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 Oceana sale no ‘sweetheart’ deal, says financial secretary http://www.jamaicaobserver.com/business/Oceana-sale-no--sweetheart--deal--says-financial-secretary-------_65643 FINANCIAL Secretary Devon Rowe has dismissed the categorisation of the sale of the Oceana building by the Urban Development Corporation (UDC) to the Downing Street Group as a ‘sweetheart deal’. Local News Thu, 30 Jun 2016 00:00:00 GMT New BPOs to provide 12,000 jobs — Vaz http://www.jamaicaobserver.com/business/New-BPOs-to-provide-12-000-jobs---Vaz-_65569 APPLICATIONS for three new Business Process Outsourcing (BPO) companies have been approved since May 2016, and cumulatively will provide employment for approximately 12,000 people. Local News Thu, 30 Jun 2016 00:00:00 GMT New Liguanea HiLo complex to house four GK subsidiaries http://www.jamaicaobserver.com/business/New-Liguanea-HiLo-complex-to-house-four-GK-subsidiaries_65464 GraceKennedy Limited (GK) has completed renovation of 33,700 sq ft. of retail space adjacent to Lane Plaza, Liguanea, which is now home to its newest HiLo supermarket, with the store featuring items from fresh flowers to a range of ready-to-eat foods. The store has 70 employees. Local Business Wed, 29 Jun 2016 00:00:00 GMT GraceKennedy makes contingency plans for Brexit http://www.jamaicaobserver.com/business/GraceKennedy-makes-contingency-plans-for-Brexit_65396 The GraceKennedy Group of companies, which in the last decade has been pursuing a strategy of securing increased revenues from three continents —Europe, Africa and North America — is bracing for any fallout which the coming exit of the United Kingdom from the European Union might have on the company. Local Business Wed, 29 Jun 2016 00:00:00 GMT After a year of seasoning, fast-growing Rapido Spices ready to heal http://www.jamaicaobserver.com/business/After-a-year-of-seasoning--fast-growing-Rapido-Spices-ready-to-heal_65474 Patrice Reid, CEO of Rapido Spices Enterprise, is planning the creation of a new company based on a health product which is unrelated to foods. Local Business Wed, 29 Jun 2016 00:00:00 GMT Gov’t says assets of NIS Fund now top $80b http://www.jamaicaobserver.com/business/Gov-t-says-assets-of-NIS-Fund-now-top--80b_65491 Minister of Labour and Social Security, Shahine Robinson, says that the cumulative assets of the National Insurance Fund (NIF) at the end of the last financial year, 2015/16, totalled $80.6 billion. Local Business Wed, 29 Jun 2016 00:00:00 GMT Jamaican economy can rebound — Vaz http://www.jamaicaobserver.com/business/Jamaican-economy-can-rebound---Vaz_65502 Minister with responsibility for Investments, Daryl Vaz, says that despite the challenges, there are signs that Jamaica’s economy can rebound. Local Business Wed, 29 Jun 2016 00:00:00 GMT Peter Chin chosen as deputy chairman at Lasco Affiliated Group http://www.jamaicaobserver.com/business/Peter-Chin-chosen-as-deputy-chairman-at-Lasco-Affiliated-Group_65413 Lascelles Chin, chairman of the Lasco Affiliated Group of Companies, said yesterday that the choice of manager Peter Chin as the new deputy chairman for the three companies in the conglomerate – Lasco Financial, Lasco Manufacturing and Lasco Distribution Limited – is a move towards succession planning. Local Business Wed, 29 Jun 2016 00:00:00 GMT MSBM says stock market good for small businesses http://www.jamaicaobserver.com/business/MSBM-says-stock-market-good-for-small-businesses_65456 Researchers at the Mona School of Business and Management (MSBM) are convinced that small and medium enterprises (SMEs) can transform their financial performance by listing on the stock exchange. Local Business Wed, 29 Jun 2016 00:00:00 GMT JP concentrates on chips, not stone http://www.jamaicaobserver.com/business/JP-concentrates-on-chips--not-stone_65020 Jamaica Producers Group Ltd (JP) announced on Friday that Jamaica Aggregates Ltd has acquired former subsidiary, Four Rivers Mining Company Ltd (FRM), an operation based in St Mary. Local Business Wed, 29 Jun 2016 00:00:00 GMT The tax break could help you achieve your financial dreams http://www.jamaicaobserver.com/business/The-tax-break-could-help-you-achieve-your-financial-dreams_65405 It’s no secret that Jamaica has been undergoing extensive tax changes since its new government was elected in February, with more slated to come during their term. The Government has committed to their political promise of raising the income tax threshold in stages, however, and intends to shift the weight of government revenues earned from income taxes to consumption taxes. Local Business Wed, 29 Jun 2016 00:00:00 GMT Noose tightens as more Caribbean banks hit by de-risking http://www.jamaicaobserver.com/business/Noose-tightens-as-more-Caribbean-banks-hit-by-de-risking_65400 Deputy Governor of the Eastern Caribbean Central Bank (ECCB) Trevor Brathwaite disclosed last week that more Caribbean banks are getting cut off by their correspondent banks, or are being given a short time frame within which to find alternative banking