Tag Archive | "Singapore"

Multi Currency Investing Ahead


Multi currency investments fight inflation and can enhance wealth but require a long view .

There is a screech owl that lives in our barn and the way I watch him is sort of how I invest.

Can you see the owl?

To begin, an investing idea starts with a speck of thought…seeing the whole picture, but without many details.

Then it’s time to connect dots to see a closer picture.

Then we begin gathering information so the focus is closer…

until we can finally zoom in.

At this stage when we have zeroed in, we can act.

One big idea I have been tracking and investing in, is water. Now I am zeroing in on a new sub interest…water desalination.

An article sent by a reader entitled “Australia Turns to Desalination Amid Water Shortage” by Michael Sullivan first piqued my interest.

The article told how the Kwinana Desalination Plant, near Perth, produces 40 million gallons of drinking water per day from the Indian Ocean.

The article says:

Perth, with a population of about 1.7 million, is growing 3 percent a year — about 750 families a week move to the city, says Gary Crisp of the Western Australia Water Corp.

The Kwinana Desalination Plant south of the city opened two months ago. The facility, the first of its kind in Australia, covers just a few acres in an industrial park next to the ocean.

The water is sucked in through a pipe about 650 feet offshore in Cockburn Sound, at a rate of about 0.1 meters per second, says project manager Simon McKay.

That is slow enough to let the fish escape, but fast enough to provide nearly 40 million gallons of drinking water each day — roughly 20 percent of Perth’s daily consumption. That makes the plant the single largest source of water for the city.

McKay says it doesn’t take very long for the seawater to be ready for the tap — about a half-hour from the time it comes out of the ocean until it’s processed and distributed.

Desalination plants have been around in places like the Middle East for decades. But they’ve always been expensive to build and expensive to run. New technology has made them cheaper and more efficient, but they still consume a large amount of energy.

Environmentalists in Perth balked at the idea of using coal-fired plants to provide power for the one here, forcing the Water Corp. to find a non-polluting, renewable alternative. It found that alternative — wind energy — near the town of Cervantes, a three-hour drive north of Perth.

The Emu Downs Wind Farm houses 48 wind turbines, each as high as a 15-story building.

Kerry Roberts, the facility’s general manager, says Emu Downs is among the top 10 or 20 sites for this type of energy alternative in Australia.

“If you look at the combined output of the wind farm at maximum wind speeds — 24 to 28 miles per hour — you’re looking at an output of close to 80 megawatts,” Roberts explains. That’s enough power to run Perth’s desalination plant, 160 miles to the south.

This successful marriage of renewable technology and necessity has Crisp, of the Western Australia Water Corp., thinking big: “I predict that desalination will account for at least half of Perth’s water in the next 30 years.”

Other water-stressed seaside cities in Australia are taking a serious look at desalination, as traditional water sources dry up because of lack of rain. Sydney, on Australia’s southeast coast, is expected to commission a plant even larger than Perth’s in the next few months.

Nonetheless, the desalination boom extends far beyond Australia’s shores. McKay — the man in charge of getting Perth’s plant running — will soon be off to Muscat, Oman, to build another. His company’s order book is filling up quickly, he says, and he doesn’t expect that to change in his lifetime. Neither does Crisp.

“The world is going reverse osmosis,” he says, naming projects proposed from California to Spain.

Looking around, I found that one of the largest desalination plants is not far from where I lived (Naples) for years, Tampa Florida. The Tampa Bay Seawater Desalination facility is an integral part of the Tampa Bay region’s drinking water supply. This is claimed to be a drought-proof, alternative water supply that provides up to 25 million gallons per day of drinking water to the region.

There are large desalination projects underway in California as well. However a look at the top 50 desalination projects show that the majority of them are in the Middle East.

Desalination is a sector that is bound to grow. It is estimated that 2.8 billion people live in areas of high water stress and this number is expected to increase by 50% over the next 20 years.

Areas of greatest concern include India, China and the Middle East.

There are two forms of desalination, evaporation and reverse osmosis (salt water forced through a filter under high pressure). There are already over 10,000 desalination plants going, mostly in the Middle East.

There are huge expenditures underway for desalination and wastewater purification and a number of companies are cashing in on this fact.

General Electric may be in the lead. It purchased Ionics, which builds desalination plants and makes filter membranes.

