BMEX, the Annual Trade Show put on by the Barbados Manufacturers’ Association (BMA), will be held from May 25th to 28th, 2012 at the Lloyd Erskine Sandiford Centre (LESC) under the theme ‘Our Products, Our Celebration’. This year’s BMEX has over 170 confirmed exhibitors, and will be open to the public from 10:00am to 10:00pm, Saturday May 26^th to Monday May 28^th.

Assistant Manager Small Business, Michael Lorde, commented: “Scotiabank is pleased to be partnering with the BMA to make this year’s BMEX a success. Our partnership is strategic because BMEX provides the medium for entrepreneurs to showcase their products and services to one of the widest audiences in Barbados, while we at Scotiabank make it possible to finance their businesses, whether at start-up or expansion. We assist with your cash flow needs, help you finance equipment purchases, or even payoff costly debt.”

Assistant General Manager Branch Banking, Jennifer Murray, who will also be speaking at the opening ceremony, commented: “We are inviting established and aspiring entrepreneurs to visit our booth during the exhibition to discuss your financing needs with our Small Business team. Our home financing experts will also be available to provide free mortgage check-ups… you’ll never know what’s possible until you ask.

Scotiabank’s Small Business Division offers products and services that are specifically designed for your business needs including overdraft protection, credit line facilities; credit cards, cash management, merchant services and term loans. Scotiabank also has a free online Business Plan Writer and Cash Flow Tool which will save you time and effort to set up the cash flow for your business; visit barbados.scotiabank.com/smallbusiness.

About Scotiabank

Scotiabank is committed to supporting the communities in which we live and work, both in Canada and abroad, through our global philanthropic Bright Future programme. Recognised as a leader internationally and in Canada for our charitable donations and philanthropic activities, Scotiabank has provided on average approximately $44 million annually to community causes around the world over the last five years.

For further information: Nicola Greaves (246) 431-3102 nicola.greaves@scotiabank.com

City & Guilds Sales and Business Development Manager, Katerina Tsiplacis, said that the institution was now offering courses in areas that include carbon management, cleaning property and environmental services, construction and building services, energy efficiency, land-based industries, environmental conservation and utilities, namely domestic natural gas and wind turbines. Although not yet being delivered in Barbados, we hope that our existing approved organisations and training providers will step forward and begin to deliver these green areas of what are now in demand within many vocations.

Tsiplacis explained that the newly developed courses were internationally accredited, and were aimed at businesses, industries, education and training providers. She noted, “The Ministry of Transport has set an excellent example in launching a programme to reduce its usage of hydrocarbon-based energy products and services. This was a very bold and smart decision”.

The Ministry of Transport, one of the largest energy users in the public service, in conjunction with the Ministry of Energy, conducted an energy audit in 2007 which indicated the extent of the problem and options to reduce carbon footprint. Every effort is currently being made to ensure that Barbados takes the necessary important steps into implementing environmental awareness and develop trained individuals in every area.

CARIPITA, was also in the process of seeking accreditation for courses within the technical vocational areas such as tidal energy and ocean cooling with an alignment for international training agencies worldwide.

For the Youth of today the importance of being environmentally aware can be focused on many aspects of life. People may change careers 6 or 7 times in their lifetimes as technology will continue to advance and impact lives in every way imaginable. There will be a great need for lifelong learning and in order to be ahead of the game, the knowledge and experience gained will need to be up to date and in tune with the world in which we live in. Research shows that if you stop learning and growing whether that be via on-the-job training or via an institution, you will become unemployed very quickly as it will be necessary to move with the times.

Therefore awareness, respect for our planet and all elements of education are key.

With a high number of young Barbadians now interested in entrepreneurship and creating new business enterprises, this will play a role in shaping and defining the Green future of Barbados. Even fading livelihoods such as farming will be seen in a brand new light as the next generation realizes the importance and economic benefits of this to the island. Organic farming will increase and create not only sustainable living but be a new movement in itself with healthy-minded individuals pioneering this smart and holistically beneficial movement.

Combining these skills creates security in a fast-changing world.

Many of City & Guilds International Vocational Qualifications have an emphasis on technical and vocational training for particular skills that are and will be in much needed demand for employers. These will include many new qualifications and will have Green skills integrated within them as well as new products and training courses in accordance with national policies and economic needs.

