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Bank Of Jamaica Projecting 2022/23 Fiscal Year Growth To Be Within The Range Of 2.5% And 4.5%.

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The Bank of Jamaica (BOJ) is projecting 2022/23 fiscal year growth to be within the range of 2.5 per cent and 4.5 per cent.

Governor, Richard Byles, says growth is also expected to range between one and three per cent for 2023/24.

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

Noting that the economy continues to perform creditably, Mr. Byles cited signs of strong expansion in the April to June 2022 quarter, “and, so far, in the September 2022 quarter”.

The Governor said the labour market continues to perform exceptionally, noting that the April 2022 Labour Force Survey out-turns showed that the unemployment rate fell to a historic low of six per cent.

Mr. Byles told journalists that the financial system remains resilient, pointing out that deposit-taking institutions’ (DTIs’) balance sheets have remained “adequately capitalised and in compliance with prudent liquidity standards”.

“The quality of the DTIs’ loan portfolio remained stable with a ratio of non-performing loans (NPLs) to gross loans marginally better than that recorded a year earlier,” he added.

Mr. Byles pointed out, however, that private-sector credit provided by DTIs has been growing but at a slower pace, reflecting the lagged effect of the pandemic and the effect of higher interest rates on credit demand, particularly from businesses.

He said the Bank anticipates that growth will continue to be driven by the services industry, particularly tourism, “which has been recovering at a faster than anticipated pace”.

“There has also been some buoyancy in the agricultural sector, which is expected to continue as the tourism sector recovers and weather conditions remain favourable. The forecasted growth also reflects the recent resumption of production at the JAMALCO alumina plant,” he added.

The plant, which is based in Clarendon, was impacted by a fire in August 2021.

Mr. Byles said, however, that the risks to the growth forecast are skewed to the downside, suggesting the possibility of slower growth.

“Growth in tourist arrivals and related activities could be lower than projected, given strong headwinds to global growth from inflation, tighter financial conditions and geopolitical tensions. More severe weather in the context of climate change also poses a downside risk to GDP growth. Finally, there is a risk that domestic consumption could be adversely affected by the high, albeit falling, domestic inflation,” he stated.

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Businessuite News24

Corporate Feature: BlackSlate Holdings Group: Pioneering Investment Excellence and Global Impact

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In the dynamic landscape of private investments, BlackSlate Holdings Group Limited stands out as a beacon of innovation and strategic foresight. As a privately owned Jamaican registered holding company, BlackSlate orchestrates a diverse array of companies and investments that span the United States and the Caribbean. This article delves into the essence of BlackSlate, examining its commitment to delivering secure returns, strategic investment focus, corporate support structure, and the profound impact of The Walkbout Foundation.

Securing Returns in a Diverse Portfolio:

BlackSlate’s primary objective is to provide its select group of shareholders with safe and consistent returns through a meticulously curated portfolio of regional and international investments. The company’s adept management oversees investments in wholly owned subsidiaries, real estate, patents, trademarks, stocks, and other tradable assets. This approach not only ensures stability but also positions BlackSlate as a pioneer in navigating the complexities of the modern investment landscape.

Strategic Investment Focus:

BlackSlate’s strategic focus centers around identifying and securing private equity positions in small and medium-sized companies with robust business models and growth potential. This distinctive approach has allowed BlackSlate to carve a niche in the market, creating a well-diversified investment profile that seamlessly integrates technology, real estate, and enriching travel experiences.

Unifying Corporate Support:

Beyond financial growth, BlackSlate recognizes the importance of unifying its investments and businesses under a centralized corporate structure. This commitment to cohesive management ensures optimal efficiency in policy direction and management services, setting the stage for sustained success.

The Walkbout Foundation: Fostering Global Experiences:

At the core of BlackSlate’s mission is The Walkbout Foundation, a testament to the company’s commitment to making a positive impact. This foundation, in addition to supporting environmental activities, champions travel as a transformative force for developing human capacity and experiences. Annually, BlackSlate sponsors individuals under the age of 25, enabling them to explore diverse cultures, cuisines, and beverages on the global stage. This initiative is funded through a percentage of the company’s net revenues, exemplifying BlackSlate’s dedication to creating lasting value beyond financial metrics.

