As I enter my 53rd Year in tourism it’s perhaps time to reflect on some of the very many experiences and opportunities this incredible industry has brought to me.

Having spent a prolonged period as a child in hospital being treated for what, at that time, was a disease with a 50% mortality survival rate, the seemingly endless days were abridged with second hand copies of National Geographic magazines. Even in the late nineteen fifties the journals photography was outstanding and it was those images which drove my relentless interest in travel.

My first ‘voyage’ of discovery was at the age of 16 years hitch-hiking from England to Istanbul in Turkey.

I vividly recall seeing Paris for the first time and trying to comprehend how a city, so close to London, could be so strikingly different.  Paris would later become the most popular destination for our tour operation company and I would re-visit literally hundreds of times, without for a single second, losing any of its magical appeal.

Soon after, I travelled to Canada and whilst maintaining two jobs, one at McDonalds and another as a waiter at the Lock, Stock and Barrel, it allowed me to volunteer my services to a local travel agency to acquire the necessary skills to make a living within the industry.

Whilst still in the travel industry I replied to an advertisement in the British Sunday Times placed by a Swiss based company, Globus Gateway.  They invited me to an interview which took place in a nondescript third floor office in Oxford street in Londons West end.  At the time I felt the interview went badly for me and I returned to Canada. Days later an invitation arrived to join a training tour taking in as many European countries as there is in a week.

Looking back it is now easy to understand that this training tour was for me, and the other 20 plus hopefuls, an endurance test for physical and mental ability.

Once again, so doubtful that I had secured the job as a  Tour Director I returned to Winnipeg.  To my absolute astonishment about a week later a telex  arrived in my office on Portage Avenue instructing me to collect all relevant documentation to guide T628. The ‘T’ indicated the type of European tour and the ‘628’ the date it started – 28th June.

Fortunately, the 36 Americans booked on T628 arrived at Heathrow and spent the first two nights in London, a city that I had an intimate knowledge of.   But, that was just the beginning.  T628 turned out to be the longest tour operated by the company – 47 days duration, taking in 16 sovereign countries, 4 of which I had never visited before!  3 days later later I and the group flew to Madrid to begin the Continental European portion.   In broken Spanish I introduced myself to the main motor coach driver and sheepishly asked Manuel if he knew Europe well.  His response was that he lived in Madrid and occasionally visited Barcelona.  He had never been outside of Spain whilst driving a coach….

 

The adventure began and despite all the associated challenges, I managed to complete the tour almost seven weeks later.

I would always be grateful to Globus for giving me an incredible opportunity and if there is any recognisable moral to this weeks column it is the travel and tourism industry provides an unparalleled platform to advance a career anywhere in the world.

97 responses to “The Adrian Loveridge Column – Hotel Veteran Pauses to Reflect”

  1. NorthernObserver Avatar
    NorthernObserver

    @HA
    I was referring to the terminology of “selling shares in Sagicor” versus selling its ownership in Sagicor General Insurance, the latter being a subsidiary of the former.

    @PLT
    seems GEL still owns an Insurance operation in St.Lucia they call M+C


  2. @ T. Inniss

    I am at a lost as to the quality or interest of local economists. Over 2018, the greenback rose by about seven per cent against a basket of currencies; in other words, the Bajan has risen over the last year by seven per cent. How will this impact on BERT? So, if the greenback is overvalued, then the Bajan is also over-valued on key benchmarks.
    Most experts predict that the global economy will at best slow down during 2019, or at worst go in to a deep recession. Her is a good example of the shift in the global economy. In 1980, per capita GDP in the US was 40 times that of China’s. In 2018, it was only 3.4 times. What does this mean in the medium and long term?
    Are we going to get a proper objective analysis of BERT? Either that, or we continue to shout and scream and use vulgar language instead of reason and common sense.


  3. @ Northern Observer,

    As I said, what appears to be a fire sale of shares suggest a need for cash; it also suggests a difference in outlook for the company with its partners. There is a gap here in our knowledge and it seems as if stock market rules do not compel GEL to explain to shareholders and the market the reasons for its decision.
    My mind tells me that there is a question to be asked about the impact of the Charles Herbert affair on GEL. Have clients been asking questions? Our media should be drilling this down.

