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2008 Story of the Year SHOW ME THE MONEY Cash Plus and Olint reportedly sucked in J$150 billion to J$200 billion, what happened to all that money?

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The rise and fall of Olint, Cash Plus, and the two men who ran these companies is by far the biggest story of 2008. Their activities impacted many in Jamaica, and as far north as the UK, USA, Canada and south to Trinidad and environs. These two men, David Smith and Carlos Hill changed and rocked the Jamaican financial landscape in 2008. They are both credited as the founders and architects of the alternative investment schemes that sucked in so much money, that it has left countless thousands still wondering where it all went and will they ever get their money back. One thing is for sure, high interest rate returns will have a very different meaning from now on.

The year started with Jitters over alternative investment schemes spreading to World Wise another recently started scheme. Jitters over the uncertainty of alternative investment schemes, following a ‘cease and desist’ order against Cash Plus spread to forex exchange trading entity World Wise Partners.

A few days later the Government finally decided to step in with the Attorney General and financial officials meeting on alternative investment schemes. An urgent meeting was convened between Attorney General Dorothy Lightbourne, officials of the Finance Ministry and Financial Services Commission (FSC), to make recommendations and guidelines to address the growing concerns over unregistered investment clubs. The instruction was given by Prime Minister Bruce Golding during a meeting with Finance Minister Audley Shaw’; minister without portfolio in the ministry, Don Wheby; FSC officials and representatives of the banking sector.

Golding said the number one priority was to protect the integrity of the country’s financial system and establish the requisite legislative framework for dealing with other investment schemes that may develop in the future.

In April, it is announced that Cash Plus is in turmoil with the Investment club in receivership. The five-year-old investment club Cash Plus Limited, which has been engaged in a number of legal battles over the past 12 months, is in receivership. Kevin Bandoian, a chartered accountant employed to Price-Waterhouse Coopers in the United States, was appointed joint receiver-manager. Later that month, every investors worst fear is realised when the police following investigations announce that Cash Plus has no money here to repay, cop tells court. Supporters of Carlos Hill, the CEO of Cash Plus, the collapsed alternative investment scheme, protest and demand his release from police custody outside the Half-Way-Tree Courthouse where Hill, his brother Bertram and Cash Plus’ chief financial officer Peter Wilson appeared. Head of the Organised Crime Investigation Division (OCID) Fitz Bailey revealed in court that Cash Plus has no money in Jamaica to repay its investors. “Based on what we have investigated there is no money, we have not identified any money in Jamaica to repay investors,” Bailey said. “In addition, a number of companies and assets said to be owned by Cash Plus turned out to be false.”

Early May and the Cash Plus boss is out on bail but cannot leave home between 6:00 pm and 8:00 am. Carlos Hill, head of the failed informal investment scheme, Cash Plus, and his brother, Bertram Hill, were granted bail in the Supreme Court, but with stringent conditions. Hill, who got bail in the sum of $15 million, was ordered to report daily to the Fraud Squad and slapped with a curfew order that requires him to be at his Norbrook, St Andrew home between the hours of 6:00 pm and 8:00 am. His brother, who the police said is a Cash Plus director, was offered $10-million bail, with similar conditions set by Justice Bertram Morrison. Bertram Hill will have to remain at his brother’s house as he resides in the United States. Both men were ordered to surrender their travel documents.

Next, it was Olint, considered by many to be the safest of them all. The May 16, 2008 headline reads Olint at the crossroads. The alternative investment scheme Olint Corp headed by David Smith now finds itself at a crossroads, with its next move determining the very existence of the popular foreign currency trading outfit. For the better part of the year, it has been unable to honour all its payout commitments, with many of its members exhibiting steadfast forbearance while the club’s founder attempts to put things right.

At the same time, Olint is fighting a court case against NCB and reports are that in the United States, banking house Wachovia is conducting a protracted due diligence report, thus making it impossible for Olint to provide timely payments to its members. To compound matters further, the Financial Services Commission (FSC) continues to call for Olint to register and publish audited financial statements.

“If David (Smith) does pay out everybody what he should rightfully pay them, then there will be a huge sigh of relief right across Jamaica. He would be regarded as a hero and his reputation will be enhanced both professionally and personally. If he does not, he will be stigmatised as a charlatan and rendered a pariah. His fate lies in his own hands. His word, dare I say it, has to be his bond.”

