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Bank Of Jamaica Encouraged By The Declining Out-Turns Recorded In The Last Three Consumer Price Index (CPI) Reports

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The Bank of Jamaica (BOJ) is encouraged by the declining out-turns recorded in the last three Consumer Price Index (CPI) reports, Governor, Richard Byles, has said.

The CPI, which measures variations (inflationary movements) in commodity prices for consumers, is administered by the Statistical Institute of Jamaica (STATIN).

Mr. Byles noted that having peaked at 11.8 per cent in April 2022, the rate of inflation fell to 10.9 per cent in May and June, and to 10.2 per cent in July.

“Declining international commodity prices, relative stability in the exchange rate, tighter liquidity management by the BOJ, and higher interest rates have allowed for this trend,” the Governor informed.

He was speaking during the Bank’s digital quarterly media briefing on Friday (August 19).

Mr. Byles said notwithstanding this “good trend”, the BOJ believes these conditions have not sufficiently solidified to ensure that inflation is sustainably placed on a downward path towards the institution’s four to six per cent target range, adding that “there remains some significant risks of reversal”.

He emphasised that the fragile geopolitical conflict between Russia and Ukraine, and Europe’s knock-on commodity price risks “cannot be ignored”.

Additionally, Mr. Byles said reported labour shortages in several sectors of the economy and pressures from recent local inflation experiences “carry the potential for future wage adjustments that could be inflationary”.

Further, the Governor said high inflation in the United States and other trading partners has prompted a programme of faster monetary adjustment, noting that this could cause capital outflows from Jamaica and exchange rate depreciation, “if domestic monetary policy is not properly aligned”.

“These are some of the factors the Bank’s Monetary Policy Committee (MPC) considered when it met on August 16 and 17, 2022, and voted to increase the policy rate [on deposit-taking institutions’ (DTIs) overnight balances] by a further 50 basis points to six per cent, effective August 19, 2022,” he told journalists.

Mr. Byles informed that the Committee also decided to continue pursuing other measures to contain Jamaican dollar liquidity expansion and maintain relative foreign exchange market stability.

He said the MPC noted that the Bank’s strong international reserves reinforce its ability to support the foreign exchange market, as needed.

“This current decision has resulted in a cumulative increase in the policy rate of 550 basis points since October 2021 and has taken the policy rate to a level that the Committee considers appropriate,” Mr. Byles pointed out.

He added that if incoming data on inflation continues to track downwards, and the monetary adjustments in the US, in particular, are as expected, “the MPC agreed that it could pause its policy rate increases”.

Mr. Byles advised that the policy rate increases were complemented by the Bank’s adjusting the Net Open Position limits for DTIs, and selling approximately US$678 million to the foreign exchange market, since October 2021.

This, he said, was approximately 30 per cent more than the sum sold over the corresponding period to July 2021.

He also indicated that the Bank bought US$1.96 billion over the same period, primarily through the surrender system.

Mr. Byles said these policy actions contributed to the exchange rate being stabilised since the start of November last year.

“Without these actions, imported inflation, and hence the final prices faced by consumers, would have been much higher,” he further stated.

Mr. Byles said the BOJ anticipates that these measures will continue to cause interest rates on deposits to further increase, thereby making savings in Jamaican dollars more attractive, relative to foreign currency assets.

 

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Unlocking Future Potential: The Impact of USAGE Group’s Internship Programs on Tertiary Level Students

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Bridging the Gap Between Education and Real-World Experience

In today’s competitive job market, the value of practical experience cannot be overstated. Recognizing this need, USAGE Group has pioneered an innovative approach to talent development through its structured Internship Programs, offering university and college-level students unparalleled opportunities to gain hands-on experience while completing their academic requirements.

Empowering the Next Generation:

At USAGE Group, internships are more than just a temporary stint; they are a gateway to professional growth and career advancement. Through carefully crafted programs, students are immersed in real-world projects and mentored by industry experts, equipping them with the skills and knowledge needed to excel in their chosen fields.

