Jul 28, 2010
Sagicor addresses downgrade
The following is the full text of Sagicor Financial Corporation’s response to the downgrade of the group and several of its subsidiaries announced by international rating agency A.M. Best on Thursday.
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Jul 28, 2010
J'can economy 10 times worse than region
JAMAICA is projected to grow 10 times slower than the region in 2010, according to Business Observer analysed data from the Economic Commission for Latin America and the Caribbean (ECLAC) released last week.
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Jul 28, 2010
Guardian Asset to merge with Guardian Life
Guardian Asset Management's (GAM) Jamaican operation will be downscaled to a department and merged with the operations of Guardian Life Limited, once it finalises the deal to sell a portion of the investment house's portfolio to new kid on the block, Proven Investment Limited.
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Jul 27, 2010
Jamaica Money Market Brokers Limited – Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Company will be held at the Jamaica Pegasus Hotel, Negril and Montego Bay Suites, 81 Knutsford Boulevard, Kingston 5, Jamaica
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Jul 27, 2010
Scotiabank Trinidad & Tobago Limited - Resignation of Director
Scotiabank Trinidad & Tobago Limited has informed the Stock Exchange that on July 23rd 2010, Mr. Pasquale Minicucci resigned from the Board of Directors.
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Jul 26, 2010
CBB report shows drop in consumer credit
DUE to a drop in income levels, as well as uncertainties surrounding the short- and medium-term future of the local economy, Barbadians have been seen to be borrowing less.
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Jul 26, 2010
Scotiabank King Street Joins downtown merchants with loan sale
Scotiabank King Street has been a part of downtown Kingston for over 100 years. And as the 'mother' branch of one of the island's largest financial organisation,
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Jul 26, 2010
NCB responds to minimum balance fees issue
NATIONAL Commercial Bank (NCB) Group managing director Patrick Hylton has responded to criticism that the firm has been charging its customers a fee for holding small balances in their accounts.
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Jul 26, 2010
NCB to reduce lending rates next week. Bank creating loan facility targeted at medium-sized enterprises.
National Commercial Bank (NCB) will reduce base lending rates next week, against the backrgound of an increasingly competitive market for loan income.
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Jul 26, 2010
NCB 3Q profits flat
Led by its wealth management arm, the National Commercial Bank Group (NCB), is reporting third quarter profits of $2.76 billion, a marginal $42 million increase over the corresponding period last year.
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Jul 26, 2010
Scotia DBG Investments Limited – Resignation of Director
Scotia DBG Investments Limited has advised the Stock Exchange that Miss Muna Issa has resigned from the Board of Directors of Scotia DBG Investments Limited effective July 19, 2010.
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Jul 26, 2010
GraceKennedy Limited – First Global Bank Limited – Appointment of President
Mr. Courtney Campbell, Chief Executive Officer, GraceKennedy Financial Group Ltd. (GKFG), is pleased to announce the appointment of Mrs. Maureen Hayden-Cater to the position of President, First Global Bank Ltd., effective August 1, 2010.
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Jul 23, 2010
Sagicor downgraded
Sagicor Life Jamaica Limited has been lumped with its Barbadian parent in a downgrade of the group that rating agency A.M. Best suggests is too exposed to the vicissitudes of the Jamaican economy.
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Jul 23, 2010
Regional outlook still shaky for 2011
ALTHOUGH recovery from the global economic crisis has looked upon as one that has been relatively quick, particularly in certain sections of the Latin American and Caribbean region,
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Jul 23, 2010
Caribbean region expected to see positive growth
ECONOMIC recovery in the Latin American and Caribbean region is expected to manifest itself with positive growth being recorded this year, however, when broken down Caribbean countries are still expected to be returning negative performances.
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Jul 19, 2010
Demand for loans still weak
The banking industry normally mirrors what happens in the national economy; therefore, just as the economy is going up and down, the performance of the bank will also fluctuate.
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Jul 19, 2010
Scotia loan fund oversubscribed
SMALL and medium-sized enterprises (SMEs) grabbed up lower-cost loans made available through Scotiabank Jamaica's Productive Sector Growth Fund (PSGF), launched last October, while the high demand pushed the bank to approve more than the $500 million it put aside for the lending facility.
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Jul 19, 2010
US investors face heavy taxes
With the recent implementation of the Hiring Incentives to Restore Employment Act of 2010, US permanent residents or citizens in Jamaica who hold investment instruments in excess of US$50,000 may be subject to significant US tax and penalties by next year.
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Jul 19, 2010
Take advantage of optimistic business environment, says Orane
CHAIRMAN and CEO of GraceKennedy (GK) Limited, Douglas Orane has called on businesses to take advantage of the optimistic business environment that prevails 'post-JDX' and look at non-traditional produce among the possibilities for development.
