VOLUME 12, ISSUE 03 | MAR 2025 Also in this issue THE BARBADOS STOCK EXCHANGE (BSE) • WILLIAMS SOLAR BERGER PAINTS JAMAICA LTD 72 YEARS OF CARIBBEAN COATINGS EXCELLENCE Dwaine Williams, Gxeneral Manager
WWW.BUSINESSVIEWMAGAZINE.COM Email for all inquiries: info@businessviewmagazine.com 2422 Palm Ridge Road, Suite 820 Sanibel FL, 33957 239.220.5554 CONTACT US TITLE SPONSORS GREAT NEWS! Business View Publishing was named to the 2020 Inc. 5000 list of America’s Fastest-Growing Private Companies! Read the press release Editor in Chief Karen Surca Research Directors Mike Luchetta Andrew Alleyne Contributing Writers Dan Macharia Vice President of Production Jared Ali Director of Marketing Nora Saliken Director of Administration Michelle Siewah Digital Strategist Jon Bartlow Art Director Renée Yearwood Managing Director Alexander Wynne-Jones COO Matthew Mitchell Executive Publisher / CEO Marcus VandenBrink 1 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
EDITOR’S NOTES Spring brings a renewed sense of prosperity for many and it also marks a need to try new things as we lean toward ‘out with the old and in with the new’. This time of the year also marks a time of luck with St Patricks celebrated by many. For the organizations that we were fortunate to cover in our March edition, luck is most certainly on their side, along with a thriving business agenda and notable initiatives that are being implemented, ensuring further growth. As tourists come in droves to rest and relax, local businesses are hard at work and the results are showing. Covering a cross section of business sectors, we bring you success stories that illustrate the allure and business potential this desirable area of the globe exudes. We were fortunate to talk with officials from the Barbados Stock Exchange regarding its success on the financial map and initiatives implemented that are propelling it forward as a sound financial model. We also sat down with Berger Paints, Easy Block, Jamaica and PSI to discuss their winning business path, notable recent successes and roadmap to further growth through 2025 and beyond. Business View also profiled Williams Solar and the Cayuga Collection in our March issue. Both organizations are thriving by sourcing locally, placing a focus on the charms of the region and sticking to their ambitious business agendas. It is as clear as the crystal waters surrounding the islands that continued growth is on the Caribbean horizon, as are the progressive initiatives of those we were fortunate to chat with. With sustainability in mind, best business practices up front, and a resilient economy at their fingertips, the undeniable draw of the Caribbean islands remains tangible. As with every issue, my hope as editor-in-chief is that our valued readers continue to learn something new with each issue we produce for you and that March provides a little bit of luck and a lot of spring in the step. Karen Surca Editor in Chief Dear Readers, 2 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
VOLUME 12, ISSUE 03 15 PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI) Puerto Rico’s Process Equipment Specialists 27 THE BARBADOS STOCK EXCHANGE (BSE) Strengthening the Caribbean’s Capital Markets 39 CAYUGA COLLECTION The Luxury of Giving Back COVER BERGER PAINTS JAMAICA LTD 2 EDITOR’S NOTES 7 OPENING LINES BEST PRACTICES IN CONSTRUCTION BEST PRACTICES IN BUSINESS AND ECONOMIC DEVELOPMENT BEST PRACTICES IN HOSPITALITY AND TOURISM CAYUGA COLLECTION 39 3 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
77 WILLIAMS SOLAR Powering Barbados 51 BERGER PAINTS JAMAICA LTD 72 Years of Caribbean Coatings Excellence 65 E-Z BLOCK (MANUFACTURING) & EVOLUTION ICF GROUP LIMITED (CONSTRUCTION) Building Better: Behind the Inspiring Vision CLEAN AND GREEN BEST PRACTICES IN MANUFACTURING The articles in this publication are for information purposes only. Business View Publishing assumes no liability or responsibility for any inaccurate, delayed, or incomplete information, nor for any actions taken in reliance thereon. The information contained about each individual or organization has been provided by such individual or organization without verification by us. The opinion expressed in each article is that of its author and does not necessarily reflect the opinion of Business View Publishing. BERGER PAINTS JAMAICA LTD 51 4 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Business View Caribbean provides media coverage for organizations operating within select industries. Our publication satisfies the need for industry-specific information and intel on key businesses across the Caribbean! Get BVC delivered straight to your inbox. Get updates on the latest business news. 100% FREE to subscribe! We respect your privacy, now & always. Click below to sign up for a FREE SUBSCRIPTION to Business View Caribbean and get each new issue sent directly to your inbox! SUBSCRIBE STAY INFORMED WITH CORE BUSINESSES FROM THE CARIBBEAN
ANTIGUA PM: US SHIP LEVIES COULD DRIVE UP PRICES IN REGION Source:https://caribbean.loopnews.com/, News Editor, First Published on March 24th, 2024 Price increases for imported goods, following a proposed policy change by the Trump administration, ABS Television reported. The United States Trade Representative has suggested imposing fines of up to US$1.5 million on Chinesemade ships, or vessels within fleets that include ships made in China, if they dock at US ports. This proposal, which has raised concerns across the Caribbean, could significantly disrupt freight costs and ultimately drive up consumer prices, according to Antigua and Barbuda’s Prime Minister Gaston Browne. In an interview on Pointe FM on Saturday, Browne expressed his deep concern over the potential inflationary effects of this move. He emphasized that freight costs would rise significantly, pushing up consumer prices and exacerbating inflation in Antigua and Barbuda, with potential increases of up to 14 percent. “The analysis has been done, and we’ve been advised that a container typically increases by about three to four thousand US dollars each. If that happens, you’re talking about an increase in prices by 8 to 10 percent easily,” Browne stated. The Prime Minister further warned that the move could be devastating to Caribbean economies that heavily Opening Lines 7 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