A Dual Purpose:

The internship programs at USAGE Group serve a dual purpose, benefiting both students and the company itself. For students, these programs provide invaluable exposure to the inner workings of a dynamic business environment, allowing them to apply theoretical concepts learned in the classroom to practical, real-life situations. Additionally, students accrue hours of hands-on work experience, fulfilling requirements for their academic programs while laying the foundation for future career success.

Opportunities for Growth:

Interns at USAGE Group are not merely bystanders; they are active participants in the company’s mission to deliver top-tier support services to Caribbean SMEs. From assisting with client projects to contributing to strategic initiatives, interns are given meaningful responsibilities that challenge and inspire them to reach new heights. Moreover, they have the opportunity to work alongside seasoned professionals, gaining insights and mentorship that are invaluable to their professional development.

Building a Talent Pipeline:

By investing in internship programs, USAGE Group is not only nurturing the next generation of talent but also building a pipeline of skilled professionals who may eventually join the company on a full-time basis. Through internships, USAGE Group identifies promising individuals who embody the company’s values and ethos, laying the groundwork for future recruitment and retention efforts.

Testimonials from Interns:

“The internship program at USAGE Group has been a transformative experience for me. Not only have I gained practical skills that will serve me well in my career, but I’ve also had the opportunity to work alongside some of the brightest minds in the industry.” – Sarah, Business Administration Student

“I never imagined that an internship could be this impactful. At USAGE Group, I’ve been given real responsibilities and treated as a valued member of the team. It’s been an eye-opening experience that has solidified my career aspirations.” – John, Computer Science Student

Join the Journey:

For university and college-level students seeking to gain practical experience and jumpstart their careers, USAGE Group’s Internship Programs offer a pathway to success. Whether you’re studying finance, marketing, IT, or any other field, there’s a place for you to thrive at USAGE Group.

Contact USAGE Group Today:

To learn more about internship opportunities at USAGE Group and how you can become a part of our dynamic team, contact us today.

Contact Information: Email: usagejamaica@gmail.com

USAGE Business Support Services Group Internship Program Application Form – 2024

As USAGE Group continues to lead the way in revolutionizing business support services in the Caribbean, its commitment to nurturing talent and empowering the next generation remains unwavering. Through internship programs that prioritize hands-on learning and professional growth, USAGE Group is shaping the future of the region’s workforce, one student at a time.

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Operating from “Silicon Mountain – The Business Technology and Innovation Hub of the Caribbean”
Mandeville Manchester Jamaica

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Revolutionizing Business Support Services in the Caribbean: The USAGE Group Story

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How USAGE Group is Redefining IT-Centered Support for Caribbean SMEs

In the dynamic landscape of Caribbean business, where innovation meets necessity, one company stands out for its commitment to delivering top-tier support services to small and medium enterprises (SMEs). Conceptualized and formed in 2020, USAGE Business Support Services Group has swiftly emerged as a beacon of efficiency and cost-effectiveness, offering a comprehensive suite of Corporate and Operational Services tailored to meet the unique needs of Caribbean businesses.

Unveiling USAGE Group:

At the heart of USAGE Group’s mission is a dedication to providing IT-centered Business Support Services that empower Caribbean SMEs to thrive in today’s competitive market. With a diverse range of offerings, including Accounting and Finance solutions, USAGE Group is not just a service provider but a strategic partner committed to the success of its clients.

Putting Customer Experience First:

What sets USAGE Group apart is its unwavering commitment to customer service and experience. Embedded in the company’s DNA is the mantra “U In Everything We Do,” reflecting a culture that prioritizes the needs and satisfaction of its clients above all else. From the initial consultation to post-implementation support, USAGE Group ensures a seamless and enjoyable experience for every client.

Why Partner With USAGE?

Affordable Quality Monthly Subscription Services: USAGE Group offers cost-effective subscription services designed specifically for SMEs, providing access to high-quality support without breaking the bank.

Access to Multitalented Professionals: Clients of USAGE Group benefit from a team of self-motivated professionals with diverse skills and experiences, capable of tackling even the most complex business challenges.

