Jamaica Observer http://www.jamaicaobserver.com/ JamaicaObserver.com, the most concise and in-depth website for news coverage on Jamaica and the Caribbean. Updated daily 7 days a week, 24 hours a day en-us copyright Jamaica Observer, 2011 NIS on course to bankruptcy in 20 years http://www.jamaicaobserver.com/business/NIS-on-course-to-bankruptcy-in-20-years THE National Insurance Scheme (NIS) is on course to becoming bankrupt in roughly 20 years. “If the current conditions are preserved the fund will start to have a negative cashflow in 2028 and will be completely exhausted by 2035,” said the InterAmerican Development Bank (IDB) in project documents on its website. Local Business Wed, 17 Sep 2014 03:16:37 GMT Bogdanovich takes largest stake in KLE http://www.jamaicaobserver.com/business/Bogdanovich-takes-largest-stake-in-KLE_17556513 MUSIC promoter Josef Bogdanovich now owns the largest shareholdings in the Kingston Live Entertainment (KLE) Group. Local Business Wed, 17 Sep 2014 02:00:00 GMT LIME's 'rip and replace' project interrupts mobile service http://www.jamaicaobserver.com/business/LIME-s--rip-and-replace--project-interrupts-mobile-service_17552427 TELECOMMUNICA-TIONS provider LIME has recorded its highest increase in complaints over the last year. Local Business Wed, 17 Sep 2014 02:00:00 GMT Red Stripe to train, employ 2,400 for cassava project http://www.jamaicaobserver.com/business/Red-Stripe-to-train--employ-2-400-for-cassava-project_17550228 RED Stripe plans to train and employ 2,400 persons in cassava production over the next five years. Local Business Wed, 17 Sep 2014 02:00:00 GMT GK Capital eyes big stake in venture capital funds http://www.jamaicaobserver.com/business/GK-Capital-eyes-big-stake-in-venture-capital-funds GK Capital Management plans to invest big in the venture capital market in Jamaica. Local Business Wed, 17 Sep 2014 03:09:43 GMT Summer tourism season faring better than the winter http://www.jamaicaobserver.com/business/Summer-tourism-season-faring-better-than-the-winter_17557227 THE summer tourism season has been faring better than last winter. Local Business Wed, 17 Sep 2014 02:00:00 GMT Alibaba — the world's third-largest IPO http://www.jamaicaobserver.com/business/Alibaba---the-world-s-third-largest-IPO_17554286 ALIBABA is the world's largest online and mobile commerce company by gross merchandise volume (GMV). It operates a group of technology and marketing companies in China that brings together buyers and sellers of various goods and services. The company plans to raise up to US$21.76 billion from the proposed sale of 320 million American Depositary Receipt (ADR) Shares on the New York Stock Exchange to be priced between US$66 and US$68 on September 18, 2014. If successful, the company will surpass AIA Group Limited of Hong Kong as the world's third-largest IPO, behind Industrial and Commercial Bank of China (US$21.98 billion) and Agriculture Credit Bank of China (US$22.11 billion). Local Business Wed, 17 Sep 2014 02:00:00 GMT Lending rates to businesses continue to climb http://www.jamaicaobserver.com/business/Lending-rates-to-businesses-continue-to-climb_17552228 INTEREST rates on local currency business loans are expected to increase further by the end of the month. Local Business Wed, 17 Sep 2014 02:00:00 GMT CAL flies emptier planes on former Air Jamaica routes despite cut in flights http://www.jamaicaobserver.com/business/CAL-flies-emptier-planes-on-former-Air-Jamaica-routes-despite-cut-in-flights_17555757 CARIBBEAN Airlines (CAL) has been flying emptier planes on the former Air Jamaica routes to the US despite cutting back the number of flights it operates. Local Business Wed, 17 Sep 2014 02:00:00 GMT Time of the essence clauses: Clarity is key http://www.jamaicaobserver.com/business/Time-of-the-essence-clauses--Clarity-is-key FAILURE to complete the sale of a property by a specific time, failure to deliver goods on time or failure to complete construction works within schedule may be detrimental to one or more of the parties to a contract. It is therefore no surprise that a “time of the essence” clause is a common feature within agreements for sale of land, sale of goods, construction contracts, and other contracts where timing is crucial. Local Business Wed, 17 Sep 2014 03:12:17 GMT China's overseas investment soars as FDI drops again http://www.jamaicaobserver.com/business/China-s-overseas-investment-soars-as-FDI-drops-again_17553415 BEIJING, China (AFP) - China's outbound investment more than doubled in August to US$12.62 billion, data showed yesterday, far outstripping foreign direct investment (FDI) into the country, which fell to a four-year low. Local Business Wed, 17 Sep 2014 02:00:00 GMT Self-driving cars now need a permit http://www.jamaicaobserver.com/business/Self-driving-cars-now-need-a-permit_17553897 California, USA — COMPUTER-DRIVEN cars have been testing their skills on California roads for more than four years -- but until now, the state's Department of Motor Vehicles wasn't sure just how many were rolling around. Financial Wed, 17 Sep 2014 02:00:00 GMT Bahamas PM defends new gaming legislation http://www.jamaicaobserver.com/business/Bahamas-PM-defends-new-gaming-legislation