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Jul 16, 2010
Central Bank of Barbados: Inflation rate drops to 3.3 per cent
THIS week the Central Bank of Barbados announced an inflation rate of 3.3 per cent. And should the rate hover around that figure for the remainder of this year it would perhaps be the lowest in recent times.
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Jul 15, 2010
Lasco going public
Lasco Group of Companies, after 22 years of operating in Jamaica as a privately owned entity, will within the next two months become publicly listed, trading on the Jamaica Stock Exchange (JSE).
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Jul 14, 2010
Confidence rebounds
Confidence in the Jamaican economy is on the mend after a disastrous outlook in the first quarter of the year as measured by the Jamaica Conference Board's business and consumer confidence indices survey.
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Jul 14, 2010
Sagicor to operate Dunn's River hotel
Sagicor Pooled Investment Funds (PIF) has taken over the management of the former Sandals Dunn's River Hotel, but has outsourced the marketing and sales to an American company called Aimbridge Hospitality.
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Jul 14, 2010
PCFS will redeem 50% preference share if buy-back falls short
PAN Caribbean Financial Services (PCFS) said it will redeem preference shares in October should it not meet its 50 per cent share buy-back target next month.
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Jul 14, 2010
Carib Cement to challenge dumping watchdog
Caribbean Cement Company Limited (CCCL), having won the first round of a fight over Vulcan-made cement, is now questioning the basis of the final ruling by the anti-dumping commission that there was no threat to the local industry and has signalled that it intends to challenge the decision.
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Jul 14, 2010
Unilever Caribbean Limited – Notice of Change of Director
Unilever Caribbean Limited has informed the Exchange that Mrs. Maria Andrea Pirie Woodbridge resigned as a Director of Unilever Caribbean Limited effective 30th June 2010.
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Jul 13, 2010
T&T’s ready for investors
Prime Minister Kamla Persad-Bissessar yesterday sold to T&T as the destination of choice for the discerning investor. Speaking at a business luncheon in Fort Lauderdale, Miami, yesterday, Persad-Bissessar said.
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Jul 12, 2010
GHL to sell Guardian Asset (Jamaica)
Guardian Asset Management Jamaica Ltd (GAMJ) has entered into an agreement with Proven Management Ltd to sell the company. No details were given about the cost of the deal.
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Jul 09, 2010
Moody’s warns Barbados of credit rating fall
Barbados’ economic prospects this year are far from bright, according to Moody’s, a major Wall Street credit rating firm.
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Jul 09, 2010
World Bank support to Latin America and the Caribbean reaches record high
The World Bank Group (WBG) committed US$17.9 billion in fiscal year 2010 ,a slightly higher figure over last year's record lending of $17.1 billion- to support countries in Latin America and the Caribbean (LAC) as they recover from the global financial crisis and resume a path of sustained growth.
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Jul 09, 2010
Air Jamaica deal safe
Jitters over whether a merger of Air Jamaica and Caribbean Airlines Limited (CAL) would fall through were put to rest last night, as Trinidad and Tobago Prime Minister Kamla Persad-Bissessar said her government would honour the deal, despite perceived looming risks.
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Jul 09, 2010
GEASO in limbo
Sagicor Life Jamaica Limited has got a six-month extension on the administration of the Government Employees' Administrative Services Only (GEASO) health scheme, but there is still no clear sign that the turmoil surrounding the contract has been settled.
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Jul 09, 2010
PROVEN set to acquire Guardian Asset Management
PROVEN Investments, founded by Peter Bunting, Gary Sinclair, Mark Golding and Christopher Williams is all set to acquire Guardian Asset Management Jamaica, reliable sources have informed the Caribbean Business Report. Details of the deal were unobtainable at the time of going to press.
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Jul 09, 2010
IFC plans change, redesigned
Finance Minister Winston Dookeran said Government will be looking to find other ways of utilising the International Financial Centre established at the Port-of-Spain Waterfront by the former administration.
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Jul 09, 2010
NGC, NIB in bid to block CIB winding up
Two State companies— the National Gas Company (NGC) and the National Insurance Board (NIB)—are seeking to stop a petition before the High Court which seeks to wind up the assets of Clico Investment Bank (CIB).
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Jul 09, 2010
NFM – Notice of Annual Meeting
National Flour Mills Limited has informed the Exchange that its Annual Meeting will be held on Wednesday August 11th 2010 at The Cascadia Hotel and Conference Centre, Ariapita Road, St. Ann’s, Port of Spain at 10:00 a.m.
