Business

Banking groups can buy up to 50 per cent of shares in each other ­— BOJ

JMMB in New Kingston

Maurene Simms, Deputy Governor, Financial Institutions Supervisory Division at the Bank of Jamaica (BOJ), indicated this week that significant holdings by a group which holds deposit-taking licences in another is permissible within limits. Once a deposit-taking institution (DTI) observes its mandat ... Read More

Business Development Manager of Naturally Almond Jorge Figueras (left) displays
the locally made product with Managing Director of T Geddes Grant Michael Subratie
and President of the Jamaica Chamber of Commerce Larry Watson. (Bryan Cummings) Naturally Almond milk to be produced by Mussons
US–based manufacturing company JEC Aseptics has inked a deal with the Musson Group of Companie ... Read More

A Sandals advertisement on the side of a London bus travelling through Piccadilly Circus. When second place feels just like first
It might be a squeeze to get it in but, perhaps for the first time, Gordon ‘Butch’ Stewa ... Read More

A combine harvester reaps sugar beet in Europe. Beet sugar, Brexit threaten cane sugar
A recent article by Bloomberg is predicting that European demand for cane sugar exports from the Car ... Read More

Develop our intellectual capacity for growth

Dennis Chung | Friday, March 24, 2017    

SINGAPORE, Singapore — Pedestrians walk along the Orchard Road shopping district in Singapore last week.ROSLAN RAHMAN

Last week I made the point that the most important asset that Jamaica has is its three million residents, and that it is the underutilisation of this asset that has caused us to attain average growth of a mere 0.8 per cent per annum for the past 40 years. The fact is that our three million residents are also our most neglected, abused, and underutilised asset. One does not have to be a rocket scientist to understand that if you minimise the use of what can give you the greatest value, then o ... Read More

The Caribbean is virgin territory for mobile money — Wehby

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Friday, March 24, 2017    

Don Wehby

With the Caribbean having low levels of penetration for mobile money products, GraceKennedy Money Services Ltd (GKMS) is still mulling over the next market it will choose to launch its digital currency product, GK MPay. The company is not ruling out countries in the Latin American region. Group CEO Don Wehby told the Caribbean Business Report. “GK is open to every and all markets where business opportunities exist.” The digital money product is currently operating in 10 other Cari ... Read More

PHOTO: Shell and Sol

Friday, March 24, 2017    

Bindley Sangster from Ministry of Transport and Mining (2 right) greets Regional Marketing Manager of Shell Sergio Roldan (left) to the Shell Lubricants Fleet Forum on Tuesday at the Spainsh Court Hotel. Karoline Smith, marketing implementer Western Caribbean and Robert Jackson general manager of Sol Petroleum Jamaica look on..

Bindley Sangster from Ministry of Transport and Mining (2 right) greets Regional Marketing Manager of Shell Sergio Roldan (left) to the Shell Lubricants Fleet Forum on Tuesday at the Spainsh Court Hotel. Karoline Smith, marketing implementer Western Caribbean and Robert Jackson general manager of Sol Petroleum Jamaica look on.   Read More

Cubans still trying to reach US by sea despite rule change

Friday, March 24, 2017    

KEY WEST, United States —  In this June 21, 2016 file photo, a group of men from Cuba hug as they came ashore in Key West, Florida. About 65 Cuban migrants have been intercepted at sea since the “wet foot, dry foot” policy ended on January 12, 2017. (Photo: AP)

MIAMI, USA (AP) — Cubans are still making risky sea journeys to the US despite the end of a policy that allowed them to stay if they made it to American soil, officials said Monday. The US Coast Guard said it intercepted 65 Cubans trying to reach Florida or Puerto Rico since January 12. That’s when former President Barack Obama ended the so-called “wet foot, dry foot” policy as part of the normalisation of relations with Cuba. The change means Cubans are no longer gener ... Read More

IMF says Grenada records near four per cent economic growth

Friday, March 24, 2017    

ST GEORGE’S, Grenada — Last year Greneda was one of the largest beneficiaries of loans from the CDB

ST GEORGE’S, Grenada (CMC) – Grenada’s performance during the last phase of the International Monetary Fund (IMF) Extended Credit Facility (ECF) supported home-grown programme has been strong with the island recording economic growth of just under four per cent last year, the IMF said Wednesday. An IMF delegation, headed by Nicole Laframboise, has ended a one-week visit here undertaking a sixth review of Grenada’s IMF-supported ECF programme of US$19.4 million that was a ... Read More

Price to head FLOW Jamaica; says building on agreed 2017 strategy a major focus

Thursday, March 23, 2017    

PRICE... plans to build on Flow’s agreed 2017 strategy.

Stephen Price, whose appointment as managing director of Flow Jamaica was announced by the company yesterday, said his immediate focus will be to build on the company’s current agreed 2017 strategy. “We have some significant focus on mobile growth,” Price told the Jamaica Observer yesterday evening. “We have significant growth expected in IPTV... really landing those key projects to ensure that we bring faster speeds across the island in terms of faster broadband and mob ... Read More

MailPac parent company mulls listing on stock exchange

Thursday, March 23, 2017 11:58 AM    

Khary Robinson

KINGSTON, Jamaica — Khary Robinson, executive chairman of Norbrook Equity Partners (NEP), which recently raised $677.25 million via a preference share issue, says the company is considering listing in the medium term. Norbrook, a St Lucia-based holding company with operations in Jamaica and the United States, announced on Monday that it had successfully closed private placement of US$5,250,000 ($677.25 million) indexed redeemable preference shares in the capital of the company to a group ... Read More

Itelbpo donates playground to Blossom Gardens

Thursday, March 23, 2017    

One of the equipment on the playground

MONTEGO BAY, St James - A playground may seem like an ordinary, insignificant structure merely to occupy the time of children for a few hours. But for wards of the state at the Blossom Gardens Child Care Facility in St James, a playground is a place that brings joy, smiles and laughter for many of them who have very little. On a visit to the facility you will notice that there was a recent facelift of the space. With this facelift came the construction of a new playground complete with a gaze ... Read More

Scotiabank confirms upcoming job losses

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Wednesday, March 22, 2017    

Scotiabank headquarters in downtown Kingston

Scotiabank has confirmed reports that it will cut Jamaican staff as part of its restructuring exercise, but says it is unable to state the exact number at this time. The news comes at a time when the bank has been receiving heavy public critisim for the extent of some of its service charges. Yesterday, president general of the Bustamante Industrial Trade Union (BITU), Kavan Gayle, indicated that close to 100 jobs would be made redundant by the Canadian bank. Reports are that the jobs are bei ... Read More

US dollar investment limits need review — securities dealers

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, March 22, 2017    

GOODEN... Jamaica has a sovereign credit rating that is five notches below investment grade

The Jamaica Securities Dealers Association (JSDA) is calling for dialogue around the issue of permissible holdings of US dollar investments. With the central bank indicating last week that it is not ready to lift the five per cent limit placed on insurance companies and pension funds for holdings of foreign-denominated assets, head of the JSDA Steven Gooden told the Jamaica Observer that the problem curtails opportunities to maximise returns. Meanwhile, he is also concerned about the new requi ... Read More



ADVERTISEMENT
ADVERTISEMENT

Poll

Do you support the Gov’t giving US$200,000 towards staging the Racers Grand Prix 2017? 
Yes
No


View Results »


ADVERTISEMENT

Today's Cartoon

Click image to view full size editorial cartoon
ADVERTISEMENT