Business

Facebook profit jumps to US$791m, ad revenues US$2.68b

NEW YORK (AFP) -- Facebook stock jumped to record highs Thursday as strong earnings from the leading social network sparked fresh buying. The shares were up 5.6 percent at $75.30 in late morning trade, well above the record of $72.03 hit on March 10. Facebook said Wednesday profits leapt to $791 m ... Read More

Creating Equity Creating Equity With Your Work
Marcus was elated when he opened the email from his client. His proposal to create the new brand ima ... Read More

One of the entrances to Liguanea Plaza is fenced off with a sign showing
an artist’s impression of the new-look General Food Supermarket complex. General Food building new supermarket complex
General Food is constructing a new supermarket complex in Liguanea Plaza aimed at offering total sho ... Read More

Battle for social media (GRAPHIC: RORIE ATKINSON) Battle for social media
THE fierce rivalry between telecoms giants LIME and Digicel has now moved into the social media aren ... Read More

World Bank hopes animation project will benefit 15,000 youth

By Steven Jackson | Wednesday, July 23, 2014    

A scene from 20th Century Fox’s Rio 2. The World Bank has
provided Jamaica with US$20 million to help train animators.
(PHOTO: AP)

THE World Bank expects its 'Youth in Digital and Animation' project valued at US$20 million (J$2.2 b) to benefit 15,000 Jamaican youth directly and indirectly. The project, launched this month, aims to train between 2,250 and 2,800 animators over five years. Currently less than 100 animators work in the island. The World Bank and Government view 2D and 3D animation as a new line of outsourcing, capable of securing multi-million dollar cartoon contracts. At the same time, the World Bank views s ... Read More

Improvement in current account deficit

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Wednesday, July 23, 2014    

Improvement in current account deficit

DWINDLING oil imports and reduced payouts to foreign-owned companies narrowed Jamaica's current account deficit to its second lowest since the Great Recession, official data indicate. The island recorded a current account deficit of US$100 million between January and March 2014 as it benefited from over US$300 million in reduced chemical and fuel imports. "The outrun for the review quarter is the second lowest current account deficit recorded since 2007 and a significant improvement over the d ... Read More

Bogdanovich acquires KLE Group shares

BY STEVEN JACKSON Business Observer staff reporter jacksons@jamaicaobserver.com | Wednesday, July 23, 2014    

BOGDANOVICH… among top-ten
shareholders
(then)
MATALON… we have persons waiting and
wanting to get in

The KLE Group, which runs a number of night clubs, now lists local investor Josef Bogdanovich as a top-ten shareholder at the listed company, according to public data from its registrar, Sagicor Bank. The sale represents the largest block transaction since listing on the Junior Market in 2012. "It was an arranged purchase," stated KLE Chief Executive Officer Gary Matalon in a phone interview with the Business Observer on Monday. He indicated that the "local investor" aims to capitalise on the ... Read More

Transformational leadership key to growth — Hylton

BY TERRON DEWAR Business reporter dewart@jamaicaobserver.com | Wednesday, July 23, 2014    

Patrick Hylton, managing director of NCB,
delivers the guest address on the topic,
Organisational Transformation.

Patrick Hylton reckons that transformational leadership is the missing ingredient in Jamaica's efforts to achieve economic growth. According to Hylton, the transformation taking place at the country's macro-economic level, which has been met with some level of success, "needs to go beyond the macro level and into the micro level, into the individuals, and into the firms". Hylton, the managing director of National Commercial Bank (NCB), was addressing yesterday's Private Sector Organisation of ... Read More

Why investors need financial advisors

with EMILE NOEL HARVEY | Wednesday, July 23, 2014    

financial advisors

PUTTING away funds for investment is very important. However, without professional help this seemingly simple task can be a daunting challenge for even the most disciplined investor. Even basic investments such as savings accounts and certificates of deposit must be managed if the intention of the owner of these accounts is, at the bare minimum, to preserve capital and maintain value. There are a number of reasons why one may not see the need for a financial advisor. Let's face it, how hard can ... Read More

Senior staff changes at GraceKennedy following La Fe Foods acquisition

BY OBSERVER BUSINESS WRITER | Wednesday, July 23, 2014    

RANGLIN… has been appointed president and chief executive
officer of GraceKennedy Foods (USA) LLC

LOCAL food conglomerate GraceKennedy has announced senior management staff changes as it moves quickly to consolidate its recent US$26 million purchase of the operating assets and brand of USA food business, La Fe Foods Incorporated. Michael Ranglin has been appointed president and chief executive officer of GraceKennedy Foods (USA) LLC, while retaining his substantive position as the CEO of the GK Foods Division. Ranglin will now be based in New Jersey. Prior to his appointment as divisional C ... Read More

Giant King Grass being grown in Jamaica for bioenergy projects

Wednesday, July 23, 2014    

A Giant King Grass field. (PHOTO: VIASPACE)

RESOURCE BioEnergy Incorporated is now growing Giant King Grass in Jamaica for its bioenergy projects after signing a supply contract with California-based VIASPACE Incorporated. VIASPACE announced the deal in a press release on July 2, noting that the grass nodes, which are currently in production in Jamaica, were harvested from VIASPACE's California nursery and shipped here after receiving a phytosanitary certificate by the United States Department of Agriculture. "Fresh cut samples of Giant ... Read More

Oil prices dip despite world tensions

Wednesday, July 23, 2014    

Oil prices dip despite
world tensions

NEW YORK, USA — Oil prices fell modestly yesterday despite geopolitical tensions over war-torn Ukraine and a raging battle in the Gaza Strip. The US benchmark, West Texas Intermediate (WTI) for August, dipped 17 cents to close at US$104.42 a barrel on the contract's final day of trade on the New York Mercantile Exchange. Brent North Sea crude for delivery in September fell 35 cents to settle at US$107.33 a barrel in London trade. "The rebound that we've seen in the last days seems to ha ... Read More

NCB puts customers on FATCA notice

BY TERRON DEWAR Business reporter dewart@jamaicaobserver.com | Wednesday, July 23, 2014    

NCB puts customers on FATCA notice

THE National Commercial Bank (NCB) has issued letters to some of its customers, notifying them that it will be making changes to their account-opening procedures. The development, the bank explained, is in an effort to ensure that it adheres to the United States Government's Foreign Accounts Tax Compliance Act (FATCA). The letters, which were issued in June, also alerted NCB customers that the bank, in complying with the Inter-Government Agreement signed between the governments of Jamaica and ... Read More

JAS clears $80-m debt with Finsac

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Wednesday, July 23, 2014    

GRANT… says strategy is to reposition the JAS and make it
viable

THE Jamaica Agricultural Society (JAS) in June settled its $80-million debt with the Financial Sector Adjustment Company (Finsac). The debt stemmed from an original loan of $7.5 million in 1994, but attracted a whopping $72.5 million in interest payments. According to JAS President Norman Grant, the society went into negotiations with Finsac which agreed that the JAS could settle the debt for the original $7.5 million. "It is a major move for the JAS because we are now able to proceed with th ... Read More



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