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 King’s Moringa catches Pitch crown http://www.jamaicaobserver.com/business/King-s-Moringa-catches-Pitch-crown_62152 King’s Jamaican, makers of Moringa Drink Mix, beat five other contestants at the Jamaica Observer Foodie Seminar to win a $250,000 cash injection from Victoria Mutual Wealth Management. Local Business Fri, 27 May 2016 02:00:00 GMT BOJ says inflation falls to “historic low” http://www.jamaicaobserver.com/business/BOJ-says-inflation-falls-to--historic-low--_62194 Bank of Jamaica Governor Bryan Wynter says that inflation fell to a historic low of three per cent during the first quarter of 2016 (January-March). Local Business Fri, 27 May 2016 02:00:00 GMT Honey Bun gets HACCP certification http://www.jamaicaobserver.com/business/Honey-Bun-gets-HACCP-certification_62190 Honey Bun’s Chief Executive Officer (CEO) Michelle Chong, has confirmed that the baking company has been accorded Hazard Analysis Critical Control Point (HACCP) certification. Local Business Fri, 27 May 2016 02:00:00 GMT Supreme Ventures eyes Caymanas finish line http://www.jamaicaobserver.com/business/Supreme-Ventures-eyes-Caymanas-finish-line_62144 Lottery operator Supreme Ventures Limited (SVL) hopes to complete negotiations and the contracting phase of the Caymanas Track Limited (CTL) assets acquisition by September. Local Business Fri, 27 May 2016 02:00:00 GMT Bogue set for blast off in August – Theoc http://www.jamaicaobserver.com/business/Bogue-set-for-blast-off-in-August---Theoc_62181 Dan Theoc, chief financial officer for the Jamaica Public Service Company limited (JPS), said yesterday that the company expects to have its dual-fuel plant in Bogue running on natural gas by August, a factor which will reduce local dependence on heavy fuel oil by 10 per cent. Local Business Fri, 27 May 2016 00:00:00 GMT Eppley ready to rumble – rights issue oversubscribed http://www.jamaicaobserver.com/business/Eppley-ready-to-rumble-----rights-issue-oversubscribed-------_62129 Managing Director of Eppley Ltd Nicholas Scott said new capital inflows from its recent rights issue will be used to continue the expansion of the company’s investment portfolio. Local Business Fri, 27 May 2016 02:00:00 GMT Auditor General seeking answers on Barbados investment in LIAT http://www.jamaicaobserver.com/business/Auditor-General-seeking-answers-on-Barbados-investment-in-LIAT_62143 BRIDGETOWN, Barbados (CMC) – The Barbados government has invested more than BDS$142 million (US$71 million) in LIAT – the Antigua-based regional airline – as of March 31 last year, but the Auditor General says the government is tight-lipped about disclosing details concerning the investment. Local Business Fri, 27 May 2016 02:00:00 GMT Venezuela crisis draws timid international response http://www.jamaicaobserver.com/business/Venezuela-crisis-draws-timid-international-response-------_62099 CARACAS, Venezuela (AFP) — Venezuela is sinking deeper into political and economic chaos, but the international response has been timid so far – and is unlikely to put much pressure on an unbending President Nicolas Maduro, analysts say. Local Business Fri, 27 May 2016 02:00:00 GMT Highlights from the IMF http://www.jamaicaobserver.com/business/Highlights-from-the-IMF_61934 THE following are the highlights of the 2016 Article IV Consultation and the 11th and 12th Extended Fund Facility (EFF) reviews Concluding Statement of the International Monetary Fund (IMF) Mission. Local Business Wed, 25 May 2016 00:00:00 GMT Telecoms eye rocketing internet revenues http://www.jamaicaobserver.com/business/Telecoms-eye-rocketing-internet-revenues_61917 When new telecoms market entrant Symbiote Investments Ltd, trading as Caricel, becomes operational, it will target the market for internet services — choosing what is currently the most robust segment of the market. Local Business Wed, 25 May 2016 00:00:00 GMT Overcoming the harsh reality of ‘foreign mind’ http://www.jamaicaobserver.com/business/Overcoming-the-harsh-reality-of--foreign-mind-_61858 “A prophet is not without honour, save in his hometown.” — Jesus Local Business Wed, 25 May 2016 00:00:00 GMT With new technology Digicel can quadruple internet speeds http://www.jamaicaobserver.com/business/With-new-technology-Digicel-can-quadruple-internet-speeds_61889 Digicel Group and Huawei Technologies have successfully tested a new technology on its fibre to the home network which could quadruple the internet speed customers now experience. Local Business Wed, 25 May 2016 00:00:00 GMT Mavis Bank to invest US$2.5 million in coffee http://www.jamaicaobserver.com/business/Mavis-Bank-to-invest-US-2-5-million-in-coffee_61955 Processor of Jamaican Blue Mountain Coffee, Mavis Bank Coffee Factory (MBCF) will be investing roughly US$2.5 million in operations over the next four years. Local Business Wed, 25 May 2016 00:00:00 GMT Employment incentive programme won’t be affected by income tax change – TAJ http://www.jamaicaobserver.com/business/Employment-incentive-programme-won-t-be-affected-by-income-tax-change---TAJ_61915 With the planned introduction of higher income tax threshold, unregulated companies will still be able to claim employment incentives — a tax discount — at the same levels claimed in the fiscal year ended. Local Business Wed, 25 May 2016 00:00:00 GMT Employee share ownership plans underutilised in Jamaica http://www.jamaicaobserver.com/business/Employee-share-ownership-plans-underutilised-in-Jamaica_61913 An employee share ownership plan (ESOP) is a programme that, as the name suggests, provides the employees of a company with a way to acquire an ownership interest in that company. Local Business Wed, 25 May 2016 00:00:00 GMT Jarrett calls for single Caribbean trading bloc and a Caribbean bank abroad http://www.jamaicaobserver.com/business/Jarrett-calls-for-single-Caribbean-trading-bloc-and-a-Caribbean-bank-abroad_61452 Earl Jarrett, general manager of the Jamaica National Building Society (JNBS) is proposing that the Caribbean Development Bank (CDB) and leaders in Caricom begin a process to achieve greater economic independence for the region, this including more effective trade arrangements and a correspondent bank for Caribbean nations. Local Business Wed, 25 May 2016 00:00:00 GMT Recent Cabinet-approved contracts http://www.jamaicaobserver.com/business/Recent-Cabinet-approved-contracts_61933 Cabinet has approved the award of a contract for US$1.4 million to Carlong Publisher (Caribbean) Ltd for the supply and distribution of textbooks islandwide for Grades 1-3 under the Primary Textbook Programme for academic year 2016/17. Local Business Wed, 25 May 2016 00:00:00 GMT Changing the financial culture in Jamaica: Make investing a priority http://www.jamaicaobserver.com/business/Changing-the-financial-culture-in-Jamaica--Make-investing-a-priority_61892 From a very early age the importance of saving has been instilled in us. The introduction to the piggy bank was our first lesson in money management. We were often encouraged to set aside a portion of any money we came into, whether it be lunch money, birthday/Christmas money from relatives or even allowances for those of us who were so fortunate to receive it. Local Business Wed, 25 May 2016 00:00:00 GMT 2015 was a corporate buyout bonanza; here comes the sequel http://www.jamaicaobserver.com/business/2015-was-a-corporate-buyout-bonanza--here-comes-the-sequel_61849 NEW YORK, United States (AP) — After 2015’s blistering global buyout pace, this year is shaping up to be quite the sequel, with Bayer’s US$62 billion attempt to buy Monsanto and create a global seed giant. Local Business Wed, 25 May 2016 00:00:00 GMT New York subway on the brink http://www.jamaicaobserver.com/business/New-York-subway-on-the-brink_61822 NEW YORK, United States (AFP) — The New York subway is the seventh busiest in the world and has its highest ridership in 70 years, increasing delays and forcing management to formulate a plan of salvation. Local Business Wed, 25 May 2016 00:00:00 GMT Coca-Cola cuts output in Venezuela due to sugar shortage http://www.jamaicaobserver.com/business/Coca-Cola-cuts-output-in-Venezuela-due-to-sugar-shortage_61832 NEW YORK, United States (AFP) — The Coca-Cola Company said Monday that it was forced to cut back production of its popular sodas in Venezuela due to the shortage of sugar in the politically riven country. Local Business Wed, 25 May 2016 00:00:00 GMT Bridgestone abandons Venezuela after 26 years http://www.jamaicaobserver.com/business/Bridgestone-abandons-Venezuela-after-26-years_61856 CARACAS, Venezuela (AP) — Tyre maker Bridgestone is selling its business in Venezuela after six decades in the country – the latest blue chip company to abandon the country as a result of runaway inflation and strict currency controls. Local Business Wed, 25 May 2016 00:00:00 GMT Price of corn flour in Venezuela up 900 per cent http://www.jamaicaobserver.com/business/Price-of-corn-flour-in-Venezuela-up-900-per-cent_61891 CARACAS, Venezuela (AFP) — Venezuelans woke up yesterday to discover that the Government-controlled price of corn flour — used to make corn patty arepas, a staple of local cuisine — has risen 900 percent. Local Business Wed, 25 May 2016 00:00:00 GMT Haiti raises the minimum wage — to US$4.84 a day http://www.jamaicaobserver.com/business/Haiti-raises-the-minimum-wage---to-US-4-84-a-day_61922 PORTt-AU-PRINCE, Haiti (AFP) — Haiti raised the minimum wage by 25 per cent on Tuesday, raising it from the equivalent of US$3.87 a day to US$4.84 to offset surging inflation. Local Business Wed, 25 May 2016 00:00:00 GMT India and Iran agree port deal, reviving trade ties http://www.jamaicaobserver.com/business/India-and-Iran-agree-port-deal--reviving-trade-ties_61791 TEHRAN, Iran (AFP) — India agreed Monday to finance the development of an Iranian port as a trading hub, as Prime Minister Narendra Modi sought to revive economic ties with Tehran after the lifting of sanctions. Local Business Wed, 25 May 2016 00:00:00 GMT