  4. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    I agree the current GEL model has some gaps. They have mass in catering. All else is a one, two or three outlet type of operation. And the newer investments, Bio in canada, Oilfield services in Guyana, and Cocoa in S.American are not yet producing significant returns. They lack mass. You cannot be successful in Building products distribution without connected mass. You can’t get the brands nor the prices.
    Compare to the larger K Simpson model, they only play in a few areas, but have significant mass in those areas.

  5. NorthernObserver Avatar
    NorthernObserver

    @HA
    Sagicor General went through a few rough years. I saw last year that their top man, ??? Alleyne (the late Stephen’s older brother) was now elsewhere. So an exit from the general insurance business would seem fair. Hurricanes are an insurance killer? Plus the family member who was the ‘insurance guy’ has long since retired. Last year they got out of rum, and that would appear to be a case of an inability to sell profitably, as they had massive volume available via WIRR and National Rums in Jamaica.


  6. @Northern Observer

    Is it a case of GEL management signaling that it is about to shed the ‘family’ culture which brought it this far?

    The blogmaster expects to see aggressive rationalization of the business in the weeks ahead. From the outside it appears it has been a struggle for the Board of management up to now.

  7. NorthernObserver Avatar
    NorthernObserver

    Further since price is not discussed, hard to know if it is a fire sale or not. I note GEL owned NO GoB debt, but the report said that Debt Restructuring had affected Sagicor General Insurance.


  8. @Northern Observer

    Surely a hit in the investment revenue item will negatively impact given the marginal returns on premium income reflected on the P&L?


  9. @ Northern Observer,

    I do not agree with your assessments, about Sagicor or GEL. There are questions to be asked about Sagicor, such as the quality of its management, but that would not impact on the business model of GEL unless there are things that have not been made public. Stock market rules should reduce this asymmetry of information. More important, was this sale cleared with the regulator? What was the regulator told? Is the regulator going to make a statement?
    About the high cost of general insurance, if you can’ stand the heat.

  10. NorthernObserver Avatar
    NorthernObserver

    @Blogmaster
    To my eyes, the so called ‘family culture’ was shed many years ago. Post 2005, GEL had zero family in employment (so I am told) and ONE on the Board.
    Dismantling the distribution dinosaur it had become took time. And that is still the bulk of its business in the neighbouring islands.
    I have no idea of next steps, other than they have two Americans nominated as new Board members, and their specialty, commercial real estate, is not a game GEL is known to play.


  11. The referyto family culture was not about family members but the type of decisions.

  12. NorthernObserver Avatar
    NorthernObserver

    @HA
    in the overall scope, the general insurance business is a drop in both the buckets of GEL and Sagicor. IF the company, Sagicor General, remains intact, why should anybody care if GEL, or any other group is a minority shareholder?

  13. NorthernObserver Avatar
    NorthernObserver

    You leave me to ask ‘what is a family culture type of decision?”


  14. @ Northern Observer,

    The people who should care are the policyholders.

  15. NorthernObserver Avatar
    NorthernObserver

    @HA
    you must know that policyholders exited with demutualization and became shareholders. And why should Sagicor shareholders care if they now own 100% of a subsidiary or 55%. Both are majorities.


  16. @Northern Observer,

    The clients of an insurance company are called policyholders ie homeowners, vehicle owners, etc.. Policyholders in a mutual are also the owners of the enterprise. Shareholders own commercial companies – listed or unlisted.

  17. NorthernObserver Avatar
    NorthernObserver

    @HA
    sorry you are correct, not a term I hear frequently in N.America, but I know it is common in Barbados.


  18. @Northern Observer

    Not wanting to retrench people.

  19. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin January 11, 2019 12:43 PM
    “Are you privy to inside information …?”
    ++++++++++++++
    GEL is a public company so their 2018 Annual Report with audited financials is public info.

  20. peterlawrencethompson Avatar
    peterlawrencethompson

    @David January 11, 2019 12:32 PM
    “You are smoking.”
    ++++++++++
    The question is, however, WHAT am I smoking?


