Jamaica now ready for timeshare market, says Bartlett

Tourism Minister Edmund Bartlett (right) makes a point to Prime Minister of St Marteen William Marlin during the 18th Annual International Shared Ownership Investment Conference at the Eden Roc Miami Beach Hotel in Florida, yesterday. (Photo: Mark Cummings)

FLORIDA, USA — Tourism Minister Edmund Bartlett declared yesterday that Jamaica is ready to conduct business in the lucrative timeshare industry, one of the fasting-growing sectors in the world hospitality trade, which boasted global sales of US$19.6 billion last year. “We are young, we ... Read More

Some of the young farmers trained by the HEART/Trust/NTA and employed by Red Stripe at the Spring Plain “Project Grow” farm in Clarendon with their farm manager and supervisor. Young farmers get full-time employment from Red Stripe
THIRTY-TWO young farmers from Clarendon who were recently trained by the HEART Trust/NTA under Proje ... Read More

Cole assembles a playground bench. (Naphtali Junior) From trash to cash — recycling entrepreneur takes aim at construction industry
At age 8, he was diagnosed with dyslexia, a reading disorder characterised by trouble with reading d ... Read More

The cover of the new Doing Business report Jamaica slips two ranks in 2017 Doing Business Report, but...
With a new methodology in operation, Jamaica has slipped two spaces to stand at 67th in the world in ... Read More

Sagicor’s first ‘Inspire’ weekend a hit with tertiary students

Wednesday, October 26, 2016    

Mark Chisholm, Executive Vice President of Sagicor Life during his presentation on how to make proper preparations for the workplace.

Future leaders should find their passion and follow it — but with the knowledge that they may later choose to switch to another passion, according to Richard Byles, president and CEO of Sagicor Group Jamaica. “Follow your passion. If one passion doesn’t work out — try the next one,” Byles advised some 180 students when closing the Inspire weekend at the Hilton Rose Hall on Sunday. “Try it, it may grow on you. Whatever it is at the moment you like — you ... Read More

BOJ says Supervisory Committee for financial sector up and running

BY AVIA COLLINDER Business reporter | Wednesday, October 26, 2016    

The Bank of Jamaica at Nethersole Place in Kingston

The Bank of Jamaica (BOJ) confirmed on Monday that a new Supervisory Committee – a part of the Banking Services Act (BSA) which came into force in September 2015 – is now in full operation with its own staffed secretariat at Nethersole Place in Kingston. Meeting now once a month, the Supervisory Committee (SC) is a broad-based decision-making body. It is expected to advise and make recommendations on the grant and revocation of licences; the determination as to whether a person is ... Read More

Lubricant company upgrades capacity to meet export push

BY AVIA COLLINDER Business reporter | Wednesday, October 26, 2016    

THWAITES... with our roots in Jamaica, we believed we could build an industry-leading lubricant manufacturing facility

Lubricating Specialties Company (LSC), contract blender and packager of lubricants and greasers in the western USA, says it is expanding its operation in Jamaica in a bid to switch manufacturing for regional markets to the island. LSC services independent lubricant brands in Jamaica, Central America and the Caribbean. Neil Crooks, managing director for LSC Jamaica, told the Jamaica Observer on October 20 that improvements to its plant in Jamaica have increased tank capacity to 250,000 gallons a ... Read More

Jamaican Teas gets ready to tap the market

BY AVIA COLLINDER Business reporter | Wednesday, October 26, 2016    

John Mahfood, CEO of Jamaican Teas, shows off a display of his company’s products.

