Business

Student housing firm seeking $562 million from IPO

Student housing firm going public

HOUSING start-up 138 Student Living Jamaica Ltd aims to cumulatively raise $562 million in an initial public offer on the Jamaica Stock Exchange this month. The proceeds of the offer will finance working capital needs for the company engaged in a three-phase student housing development. The compan ... Read More

outliving your savings a fate worst then death? Is outliving your savings a fate worse than death?
NEW YORK (Reuters) — When faced with the prospect of outliving their money, most people might ... Read More

Derrick Cotterell, the founder and
executive chairman of Derrimon
Trading Company Ltd, in the foyer
to the company’s main office and
warehouse located on Marcus
Garvey Drive in Kingston.
(PHOTOS: GARFIELD ROBINSON) Defying the odds with Derrimon Trading Ltd
Below is the story on one of the nominees for this year’s Jamaica Observer Business Leader Awa ... Read More

The HEART Trust/NTA building on Oxford
Road in Kingston. The Trust is training and
recruiting people to fill available jobs in the
Business Process Outsourcing industry.
(PHOTO: NAPHTALI JUNIOR) HEART to the rescue
THE HEART Trust/NTA hopes to reduce the number of vacancies within the Business Process Outsourcing ... Read More

Course fee frustration

Claudienne Edwards | Sunday, November 23, 2014    

The front section of the University of Technology

Dear Claudienne, On June 6, 2014, I transferred $36,000 to UTech's account with the intention of taking the Fundamentals of Project Management course at Jamaica Institute of Management (JIM). The course was slated to start June 21, 2014. Prior to beginning the course I realised that I would not be able to make the time commitment and so decided to withdraw and request a refund. As per UTech's website "if you write to cancel five days prior to the start of the course, you will be refunded full ... Read More

Changing landscape for marketers — A Jamaican reality

NICHOLE BRACKETT WALTERS | Sunday, November 23, 2014    

NICHOLE BRACKETT WALTERS

IN days gone by, marketing was about hosting the most talked-about event or publishing the most attractive advertising, or just about making people happy. However, the past few years have seen several developments that have changed, and in some cases threatened, traditional marketing activities and the way marketers create value for their customers -- internal and external. There has been a shift in the behaviour of marketers and at the heart of this is the consumer. Previously, customers were ... Read More

PIOJ projects 1.5% growth in December quarter

Sunday, November 23, 2014    

Great job; stay
the course,
says IMF

THE Planning Institute of Jamaica (PIOJ) expects the island to post growth up to 1.5 per cent in the December quarter which would offset contractionary drought conditions three months earlier. The growth would allow the country to avoid a recession. "Prospects for growth within the upcoming October to December period remain positive, with real GDP expected to grow within the range of 0.5 per cent to 1.5 per cent," the PIOJ said in its quarterly briefing statement. The PIOJ indicated that the ... Read More

MSME Alliance rolls out discount card

Sunday, November 23, 2014    

Chris Zacca (left), president of the Private Sector Organisation
of Jamaica, purchases a discount card from Donovan Wignal,
president of the MSME Alliance, last Thursday.
(PHOTO: JOSEPH WELLINGTON)

In what it says is a bid to further stimulate the business environment, the Micro, Small and Medium-Sized Enterprise (MSME) Alliance on Thursday launched a discount card. The card, which has been five years in the making, is designed to "serve the dual purpose of impacting the bottom line of businesses through savings made on purchases, while developing customer loyalty by offering discounts", MSME President Donovan Wignal told the Jamaica Observer. For a cost of $3,000, businesses and consume ... Read More

World's ultra-rich few in numbers and growing richer

Sunday, November 23, 2014    

Yacht

WASHINGTON, DC, USA (AFP) — A bare 0.004 per cent of the world's adult population controls nearly US$30 trillion in assets, 13 per cent of the world's total wealth, according to a new study released Thursday. And perhaps unsurprisingly, the study by the Swiss bank UBS and luxury industry consultant Wealth-X said the concentration of money in the hands of the ultra-rich is growing. The report said 211,275 people qualify as "ultra-high net worth" (UHNW) -- those with assets above US$30 mil ... Read More

HSBC Private Bank under tax fraud probe

Sunday, November 23, 2014    


A woman walks past an advert
for the British banking group
HSBC, the UK private banking
arm of which may have to
reimburse clients’ money for
following antimoney laundering
procedures. (Photo: AP)

PARIS, France (AFP) — HSBC Private Bank, the Swiss subsidiary of British banking group HSBC, said Friday it had been placed under formal investigation as part of a French tax fraud probe. The bank said magistrates were "examining whether the bank acted appropriately between 2006 and 2007 in relation to certain clients of the bank who had French tax reporting requirements, as well as in relation to the way the bank offered its services in the country". In France, being placed under formal ... Read More

RBC to trim wealth management, international advisory unit

Saturday, November 22, 2014 12:56 PM    

TORONTO (Reuters) -- Royal Bank of Canada said on Friday it is shutting down its international client-wealth-management business in the Caribbean, along with some international advisory businesses in Canada and the United States. The Toronto-based bank said it has also begun a strategic review of its RBC Suisse business. RBC, Canada's Number one bank, said it is "realigning certain businesses within its international operations as part of a focused strategy that will enable it to achieve susta ... Read More

Eppley raises $350 million in 60 seconds

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, November 21, 2014    

SCOTT... in the prospectus we indicated that we had the ability to
upsize to an amount of shares equivalent to raising  approximately $350
million

FINANCIAL outfit Eppley Limited raised $350 million in a new preference share offer that was oversubscribed 60 seconds after opening. The funds will provide liquidity for the company to further offer insurance premium financing, lease and loan financing. Initially, the company aimed to raise $250 million but increased the value in order to take advantage of the interest expressed by applicants. "In the prospectus we indicated that we had the ability to upsize to an amount of shares equivalent ... Read More

Jamaica signals intention to borrow US$1b

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, November 21, 2014    

PHILLIPS… signed the
prospectus

JAMAICA will consider floating up to US$1 billion in debt over an unspecified period within the United States, according to its registration filing this month. This prospectus forms part of a 'shelf registration' statement that the Government filed with the Securities and Exchange Commission (SEC), which signals to the market the possibility of such a float. "Under this shelf process, Jamaica may sell, from time to time, any of the debt securities described in this prospectus in one or more of ... Read More

Lower oil prices will benefit JPS customers, says Tomblin

Friday, November 21, 2014    

TOMBLIN… lower oil
prices in 2015 will be
good for customers

JAMAICA Public Service (JPS) President Kelly Tomblin expects lower oil prices to benefit the utility company amid posting US$3.6 million ($413 m) net profit for its September 2014 quarter. JPS expects disconnections to fall as the fuel component dips on customer bills. "I know it's hard to believe, but every time our customers have a bill they can afford... it's positive for the utility," Tomblin said in a phone interview on Thursday. "So as fuel prices go down -- as they have, and we think it ... Read More



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