arrangements before cessation. Local Business Wed, 29 Jun 2016 00:00:00 GMT How to gain a competitive advantage from your salesforce (Part 1) http://www.jamaicaobserver.com/business/How-to-gain-a-competitive-advantage-from-your-salesforce--Part-1-_65427 BEGIN WITH THE RIGHT SALES MANAGER Local Business Wed, 29 Jun 2016 00:00:00 GMT Canada to lift travel visa for Mexicans http://www.jamaicaobserver.com/business/Canada-to-lift-travel-visa-for-Mexicans_65437 OTTAWA, Canada (AFP) — Canada will rescind travel restrictions on Mexicans at the end of this year, Prime Minister Justin Trudeau announced during a visit by his counterpart President Enrique Pena Nieto yesterday. Local Business Wed, 29 Jun 2016 00:00:00 GMT Mexico president urges North American integration after Brexit http://www.jamaicaobserver.com/business/Mexico-president-urges-North-American-integration-after-Brexit_65303 OTTAWA, Canada (AFP) — Mexican President Enrique Pena Nieto on Monday called for greater integration with Canada and the United States in the wake of Britain’s vote to split with the European Union. Local Business Wed, 29 Jun 2016 00:00:00 GMT Brexit backtrack: Leave camp promises unravel http://www.jamaicaobserver.com/business/Brexit-backtrack--Leave-camp-promises-unravel_65433 LONDON, United Kingdom (AFP) — Brexit campaign leaders had barely picked themselves up off the floor after their surprise EU referendum victory when they began to back-pedal on a number of promises. Local Business Wed, 29 Jun 2016 00:00:00 GMT US-bound migrants take the long way through Latin America http://www.jamaicaobserver.com/business/US-bound-migrants-take-the-long-way-through-Latin-America_64868 TURBO, Colombia (AFP) — Mohamud Warfa Hirsi is a long way from home. From a dusty Kenyan refugee camp, he has reached the sticky heat of the Caribbean, and his journey is not over. Local Business Wed, 29 Jun 2016 00:00:00 GMT New Nestlé CEO to lead health pivot http://www.jamaicaobserver.com/business/New-Nestl--CEO-to-lead-health-pivot_65442 ZURICH, Switzerland (AFP) — Analysts yesterday praised Nestlé’s choice for its new chief executive, Health Care Manager Ulf Mark Schneider, as the food giant took a further step in its bid to become a leader in nutrition. Local Business Wed, 29 Jun 2016 00:00:00 GMT Half of US households have streaming TV services: survey http://www.jamaicaobserver.com/business/Half-of-US-households-have-streaming-TV-services--survey_65305 NEW YORK, United States (AFP) — Streaming television services from companies like Netflix, Amazon and Hulu have reached a key milestone — half of US households are now subscribing, a survey showed Monday. Local Business Wed, 29 Jun 2016 00:00:00 GMT American dream turns to nightmare for undocumented immigrants http://www.jamaicaobserver.com/business/American-dream-turns-to-nightmare-for-undocumented-immigrants_65335 PERRIS, United States (AFP) — Every weekday, year-round, Esteban Yanez rises at the crack of dawn and heads to his job as a construction worker near the largely Latino desert town of Perris, south of Los Angeles. Local Business Wed, 29 Jun 2016 00:00:00 GMT Refugees storm Spain-Morocco border fence http://www.jamaicaobserver.com/business/Refugees-storm-Spain-Morocco-border-fence_65348 MADRID, Spain (AFP) — More than 100 refugees tried to jump the border fence from Morocco into the Spanish enclave of Melilla Sunday, with 30 making it across, authorities said. Local Business Wed, 29 Jun 2016 00:00:00 GMT Barcelona to raise fine for illegal home-rental lodgings to 600,000 euros http://www.jamaicaobserver.com/business/Barcelona-to-raise-fine-for-illegal-home-rental-lodgings-to-600-000-euros_65443 BARCELONA, Spain (AFP) — Barcelona City Hall yesterday announced a 20-fold hike, to 600,000 euros (US$660,000), in the maximum fine that can be levied against home-rental sites such as Airbnb if they promote illegal accommodation. Local Business Wed, 29 Jun 2016 00:00:00 GMT France’s CMA CGM hits Singapore takeover target http://www.jamaicaobserver.com/business/France-s-CMA-CGM-hits-Singapore-takeover-target_65304 PARIS, France (AFP) — French transport company CMA CGM said Monday it had achieved its goal of acquiring 90 per cent Local Business Wed, 29 Jun 2016 00:00:00 GMT IMF calls for urgent action as Mozambique’s growth dips http://www.jamaicaobserver.com/business/IMF-calls-for-urgent-action-as-Mozambique-s-growth-dips_65340 JOHANNESBURG, South Africa (AFP) — The International Monetary Fund (IMF) has called for urgent action to stem Mozambique’s deteriorating economic performance, after revelations of US$1.4 billion in hidden debt saw donor nations suspending aid to the country. Local Business Wed, 29 Jun 2016 00:00:00 GMT Blame flows freely as West Bank taps run dry http://www.jamaicaobserver.com/business/Blame-flows-freely-as-West-Bank-taps-run-dry_65334 SALFIT, Palestine (AFP) — Fatma Ali stands in her small patch of garden in the parched West Bank and wonders how to feed her family of seven when she’s had no water in nearly a week. Local Business Wed, 29 Jun 2016 00:00:00 GMT