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Jul 08, 2010
RBTT CEO Sookoo sees economic growth in 2011
Suresh Sookoo, chief executive officer, RBTT Financial Group, is optimistic about the T&T economy and the rest of the region. “For the commodity-based economies like T&T and Suriname, growth will be a little more optimistic.
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Jul 08, 2010
GKL’s Don Wehby: One stock exchange
Don Wehby, group chief operating officer at GraceKennedy Ltd (GKL), on a brief stopover to T&T, agreed to a 25-minute interview with the BUSINESS GUARDIAN.
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Jul 07, 2010
JSE market cap gained $1.5b in June
IN June, the Jamaica Stock Exchange's (JSE) market capitalisation gained $1.5 billion over the 30-day period to close at $565.9 billion following the first full month after the security force operations in west Kingston disrupted business in the corporate area.
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Jul 07, 2010
Caricom — decisions minus theatrics
BRIDGETOWN, Barbados — Tomorrow's communiqué from the 31st annual Caribbean Community Summit that concludes tonight in Montego Bay, is expected to at least offer a glimmer of hope for a plan to introduce a new system of management in the governance of the Caribbean Community's (Caricom's) affairs.
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Jul 07, 2010
Kamla blanks help for another Caricom fund
No more financial helpouts—or handouts—from T&T. T&T has backed off from Caricom’s proposal to support yet another regional assistance fund while also underscoring that T&T cannot continue with its previous magnitude of Petroleum Fund sponsorship, Prime Minister Kamla Persad-Bissessar signalled yesterday.
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Jul 07, 2010
RBTT on rebranding drive
RBTT is on a rebranding plan. Since Canada’s Royal Bank of Canada (RBC) acquired RBTT two years ago, the T&T-based bank has come a long way, said Suresh Sookoo, chief executive officer, RBTT Financial Group. “June 16 made it two years since they took over.
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Jul 07, 2010
Give CLICO more money
CLICO, the country's largest insurance company, now needs more money to repay thousands of policyholders, consultants have recommended in a report delivered to Cabinet by Finance Minister Winston Dookeran.
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Jul 07, 2010
Prestige improves half year
Prestige Holdings yesterday reported an improvement in their first half performance for 2010 over the same period the year before, mostly due to better performances of all their core Trinidad and Tobago businesses.
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Jul 05, 2010
Caricom heads to review progress on CSME
AS Caricom celebrates 37 years since inking the Chaguaramas Agreement, the regional grouping is stepping back to "take stock" of its most significant attempt to deepen co-operation -- the Caricom Single Market and Economy (CSME).
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Jul 05, 2010
Packed agenda for Caricom summit
MONTEGO BAY — Caricom’s four-day summit this week will be the first opportunity for Prime Minister Kamla Persad-Bissessar to interact with her regional colleagues since the May 24 general election victory.
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Jul 05, 2010
Supreme Ventures Limited – Appointment of Directors
Supreme Ventures Limited has notified the Stock Exchange of the following changes with respect to the Board members:
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Jul 04, 2010
31st Caricom summit opens today
ROSE HALL, St James — The 31st annual summit of the Caribbean Community (Caricom) opens here today at the Cornwall Room in Half Moon Village with a blend of cultural performances along with political statements by some of the region's heads of government.
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Jul 02, 2010
Agostini’s Limited Press Release – Appointment of Directors
Mr. Joseph Esau, Chairman of Agostini’s Limited has announced the appointment of two new non-executive directors to the board of Agostini’s Limited.
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Jul 02, 2010
Guardian Media Limited – Appointment of Director
Guardian Media Limited has advised the Exchange that on Tuesday 25th May, 2010, Mr. Gabriel Faria was appointed a Director to the company’s Board of Directors.
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Jul 02, 2010
Central Bank predicts rise in jobless rate
As inflation continues its upward climb, the Central Bank is predicting that unemployment will increase as the T&T economy faces another weak year. This was the grim forecast delivered by Central Bank Deputy Governor Joan John
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Jul 02, 2010
Bank of Jamaica reduces cash reserve requirements to 12 per cent
THE Bank of Jamaica (BOJ) yesterday announced that effective 01 July 2010, the cash reserve requirements of deposit-taking institutions supervised by the BOJ will be reduced by two percentage points to twelve per cent.
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Jul 01, 2010
NEL after-tax profit falls by 44 per cent
National Enterprises Ltd’s (NEL) after-tax profits attributable to shareholders fell by $347.4 million, or 44.4 per cent, said its chairman Jerry Hospedales.
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Jun 29, 2010
T&T maintains stable credit rating
Regional credit rating agency CariCRIS has reaffirmed Trinidad and Tobago’s financially stable AAA credit rating.
