Business

Record favourable prospects for the economy — JCB survey

MCMORRIS... IPOs have been a self-reinforcing message for businessesPhoto: Aston Spauldng

Optimism in the Jamaican economy remains at record highs for both businesses and consumers, with the Jamaica Conference Board’s Business & Consumer Confidence Indices for the second quarter of 2016 reporting “record favourable prospects for the economy”. Firms remained more op ... Read More

MAHFOOD… this prepares them for the work world in the future Mahfood denies selling out to T&T during Rowley’s visit
President of the Private Sector Organisation of Jamaica (PSOJ) William Mahfood has denied suggestion ... Read More

KIRK... We have a high bar in terms of hiring so it takes time and effort to find the right person Quality Works finds sweet spot in software testing
QualityWorks Consulting Group LLC, a software test consultancy firm based in Los Angeles, which expa ... Read More

LONKENG... which option is appropriate for Jamaica is under discussion Public sector reform does not have to mean job losses
Public sector reform doesn’t have to result in significant job losses, according to Dr Constan ... Read More

Hangover from restructuring tempers Caribbean Cement results

Wednesday, July 27, 2016    

Caribbean Cement in Rockfort on the Kingston Harbour

Caribbean Cement Company Ltd (CCC) posted net profit of $220.56 million for the second quarter ended June 2016, compared to $621.34 million realised in the similar period for 2015. The significant change, directors said, was connected to stockholding and inventory restructuring costs resulting in an expense of $402.4 million. Year to date, however, for the six months of the cement makers financial year, profit rode ahead of the similar period in 2015. The group reported consolidated profit b ... Read More

Bessa soon to break ground

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, July 27, 2016    

CEO of KLE Gary Matalon

Kingston Live Entertainment (KLE) group said this week that groundbreaking is imminent for Bessa, a resort project which has been in gestation since 2013. Described as a lifestyle-themed boutique villa community, the project is a joint venture with Sagicor Life Jamaica. It is slated for an eight-acre ocean and river-front property in St Mary, and planned to feature 45 units, inclusive of bedroom swim-up suites, condos and four-bedroom villas. On Monday in the second quarter report filtered th ... Read More

KLE goes lean, reaping a second quarter of profits

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, July 27, 2016    

The Tracks and Records restaurant at Marketplace in Kingston

Kingston Live Entertainment (KLE) Limited, which earlier this year sold non-core assets, is now benefiting from its leaner infrastructure and its implementation of a new restaurant system, directors say. For the three months ended June 30 – its second quarter – the company reported operating profit of $5.7 million versus a previous operating loss of -$5.4 million, which directors described as a swing of $10.3 million compared with the corresponding period in the prior year. For ... Read More

Court approves bidding process for Noranda’s upstream business

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, July 27, 2016    

A view of the Noranda bauxite pier in Discovery Bay, St Amm

Noranda Aluminum Holding Corporation (NAHC) has received a court order approving and establishing the bidding procedure for sale of its upstream business, paving the way for auction of the company’s remaining operations in September. Under the approved procedures, September 15, 2016 is the deadline for interested parties to submit qualified bids and September 22, 2016 is the auction date. Under the upstream timeline approved, the court will hold a hearing on September 27, 2016, to approve ... Read More

Copy Cat head says declining dollar is a problem for small businesses

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, July 27, 2016    

A view of the Copy Cat store in Kingston

Jonathan Watt, Managing Director of Copy Cat Ltd – printing and digital services provider in Kingston, says companies like his would grow faster and employ more in a more stable economic climate. The declining Jamaican dollar, he points out, is daily increasing the cost of raw material inputs and putting pressure on returns for small companies which are trying to hold on to market share in a competitive environment. “The number one challenge our business faces is operating in an ex ... Read More

JaMFA credits Shaw for tremendous growth in microfinance sector

BY BALFORD HENRY Senior staff reporter balfordh@jamaicaobserver.com | Wednesday, July 27, 2016    

Minister of Finance and Public Service Audley Shaw.

Outgoing president of the Jamaica Micro Financing Association (JaMFA), Hurshell Cyrus, has credited Minister of Finance and Public Service Audley Shaw with the success of the microfinance sector in Jamaica. Speaking at JaMFA’s fifth biannual microfinance sector leadership forum last Tuesday at Hotel Four Seasons, in New Kingston, Cyrus said that Shaw’s input into the development of the sector had enabled it to grow from a $3-billion per year industry, to a $20-billion a year sector. ... Read More

Great potential for Caribbean growth — CIBC CEO

Wednesday, July 27, 2016    

(From left) CIBC FirstCaribbean Managing Director Nigel Holness; CEO Gary Brown with board members Jean Lowrie-Chin and Lincoln Eatmon at a reception at Terra Nova Hotel in St Andrew.

CIBC FirstCaribbean International Bank hosted a customer appreciation reception to welcome new CEO Gary Brown to Jamaica last week at the Terra Nova Hotel. Brown, who is based in Barbados, said he was excited about the prospects for growth for the bank in Jamaica and the rest of the 16 islands in which the bank operates, according to a company news release. “CIBC FirstCaribbean which recently reported strong financial results for the six months ending April 30, 2016, has lots of capital ... Read More

West Indies Petroleum raises $750 million via preference share offer

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, July 27, 2016    

Charles Chambers, WIPL director

JMMB Group disclosed on Thursday, July 21, that its capital market unit had successfully placed a $750-million preference share offer on behalf of bunker fuel supplier, West Indies Petroleum (WIP) Limited, late last month. The funds raised will be used to fund WIP’s acquisition of Jamaica Broilers’ subsidiary, JB Terminal (Port Esquivel) Limited, as well as to retrofit the facility, thus allowing WIP to expand its operations and deepen its penetration of the local bunker market, the ... Read More

Characteristics of the modern sales force

with Herman Alvaranga | Wednesday, July 27, 2016    

NEW YORK, United States — Olympian Justin Gatlin (left) and Lewis Carr, President of Media Sales, BET, attend BET Digital Presents “The Fast Life Of: Justin Gatlin” on July 18, 2016 in New York City. (Photo: AFP)

A POWERFUL DRIVER OF REVENUES “The sales force is a powerful driver of revenues and because salespeople are entrusted with a company’s most important asset — its relationship with its customers — they have a significant and often determining impact on an organisation’s success.” — Zoltners, Sinha, Lorimer (2009). SIX CHARACTERISTICS Well, if a company’s sales force is so critical to its success we must ask, “What characterises the modern s ... Read More

Making a successful investment plan

with Judine Johnson | Wednesday, July 27, 2016    

NEW YORK, United States — A homeless man, bottom, sits on the steps of Federal Hall in front of the New York Stock Exchange, last Friday in New York. (Photo: AP)

Many of us haven’t thought much about what matters most. Some of us save money monthly, but what about our long-term personal financial goals? The key to achieving these goals is simple: set realistic goals. Once you have your goal in mind, achieving it is only a matter of working out the details and sticking to your plan. Having no set goal in mind is similar to chasing a target that’s forever moving. However, sometimes the issue isn’t relative to setting a goal, but setting ... Read More



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