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Jamaica Employers’ Federation (JEF) President David Wan, Anticipates Lowering of Interest Rate



Jamaica Employers’ Federation (JEF) President, David Wan, is anticipating that the Central Bank will commence lowering the policy interest rate on deposit-taking institutions’ overnight placements soon, based on the latest inflation rate out-turn.

The Statistical Institute of Jamaica (STATIN) reports that inflation, which peaked at 11.8 per cent in April 2022 and has been falling since, dipped to 6.2 per cent in March.

The out-turn is within touching distance of the Bank of Jamaica’s (BOJ’s) four to six per cent target range.

It also surpassed projections indicated by Governor, Richard Byles, that inflation was “on track to fall within the range of 6.75 to 7.25 per cent for the [2022/23 financial] year”.

“This outlook is consistent with global consensus forecasts for a fall in commodity and shipping prices. It also assumes that inflation expectations will continue to decline and… takes into account the Bank’s overall monetary policy stance,” Mr. Byles further stated.

That stance saw the BOJ’s Monetary Policy Committee (MPC) gradually increasing the interest rate from 0.50 per cent to seven per cent in response to rising inflation, largely consequent on the economic fallout sparked by the COVID-19 pandemic, among other factors, which was intended to reduce consumer demand for certain goods.

This was pursued along with other measures to contain Jamaican dollar liquidity expansion and maintain relative foreign exchange market stability.

The BOJ has, however, held the policy rate at seven per cent, since inflation commenced decelerating.

Mr. Wan says the JEF is “most pleased that inflation has come back down to this level, which is slightly above the upper end of what the authorities are looking for”.

“We, therefore, anticipate that the Central Bank, following the cues of the inflation rate, will [at] the next [MPC] meeting that they have… not only hold the rate [at seven per cent, but will] drop it by half a percentage point, because inflation has done what they wanted it to do,” he adds.

Mr. Wan says based on the latest 12-month out-turn, to the end of March, there is a definite “crystal clear” downward trend in inflation and predicts that “it’s going to come down more”.

He maintains that the policy interest rate reduction anticipated, once it materialises, is “going to be good for business, because the banks will follow, sooner or later, with dropping interest rates on the car loans, on maybe, the home mortgages, and the business loans”.

“The cost of doing business should, therefore, go down with this downward movement [in the interest rate],” the JEF President adds.

Mr. Wan also praises the authorities for “very cleverly” engineering foreign exchange stabilisation and appreciation, noting this, too, has served to temper inflation.

He notes that between three and six months ago, the exchange rate averaged approximately $155 to US$1.

“It’s down to $153-plus-something. So that has made imports a little cheaper, because the Dollar is now $153 not $155, and that reduction, small as it sounds, is another factor in tempering… and even causing a little downward movement in inflation,” Mr. Wan tells JIS News.

An additional factor that he says is driving down inflation is a “loosening up” of the global supply chain, which was largely crippled by the pandemic’s onset, “where you had factories shutdown in certain regions, and you had shipping services shutdown, among other things”

“I think that is well on its way back to normal, including the rise in shipping costs, which a lot of people have spoken about. The information I have… is that that cost is back down to the normal range now. So that’s very positive,” Mr. Wan says.

Senior BOJ Deputy Governor, Dr. Wayne Robinson, has indicated that consequent on the Bank’s policy actions, “along with the fact that we have been seeing a lowering of the prices of some international commodities over the past 10 months… we have been seeing a general reduction in the rate of inflation”.

Bank of Jamaica (BOJ) Governor, Richard Byles (right), and Senior Deputy Governor, Dr. Wayne Robinson.

“We actually responded very swiftly, early and decisively to the increase… that we’ve been seeing… which was actually spurred by rising inflation globally,” he stated during a recent Jamaica Information Service (JIS) ‘Think Tank’.

Inflation is projected to return to the four to six per cent target range during the final three months of 2023, between October and December.

“We are cautiously optimistic. Inflation is trending in the right direction. Indications suggest that it will continue to do so and that we should converge to the target by the end of the year,” Dr. Robinson said.

He pointed out, however, that “there are risks to this projection and there are things that we have to keep an eye on”.

These, the Deputy Governor informed, include global oil prices, labour market conditions, and natural disasters.

