Start-up Amber Connect to launch car-monitoring system

SAVADIA... this application will allow the average individual and fleet managers
to get real time feedback (PHOTOS: BRYAN CUMMINGS)

INDIA-BORN Dushyant Savadia will be introducing Jamaica to a new application that allows for safer and smarter driving experiences on the road come November. The technology, dubbed Amber Car, is one of five monitoring systems that Jamaican start-up company Amber Connect will be launching. Amber Ca ... Read More

LIMA, Peru -- Christrine Lagarde Managing Director of the IMF and
Gerry Rice (right), Director of the IMF Communications Department,
arrive to a press briefing yesterday, during the day's activities of the
Annual Meetings of the World Bank Group. (PHOTO: AFP)
Less growth for Jamaica — IMF
The International Monetary Fund (IMF) revised downward its growth projection for Jamaica up to 2016 ... Read More

LIMA, Peru — World Bank President Jim Yong Kim, (right centre), walks to
where he will meet with Latin American economy ministers, in Lima yesterday.
The world's finance ministers and central bankers are in Lima for the joint
annual meetings of the World Bank and IMF that run through Sunday.
(PHOTO: AP) A true economic turnaround requires Jamaica to adopt a gateway strategy
OVER the last few weeks Jamaica has seen a succession of downgrades in its growth forecasts. First ... Read More

The Red Stripe production line is now in Heineken’s hands. Dutch beer company Heineken takes
the plunge and buys Red Stripe Heineken takes over Red Stripe — plans to delist D&G
HEINEKEN International has acquired an additional 1.6 billion shares in Diageo, parent company of De ... Read More

Kremi rolls back to a cash-positive position

BY STEVEN JACKSON Business reporter | Friday, October 09, 2015    

The Kremi production line is
on a roll.

CARIBBEAN Cream, which makes Kremi ice cream, generated so much cash that it allowed the fast-growing company to return to a cash-positive position in the second quarter ending August 2015. "We instituted a number of customer and in-store promotions during the period, which interacted with our customers and consumers, resulting in increased brand loyalty and sales," according to a statement from management signed by CEO Christopher Clarke and Chairman Carole Clarke Webster on the company's resu ... Read More

WIP launches Endeavor to become major player in logistics hub

BY RICHARD BROWNE Business editor | Friday, October 09, 2015    

The WIP Endeavor at Victoria Pier on the Kingston Harbour. (PHOTO: LIONEL ROOKWOOD)

West Indies Petroleum (WIP) commissioned its new WIP Endeavor barge with its tugboat the 2200 HP WIP Spirit at the Victoria Pier in downtown Kingston yesterday. WIP is a ship bunker supplier, which blends fuel to the customer's specification, to provide a wide range of fuels including Marine Gas Oil. The company supplies fuel to all nine ports across Jamaica. The all-Jamaican entrepreneurial bunkering company, which started in 2012, now has two barges and two tugboats, with the recent purchase ... Read More


Friday, October 09, 2015    

Minister of Industry, Investment and Commerce Anthony Hylton engages in a ribbon-cutting ceremony to mark the opening of the Unicomer Group Distribution Centre off Spanish Town Road. The company has invested US$8 million ($960 million) in the expansion of the centre which is expected to increase its store, handling and processing facility by 50 per cent. Also pictured are Mustard Seed Communities Reverend Gregory Ramkissoon (left); principal director, Energy Division, Ministry of Science, Techno ... Read More

Latin America rolls out red carpet for once-scorned IMF

Friday, October 09, 2015    

PISAC, Peru — Managing Director of the IMF Christine Lagarde
(right) sits with local Peruvians while touring the Pisac Artisan
Market on Sunday. (PHOTO: AFP)

LIMA, Peru (AP) — The last time the IMF held its annual meetings in Latin America, Ernesto "Che" Guevara was trying to spread Cuba's revolution throughout the hemisphere and much of the region was under the thumb of repressive dictatorships. But as policymakers from around the world began arriving in Peru's capital yesterday, the ideological battles of the past appear to be fading. In the five decades since their last annual meeting in the region, in Rio de Janeiro in 1967, the IMF and W ... Read More

TSO a success in MoBay

BY HORACE HINES Observer West reporter | Thursday, October 08, 2015    

Shoppers wait to cash items at Fontana MoBay, during last Thursday's TSO.

