Business

World Homes to roll out national housing programme

World Homes Jamaica Ltd President and CEO William Lai shows a model unit in the company’s new development Foreshore Estate.Photo: Naphtali Junior

Private development company World Homes Jamaica Limited says it will be rolling out a national housing programme with assistance from the National Housing Trust (NHT) to create more affordable housing options to contributors. “This programme entails the development of affordable housing on l ... Read More

WALKER... in order for a business to retain a premier position in the hospitality sector, operators have to prepare to meet the needs of shifting and emerging tourist markets Digital revolution for hotel sector
Jamaica’s hospitality sector will be introduced to a high-tech digital makeover when executive ... Read More

Scotiabank executives Maya Johnston (left), vice-president retail support; and Patsy Latchman Atterbury, executive vice-president retail, cut the ribbon signifying the opening of the new Scotiabank Express centre at the Premier location in Half-Way-Tree. The Scotiabank Express centre is equipped with eight automated teller machines, tablets for access to Scotia Online and free WiFi to accommodate easy and convenient banking for customers. Looking on is Rosemarie Voordouw, director customer service, Scotiabank. Scotiabank goes Express
Having recognised that customer needs are shifting and that technology is changing the banking exper ... Read More

Mortgage predicament
Dear Claudienne, I am a returning resident. The house in Montego Bay where I now live went up for ... Read More

NCB will compensate customers hit by ABM fraud

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Sunday, September 25, 2016    

An NCB ATMBarbara Ellington

At least 20 customers affected by the recent upsurge in fraudulent activities at automated banking machines (ABMs) will be compensated for their losses in accordance with their financial institution’s security guarantee agreement. Following the increase in debit card fraud at National Commercial Bank (NCB) ABMs two weeks ago, the financial institution, through its website and social media, has been advising customers of how to protect their Personal Information Number (PIN), while noting ... Read More

Marriott buys Starwood, becoming world's largest hotel chain

Sunday, September 25, 2016    

NEW YORK, United States - In this Wednesday, February 1, 2012, file photo, a man hails a taxi in front of the Westin New York hotel. Marriott International closed early Friday on its acquisition of Starwood Hotels & Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz-Carlton brands with Starwood’s Sheraton, Westin, W and St Regis properties.

NEW YORK, United States (AP) — Several of the best-known names in travel are now united in one hotel company. Marriott International closed Friday morning on its US$13 billion acquisition of Starwood Hotels & Resorts Worldwide, bringing together its Marriott, Courtyard and Ritz Carlton brands with Starwood’s Sheraton, Westin, W and St Regis properties. In total, 30 hotel brands now fall under the Marriott umbrella to create the largest hotel chain in the world with more than 5, ... Read More

A look at the EU-US trade talks and why they’re faltering

Sunday, September 25, 2016    

BERLIN, Germany - A man dressed like the Statue of Liberty attends a demonstration against the planned Transatlantic Trade and Investment Partnership (TTIP) and the Comprehensive Economic and Trade Agreement (CETA) in Berlin on Saturday, September 17, 2016. Thousands of people are rallying in cities across Germany to protest against planned European Union trade deals with the United States and Canada. (Photo: AP)

BRUSSELS, Belgium (AP) — Talks for a massive free trade deal between the United States and European Union (EU), the world’s biggest economies, appear to be on the rocks. An accord was supposed to breathe new life into global trade, setting a shining example for other countries as they debate whether to knock down barriers to commerce or insulate their home industries. But EU ministers were deeply pessimistic Friday that the talks for such a pact can be concluded under the current U ... Read More

Proven upsizes authorised capital, adds option for preference share issue

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Friday, September 23, 2016    

WILLIAMS... declined to comment

Proven Investments Limited advised on September 20 that shareholders at its September 15 annual general meeting voted in favour of an increase in the authorised capital of the company to US$40 million. The previous upper limit was US$37 million. Shareholders also approved creation of an additional 700,000,000 cumulative redeemable preference shares having a par value of US$0.01 each. Directors have also been given the option of converting these to cumulative redeemable preference stock units u ... Read More

Seprod going into Dom Rep, Haiti

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, September 23, 2016    

Employees man one of the production lines at Seprod.