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Businessuite News24

Corporate Movements – June 2023



Dolla Financial Services Limited (Dolla) is pleased to announce the appointment of Mr. Kenroy Kerr to the position of Deputy Chief Executive Officer effective July 1, 2023. Mr. Kerr previously held the position of Chief Operations Officer at Dolla. Dolla looks forward to the new role Mr. Kerr will play in the further growth and development of the Company.

MASSY HOLDINGS LTD. The Company wishes to advise that Mrs. Anjen Mc Lean resigned as the Vice President & Group Chief Risk Officer which will be effective, July 21, 2023. The Chairman and the Board of Directors would like to thank Mrs. Mc Lean for her years of dedicated service to the Group.

JFP Limited wishes to advise that Miss Maureen Hassan has resigned as Human Resource Officer with effect from June 8, 2023. JFP Limited takes this opportunity to sincerely thank Miss Hassan for her contribution and wishes her well in the future. Miss Hassan will be leaving the Company for personal reasons.

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CPJ Announces Plans For Three Major Projects



The Management of CPJ has announce that the Board of Directors has approved plans for three major projects that will positively impact the growth and further development of the Company both locally and offshore.

The Board has approved plans for a U$1M solar expansion project, with installation to commence in Q1 of FY2024. The Board has also approved a U$2.3M plans for the modernization of the Meat Processing Plant, with work to commence in Q1 of 2024. Off-shore, CPJ will be expanding its Operation in St. Lucia with a new store, final plans are being put in place with Operations to begin in Q2 of FY2024.

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Dawgen Global and NeedStreet Web Technologies Join Forces to Transform Healthcare in the Caribbean



Dawgen Global, a renowned multidisciplinary professional service firm specializing in innovative business solutions, is proud to announce its partnership with
NeedStreet Web Technologies Pvt Ltd. as the authorized reseller of ContinuousCareTM, an innovative telemedicine and telehealth software platform, across numerous Caribbean nations.

The collaboration between Dawgen Global and NeedStreet marks a significant milestone in healthcare provision for the Caribbean region. ContinuousCare's groundbreaking capabilities are set to revolutionize healthcare delivery, ensuring communities have uninterrupted access to vital healthcare services. By connecting medical practitioners, governments, and other stakeholders, this software is poised to transform healthcare accessibility throughout the Caribbean.

Dr. Dawkins Brown, the Executive Chairman of Dawgen Global, expressed his enthusiasm for the partnership, stating, “Our collaboration with NeedStreet represents a transformative leap in health care provision for the Caribbean. We are truly excited to bring ContinuousCare’s capabilities to medical practitioners, governments, and other stakeholders. This software will revolutionize healthcare delivery, ensuring our communities have constant, reliable access to vital healthcare services.”

ContinuousCareTM, developed by NeedStreet Web Technologies, is a comprehensive telemedicine and telehealth software solution that empowers healthcare providers to connect with their patients and efficiently manage their practices online. This robust platform encompasses various essential features, including practice marketing, reputation management, patient engagement, telehealth services, and practice management tools.

The software’s  feature set includes a marketing-ready website integrated with online appointments for both in-person and telehealth visits, online payment processing, and telehealth features such as video calls, asynchronous telehealth consultations, and remote patient monitoring. The integrated patient portal enables patients to access and update their health data and engage in telehealth sessions with their healthcare providers. Additionally, providers benefit from a comprehensive admin console that streamlines practice management and automates patient engagement through various channels, including SMS, email, WhatsApp, and push notifications. To ensure seamless connectivity on the go, both patients and providers can access mobile apps, and the platform seamlessly
integrates with a range of Bluetooth and server-based health devices, allowing patients to automatically send their health data to their providers.

ContinuousCareTM is also set to incorporate cutting-edge generative AI technologies from OpenAI, the company behind ChatGPT, which will introduce a range of AI-based features to further enhance the platform’s capabilities.

Ms. Chenju Venugopal, Director of Customer Development at NeedStreet Web Technologies, expressed her excitement about the partnership, stating, “This collaboration signifies a shared commitment to improving patient care through technological innovation. We are thrilled to work alongside Dawgen Global to empower healthcare providers with the tools they need to manage and monitor their patients remotely.”

By securely connecting healthcare providers and patients, ContinuousCareTM enhances the understanding of personalized healthcare needs and facilitates the interpretation of health data.

This powerful software platform offers health practitioners in the Caribbean region an effective, convenient, and responsive solution to support chronic patients.