It is important to allow the youth to be heard and to play an increasingly larger role in the development of the Barbadian society. Everyone should have equal rights and opportunities to receive education and be able to use this as a foundation in which to demonstrate their knowledge to contribute not only to the society, but to the planet as a whole. Their attitudes, values, mind-set, and priorities will determine the development of the country in the future. With the crucial role the society has placed upon the youth, it is imperative to instil in them, a positive outlook that will orient towards development.

Recycling is becoming a necessity and keeping the islands beaches and gullies clean are areas where youth can help lead. The annual Clean Up Barbados campaign facilitated by the Future Centre Trust and supported by both public and private sector stakeholders is one example of environmental awareness building. School children are learning the importance of respecting the environment in which they live in with several schools across the island now participating in the CoRe NETWORK Community Recycling Programme. Parents are helping to educate their children with these same important values.

There is no doubt that the youth have a crucial role to play in shaping the future of Barbados. They have proven to be powerful agents of change. The question is, are they up to the challenge? Yes! Education, determination and strong beliefs play such important roles and as time passes, the next generation will continue to have these values instilled and strengthened so that they will be able to say that they live in a country that they respect, are proud of, and will want to take care of.

Written by Katerina Lisa Tsiplacis – City & Guilds Sales & Business Development Manager solely responsible for the Caribbean and Americas.

There were also increases in all market indices with the exception of the local index which recorded a minor decrease of 0.18% when compared to its December 31st 2011 figure. All market capitalization measures recorded increases when compared to their respective positions at the close of 2011.

It must be noted, however, that the decline in market activity can be attributed to a decrease in the number of significant transactions on the Board of the BSE for the first quarter of 2012. To date there has only been one significant transaction for ANSA McAL (Barbados) Limited. During the first quarter of 2011 AMCL Holdings Limited commenced the purchase of all remaining shares of ANSA McAL (Barbados) Limited while EMERA (Barbados) Holdings No. 2 Incorporated also commenced similar action to purchase all outstanding common shares of Light and Power Holdings Limited; there were a total of 12 significant transactions recorded in the first quarter of 2011.

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It appears the art of good listening is a lot harder than we think, and many of us aren’t so good at it after all. According to Forbes Magazine, scores of studies have demonstrated that people accurately comprehend or internalize only about 25% to 50% of what they hear.

Not much to write home about, particularly when you consider all of the meetings that take place in businesses every day and the wise – presumably “informed” – collective decisions that they are supposed to produce.

So why don’t we listen as well as we should? What gets in the way?  To begin with, human beings can listen at a much faster speed than they can speak. Our normal speaking rate is about 125 to 150 words per minute. As listeners, we can “think” at about 500 words per minute.

The problem here is that the listener’s mind wanders. We’ve all been there, distracted by something in our environment:  one of the speaker’s ears is bigger than the other; or we are wondering where he got his shirt, which reminds us that we have to pick up our dry cleaning.  We are not really paying attention. If asked to paraphrase what we’ve just been told, we can’t. And that’s where problems can arise. If you can’t accurately play the message back, you probably didn’t get it.

Another common obstacle to good listening is that, in comparing the importance of speaking versus listening, we see speaking as an act of power and consider listening to be submissive. Put another way, bosses do the talking while employees do the listening. (In one study, which asked thousands of employees to identify the most serious fault observed in executives, 68% identified that fault as the boss’s failure to listen to them.)

A third obstacle, and arguably the most common and annoying, is when a listener doesn’t let the speaker finish, or is busy mentally planning a rebuttal. What is clear in such situations is that the listener doesn’t really value the speaker’s opinion.  She’s impatiently waiting to air her opinion which, naturally, is the more important, and hears hardly anything at all.

We all know someone like this. And sometimes that someone is us.

Being an effective listener is the hallmark of good communicators and leaders, but it takes concentration and effort. When you get really good at it, you’ll be able to hear what isn’t being said. And this is a skill worth every bit as much as great oratory. Some would say even more.

The Convention was signed this morning by Minister of International Business and International Transport, George Hutson, and Minister of State in the UK Foreign and Commonwealth Office, Henry Bellingham, at Government Headquarters, in Bay Street, St. Michael.

Mr. Hutson stressed that the Convention addressed observations made in the Global Forum’s Phase 1 Peer Review Report of Barbados, which indicated that this country did not exchange information on international business entities with the UK because they were excluded from the existing Agreement which dated back to 1970.

