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Jamaican Gov't making space available for small manufacturers

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The Government is making approximately 200,000 square feet (sq ft) of factory space available for rental to small businesses engaged in manufacturing, as part of initiatives to boost productivity in the sector.

Minister of Industry, Investment and Commerce, Hon. Karl Samuda.

“We have under management at the Factories Corporation of Jamaica (FCJ) 1.9 million sq ft comprising 43 buildings, 21 of which are fully occupied, 14 are partially occupied and eight are unoccupied of which three can be used now,” said Minister of Industry, Investment and Commerce, Hon. Karl Samuda.

He said that of the 200,000 sq. ft. available, “we are prepared to cut it up into small units to make it possible for small players, who cannot afford a 6,000 to 10,000 sq. ft. space, to participate”.

The Minister was addressing the sixth Jamaica Stock Exchange (JSE) investment and capital market seminar on Wednesday (January 26) at the Jamaica Pegasus Hotel, New Kingston.

He said the move is part of Government’s plans for the expansion and growth of the manufacturing sector, which has been declining in output over the past several years.

“We have also introduced a programme whereby for the first year, new players coming on the scene or existing players creating jobs can get free factory space as long as it is in manufacturing for the first year. The second and third year, you pay only 50 per cent of rent,” he informed.

Minister Samuda said that despite several initiatives over the past five years to boost manufacturing, including the removal of taxes, lowering of interest rates on loans, the sector has become less productive.

Citing statistics, he said that output has decreased by two thirds over the past five years and that the sector now contributes only 8.4 per cent of Gross Domestic Product (GDP) whereas years ago it contributed somewhere in the region of 20 per cent.

In the meantime, the Minister is encouraging entrepreneurs to get involved in manufacturing.

“We encourage you, if you want to go into manufacturing, take a ride up to the Scientific Research Council (SRC) if you have a good idea in agro-industry and acquire the technology from them and put it into action,” he suggested.

Minister Samuda pointed out that conditions are now more favourable to start entrepreneurial activities than in previous years.

“Right now is the time to start something… (because) remember that by 2015 a number of the incentives that now exist, such as the incentives for the free zones…they are going to go under the World Trade Organization (WTO) agreement worldwide. You won’t have those incentives anymore. So, we must now begin to work on those mechanisms internally to give you a chance so that you become competitive not only in Jamaica but in the external market as well,” he stated.

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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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