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EPOC Chair Sees More 'Belt Tightening' Following Increase In Income Tax Threshold

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8 years ago

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Co-chair of the Economic Programme Oversight Committee (EPOC), Richard Byles has expressed concern about what the increase in Income Tax announced by the government last week could mean for the economy.

Addressing yesterday’s EPOC Press Briefing, Byles said this increase will mean the country could face more belt-tightening measures to support a $25-billion gap in budget come next March.

He says he is concerned about how funding this $25 billion will affect the National Housing Trust drawdown of $11 billion annually to fund budget expenditure in meeting the primary surplus which will come to an end next March.

Byles says while he is not fully aware of the details of the government’s plan to fund these activities, there needs to either be a review of the agreement or find some other way to plug that gap of the 11 billion plus the 14 billion from the tax threshold increase.

He says this represents a potential 25 billion challenge in the 2017/2018 fiscal year.

“Why am I talking about it now? It’s a big number and we have to start thinking about it and craft the way in which we are going to deal it. Although it falls outside of the IMF programme, which terminates in March of next year, nonetheless it is a challenge that will be there and we will have to meet it,” Byles said.

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

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7 years ago

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November 24, 2016

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JSE Online Trading Platform

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7 years ago

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November 24, 2016

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

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8 years ago

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July 11, 2016

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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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8 years ago

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June 27, 2016

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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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8 years ago

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June 27, 2016

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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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