By June 18th, the full impact of the fallout begins to seep out with the announcement by Realtors that Fallout in ‘investment schemes’ impacting housing demand. Realtors expect slower growth in the housing market in 2008, with the fallout of get-rich schemes, high oil and commodity prices. Cash Plus, Olint and Worldwise, the three popular get-rich schemes, have suspended payments to its members since early this year. With the fallout, Valerie Levy expects housing demand to slide by about 10 per cent. “This as potential homeowners no longer have the cash flow and cannot qualify for mortgages,” said Levy who heads Valerie Levy and Associates. She added that if the schemes are to reorganise, then it will again fuel the market. Prices are expected to fall but rather rise as supply continues to lag behind demand. Real estate experts say a portion of new mortgages would have come from the get-rich schemes encasements.

The local currently is not immune to all this and so the Jamaican dollar gathers downhill momentum. The Jamaican dollar brakes through the $72 mark and continues to slide, notwithstanding strong interventions and an interest-rate hike by the central bank. The currency closed on the spot market at $72.19 against the US dollar, a new record low, having hit $72.06 following a more than six cent decline. The Bank of Jamaica, signalling a positive outlook, said that the most recent movement in the exchange rate is related to payments due to overseas creditors. “This occurred at a time when local banks and other financial institutions have been reducing their exposure to credit lines offered by correspondent banks and investment houses,” said the central bank.

In mid July, one of the much talked about Cash Plus acquisitions is back with the owners who are eager to offload the loss maker. Mainland puts flagship store on the market. Jeffrey Myrie, one of the owners of Mainland International Limited, is looking for buyers for the Hardware Company’s ‘Super Home Centre’ store which sits on the periphery of Spanish Town in St Catherine. Mainland wants at least US$6 million for the property that it spent more than US$14 million building six years ago. The 87,000-square-foot store sits on 4.079 acres of land. “It’s a store that was not profitable,” said Myrie. Myrie’s insistence that Mainland would continue operating as a going concern follows a failed attempt to sell the hardware outfit to Cash Plus Limited, a company now in receivership.

Despite all the warnings and signs of grave and immediate danger there are those who see Few dangers from Olint’s slide. With no precise figure available for the funds, Olint and its various subsidiaries have under management; analyst says it is hard to predict the full impact of the corralling of the foreign exchange trader’s assets on the local economy. But there appears to be a fair bit of consensus that the immediate effect would be consumer spending, in much the same as the Cash Plus effect. Olint, considered the forerunner of the unregulated investment schemes, is as secretive about its dealings as the other 40 or so operations that regulators have detected over time. But ‘guestimates’ have centred on US$600 million (J$43 billion) of principal, and possibly US$2 billion (J$144 billion) when interest payables are added to the mix. Jamaican think tank, CaPRI, which estimated the total amount of invested funds in the schemes at J$100 billion to J$200 billion, said Wednesday that it had no individual breakout of the figures.

The media attention quickly shifts from Carlos Hill to David Smith as the Olint boss readies team for legal showdown. A high-calibre team of Jamaican and international lawyers flew to the Turks and Caicos Islands to assist Olint Corporation Ltd boss, David Smith, in preparing for a looming legal battle.

Meanwhile, in Providenciales, Turks and Caicos, few people in the British territory know the investment club or Smith. In fact, a commission of inquiry ordered by the British government into alleged government corruption in the islands is the biggest news here. Smith’s house and his offices were raided by members of the Royal Turks and Caicos Islands Police Force, who seized documents and computers. But Detective Assistant Superintendent Mark Knighton, who led the operation, said his team from the Financial Crime Unit has found nothing incriminating to date. “Our next move is to examine the contents of these documents and see what they reveal,” Knighton said. “I would say that this investigation will take months, rather than weeks because, to my knowledge, this is just a small number of the documents.”

Finally, the reality of what is about to come and for many already here is upon us. The billion dollar question now is What happened to all that money? Club members of popular foreign currency trading outfit Olint and indeed most of the country are preoccupied with two questions: Will people be able to recover their invested funds and what happened to all that money? The answer to both those questions resides with Olint’s main principal, David Smith.

Olint was expected to make a significant payout, a deadline that came and went, with no good news for its club members, many of whom have not received a payment since the beginning of the year. Earlier that month, Smith, speaking to journalist Cliff Hughes, said that Jamaicans should pray for Olint and keep their fingers crossed that the money arrives in Jamaica. Alas, divine intervention did not materialise. Many club members expressed concern, and by Monday of that week, a foreboding picture was painted when its Braemar Avenue office was closed and an e-mail was released to all club members, part of which read: “It is with some regret that we advise, that as a result of threats to staff members, including a bomb threat within the last few days which is being taken seriously, the Club Member Care Office will be closed to the public as of Monday, July 14, 2008. Efforts are being made to address the matter and we will advise you further.”

Dennis Chung staring in his crystal ball sees the future and predicts A perfect economic storm. The next six to nine months he says will be one of the most challenging periods in the economic history of independent Jamaica. “And I say independent Jamaica merely because I am not aware of what the economic circumstances were before. In fact, what is brewing, I would call a perfect economic storm. I say this not just because bad management of the economy over the years is finally coming home to roost, but also because the vicious global environment will play havoc on vulnerable economies such as ours. The reason for our vulnerability is because we have allowed ourselves to be destroyed by the demons of consumerism, corruption, crime, and politics rather than economic decisions. In fact, the infrastructure that would make our economy able to weather the current global shocks does not exist, because we have failed to educate our people and insist on productivity.”

To provide some clarity to what is happening, the BUSINESSUITE Magazine publishes a feature entitled What Exactly is a Ponzi scheme? A Ponzi scheme is a fraudulent investment operation that involves promising or paying abnormally high returns (“profits”) to investors out of the money paid in by subsequent investors, rather than from net revenues generated by any real business. It is named after Charles Ponzi. A Ponzi scheme usually offers abnormally high short-term returns in order to entice new investors. The high returns that a Ponzi scheme advertises (and pays) require an ever-increasing flow of money from investors in order to keep the scheme going.

The system is doomed to collapse because there are little or no underlying earnings from the money received by the promoter. However, the scheme is often interrupted by legal authorities before it collapses, because a Ponzi scheme is suspected and/or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases.

In August members of the financial sector begin to brace for what must now come. NCB leads the way and is positioning for investment schemes fallout. National Commercial Bank of Jamaica’s (NCB) move to increase its provision for credit losses by 140 per cent over the 12 months to June 30 have led some investors to believe the commercial bank is preparing itself for the potential impact of the fall-out of investment schemes. “It would be prudent [to increase the provision] in order to make sure there are no surprises,” said Neilson Rose equity asset manager at Mayberry Investments. “You are definitely going to see some fallout and these alternative investment schemes were used as cash flow.” The provision jumped from $39.1 million to $93.1 million when the June quarter is compared year over year. Year to date that figure increased 102 per cent from $151.3 million to $307 million. NCB increased this provision even though there was a decrease in its non-performing loans as a percentage of total loans-dropping to 2.34 per cent from 2.92 per cent over 12 months.

Some are already impacted as VMBS announces that Unregulated schemes hurt them in ’07. With its deposit portfolio remaining flat last year, Jamaica’s second largest mortgage bank, Victoria Mutual Building Society (VMBS), says that its ability to attract savings was weakened by the raft of unregulated schemes that offered super returns to investors. The explanation for the weak performance in this segment of the society’s business was outlined in its recently released annual report and underlined by the bank’s chairman Roy Hutchinson and CEO Richard Powell when they addressed members at the annual general meeting.

In September, it gets worse as Bad debts grow and Gov’t continue to gauge effect of fall-out. Analysts aren’t able to peg how much the fall out of ‘get-rich schemes’ has fed into the alarming increase in the number of Jamaicans that are not servicing their loans and mortgages. What’s clear, however, is that the pace at which bad debts held by domestic financial institutions have grown over the last year is the highest it has been since the 1990s financial crisis.

Bank of Jamaica (BOJ) data released, showed that up to June 2008, $7.4 billion in non-performing loans (NPL) – loans in arrears for three months and over – was in the system, an amount equal to the capital budget for education and agriculture combined. It’s up 41 per cent over last year, even as loans grew by half that amount. “This may not be the peak of it,” said financial analyst John Jackson, who closely follows publicly listed companies. “It is something that has to be watched carefully.”
Entering the last quarter of the year Jamaican remittances weather downturn, for now – Cocking cites family loyalty. The Inter-American Development Bank warned that the pace at which remittances once flowed will slow down even more than it originally projected, due to the erosion of the dollar’s value, a spike in inflation and the financial meltdown in the United States.
But at least two remittance companies in Jamaica say for now money transfers from the United States are still strong despite the financial crisis there. “We have not seen any fallout at all, none. It is same as usual,” said Andrew Cocking, deputy group president and head of international business at the Capital and Credit Financial Group, whose money transfer operation is handled by subsidiary Capital and Credit Remittance Limited.