NASSAU, Bahamas —  PRIME Minister Perry Christie has defended the introduction of legislation dealing with gaming and financial transaction reporting, saying it signals “the dawn of a new era in the licensing and regulation of the gaming in The Bahamas”. Local Business Wed, 17 Sep 2014 03:15:02 GMT Higher ticket taxes can hurt Caribbean air travel — IATA http://www.jamaicaobserver.com/business/Higher-ticket-taxes-can-hurt-Caribbean-air-travel----IATA_17557873 ST THOMAS, United States Virgin Islands — THE International Air Transportation Association (IATA) yesterday urged regional aviation authorities to adhere to the key principles set out by the International Civil Aviation Organisation. Local Business Wed, 17 Sep 2014 02:00:00 GMT Panama Canal widening should be finished with $400 m: chief http://www.jamaicaobserver.com/business/Panama-Canal-widening-should-be-finished-with--400-m--chief_17553369 PANAMA CITY, Panama (AFP) — A widened Panama Canal will be open for business in 2016 after a US$400 million cash injection to help complete the long-delayed project was received, the waterway's chief administrator said yesterday. Local Business Wed, 17 Sep 2014 02:00:00 GMT GM expert says 19 deaths eligible for compensation http://www.jamaicaobserver.com/business/GM-expert-says-19-deaths-eligible-for-compensation_17553468 DETROIT (AP) — The death toll tied to faulty ignition switches in General Motors small cars has risen to 19, according to a compensation expert hired by the company. The number is likely to go higher. Local Business Wed, 17 Sep 2014 02:00:00 GMT It's the economy, stupid!: Scots focus on money issues http://www.jamaicaobserver.com/business/It-s-the-economy--stupid---Scots-focus-on-money-issues_17553613 LONDON, England (AFP) — Tomorrow's Scottish independence referendum is a lot about the economy, experts say, as voters Local Business Wed, 17 Sep 2014 02:00:00 GMT Dubai's Atlantis resort to get US$1.4-b expansion http://www.jamaicaobserver.com/business/Dubai-s-Atlantis-resort-to-get-US-1-4-b-expansion_17553347 DUBAI, United Arab Emirates (AP) - Developers said Monday they will build a US$1.4 billion expanse of lavish suites and residences next to the famed Atlantis resort on Dubai's man-made palm-shaped island as part of the emirate's drive to build up tourism revenue. Local Business Wed, 17 Sep 2014 02:00:00 GMT Apple: Record four million orders of iPhones on first day http://www.jamaicaobserver.com/business/Apple--Record-four-million-orders-of-iPhones-on-first-day_17553325 NEW YORK, USA (AP) — Apple had more than four million advance orders of its new, larger iPhones in the first 24 hours, exceeding its initial supply, the company said on Monday last. Local Business Wed, 17 Sep 2014 02:00:00 GMT Trump Plaza: fourth Atlantic City casino shutdown http://www.jamaicaobserver.com/business/Trump-Plaza--fourth-Atlantic-City-casino-shutdown_17553395 ATLANTIC CITY, USA (AP) — When Trump Plaza opened on May 14, 1984, Donald Trump called it the finest building in Atlantic City, and possibly the nation. Local Business Wed, 17 Sep 2014 02:00:00 GMT EU companies flush with cash, set to invest: study http://www.jamaicaobserver.com/business/EU-companies-flush-with-cash--set-to-invest--study_17553453 PARIS, France (AFP) - European companies have close to a trillion euros in cash - far more than before the financial crisis - and are set to invest heavily during the next 12 months, auditor Deloitte said recently. Local Business Wed, 17 Sep 2014 02:00:00 GMT US labour board orders CNN to rehire fired workers http://www.jamaicaobserver.com/business/US-labour-board-orders-CNN-to-rehire-fired-workers_17553432 WASHINGTON, USA (AP) — The National Labour Relations Board (NLRB) ruled against the CNN cable television network on Monday in an 11-year-old labour dispute, ordering the network to rehire or compensate about 300 former workers. Local Business Wed, 17 Sep 2014 02:00:00 GMT Survey finds scepticism about trade's benefits http://www.jamaicaobserver.com/business/Survey-finds-scepticism-about-trade-s-benefits_17557832 WASHINGTON, USA — AMERICANS, Japanese and many Europeans aren't sold on the benefits of trade. They doubt that global economic ties create jobs or raise wages, an international survey conducted by the Pew Research Center shows. Financial Wed, 17 Sep 2014 02:00:00 GMT Microsoft to buy Minecraft creator Mojang for US$2.5 b http://www.jamaicaobserver.com/business/Microsoft-to-buy-Minecraft-creator-Mojang-for-US-2-5-b_17553551 STOCKHOLM, Sweden (AFP) — The creators of the videogame Minecraft, the Swedish company Mojang, yesterday announced a takeover by the US software giant Microsoft worth US$2.5 billion (1.93 billion euros). Local Business Wed, 17 Sep 2014 02:00:00 GMT India inflation hits five-year low but rates to stay high http://www.jamaicaobserver.com/business/India-inflation-hits-five-year-low-but-rates-to-stay-high_17553490 MUMBAI, India — India's wholesale price inflation slowed last month to its lowest in nearly five years, data showed yesterday, but the country's central bank governor dampened hopes of an interest rate cut. Local Business Wed, 17 Sep 2014 02:00:00 GMT