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Jun 29, 2010
RBC moves up ranks with US$75b in market capitalisation
In addition to the success RBC has achieved in The Bahamas, the organisation has climbed the Canadian banking charts as it is now ranked as the 12th largest bank based on market capitalisation which now stands at US$75.3 billion.
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Jun 25, 2010
One Caribbean Media Limited – Resignation of Group CEO
One Caribbean Media Limited (OCM) wishes to advise that Group Chief Executive Officer, Dr. Terrence Farrell has elected to leave the company with effect from June 30th 2010 having decided to devote more of his time on the development of a family-owned business.
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Jun 25, 2010
Formula created for tea shares
Mayberry Investment Limited, lead broker and financial adviser to Jamaican Teas Limited, said Wednesday that the allotment of shares under the initial public offering has been completed for the 291 applications from the public pool, with each subscriber getting at least 5,000 shares.
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Jun 25, 2010
G20 leaders facing worries about rising deficits
World leaders who addressed a severe economic crisis with an unprecedented show of strength last year are finding it harder to maintain their solidarity in the face of new challenges.
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Jun 25, 2010
Regional tourism officials still concerned about impact of APD
BRIDGETOWN, Barbados (CMC) — A delay by the British government on the future of the controversial Air Passenger Duty (APD) has not eased the fears of Caribbean tourism officials that the region's main economic earner will not suffer as a result of the tax.
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Jun 25, 2010
Nigel Holness appointed Managing Director for FirstCaribbean (Jamaica)
NIGEL Holness has been appointed Managing Director and Senior Coverage Officer for FirstCaribbean International Bank’s operating company in Jamaica. His appointment takes effect from September 1, 2010, subject to regulatory approval.
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Jun 25, 2010
Sagicor Jamaica performs well despite tough environment
SAGICOR Life Jamaica, the country's largest life insurer, managed to contend fairly well with a contracting economy and the uncertainty of 2009, putting in a performance that was a boon to its beleaguered parent Sagicor Financial Corporation.
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Jun 25, 2010
Customers spur bank competition online
Customers and cost of operations have spurred banks to compete online as the effects of internet and mobile penetration and the game changer that is the Jamaica Debt Exchange (JDX) force innovation and efficiencies.
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Jun 25, 2010
Gov't 'guardedly optimistic' Jamaica will pass second IMF test
THE Government has expressed confidence that the country's economy is in a good enough state to enable it to pass the second International Monetary Fund test, which comes up in roughly another week.
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Jun 25, 2010
So far so good, IMF praises Jamaica
THE Executive Board of the International Monetary Fund (IMF) Wednesday concluded the first review of Jamaica's economic performance under the Stand-By Arrangement (SBA) and said that the island appeared set to meet targets and benchmarks for the end of this month.
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Jun 25, 2010
Cabinet to get CLICO, CAL reports soon
Reports on CL Financial and insurance company CLICO as well as national carrier Caribbean Airlines will be submitted to the Cabinet soon.
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Jun 24, 2010
Farrell quits as OCM CEO
Group chief executive officer of One Caribbean Media Ltd (OCM), Dr Terrence Farrell, has resigned.
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Jun 24, 2010
UK airline tax threatens tourist industry ... again
An emergency budget presentation in the United Kingdom (UK) on Tuesday, suggesting the government will go ahead with planned increases in the air passenger duty (APD) this November, has sent shock waves throughout the Caribbean's tourist industry.
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Jun 24, 2010
'Dudus' leaves Jamaica
FORMER Tivoli Gardens don Christopher 'Dudus' Coke was flown out of the country at 2:05 this afternoon.
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Jun 23, 2010
T&T opting out of regional exchange
The Caribbean Regional Stock Exchange (CXN) will be unable to launch by month-end, despite approval from the regulatory bodies in Barbados, Jamaica and Trinidad and Tobago.
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Jun 23, 2010
Bank loans dip
TOTAL outstanding loans issued by commercial banks at $256.9 billion up to March 2010 slightly declined year over year despite a number of loan categories showing sizeable loan jumps.
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Jun 23, 2010
Sector leaders hail capture of 'Dudus'
SECTOR leaders yesterday hailed the arrest of fugitive Christopher 'Dudus' Coke, calling the apprehension a positive step in the State's battle against criminal elements within the society.
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Jun 23, 2010
US Embassy closely following 'Dudus' capture
THE US Embassy in Kingston said last night that it was closely following reports on the local media regarding the capture of Christopher 'Dudus' Coke, who is wanted in that country to answer drug-trafficking and gun-running charges.
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Jun 23, 2010
PCFS seeks share buy back
PAN Caribbean Financial Services (PCFS) plans to buy back half of the preference shares it issued in early 2008 in order "to take advantage of current market conditions", according to the bank.