Expertise and Guidance: Beyond service delivery, USAGE Group offers expertise and guidance to clients, ensuring that every step of the process is smooth and collaborative.

True Collaboration: At USAGE Group, every project is approached as a collaboration, guiding clients from their current state to their desired outcomes with a process that prioritizes mutual growth and success.

Commitment to Quality: From concept to implementation and beyond, USAGE Group remains committed to delivering quality services that positively impact the bottom line of its clients.

Empowering SMEs for Success:

The overarching goal of USAGE Group is clear: to provide SMEs with first-world Accounting, Finance, and Corporate Services that exceed expectations, unlocking their full potential and driving tangible results. By maximizing Business-to-Business (B2B) opportunities and fostering long-term partnerships with SME CEOs, Entrepreneurs, and Business Owners, USAGE Group is poised to catalyze growth and expansion across the English-speaking Caribbean.

In a landscape where agility and innovation are paramount, USAGE Group stands as a testament to the transformative power of strategic partnership and customer-centricity. As Caribbean SMEs navigate the complexities of the modern business world, USAGE Group emerges as a trusted ally, empowering them to thrive and succeed in the digital age.

Contact USAGE Group Today:

For SMEs seeking to revolutionize their business support services and unleash their potential, USAGE Group offers a pathway to success. Contact USAGE Group today for a free consultation and discover how their innovative solutions can transform your business.

Contact Information: Email: usagejamaica@gmail.com

USAGE Business Support Services Group Internship Program Application Form – 2024

Proud Member and Partner of The Silicon Mountain Project
Operating from “Silicon Mountain – The Business Technology and Innovation Hub of the Caribbean”
Mandeville Manchester Jamaica

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Hundreds of Buyer Companies and Delegates Expected at CHTA Travel Marketplace

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More than 150 buyer companies and 1,000 delegates are expected to convene in Montego Bay for the 42nd staging of the Caribbean Hotel and Tourism Association (CHTA) Caribbean Travel Marketplace from May 20 to 23.

Speaking at a press briefing on Thursday (March 14), at the Jamaica Tourist Board (JTB) in New Kingston, President, CHTA, Nicola Madden-Greig, said a special effort is being made to bring more new buyer delegates to participate in the event.

“We have expanded to target buyers from Latin America, Eastern Europe and Asia,” said Mrs. Madden-Greig.

“We will also have for the first time a complete stand-alone MICE (Meetings, Incentives, Conferences and Exhibitions) itinerary with 20 meeting planners attending the first ever CHTA Caribbean MICE exchange,” she added.

The CHTA President pointed out that the MICE market has “tremendous potential” for the region, with more than US$900 billion generated worldwide in 2023.

It is expected to double that revenue by 2032.

Mrs. Madden-Greig also indicated that 50 regional and international media representatives are expected on the island to engage with Caribbean delegates and “share the news of the richness and diversity of our region”.

The 42nd CHTA Caribbean Travel Marketplace will feature three components – the Business of Tourism (The Caribbean Travel Forum on May 20), the Marketing of Tourism (CHTA Travel Marketplace May 21-22) and the Community of Tourism (Responsible Tourism Day on May 23).

Meanwhile, Minister of Tourism, Hon. Edmund Bartlett, said that the CHTA Caribbean Travel Marketplace is “a great moment of anticipation”.

Minister of Tourism, Hon. Edmund Bartlett,

“It is not an event in the context of a singular activity, but it is a great opportunity for us as a Caribbean people, not just to showcase the strength and power of our assets but also provide leadership with innovation,” he added.

The Minister said that he is excited about the various components of the CHTA Caribbean Travel Marketplace.

“The region is ready to take a new perspective on itself in this post-COVID era, to grow tourism to another level and the three key points that [Mrs. Madden-Greig] dealt with, tourism and business, tourism and marketing, but responsible tourism is perhaps at the heart of the innovation that we speak about,” said Minister Bartlett.

Caribbean Travel Marketplace affords tourism suppliers the opportunity to meet face to face with wholesalers from around the world selling Caribbean vacation travel.