With the expansion of ContinuousCareTM across numerous Caribbean nations, including the Bahamas, Jamaica, Barbados, Bermuda, St. Kitts and Nevis, St. Lucia, Antigua, Turks and Caicos, British Virgin Islands, US Virgin Islands, Guyana, Puerto Rico, Cayman Islands, Trinidad & Tobago, Dominica, Belize, Bahamas, and St. Vincent and the Grenadines, Dawgen Global and NeedStreet Web Technologies are driving a transformative shift in healthcare accessibility throughout the region.

About Dawgen Global
Dawgen Global is a multidisciplinary professional service firm that provides innovative business solutions to a diverse clientele. With a commitment to excellence, Dawgen Global specializes in delivering cutting-edge services across various industries, ranging from finance and technology to healthcare and beyond

About NeedStreet Web Technologies Pvt Ltd

Founded in 2011, NeedStreet is an Indian corporation dedicated to providing innovative technology solutions in various domains. Their ContinuousCareTM platform is designed to enhance the healthcare delivery system, promoting better accessibility, and patient engagement.

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Business Events

Jamaica To Reveal New Outsourcing Brand At Upcoming Global Digital Services Conference



Jamaica is set to launch its re-imagined outsourcing proposition to hundreds of entrepreneurs, business leaders and executives from multinational corporations, global startups and trade promotion organisations when the country hosts the upcoming Outsource to Latin America and the Caribbean Global Digital Services Summit (O2LAC) from June 14 -15 in Montego Bay.

Jamaica will be the first English-speaking nation from the Latin America and Caribbean bloc to host this Summit, which will be its ninth edition. O2LAC was created by the Inter-American Development Bank’s Integration and Trade Sector with the goal of unleashing the region’s full potential in the global digital services sector. Business leaders will learn about breakthroughs in emerging technologies such as AI. They will discover advanced capabilities in strategic Business Process Outsourcing (BPO), Knowledge Process Outsourcing (KPO), and Information Technology Outsourcing (ITO), as well as identify new business opportunities through B2B and B2G matchmaking events.

As Minister of Industry, Investment and Commerce, Senator the Honourable, Aubyn Hill, explains that “O2LAC presents a prime opportunity for the Government of Jamaica and its partners to introduce Jamaica’s re-energized global digital services sector offerings to the largest gathering of prospective services buyers and suppliers in the region. We have been working hard to enhance and elevate Jamaica’s product offerings and the launch of our new Global Campaign at O2LAC will communicate our unique value proposition, and cement our brand in the minds of executives, entrepreneurs and experts as the superior option for global businesses seeking to upscale their outsourcing goals and growth results”.

Jamaica is already a mature Outsourcing location and home to companies such as Conduent, Itel, Sutherland Global, Sagility, Startek and IBEX. Most of these companies provide services to some of the top Fortune 50 businesses. With over 85 companies currently in operation and annual revenue close to US$1billion, while employing over 60,000 people, the country has the largest Outsourcing Sector in the English-speaking Caribbean. Special Economic Zone incentives allow for duty concessions and reduced corporate income taxes, and continuous investments in telecoms and electricity infrastructure ensure stable power and broadband capabilities that make Jamaica a destination of choice.

The new National Investment Policy includes a raft of economic policies, initiatives and support measures designed to make it easier to establish businesses in the country. The continual efforts of Jamaica’s Global Digital Services Sector (GDSS) Project to enhance training, certification and create new job opportunities within the sector, will re- energize the Jamaican market to welcome a new cadre of Fortune 1,000 companies.

President of Jamaica Promotion Corporation (JAMPRO), Shullette Cox, says, “What we will be discussing at O2LAC will be vital to ensuring that business leaders understand how they can harness the full potential of Jamaica’s expanding global digital services sector. We will specifically demonstrate how Jamaica’s offerings can be tailored to solve any concerns in the global digital services sector. For instance, in the area of skills training, we are continuously enhancing our capabilities. Through the GDSS Project we are creating training, apprenticeship, internship, certification and train-the-trainer programmes. When these are coupled with the GDSS Talent Hub and Career Pathway Framework, we will be able to connect consistently thousands of talented Jamaicans with the specialised training which will enable them to work in the sector. The campaign launch will enable far greater understanding of how best to access and synergise the
very best outsourcing services that Jamaica has to offer.”

