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Editorial- other countries have done it; so can Jamaica

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Anyone who needs a quick but comprehensive education on Jamaica should begin by reading The List of Top 10 CEOs of 2009. Examining the Top CEOs, from Chris Williams to Brian George, it is clear that this isn’t merely about business. It is also about Jamaican history, politics, immigration, economics, international finance and sociology.

The story of companies such as Seprod and GraceKennedy, two businesses that stock local pantries with consumer products, tell about the evolution of a manufacturing sector geared to boost domestic production and rely less on the importation of goods especially from North America.

The performance of these executives and the companies they lead reflect the health or lack thereof, strengths and vulnerabilities of the Jamaican economy and its place in the global economy. Setbacks and failures usually suggest the need for regulatory reform or a need to curb government intervention in the free market place.

The List is also a reminder of the sociology of corporate life in Jamaica. The linen ceiling has been breached but still hangs largely in place. Anya Schnoor is the only female CEO to have broken through, but others, such as Theresa Chin of Montego Bay Ice Company and Fayval Williams of Kingston Properties Ltd., aren’t far off and must be reckoned with in due course. There are many women who sit on the board of directors of Jamaica’s top companies; it is only a matter of time before they progress from director to managing director in much more impressive numbers. The wealth of talent can only be denied for so long.

What are the lessons that can be drawn from looking at the personal journeys of the successful CEOs? Most have spent time studying abroad in either the United States or Canada. Some found their calling after early career missteps. All are highly competitive and driven to excellence. Some clearly benefited from important family connections. Many of the CEOs emerged from entrepreneurial backgrounds. Their parents were either business or professional people. The next generation of indigenous CEOs should see the stories of The List as a blueprint for their own future success.

As The List continues to evolve, we expect the continued dominance of financial institutions and manufacturers. How long will it take for an indigenous high tech company to break through? Let’s hope we don’t have to wait too long. The challenge is to harvest this nation’s immense intellectual capital, at home and abroad, to make that giant step forward.  Other countries have done it; so can Jamaica.

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John Mahfood “I Listed on the JSE to Raise Capital for My Business”

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JSE Online Trading Platform

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Grace Stockholders To Vote On 3-for-1 Stock Split Today

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Shareholders of GraceKennedy Limited will this morning meet to consider and, if thought fit, approve a recommendation for a three-for-one stock split.

If approved, shareholders will receive three stocks for each one that is currently held.

According to group CEO Don Wehby, the stock units with a market price of J$115.00 per stock unit prior to the split will now increase threefold with an initial price of J$38.33 per stock unit

He says the stock split would allow GK’s stock to be made available to more investors while further enhancing the market for the shares.

Ahead of this morning’s Extraordinary General Meeting, GK last week issued 59,360 additional GK shares.

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UK Loses S&P Triple A Rating

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The UK has lost its top AAA credit rating from ratings agency S&P following the country’s vote to leave the EU.

S&P says the referendum result could lead to “a deterioration of the UK’s economic performance, including its large financial services sector”.

Earlier the pound plunged to a 31-year low against the dollar, and UK markets closed lower for a second day. On Friday,

Moody’s cut the UK’s credit rating outlook to negative.

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Caribbean Hotels Named In Jetsetters’ 2016 Best Of The Best

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Three Caribbean hotels have been named in US-based travel and lifestyle magazine Jetsetter’s 2016 Best of the Best awards.

The list which was published recently, highlighted the world’s 20 best hotels in categories ranging from Best Over-The-Top Luxury to Best Safari Lodge.

Included in the list were Antigua and Barbuda’s Barbuda Belle Luxury Beach Hotel, Anguilla’s Zemi Beach House Resort & Spa, and St Lucia’s BodyHoliday.

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