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Corporate Movements – July 2019

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Fosrich Company Limited (FOSRICH) has advised of the following changes in management:
Mr. Warren Riley ceased to be the Commercial & Operations Manager on November 12, 2018 and as that date, reverted to the office of Senior Accountant
Mr. Richard Trusty, who was appointed Commercial & Operations Manager effective November 12, 2018, resigned effective March 14, 2019
Miss Michelle Thame was appointed Operations & Human Resource Manager effective July 1, 2019
Mr. David Ffrench was appointed Business & Relationship Manager effective January 2, 2019

Supreme Ventures Limited (SVL)has advised that Ms. Cheryl Hylton, Chief Information Officer, has resigned effective July 31,2019. In the interim, Senior Vice President for Operations, Nicholas Browne will assume responsibilities for the information technology portfolio.

Gwest Corporation Limited (GWEST) has advised that Ms. Marce HayLes resigned from her position of GWEST’s Chief Executive Officer, effective July 5, 2019. GWEST further advised that Ms. HayLes resignation is in keeping with staff rationalization strategy being undertaken by the Company.

Lasco Financial Services Limited (LASF) has advised that Mr. Kenneth Sylvester was appointed to LASF’s Board of Directors on July 5, 2019.

Sagicor Group Jamaica Limited (SJ) has advised that at a special meeting of the Board of Directors of their subsidiary company, Sagicor Bank Jamaica Limited, Mr. Bruce James was appointed the Chairman of the Board with effect from July 8, 2019. SJ further advised that Mr. James, a Director since 2011, succeeds Mr. Richard Byles who resigned as Director and Chairman of SJ’s Board on June 30, 2019.

Sagicor Group Jamaica Limited (SJ) has advised that at a special meeting of the Board of Directors of their subsidiary company, Sagicor Investments Jamaica Limited, Mr. Christopher Zacca was appointed the Chairman of the Board with effect from July 8, 2019.
SJ further advised that Mr. Zacca succeeds Mr. Peter Melhado who resigned from the Board of Sagicor Investments Jamaica Limited, consequent upon his appointment as SJ’s Chairman.

iCreate Limited (ICREATE) has advised that Mrs. Sandra Glasgow tendered her resignation as Chairman and Board Member from the Board of iCreate Limited, effective July 5, 2019.

“Under her leadership and stewardship, Mrs. Glasgow successfully navigated the Company’s listing on the Junior Market of the Jamaica Stock Exchange. The Board wishes to express its sincere gratitude for her service to iCreate Limited,” states ICREATE.

ICREATE also advised that at a Board Meeting on July 4, 2019, the Board appointed Mr. Lissant Mitchell as Director and Chairman of the Board effective July 5, 2019. Mr. Mitchell was also appointed as Mentor to the Company.

“Mr. Mitchell is an experienced and driven executive with a successful career spanning twenty-five years in the Financial Industry, twenty of which have been at the management, senior management and executive levels, with tenures at local institutions as well as affiliates/subsidiaries of regional and international financial groups. He has a proven track record in designing and executing long term sustainable strategic priorities and change management initiatives. Mr. Mitchell has also served on a number of boards including that of the Jamaica Stock Exchange Limited, and Scotia Investments Jamaica Limited where he also served as its CEO.

“The Board and Management of iCreate look forward to the continued growth of the Company under the leadership of Mr. Mitchell,” ICREATE states.

Victoria Mutual Investments Limited (VMIL) has advised that Mrs. Karlene Mullings, Head of Sales and Client Services of Victoria Mutual Wealth Management Limited; a subsidiary of VMIL, is no longer with the organization, effective June 30, 2019.

Barita Investments Limited (BIL) has advised that Ms. Jacqueline Peart has resigned her post as Financial Controller of BIL, effective July 31, 2019.

Dolphin Cove Limited (DCOVE) has advised that Director, Mr. Travis Burke has resigned from the board with effect June 1, 2019.

138 Student Living Jamaica Limited (138SL) has advised that Mr. Richard Byles has resigned from his position as Chairman of the Board and its subsidiary effective June 30, 2019. 138SL has also advised that at a Board meeting held on July 3, 2019, the Board approved the appointment of Director, Ian Parsard, to the position of Chairman.

