Business

Big words and morality

Manufacturers of the Pinto motor car seemed to have thought that preventing the risk of explosion wasn’t worth a fix of US$15.

“Corporate social responsibility is a hard-edged business decision. Not because it is a nice thing to do or because people are forcing us to do it... because it is good for our business” — Niall Fitzerald, former CEO, Unilever “The CEO of a midsize producer of a popular lin ... Read More

A selection of JP snacks Jamaica Producers plays wait and see on Brexit impact
Following the vote on Thursday by citizens in the United Kingdom to exit the European Union the poun ... Read More

JOHNSON SMITH... it is our hope that the UK will unite Jamaica braces for Brexit impact
Following the United Kingdom’s vote to leave the European Union, financial analysts and the Mi ... Read More

A view of downtown Kingston, including the Oceana building (third  multi-storey building from right on the harbour). Pan Jam raises $340m to refurbish Oceana
Pan Jamaica Investment Trust (Pan Jam) has raised $340-million for the refurbishing of the former Oc ... Read More

Life insurance companies get room to tweak product price — Hosin

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Sunday, June 26, 2016    

Eric Hosin, president of the Insurance Association of Jamaica

Eric Hosin, new president of the Insurance Association of Jamaica (IAJ) and head of Guardian Life Limited, is positing that continued, enhanced profitability for the life sector could flow from reduced tax charges on insurance providers. The seven companies registered locally reported an average 60 per cent increase in net income during 2015, according to the Financial Services Commission (FSC). Net income at year end 2015 was $17.3 billion, compared to $13.7 billon at year end 2014. “T ... Read More

DaCosta promoted to COO at Sandals Resorts International

Sunday, June 26, 2016    

Shawn DaCosta, COO of Sandals Resorts International

Shawn DaCosta, former Director of Operations at Sandal Resorts International, has been promoted to the position of Chief Operations Officer. His new position was announced last week by Sandals Chairman Butch Stewart and Chief Executive Officer Adam Stewart. “It is with great pleasure that the Chairman and I announce the promotion of Mr Shawn DaCosta to the position of Chief Operations Officer (COO), effective immediately,” Adam Stewart said in the letter, dated June 22. “Join ... Read More

Growth slows for financial sector

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Sunday, June 26, 2016    

Growth overall among deposit-taking institutions (DTIs) occurred at a slower pace during the year ended, the Bank of Jamaica reports in its annual review of the sector. Their combined asset base increased by 9.5 per cent or $103.2 billion to $1,194.1 billion, moderating from growth of 11.6 per cent or $113.0 billion during 2014. The slower growth, the BOJ said, was due to the reduced impact of revaluation. Meanwhile, the central bank also reported that commercial banks improved their market ... Read More

Brexit ­– the aftermath

Yanique Leiba-Ebanks | Sunday, June 26, 2016    

LONDON, United Kingdom — A man takes a copy of the London Evening Standard with the front page reporting the resignation of British Prime Minister David Cameron and the vote to leave the EU in a referendum, showing a picture of Cameron holding hands with his wife Samantha as they come out from 10 Downing Street, in London, on Friday. Britain voted to break away from the European Union on June 23, toppling Prime Minister David Cameron and dealing a thunderous blow to the 60-year-old bloc that sent world markets plunging.Photo: AFP

June 23, 2016 will be forever etched in our memories as the day England chose to leave the European Union (EU). It was a move that sent shockwaves across markets all over the world. Earlier that same day, the market predicted that they would remain in the EU, and stocks, commodities and bonds rallied across the board. However, this was short-lived, because in an unprecedented move, the unthinkable took place. Analysts had by and large hoped for the best outcome (remaining) and had not giv ... Read More

Cheap beer but an uncertain future: Brexit as seen from Eurostar

Sunday, June 26, 2016    

FRANKFURT, Germany — This file photo taken on July 20, 2015 shows 
German artist Ottmar Hörl ‘s sculpture depicting the Euro logo in front of the former headquarter of the European Central Bank (ECB) in Frankfurt am Main, Germany.Photo: AFP

Aboard the Eurostar, United Kingdom (AFP) — Aboard the Eurostar high-speed train that links the European mainland to Britain, the reality of Britain’s vote to leave the EU divided passengers bound for London Friday. Among Britons returning to a very different country to the one they left, there was speculation over what the vote for Brexit would mean practically. David Small, a 43-year-old engineer originally from Nottingham — a city in central England that narrowly voted in ... Read More

Brexit pitches world into uncharted terrain

Sunday, June 26, 2016    

LONDON, United Kingdom — British Prime Minister David Cameron (left) speaks to the press as his wife Samantha looks on front of 10 Downing street in central London on June 24, 2016.Photo: AFP

PARIS, France (AFP) — Slowing growth, a return to protectionism, questioning of free trade agreements and doubts over the stability of the EU: the world economy is entering a period of deep uncertainty following Brexit. “We are moving into completely uncharted territory where the only certainty will be uncertainty,” said Jean-Michel Six, chief economist for Europe at SP Global Ratings. Six suggests that the fallout from Brexit could sap growth in the eurozone in 2017 by 0.5 p ... Read More

Shake-up at Scotia Investments as three executives depart

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Friday, June 24, 2016    

Scotia Investments in New Kingston

Scotia Investments Jamaica Ltd (SIJL), subsidiary of the Scotia Group Jamaica Ltd (Scotiabank Group), is in the middle of switching at least three of its top executives, announcing the departure this week of the chief financial officer and two business analytics and product development managers of the asset management firm and brokerage house. The company is emerging from a challenging year in which the industry saw profit for several houses sink under a retreat from the bond market by clients ... Read More

Government says public bodies not contributing enough to GDP

BY BALFORD HENRY Senior staff reporter balfordh@jamaicaobserver.com | Friday, June 24, 2016    

WILLIAMS... we inherited a mountain of domestic arrears

Minister of state in the Ministry of Finance and the Public Service, Fayval Williams, says that the Government believes that the public enterprises should be held accountable for achieving returns on the $1.1 trillion in assets that they collective own. She said that the Government supports mechanisms for long-term improvements in the productivity of State assets, and that these mechanisms include full or partial privatisation of the public bodies through public listing on the local stock excha ... Read More

Mr Lexx drives Fiat international advert

Friday, June 24, 2016    

Mr Lexx

Dancehall deejay Mr Lexx’s single Bad Boys is currently driving Fiat’s new international campaign. Released last year, Bad Boys also features Colombian artiste El Freaky. Bad Boys is the background music to a very humorous and exciting commercial released worldwide on Monday June 13, 2016, and has since been widely well received. “I am really ecstatic at this moment, 16 years in the business, and I am still making international moves... This is huge,” said Mr Lex ... Read More

Jamaican beats field of 10,000 to win US pitch competition

Friday, June 24, 2016    

Kenia Mattis, winner of the Spark the Fire Pitch Startup Competition

Local entrepreneur Kenia Mattis has been selected winner of Spark the Fire Pitch Startup Competition during the hosting of the US State Department’s, Global Entrepreneurship Summit (GES) this week. Following the win, the United States Embassy congratulated Mattis, noting, “Kenia’s pitch was so good that she was selected as one of the three finalists who surmounted the global competition.” The three finalists were selected from more than 10,000 applicants — four ... Read More



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