Business

Tropical Rhythms introduces new Latino flavour to its line-up

WEHBY... the new flavour is
expected to thrill our Tropical
Rhythms consumers

GRACEKENNEDY has introduced a pineapple coconut flavour to the market via its Tropical Rhythms brand. The new flavour comes in line with the company's most recent investment of US$200,000 ($23.2 million) on the production of recyclable plastic labels to increase its attractiveness on the global mar ... Read More

ST KITTS HILTON Sterling invests in St Kitts Hilton
THE Charles Ross-led Sterling Investments Ltd (SIL) — a listed company with pension funds as i ... Read More

The Access Financial
head office in Kingston Access Financial 'rectifies' loan competitiveness
ACCESS Financial Services Ltd (AFS) said that it made its loans more competitive this year in respon ... Read More

Monique Hamaty-Simmonds, director of brand development, Tortuga
International Holdings on a recent HSN set Tortuga Rum Cakes makes inroads via US shopping channel
TORTUGA Rum Cakes continues to make inroads into the US market via a prime position on the popular U ... Read More

Glen Christian honoured in New York

BY BALFORD HENRY Senior reporter balfordh@jamaicaobserver.com | Friday, July 03, 2015    

(From left) Lowell Hawthorne, President of Golden Krust Caribbean Bakery & Grill; Glenford
Christian, Founder & Chairman, Cari-Med Limited and Kirk Distributors Limited; and Lorna
Hawthorne, Lowell's wife, at the awards function.

JAMAICAN business-man, Glenford Christian, Founder/ Chairman of Cari-Med Limited and Kirk Distributors, was among seven individuals honoured by the Mavis & Ephraim Hawthorne Golden Krust Foundation Inc at their Tenth Annual Awards Gala at the VIP Country Club in New Rochelle, New York, on June 11. The foundation said the seven were honoured for "their dedication to service, commitment to excellence and outstanding contributions to the (Jamaican) community". Christian, who last November bec ... Read More

Rate of cambio closures almost triples

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, July 03, 2015    

GUTHRIE... Most of the banks are not willing to take on new
cambio accounts

THE local cambio service industry may be treading uncertain waters following the closure of 14 cambios in 2014. That is roughly three times the amount of operations that ceased in the previous year, according to the Bank of Jamaica (BOJ). Vice-president of risk management and strategy at Stocks and Secuities Limited, Aldrick Guthrie informed the Jamaica Observer that a number of operators may have decided to close operations based on the significant focus being placed on the Anti-Money Launderi ... Read More

Companies Office extends amnesty to July 31

Friday, July 03, 2015    

Judith Ramlogan, CEO of COJ

THE Companies Office of Jamaica (COJ) has extended its amnesty for businesses to file outstanding annual returns, to July 31. The amnesty period was originally slated for two months from May 4 to June 30. Speaking with JIS News, Chief Executive Officer of the COJ Judith Ramlogan said the extension is to allow for more businesses to take advantage of the offerings, which include removal of companies from the COJ register and closure of business names, at significantly reduced rates and fee waiv ... Read More

Hope for US-Cuba ties at Havana's 'Park of Sighs'

Friday, July 03, 2015    

HAVANA, Cuba — Cubans congregate at a square outside the US interests section in Havana to
apply for visas, on Wednesday. (PHOTO: AFP)

HAVANA, Cuba (AFP) — As word spread that the United States will soon turn its interests section into a full-fledged embassy in Havana, Cubans standing outside the mission Wednesday voiced hope for a better future. Hundreds of Cubans wait at a square nicknamed the "Park of Sighs" for hours every day for their turn to enter the nearby interests section in the hope of getting a visa to the United States. "They should have done this many years ago," said Freddy Torres, 40, among the crowd at ... Read More

The Institute of Chartered Accountants of Jamaica celebrating 50 years

Friday, July 03, 2015    

The Institute of Chartered Accountants of Jamaica (ICAJ) — currently celebrating its 50th anniversary — made a courtesy call on Governor General Patrick
Allen (third left) at King’s House yesterday. From left are Elaine Robinson, ICAJ secretary; Dennis Chung, ICAJ president; Bruce Scott, ICAJ vice-president;
Rosemarie Heaven, ICAJ executive director; and Dennis Brown, ICAJ treasurer. The Governor General proclaimed the week starting July 5, 2015 as Chartered
Accountants’ W