“With the update of the exchange of information provisions, the international business entities are now covered by the Convention and Barbados can, therefore, exchange information on these entities,” the Minister said.

He added that the signing of the Agreement continued the strong and positive relationship for Barbados and the UK as it updated the exchange of information Article of the existing Convention to bring it in line with current international standards on transparency and exchange of information for tax purposes.

And, as Barbados moves onto Phase 2 of the Review scheduled for the first quarter of next year, the Minister pointed out the revised Convention would unquestionably enhance the investment framework between the two countries and contribute to the expedition of trade and investment activity.

“This is, therefore, an important step in deepening mutual co-operation in matters of international taxation and would further bolster relations between Barbados and the United Kingdom,” Mr. Hutson said.

He stressed that both governments had a responsibility to ensure that the Agreement worked to the benefit of the two countries.

During the signing, Mr. Bellingham stated that the Agreement sent a clear signal that Barbados and the UK were serious about increasing trade. But, he said, it would be a work in progress.

He added that the Agreement would also reduce the level of bureaucracy and burden on international businesses coming to Barbados, and those seeking to export to the UK.

“Businesses [engaged in trade] need taxation arrangements that are fit for purpose,” Mr. Bellingham said. He pointed out that Barbados and the UK had relatively low competitive taxes for companies and personal taxes.

“We believe in having the right conditions for enterprise and business, and the important framework is to have in place a tax system that is fit for purpose and that meets international standards, and gives businesses comfort. [In addition], both governments must be able to raise the tax that is due,” the UK Minister indicated.

Source: Barbados Government Information Service
For more information contact: julia.rawlins-bentham@barbados.gov.bb

Real value added in the tourism sector is estimated to have risen by 5 percent in the first quarter, a combination of the increase in arrivals and an increase in the average length of stay. The pace of recovery in arrivals has slowed, with the Canadian and Caricom markets performing above 2011 levels, while the UK and US markets softened. The average length of stay for the first quarter increased from 4.7 days in 2011 to 5.2 days in 2012.

In the international business and financial services (IBFS) sector there was an 11 percent increase over last year in licenses renewed up to February, but new licenses granted during the first two months of the year were 37 percent fewer than those issued during the same period in 2011.

Net long-term capital inflows for the private sector were sufficient to cover external debt service, including $37 million in amortisation and $50 million in interest payments on foreign bonds and loans from international institutions. The current account of the balance of payments continues to be adversely affected by persistent increases in the prices of oil and commodities, and the deficit for the first quarter is estimated at 3.8% of GDP.

In the fiscal year just ended, Government’s revenues, expenditures and the fiscal balance were on target with the Medium Term Fiscal Adjustment Strategy. The MTFS is Government’s published strategy to reduce the ratio of Government debt to GDP over time, starting with a large contraction in the fiscal deficit for the last fiscal year. The Estimates of Expenditure for the fiscal year which began this month are designed to further reduce the deficit to 4.4 percent of GDP, with additional declines in future years until the budget is balanced in FY 2016/2017.

The fiscal deficits which are projected under the MTFS will be financed mainly by surpluses of pension funds, insurance companies and other domestic investors, at market interest rates which vary according to the maturity of the security. Foreign financing contributions will be mainly from international institutions, and the cost of servicing foreign debt will remain below 10 percent of foreign earnings for the remainder of this decade. The interest cost of the government debt is projected to decline from 21 percent to 19 percent of revenue by the end of the MTFS period.

The ratio to GDP of the gross government debt owed to the private sector is 74 percent, recalculated according to international guidelines published by the IMF last year (See Box 1). Over time, as the Government implements the MTFS, this ratio and that of the external debt to GDP, which is 29 percent, are expected to decline from the beginning of FY 2013/14. The declining ratios of debt to GDP indicate that the fiscal strategy is sustainable, and there is little risk of insolvency of the Government or the country in the foreseeable future, based on the IMF’s debt sustainability analysis.

The first issue of the Central Bank’s Financial Stability Report, published online in January, revealed a system that is stable, well capitalised, liquid and profitable, even though there was some deterioration of credit quality in 2010. Stress tests revealed no systemic weaknesses among commercial banks, insurance companies, large credit unions, or other entities large enough to pose a potential risk to the financial system as a whole. There was also no systemic risk exposure from financial linkages to the rest of the Caribbean, Canada and elsewhere. The resolution of the failed insurance company, Clico, has no implications for the stability of the financial system as a whole.