behalf of CARICOM as the Chairman to indicate to President Trump the kind of impact that will have on the Caribbean.” Browne emphasized the importance of the Caribbean Basin Initiative, noting that one of its key objectives is to ensure regional stability. “The United States should be concerned about its third border and any unintended consequences of its policies,” he concluded. As the situation unfolds, Caribbean nations are closely monitoring the proposed changes and considering further action to mitigate the impact on their economies and consumers. rely on supply chains from US ports, underscoring the broad regional implications of the US policy. The Caribbean Community (CARICOM) is expected to formally engage with the US administration to address the potential consequences of the proposed levies. Browne confirmed that CARICOM is seeking a carve-out under the Caribbean Basin Initiative (CBI) to shield the region from these disruptions. “We are not seeking to become involved in the geopolitical issues between Washington and Beijing,” Browne remarked, adding that the issue has already been discussed at the CARICOM level. “The decision that we took is that the Chairman of CARICOM, Mia Mottley, Prime Minister of Barbados, will write on 8 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Source:https://caribbean.loopnews.com/, News Editor, First Published on Jan 30th, 2024 Antigua and Barbuda is one step closer to becoming a shareholder of the Development Bank of Latin America and the Caribbean (CAF) The development follows the signing of the Share Subscription Agreement and the Immunities and Privileges Agreement by Prime Minister Gaston Browne and CAF Executive President Sergio DíazGranados yesterday, on the margins of CAF’s inaugural International Economic Forum for Latin America and the Caribbean in Panama City. ANTIGUA AND BARBUDA ADVANCES TOWARD CAF MEMBERSHIP OPENING LINES Last August,Antigua and Barbuda signed a Letter of Intent during its hosting of the United Nations SIDS 4 Conference. Speaking following the signing of the agreements, Browne stated: “We are certainly very happy to become an official shareholder of the Bank. We received a briefing today, so we recognise there are many opportunities to be exploited. We are very pleased with the quick turnaround time, not only with this agreement but the fact that it is a part of the ethos of the Bank to turn around your loans and advances [disbursements] very quickly. This is not very typical of a multilateral bank so we are very impressed, and we believe this will be a very fruitful 9 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
relationship to help us build capacity in the affairs of our development.” Diaz-Granados added “we are very pleased that you were able to travel to Panama to see what we are creating here in the region, connecting the Caribbean to Latin American and Latin America to the Caribbean. I believe there are many solutions on which we can work together so we are really proud of this step today.” Once Antigua and Barbuda completes the process to become a CAF shareholder, it will join as the bank’s 23rd member. The twin-island nation will be in the company of its Caribbean counterparts, including Trinidad and Tobago, the Dominican Republic, Barbados, Jamaica, and The Bahamas, which became a member in November 2024. 10 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Source: https://caribbean.loopnews.com/, News Editor, First Published on Feb 26th, 2024 In a significant step towards enhancing climate resilience and equipping Caribbean nations with critical data to withstand extreme weather events, the Caribbean Development Bank (CDB), in collaboration with the Caribbean Institute for Meteorology and Hydrology (CIMH), has launched the Development of Rainfall Intensity Duration-Frequency (IDF) Curves project. In a release dated February 18, 2025, the CDB said the initiative aims to support the Bank’s 19 Borrowing Member Countries (BMCs) in designing infrastructure that is more resistant to flooding and other climate-related risks. The project commenced with a virtual workshop on Friday, February 14, 2025, bringing together key stakeholders, including government representatives and national meteorological and hydrological services. Rainfall IDF curves are essential for designing resilient infrastructure, such as drainage systems and flood control mechanisms. These curves help estimate rainfall intensities for varying probabilities of excess rainfall, making them critical tools for infrastructure planning. By integrating climate change considerations, the project will enhance the planning, design, and implementation of climate-resilient infrastructure across the region. The workshop provided an overview of the project’s scope, objectives, and key deliverables, while also raising public awareness of its significance. Stakeholders discussed their roles in ensuring effective implementation, fostering collaboration, and securing long-term success. CARIBBEAN DEVELOPMENT BANK LAUNCHES PROJECT TO ASSESS EXTREME RAINFALL OPENING LINES Dr David Farrell, Principal of the CIMH, emphasised the project’s significance, stating,“This represents an important step forward in our collective efforts to mitigate the societal impacts of current and future extreme weather events. By developing updated rainfall IDF curves that take into account possible future climates, we will enhance the resilience of our infrastructure and protect local communities from the increasing threats posed by climate change.” Shawn Boyce, Chief Hydrologist at CIMH and the project’s Technical Lead, highlighted the importance of stakeholder collaboration in achieving the project’s goals. “The ultimate success of such a project relies heavily on active stakeholder engagement to ensure that the outputs of the project are integrated into planning and design across the region. This regional kickoff workshop marks the beginning of an inclusive process to ensure the resulting IDF curves are 11 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