Sagicor Group Jamaica Limited (SJ) SJ has advised that consequent upon the announced appointment of Mr. Richard Byles to the post of Governor of the Bank of Jamaica, Mr. Byles has resigned as Chairman and/or Director of SJ, its subsidiaries and all Board Committees as at June 30, 2019.
SJ further advised that as an interim measure, Dr. the Hon. R.D Williams was appointed as Chairman to preside over the Company’s Annual General Meeting held on July 1, 2019 at 3:00 p.m. At a special Meeting of Directors held on July 1, 2019, Peter Melhado was appointed the Chairman of SJ effective July 2, 2019.
Mr. Melhado was also appointed Director and Chairman of the following subsidiaries:
Sagicor Life Jamaica;
• Sagicor Life of the Cayman Islands Ltd
;
He will continue as a Director of Sagicor Bank Jamaica Limited but will demit office from the Board of Sagicor Investments Jamaica Limited.

Medical Disposables and Supplies Limited (MDS) has advised of the appointment of the following managers:
Mr. Sheldon Rose, Operations Manager, effective May 6, 2019
Mr. Louis Manning, Sales & Marketing Manager (Consumer Division) effective June 17, 2019
Mrs. Antoinette McDonald, Divisional Sales Manager (Dr. Reddy’s Laboratories and Medical), effective April 1, 2018.

Scotia Group Jamaica Limited (SGJ) has advised of the appointment of Mrs. Debra Lopez Spence as Vice President, Sales and Service Insurance & Wealth effective July 1, 2019.

138 Student Living Jamaica Limited (138SL) has advised of the appointment of Mr. Cranston Ewan as Chief Executive Officer (CEO) of the Company and its subsidiary as of June 24, 2019.
138SL has also advised that Ms. Rose Hamilton, the present CEO, will go into retirement effective July 18, 2019.
138SL further advised that Director, Mr. Ian Parsard, has been appointed to the Audit Committee of the Board effective July 1, 2019.

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GCT Exemption Threshold for MSMEs Increased to JA$15 Million

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The Government of Jamaica has announced an increase in the General Consumption Tax (GCT) exemption threshold from $10 million to $15 million for micro, small and medium-sized enterprises (MSMEs).

Minister of Finance and the Public Service, Hon. Fayval Williams, in opening the 2025/26 Budget Debate in the House of Representatives on March 11, said the change is aimed at supporting the growth and development of small businesses.

Mrs. Williams said the latest figures from the Small Business Association of Jamaica (SBAJ) show that there are an estimated 422,000 registered small businesses in Jamaica, generating 80 per cent of the jobs in the Jamaican economy.

“This means 1,136,240 persons in our workforce are employed by MSMEs,” the Finance Minister noted.

In addition, the Minister said the Government has allocated $2 billion to support MSMEs.

“[The sum of] $2 billion is in the Budget for the Development Bank of Jamaica (DBJ) to allow them to continue to facilitate sustainable growth of start-ups and MSMEs, and to continue to support women-led initiatives, entrepreneurship training, including digital skills bootcamp,” she outlined.

The DBJ is a public body in the Ministry of Economic Growth and Job Creation that channels financing to MSMEs, as well as large projects, to facilitate economic growth and development.

“It will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” Mrs. Williams said.

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JA$2 Billion in Support to Jamaican MSMES

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

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The Development Bank of Jamaica (DBJ) has been allocated $2 billion in the 2025/26 Estimates of Expenditure to support funding to the micro, small and medium-sized enterprise (MSME) sector.

Minister of Finance and the Public Service, Hon. Fayval Williams, made the disclosure while delivering the opening presentation in the 2025/26 Budget Debate in the House of Representatives on Tuesday (March 11).

“It (the DBJ) will continue to pursue innovative means of mobilising funding and leveraging private-sector investment and expertise through its venture capital programme, as well as public-private partnerships and privatisation transactions,” she informed.

