Business

IMF discipline helps the economy — PSOJ

IMF discipline good
for Jamaica — PSOJ

THE Private Sector Organisation of Jamaica (PSOJ) reckons that the discipline of the International Monetary Fund (IMF) has helped Jamaica to maintain a fairly stable economy despite a 0.3 per cent decline in the country's growth. PSOJ president William Mahfood was speaking at the launch of the case ... Read More

Pharrel Williams sings Happy, but some local musicians are less than pleased
with payments from streaming sites. Streaming sites hit sour note with local musicians
STREAMING sites led by Youtube and Spotify pay little to big artistes, say experts. These sites are ... Read More

The NIS offices on
Ripon Road in Kingston NIS mix-up solved
Dear Claudienne I am writing on behalf of my niece, who resides in the United States. In 2007 she ... Read More

Snow sits on the Martin Luther King Memorial statue on the National Mall in Washington DC after a winter storm on
February 17. (PHOTO: AP) Change Management — Summary of Parts 1 and 2
The world hates change, yet it is the only thing that has brought progress -- Charles Kettering IN ... Read More

LIME complaints surge at OUR

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Sunday, March 01, 2015    

The LIME retail location on
Half-Way-Tree road in Kingston

LIME's decision to introduce a charge for printed bills has led to the highest number of customer complaints for 2014, according to the Office of Utilities Regulation (OUR) quarterly performance report. For the October to December 2014 quarter, the number of contacts to the Consumer Affairs Unit (CAU) totalled 759, which represents the highest number of contacts received when compared with previous quarters during 2014, the OUR stated. The increase in contacts was attributed to a 44 per cent s ... Read More

Enough is enough!

Sunday, March 01, 2015    

(From left) PSOJ’s William Mahfood with Scotia Group President, Scotiabank CEO Jacqueline
Sharp and Digicel CEO Barry O’Brien at the PSOJ Mingle on Thursday.
(PHOTO: JOSEPH WELLINGTON)

IN a parting shot, Digicel's outgoing CEO Barry O'Brien is urging the Private Sector Organisation of Jamaica (PSOJ) to challenge any additional taxes that might be levied on the private sector during the upcoming budget presentation. "With any additional taxes being levied on the private sector, there is no doubt that this will impact how we continue to invest in and give back to Jamaica. Enough is enough, and I implore the Government of Jamaica not to tax us out of our ability to reinvest in J ... Read More

Chikungunya damaging to economy — Shaw

Sunday, March 01, 2015 12:57 PM    

Opposition Spokesman on Finance Audley Shaw

KINGSTON, Jamaica — Opposition spokesperson for finance and planning, Audley Shaw says that the poor handling of the chikungunya epidemic by Health Minister Dr Fenton Ferguson has contributed significantly to the country re-entering a recession. Shaw said the Jamaican economy went back into recession after it declined in the October to December quarter – the second consecutive quarter of decline. He said that the Planning Institute of Jamaica (PIOJ’s) preliminary estimates sh ... Read More

Government will deliver on number portability, says Paulwell

Sunday, March 01, 2015    

PAULWELL

Minister of Science, Technology, Energy and Mining, Phillip Paulwell, has said that the Government will deliver on its promise that cellular phone users will have number portability by the end of May this year. Number portability will allow cellular phone users to carry their numbers across ports when they switch their service providers. Speaking at the official opening of the Farm Primary and Junior High School internet café and information and communication technology (ICT) centre in ... Read More

Flow launches Advanced Video Service

Sunday, March 01, 2015    

A light show on stage and a hovering drone above were part of the high-tech launch of Flow’s
new Advanced Video Service (AVS) at the National Indoor Sports Centre in Kingston on
Wednesday. (PHOTO: MICHAEL GORDON)

COLUMBUS Communications Jamaica launched its Advanced Video Service (AVS) which will enable customers to view cable on their own schedule, while doubling the number of High Definition channels. The launch of AVS at this time makes sense from a business perspective, and is part of the strategic mission of the company, placing Flow among world leaders in offering the service, said recently appointed acting Managing Director CCJL, Grant Hume, at the launch for the service on Wednesday. The serv ... Read More