practical, accessible, and widely adopted.” CDB’s Division Chief (Ag), Economic Infrastructure Division, Mr. William Ashby, remarked on the broader vision of the project. “The vulnerability of the Caribbean to hydrometeorological hazards is profound. In particular, frequent and severe flood events continue to result in damage to infrastructure and housing, loss of income sources, degradation of the natural environment, and risk to life. The tools to be produced from this project, together with the necessary awareness building, will greatly enhance the countries’ capacity to design effective drainage infrastructure and flood protection systems, reducing the risk of social and economic losses,” said Mr Ashby. The CDB said the project, to be implemented over 18 months, will generate rainfall IDF curves for each BMC, incorporating climate change projections to account for future shifts in rainfall intensity and frequency. This data will help mitigate risks associated with extreme weather events and enhance disaster preparedness. The CDB said the kick-off workshop concluded with a roadmap outlining the next steps, including comprehensive data collection efforts, ongoing stakeholder engagement, and public awareness initiatives to promote the project’s importance. By addressing vulnerabilities associated with extreme rainfall, the CDB said this initiative seeks to strengthen regional infrastructure, improve disaster preparedness, and safeguard lives and livelihoods. The CDB said the project represents a crucial investment in sustainable development and climate resilience, laying the foundation for a more secure future across the Caribbean. 12 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI) PUERTO RICO’S PROCESS EQUIPMENT SPECIALISTS best practices IN CONSTRUCTION 13 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
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PUERTO RICO’S PROCESS EQUIPM SPECIALISTS PHARMACEUTICAL SERVICES & INSTALLATIO AT A GLANCE PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI) WHAT: A distributor of specialized process equipment for pharmaceutical, biotech, and food and beverage industries WHERE: C aguas, Puerto Rico WEBSITE: www.psi.international FOLLOW THE STORY OF HOW A FAMILY BUSINESS BUILT LASTING RELATIONSHIPS ACROSS THE CARIBBEAN’S PHARMACEUTICAL INDUSTRY 15 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
MENT ONS (PSI) When Eduardo Conde steps into the boardroom of Pharmaceutical Services & Installations (PSI), he carries with him a family legacy that spans over three decades. Founded in 1990 by a group that included his father, PSI has established itself as a cornerstone in the Caribbean’s biotech, pharmaceutical, and food and beverage industries. “We work in the entire Caribbean region, providing cutting-edge process equipment to meet our customers’ needs,” Conde explains, his eyes lighting up as he discusses the company’s mission. “We listen to them, understand their situations, and do our best to provide complete solutions.” Based out of Caguas, Puerto Rico, PSI has maintained a consistent vision since its inception, with Conde’s father serving as president until just two years ago. The transition of leadership has occurred without 16 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
disruption to the company’s core values.“Our mission and vision have stayed the same, which is to provide customer satisfaction,” Conde notes. “We strive to create long-term relationships based on trust and reliability, and that hasn’t changed much through the years.” Unlike manufacturers, PSI operates primarily as a distributor, forming strategic partnerships with global manufacturers to serve a regional clientele. This business model has allowed them to maintain flexibility while offering specialized solutions. “It’s very important for us to remain present for our customers and provide the solutions they need to keep growing and be sustainable,” Conde adds, highlighting the company’s role as both supplier and consultant in an industry where precision and reliability are non-negotiable. UV TECHNOLOGY SOLUTIONS AND INDUSTRY APPLICATIONS Among PSI’s standout offerings is a partnership with Aquafine UV, exemplifying how the company bridges international innovation with Caribbean needs. The technology represents a cornerstone of modern water treatment solutions, particularly valuable in island environments where water quality directly impacts multiple industries. “Aquafine UV treats water with ultraviolet light for several different applications, with disinfection being the primary use,” Conde says.“This allows our clients to disinfect water streams without adding chemicals like chlorine that might alter taste.” The technology works by inoculating microorganisms in the water, preventing them from reproducing—a cleaner alternative to chemical treatments. The applications encompass various sectors critical to the Caribbean economy. “They also work with reducing ozone in water, which is vital for water bottling plants—of which we have many in the Caribbean,” Conde points out. “Most use ozone as a disinfectant, and Aquafine serves two purposes: helping disinfect the water and reducing ozone content, allowing acceptable levels for bottling.” While other applications like Total Organic Carbon (TOC) reduction find more use in places like Asia’s electronics manufacturing hubs, the Caribbean market primarily benefits from three key services: “Here in the Caribbean, Aquafine UV mostly handles ozone reduction, TOC reduction, and the biggest application—water disinfection.” This technology holds particular significance in Puerto Rico and surrounding islands, where pharmaceutical manufacturing facilities must 17 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI)
maintain stringent quality standards. The UV treatment systems allow these facilities to meet FDA requirements without introducing additional substances into their processes. For an island region where both pharmaceutical production and water bottling represent significant economic activities, these specialized solutions address unique industrial needs that continental suppliers might overlook. SUPPLY CHAIN CHALLENGES POST-COVID The global pandemic tested supply chains worldwide, with island-based businesses facing amplified challenges. For PSI, this reality prompted strategic adaptations that have ultimately strengthened their operational model. “COVID was definitely challenging in terms of supply chain disruptions, especially being in the Caribbean,” Conde reflects. “Most things companies like ours do involve importing from the US, Europe, and Canada—Aquafine, for example, is built in Canada.” The electronics shortage particularly affected their business, threatening to disrupt client operations across multiple industries. PSI responded with foresight that has now become standard practice. “We’ve learned after COVID to create a substantial inventory of different parts, specifically the most essential components our customers might need,” Conde explains.