Conclusion:

BlackSlate Holdings Group Limited emerges as a trailblazer in the world of private investments, combining strategic acumen with a commitment to global impact. As the company continues to navigate the complexities of the investment landscape, its focus on securing returns, strategic investment approach, unified corporate support, and philanthropic initiatives through The Walkbout Foundation solidify BlackSlate’s position as a leader in investment excellence.

www.blackslateholdings.com

 

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Derrimon Secures Landmark Financing Partnership Of Up To US$13m With IDB Invest

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Proceeds to support capital and capacity building, reusable green energy and the modernization and enhanced efficiency of company’s warehouse and distribution channels.

Derrimon Trading Company Limited (DTL), a leading distributor of consumer goods in Jamaica, has successfully secured a landmark financing partnership of up to thirteen million dollars (US$13,000,000) with IDB Invest, the private sector arm of the Inter-American Development Bank (IDB). The financing, structured in three tranches, is expected to propel Derrimon towards achieving key initiatives focused on trade financing, brand building, employment generation, and green energy implementation.

The financing comprises:
Tranche I: A committed senior financing of up to three million dollars (US$3,000,000) to finance the implementation of solar panels, and modernization of the company’s warehouse and distribution center in Jamaica.

Tranche II: A committed revolving credit line of up to five million United States dollars (US$5,000,000) to purchase goods from eligible Suppliers in various jurisdictions, including Guyana, Suriname, and Norway.

Tranche III: An uncommitted senior financing of up to five million dollars (US$5,000,000) to finance capital expenditure and/or working capital needs in Jamaica.

The usage of the proceeds aligns with Derrimon’s commitment to sustainable practices and the development of local infrastructure.

Derrick Cotterell , Chairman and Group Chief Executive Officer at Derrimon Trading Company Ltd, expressed the historical significance of working with a multilateral institution like IDB Invest on a transaction of this nature. “This partnership is a testament to the strong foundation we have built over the past years and reinforces our commitment to excellence in trade financing, brand development, job creation, and green energy initiatives. Collaborating with IDB Invest is a historic milestone for us, and we are confident that it will significantly contribute to the growth and sustainability of our business,” shared Cotterell.

The transaction, marshaled by legal representatives Basil Lee Williams of Matthew Hogart & Company Limited for DTL, Hunton Andrews Kurth (Vera Rechsteiner and Gustavo RodriquezVillate), NY Counsel for IDB Invest and Hart, Muirhead, Fatta (Donovan Walker and Justine Collins), Jamaican Counsel for IDB Invest, emphasizes the meticulous approach taken in structuring this groundbreaking financing arrangement.

Derrimon Trading, with operations dating back to 1998, has evolved into a major player in the consumer goods distribution sector, with a diverse portfolio that includes Sampars, Select Grocers, Caribbean Flavours & Fragrances, Spicy Hill Farms, Arosa Limited, Woodcats International, Food Savers NY Inc, and Good Foods For Less LLC NY.

As IDB Invest continues to be one of the partner of choice for the private sector in Latin America and the Caribbean, Derrimon Trading remains committed to economic growth, social inclusion, and sustainable business practices. The partnership signals a new chapter in the company’s journey, fostering growth and innovation in the region.

“Latin America and the Caribbean region is responsible for 40% of the food traded worldwide. At IDB Invest, we are committed to working with companies like Derrimon in Jamaica to play a leading role in being part of the solution to global needs,” said James Scriven, CEO of IDB Invest.

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Corporate Movements

Corporate Movements – February 2024

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MASSY HOLDINGS LTD. Board wishes to advise that Mr. E. Gervase Warner, President and Group Chief Executive Officer, has undertaken to proceed on early retirement from the Company and retire from its Board of Directors effective April 06, 2024. The Board is also pleased to advise that Mr. David Alfonso, Executive Vice President and Executive Chairman Integrated Retail Portfolio, will replace Mr. Warner as President and Group Chief Executive Officer effective April 06, 2024, while continuing in his current role. The Chairman and the Board of Directors would like to thank Mr. Warner for his many years of dedicated service to the Group.