The banking community begins to officially speak out led by a prominent Banker who ties fallout of ‘get rich’ schemes to rising loan delinquency. While there is no empirical data to highlight the number of borrowers that have been directly compromised from the fallout in the alternative investment schemes, a sharp spike in the amount of delinquencies on loans in recent months has raised a few eyebrows in the commercial banking sector.

Scotiabank President and CEO Bill Clarke, at a Financial Services Commission investment luncheon said that there are indications that a lot of persons were affected by the collapse in the high-return “get-rich” schemes, and he suspects that an increase in the number of persons who are unable to service their loans with his institution may be related to the fallout. “In our retail banking business, we have found that over the last couple of months that there has been an escalation in delinquencies,” said Clarke. “But when we enquire as to why arrangements are not being made as originally agreed, the answer that we have been getting is ‘our revenue stream is so much impaired’.”

October and attention is shifted away from the failed investment schemes to the Global financial meltdown. Prime Minister Bruce Golding admits that the global financial crisis will affect some of Jamaica’s critical economic structures, despite Finance Minister Shaw’s earlier claims that the country would face minimal impact. However, he is steering away from instigating panic.

Finally, the reality begins to sink in and a Crisis team is put in place. Giving the clearest indication yet that Jamaica is facing fallouts from the financial crisis that has gone global, the Government is putting together a top-level team to monitor the domestic financial system, and take action as needed to steady the markets here. “There is a lot of work being done in terms of managing the crisis in Jamaica,” said Don Wehby, minister without portfolio in the Ministry of Finance and the Public Service. “We had a long meeting with all the stakeholders to determine how we are going to approach this crisis,” he said, “because it is a crisis that calls for leadership.”

Alternative investment schemes and their impact on the economy are missing from the headlines, taken over by the global economic crisis.
In late November the headline is that Latibeaudiere avoids ‘R’ word. The Bank of Jamaica said that output was likely to be flat in the December quarter, but Central Bank Governor Derick Latibeaudiere steadfastly avoided the word recession even though the economy contracted 0.3 per cent during the nine months between January to September. A recession is classically defined as two consecutive quarters of negative growth.

Confession comes in early December when is announced that Jamaica has been in a recession since the start of ’08. The Jamaican economy has been in a recession since March of this year according to official data published by the Statistical Institute of Jamaica (Statin). The data showed that realhttp://businessuite.blogspot.com/ gross domestic product (GDP) by quarter has declined year over year since the December 2007 quarter. Statin, which revised its GDP data to rebase its numbers from 1996 to 2003 and which began using, this year, the value-added approach to calculate economic activity, reported a 0.4 per cent decline in value-added during the December quarter of 2007 when compared to the corresponding quarter in 2006.

The year has closed and the alternative investment schemes, their principals, investors and the overall impact on the economy are no longer it would appear current and newsworthy.

Additional sources: Daily Observer, Daily Gleaner, and Internet sources

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Businessuite News24

Corporate Movements – June 2025

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June 21, 2025

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ANSA McAL Limited (“ANSA McAL”) wishes to announce that with effect from 16th June 2025, Mr. Adam Sabga was appointed as Group Chief Operating Officer of ANSA McAL. As a key member of the Executive Leadership Team, Mr. Sabga will drive enterprise-wide operational excellence and support the execution of the Group’s diversified strategy across sectors. He will also be responsible for ensuring that all operational pillars are robust, agile and aligned with the Group’s corporate Vision and Values, and delivering value to shareholders, customers, employees and communities across the region.

Trinidad Cement Limited (“TCL” or “the Company”) hereby advises that Mr. Rafael Orlando Martinez Vela has resigned as Group Procurement Manager effective June 13, 2025. undertakings. Mr. Jesus Alejandro Arenas Mosos will assume the role of Procurement Manager effective June 15, 2025. TCL thanks Mr. Martinez Vela for his contribution during his tenure and extends best wishes to him in his future.

Supreme Ventures Limited (SVL) is pleased to announce the appointment of Mr. Don Mark Smith as the General Manager of Supreme Route Limited effective June 16, 2025.

Supreme Ventures Limited is pleased to announce the appointment of Mrs. Tanya Smith Anderson to the post of Senior Vice President, People and Corporate Services, Supreme Ventures Services Limited effective June 2, 2025. Tanya comes to us with more than 20 years experience in people management, culture and industrial relations. Holding several senior human resource management positions, Tanya has worked across numerous industries to include finance, aviation, logistics, insurance and media.