CEO of Jamaican Teas Ltd (JAMT), John Mahfood, said Monday that the pending sale of two supermarkets is consistent with the company’s plan to present an improved profile as it positions itself to tap the capital markets near to the start of 2017. Working with advisors Scotia Investments Jamaica Ltd, the company is considering raising some $300 million in a rights issue. The project, Mahfood said, was awaiting the company’s year-end results. The financial year for JAMT ended in Sept ... Read More

Red Stripe’s cassava project gets boost from IDB

BY HORACE HINES Observer staff reporter | Wednesday, October 26, 2016    

Left to right: Ricardo Nuncio,  managing director of  Red Stripe, Jerry Butler, executive director of IDB, Noel DaCosta, chairman of D&G Foundation, and Luis Alberto Moreno, president of IDB participate in agreement signing at the Montego Bay Convention Centre on Monday. (Photo: Philp Lemonte)

The Inter-American Development Bank (IDB) signed a non-reimbursable technical cooperation agreement with Desnoes and Geddes Foundation during the 2016 FOROMIC (Forum on Microenterprise), held at the Montego Bay Convention Centre in St James on Monday. The funding will go towards a project to improve the livelihood of small and medium-scale cassava farmers, while developing a climate-smart agricultural system, and generate sustainable employment opportunities for vulnerable youth in Jamaica. Th ... Read More

Dada Holdings makes winning bid for St Ann and Gramercy assets

BY AVIA COLLINDER Business reporter | Wednesday, October 26, 2016    

A section of the Noranda bauxite plant in St Ann.

Noranda Aluminum Holding Corporation on Friday October 21 announced court approval for the sale of the company’s alumina refinery in Gramercy, Louisiana, and bauxite mining operation in St Ann, Jamaica. Following a competitive auction, New Day Aluminum LLC, an affiliate of DADA Holdings LLC, was selected as the winning bidder for the company’s alumina refinery and bauxite mining operation, with a purchase price of US$24.4 million in the form of a secured note. The auction was held ... Read More

2 new licences, but banking market still small – Wynter

BY ALPHEA SAUNDERS News reporter | Wednesday, October 26, 2016    

WYNTER... it’s still a small market, a small number of players

Bank of Jamaica (BoJ) Governor, Brian Wynter says that despite the recent much-lauded issuance of two commercial banking licences by the regulator, the sluggishness of competition in the sector needs to be aggressively tackled if businesses and consumers are to fully benefit from greater access to credit and lower interest rates. “The new licences should help, but I wouldn’t want us to leave the discussion there, because it’s still a small market, a small number of players, so ... Read More

CAC 2000 ponders way forward after court judgment

Wednesday, October 26, 2016    

CAC 2000 Chairman and CEO Steven Marston

CAC 2000 Ltd advised the market Monday that on October 21, 2016 the court ruled in favour of X-ray Diagnostics (the Claimant) in its lawsuit filed against CAC. The Claimant was awarded damages of US$372,100 ($48 million) and $568,186.64 plus loss of profits of $7,077,874. Interest at commercial rates and legal fees were also awarded. CAC further advised that it applied for and was granted a stay of execution of 42 days. The company said its legal counsel is reviewing the judgments and will ad ... Read More

Does your company really need key account management?

with Herman Alvaranga | Wednesday, October 26, 2016    

Should your top customers get special treatment?

At last week’s meeting with management, Steph, our sales manager, was asked to consider a key account management strategy and submit a report in time for next month’s meeting. She dutifully agreed, not knowing a thing about key account management. But what else could she do? No wonder that when we met recently Steph wanted to know about — you guessed it — key account management. Her questions were thick and fast. What is key account management? Are there advantages and ... Read More

Phase out of 30-day CD may have unintended consequences — treasury and trading managers

BY AVIA COLLINDER Business reporter | Wednesday, October 26, 2016    

The BOJ building in downtown Kingston

Counter-intuitive” was the term uttered by treasury managers and head traders canvassed for an opinion on the move by the Bank of Jamaica (BOJ) to phase out 30-day certificates of deposits over time and replace these with the reintroduced one-year Jamaican-dollar certificate of deposit (CD). The comments follow last week’s undersubscription of the banks first one-year reissue. Applications were opened on Friday, 21 October 2016 by the BOJ for the allocation of $1 billion at 5.80 pe ... Read More



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