GraceKennedy Limited has advised that Mr Jason Bailey has been appointed to the position of Head of Risk, effective February 1 , 2024.
Prior to joining GraceKennedy, Mr. Bailey served as Manager, Risk & Compliance at VM Wealth Management Limited; and Manager, Enterprise Risk Management, Strategic & Operational Risks at Sagicor Group Jamaica Limited. Mr Bailey holds an MSc in Enterprise Risk Management and a BSc in Mathematics, with an emphasis on Actuarial Science. In his new role, Mr. Bailey will report to the Group Chief Compliance Officer & Senior Legal Counsel.

Seprod Limited (SEP) announces that Mr. Euton Cummings joined the Seprod Group as Chief Strategy Officer–Human Capital effective January 1, 2024. Mr. Cummings holds a B.Sc. in Accounting and Management Studies and a M.Sc. in Computer Based Management System. He has more than 25 years of executive experience and comes to Seprod from a distinguished career in the banking sector. The Group welcomes Mr. Cummings and wish for him success in his new role.

Scotia Group Jamaica Limited announces the appointment of Dayne Bucknor to the role Director, Strategic and Business Analytics, Caribbean North & Central and Christopher Samuels to the role Regional Director, Jamaica Retail District B, both effective February 1, 2024.

Seprod Limited (SEP) informs that Dr. Patrick Sterling departed the Seprod Group as Group Human Resource and Industrial Relations Manager effective December 31, 2023. Dr. Sterling served the Group for over ten years and was responsible for several key developments in the human resource and industrial relations functions.

Caribbean Assurance Brokers Limited wishes to advise that effective January 31, 2024 Ms. Krystal Gayle, has transitioned from her position as Divisional Manager – International Insurance and has joined our third party claims administrator (loss adjuster) for International Health Insurance (ICHIP) in a more senior role. As a result, Ms. Judane Brissett has been promoted to Administrative Manager – International Insurance Division, effective February 1, 2024.

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Exploring the Path to Enhanced Transportation Efficiency in Jamaica

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Jamaica stands at a critical juncture in transforming its transportation sector to achieve both economic resilience and sustainable development. Reflecting on the broader goals within the realms of energy efficiency and sustainability, it becomes imperative to examine the factors influencing Jamaica’s transportation efficiency. As an island nation with a high dependency on imported fossil fuels, Jamaica faces unique challenges that directly impact its transportation sector’s efficiency and sustainability.

External Economic Vulnerabilities

Being economically vulnerable to external factors, such as fluctuations in global energy prices, significantly influences Jamaica’s transportation sector. This vulnerability stems from an over-reliance on imported oil, making the cost of transportation susceptible to global oil market dynamics. Such dependencies not only increase the operational costs of transportation but also hinder efforts towards achieving efficiency and sustainability.

The volatility of oil prices directly impacts the operating costs for both public and private transportation modes, translating into higher fares for commuters and increased expenses for goods transportation. This scenario underscores the urgent need for Jamaica to diversify its energy sources and reduce dependency on imported oil.

Integrating renewable energy sources into the transportation sector could serve as a viable mitigative strategy. Utilizing Jamaica’s abundant renewable resources, such as solar and wind, could significantly reduce the dependency on fossil fuels, thereby insulating the transportation sector from external economic shocks and contributing to enhanced efficiency.

However, transitioning to renewable energy-powered transportation systems involves overcoming a range of structural, economic, and technical challenges. Investments in infrastructure, public awareness, and regulatory frameworks are essential to facilitate this transition.

Societal Consumption Patterns

Jamaica’s high consumption society profoundly impacts transportation efficiency. Choices in vehicular purchases, for instance, are seldom made with energy efficiency in mind. This inclination towards high-consumption models contributes to greater fuel use and increased greenhouse gas emissions, further straining the push towards transportation efficiency.

