mineral assets will contribute greatly to Newfoundland and Labradorâ&#x20AC;&#x2122;s economic potential, however other industries arenâ&#x20AC;&#x2122;t growing at the same pace. This means that the province must focus on strengthening its non-resource sectors in order to diversify and ensure economic prosperity.

Labour market demands have doubled university attendance since the 1980s Graduates of an accredited university degree program tend to earn dramatically higher salaries - $1.3 million more than those with only secondary school and $1 million more than those with a college diploma.

Despite drops in the Canadian job market, within the last two years, roughly 300,000 jobs were created for university graduates.

In the next 20 years the number of Canadians over the age of 65 will double while the population of working age people will only grow by eight per cent. With more jobs to fill and fewer people to fill them the need for educated workers is increasing.

Therefore, a university education is the best investment to work towards improved lifestyle, community well-being, and improved economic prosperity and security.

Building Green The construction industry is one of the many following the trend of â&#x20AC;&#x153;being

Business News

Local volunteers are bringing local expertise overseas In January 2012, executive director of Habitat for Humanity, John Scoville, along with 12 local volunteers are headed to Thailand to partner with Habitat Thailand.

This is the local Habitat chapterâ&#x20AC;&#x2122;s first trip with the Global Village program, a program allowing volunteers to partake in short-term, house-building trips to advocate for better living conditions and raise funds to help those in need. For more information, to make a donation or to participate please visit: www. cabothabitat.ca.

APEC says the provinceâ&#x20AC;&#x2122;s economy is booming, but that diversification is key for continued success In the past 13 years real GDP for Newfoundland and Labrador has grown by four per cent compared to the national average of 2.5 per cent. This has enabled the province to â&#x20AC;&#x153;reduce deficits, lower income taxes and increase spending on infrastructure,â&#x20AC;? says Elizabeth Beale, President of the Atlantic Provinces Economic Council (APEC). Energy project investment in Newfoundland and Labrador has doubled in the last three years, and continues on

green.â&#x20AC;? Environmentally friendly building activities are expected to take a 31% boost by 2015, making it a billion dollar industry.

Canadian residential building agencies are working hard to ensure all new housing meets the standards developed by Natural Resources Canada ENERGY STAR. Incentive programs such as Feed-in Tariff and SolarBC offer businesses rewards for incurring higher up-front cost associated with green options. Because buildings are being constructed to sustain energy efficiency it is resulting in lower long-term energy costs.

Legislature such as the National Building Code is making changes to their mandate to guarantee the future construction will follow every measure possible to be eco-friendly.

Although there are many manufacturers that offer and promote green materials, demand for specialization in installation is growing.Â

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March 2012

35 Stavanger Drive â&#x20AC;˘ 738-2024 25

Membership MEMBER PROFILES

Budget Blinds of St. John’s is owned and operated by Ron and Carol Ann Croke.

The company proudly serves businesses and homeowners in the St. John’s and surrounding area, offering complementary in-home consultations and estimates, professional measuring and installation, and a rich selection of quality window treatments including shutters, blinds, draperies, shades, and motorized window coverings. Budget Blinds of St. John’s works with leading window covering manufacturers such as Springs Window Fashions, Mere, Lafayette and Shaw Living and offers its own line of window treatments marketed as, Signature Series.

Visit our website at www.budgetblinds.com or phone at 709-745-2512.

“Healing Expressions operates a low cost art studio for those who struggle with mental illness, addictions, homelessness or low socioeconomic status. As a peer mentored studio we are working to break down barriers in the community for those who struggle to overcome the stigma of such and to create a healthy well-being.”

If you would like to contribute to our organization please feel free to contact our Executive Director, Karen Hanlon at 709-743-1442. Check out our website or like us on Facebook. Our greatest resource is our people.

Ricoh Canada Inc. specializes in image communication, how information is shared, (i.e. scanning, emailing, faxing, printing and copying), and document management, how you organize, retrieve, share, store and archive information.

The model we follow at RICOH to enable a digital work environment is to: 1) Assess needs, 2) Design a custom solution, 3) Implement the solution and 4) Manage and monitor solution. At RICOH we look for ways to help you focus on your core area of business by eliminating the hassle of managing the life of your documents. RICOH is in a growth phase and are looking to expand our business across Newfoundland & Labrador.

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March 2012

Keyin College, is Newfoundland and Labrador oldest independent educational institution with over 30 years of experience providing quality education Since 1980, Keyin College has positioned itself as a leading independent educator, with eight campuses province wide, training over 30,000 graduates who have obtained gainful employment provincially, nationally and internationally. Keyin College offers industry-driven training, a low student/instructor ratio, as well as a oneto-one student/equipment ratio, allowing for more individualized attention.