Manufacturing and distribution company Seprod Group says it will begin exporting milk supplements to the Dominican Republic by next year, and plans to move into the Haitian market by 2020. “The first shipment will be in November this year. We might be a little bit optimistic, but worst case scenario, the first week in January,” CEO Richard Pandohie told the Jamaica Observer on Wednesday. The plan, he said, is part of the company’s move to increase export sales to 40 per cent ... Read More

Gov’t seeks $2.06 billion from Noranda

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Friday, September 23, 2016    

A section of the Noranda bauxite plant in St Ann.

The Government of Jamaica has requested an expedited hearing of its claims and objections against Noranda Aluminium Inc, which is this month trying to sell its remaining assets under bankruptcy proceedings in the United States. In the main, the Government is insisting that the mining lease which Noranda hopes to offer buyers in the sale of its upstream business is not transferrable without consent. It is also claiming compensation for contract breaches in the amount of US$16.14 million (J$2.06 ... Read More

ISP bond offer raises $150m

Friday, September 23, 2016    

Marlene Street-Forrest, General Manager, Jamaica Stock Exchange (right), and Devon Barrett, General Manager, Victoria Mutual Wealth Management (centre), observe as Dennis Smith, CEO , ISP Finance Services Limited, inserts his company’s strip during the listing ceremony for ISP Finance Services Limited on the Jamaica Stock Exchange’s Junior Market. Victoria Mutual Wealth Management was the lead broker for the ISP Finance Services IPO.

ISP Finance Services Ltd (ISP) has secured $150 million through a public bond which offers investors a return of 10 per cent interest per annum over its three-year lifetime. The offer opened on September 1 and closed early, before the original cut-off date of September 22. Lead arranger was Victoria Mutual Wealth Limited. The company said there was full take-up of the issue, adding on Tuesday that all applicants were allotted 100 per cent of their subscription. The bonds will mature on Septe ... Read More

Loan scheme for small, medium tourism businesses

BY ANTHONY LEWIS Observer writer | Friday, September 23, 2016    

BELL... in an effort to address the cost financing, the facility will enjoy rates of five per cent per annum (Photo: C. Peter Ferguson)

ROSE HALL, St James – Tourism Minister Edmund Bartlett’s much touted small and medium tourism enterprises loan facility has become a reality with Wednesday’s launch and MOU signing. “Our small accommodations... villas, apartments and guest houses, have been clamouring for such a facility for years, and it is finally here,” Adam Stewart, chairman of the Tourism Linkages Council told the launch and MOU signing ceremony at the Hilton Rose Hall Resort and Spa, Montego ... Read More

AIM’s Cash Giveaway

Friday, September 23, 2016    

Aim Financial employee Stadia Thompson (left) and customer Andreena Thomas pose with a replica of the ‘winning cheque’ at the launch of the company’s Cash Giveaway promotion at the company’s offices on West King’s House Road in Kingston.

AIM Financial Corporation Limited is scheduled to launch its Cash Giveaway today. The promotion, the company said, will reward its loyal customers with a chance to win instant cash of $100,000 in weekly prize draws as well as a grand cash prize of $200,000. “This medium will also be used to fulfil the company’s philanthropic mission by enabling the winners to donate cash to their favourite school. The chosen schools will receive instant cash of $50,000 via each weekly winner and a ... Read More

CDB president issues debt warning to Barbados

Friday, September 23, 2016    

SMITH... long gone are the days when governments need to be involved in things such as airports and seaports

BRIDGETOWN, Barbados (CMC) – President of the Barbados-based Caribbean Development Bank (CDB) Dr Warren Smith is warning the Barbados Government that it needs to deal urgently with the island’s worsening debt situation. In an interview with the online publication Barbados TODAY on Wednesday, Smith is suggesting that “front end adjustments” were urgently needed to correct the economic slide. He described the island’s overall fiscal position as “unsustainable ... Read More



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