Business

CIBC First Caribbean Bank sells out to Heritage Bank in Belize

CIBC First Caribbean International Bank

BELMOPAN, Belize (CMC) – The locally owned Heritage Bank Limited (HBL) has bought over the CIBC First Caribbean Bank pending approval by the central banks of Belize and Barbados. “We have a strong team in Belize and these decisions are never easy, however it was necessary to sharpen our ... Read More

Caribbean Airlines plane at Kingston’s Norman Manley International Airport Caribbean Airlines enters deal with Emirates
CARIBBEAN Airlines, the Trinidadian national carrier which now includes Air Jamaica, has signed a ne ... Read More

Stephanie McLean (left) of Trendy Treat talks with Kaysia Johnson-Vaughn, marketing manager -
programmes at Scotiabank and Debra Lopez-Spence, vice-president small and medium
enterprises at Scotiabank. Mogul in the Making nominees prepare for finale
THREE winners will be revealed on August 10 from the 12 nominees for the Jamaica Observer's Mogul in ... Read More

HYLTON... dangerous to think we have time to change because
we are in Jamaica Banks not truly disruptive — Hylton
NATIONAL Commercial Bank of Jamaica (NCB) group managing director Patrick Hylton admitted that many ... Read More

Leadership lessons from Steve Jobs - Leadership (Part 7)

With Kenroy WEDDERBURN | Sunday, August 02, 2015    

NEW DELHI, India — A mural of the late Apple CEO, Steve Jobs is seen on a wall in New Delhi
on July 24. (PHOTO: AFP)

  Be a yardstick of quality. Some people aren't used to an environment where excellence is expected. - Steve Jobs The people who are crazy enough to think they can change the world are the ones who do. - Steve Jobs When I was a younger worker, I was being trained in a particularly technical field - and as you know how we are in Jamaica, I was called "Prento." I worked on shift with various people and so I learned the speed from one operator, the diligence from another, and the accuracy f ... Read More

No title? Chassis number altered? Don't buy that vehicle!

With Claudienne Edwards | Sunday, August 02, 2015    

A 1993
Nissan
King Cab

Dear Claudienne, I purchased a 1993 Nissan King Cab motor truck in 1996. I accompanied the vendor to the Black River Collector of Taxes to effect the sale and transfer into my name in September 1996. Since then I have made many trips to the Black River collectorate to collect my title, but they told me it was not there. I have received many offers from people wanting to purchase my pickup but I'm unable to sell it as I do not have a title for the vehicle. An officer at the Black River collec ... Read More

Jamaica must speak out against remittance squeeze, says Jarrett

Sunday, August 02, 2015    

Earl Jarrett, general manager of the Jamaica National Building
Society, reads the annual report while Dr Dhiru Tanna, deputy
chairman, looks on during the society’s 141st annual general
meeting Wednesday at the Pegasus Hotel in Kingston.
(PHOTO: JOSEPH WELLINGTON).

EARL Jarrett, general manager, Jamaica National Building Society (JNBS), says it's time for Jamaica to be more vocal on the global stage about establishing safe ways to facilitate remittances, given its contribution to the income of many developing countries. "Remittances are under threat and in many territories banks are refusing to bank remittance entities," Jarrett said at the society's 141st Annual General Meeting held at the Jamaica Pegasus in New Kingston last Wednesday. "As a country w ... Read More

Big question mark over public sector wage settlement this week

BY BALFORD HENRY Senior staff reporter balfordh@jamaicaobserver.com | Sunday, August 02, 2015    

(L-R) Portia Simpson Miller, Oneil Grant and Horace Dalley

IT appears that Government's efforts to have an agreement with some member unions of the Jamaica Confederation of Trade Unions (JCTU) in place by Independence Day, August 6, has suffered a setback. The Jamaica Observer is reliably informed that plans are already being put in place for the signing of the new Heads of Agreement to take place on Tuesday, August 4, at Jamaica House with Prime Minister Portia Simpson Miller the main speaker. However, union sources are telling Sunday Finance that it ... Read More