With Newfoundland and Labrador facing a serious deficit of trained professionals into and beyond the next decade, Keyin College is well positioned to do its part to help produce well trained professionals to meet the skills gap. (www.keyin.ca)

Strategies for Success – Diversity, Innovation and Engagement, this title itself gives way to the underlying focus of the Office to Advance Women Apprentices Women are accepted, respected, praised and in demand, that is a world in which diverse groups strive to achieve. Now add to that women working in a traditionally male dominated world and the challenge becomes all the greater. Is there a way we can overcome these barriers, are we moving forward and creating equal opportunities and a balanced workforce. Well the Office to Advance Women Apprentices is proof in the making that these positive changes are happening. Female apprentices are trail blazing their way into the trades and are setting great examples for others. The Office to Advance Women Apprentices works on a daily basis with women in the trades connecting them to employers breaking down barriers that impede them from moving forward. If your organization is in need of tradespeople contact us by visiting www.womenapprentices.ca Business News

Membership new members MT & L Public Relations

Sheppard Case Architects Inc. P.B.A. Industrial Supplies Ltd.

Nancy O’Connor, Senior Consultant P.O. Box 1972, Station ‘C’ St. John’s, NL A1C 5R4 P: 709-351-6926 noconnor@mtlpr.ca

James B. Case, Architect / Principal 683 Water Street, 2nd floor St. John’s, NL A1E 1B5 P: 709-753-7132 F: 709-753-6469 jcase@sheppardcase.nf.ca

Richard Wilkins, President / Owner 84 Clyde Avenue P.O. Box 1032 Mount Pearl, NL A1N 3C9 P: 709-368-9800 F: 709-368-9814 rick@pbaindustrial.com

E and B Travel Service-TPI

Wing-N-It Inc.

Derek Winsor, Owner / Travel Consultant 168 Forest Road, St. John’s, NL P: 709-728-8803 dwinsor@tpi.ca

Kim and Glen McFarlane, Owners 5 Bates Hill St. John’s, NL A1C 4B5 P: 709-237-9464 kim@winnit.ca

Wiseman Martial Arts Inc. Jason & Alicia Wiseman, Owners 50 Commonwealth Avenue Mount Pearl, NL A1E 2J2 P: 709-747-3656 wisemanskenpokarate@gmail.com

Business News

March 2012

27

Upcoming Events BUSINESS MIXER Join us at MAX Arts, Athletics and Wellness Centre for a relaxing afternoon of networking, food and fun!

Where: 34 New Cove Road (taking place in their Health Café) When: Thurs., March 1, 2012 Time: 4:30 – 6:30 p.m.

Cost: Included with membership

BUSINESS MIXER Come out to our Annual St. Patrick’s Day mixer sponsored by Murray Premises Hotel. Make sure you wear green and be ready to mingle like a leprechaun!

HOST A BOARD OF TRADE MIXER The St. John’s Board of Trade is offering its members the opportunity to host the Board’s networking socials in 2012.

This is a great opportunity to profile your company to members of the Board of Trade. These events give members the chance to network with other members, exchange ideas, do business and meet new friends and colleagues.

As a networking host you will provide the following: • A private venue suitable for 75150 people

• Staff to serve food and beverage

• Complimentary hors d’oeuvres and cash bar

Where: 5 Becks Cove Road (Murray Premises Hotel) When: Thurs., March 15, 2012 Time: 4:30 – 6:30 p.m.

Cost: Included with membership

• Any required AV (i.e. microphone)

• A prize giveaway • If providing music, background music only

LUNCHEON WITH MINISTER TONY CLEMENT The Honorable Tony Clement will be speaking to the members of the St. John’s Board of Trade.

Where: The Delta St. John’s When: Wed., March 21, 2012 Time: 12:30 - networking, 1p.m. - luncheon Cost: $39.50 member rate, $79 non-members

LUNCH ‘N’ LEARN Do business with WHSCC online”. Join close to 3,000 employers in Newfoundland and Labrador who do business with the Workplace Health, Safety and Compensation Commission over the web. It’s safe, secure and not only saves time but helps ensure fair and accurate assessments for your business. Come and join representatives from WHSCC for an interactive discussion about what’s available now and what’s coming in 2012.

Where: St. John’s Board of Trade, 34 Harvey Road When: Tues., March 27, 2012 Time: 12:30 - 2 p.m.

Cost: $25 member rate, $35 non-members

28

March 2012

The Board of Trade will provide the following: • Promotion of the networking social • Registration • Staff will be there to collect attendee’s business card for the prize giveaway and will provide the host with all business cards collected • Staff to manage the event and take pictures • A follow up in our Business News

If you are interested in hosting a business mixer in partnership with the St. John’s Board of Trade please contact Lori Coleman at lcoleman@bot.nf.ca or phone 726-2961 ext.6.

We look forward to hearing from you!

Business News