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Jun 23, 2010
Tourism campaign trail in high gear
Tourism minister Edmund Bartlett is pulling out all the stops to lure visitors to the island as he continues a whirlwind tour of the three countries which provide the majority of the visitors to Jamaica.
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Jun 23, 2010
Scotia launches into mobile internet banking
SCOTIABANK has announced the launch of its mobile banking platform aimed at meeting increasing consumer demand to bank on the go.
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Jun 23, 2010
GK to drive profits through new businesses, says Wehby
GraceKennedy (GK) chief operating officer Don Wehby says the conglomerate expects to grow profits significantly going forward by focusing on new businesses in food and financial services across the globe.
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Jun 23, 2010
Mora Ven Holdings declares $463,530 post-tax profit
Even though the George Nicholas III-owned Mora Ven Holdings Ltd has declared a post-tax surplus of $463,530 for the three-month period ending March 31, 2010, the company will not be issuing a dividend.
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Jun 23, 2010
Govt asks Clico to stop issuing new policies in Dominica
The government of Dominica has advised the branch manager of Clico International Life Ltd to discontinue the issuing of new policies in Dominica until further notice.
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Jun 23, 2010
CL Financial chairman resigns
CL Financial has lost its top director. Dr Shafeek Sultan-Khan resigned as chairman of the cash-strapped insurance conglomerate on Monday.
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Jun 23, 2010
RBTT adds $1.2m to fight children’s cancer
RBTT has contributed an additional $1.2 million to the Brian Lara-chaired Cancer Treatment Foundation, representing the second tranche of funding in support of children diagnosed with cancer. The foundation administers the fund.
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Jun 23, 2010
RBC launches new products focused on savings
Getting The Bahamas back into saving ways is the mission of RBC which has launched two of new products, Royal Premier Banking and Royal Certified Services.
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Jun 23, 2010
Sagicor Financial Corporation – Appointment of Director
The Board of Sagicor Financial Corporation is pleased to announce the election of Mr. Peter Clarke as a Director of the Company, following the 2010 Annual Meeting.
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Jun 22, 2010
Electricity said biggest negative to production
BUSINESS leaders, in spite of problems faced by crime and Government bureaucracy, yesterday knocked the delivery and cost of energy as having the greatest negative impact on production in Jamaica.
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Jun 22, 2010
No end to emergency
Jamaicans can expect to see an extension of the monthlong state of public emergency which is scheduled to end tomorrow.
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Jun 22, 2010
Tivoli Gardens operation cost downtown businesses $100m
THE unrest sparked by last month's confrontation between the security forces and gunmen loyal to Christopher 'Dudus' Coke has resulted in losses in excess of $100 million to businesses in downtown Kingston, Jamaica Manufacturers' Association (JMA) President Omar Azan revealed yesterday.
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Jun 22, 2010
OECS leaders sign new economic union treaty
Eastern Caribbean leaders have signed the treaty that establishes their countries as a single economic and financial space.
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Jun 22, 2010
THA presents $3.5b budget
The Tobago House of Assembly has presented $3.5 billion budgetary estimates for the fiscal year 2010/2011. It was presented yesterday by the Secretary of Finance, Dr Anselm London, at the Jerningham Street chamber.
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Jun 22, 2010
CIB petitions High Court for winding up
Clico Investment Bank Ltd (CIB), a subsidiary of the CL Financial Group that the T&T Government agreed to bailout in January 2009, has applied to the High Court to be officially wounded up.
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Jun 21, 2010
Trinidad Publishing Company Limited - Symbol Name Change
Trinidad Publishing Company Limited changed its name to Guardian Media Limited effective April 26th 2010. This change will be effected on the Stock Exchange and the Central Depository from Monday 21st June 2010.
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Jun 21, 2010
Trouble for the stock market
CONTINUED DELISTING of companies from the Barbados Stock Exchange (BSE) and inactive trading could spell trouble for the local stock market.
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Jun 21, 2010
Changes in T&T will have significant implications for Barbados and others
IT has very often been the case that whatever happens in Trinidad and Tobago, tends to impact on Barbados and the rest of the Caribbean.
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Jun 21, 2010
NCB to launch mobile banking services
National Commercial Bank (NCB) will this week launch mobile banking services to customers, Sunday Finance has learnt.
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Jun 21, 2010
Dookeran: $3,000 pension in new budget
In his first budget, Finance Minister Winston Dookeran hopes to deliver on the People’s Partnership manifesto pledge to give a $3,000 pension to all old age pensioners.
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Jun 18, 2010
Scotia Group Jamaica continues to grow. Deposits increase in Q2.