NEW ICAJ PRESIDENT ELECTED

Sunday, August 02, 2015    

NEW ICAJ PRESIDENT ELECTED

Bruce Scott (left), newly elected president of the Institute of Chartered Accountants of Jamaica (ICAJ), wears the presidential badge presented by Dennis Chung, immediate past president, at a council meeting following the ICAJ's Annual General Meeting last Thursday at the ICAJ Secretariat in Kingston. Read More

FSC restructuring the repo business

With Lisa Minto & Marian Ross | Saturday, August 01, 2015    

NEW YORK, United States — The logo for Twitter adorns a phone post on the floor of the New York Stock Exchange on Tuesday.
The last week of July 2015 hasn’t been an easy week for social media stocks, despite double-digit revenue growth from Twitter,
LinkedIn and Facebook. Investors are looking beyond headline earnings numbers to find reasons to sell stock.
(PHOTO AP)

THE Retail Repo Market is being restructured in Jamaica; there are significant changes for not only the investor but also for the institutions involved. These changes are being phased in during August 2015 and this reform is intended to provide new safeguards to individual investors. In order to understand what changes will occur, we need to look at how a retail repo works. A retail repurchase agreement is a type of contract between a securities dealer and an investor. In exchange for a given ... Read More

CraziiSocks steps into the lead for Moguls in the Making

Friday, July 31, 2015    

Aldane Dawkins,
co-owner of
CraziiSocks and
the current
leader in the poll
for the People’s
Choice, chats
with then leader
Winston Wilkins
of StartUp Robot,
while Sherelle
Curtis of
Asherlee
Naturals joins in.

THE 12 Mogul in the Making nominees met judges and sponsors for lunch at the Jamaica Observer boardroom on Wednesday, allowing them to make an impresssion on the competition's judges and sponsors Scotiabank, Flow and Diageo's Johnnie Walker scotch. Nominees are currently competing online for the People's Choice on www.jamaicaobserver.com. Competition for the People's Choice is hotting up, as with more than 5,600 votes CraziiSocks took over lead positiion from StartUprobot, while Liqi Liqi rema ... Read More

Arc invests US$3m in import substitution drive

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, July 31, 2015    

Ricardo Brooks an operator at the new chain-link fence plant at
Arc Manufacturing set for local consumption and for export.

ARC Manufacturing Ltd, one of the big three in the manufacturing and distribution of building materials, invested US$3 million ($350m) to set up two new plants to make metal roofing and chain-link fences locally, management stated. It's aimed to grow its local manufacturing footprint beyond 35 per cent of total revenues for the privately owned company. The chain-link fence plant, at a cost of some US$500,00 (inclusive of equipment), became operational in the second-quarter of 2015 and the roof ... Read More

Jamaica's venture capital programme ranks 9th out of 11 LAC countries

Friday, July 31, 2015    

The DBJ building in New Kingston

Jamaica's programme for investing venture capital ranks ninth in a list of 11 Latin American and Caribbean countries according to the Latin American Private Equity and Venture Capital Association (LAVCA). The list was compiled for LAVCA's 2015/2016 scoreboard and places Jamaica below Chile, Brazil, Mexico, Colombia, Costa Rica, Uruguay, Panama, and Peru. On the up side, Jamaica ranks above the Dominican Republic and Argentina. The programme, entitled Jamaica Venture Capital Programme (JCVP), i ... Read More

Local cambios under threat

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, July 31, 2015    

The Bank of Jamaica on the
harbour in downtown Kingston

STARTING September, a number of local banks will no longer accept US cash originating from local cambios, in a move that will adversely affect cambios already under threat. The move was prompted by Bank of America (BOA), the corresponding bank to which banknotes are shipped, [which took the] decision to stop accepting such transactions from Jamaica, reasoned the Cambio Association of Jamaica (CAJ) president Heather Ferguson in an interview with the Jamaica Observer. No response from the BOA was received up t ... Read More



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