Business

Jamaicans accept FLOW price increases — CWC executive

REID... Jamaica
is a unique
market because
of the currency
depreciation

JAMAICANS are accepting the price increases at large cable provider FLOW, according to John Reid, an executive at the provider's new parent company Cable & Wireless Communications (CWC). Reid, the former president of Columbus Communications and recently appointed president of CWC's consumer gro ... Read More

JaMFA's chairman, Hurshell Cyrus (left), and CRIF NM's
Terrence Cooper shake hands after signing the MOU for credit
information services. Micro lenders, credit bureau sign MOU
"A significant milestone in the journey of the micro finance sector" was how chairman of the Jamaica ... Read More

Growth in the service sector was led by strong growth in stopover arrivals Jamaican economy floats into positive waters
JAMAICA'S economy just edged into positive territory with a weak growth rate of 0.3 per cent in the ... Read More

CWC says it has no problems with Jamaica possibly moving to
the CCJ New CWC call centre for Jamaica or Barbados — Bentley
WITH the introduction of a new customer service call centre in either Barbados or Jamaica, the takeo ... Read More

NCB completes securitisation of Visa and MasterCard transactions

Friday, May 22, 2015    

The NCB Atrium on Trafalgar
Road in New Kingston

NATIONAL Com-mercial Bank of Jamaica (NCB) announced that a Cayman Islands-based entity raised US$250 million this week in a private placement backed by Visa and MasterCard transactions within the bank's network in Jamaica. "NCB has advised that they have successfully completed the securitisation transaction," stated NCB in a terse release this week. It added that the Cayman-based special purpose entity -- called Jamaica Merchant Voucher Receivables Limited -- raised the funds in the USA. A p ... Read More

Sterling Investments sees profits increase 61% for Q1

Friday, May 22, 2015    

ROSS... Sterling has shown its
ability to generate positive
returns in real terms, even
without the impact of
depreciation

NET profit excluding foreign exchange gains for Sterling Investments Limited (SIL) was up 61 per cent during the first three months of 2015. "This underscores the company's continued ability to generate positive returns in real terms, even without the impact of depreciation." said Marian Ross, AVP Business Development at Sterling Asset Management, in a recent press release. This was the result of a 30 per cent rise in interest income, which moved from $11 million in the first quarter of 2014 ... Read More

Jamaican entrepreneur selected for Pres Obama initiative

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, May 22, 2015    

Kirk-Anthony Hamilton with his billionaire mentor and founder of
Chobani yogurt Hamdi Ulukaya.

JAMAICAN entrepreneur Kirk-Anthony Hamilton was among 75 global entrepreneurs selected to attend the Presidential Ambassadors for Global Entrepreneurship (PAGE) initiative in the United States earlier this month. The initiative, launched by President of the United States Barack Obama in April 2014, aims at harnessing energy, ideas and experience in developing the next generation of global entrepreneurs. PAGE is a first-of-its-kind collaboration between celebrated American entrepreneurs, the Whi ... Read More

Bee industry projected to earn $1b this year

Friday, May 22, 2015    

The number of
managed bee hives in
Jamaica has risen
from 15,600 in 2005 to
43,600 in 2015.

THE Ministry of Agriculture is projecting that Jamaica's beekeeping industry will generate an estimated $1 billion in earnings from honey production in 2015. This would be more than double the $450.5 million earned from the nearly 188,000 gallons of honey produced in 2014. The projection was given by Luther Buchanan, minister of state in the ministry, at the graduation ceremony for participants in a 10-week introductory beekeeping course, held under the United States Agency for International D ... Read More

IMF approves funds for Haiti

Friday, May 22, 2015    

PORT-AU-PRINCE, Haiti —
Students wait for the start of a
parade during Flag Day
celebrations on Monday in the
Amphitheater Kiosque Occyde
Jeanty in Port-au-Prince.
(PHOTOS: AFP)

WASHINGTON DC, United States (CMC) — The International Monetary Fund (IMF) has approved a three-year US$69.7 million Extended Credit Facility (ECF) for Haiti, enabling the French-speaking Caribbean Community (Caricom) country to have access to US$10 million immediately. The IMF said that the rest of the funds will be phased over the duration of the arrangement, subject to semi-annual programme reviews. The ECF programme aims to raise Haiti's growth potential and reduce vulnerabilities to ... Read More

Mexico cuts 2015 forecast after weak 0.4% growth

Friday, May 22, 2015    

The Zócalo, the main plaza of Mexico City and the heart of the Centro Histórico

MEXICO CITY, Mexico (AFP) — Mexico's government sharply lowered its growth forecast for this year on Thursday after the economy grew by a meager 0.4 per cent in the first quarter, hit by slumping oil prices. The finance ministry said it expected Latin America's second biggest economy to expand by between 2.2 and 3.2 per cent in 2015, compared to a previous forecast of 3.2 to 4.2 per cent. The announcement came shortly after the national statistics institute posted the disappointing first ... Read More

Dominica predicts economic growth of more than two per cent in 2015

Friday, May 22, 2015    

A view of Roseau, capital of Dominca

BASSETERRE, St. Kitts, (CMC) — Dominica says it is anticipating a 2.4 per cent economic growth this year after the island recorded a 1.1 per cent increase last year. Miriam Blanchard, the island's alternate governor to the Barbados-based Caribbean Development Bank (CDB), said, regarding the fiscal accounts, that the Roosevelt Skerrit Administration is committed to pursuing a primary surplus of at least 2.4 per cent of Gross Domestic Product (GDP) annually over the medium term. Blanchard ... Read More

US, Cubans in first regatta since diplomatic thaw

Friday, May 22, 2015    

People watch the Havana Challenge regatta from the Malecon
(coastline avenue, esplanade and seawall) in Havana on May
19, 2015. (PHOTOS: AFP)

HAVANA, Cuba (AFP) — Cuban and American sailors competed Tuesday in the first regatta since their countries' decision to seek normal ties after more than five decades of Cold War strains. Featuring five two-person catamarans from each side, the Havana Challenge was the first regatta authorised by the US since 2004 -- and the first since the December announcement of the process of normalisation of relations between Cuba and the United States. "We are the first group of Americans with a pe ... Read More

BOJ Governor advises exchange rate at equilibrium — expects inflation to fall to 5%

BY KEITH COLLISTER | Friday, May 22, 2015    

WYNTER...With perceptions
now catching up with reality,
it promises to make monetary
policy easier, which is good
news for everyone.

IN his Wednesday afternoon quarterly press briefing on monetary policy, Bank of Jamaica (BOJ) Governor Brian Wynter argued the Jamaica dollar exchange rate was at or close to equilibrium. While he did not go into detail on the calculation, he noted that the BOJ's projection for the current account deficit for the 2015/2016 fiscal year was that it would fall further from an estimated 5.9 per cent of GDP in 2014/2015 by a similar amount to last fiscal year. The current account deficit was 8.4 per ... Read More

Defending Your Savings

With Cherryl Hanson-Simpson | Thursday, May 21, 2015    

Last week we discussed the role that saving plays in creating a secure financial future. Saving helps you to develop the discipline required for money success; experience money accumulation, not just money attrition; amass emergency funds; and build a solid base to boost your investments. An important part of planning for your finances involves determining areas of risk which could potentially jeopardise your ability to realise your objectives. Once you have identified these factors, you need t ... Read More



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