O2LAC is expected to attract up to 600 local, regional and international attendees. Event speakers include: Minister of Industry, Investment and Commerce, Senator the Honourable, Aubyn Hill; Manager, Integration and Trade Sector, Inter-American Development Bank (IDB), Fabrizio Opertti; Deputy Director of AI for Good Research Lab, Rahul Dodhia; Head of Global Services for Carrier, Steve Rudderham; President of the Global Services Association of Jamaica, Anand Biradar; and several Latin American business leaders along with other representatives from the IDB.

Fabrizio Opertti, IDB Manager of the Integration and Trade Sector stated, “We believe in Latin America and the Caribbean’s potential as a global service delivery platform, offering unrivaled quality, early technology adoption, and contributions from SMEs, entrepreneurs, and startups. Outsource2LAC is instrumental in consolidating our regions position as major player in global digital services exports”;. The Global Digital Services Sector is projected to grow to US$1 Trillion by 2025 with business outsourcing in Latin America and the Caribbean accounting for over $10 billion in regional revenues and investment. As the country named the Best Caribbean Nation for Doing Business by Forbes (2019), Jamaica is aiming to build on its impressive performance in the industry to catapult its way to being the premier Outsourcing destination in Latin America and the Caribbean.

For more information about O2LAC and to review the agenda, please visit

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Government of Jamaica and Georgia Aquarium Sign Blue Economy MoU



Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, (third right) and President and Chief Executive Officer of Georgia Aquarium, Dr. Brian Davis (second left) sign a Memorandum of Understanding (MoU), which will facilitate the exploration of opportunities in the blue economy. Looking on (from left) are Director of Policy at the Georgia Aquarium, Dr. Dayne Buddo; President of Jamaica Promotions Corporation (JAMPRO), Shullette Cox; and Interim Chief Executive Officer of the Jamaica Special Economic Zone Authority, Mrs. Kelli-Dawn Hamilton. Others from (background, left) are Jamaica’s Consul General to Miami, Oliver Mair, and Jamaica’s honorary consul to Atlanta, Dr. Elaine Bryan. The MoU was signed at a reception hosted by the Jamaica Chamber of Commerce of Atlanta at the Georgia Aquarium on Wednesday (May 24).


Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, has signed a Memorandum of Understanding (MoU) with Georgia Aquarium, as Jamaica explores opportunities in the blue economy towards national development.

The MoU was signed at a reception hosted by the Jamaica Chamber of Commerce of Atlanta, at the Georgia Aquarium on Wednesday (May 24), and formed part of the Minister’s two-day trade visit to Atlanta.

The World Bank defines the blue economy as the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs, while preserving the health of the marine and coastal ecosystem.

In his remarks, Senator Hill said Jamaica was pleased to be a part of the blue economy initiative.

He commended Jamaica’s Consul General to Miami with responsibility to Atlanta Oliver Mair, whose initiative it was to partner with the Atlanta Aquarium.

For his part, President and Chief Executive Officer of Georgia Aquarium, Dr. Brian Davis, explained that the memorandum signed, was made possible from previous meetings, as well as work conducted over the last two years in Jamaica with local partners.

“We believe that we are in a strong position to explore working closely with the Government of Jamaica in a number of aspects,” Dr. Davis said.

Under the signed MoU, commercial cooperation by way of the purchase of ornamental fish for their location, as well as the aquarium industry in the United States of America (USA) is expected.

In addition, the Atlanta Aquarium will be working with the Government of Jamaica to assist in skills and capacity training and development, to support aquatic sustainability including animal care and life support systems.

Both parties will also work towards the protection of important marine areas through the establishment of fish sanctuaries in Jamaica. This will build on the work done so far in Jamaica, for the two new sanctuaries being gazetted.

Also, under the MoU, Georgia Aquarium will work with the Government of Jamaica to conduct research and education on sharks, towards the possible establishment of a shark sanctuary in Jamaica.

An exchange programme is also being looked at to facilitate the exchange of students and early career professionals, to gain exposure to relevant training programmes and environments both in the USA and Jamaica.

Both parties will also work towards the establishment of a Port Royal exhibition at the Georgia Aquarium, which will highlight Port Royal and the marine protected areas.

The Georgia Aquarium is the most popular visitor attraction in the state of Georgia, generating over US$120 million in estimated annual revenues, and has stimulated over US$5 billion of investments in the city of Atlanta.

While in Atlanta, Senator Hill met with several business interests and addressed a business breakfast sponsored by the Jamaica Chamber of Commerce of Altana.

He also attended a town hall meeting by members of the Jamaican community in Atlanta.

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