The implementation of the Jamaica Debt Exchange (JDX) and a contracting economy has not cooled the ardour of the country's largest banking entity to aggressively grow all lines of business.
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Jun 18, 2010
Jamaican Teas offer oversubscribed
Mayberry Investments Limited (MIL) lead broker in the proposed admission of Jamaican Teas Limited to the Junior Market of the Jamaica Stock Exchange is advising the public that the basis for allocation of the shares will be posted on www.jamstockex.com next week.
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Jun 18, 2010
2010 hurricane season could be worst on record
WASHINGTON, USA (AFP) — The 2010 Atlantic hurricane season may be one of the worst on record, US officials warned yesterday, amid fears it could deepen an oil crisis in the Gulf of Mexico and bring new misery to Haiti.
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Jun 18, 2010
Hurricane season may put Ja at risk of BP oil pollution
Jamaica's coastal waters and marine life could, during the current hurricane season, be at risk of severe oil pollution from the massive spill in the Gulf of Mexico.
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Jun 18, 2010
H&L explores outsourcing, store redesign in reach for profit
The makeover of Rapid True Value stores will start showing results by August when the first store will be unveiled in Kingston, but Hardware and Lumber (H&L) Limited, the operating company for the chain, says it is still tidying up the project design and is unsure how much it will eventually cost.
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Jun 18, 2010
RBTT offers discounted forex loans
RBTT Bank Jamaica has launched a foreign currency credit line for small and medium businesses, offering loans of up to US$250,000 at a discount.
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Jun 18, 2010
Jamaica still attractive to US investors
Jamaica continues to be attractive to United States investors, despite the recent civil unrest in west Kingston, says Rick Wade, senior adviser and deputy chief of staff at the US Department of Commerce.
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Jun 18, 2010
May inflation beats BOJ outlook
The Jamaican central bank trimmed interest rates again this week, cutting the price of its one-month certificate of deposit by half a point to 9.0 per cent on the back of better than expected inflation numbers.
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Jun 18, 2010
Investors watching economy, taking cautious approach
Trinidad and Tobago Stock Exchange CEO, Wain Iton, says the local stock market shows that investors are taking a very cautions approach to their investment due to the state of the economy.
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Jun 18, 2010
SLJ Sale of Sagicor General Insurance (Cayman) Ltd to Bahamas First Holdings Ltd.
Sagicor Life Jamaica Ltd has advised that having received all necessary Regulatory approvals, Sagicor Life Jamaica Limited (SLJ) and Bahamas First Holdings Limited (BHF) have successfully
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Jun 17, 2010
IMF’s outlook for many regional countries not too bright
The International Monetary Fund (IMF) is painting a bleak picture for several Caribbean economies; predicting that half of the CARICOM member countries will experience zero or a negative growth in 2010.
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Jun 17, 2010
New boards soon for WASA, TTEC, TSTT
PUBLIC Utilities Minister Emmanuel George yesterday said the establishment of new boards for the various utilities is a work in progress. George said he is currently focussing on the boards of the Water and Sewerage Authority (WASA), TT Electricity Commission (TTEC) and the Telecommunications Services of TT (TSTT).
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Jun 17, 2010
Cadiz: Services industry is huge business
With diversification high on the Ministry of Trade’s agenda, Line Minister Stephen Cadiz said his mandate will be to ensure that manufacturing and the service industry made higher contributions to the country’s Gross Domestic Product (GDP).
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Jun 17, 2010
Central Bank: Non-performing loans go up by 3 per cent
On Monday, the Central Bank released the 2009 Financial Stability Report. According to the report, bank deposits increasing by more than 30 per cent in 2009 were partially due to the Central Bank’s intervention into the Clico Investment Bank (CIB) in February 2009.
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Jun 16, 2010
Almond declares $2.5 million loss
THE continued depressed state of occupancy levels and average daily rates, caused by the continued effects of the global economic crisis, has resulted in Almond Resorts Inc recording a loss of almost Bds$2.5 million for the first half of their current financial year.
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Jun 16, 2010
Shareholder files against Sagicor
OPPRESSIVE AND PREJUDICIAL – this is how one shareholder of Sagicor Financial Corporation, West India Biscuit Company Limited (WIBISCO), has described the private sale of 11.76 million of Sagicor’s shares to the National Insurance Board in December 2009.
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Jun 16, 2010
Tea offer opens at $3.37 per share
Jamaican Teas Limited, formerly Tetley Tea Company Jamaica Limited, is seeking J$98 million of equity capital when it open its offer of 29.4 million shares on Thursday, June 17.