The French company Veolia Environnement (VE) is a major desalination plant and membrane supplier. This company earns over a third of its revenue from water businesses. The Japanese chemical company Nitto Denko (6988.T) is a large membrane supplier as is Dow Chemical (DOW), DuPont (DD), and GE.

Desalination plant builders include Italian Impreglio (IPGOF), South Korea’s Doosan Heavy Industries & Construction (DOHIF), French Suez (SZEZY), German Siemens (SI), and Spanish construction companies Acciona (ACXIF) and Abengoa (ABGOF).

We have written often about Singapore-listed Hyflux (HYFL) which makes filter membranes used to purify water and builds desalination plants. Hyflux is building a 500,000-cubic-meter per day desalination plant in Algeria, which, when completed in 2011, will be the world’s largest. Hyflux is also building 40 water treatment plants in China, where it gets 81% of its revenue. This share is in our Green portfolio as is Japan’s Kurita Water Industries (6370.T) which builds desalination plants and sells other water purification equipment, getting all of its 205 billion yen [$2 billion] in revenue from water-related businesses.

Canadian H2O Innovation (HEO) makes filtration membranes for wastewater treatment. Austria’s Christ Water Technology (CRSWF) sells desalination and other water purification equipment. American Water (AWK), is in New Jersey and ran the desalination plant in Tampa, which is the largest in the U.S. Energy Recovery in San Leandro, Calif. has also sold shares to investors.

Desalination plants are expensive and create local opposition for several reasons.

First, they produce a waste of highly concentrated salt water that can destroy the surrounding ocean habitat. Second they require a lot of energy which if created by coal, creates air pollution.

The third concern, perhaps the biggest is concern for the organisms that are killed by the process of withdrawing seawater. Tiny fish larvae and plankton are killed in process.

Te nature of our existence is such that we cannot eliminate our foot print entirely. very solution to environmental problems seems to create others. Let’s hope that technology will help make desalination one of humanity’s solutions…not problems. Since desalination can produce fresh water where there is none, and water is one of the few items in daily life that has no substitute, I be looking to invest in companies that provide fresh water with minimal impact on the environment.

Once I find such a  company,  will have identified one of many filters we should use when we review value.  We look for shares of companies that have a product or service in a wave of the future…such as desalination.

Then there are still many questions to answer to determine if the share offers a good value or not.  The questions include:

#1: Are the shares traded in a good value market?
#2: Does the share trade at fair Price to Earnings and Price to Cash Flow ratios?
#3: Does the share pay a good value dividend?
#4: Do the shares have a good value relative to their previous price?
#5: Does the company have rising earnings?
#6: Has the share price been rising?
#7: Is the company’s management good.

My feeling is that desalination will grow especially, that which is provided by wind energy, which is often available at the ocean and in semiarid parts of the world.  Shares in companies that answer yes to the questions above  will be interesting places to invest.

Until next message, good global investing to you.

Gary

Learn more about economic safety this November. Join Merri, me, Steve, Kjetil Haugan or Thor Anderson of Vistazul and Peter Conradsen of Jyske Global Asset Management in Cotacachi Ecuador. We’ll review economic conditions, Ecuador real estate, my entire portfolio and investing and business ideas for the months ahead.

Nov 7-9 2008 International Investing and Business Made EZ Ecuador
https://www.garyascott.com/catalog/international-business-made-ez-ecuador

See the wonderful balconies in the Primavera condos at for sale at $46,000 in Cotacachi.

multi-currency-Ecuador-condo-interior

Nov 10-11 Imbabura Real Estate tour
https://www.garyascott.com/catalog/ecuador-real-estat

Then travel to the coast. Enjoy the Vistazul swimming pool on Ecuador’s Pacific.

Picture 9

November 12-15, 2008 Ecuador Coastal Real Estate Tour; Quito Real Estate Tour
https://www.garyascott.com/catalog/ecuador-coastal-real-estate-tour

See discounts for two or more of these courses and tours

Multi Currency Strategy Emerging


Multi currency strategy emerging markets are worth review now. Recent multi currency messages entitled Multi Currency USA and Multi Currency Global looked at the importance of multi currency investments in Europe, Japan and the US.

