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Manufacturers call on politicians to focus on the importance of manufacturers along the Campaign trail

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The Jamaica Manufacturer’s Association (JMA) has made the call for politicians to focus on issues that will assist in driving the country forward ahead of the February 25 General Elections.

In a release issued yesterday, JMA President, Metry Seaga said these issues include the need for greater recognition of the role of the manufacturing sector in promoting growth through social partnerships.

He says “Manufacturing continues to create significant economic value, manifested in its multiplier effect. This underscores the importance of the sector in maintaining a strong and vibrant economy. It is going to be impossible to stimulate and accelerate higher growth rates in the Jamaican economy, without further improvements and expansion of the manufacturing sector”.

Seaga says other issues such as the existing tax regime and the high rates of crime and violence also need to be addressed.

The JMA says “tax reform is critical to strengthening the manufacturing sector and must be given utmost priority. While some progress has been made in this capacity, seen in the reduction of the corporate income tax, data indicates that lower tax rates lead to higher revenue growth”.

The manufacturers say as such, efforts must be made in securing drastic and comprehensive improvements for an evenly shared tax structure.

Going forward, the JMA says it will support to whichever party that forms the next government however, political practitioners and aspirants need to refrain from inflammatory rhetoric as they embark on the period of campaigning.

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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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