VM Investments Limited (VMIL) has announced strategic leadership appointments and structural updates. These changes align with the company’s long-term strategy for operational excellence, innovation, and sustainable growth. Executive Appointment: Chief Operating Officer Allison Mais has been promoted to the role of Chief Operating Officer (COO) for VM Investments Limited and VM Wealth Management Limited effective April 1, 2025. In this expanded role, Ms. Mais reports directly to the Chief Executive Officer and assumes strategic oversight of critical operational areas across the business. This appointment underscores the organisation’s focus on operational agility and execution, with Ms. Mais’ leadership pivotal to scaling service delivery, improving internal processes, and supporting enterprise-wide efficiency.

Promotion: Assistant Vice President – Global Markets & Digital Asset Trading Denise Marshall Miller’s portfolio has been upgraded to the role of Assistant Vice President – Global Markets & Digital Asset Trading effective April 1, 2025. This change reflects the expanded mandate of the unit, which now includes a sharper focus on digital financial instruments and global trading. This role is critical to VMIL’s strategy of broadening its investment capabilities and capitalising on emerging opportunities in global and digital markets.

Role Realignment: Assistant Vice President – Treasury Operations and Brokerage Services Evette Bryan has been appointed Assistant Vice President – Treasury Operations and Brokerage Services, effective April 1, 2025, having previously served as Assistant Vice President – Treasury & Asset Management. In her enhanced role, Mrs. Bryan will focus on strengthening the operational framework of VMIL’s brokerage services and improving payment processing systems. Her leadership will enhance operational stability and ensure that the brokerage business is responsive, resilient, and client-focused. New Appointments

In further support of its strategic direction, VMIL is pleased to announce the following new leadership roles: • Sitarah Smith – Appointed Assistant Vice President – Investment Management & Structured Solutions effective February 10, 2025. Ms. Smith’s appointment reflects VMIL’s deepened commitment to providing tailored investment strategies and bespoke structured products aligned to client needs. • Stuart Andrade – Assistant Vice President – Finance effective April 17, 2025. Mr. Andrade’s appointment supports VMIL’s focus on financial discipline, strategic resource allocation, and enhanced reporting as the company continues to scale and evolve. • Strycen Williams – Appointed Senior Manager with responsibility for Transformation effective January 20, 2025. Her expertise will drive transformation initiatives across business lines, reinforcing VMIL’s focus on innovation, client-centricity, and market relevance. • Mikhail McLeod – Appointed Manager with responsibility for Legal, Compliance, Investor Relations and Corporate Governance effective February 3, 2025. This addition strengthens VMIL’s governance framework, ensuring robust regulatory compliance and legal oversight in a complex financial landscape. These changes reflect VM Investments Limited’s strategic focus on leadership development, business diversification, and operational excellence. The organisation remains committed to delivering value to clients, shareholders, and stakeholders through a forward-looking and performance-driven culture.

Salada Foods Jamaica Limited (SALF) wishes to advise that Mr. Zayous Hamilton, Financial Controller, separated from the Company effective June 2, 2025. The Company thanks Mr. Hamilton for his contributions and extends best wishes for his future endeavours. Efforts are ongoing to appoint a new Financial Controller. In the interim, the key responsibilities of the role will be assumed by the Chief Accountant, Mr. Richard Thomas, to ensure continuity in the Company’s financial operations.

Everything Fresh Limited wishes to advise that Mr. Errol Grant has been appointed the Group Chief Financial Officer for the company effective May 12, 2025.

 

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MSMEs Encouraged to Create Business Continuity Plans

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June 21, 2025

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Entrepreneurs in the micro, small and medium-sized enterprise (MSME) sector are being encouraged to create business continuity plans to boost their resilience to a major storm or hurricane.

The advice came from Acting Director General at the Office of Disaster Preparedness and Emergency Management (ODPEM), Richard Thompson, who was a panelist at the United Nations Development Programme (UNDP) Hurricane Ready & Resilient forum on Tuesday (June 10).

The event, held at the UNDP’s Multi Country Office in Kingston, engaged MSMEs on the topic of hurricane loss and damage.

Mr. Thompson pointed out that MSMEs account for approximately 97 per cent of businesses in the country and provide nearly 80 per cent of employment for the Jamaican workforce, making them an extremely important part of the economy.

At the same time, MSMEs are disproportionately vulnerable to hurricane impacts because of their informality, size, limited resources and inadequate access to financing, insurance and disaster preparedness, making business continuity planning even more essential.