MONTEGO BAY, St James — Not even the heavy early evening showers associated with Hurricane Joaquin could put a damper on shoppers' quest to capitalise on bargains offered at stores participating in the Jamaica Observer's yearly Takes Style Out (TSO) in Montego Bay last Thursday. Most of the sales activities were concentrated, however, at outlets along St James Street and the Fairview Shopping Centre in the resort city. Anthony Pearson, the managing director of Lloyd's Department Store wa ... Read More

Jamaican Style Money Guide: Trouble Neva Set Like Rain

With Cherryl Hanson-Simpson | Thursday, October 08, 2015    

Trouble Neva Set Like Rain

From June to November, many in Jamaica keep an anxious watch for signs of an impending storm. During the months of the annual hurricane season, we are more likely to see these dangerous weather systems developing in the tropical waters which surround our island. If one of the ominous cloud formations appears to be drifting in Jamaica's direction, people often think about preparing for the possible arrival of heavy rains and wind. However, if we are spared the onslaught of bad weather, some pers ... Read More

Adam Stewart lauded for winning 'Caribbean hotelier of the year’

Wednesday, October 07, 2015    

(From left) Frank Comito, CEO and Director General of the Caribbean Hotel & Tourism Association
(CHTA); Kerry Cannon, Managing Director, MMGY Global; Richard J. Doumeng, CHTA Chairman
and past President; Adam Stewart, CEO of Sandals Resorts International and 2015 Caribbean
Hotelier of the Year; Emil Lee, President of CHTA; Karolin Troubetzkoy, First Vice President and
President of CHTA; and Sir Royston O Hopkin, KCMG, past CHTA President.

ADAM Stewart, Chief Executive Officer, Sandals Resorts International, has won the award of Caribbean Hotelier of the Year, in a function at the Caribbean Hospitality Industry Exchange Forum (CHIEF), which took place on the weekend at El Conquistador Resort, a Waldorf Astoria Resort in Puerto Rico. Prime Minister Portia Simpson Miller congratulated Stewart on his award, and said it is recognition of his extraordinary leadership and his continued transformation of the Sandals brand. “I j ... Read More

Digicel puts brakes on IPO

BY KARENA BENNETT Business reporter | Wednesday, October 07, 2015    

O’BRIEN... an IPO for Digicel
was optional and predicated
on achieving fair value

TELECOMS Group Digicel has halted its plan to raise up to US$2.2 billion in an Initial Public Offering (IPO) on the New York Stock Exchange. Chairman of Digicel Denis O'Brien says the decision was taken based on the volatility in equity markets, which has seen a number of IPOs listing at a discount to their signalled price range. "This was a less attractive route for us," he stated in a release from the company. "Given our growth outlook, an IPO for Digicel was optional and predicated on achie ... Read More

JN needs to split to create commerical bank

BY STEVEN JACKSON Business reporter | Wednesday, October 07, 2015    

JNBS head office in Half-Way-Tree, St Andrew

JAMAICA National Building Society (JNBS) which received approval for a commercial banking licence last week said that the timeline to start banking still remains uncertain as it needs to legally reorganise the company. The licence, however, paves the way for the company to become the "third largest" commercial bank in the island. "The commencement of commercial banking operations will be dependent on the length of time to complete the legal process to complete the conversion to a bank," said J ... Read More

Planning for retirement

Wednesday, October 07, 2015    

LIMA, Peru — Lucia Mendez, 40, checks on a
pot of frying fish, as she prepares lunches that
she sells for 3.50 soles, or about one US dollar, in
the Nueva Esperanza neighbourhood, on the
outskirts of Lima, Peru, yesterday. The annual
meetings of the World Bank Group and the
International Monetary Fund are taking place in
Peru on October 6-11, a country that according to
the World Bank, has been able to reduce its
poverty rate by more than half since 2002. Yet
while only one in four Peruvians is poor, 40 per
cent of the population, or 12 million people, are
at risk of sliding back into poverty. (PHOTO: AP)

RETIREMENT... an ominous concept to consider, at any age. The normal retirement age in Jamaica currently is 65. Most average young professionals dream about early retirement. Unfortunately, the reality is, for most young individuals just starting their professional life, perhaps in their early to mid-twenties, retirement is not usually at the top of the agenda of mature actions. Even if we do worry about affording retirement at that age, this doesn't usually translate into responsible financial ... Read More



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