  21. @PLT,
    Are you saying yes or no? Or are you saying the audited reports contain all the necessary information?

  22. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin,
    The Audited reports contain the vast majority of the necessary information. GEL has established a pattern of shedding components in the financial services sector. The rest is common sense, plus noticing that Sagicor General Insurance lost over $18 million in 2017 and knowing that 2018 will not be any better given last hurricane season.

  23. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin
    I have not had any conversations about about GEL with persons on their board with whom I am acquainted.


  24. @PLT

    Stop talking nonsense. Do you have insider information or are you saying all the necessary information is contained in the audited financial reports? It is s yes or no answer. Cut out the waffle. If you do not know, then admit you do not know.

  25. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin,
    I thought I had been clear. No, I have no insider information of any sort. All that is required to reach my conclusions is from public sources like the audited financial reports of public companies.


  26. @PLT,

    You do not have any inside information on GEL, nor do I. Cut out the waffle. You have no particular knowledge of financial economics or business. As far as I know, from you, you attended three lectures on economics and now work with an NGO.
    For your information audited reports can be, and are, very deceptive. There are now three official reports on auditors taking place in the UK; have a look at the audited reports of Enron WorldCom, Krispy Kreme, and numerous others. Remember Madoff?
    Stop professing a knowledge you do not have.

  27. peterlawrencethompson Avatar
    peterlawrencethompson

    @Hal Austin
    I have an MBA and decades of experience investing in public companies. It’s not hard to learn how to read financial reports… you should learn. Reality will prove me correct about GEL with 24 months.

  28. peterlawrencethompson Avatar
    peterlawrencethompson

    ^within 24 months.


  29. @PLT,

    I rest my case. Which business school? I though the 2008 global financial crisis had put paid to MBAs. Reality cannot rove you right or wrong. You have no inside information, nor do I. We are both speculating, so if the dice falls your way it does not mean you are right. It simply means you are lucky. I do not gamble.

  30. peterlawrencethompson Avatar
    peterlawrencethompson

    Whatever Hal… in that case I just predict that reality will prove me lucky.

  31. de pedantic Dribbler Avatar
    de pedantic Dribbler

    Do we reread our remarks after posting and realize the earth shattering ‘revelations’ we expose… of our pompesetting!

    @Hal your remark can be defined as “DUH…you dont say”: “For your information audited reports can be, and are, very deceptive.”

    Don’t hundreds of analysts, financial journalists and other professionals on corporate boards, retirement fund advisory committees etc etc pour over company financial statements daily and make momentous decisions about which company stock to invest!

    Good heavens isn’t an ENTIRE industry centered around these same statements…how does the malfeasance of Enron or CLICO negate the analysis @PLT offered based on a review of publicly available data!

    @Hal sometimes your desire to fire off broadsides really too often propels you to make absolutely outlandish remarks…SMH….this the SAME man who ridicules Bajans of having a culturally malaise of know-it-all arrogance.

    No wonder your detractors here get after you as they do!

    @PLT did no less than what anyone attempting to decide on GEL’s finances would have done…as you said he may be right and he may be wrong…and BTW lots of MBAs and non-MBAs called the stock crash right…so what’s your point that many MBAs called it wrong!

    Lots of doctors kill people from egregious mistakes… so what…does that mean no MD is capable…. a stupid anology right!….yep I think so too..like your beef with @PLT… it makes not a jot of practical sense… Not many succesful analysts have INSIDE info…in FACT somewhere in the rules of the financial world “insider info trading” is ILLEGAL!


  32. No wonder, indeed!


  33. Dear Donks an’ Gripe,

    So sorry if my post offended you. I thought you understood that we would have differing opinions and being Bajans would argue in a Bajan way. When I first came I was informed that BU is a rum shop and I should therefore thicken my skin. May I suggest that you do likewise? I believe being here has done wonders for me in that regard.


  34. Hal Austin seems to believe he is the most intelligent man among fools on BU.

    There isn’t anyone he does not challenge to prove he is ALWAYS correct, calling people silly, appallingly ignorant or they lesrn by rote and what they write drivel or waffle.