Growth Prospects

The economy is expected to grow by a little less than one percent in 2012, with the major contribution coming from tourism and construction, much of it tourist-related. In addition, several low-to-medium income housing initiatives are being undertaken by Government.

The current account deficit is expected to widen slightly, based on a projection of higher oil prices. Foreign direct investment in tourism-related projects is expected to be higher this year, with inflows for major projects such as the Four Seasons Resort, the Merricks Resort and Port Ferdinand. While some losses are projected, foreign reserves are expected to remain at levels that are adequate. The Central Bank and the fiscal authorities monitor the external accounts on a daily basis, with a view to timely fiscal and monetary action to protect the foreign exchange reserves as necessary.

In the medium term of three to five years, investment already underway in tourism-related projects creates additional capacity in the remunerative high-end of the market, as a basis for renewed growth. The tourism product is being further diversified, with the development of new markets and ancillary services, including initiatives to capitalise on the designation in 2011 of Bridgetown and its Garrison as a UNESCO World Heritage Site. In addition, new strategies are being initiated to enhance Barbados’ competitive advantages in the IBFS sector, to improve service quality and to take full advantage of the country’s leadership in the negotiation of double taxation agreements. Government is promoting greater use of alternative energy, and incentives for commercial and household use of alternative energy sources are being strengthened, with assistance from the Inter-American Development Bank (IDB). A strategy for the renewal of the agriculture and agro- industry is being developed. On the basis of these initiatives, the Central Bank projects sustained growth in the region of 2 to 3 percent for the Barbadian economy in 2015 and beyond.

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Trompe l’oeil is French for “deceive the eye” – a mural painting technique involving extremely realistic imagery, creating a dramatic optical illusion of three dimensions. John Pugh is world famous for his extraordinary murals around the globe – some 250 huge murals which attract thousands of visitors, arrest attention and “deceive the eye”. The Speightstown mural, “Bridge of Tides”, was the inspiration of Pierre Spennard, proprietor of Mangoes by the Sea Restaurant.

Pierre adopted Barbados nearly 20 years ago, and has watched Speightstown’s decay, including the nearby government icon, Galene, the old Post Office house. After the trauma of his young sons drifting at sea for nine hours, the idea of a mural overlooking the sea, telling the story of Barbados, was born, to inspire us all to save and revitalise Speightstown.  Artist Don Small responded to a search for a local muralist, but saw the challenges of a mural on an unsuitable old wall, exposed to sun, sand and sea, and sure to fade rapidly. The famous monumental trompe l’oeil murals of John Pugh have been widely seen on the web, and he was invited to Barbados, met with Don and Pierre, and began the plan, putting Speightstown ahead of other requests.

John, Don and Pierre worked on the story line – from Amerindians to Independence and beyond, with Errol Barrow and the broken trident, within the dramatic Harrison’s Cave. Don made two visits to California to familiarise himself with John’s modern technology for massive outdoor murals. Work started in 2010, with Don working on the detail of the story line in California. The huge wall had to be prepared by treating the, exposed, rusting beams and power washing the very rough wall, so that spikes in the coral stone wouldn’t tear the specially manufactured acrylic weave mesh on which the mural is painted.  The microfiber mesh weave material comprised 4 panels 60 x 5 feet, saturated with white acrylic colourfast pigment, on which the mural was painted. The wall was covered with an acrylic gel and lacquer mix, and the panels carefully “rolled on” and stuck permanently to the wall – a difficult and complicated process that took a team of five, including the artists, five 12 hour days!

Don Small, Barbadian muralist, who worked on the mural, explaining the process

Then two months of steady painting, to bring out the richness of the art work and the dramatic three dimensional effect. It will be sealed with an acryloid polymer to prevent fading. Speightstown now has a magnificent, monumental mural, created by the “Picasso of mural painting” – John Pugh – working with a brilliant Bajan artist, Don Small, who, incidentally, will be having an exhibition of his paintings at the Gallery of Caribbean Art all next week.

