Business

Oil prices drop despite strong US growth data

NEW YORK (AFP) -- World oil prices fell back Thursday after two days of modest gains, as the market was not encouraged by a stronger-than-expected estimate of US economic growth in the third quarter. US benchmark West Texas Intermediate for December delivery lost US$1.08 to $81.12 a barrel. In Lon ... Read More

Audrey Tugwell Henry (left), senior general manager for retail
banking of NCB, presents Marcia Woon Choy, certified business
coach of ActionCOACH Business Coaching, with the bank’s
cheque as sponsors for the ActionCOACH ‘Buying Customers’
networking expo and seminar scheduled for November 13. The
seminar will be conducted by celebrated chairman and founder
of ActionCOACH International, Brad Sugars. Over 400 business owners for Brad Sugars seminars
MORE than 400 local business owners and leaders are set to benefit from interactions on November 13 ... Read More

Philadelphia-based Advanced Call Center Technologies (ACT) has leased 25,000
square feet of space at Barnett Tech Park in Montego Bay, to start operations
after construction of the offices is completed next month. Hinduja expands business in Jamaica; other BPO operators secure more space
OUTSOURCING giant Hinduja Global Solutions has landed a contract to deliver voice-based customer ca ... Read More

Cassava beer
by March Cassava beer by March
LOCAL brewing company Red Stripe will be establishing its US$800,000 ($90.4 million) starch processi ... Read More

Smart Mobile expands; introduces phone insurance

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Wednesday, October 29, 2014    

SPENCER...whenever the party season comes around, there are
at least 30 persons who come in with liquid damage and
reports of theft.

LOCAL phone repair and accessory company, Smart Mobile Solutions, is looking to reduce the mobile expenditure of individuals by up to 78 per cent with its newest product - Mobile Protection Plan (MPP). MPP, an insurance policy geared at protecting a customer's mobile device against theft, misplacement or damage, allows customers the option of insuring their devices for up to two years. Currently, Smart Solutions offers coverage on mobile devices at the maximum cost of $1,800 per month for dev ... Read More

Diversification is a team effort

RASHIDI THOMAS | Wednesday, October 29, 2014    

Like a football team, which has three types of players — defenders,
midfielders, and strikers — an investment portfolio should consist
of three different asset classes: cash, bonds and equities.

A common saying among investors - "My funds are invested in four different institutions; my portfolio is diversified". Is it really? Is that the true essence of diversification? Let us explore this notion a bit further. Diversification can take different forms such as amongst currency, geography, asset class or financial institutions, for example. By definition, diversification is a risk management technique that mixes a wide variety of investments within a portfolio. The rationale behind this ... Read More

IDT awards NBC clerical workers 17% pay rise

Wednesday, October 29, 2014    

The NCB branch in Half-Way-Tree, St Andrew.

THE Industrial Disputes Tribunal (IDT) awarded most of the clerical employees of National Commercial Bank Jamaica (NCB) Group a near-17 per cent salary increase. The commercial bank said that the award, which included an eight per cent salary increase for the current financial year and the year before, was higher than anticipated. NCB had made provisions for the expected pay rise but the award "exceeds the amounts provided", according to the bank. "The extent to which the retroactive payment ... Read More

Half of compensation for consumer complaints were from car sales

Wednesday, October 29, 2014    

Minister of State in the Ministry of Industry, Investment and Commerce Sharon Ffolkes
Abrahams (right), converses with chief executive officer of the Consumer Affairs Commission
Dolsie Allen during a Caricom Rapid Alert System for Information Exchange on Dangerous Goods
sensitisation workshop on Friday at the Knutsford Court Hotel in New Kingston.

per cent of the compensation secured by the Consumer Affairs Commission (CAC) since April came out of the pockets of automotive dealers. The CAC disclosed last Thursday that it has secured $16.3 million on behalf of afflicted consumers since the start of the financial year. Compensation from motor vehicle transactions saw dealers paying out $8.2 million to aggrieved customers, according to the CAC's complaints resolution report. Of the 877 complaints filed by disgruntled consumers, only 8 ... Read More

Bidders on 'Portmore of MoBay' lands have 2 months to make an offer

Wednesday, October 29, 2014    

The DBJ thinks that creating a dormitory community 19 minutes
away from Montego Bay will help keep up with the unmet
housing demand.

The Development Bank of Jamaica (DBJ) plans to close its tender on January 9, 2014. Its a re-tendering of the Montpelier lands with a shift from agriculture to housing development. In July, the DBJ announced that it would re-tender these lands but declined to specify a bid timeline. "The DBJ invites offers from prospective investors for sale of 747 acres of land suitable for residential development in the contiguous parishes of St James and Hanover and 28.16 acres property zoned for commercia ... Read More

Scotia to open financial centre in MoBay

Wednesday, October 29, 2014    

Scotia

In three weeks, Scotiabank will open the doors to its new one-stop financial centre in Montego Bay. The new 19,000 square foot building which was constructed at a cost of CAD$9.3 Million ($931 million) will absorb the operations of two other Scotiabank locations in the town - the Westgate branch and the Market Street branch. "This centre will offer our customers the convenience of handling their full range of financial needs in the comfort of one location," said Michael Shaw, vice president a ... Read More

Margaritaville Turks projects record revenues for 2015

Wednesday, October 29, 2014    

Margaritaville Caribbean’s CEO, Ian Dear (left), and manager of
the Turks operations, Anthony Hewie, in front of the TCI
location.

MARGARITAVILLE Turks & Caicos (TCI) projects record revenues for 2015 based on the further growth in cruise passengers. "The increased trend in passenger arrivals is projected to continue into calendar 2015," said CEO Ian Dear in a notice prefacing the financials published this week. "The staff is quite motivated at the prospect of surpassing the previous highest revenue for the company in any fiscal year." The revenue projections indicate continued overseas growth for the Jamaican majorit ... Read More

American, US Airways merging mile programmes

Wednesday, October 29, 2014    

Our tourism officials have worked tirelessly over the years to
ensure that we have most if not all the North American airlines
coming to Jamaica.

Texas, USA AMERICAN Airlines and US Airways will combine their frequent flier programmes early next year and, for now, still base free flights on how many miles customers fly. Competitors Delta and United plan to base awards on how much customers spend, which helps travellers who buy expensive first-class and business-class tickets. But executives of American Airlines Group Inc yesterday said that they want to deal with the mechanics of folding the US Airways programme into American's AAdvant ... Read More

Eppley to make $250-m preference share offer next week

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Wednesday, October 29, 2014    

Money

FINANCIAL outfit Eppley Limited aims to raise $250 million in a new preference share offer which opens November. The funds will provide liquidity for the company to further offer insurance premium financing, lease and loan financing. "We think the yield is attractive," stated managing director Nicholas Scott at an extraordinary general meeting held yesterday. He said that the average treasury bill goes for eight per cent. The preference shares at $6 will offer a yield ranging between 10 to 11 ... Read More

Toyota at top in global vehicle sales over VW, GM

Wednesday, October 29, 2014    

Toyota finished first last year with a record 9.98 million sales,
and is projecting annual sales of 10.2 million vehicles this year

TOKYO, Japan (AP) — Toyota kept its lead over rivals Volkswagen and General Motors as the world's top-selling automaker in the first nine months of the year, Monday reporting record sales of 7.615 million vehicles, up nearly three per cent from the previous year. Volkswagen said earlier this month it sold 7.40 million vehicles for January-September, barely edging out General Motors Company in the closely watched auto sales race. GM reported sales of 7.372 million cars and trucks worldwid ... Read More



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