The main objective is for suppliers and buyers to conduct negotiations that benefit the region.

Only CHTA members can attend the event.

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Stocks and Securities Limited Fraud Investigation Progressing – Dr. Clarke

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Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Stocks and Securities Limited (SSL) fraud case investigation is progressing.

“The magnitude of the case has warranted a long and thorough investigation. A file was submitted to the Office of the Director of Public Prosecutions by the FID (Financial Investigations Division) for the consideration of criminal charges against individuals, and the DPP is doing her job; and I think that Office has publicly stated that they will make a ruling at some point,” Dr. Clarke said during his opening presentation in the 2024/25 Budget Debate in the House of Representatives recently.

Dr. Clarke said the engagement of American financial and advisory firm, Kroll, was critical to the investigations.

He noted that they undertook an independent forensic audit to discern the facts relating to the fraud perpetrated at Stocks and Securities Limited over the period 2010 to 2023.

“The company was selected because it did not have any connection in Jamaica and because of the complexity of the matter, the volume of transactions, the number of accounts held by clients and the number of bank accounts held by the SSL network of companies.

“The Kroll team, working with the support of government agencies, including the FID and FSC (Financial Services Commission), utilised technology, data analytics and forensic expertise to produce a comprehensive and independent report of its findings in November 2023. The Kroll Report has confirmed that the suspected fraudulent activity and mismanagement at SSL and its related parties were much broader than initially understood,” the Minister stated.

Dr. Clarke said the investigative authorities now have a much clearer picture of what took place and those involved, adding that they are committed to bringing the persons involved to justice.

“The FID will use all the powers at our disposal to attempt to recover as much of the dissipated funds,” the Finance Minister informed.

Providing details on the fees paid to Kroll, he said the UK provided the equivalent of US$50,000 as an initial retainer for the firm’s engagement, pointing out that the total cost was US$1.2 million which was paid from the Civil Recovery Fund held by the FID.

“In addition to the payment to Kroll, the FID transferred J$100 million from this Civil Recovery Fund to the Consolidated Fund as budgetary support, including support for national security. Kroll was essential to the point where we have something before the DPP,” he said.

By: CHRIS PATTERSON JIS, March 18, 2024

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Brand Jamaica Must Be Protected – Senator Hill

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The Government continues to enhance the development and protection of the intellectual property (IP) rights of Jamaicans as a key contributor to national development, says Industry, Investment and Commerce Minister, Senator the Hon. Aubyn Hill.

“Brand Jamaica and the excellence of our products and services must be protected and not infringed if they are to contribute meaningfully to Jamaica’s growth and development,” he noted.

The Minister, who was addressing the recent CARIFORUM Intellectual Property Rights and Innovation Case law Conference at the Spanish Court Hotel in Kingston, said that through the Jamaica Intellectual Property Office (JIPO), works as diverse as music and computer programmes are protected by copyright; pharmaceuticals, by patents; and clothing and jewellery are protected as designs.

He informed that Jamaica jerk and rum have Geographical Indications protection, which provides safeguards against misuse or imitation of the registered names and guarantees the true origin of the products to customers.

The Minister noted, further, that Jamaica is a signatory to international treaties that have enabled businesspersons to more easily access the global IP system for the registration of their intellectual property.

“Examples are design rights through the Hague Agreement concerning the international registration of industrial designs, inventions and innovations through the Patent Corporation Treaty and, of course, the protection of business owners’ trademarks through the Madrid Protocol, which we most recently signed. We have ensured that this is a local provision through JIPO and have facilitated the international provisions through these international treaties,” he informed.

Senator Hill, in welcoming the staging of the Case Law Conference said the work of the judiciary in interpreting and giving effect to clarifying issues that arise in IP legislation is one of the key pillars of governance.

The hybrid conference was attended by members of the judiciary and academia from Caribbean and Latin American countries.

It aimed to increase capacity and knowledge among the judiciary, the legal profession and relevant educational institutions about intellectual property issues.

By: ROCHELLE WILLIAMS, March 18, 2024

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