The Institute of Chartered Accountants of Jamaica (ICAJ) — currently celebrating its 50th anniversary -- made a courtesy call on Governor General Patrick Allen (third left) at King's House yesterday. From left are Elaine Robinson, ICAJ secretary; Dennis Chung, ICAJ president; Bruce Scott, ICAJ vice-president; Rosemarie Heaven, ICAJ executive director; and Dennis Brown, ICAJ treasurer. The Governor General proclaimed the week starting July 5, 2015 as Chartered Accountants' Week. Read More

Puerto Rico power company forced to sell bonds amid crisis

Friday, July 03, 2015    

SAN JUAN, Puerto Rico — People walk on the street in front of the governor’s mansion on the
background in Old San Juan, Puerto Rico, Monday, June 29, 2015. International economists
released a critical report on Puerto Rico's economy Monday on the heels of the governor's
warning that the island can't pay its $72 billion public debt. (PHOTO: AP)

SAN JUAN, Puerto Rico (AP) — Puerto Rico's troubled power company has been forced to sell bonds again to obtain capital and avoid defaulting on a US$415 million debt payment due Wednesday amid a worsening economic crisis in the US territory. The Electric Power Authority said it paid US$153 million in cash and the remainder from its debt service reserve accounts. In turn, creditors agreed to buy US$128 million worth of new bonds to provide liquidity, and those bonds have to be paid in full ... Read More

Obstacles remain in US-Cuban ties relationship

Friday, July 03, 2015    

WASHINGTON, United States — The
Cuban Interests Section, the de facto
diplomatic mission for Cuba in the
United States in Washington DC.
(PHOTO: AFP)

WASHINGTON, United States (AFP) — Huge obstacles must still be overcome to fully normalise US-Cuba relations despite Wednesday's announcement that the one-time foes will soon reopen embassies after more than half a century. The formal re-establishment of diplomatic relations on July 20, as announced Wednesday, will allow for a higher level of dialogue, but is just the first step in a complex process. The biggest hurdles ahead involve ending the US trade and financial embargo against the ... Read More

China, Venezuela discuss 10-year co-operation plan

Friday, July 03, 2015    

CARACAS, Venezuela — Venezuela's President Nicolas Maduro and first lady, Cilia Flores,
gesture to supporters as they arrive at a poll station during ruling party primary elections in
Caracas on Sunday. The PSUV, United Socialist Party of Venezuela held nationwide primaries to
select candidates for the upcoming December legislative elections. (PHOTO: AP)

CARACAS, Venezuela (Xinhua) — Venezuela and China on Monday assessed progress in bilateral projects and drafted a 10-year cooperation plan as part of their comprehensive strategic partnership. The plan was drafted during the 4th technical meeting of the China-Venezuela High-Level Joint Commission that opened here on Monday. Addressing the opening session of the three-day meeting, Venezuelan Vice President for Planning Ricardo Menendez said the goal of the meeting was to agree on pr ... Read More

PSOJ looks to Panama – not Greece – as model for Jamaica

BY KEITH COLLISTER | Friday, July 03, 2015    

ATHENS, Greece — An anti-EU protester burns an EU flag in front of the European Comission offices in Athens yesterday, during a
demonstration supporting the ‘No’ vote for the upcoming referendum. Greece's government and international creditors raised the
stakes yesterday over a weekend referendum seen as decisive for the nearly insolvent EU country's political and financial future.
While Prime Minister Alexis Tsipras has urged Greeks to vote 'No' to the austerity measures demanded by international creditors,
opposition parties including the centre-right New Democracy are campaigning for a 'Yes' vote in the referendum on Sunday.
(PHOTO: AFP)

YESTERDAY, I discussed the Greek Debt Crisis on the radio station News Talk 93. The starting point for the discussion was the recent Guardian newspaper article "I know how I would vote in the Greek referendum" by Noble prize winning economist Joseph Stiglitz, implying -- although not stating -- that he would vote No in the planned Greek referendum. Part of a series of pieces on a similar theme, Stiglitz observes that the IMF dramatically underestimated the economic impact of the fiscal "austeri ... Read More

Budgeting for Family Vacation

Thursday, July 02, 2015    

Budgeting for
Family Vacation

School is out and summer is here! For the children it's the beginning of two months of freedom, but for the parents it can start a period of overspending and loss of budgetary control. While you want to ensure that your children enjoy their vacation, it's important not to spend more than you can afford on summer fun. Ideally, you should have started planning for your vacation many months in advance. Just like any other expense in your budget, you would estimate the total cost of your holiday pl ... Read More



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