We continue the multi currency review in this message looking at Jyske Bank’s multi currency strategic review of the biggest emerging market, China. Jyske says:

Seen in the light of a major slowdown in economic growth, Chinese exports will come under heavy fire in the coming months. Given a weaker export sector, and presumably also weaker investments in the private sector as well as slower activity in domestic property-related activities, we anticipate a moderate slowdown in economic growth. By Chinese standards, moderate still means economic growth above 8%, and for the rest of the year, the growth rate will presumably be around 9%, i.e. a growth rate just below 10% for 2008.

International investors have been concerned that the Chinese government would react too slowly to growth risks and that this would send up the risk of a serious setback (i.e. GDP growth rates much lower than 8%). Such fear seems to be out of place, based on the demand figures for July. Foreign trade, retail trade and fixed investments beat expectations although industrial activity is gearing down marginally.

The Chinese authorities have traditionally introduced macro-economic policies supporting economic growth, including an expansionary fiscal policy, monetary-policy easing etc. to avoid a hard landing. We also expect that this will happen this time if growth seems to be too slow. The authorities have recently raised the tax benefit on exports and eased up the tight management of corporate loans in the financial sector.

On the domestic front, the trend in consumer demand is still impressive: July’s 23.3% growth in retail sales was higher than expected. This happened although consumers are squeezed by higher food prices, the solid correction in the Chinese equity market and a slowdown in the real-estate market (although the impact from the two last-mentioned factors was reflected in lower sales figures for cars, furniture and building materials).

With prospects of a moderate slowdown in industrial activity in the coming quarters, the growth in Chinese demand for many important commodities will presumably slow down. Recent data indicate that this trend has already set in: for instance crude-oil imports dropped back by 2.1% m/m in July and by 8.7% in June whereas iron ore imports dropped by 4.2% and 3.5% in these two months.

This suggests that investors are more worried about China than they should be. Chinese growth looks dimmed, but by most financial measures even this dimmer light is bright compared to economics in most countries. The fundamental economic fact is that China is the most populated nation on earth racing into middle class capitalism.

Equity investors may have over reacted and oversold the Chinese market.

In August, the LA Times wrote:

SHANGHAI — Many Chinese investors had hoped the Olympics would give a boost to their nation’s sagging stock market. So far, just the opposite has happened. The benchmark Shanghai composite index tumbled 5.3% on Monday, falling for the sixth time in seven trading sessions. The index has plunged 15% since the Beijing Games opened Aug. 8, and it now stands at 2,320 — down 56% since the start of the year, making it one of the worst performers in the world.

Since then the market has not rallied.

The Guardian wrote yesterday (Sept. 8, 2008): The main Shanghai index <.SSEC> shed 2 percent on Monday, touching a fresh 20-month low, despite a rally elsewhere in Asia triggered by the takeover of the two firms.

The U.S. Treasury’s takeover of Fannie Mae and Freddie Mac is good news in the short term for China, the biggest holder of the giant mortgage lenders’ debt, but Beijing’s huge U.S. exposure still poses a serious risk, a prominent government researcher said on Monday.

The Shanghai stock market is down 67% in less than a year. Yet as Jyske noted above, foreign trade, retail trade and fixed investments are beating expectations.

This is the type of multi currency distortion we look for as value investors.

This does not mean we should jump headlong into Chinese shares.

China according to the analysis of Michael Keppler remains one of the low value markets. Keppler’s sell candidates are China , Egypt , India , Indonesia, Jordan, Morocco.

Market timing rarely works. Value investing is far more effective and based on value alone, it apears to be too soon to jump in the Chinese market in a broad way.

However we can start reviewing Chinese opportunities looking for specific values.

One share to check is Hyflux Water. Hyflux is a Singapote company that provides water services in China. Keppler ranks Singapore as a low value major market along with Austria , Canada, Denmark, Hong Kong, Singapore, Switzerland and the U.S.A, but Hyflux may offer good value now.

I first wrote about Hyflux in 2004.

We invested $51,000 in our Model Green Portfolio last November. This investment has dropped to $40,193.

We are reviewing Hyflux now in our Multi Currency Portfolio Course.

Gary

Join me and Thomas Fischer from Jyske Global Asset Management in North Carolina to learn more about economic trends.