“So, in terms of business continuity planning, it’s really a strategy that focuses on or ensures that the businesses are able to operate or to continue during or after any kind of disruptive event,” the ODPEM Acting Director General explained.

He outlined that effective business continuity planning should concentrate on the procedures necessary for maintaining business function, protecting business assets, safeguarding overall employment procedures, and ensuring that there is effective communication with customers.

This is important in minimising business downtime and improves the ability to restore normal function in the shortest possible time.

“It’s really a deliberate process to ensure that the businesses are anticipating, they are mitigating against issues, they are resolving issues regarding the effects of disasters that will impact the business,” he pointed out.

Mr. Thompson noted that one critical aspect of business continuity is ensuring that businesses plan their recovery process.

As such, owners and operators should make sure that all important documents, plans and business concepts are stored securely in the event of a natural disaster.

“One other thing as well that businesses have to pay critical attention to is what is called single point of failure. One of the things that we have noticed for a very long time and it was highlighted during [Hurricane] Beryl, is that energy generation, especially around electricity, is the critical point of failure for a lot of businesses,” he pointed out.

The ODPEM Director said it is, therefore, important that businesses, especially those that rely heavily on electricity, have a back-up plan for power generation.

Another crucial element that is often overlooked by small entrepreneurs, he noted, is ensuring that businesses are registered so they can receive benefits from the State.

“A lot of small farmers are not registered. So, because they are not registered, it becomes difficult after a disaster for them to get grants coming out of RADA (Rural Agricultural Development Authority) and the Ministry of Agriculture, Fisheries and Mining” Mr. Thompson said.

In her remarks, Permanent Secretary in the Ministry of Local Government and Community Development, Marsha Henry-Martin, emphasised the importance of providing support for MSMEs to navigate disasters.

Permanent Secretary in the Ministry of Local Government and Community Development, Marsha Henry-Martin, addresses stakeholders during a Hurricane Ready & Resilient forum held on Tuesday (June 10), at the UNDP’s Multi Country Office in Kingston.

She pointed out that it is also important to understand the individual realities and unique characteristics of each business, their locations and their vulnerabilities.

“As a Local Government Ministry, with responsibility for local communities, one of our mantras is that we’re not leaving anybody behind… every community matters, every district matters… every individual matters. Their quality of life must always be at the forefront, and whatever it is that they do to sustain themselves is what we should nurture,” the Permanent Secretary said.

She noted that the Ministry must ensure that the Comprehensive Disaster Risk Management Policy, which is being finalised, sufficiently considers MSMEs and their sustainability.

By: Donique Weston, JIA

Photo; Donna De la Hay

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Private Sector Urged to Champion Productivity

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

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June 21, 2025

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Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks, delivers the main address during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet at The Jamaica Pegasus hotel in New Kingston on June 12.

 

The private sector is being urged to lead the charge in boosting productivity, driving growth, and accelerating national development.

This was the charge from Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks.

She was speaking during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet on June 12, at The Jamaica Pegasus hotel in New Kingston.

The banquet was held under the theme ‘Shaping the Future: Driving Productivity, Championing Equity, Inspiring Entrepreneurship’.

Senator Marks pointed out that, “The theme is a call to action and a blueprint for building a Jamaica that thrives locally and competes globally.”

She noted that productivity challenges remain a “stubborn barrier” to unlocking the country’s full potential.

The Minister explained that, over the past decade, the Government has prioritised debt reduction, inflation control and broader socioeconomic stabilisation—creating an enabling environment for businesses to operate and thrive.

She said these efforts have yielded tangible results, including a debt-to-GDP ratio of 68.7 per cent, inflation falling within the Bank of Jamaica’s four to six per cent target range, and a 43.3 per cent decline in murders between January and May 2025, compared to the same period last year.

Senator Marks assured that Jamaica has reached a stable socioeconomic position, one poised to unlock exponential growth and national development.

“To achieve that growth, the Government will now have to pivot from stabilisation to GDP growth strategies. We must boost productivity, not by working harder but by working smarter. It’s about integrating technology, upskilling our workforce, streamlining operations, and investing in innovation. This is where the private sector can lead the charge,” the Minister outlined.

Senator Marks noted that the second pillar of the theme, ‘championing equity’, challenges stakeholders to confront the entrenched issue of unequal access to opportunities.

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

The Minister pointed out that the JCC has been playing a key role in levelling the playing field for micro, small and medium-sized enterprises (MSMEs).

