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JMA refutes reports about agreement on the imposition of a cess on refined sugar with the government

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The Jamaica Manufacturers’ Association (JMA) has dismissed the recent report by the Ministry of Agriculture that there is an impeding agreement with the Government of Jamaica on the imposition of a cess on refined sugar.

According to President of the JMA, Metry Seaga, he is also disappointed with the “inaccurate comments” that were made by the minister last week. Seaga says contrary to the statement made by Minister Derrick Kellier at the recent 78th Annual Conference of the Jamaica Sugar Technologists, the JMA and the government are “not near an agreement…on the matter.” He says while the Association is a member of the Sub-Committee established to review the cess on sugar, “our engagement with the Ministry is still ongoing”.

Seaga says the Association’s position on the matter remains unchanged. He says the “JMA continues to object to the imposition of a cess on refined sugar for production, to fund the transformation of the agriculture sector.” He says the JMA believes that the Food and Beverage Industry is critical to the growth and development of Jamaica, competing without support in a liberalized global environment and should not be placed at a disadvantage to finance the brown sugar industry”. He says contrary to the claims made by Minister Kellier, the “imposition of a cess on imported sugar does not “level the playing field,” and contradicts government policy direction to not tax inputs for the productive sector”.

Sugar Cess Alternatives
However, Seaga says among the JMA’s recommendations is a suggestion that all sugar intended for retail purposes should be appropriately packaged, indicating weight, country of origin, brand, local supplier and other particulars. He says this will ensure the retailer’s compliance and combat any leakages, real or perceived.

In the interim, Seaga says all of the stakeholders in this discussion need to ensure accuracy and moderation in their public statements, especially in the current season in order to achieve a rational and equitable solution. BM

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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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