Mrs. Williams noted the Government’s commitment to the MSME sector, which includes an estimated 422,000 registered small businesses, generating 80 per cent of the jobs in the economy.

Approximately 1,136,240 persons are employed by MSMEs.

The Minister acknowledged that there are several issues facing the sector, including lack of equitable access to financing, high interest rates and cumbersome requirements for opening bank accounts.

“Small business owners have said to me that opening a bank account for their business is difficult. They feel there’s no difference between the requirements for them as MSMEs, as opposed to a very large institution,” she noted.

She pledged to work with Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to reduce the requirements for the entities to open bank accounts.

The Finance Minister noted, further, that Government will be increasing the General Consumption Tax (GCT) exemption for small businesses from $10 million to $15 million.

By: Donique Weston JIS

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Jamaica Open For High-Value Agricultural Investments – Minister Green

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

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Jamaica is being touted as a prime destination for high-value agricultural investments.

Minister of Agriculture, Fisheries and Mining, Hon. Floyd Green, highlighted that the country is at a pivotal stage in its transformation, pointing out that the Ministry’s key objectives are to drive investment, expand trade, and strengthen food security.

“To achieve this objective, the nation must collaborate with its international partners,” he told members of the Diplomatic Corps on Wednesday (March 12).

Minister Green said Jamaica, having seen a declining debt-to-GDP ratio and myriad other positive economic outcomes in recent years, is well positioned to take advantage of global opportunities.

He was speaking during a Ministerial Briefing at the Ministry of Foreign Affairs and Foreign Trade in downtown Kingston, which formed part of activities marking Diplomatic Week 2025.

Mr. Green said while Jamaica currently benefits from several trade arrangements with its regional partners, the Government wants to expand the global footprint in trade and investment.

“What we want to see from my Ministry’s perspective [is] how we can leverage these arrangements to do much more. As such, we want to work with you (the diplomatic corps) to drive trade expansion, to reduce market barriers and to facilitate direct connections with importers and distributors so that we can expand our exports,” the Minister outlined.

He added that there are significant investment opportunities and win-win proposals for Jamaica and its partners.

“Now is the time for high-value agricultural investment, right here in Jamaica. Things that we produce in Jamaica are sought after all over the world. As such, we do believe there are significant opportunities now in agro processing,” Mr. Green said.

The Minister emphasised that one area now ripe for investments is orchard crop farming.

“We do have land available for investment in orchard crops. In fact, we’ve developed our first ever mango orchard, or mango agro park, where we invite private-sector investors to come in and establish 50-acre blocks of mango farms. That is going well. In fact, we’ve already established about 200 acres. We want to establish another 300 acres in this financial year,” the Minister outlined.

Mr. Green also touted opportunities in livestock farming and the dairy industry, noting that Jamaica is looking to leverage partnerships in this area.

“We want to facilitate greater bilateral discussions between you and your home countries with Jamaica’s agricultural sector around investment… around connecting investors with local projects that can accelerate economic growth,” he told the diplomats.

Mr. Green pointed out that Jamaica’s collaboration with its international partners has been instrumental in advancing the nation’s economic agenda.

By: Donique Weston, JIS

Photo: Yhomo Hutchinson

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Powering the Future: How Tech and Policy Are Driving Explosive Growth in Energy Storage, Renewables, and EVs

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The energy storage, renewable energy, and electric vehicle (EV) industries are experiencing significant growth, driven by technological advancements and policy support.

Energy Storage Sector

The global energy storage market is projected to expand from USD 416.02 billion in 2025 to USD 841.19 billion by 2033, reflecting a compound annual growth rate (CAGR) of 9.2% (Straits Research, 2024). This growth is primarily attributed to the increasing integration of renewable energy sources and the need for grid stability. In the United States, battery energy storage capacity is expected to nearly double by 2024, reaching over 30 gigawatts (U.S. Energy Information Administration, 2023).Mission-Critical Energy Storage Battery Pack Sector.