Addressing societal consumption patterns requires a shift in public perception and behavior towards transportation. Encouraging the adoption of energy-efficient vehicles through incentives and awareness campaigns could play a significant role in this regard. Additionally, promoting public transportation and non-motorized transport modes as viable and efficient alternatives could also help reduce the transportation sector’s overall energy footprint.

Furthermore, enhancing public awareness about the interconnectedness of lifestyle choices, energy consumption, and environmental impact is crucial. Education and outreach initiatives that highlight the benefits of energy-efficient transportation choices could foster a societal shift towards sustainability.

The Government of Jamaica’s role in championing energy efficiency via policy interventions, such as the National Energy Policy and the Vision 2030 Jamaica Plan, plays a pivotal role in steering society towards more sustainable consumption patterns. Regulatory instruments, alongside targets and incentives for energy efficiency, can provide a balanced mix of push and pull factors to drive efficiency improvements across the transportation sector.

Infrastructure and Technology

Infrastructure and technology advancements are pivotal for enhancing Jamaica’s transportation efficiency. The existing transportation infrastructure often does not support optimal energy use or facilitate the deployment of modern, energy-efficient technologies.

Investing in infrastructure modernization and maintenance can significantly reduce energy consumption in the transportation sector. Improvements in road quality, for example, can decrease fuel consumption by reducing vehicle wear and tear and travel times.

Adopting advanced transportation technologies such as electric vehicles (EVs) and implementing smart traffic management systems can also contribute to efficiency. However, such technological transitions require supportive infrastructure, including EV charging stations and integrated traffic management systems.

In conclusion, a multi-faceted approach encompassing policy interventions, societal shifts, and infrastructure and technological upgrades is essential for improving transportation efficiency in Jamaica. Addressing these key factors will not only contribute to reducing Jamaica’s carbon footprint but also pave the way towards a more resilient and sustainable transportation sector.

  • Economic vulnerabilities due to reliance on imported oil significantly impact transportation costs and efficiency.
  • Societal consumption patterns and preferences towards high-consumption vehicles impede efforts towards transportation efficiency.
  • Investments in infrastructure and technology are crucial for enabling the adoption of energy-efficient transportation solutions.
  • Government policy and regulatory frameworks play a pivotal role in driving the transition towards more efficient and sustainable transportation systems.

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JSE REGIONAL CAPITAL MARKET CONFERENCE 2024 The Drivers of Capital: From Concept to Growth – JANUARY 23-25, 2024

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Background
The Regional Investments and Capital Markets Conference started in 2006 and is hosted annually by the JSE at the beginning of each year. The Conference attracts an elite group of executives and sponsors from different industries in Jamaica and across the region. There is no better testimony to the success of any Conference than the fact that the major sponsors remain on-board year after year. Jefferies Group LLC is the Conference’s main overseas sponsor, a leading global investment banking firm that provides investors, companies and governments with a full range of investment banking and wealth management services across the financial spectrum.

By its successful staging each year, JSE’s Regional Conference has earned its place as a calendar event to which government officials, leading experts in business, investors and other stakeholders, locally and worldwide look forward to attend each year. With each year’s theme, the Conference gets more exciting and entertaining. Since 2021, due to the COVID-19 pandemic, the Conference is held in hybrid format and participants join from Asia, Africa, Europe and North and South America. This has enhanced the popularity of the Conference and positioned it to being among the best conferences in the world.

The Conference examines areas of growth, challenges and advancements that are currently shaping societies and the world economies and critique how economies and businesses can best manage such rapid changes and capitalize on opportunities for progress through provocative discussions, formal and informal.

Every year, the conference brings together world class leaders and industry experts who willingly share their success secrets and demystify complex topics into common language that business people and professionals from every sector can understand and be equipped for the year ahead, to navigate successfully and thrive through the sweeping global trends and disruptions that are affecting every country and region.

For More Information CLICK THIS LINK

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