“The President of the Chamber of Commerce has placed a spotlight squarely on ensuring that MSMEs are not left behind, because it’s these businesses that are the backbone of the economy. They are the creative and entrepreneurial engine in every community, in every parish, that keep our economy going, and they must be empowered, not as an afterthought but as a priority,” Senator Marks stated.

She noted that the JCC has spearheaded several initiatives over the years to bridge opportunity gaps for citizens and entrepreneurs – from redevelopment projects in downtown Kingston to partnerships aimed at tackling crime and advancing technology.

Meanwhile, Ambassador Marks underscored the importance of inspiring entrepreneurship, the third pillar of the JCC event’s theme.

She highlighted that Jamaicans are natural innovators, excelling as creators in music, cuisine, logistics, fintech, and other dynamic sectors.

“But there needs to be developed, locally, a culture that celebrates and encourages young innovators to start, and if you fail, to continue… and you can fail again, we will still be here to support you. That is my primary purpose in this position in the Government, to create that culture that celebrates innovation and supports entrepreneurship,” Senator Marks affirmed.

She urged the JCC to continue supporting Jamaica’s boldest thinkers, noting that the awardees are “examples of what is possible”.

“Please continue to nurture that spirit. Let us invest in it, educate it, mentor it, and showcase it, because the next tech genius could be a young Jamaican right now with nothing but a laptop and a dream,” Senator Marks said.

The JCC annual awards banquet celebrated outstanding businesses and individuals across categories, including the best in business performance, sustainability and marketing.

By: Donique Weston, JIS

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Artificial Intelligence

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

Meta’s “infinite creative” ad ambition is a disruptive force—reshaping the contours of advertising from production to pricing. For traditional agencies, the future isn’t erased—it’s redefined, demanding agility, technological foresight, and narrative excellence. Investors should scrutinize which players can transcend production to become indispensable strategic storytellers in the AI era.

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6 days ago

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June 15, 2025

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Meta Platforms, owner of Facebook and Instagram, has announced plans to launch a fully AI-driven ad-creation platform by the end of next year. This system will enable advertisers—especially small and medium-sized businesses—to input a product URL or image, set a budget, and have Meta autonomously generate, target, and optimize complete campaigns across formats—including image, video, text, and placement.

What the Platform Can Do
Creative generation: Builds ads from scratch—images, multi-scene videos, copywriting, and branding—using tools like Advantage+ and image-to-video converters

Advanced targeting: Employs Meta’s Lattice engine to allocate ad spend, refine audience targeting, and adjust pacing in real time

Automated budgeting: Balances campaign efforts across goals such as ROAS, profit, and conversion, with minimal human oversight

Industry Disruption & Agency Threats
Meta battles entrenched ad agency models—storyboarding, media buying, client liaisons—by offering a sleek, end-to-end AI solution. This has triggered market jitters: shares of global ad giants (WPP, Publicis, Havas) tumbled ~3–4% upon announcement

Agencies are concerned about “black box” AI with little creative uniqueness and limited transparency. A creative director warned that agencies risk becoming obsolete unless they champion human storytelling and strategy .

Meta insists it sees agencies as strategic partners—not casualties—enabling them to offload production and focus on high-level creativity

“We believe in the future of agencies. We believe AI will enable agencies and advertisers to focus precious time and resources on the creativity that matters. While we think there will ultimately be more automation in marketing, the role that agencies play is going to become ever more important through their ability to plan, execute and measure across platforms.” Alex Schultz, chief marketing officer and vice-president of analytics at Meta, in a recent post on LinkedIn.

Impact on Traditional Media Models
Democratization of ad creation: Millions of small business advertisers gain direct access to high-quality campaign tools previously available only to agency clients

Pressure on margins: Agencies built on hourly fees and creative production face erosion as automation slashes costs and time-to-market

Shift to consultancy: Agencies pivot toward brand narrative, measurement, and cross-channel attribution—areas where AI still struggles

Rise of performance pricing: Industry compensation models may prioritize outcomes over effort, accelerated by Meta’s technology

Investor Watch: Jamaican Ad Agencies on JSE Junior Market

The Limners And Bards Limited and One Great Studio, local creative houses listed on the JSE’s Junior Market, face both risks and opportunities.

Risks:
Client loss to self-serve AI tools on Meta.

Margin compression as SMEs opt for in-platform solutions over agency retainers.

Need for rapid adoption of AI to stay relevant.

