Business

Sea-island cotton cultivation set to treble

Vitus Evans, CEO of JADF (centre) shows Ambassador of
Japan His Excellency Yasuo Takase (left) and the Minister of
Agriculture and Fisheries, Derrick Kellier the grant-funded
equipment currently in use on the cotton farms.
(PHOTO: BRYAN CUMMINGS)

THE Jamaica Agricultural Development Foundation (JADF) hopes to have an additional 700 acres of sea-island cotton under cultivation by the end of 2016. Chief Executive Officer of JADF, Vitus Evans, stated that the foundation expects to increase the cotton cultivation acreage from the current 300 ac ... Read More

Ganja-wifi graphic High-speed wireless can help ganja farmers protect legal crops - Sinclair
Garfield Sinclair, LIME Jamaica chief executive, indicates that ganja farmers can utilise Internet c ... Read More

RANGLIN... distribution is a new phase we’re entering GraceKennedy forms new US-based distribution subsidiary
The GraceKennedy Group (GK) has formed a new subsidiary to distribute LaFe goods within three states ... Read More

A cup of coffee Nigeria's Café Neo: hoping to become the African Starbucks
LAGOS, Nigeria (AFP) — Men in suits order takeaway cappuccinos at the counter. A trendy young ... Read More

Economic literacy and self-discipline for financial freedom

RENEE BARNETT | Wednesday, January 28, 2015    

Economic literacy
and self-discipline for
financial freedom

AS children, most of us were taught that in order to be successful and wealthy we need to go to school and get an education, and then get a good job and work hard. However, much has changed and in the real world, outside of academics, in order to achieve true financial freedom one must first possess financial literacy and be disciplined enough to use such knowledge to guide their decisions. There are several persons who have gone the route of getting an education and working hard but still are ... Read More

The Banking Services Act and the anticipated impact on the financial services sector (Part 2)

Wednesday, January 28, 2015    

Scotiabank headquarters,
downtown Kingston

THE Banking Services Act specifically allows deposit-taking institutions (banks, merchant banks and building societies), with the prior approval of the Supervisory Committee, to appoint a person to act as agent to offer banking services such as deposits and withdrawals, bill and loan payments/ repayments, account balance enquiries and collection of KYC and due diligence information. The intention here seems to be to encourage efficiency through authorised agency relationships. Supervision of f ... Read More

Sterling Investment to seek funding via rights issue

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Wednesday, January 28, 2015    

CHARLES ROSS, chief
executive of Sterling
Asset Management

Sterling Investment Limited (SIL) plans to hold a rights issue by March in order to raise capital. It would represent the first public round of funding since the company went public last October. "We haven't determined the size yet, but it would be a non-renounceable rights issue of ordinary shares," stated an SIL manager knowledgeable on the matter but who opted to speak on condition of anonymity because of company protocol. Sterling listed by introduction its 4.01 million ordinary shares on ... Read More

Bailout critic is new Greek finance minister

Wednesday, January 28, 2015    

ATHENS, Greece — In this Monday, June 16, 2014 photo, Greece’s new Prime Minister
Alexis Tsipras, left, attends a book presentation of Yanis Varoufakis, right. Economist and
outspoken bailout critic Varoufakis, 53, confirmed yesterday in a blog post that he will be
sworn in as finance minister under the country’s new left-wing government. (PHOTO: AP)

ATHENS, Greece (AP) — A Greek economist and outspoken bailout critic has been named as finance minister in the country's new left-wing government. The 53-year-old Yanis Varoufakis was named to the post as Prime Minister Alexis Tsipras' governing Syriza party announced a Cabinet that includes officials from its coalition ally, the anti-bailout and right-wing Independent Greeks. Panos Kammenos, the Independent Greeks leader, was named defence minister. Varoufakis has been a vocal critic o ... Read More

London Heathrow loses top place to Dubai airport

Wednesday, January 28, 2015    

DUBAI, United Arab Emirates
— In this Feb 10, 2013 file
photo, passengers wait to
board an Emirates Airbus
A380 aircraft at Concourse A
of Dubai airport in Dubai,
United Arab Emirates.
(PHOTO: AP)

DUBAI, United Arab Emirates (AP) — The city with the world's tallest building can now boast that it's home to the world's busiest airport for international passengers too. Dubai's airport operator released figures Tuesday showing that 70.5 million passengers streamed through the sparkling halls of Dubai International last year. That's a six per cent increase over the 66.4 million that the Gulf city's main airport handled in 2013. The rapid growth puts Dubai squarely ahead of London Heath ... Read More