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Jun 16, 2010
Samuda orders cement price probe
The Jamaican Government has ordered the Fair Trading Commission (FTC) to launch an investigation into the pricing structure of Caribbean Cement Company Limited, a day after the manufacturer announced an average 3.2 per cent increase in the cost of its products.
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Jun 16, 2010
Facey critical of H&L management
Maurice Facey, chairman of Pan-Jamaican Investment Trust Limited, last week openly expressed his dissatisfaction over the management of listed Hardware and Lumber Limited by parent company - GraceKennedy.
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Jun 16, 2010
Hi-Lo targets Portmore
Retail grocery chain Hi-Lo Food Stores will enter Portmore, St Catherine later this year, with plans to commission its first store by yearend.
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Jun 16, 2010
Government to set up resort markets for farmers
Farmers, now unable to produce in large volumes because of unstable markets, should soon have access to new selling points designed solely for them and targeted at small hoteliers and others in the tourism trade who need fresh produce on a daily basis, the agriculture ministry has said.
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Jun 16, 2010
'Govt will have to cut costs'
Dookeran described the nation’s previous fiscal management as ’pathetic’ last week. Stockbroker and former independent senator, Subhas Ramkhelawan, managing director of Bourse Securities in Port of Spain, said the current financial situation shows signs that work needs to be done to remedy the ’challenges’ ahead.
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Jun 16, 2010
National debt on the rise
Trinidad and Tobago’s debt is increasing much faster than monetary policy officials would like and the local economy faces tough challenges in the coming months.
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Jun 16, 2010
Tourist arrivals continue to increase, says CTO head
NEW YORK, USA (CMC) — The Caribbean Tourism Organisation (CTO) says tourist arrivals in the region is on the rebound with aggregate visitors to the wider Caribbean, as gauged by recorded arrivals from 23 of the 33 CTO member-countries, increasing by 4.5 per cent so far in 2010.
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Jun 15, 2010
Declining pound might cause us to lose UK visitors
A local commercial banker believes that the worst case scenario for Barbados from the falling British pound sterling, could be a decline in UK visitors to this country.
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Jun 15, 2010
Pace of global recovery continues to slow
IT appears as though the economic troubles that have been affecting countries on the European continent have had a moderating impact on the pace of economic expansion in the world’s largest economies.
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Jun 15, 2010
Bill Express looks to strata corps
GraceKennedy subsidiary Bill Express is exploring a move to diversify its bill payment services to include maintenance payments for strata corporations.
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Jun 11, 2010
ANSA McAL upgrades to Microsoft Dynamics AX
THE ANSA McAL Group has upped its information technology ante with the implementation of Microsoft Dynamics AX as its new enterprise resource planning business system.
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Jun 11, 2010
Govt promises may be phased, says Dookeran
Finance Minister Winston Dookeran has said that T&T’s financial state would force the People’s Partnership government to engage in a “phased” introduction of its election manifesto promises for its first three months in office.
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Jun 11, 2010
Tobago Budget Day set for June 21
Budget Day in Tobago is June 21. This was announced by Finance Secretary of the Tobago House of Assembly (THA), Dr Anselm London, at the assembly’s weekly press briefing yesterday.
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Jun 11, 2010
Dookeran: Economy in a mess...knocks 'pathetic' fiscal management by PNM government
Finance Minister Winston Dookeran said yesterday ’pathetic’ fiscal management under the former People’s National Movement (PNM) government has left the economy in a mess.
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Jun 10, 2010
Mobile banking for Scotia customers
WITHOUT FANFARE, Scotiabank on Monday launched Scotia Mobile Banking services to customers across the Caribbean including Barbados, The Bahamas and Trinidad and Tobago.
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Jun 09, 2010
Central Bank urges Barbadians to complete survey
WITH the July 16 deadline for the completion of the Balance of Payments (BOP) survey fast approaching, the Central Bank of Barbados (CBB) is making an effort to remind Barbadians about the importance of collecting data.
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Jun 09, 2010
More opposition to JPS rate increase. Businesses say any hike in electricity costs will hurt them.
BUSINESS operators have joined the chorus of voices appealing to the Office of Utilities Regulation (OUR) to consider the welfare of customers of the Jamaica Public Service Company (JPS) in making their decision about a potential increase in electricity rates at this time.
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Jun 09, 2010
Bad debt now higher than Olint loss
NON-PERFORMING loans (NPLs) across the financial sector jumped 78 per cent over 12 months to $19.4 billion to March 2010 which equals investments in failed FX trading firm Olint, which was partially blamed for the rise.
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Jun 09, 2010
Roper to leave FSC
DEPUTY executive director of the Financial Services Commission (FSC) George Roper will be leaving the regulatory body by the end of August, a source close to the FSC has disclosed.