    Hal Perfect.

    That is his level of debating.


  35. “There isn’t anyone he does not challenge to prove he is ALWAYS correct, calling people silly, appallingly ignorant or they lesrn by rote and what they write drivel or waffle.”

    For what it matters, I think Haha is on the A team, but you hAve described him well.


  36. Artax is also on the A team and has gotten his A game back…

  37. NorthernObserver Avatar

    @Blogmaster
    they seem to have been shuffling (no pun intended) people rather than retrenching. The key to the Barbadian economy, is they still are based and pay taxes in Barbados.
    While we await the full gambit of associated policies associated with the new corporate tax structure, this may allow for other policies to pressure the fleeing corporations back to home soil. There is now less benefit to incorporating in St.Lucia? It is open season on the decisions taken by both sides in the equation.


  38. @Northern Observer

    Is it only about paying taxes because of where domiciled and or waning business model.


  39. https://barbadostoday.bb/2019/01/11/easy-passage/
    ***”This morning, Forde was on hand as a group of concerned residents, using a bobcat and shovels, removed a pile of marl that had been placed there by an unknown person, to block the Vaucluse, St Thomas road. Some of the marl was used to fill potholes on that same road while private vehicles took the majority away.”

    “According to Forde who complained about the blocked road in Barbados TODAY’s January 7 edition, the move by the residents is a breath of fresh air, and a stern warning to whoever was responsible for blocking the public road that “you cannot just do what you please”.***

    This is a very positive story. I believe in the rule of law, but at times citizens may have to take it in their own hand and correct wrongs when they happen.

    It is good that Minister Forde still have clarity of vision and can differentiate between what is right and wrong. Having the Minister right there gave some legal protection to the citizens, but there will be times when private citizens (on their own) will have to remove things when they are put down or being put down and to prevent the removal of things that are already in place (e.g water tanks).

    It seems as if we are moving past the point of just waiting on others.

    Good show Minister Forde.

  40. NorthernObserver Avatar

    the two are related?
    Barbados has suffered from an exodus of corporate tax payers both via merger/acquisition and by tax planning consequences.
    It is not alone. This new corporate tax regimen opens the door to a wide range of other policies which can redefine the entire concept of taxation as we know it today. Every problem is an opportunity?


  41. Copied from the comments of BarbadosToday
    “I now plea to MP for St. Thomas Ms.Cynthia Forde asking you to assist the MP for St. James Central in getting a solution, and remedy for a dangerous situation at Clarkes Rd, St. James.”

    I have commiserated with you and have often gently hinted at a possible solution.

    If after 15 years, it has not dawn on you that pleading to the authorities is an exercise in folly then you will be here pleading in 2023.
    Already, I saw that one of your supporters was no longer as energized with this cause now that there is a new party in power. Funny how our enthusiasm flickers and wane in 5-year cycles.


  42. Rather than hijack this post. Now would be a good time for watchman, Alden Blackman or others to restate their cause.


  43. How does the expectation and policy help with the sovereign credit rating? The large companies have such on their radar as well?

  44. NorthernObserver Avatar
    NorthernObserver

    ratings affects some more than others. yet if the true flight is to a safer currency, ratings become more of an excuse than a reason. innovative policy can increase revenue = better fiscal, this contributes to improved ratings. many of these factors are inter connected.


  45. That’s for the 101 Northern Observer, it seems to be one of those chicken and egg positions. Your point is taken that it affects some more than others.


  46. off to Ocean el faro punta cana let you know how it compares

  47. NorthernObserver Avatar

    There is an opportunity to radically change approach. I think so at least. Barbados for several reasons, has over time seen large portions of its corporate tax base eroded. The personal tax model is now ‘out of line’ with the corporate? The world of ‘tax treaties’ has been changing. Global accounting regulations have seen many changes.
    Regional leaders have fumbled with regional bodies, seemingly with marginal benefit, and still lacking direction and focus after many years.
    Methinks the opportunity to look at alternative directions/associations, and an overall approach to where and how the island of Barbados is to operate, needs close examination. When you are down, you have much less to lose via any radical change, and much more to gain.

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