Ebola to have 'marginal impact' on African economy: UN

Wednesday, January 28, 2015    

A supporter has
his temperature
taken as part of
the protective
measures
against Ebola
virus at the
entrance of the
stadium ahead
of the 2015
African Cup of
Nations group D
football match
between Ivory
Coast and
Mali in Malabo
on January
24, 2015.
(PHOTO: AFP)

ADDIS ABABA, Ethiopia (AFP) — Africa's economy is likely to suffer only a minor blow from the Ebola outbreak despite the "considerable" impact on Guinea, Liberia and Sierra Leone, a UN official said Monday. "From the start, the ECA was confident that the alarmist projections were wrong," said Carlos Lopez, the executive secretary of the UN Economic Commission for Africa. "We could not visualise more than a marginal impact on the region's performance, given that the three most affected co ... Read More

Alternate Internet develops in Cuba despite Wi-Fi ban

Wednesday, January 28, 2015    

HAVANA — In this Jan. 4, 2015 photo, Rafael Antonio Broche Moreno talks during an interview
with The Associated Press, next to his computer, modem and intranet network cabling at his
home in Havana. Disconnected from the real Internet, the intranet network is limited, local and
built with equipment commercially available around the world, with no help from any outside
government, organisers say. (PHOTO: AP)

HAVANA (AP) — Cut off from the Internet, young Cubans have quietly linked thousands of computers into a hidden network that stretches miles across Havana, letting them chat with friends, play games and download hit movies in a mini-replica of the online world that most can't access. Home Internet connections are banned for all but a handful of Cubans, and the government charges nearly a quarter of a month's salary for an hour online in government-run hotels and Internet centres. As a resu ... Read More

Aer Lingus backs takeover by BA parent

Wednesday, January 28, 2015    

DUBLIN, Ireland — Aer Lingus
planes stand on the tarmac
with a Ryanair plane at Dublin
airport, Ireland, Tuesday,
January 27, 2015. (PHOTO: AP)

DUBLIN (AP) — Aer Lingus said Tuesday it supports a takeover bid by British Airways parent IAG, putting the Irish national airline with its trademark shamrock tailfins on course for foreign acquisition nine years after its privatisation. The 11-member Aer Lingus board said it could recommend IAG's latest bid of 2.55 euros (US $2.85) per share, valuing the airline at 1.36 billion euros (US $1.52 billion). It emphasised that the proposal required backing from the two biggest shareholders: r ... Read More

S&P downgrades Russian credit rating to junk — Gov’t announces new plan

Wednesday, January 28, 2015    

MOSCOW — Russian President Vladimir Putin
speaks during a cabinet meeting at the Novo-
Ogaryovo residence outside Moscow, Russia,
Monday, Jan. 26, 2015. The meeting focused on the
government’s anti-crisis plan. (PHOTO: AP)

MOSCOW (AP) — After top ratings agency Standard & Poor's cut Russia's credit grade to "junk" status, the government in Moscow on Tuesday announced a plan that will see the economy return to a budget surplus in 2017. S&P downgraded Russia's rating to BB-plus late on Monday, a non-investment grade, for the first time since 2004, citing a slide in the ruble and weakening revenue from oil exports. The agency said Russia's financial system is weakening, limiting room for manoeuvre for ... Read More

NYC economy lost $200M from fizzled storm, transit shutdown

Wednesday, January 28, 2015    

Shaon Chowdhury, right, manager of Arthur Cab Leasing Corp., and employee Kyle Hinkson, of Harlem, clear snow from a taxi while preparing to put it back into
service following a winter storm, Tuesday, Jan. 27, 2015, in the Queens borough of New York. Chowdhury estimates that the winter storm has cost his company
approximately $60,000 in lost revenue and added expenses. (PHOTO: AP)

NEW YORK (AP) - New York City lost about US $200 million in economic activity in the fizzled snow storm and decision to shut down the transit system, but it wasn't a crippling loss, according to a preliminary estimate from Moody's Analytics. Consumers who would have otherwise bought cars or made other major purchases will likely do so a day or two later, Moody's economist Adam Kamins said. And he noted that many employees forced to stay home Tuesday were able to telecommute. "For example, a ho ... Read More



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