International Investing and Business Made EZ North Carolina

We’ll have lunch at the farm and enjoy the leaf change.

farm colors

Thomas Fisher speaking to our  delegates at the farm.

seminar-roses

orange-roses

multi-currency-meeting

Delegates enjoying a private conversation with Thomas Fischer during a coffee break at the farm.

This is the most beautiful time of the year on the Blue Ridge.

multi-currency-meeting-in-autumn

International Investing and Business Made EZ & Fun Part II


International investing and business have proven themselves over the past 40 years to be profitable. And even more than the profits are the broadened horizons, fulfillment and fun!

Yesterday’s message International Investing and Business Made EZ & Fun looked at why International investing and business should be a fun filled process…not a dull boring set of numbers.

One reason for this is that those who live a fulfilled, involved fun existence are likely to be healthier…with less need for expensive pharmaceuticals and medical treatment.

This makes life better plus can save huge amounts of cash.

This is likely to become even more important in the years ahead for those who live in much of the Western world.   Existing medical systems are already filled with problems.  Inflation and aging populations will make the problems even worse.

At the turn of the decade, The World Health Organization analyzed the world’s health systems. The WHO used five performance indicators to measure health systems in 191 member states.

The five performance indicators were:

* Fairness of financial contribution.  While private health expenses in industrial countries now average only some 25 percent because of universal health coverage (except in the United States, where it is 56%), in India, families typically pay 80 percent of their health care costs as “out-of- pocket” expenses when they receive health care.

* Overall Level of Health.

* Distribution of Health in the Populations:  the average level – goodness – and the smallest feasible differences among individuals and groups – fairness.

* Responsiveness: respect for persons including dignity, confidentiality and autonomy of individuals and families to decide about their own health as well as prompt attention and access to social support networks during care, quality of basic amenities and choice of provider.

* Distribution of Financing.

The study revealed that U. S. health system spends a higher portion of its gross domestic product than any other country but ranks 37 out of 191 countries.  The United Kingdom, which spends just six percent of gross domestic product (GDP) on health services, ranks 18th.  Several small countries – San Marino, Andorra, Malta and Singapore are rated close behind second- placed Italy.

Here is the WHO ranking.

1         France
2         Italy
3         San Marino
4         Andorra
5         Malta
6         Singapore
7         Spain
8         Oman
9         Austria
10       Japan
11       Norway
12       Portugal
13       Monaco
14       Greece
15       Iceland
16       Luxembourg
17       Netherlands
18       United  Kingdom
19       Ireland
20       Switzerland
21       Belgium
22       Colombia
23       Sweden
24       Cyprus
25       Germany
26       Saudi Arabia
27       United  Arab  Emirates
28       Israel
29       Morocco
30       Canada
31       Finland
32       Australia
33       Chile
34       Denmark
35       Dominica
36       Costa Rica
37       United  States  of  America
38       Slovenia
39       Cuba

Most of the readership of this site live in countries where the medical system is not even in the top 15 countries!

This means that many of us, (especially us boomers now in our 60s), may want to rely on a good lifestyle to keep our health…not the medical system.

The cost of this medical system is another reason we want to have independence
rather than reliance on government funded programs.  We’ll see why next message.

Until then, may your international investing and business be good…and fun!

Gary

Learn about our next International Investing and Business Course in North Carolina

Ecuador Ecuador Import Export Course

International Investing and Business Made EZ Ecuador

Multi Currency Problems & Solutions


Multi currency investing becomes increasingly harder as increasing numbers of banks abroad refuse to accept US customers. A recent message at this site shared how the large Dutch Bank, ABN Amro, stopped accepting US customers and gave existing US clients 30 days to liquidate their securities.  If you missed this see Multi Currency Investments Easier

multi-currency-meeting-in-autumn

See below how autumnal colors can help you solve multi currency problems.

Now another large Swiss bank has found it too much to deal with aggressive US regulatory tactics and shut down its US business. Here is what a recent Financial Times article entitled “UBS tells unit staff to avoid US visits” by Haig Simonian says:

“UBS has told members of its former private banking team responsible for rich US clients not to travel to America.  The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS since it decided last November to wind down its cross-border private banking business for US ­customers.  The move follows the recent indictment of one of the unit’s former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Mr Birkenfeld has pleaded not guilty and his lawyers have made no public statement on the matter.”

I am very pleased that Jyske Bank, my banker for about 25 years has decided to stand by its American customers. The bank created a wholly owned subsidiary Jyske Global Asset Management (JGAM) that is registered with the SEC.