Mission-Critical Energy Storage Battery Pack Sector

The demand for mission-critical energy storage solutions is intensifying, particularly in sectors requiring an uninterrupted power supply, such as data centres and healthcare facilities. The U.S. battery energy storage system market is anticipated to witness a CAGR of 30.5% from 2024 to 2030, reaching USD 4.4 billion by 2030 (Grand View Research, 2023). This surge is driven by the need for reliable backup power and the integration of renewable energy sources into critical infrastructure.

Renewable Energy Industry

The renewable energy sector is undergoing rapid expansion. In 2024, the United States added 48.2 gigawatts of solar, wind, and battery storage capacity, a 47% increase from the previous year (The Guardian, 2025). Declining costs and supportive policies like the Inflation Reduction Act 2022 propel this growth. Globally, China has made significant strides, adding clean energy generation in the first half of 2024, equivalent to the entire electricity output of the United Kingdom for the previous year (The Guardian, 2024).

Electric Vehicle Industry

The EV market is expanding swiftly. In 2023, electric cars accounted for approximately 18% of all vehicles sold globally, up from 14% in 2022 (International Energy Agency, 2024). Projections indicate that by 2024, 25% of all new passenger car registrations will be electric, surpassing 17 million units in sales worldwide (GreenMatch, 2024). This trend is supported by technological advancements, increased consumer acceptance, and policy incentives to reduce carbon emissions. These industries are experiencing robust growth, driven by technological innovation, policy support, and a global shift towards sustainable energy solutions.

Extracted from Alexander Melville Chief Executive Officer Tropical Battery Company Limited (TROPICAL) – Interim Financial Statements For The First Quarter Ended December 31, 2024

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Corporate Movements: Margaret Campbell Appointed CEO of GKMS Group; Lee-Anne Bruce Named COO

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GraceKennedy Limited (GK) is pleased to announce leadership changes at GraceKennedy Money Services (GKMS) as part of its ongoing succession plan and strategic talent development and deployment.

Effective April 1, 2025, Margaret Campbell will assume the role of Chief Executive Officer (CEO) of the GKMS Group. Campbell, who has worked with GKMS for over 25 years, has served as its Chief Operating Officer (COO) since 2020. She joined GKMS in 1996 and has held several leadership roles during her tenure including, Financial Controller, Chief Financial Officer (CFO), and Country Manager for GKMS Jamaica. A Fellow Certified Chartered Accountant, Campbell also holds an MBA in Finance from the University of Manchester and serves on several GK subsidiary boards. She is also the current President of the Jamaica Money Remitters Association.

Frank James, Group CEO of GraceKennedy, expressed confidence in Campbell’s leadership, stating, “Margaret has demonstrated strong leadership and an unwavering commitment to providing exceptional value and convenience to our customers across Jamaica and the wider Caribbean, in keeping with our vision of being the number one Caribbean brand in the world. I have no doubt she will continue to drive GKMS forward.”

Grace Burnett, CEO of GKFG, added, “Margaret’s industry expertise and strategic approach make her the ideal person to lead GKMS into the future. Her experience and passion for operational excellence will be instrumental as GKFG continues to grow and evolve.” The announcement of Campbell’s appointment comes as Burnett, who has led GKMS since 2019, prepares to retire from GraceKennedy later this year.

Lee-Anne Bruce

Additionally, GraceKennedy has named Lee-Anne Bruce as the new COO of the GKMS Group, also effective April 1, 2025. Bruce holds a bachelor’s degree from the Frank G. Zarb School of Business at Hofstra University and is a Certified Anti-Money Laundering Specialist. With over a decade in senior leadership roles at GK, she has served as Group Chief Compliance Officer, Chief Risk Officer, and most recently, Chief Audit Executive. She began her career at GK in 2003, when she played a key role in GKMS’ expansion into the Eastern Caribbean.

Margaret Campbell, incoming GKMS CEO, welcomed Bruce’s appointment, stating, “Lee-Anne is no stranger to GKMS and her extensive experience and understanding of our business will undoubtedly be invaluable in her new role.”

In light of the leadership changes at GKMS, Judith Chung, Group Chief Compliance Officer & Senior Legal Counsel, will act as Chief Audit Executive of GraceKennedy Limited, while Jason Bailey, Head of Risk, will temporarily assume responsibility for the Compliance portfolio.

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