“UV systems, lamps, ballasts, electronic boards—this way, if a global event like COVID happens again, we’re ready to provide our customers with equipment without delays, which were a huge issue during the pandemic.” The company also embraced digital transformation out of necessity, turning temporary solutions into permanent advantages. “We’ve adapted to doing things like Zoom meetings when we can’t visit customers, and many clients have adjusted to this format,” says Conde. “It helps us be more present. If a customer from Jamaica needs troubleshooting for their equipment, we can do a virtual meeting and it’s almost like we’re there.” This digital pivot has allowed PSI to maintain their hallmark personal service while reducing response times and travel costs. “COVID changed many dynamics, and if you don’t adapt to these new approaches, it’s like you didn’t learn anything,” Conde observes. “That’s very important when growing a business—you need to learn, adapt and overcome.” CLIENT RELATIONSHIPS AND BUSINESS PHILOSOPHY PSI’s client portfolio reads like a who’s who of pharmaceutical manufacturing, with over 95% of their business coming from the private sector in 18 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
As a world-leading manufacturer of stainless-steel processing and storage vessels, DCI, Inc. plays a crucial role in supporting pharmaceutical, biotechnology, chemical, and cosmetic companies with cutting-edge equipment designed for efficiency, compliance and reliability. For seven decades, DCI has been a trusted partner in delivering stainless steel solutions that meet the industry’s standards, including ASME Section VIII, Div. 1, ASME Pressure Vessel Code -“U” Stamps, National Board - “R” Stamp, ASME BPE, cGMP, API 620 & 650, and UL regulations. DCI custom-engineers vessels for stand-alone projects, packaged or fully integrated skidded systems, with expertise in diverse applications, full controls, and automation. We deliver highquality vessels to enhance efficiency and product quality offering: • Pressure Vessels • Fermenters • Bioreactors • Portable Vessels • • Clean-in-Place tanks or fully skidded multi-vessel CIP systems • • Media Prep • Buffer Prep • Buffer Holding skids • DCI’s expertise in design, custom fabrication, and advanced agitation solutions empowers manufacturers to optimize their processes while maintaining the highest level of product integrity. As the life science industry continues to expand, DCI remains dedicated to advancing technology and manufacturing excellence.At DCI, Inc., we don’t just build equipment; we build trust and longlasting relationships. Our team is dedicated to providing superior solutions that help you succeed. Advanced Process Solutions for the Life Science Industry WWW.DCIINC.COM | 600 54TH AVE NORTH, ST. CLOUD MN 56303 DCI custom-engineered vessels for stand alone projects, packaged or skidded systems, with expertise in diverse applications, full controls, and automation. Pressure Vessels | Fermenters | Bioreactors | Portable Vessels Media Prep | Buffer Prep | Buffer Holding Skids PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI)
Puerto Rico. “We work with all the big world-class manufacturers like Amgen,” Conde says. These relationships face unique regional challenges that require specialized solutions. “One challenge in Puerto Rico is the cost of energy, which is quite expensive,” Conde notes. “We need to provide energy-efficient solutions through our partners, like high-efficiency filtration systems for pharmaceutical and biotech industries.” These extraordinary systems require specialized materials that meet strict industry standards. Working within Puerto Rico’s complex regulatory environment adds more complexity. “We have a nuanced relationship with the United States as a US territory, and many rules and regulations come from the federal government,” Conde explains. “Our customers operate under FDA requirements with regular audits, and we must comply with all those standards.” This compliance expertise becomes even more valuable when serving clients in other Caribbean nations with different regulatory frameworks. What distinguishes PSI in this competitive environment is a relationship-focused approach.“We seek to keep open channels of communication with our customers and suppliers,” Conde emphasizes. “Since our beginning, being honest with customers has been crucial. We understand sometimes there are things customers don’t necessarily want to hear, but they know when they talk to us, they’ll get an honest answer.” This transparency has created lasting client loyalty that transcends individual companies. “We take pride in knowing we have many customers who, even when they move between companies, keep calling us,” Conde says. “They know they’ll get not only the equipment and service they need but also the truth. We don’t bend reality to secure orders or 20 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
service contracts. That’s something our customers appreciate, especially when they encounter different standards elsewhere.” GROWTH STRATEGY AND REGIONAL EXPANSION Despite political and economic uncertainties in 2024, PSI maintains an optimistic outlook for continued growth. “We definitely aim to keep expanding our footprint throughout the region,” Conde says. “Our vision for the next five years is to further develop our presence across the Caribbean.” The company’s success builds on a team-based approach to market development. “We’ve been performing better year after year, and we have to credit our ability to expand through the Caribbean to our team members,” Conde reflects.“They are highly motivated. We have a collaborative atmosphere in the office, so we can address different sectors and work together on various projects.” The recent American election cycle created temporary hesitation in the market, affecting business planning. “This last year was somewhat challenging given our relationship with the United States. Being in an election year created uncertainty about what would happen and how the market would react,” Conde acknowledges.“But now with a new administration and many unknowns resolved, customers are getting answers about what the future looks like. We expect 2025 to get us back on track with growth that we hope will spread throughout the entire Caribbean region.” PSI’s expansion strategy has evolved based on market research and experience. While the company once planned to open offices in the Dominican Republic and possibly the mainland United States, they’ve 21 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI)