Opportunities:
Local agencies could offer premium services—creative consulting, storytelling, campaign analysis—that AI can’t fully replicate.

They can act as intermediaries, bridging the gap for brands that need personalized strategy and regional expertise.

Possible strategic partnerships to deploy Meta’s tools with bespoke oversight and local flavour.

“AI tools would help “level the playing field” for small and medium-sized businesses that do not have the time or financial scale to use agencies. Millions of small businesses rely upon our platform to grow. For these businesses who aren’t able to work with an agency, or don’t have time during their busy days to think about their creative or targeting, that’s where AI can help level the playing field.” Alex Schultz, chief marketing officer and vice-president of analytics at Meta

Strategic Playbook for Agencies
AI integration: Adopt platforms like Meta Advantage+ or Omneky to streamline production.

Human centricity: Focus on brand voice, emotional resonance, and formats requiring high-touch creative input.

Outcome-based offerings: Transition to performance-driven fee models, aligned with client ROI.

Niche differentiation: Leverage cultural understanding, regional targeting, and deep local networks to stay competitive.

“Investors quickly sold off some of the world’s largest marketing services as news of Meta’s planned AI rollout, which could significantly swell the $160bn (£118bn) the company already makes annually from advertising.”

Investors in Context
Meta’s AI push secures its ad dominance, potentially lifting platform ad revenues 15–20% by 2026 via SME market expansion

Junior Market agencies face an inflection point: failure to adapt could erode valuation; proactive transformation may present attractive long-term upside.

Investment signal: Look for agencies investing in AI, offering high-value services, and embedding performance-based revenue models.

Meta’s “infinite creative” ad ambition is a disruptive force—reshaping the contours of advertising from production to pricing. For traditional agencies, the future isn’t erased—it’s redefined, demanding agility, technological foresight, and narrative excellence. Investors should scrutinize which players can transcend production to become indispensable strategic storytellers in the AI era.

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Businessuite News24

Sagicor Group Jamaica Announces Organisational Changes to Support Business Growth

Published

4 weeks ago

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May 23, 2025

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Willard Brown appointed CEO of Sagicor Life Jamaica; Joanna Banks assumes broader strategic leadership role.

Christopher Zacca, the President and Chief Executive Officer of Sagicor Group Jamaica Limited (“Sagicor” or “the Group”) today announced key leadership changes to strengthen the Group’s position for continued growth and expansion.

Willard Brown Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited

Effective May 1, Willard Brown has been appointed Chief Executive Officer (CEO) of Sagicor Life Jamaica Limited (“Sagicor Life Jamaica” “SLJ”). As CEO of Sagicor Life Jamaica, Brown will lead the overall strategy and operations of SLJ, which gives him oversight of all divisions of the Life Business. This expanded portfolio will enable a more integrated approach to supporting client needs, driving operational efficiencies, and positioning the Business for new opportunities in other geographies. He most recently served as Chief Technology and Insurance Operations Officer where he led several successful initiatives to streamline Sagicor Life Jamaica’s operations, modernise the Group’s technology platforms and strengthen its digital capabilities. Over the course of his 34-year tenure with the Company, Brown has demonstrated exceptional leadership, strategic foresight, and a deep understanding of the evolving needs of clients and markets-including operations in Panama and Costa Rica. His appointment reflects Sagicor’s focus on empowering proven leaders to accelerate its growth ambitions.

Willard brings an outstanding track record of strategic execution and innovation, and Joanna’s deep industry expertise remains invaluable as we expand our businesses.” Brown expressed enthusiasm about the new role, stating: “I am excited for this opportunity to build on our strengths and lead the charge as we grow our Life Insurance Business. With a dedicated and talented team behind us, we are well-positioned to deliver even greater value to our clients and communities. Sagicor Life Jamaica remains focused on delivering sustainable growth under the leadership of Mr. Zacca and the Executive Management Team.”

 

In addition, Joanna Banks will transition into an expanded strategic leadership role within the Group as Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

Joanna Banks Executive Vice President, Strategy and Business Development, and Chief Technology Officer.

In alignment with the organisational changes, Joanna Banks will continue to play a critical role in delivering strategic initiatives that enhance the Group’s service excellence and market reach. She now has an expanded portfolio that includes the company’s Technology and Digital Innovation functions. This integration reflects Sagicor’s commitment to accelerating digital transformation and enhancing operational agility across its businesses. Commenting on the changes, Zacca, stated: “These leadership transitions position us strongly for the future.

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