The changes, however, create many questions which I would like to answer at this site. Please send your questions.

As a financial publisher, I cannot give independent advice.  I cannot even give you a personal reply nor comment on your specific personal investments or portfolio.  I can, however, answer your questions here in a general way.

Here is the first question received.

JYSKE BANK QUESTION

“What is going on with Jyske Bank and their JGAM program which will make it more difficult to do multi currency sandwiches unless one has invested at least 1 million with the bank.  As I understand it, my portfolio will be managed without my input which does not make me feel comfortable.  What is your take on this?”

JYSKE BANK ANSWER

I have spent hours reviewing how JGAM will work with Thomas Fischer.

First, let me clarify several points…the first being that only Americans will use JGAM.  For non Americans it is business as usual at Jyske.  This will have a pretty big impact on my business since I have so many non US readers.  Our site ranks well for visits in Ecuador, Canada, China, Germany, New Zealand, Singapore, United Kingdom and Mexico as well as the USA.

This means I’ll have to write everything twice once for us Yanks and once for the rest of the world.

Second, minimums have not changed at all.  For some time the minimum has been $50,000 to open and account and $100,000 is minimum for a multi currency sandwich…not 1 million.

Though JGAM will manage each portfolio on a discretionary basis, the client still has a great deal of input on how they will manage each account.

Jyske has a number of portfolios ranging from low risk – medium risk – high risk and speculative.

These portfolios are then again split into portfolios with and without US securities.

Then the accounts are again split  based on assets under management.

For example, clients with less than $200,000 will have a different diversification than larger accounts.

Every portfolio is monitored and tracked on an individual basis.  There is no specific JGAM portfolio so all investors will have their own regular performance up-date.

The JGAM investment committee will meet once a month deciding on the tactical weight of the asset classes and the underlying investments.

When a client joins, the Jyske account manager will work first to help the client decide on a risk profile. Once this is decided, Jyske will be invested in one of the 16 options above.   Every investor’s portfolio will be designed and will change according to the time of entering the portfolio.

Here are the latest recommendations as of late May 2008 of the speculative NON US dollar portfolio.

Asset type                Recommendation       Tactical weight
Fixed Income                  Underweight                  20
Equities                           Neutral                          60
Alternatives                     Overweight                    20

Cash                                Neutral                            0
Investment                               %
Asset type

FIXED INCOME
USD       7.2% Porsche 01.02.2049                         3%
USD       7.875% Turanalem 02.06.2010                 2%
USD       8.5%  Titan Petrochemicals 18.03.2012    1%
EUR       Var% Bombardier 15.11.2013                     3%
GBP       8.7% Cable & Wireless 06.08.2012             1%
AUD       5.5% Rabobank 27.01.2010                       3%
BRL       12.5% Brazil 15.01.2016                              2%
HUF       6.75% Hungary 12.10.2010                        2%
TRY       15% Intl. Bank Recon 15.07.2009                2%
ISK         8.5% Rikisbref 12.06.2009                         1%
Subtotal                                                                  20%

EQUITIES
CHF                   Novartis                                      4.2%
EUR                   Siemens AG                                 4.2%
EUR                   Adidas AG                                   4.2%
DKK                   Carlsberg A/S                             4.2%
EUR                   EDF Energies Nouvelle                4.2%
DKK                   NKT Holding                               4.2%
DKK                   Neurosearch                               4.2%
EUR                   Bayer AG                                     4.2%
EUR                   L’Oreal                                        4.2%
SEK                    Hennes & Mauritz AB                  4.2%
Latin Equities Mutual Fund       4.0%
Chinese Equities Fund              4.0%
Indian Equities Fund                 4.0%
European Equities Fund             5.0%
Subtotal                                                              60.0%

ALTERNATIVES
USD                    ETFS Crude Oil – CRUD LN         10.0%
USD                    ETFS Aluminium l ALUM LN          5.0%
USD      ETFS Metal Secs Phys. Gold – PHAU LN       5.0%
Subtotal                                                                 20.0%

CASH                                                                       0
TOTAL                                                                 100.0%

This looks like an interesting portfolio, and in future messages we’ll be looking at
the equities in this portfolio.  Plus we will review the other three (high medium and low risk) portfolios.