Your Trusted Partner in Pharmaceutical and Biotechnology Fluid Path Solutions At Watson-Marlow, we provide a comprehensive portfolio of fluid path technologies designed to support pharmaceutical and biotechnology processes at every stage—from upstream development and downstream purification to final fill/finish applications. Our expertise in peristaltic pumping, single-use technologies, and high-performance components allows us to develop tailored, efficient, and reliable fluid transfer solutions for your specific process needs. As the only peristaltic pump manufacturer that also produces its own tubing, we ensure complete compatibility and optimized performance, reducing variability and improving process control. We offer stainless steel valves, precision-molded components, gaskets, and single-use assemblies, all designed for ease of use, reliability, and seamless integration between critical process steps. Our solutions maintain consistent performance across aseptic processing environments, helping to safeguard product integrity and compliance with industry standards. With in-house manufacturing capabilities, we oversee every aspect of production, ensuring full traceability and batch record documentation. Our polymeric components include molded or laser-etched lot numbers to support traceability in controlled drug processes. Backed by a global network of sales and technical support teams, we provide localized expertise, validation documentation, and regulatory compliance guidance—helping you streamline operations, reduce risk, and accelerate time to market. wmfts.com/us 800 282 8823 Innovation in full flow Scalable and flexible fluid path solutions engineered to maximise process efficiency Image credit: ©Securecell
adjusted their approach.“In the Dominican Republic, we have plans to open an office there. It’s been more challenging than expected with all the regulatory requirements,” Conde admits. “COVID definitely set that back, but it remains in our five-year plan. We currently have a sales manager working directly with partners and customers there.” For other markets like Jamaica, PSI has found different approaches more effective. “Through our research, we’ve discovered it’s currently more efficient for us to partner with local companies like Automatic Controls Engineering,” Conde explains.“We’ve found this arrangement more effective from business and profit perspectives.” INNOVATION AND STRATEGIC PARTNERSHIPS Staying ahead in a specialized industry demands constant innovation, a principle PSI embraces through targeted investments in technology and training.“To grow, we need to align with new technologies and trends,” Conde says. “We train our employees and send them to different types of training sessions with our manufacturers.” These educational investments translate directly into client value.“Just yesterday we attended training with Watson-Marlow about their new technology that implements zero-waste filling of vials for pharmaceutical applications,”Conde shares.“That sort of innovation drives growth. When you can present these advancements and bring them to market, it helps customers grow—and if our customers grow with us, we grow with them.” Industry-wide digitalization, including artificial intelligence applications in production, represents another frontier PSI is exploring. Their innovation process centers on customer collaboration rather than isolation. “We move forward through direct contact with our customers, understanding their needs and communicating those to our manufacturing partners,” Conde explains. web fluxpumpsusa.com | email info@fluxpumpsusa.com tel (404) 691-6010 | toll free (800) 367-3589 300 Townpark Drive, Suite 130 | Kennesaw, GA 30144 DURABLE. EASY TO CLEAN. QUICK TO SERVICE. Drum & Container Pumps | Air Operated Diaphragm Pumps Centrifugal Pumps | Flow Meters | Batching & Metering Systems Quality equipment that lasts. FLUX PUMPS CORPORATION 23 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 PHARMACEUTICAL SERVICES & INSTALLATIONS (PSI)
PREFERRED VENDOR/PARTNER n DCI, Inc. www.dciinc.com DCI, Inc., founded in 1955 and based in Saint Cloud, MN, is a leading manufacturer of stainless-steel vessels, agitators, and skidded systems for hygienic industries. We offer standard and custom-engineered solutions, including tanks, bioreactors, and fermenters, all designed to meet regulatory requirements with full vertical integration. n Watson Marlow www.wmfts.com/es-mx Watson-Marlow Fluid Technology Solutions (WMFTS) is a world leader in manufacturing peristaltic pumps and associated fluid path technologies for the life sciences and process industries. As a leading provider of peristaltic and sine pumps, automated filling machines, tubing, hoses, fluid path components and technical support, WMFTS partners with customers to solve challenges across various applications. n FLUX Pumps Corporation www.fluxpumpsusa.com FLUX is a German manufacturer of high-quality drum & container pumps for a wide array of liquids. We are the pump of choice when transferring liquids, specifically from drums & totes. With 75 years of experience and stock equipment ready to ship, FLUX should be your one and only call. This approach yields tangible results. “Recently we worked with a major pharmaceutical company in Puerto Rico that needed to replace some equipment,” Conde recounts. “We sat down with them to understand exactly what they needed, then spoke with Aquafine. We were able to design and offer customization options that weren’t previously available, saving the company over $200,000 because they didn’t have to modify their existing system or revalidate it.” Key partnerships form the backbone of PSI’s service model.“Three of our top manufacturing partners are Watson-Marlow Pumps, Fristam Pumps, and GEMU Valves,” Conde notes. “We integrate these lines in many projects, using pumps to move water through UV systems and for specialized pharmaceutical applications.” As PSI looks to the future, Conde’s leadership philosophy emphasizes both business growth and human values. “You have to be human, and as company president, I strongly believe in work-life balance,” he reflects. “Family is very important, and that’s something I implement here in the office. An employee is human, just like anyone else. You have to promote healthy work-life balance while maintaining a strong commitment to teamwork and sustainable work ethics.” 24 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