NCB takes asset tax hit on first-quarter profits

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Sunday, March 01, 2015    

COHEN... in the second-quarter we expect
these [KPI] ratios to improve

NATIONAL Commercial Bank of Jamaica (NCB) took a hit by lumping its asset tax as a one-time payment, resulting in its December 2014 first-quarter profits dipping 15 per cent year-on-year to $2.1 billion. The bank, known as the nation's most profitable, could no longer accrue the asset tax due to adopting new International Financial Reporting Standards (IFRS) 21. "The asset tax falls on October 1, and therefore our first-quarter reflects the entire year's asset tax for these our two largest ent ... Read More

Digicel proposes to raise US$925m — Fitch

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, February 27, 2015    

PORT-AU-PRINCE, Haiti — Former US President Bill Clinton (left) embraces Digicel Group founder and chairman Denis O’Brien,
while Haiti President Michel Martelly (right) looks on as they and officials from Marriott International open the new Marriott Portau-
Prince Hotel. Marriott partnered with the Clinton Foundation and the Digicel Group, which invested US$45 million to build the
175-room hotel. Construction created more than 1,100 jobs and employs 200 hotel workers. The hotel checked in its first guests
on Tuesday. “All along, we’ve said that we were committed to Haiti’s recovery and to delivering on its potential as a great place to
invest, and as such, we are thrilled to be opening the doors of the Marriott Port-au-Prince,” O’Brien said. “We hope that the
opening of the hotel will signal that Haiti is truly open for business and is ready to welcome investors and travellers alike.”

Digicel, the Irish-owned telecom giant, expects to raise US$925 million (J$106.4 b) in senior notes in order to redeem a previous issue, stated US-based rating agency Fitch. Its the latest proposed bond issue from the company with operations in the Caribbean and Pacific seeking to finance its increased capital spend. Fitch expects Digicel Ltd, a subsidiary of the group, to issue the "proposed US$925 million senior notes due 2023". The proceeds are expected to "fully redeem its US$800 million ... Read More

Shame on us! - Lee Chin

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, February 27, 2015    

Michael Lee Chin engages in a discussion with Dennis Chung
(left), CEO of the Private Sector Organisation of Jamaica
(PSOJ). (PHOTO: LIONEL ROOKWOOD)

BUSINESS guru Michael Lee Chin cries shame on the Jamaican society for its dysfunctionality in the agricultural sector. Chairman of the National Commercial Bank (NCB) Lee Chin stated that although Jamaica's coffee, ginger, cocoa and sea-island cotton all have a good reputation around the world, these areas of agricultural production continue to trend downward locally. He was speaking at the launch of the case studies and documentary of the Inter-American Development Bank/Multilateral Investmen ... Read More

CCC assets pledged in defaulted TCL loan

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Friday, February 27, 2015    

Carib cement

CARIBBEAN Cement Company (CCC) made J$138 million net profit over 12 months ending December 2014 -- its highest in years -- but its future as a going concern remains uncertain, according to its auditors Ernst & Young. That's because CCC assets are pledged as security for loans in "default" by its parent company Trinidad Cement Ltd (TCL), according to the auditors in a statement accompanying the financial accounts dated this month. "Should the lenders execute their legal rights to enforce t ... Read More

Bank of Jamaica projects inflation to fall below 5%

BY KEITH COLLISTER | Friday, February 27, 2015    

WYNTER... the exchange rate should now move at a slower
rate

AT the Bank of Jamaica (BOJ) quarterly press briefing yesterday, Governor Brian Wynter, going beyond his written press release, boldly stated that "this fiscal year, inflation will be below five per cent". This is well below the fiscal year target for 2014/15 of seven to nine per cent. He noted that inflation has fallen faster than anticipated, with the "downside risk" to the current fiscal year target driven by the recent monthly trend of an absolute fall in prices. January's inflation rate o ... Read More



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