The Speightstown Enhancement Fund Trust (SEFT) has been formed by Harold Hoyte, Peter Boos, Clyde Sobers and Henry Fraser, to promote and help finance this great work, and through the mural to catalyse stimulate and catalyse the revitalisation of historic Speightstown, Little Bristol and Spykes Bay – a neglected Treasure of Barbados. It is hoped that such a world class work of art on the beach front of the town will encourage owners, donors and friends of Speightstown, government and all stakeholders to partner in the rehabilitation of the town’s historic building and streetscape, and revitalise the town by linking all aspects of culture, the arts and entertainment to the rich history. Donors to the Fund can contact Peter Boos at pnboos@gmail.com

For the first time ever, Altman Real Estate’s magazine features a comprehensive collection of Barbados’ leading properties for sale and luxury holiday rentals. Highlights of the 120-page 2012 Altman Real Estate and Villa Rentals Guide include:

• A comprehensive market report on the villa accommodation sector from Property Consultancy Services (PCS), Altman Real Estate’s research arm
• Insights on Barbados’ recent UNESCO World Heritage inscription
• A guide to the best Barbados villas for beach fun, family, romance and sport
• A centre spread featuring limegrove lifestyle Centre, Barbados’ only luxury mixed-use development

Paul Altman, Managing Director of Altman Real Estate, noted the magazine’s market-leading collection of properties.

“The Altman Guide is a signature portfolio of homes in a range of categories-from beachfront to lifestyle communities to plantation estates,” he said. “We are especially pleased to include our collection of luxury homes for holiday rental, as villas are becoming the fastest growing accommodation sector on the island.”

He also mentioned that the magazine has been released just months after Altman Real Estate Group inked a deal to become an international associate of Savills.

The UK-based leader in global real estate has offices and associates throughout Europe, Asia, Africa and the Middle East, and recently launched its Caribbean Desk, supporting Altman’s operations in Barbados, Grenada, St. Lucia and The Grenadines, and other regional real estate companies.

The Altman Real Estate Group continues to enjoy success with Limegrove lifestyle Centre, which during the past quarter, has celebrated the inaugural openings of the Cartier Boutique, Louis Vuitton and Tag Heuer, the opening of Limegrove Cinemas, and the opening of three restaurants and bars.

“Limegrove continues to stand out in Barbados and the region not only as a place to shop the world’s finest brands-but also as a lifestyle destination for all to enjoy. We are encouraged by investors who continue to place confidence in Limegrove as a prime location for their premium designer labels,” said Altman.

About Altman Real Estate Group

For more than 30 years, The Altman Real Estate Group has developed a reputation for delivering first class service to its clients and business partners throughout the world who seek to invest in Caribbean real estate. The company currently has three offices in Barbados, one in Grenada and affiliations throughout the Caribbean. Its core lines of business include residential property sales and long-term rental, luxury holiday villa rentals, residential property management, and office and retail rentals. The Altman Real Estate Group also provides top-class consultation services through its subsidiary company, Property Consultancy Services. For more information, visit www.altmanbarbados.com

About Savills

Savills is a global real estate services provider listed on the London Stock Exchange. We have an international network of more than 200 offices and associates throughout the Americas, the UK, continental Europe, Asia Pacific, Africa and the Middle East, offering a broad range of specialist advisory, management and transactional services to clients all over the world.

The four-day show, one of the chief property and real estate sector trade events in China, attracted more than 145,000 visitors looking to invest funds from China, overseas. It included representatives from Australia, Bali, Greece, USA, UK, Mauritius, Cayman Islands and the Dominican Republic.

RLB was approached by the China Business Network to exhibit and present at the conference because of its track record in the Caribbean and the rising number of Chinese investors interested in the region.

The firm’s work as project monitor for the Import Export Bank of China on the Baha Mar resort in Nassau was held up as an example of the opportunities available.

Speaking at the opening ceremony carried live on Chinese television, RLB Chairman Martyn Bould said that Rider Levett Bucknall has spent the last two years working with the Export Import Bank of China as Project Monitor on the US$3.5 billion 3,000 room Baha Mar Resort in Bahamas.

“This development provides an excellent example of the cooperation between a Bahamian developer, a Chinese bank, a Chinese contractor, and Bahamian Government incentives, being combined to produce a landmark project in the Caribbean,” Bould continued.

Rider Levett Bucknall is a global construction cost consulting firm with more than 120 offices worldwide. Its Caribbean offices are located in Barbados, Bahamas, St. Lucia and Cayman Islands.