I believe that Multi currency investing is a must in these times of inflation.   Using international investment managers still has main advantages.  First, this provides some excellent asset protection. This also provides access to more experienced multi currency managers with different points of economic and world view than anywhere in just North America.

This also provides some privacy.

May I add one more word on privacy?  If you are a law abiding citizen then an overseas account gives you as much privacy as you need.  If you break the law and have almost any government looking for your financial data, then no system or structure you use is enough.

I have not touched on this subject for years because this is such old news…but knowing we have many new readers…let me repeat what I shared with readers clear back in the 1990s.  “Bank privacy is dead”.

Here are just a few of my articles at this site in the archives  from the 1990s and early 2000s.  Please read them carefully.
https://www.garyascott.com/privacy/77/
https://www.garyascott.com/privacy/50/
https://www.garyascott.com/privacy/167/
https://www.garyascott.com/privacy/60/
https://www.garyascott.com/privacy/59/

Yet here is one more brand new story….about what is known as the most private place in the world…Liechtenstein.

Here is a direct quote from a February 22, 2008 BBC article entitled
“Liechtenstein fury at German tax snooping”  by Steven Rosenberg

“Liechtenstein also has the reputation of being one of the most secretive tax havens in the world.

“Just ask the Organisation for Economic Co-operation and Development.

“This financial watchdog says Liechtenstein is one of only three states left on its blacklist of ‘uncooperative tax havens’ (the others are not a million miles away – Monaco and Andorra).

“Liechtenstein this week attacked the authorities in Berlin for buying information on German businessmen clients that have bank accounts in the tiny Alpine principality.

“Germany has launched a tax evasion investigation using the data, which was supplied by an anonymous informant who was reportedly paid 5m euros (£3.75m; $7.3m). “

So I will say this again.  Please for your sake, don’t break the law anywhere…anytime.  This could come back to haunt you in unexpected ways.

Here is an example.  The data the German authorities obtained about accounts in Liechtenstein covered people from around the world…not just Germany…so the Germans began sharing it.

According to my European banking sources, only one European tax authority turned the data down…the Danes.   They believed that since this data had been illegally obtained it should not be used.

One reason I have banked for so many years with Jyske Bank is the same reason why I live half the year in Ecuador.

I like Jyske’s services, their very reasonable fees and their solid banking foundation…but in addition I like the Danes…feel an underlying honesty, sense of fair play and sound judgement.  The have never let me down which is why I am not surprised that they worked for several years setting up this structure so they can continue to serve Americans…when so many other banks have cut us Yanks loose and run.

I expect that the service JGAM will provide is still a work in progress and have noted the people there questioning, adapting and smoothing out a new system.

Everything I have seen to date suggests that I will be happy with this new program
because the people there like I have always seen seem focused on giving a service that is safe, wealth preserving, ground breaking and easy for the customer.

I’ll be adapting our multi currency course to reflect the changes and will keep you informed about new ways we can continue to learn about this mysterious, interesting and profitable world of multi currency investing.

I am not paid a penny for writing this about Jyske Bank and have always been able to write that I keep them as my bank simply because I like them the best of all banks I have used.

I can continue writing this and hope until next message that you find all these qualities with whomever advises you on your finances, savings and wealth.

Gary

You can join me with Thomas Fischer of JGAM at our October 2-5 lifestyle International Investing & Business Made EZ North Carolina

We have selected these dates for our next course because this is traditionally the weekend when the fall colors are best.  We’ll meet here for a meal multi-currency-meeting-place

at our house on the farm.

Here is Thomas Fischer talking with a group at a previous course.

multi-currency-meeting

You can still  make to our June 19-21 Ecuador Shaman Tour

See dates for our Autumn courses and tours:

Ecuador Coastal-Quito Real Estate Tour

Ecuador-beach-meeting

We’ll see properties in this developmet and stay at and walk that beach below.

Ecuador Super Thinking + Spanish Course

Ecuador Imbabura Real Estate Tour

See houses for sale in the San Miguel development
Cotacachi-real-estate-for-sale

like this.

cotacachi-house-for-sale
Learn about this Imbabura real estate for sale at Cotacachi Real Estate at San Miguel

Ecuador Ecuador Import Export Course

International Investing and Business Made EZ Ecuador

See discounts for attending more than one course.