THE BARBADOS STOCK EXCHANGE (BSE) STRENGTHENING THE CARIBBEAN’S CAPITAL MARKETS best practices IN BUSINESS AND ECONOMIC DEVELOPMENT 25 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
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STRENGTHENING THE CARIBBEAN’S CAPITAL MARKET THE BARBADOS STOCK EXCHANGE (BSE) AT A GLANCE THE BARBADOS STOCK EXCHANGE (BSE) WHAT: A leading financial institution providing a secure, transparent platform for securities trading, market regulation, and international investment opportunities in Barbados and the Caribbean. WHERE: H eadquartered in Barbados, with international market reach across North America, Europe, and the Caribbean. WEBSITE: www.bse.com.bb EXPLORING A LEADING FINANCIAL PLATFORM FOR GROWTH AND GLOBAL MARKET INTEGRATION 27 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
G S TS Since its establishment in 1986, the Barbados Stock Exchange (BSE) has been at the forefront of financial market development in the Caribbean. The BSE has established itself as a cornerstone of Barbados’ financial landscape, offering a secure and transparent platform for trading securities. The exchange’s continuous efforts to strengthen international partnerships and increase Barbados’ appeal as a financial hub have been essential to its 28 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
current success. Likewise, its strong relationships with brokers, listing sponsors, and regulators have allowed it to operate under the highest standards of transparency and integrity. The BSE has already made significant strides by securing recognition from His Majesty’s Revenue and Customs (HMRC) in the UK and is further expanding this recognition to other key markets, such as North America and Europe. This will allow the exchange to attract more international listings and investments while enhancing its global credibility. To support these efforts, the BSE’s leadership has also focused on integrating with other regional exchanges, such as those in Jamaica and Trinidad. This increases liquidity and investor confidence and contributes to a more unified and attractive Caribbean capital market. Continuous technological innovation has also been crucial behind the scenes. The BSE’s transition to an entirely electronic trading system, with brokers connected remotely via VPN, has completely modernized its operations. Additionally, further investment in blockchain technology and AIdriven trading tools is being considered as it could streamline efficiency and enhance security. The Barbados Stock Exchange has emerged today as a thriving financial ecosystem where local and international companies seek listings, and investors can have confidence in their market interactions. Thanks to its financial innovation and operational integrity, the Barbados Stock Exchange proudly stands as a regional leader for the Caribbean and beyond. A LEAN BUT EFFECTIVE ORGANIZATIONAL STRUCTURE Despite its broad range of responsibilities, the exchange operates with a lean workforce of just seventeen employees. The team, led by Managing Director Marlon Yarde, brings extensive industry expertise. This depth of experience allows the organization to maintain high levels of efficiency while upholding stringent regulatory standards. Initially launched as the Securities Exchange of Barbados, the Barbados Stock Exchange has evolved over the decades, adapting to the needs of a growing financial sector. “In 2001, we changed our structure and became a mutual company which was owned by the members 29 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 THE BARBADOS STOCK EXCHANGE (BSE)
of the Barbados Stock Exchange… by 2016 we demutualized, and former members became shareholders, making us a for-profit organization,” Yarde says. The shifts into the current foundation of the BSE were driven by the need to streamline the process of trading securities. Previously, buying and selling shares was a cumbersome legal process that required direct negotiations and formal legal documentation. Recognizing the inefficiencies, business leaders in Barbados sought to establish a structured, transparent exchange that would facilitate trade and encourage investment. Over the years, the Exchange expanded its offerings to attract international players. A pivotal moment came in 2016 with the launch of the International Securities Market (ISM), which enabled trading in global securities, including assets denominated in US dollars, Canadian dollars, and British pounds. This strategic pivot increased the exchange’s attractiveness to international investors and, overall, allowed investors and issuers to operate within a regulated and more efficient marketplace, strengthening Barbados as both a leading force in regional capital markets and a global financial hub. Today, the Barbados Stock Exchange Inc. (BSE) operates as part of a well-structured group comprising three entities: the BSE itself, and its two subsidiaries, the Barbados Central Securities Depository Inc. (BCSDI), and the BCSD Custodian Trust Services Inc. (BCTSI). Each organization serves a specific role in ensuring seamless operations and market stability. The BCSDI, established in 1999, manages registrar services, including maintaining shareholder records and processing dividend payments. It acts as the backbone of the exchange, ensuring the smooth transfer of securities and managing investor accounts. BCTSI, the newest addition to the group, was launched in 2021 to provide custodial and trust services for institutional investors such as insurance companies and pension funds. “Organizations like insurance companies need to have certain assets set aside for certain contingencies, and the law requires an independent third party to custody those assets. So, we function as custodians for the financial institutions here in Barbados,”Yarde explains. 30 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