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Jun 09, 2010
External trade balance improved by 20% in January
JAMAICA’S trade balance improved 20 per cent in January to US$307.9 million ($27 billion) compared with January 2009 despite export reductions which alumina and coffee stakeholders said were expected.
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Jun 09, 2010
Jamaica dollar jumps again
THE Jamaica dollar appreciated by one to three per cent against its three major traded currencies over the week to June 8, 2010.
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Jun 09, 2010
New lottery games coming amid sluggish Super Lotto sales
Two new lottery games are being earmarked to hit the streets by September in a bid, gaming company, Supreme Ventures Limited (SVL) said, to hold market interest even as the firm stares at a big earnings hole left by its underperforming Super Lotto.
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Jun 09, 2010
New TSTT board by July
A new TSTT board is expected to be established by mid-July said Public Utilities Minister, Emmanuel George yesterday.
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Jun 09, 2010
TTSE CEO: Bond market can finance projects
The corporate bond market presents many opportunities for investors, said Wainwright Iton, chief executive officer of the T&T Stock Exchange (TTSE). “The reality in any financial market is that corporate bonds go head to head with banking financing in our own environment.
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Jun 08, 2010
Good response to mobile banking
THERE has been a good response by Barbadians to the new mobile banking service which First Caribbean International Bank (FCIB) launched last week in Barbados.
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Jun 08, 2010
Experts revise hurricane forecast. ‘Very active’ season predicted with 18 named storms
FORT COLLINS, Colorado (CMC) — Hurricane forecast experts at Colorado State University have increased their predictions and are now calling for a very active 2010 season in the Atlantic basin with 18 named storms.
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Jun 08, 2010
Unemployment rate decreases
This country’s unemployment rate decreased by 0.7 per cent during the fourth quarter of 2009. A statement issued by Central Statistical Office (CSO) yesterday said:
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Jun 08, 2010
Sagicor CEO: Caribbean insurance not hard hit by crisis
The insurance industry in the Caribbean was not hard hit by the global economic downturn said Dodridge Miller, Group president and chief executive officer, Sagicor Financial Corporation.
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Jun 08, 2010
Stock Exchange launches corporate bond market
The Trinidad and Tobago Stock Exchange (TTSE) yesterday launched its corporate bond market with the listing of three Scotiabank investment instruments valued at a total of $1 billion.
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Jun 07, 2010
Standard & Poor’s forecasts improvements in deficit
BY THE end of this year international rating agency, Standard & Poor’s (S&P), expects Barbados’ general government deficit to improve 3.5 per cent of GDP, from the 4.7 per cent seen last year.
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Jun 07, 2010
Decline in agriculture expected to counter pick-up in tourism
DESPITE the expectation that economic activity locally will be bolstered by some improvement in the tourism, this island’s number one foreign exchange earner, projected declines in other sectors could have a nullifying impact.
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Jun 07, 2010
Coke-Lloyd appointed to Sagicor Board
Sagicor Life Jamaica has appointed former Jamaica Employers' Federation (JEF) CEO Jacqueline Coke Lloyd to its Board of Directors.
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Jun 07, 2010
Super Lotto, not so super. Multi-jurisdictional game performing below-par.
Revenues for all Supreme Ventures Limited's (SVL) games, including Cash Pot, Dollaz and Lotto, increased last year with the exception of its newest offering Super Lotto.
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Jun 04, 2010
FirstCaribbean International Bank records lacklustre results
The effects of the global financial crisis continues to wear on the revenues of financial institutions across the Caribbean. Continuing a sustained period of flat performance for the overall sector
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Jun 04, 2010
Lower lending rates now
WITH the JDX now implemented, the Jamaican dollar revaluing and the banking sector enjoying a benign period, it is perhaps time for the country's leading banks to begin lowering their base lending rates in an effort to bolster the economy and give wings to the productive sector.
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Jun 04, 2010
BOJ cuts interest rates again
THE interest rate payable on Bank of Jamaica (BOJ) 30-day Certificates of Deposit will be reduced by 50 basis points, effective today, from 10.00 per cent to 9.50 per cent.
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Jun 04, 2010
Scotia DBG records huge profit plunge. Due to sell merchant bank by month-end
The effects of the Jamaica Debt Exchange (JDX) — the government's swap of its domestic bonds for new debt instruments at lower interest rates and longer maturities - has continued to affect the overall financial performance of securities dealers.
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Jun 04, 2010
Dollar gain underlines positive signs
The Jamaican dollar closed trading on Wednesday this week at $87.99 to the United States (US) dollar, representing a significant 1.8 per cent appreciation against the US currency since the start of the year.
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