FOCUS ON LIFE’S TRUE PLEASURES WHEN YOUR INVESTMENT STRATEGY IS ON AUTOPILOT As a busy professional, your time is best spent doing what you love. Whether that’s growing your business, traveling the world, or enjoying time with family. But what if your investments could grow alongside your success, without demanding your constant attention? That’s where Sagicor ebrokerage Advisory Service comes in—helping you put your investment strategy on autopilot so you can focus on life’s true pleasures. With expert investment recommendations, market insights, and portfolio guidance, we take the guesswork out of investing. Our team ensures your financial future stays on track, whether you’re planning for retirement, building wealth, or diversifying your portfolio. You don’t have to spend hours analyzing the market. We provide the expertise, so your money works for you, even when you’re focused on other priorities. Through our digital platform, you get the perfect balance of convenience and professional support. Stay in control while benefiting from expert insights designed to maximize your wealth. No more missed opportunities—just a seamless way to grow your investments while you enjoy what truly matters. Ready to set your investments on autopilot? Enquire about Sagicor ebrokerage Advisory Services today and invest with confidence. Visit www.sagicor.com/ebrokerage or email advisory_services@sagicor.com to get started. THE BARBADOS STOCK EXCHANGE (BSE)
The exchange’s core trading platform, provided by Estonian firm Percival, consists of two integrated systems: DEPEND, which manages registrant and shareholder records, and REVENUE, a proprietary trading engine developed with input from the BSE. “So, the systems are tightly coupled. When we trade, it allows the registrar and transfer agent software, DEPEND, to move securities from the seller to the buyer when trades occur. So, it is a seamless, tightly coupled system,”Yarde clarifies, explaining how these platforms work in tandem to achieve results. The Barbados Stock Exchange has also explored blockchain technology as a potential tool for trading security tokens. Although its rules allow it to do so, the regulatory complexities involved have led the exchange to take a cautious approach. In the meantime, the BSE continues to focus on integrating technological solutions that enhance efficiency with as little regulatory red tape as possible. Lastly, the Financial Services Commission (FSC) regulates the BSE, to ensure adherence to international best practices. As our primary regulator, the FSC oversees listed companies and brokers while maintaining alignment with global regulatory standards like those set by the International Organization of Securities Commissions (IOSCO). This commitment to transparency, investor protection, and systemic risk reduction is why the BSE is so well received and trusted in both regional and global markets. TECHNOLOGY AND PARTNERSHIPS AT THE CORE OF OPERATIONS The BSE has embraced technology as a driving force behind its operational efficiency and market competitiveness. As a fully electronic exchange, brokers trade remotely using a secure VPN connection, eliminating the need for physical trading floors. 32 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Regardless, thanks to platforms like DEPEND and REVENUE, the exchange has also been able to prioritize settlement efficiency. “When I first came to the stock exchange, the settlement cycle was T+5. In that, a trade occurs on one day and settlement occurs five days later. Then we moved to T+3 and shortened the settlement cycle. And earlier in 2024, we moved to a settlement cycle of T+1,” Yarde says, explaining that this significantly improved transaction speed and reduced settlement risks. Despite having such powerful supporting platforms, the BSE’s success is also built on strong relationships with key market participants, including brokers, listing sponsors, regulators, and institutional investors. The exchange works closely with nine registered brokers who facilitate trading and connect investors with market opportunities. Listing sponsors—often, legal firms—also play a vital role in attracting new listings to the exchange, particularly within the ISM. Additionally, to ensure regulatory oversight, another cornerstone of its operations, the exchange collaborates closely with the FSC to uphold international best practices and protect investors. “Our regulator is very supportive, they know what we’re trying to achieve, and they support us in our endeavors. We talk with each other and make sure that we are on the same page as it relates to taking regulatory action so that we do not appear to operate at cross purposes. They let us take the lead on matters under our purview as a self-regulatory body, but we do not do anything before we say to them, this is what is happening. This is what we are considering doing. Do you have any thoughts on this matter?’ And they let us know if they think we are moving in the right direction or if we should look at another approach,” Yarde says. Over the years, the BSE’s international collaborative 33 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 THE BARBADOS STOCK EXCHANGE (BSE)
The BSE is actively working to educate and prepare SMEs for listing through collaboration with the Ministry of Energy and Business (MEB), the Small Business Association (SBA), and the Caribbean Development Bank (CDB). This initiative aims to provide growth-oriented businesses with access to capital, helping them expand their operations and contribute to economic development. The project is structured in three phases: an initial awareness campaign, a diagnostic and capacitybuilding stage, and a final phase focused on raising capital and listing. The goal is to bring at least 20 SMEs to market and strengthen Barbados’ economic landscape by diversifying the exchange’s offerings. On a broader scale, the BSE is championing efforts to integrate the Caribbean’s capital markets. efforts have garnered incredible acknowledgement, with the exchange securing designation as a recognized stock exchange by HMRC in the United Kingdom. “What that means is that the securities listed on our exchange are treated as if they were listed in the UK and receive the same benefits,” Yarde explains, clarifying that this status provides tax advantages for companies listed on the BSE, making it an attractive option for foreign investors. EXPANDING MARKET REACH AND FUTURE GROWTH INITIATIVES One of the most significant initiatives currently underway at BSE is its effort to attract small and medium-sized enterprises (SMEs) to list on the Innovation and Growth Market (IGM) of the BSE. 34 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Recognizing that small individual markets may struggle to attract significant foreign investment, Yarde envisions a unified regional exchange that would present the Caribbean as a cohesive investment destination. By fostering collaboration between the major stock exchanges of Barbados, Jamaica, Trinidad & Tobago, and the Eastern Caribbean, the region could enhance its global appeal and attract greater levels of direct investment. “If we work separately, we are too small to attract big investors and companies and get them to list their securities here. But if we come together and integrate our markets into a single market with satellite exchanges, it would make us more attractive for foreign direct investment,”Yarde says, noting how this collaboration would benefit the economies and people of the Caribbean as a whole. As the BSE continues to evolve, a key focus remains on long-term sustainability.The exchange will focus more on leadership succession planning to prepare the next generation of financial professionals to uphold the BSE’s mission and drive future growth. By embracing technology, strengthening regulatory oversight, fostering strategic partnerships, and expanding market access, the BSE is solidifying its role as a leader in the Caribbean’s capital markets. Through ongoing training, mentorship, and strategic hiring, it is positioning itself to remain at the foundation of Barbados’ financial sector for years to come. As the BSE looks ahead, it is committed to driving financial innovation, supporting economic growth, and ensuring that Barbados remains a competitive player in the global financial landscape. 35 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 THE BARBADOS STOCK EXCHANGE (BSE)
PREFERRED VENDOR/PARTNER n Sagicor General Insurance Inc. www.sagicor.com n Nexa Financial Services www.nexa.bb Nexa is a Barbadian professional services firm providing client focused auditing, advisory, corporate and tax services. We build strong longlasting relationships by providing quality timely services that add value. We develop tailored solutions that turn challenges into opportunities. We live and breathe our values: • Relationships • Integrity • Client service • Quality • Lifestyle n ListAssist Services (Barbados) Ltd gillian.clarke@cgf.law 36 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
CAYUGA COLLECTION THE LUXURY OF GIVING BACK best practices IN HOSPITALITY AND TOURISM 37 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
38 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
THE LUXURY GIVING BAC CAYUGA COLLECTION AT A GLANCE CAYUGA COLLECTION WHAT: A management company operating multiple sustainable luxury hotels in South and Central America. WHERE: C osta Rica, Panama, Nicaragua, and Guatemala WEBSITE: www.cayugacollection.com HOW A CENTRAL AMERICAN HOTEL GROUP IS REDEFINING LUXURY THROUGH ENVIRONMENTAL RESTORATION AND LOCAL EMPOWERMENT 39 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
Y OF CK In a world where luxury often means excess, Hans Pfister, President & Co-Founder of the Cayuga Collection, offers something refreshingly different. His company manages eight sustainable luxury hotels across Central America, with properties in Costa Rica, Panama, Nicaragua, and most recently, Guatemala. “We’re a management company of small sustainable luxury hotels in somewhat remote locations—on 40 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03
islands, in the mountains, on the coast,” explains Pfister.“It’s a luxury product, but it’s not your typical Dubai luxury. The focus is more on experiences, on authenticity, on connecting with the place where you are and with the people.” This philosophy was crystallized in September 2023 when the Cayuga Collection launched “Luxury Rewilded”—a concept that reframes what luxury means in the hospitality industry. “It’s a return to a deeper, meaningful connection to the natural world, to each other, to ourselves,” Pfister says. “When we think about tourism and mass tourism, we sometimes think that we want to rethink what luxury means; does it really have to be about artificial environments and imported goods? We believe it’s time for a new model.” For the Cayuga Collection, luxury isn’t defined by imported Italian marble or French champagne.Instead, it’s measured by the authenticity of experiences, the regeneration of natural environments, and the positive impact on local communities.This approach resonates with a growing segment of travelers seeking more than just comfort and indulgence— they want purpose and connection in their journeys. “Our guests are part of a growing movement that reimagines luxury as something that leaves a positive footprint, something that contributes to the land and the people it touches,” Pfister notes. The timing couldn’t be better, as post-pandemic travel trends show increased demand for meaningful, sustainable tourism experiences that offer genuine cultural immersion rather than standardized luxury. THE COLLECTION AND ITS UNIQUE PROPERTIES The Cayuga Collection portfolio showcases the diversity of Central America’s natural splendor, with each property offering its own distinct character while adhering to the company’s sustainable ethos. “All our hotels are small, luxury products in remote locations with different owners,” Pfister says. “The owners trust us with their baby—often they’ve built it, conceived it, they’re very proud of it, and we take care of the management.” Among the collection’s standouts is Isla Palenque Resort in Panama, a 400-acre tropical island sanctuary featuring secluded beaches and archaeological sites. In Costa Rica, Kura Boutique Hotel perches in the Uvita rainforest with panoramic views of the famous Whale’s Tail sandbar, while Arenas del Mar offers the rare combination of luxury accommodations within 41 BUSINESS VIEW CARIBBEAN VOLUME 12, ISSUE 03 CAYUGA COLLECTION
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