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PSOJ supports government’s oil hedging strategy

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The Private Sector Organisation of Jamaica (PSOJ) has dismissed island wide critique that the government’s decision to hedge oil prices covering periods up to December 2016, was poor.

Critics have expressed concern that the decision has cost the country some US $20M, as oil prices have fallen to US$30 per barrel, while the strike price is set at US$66 per barrel.

However, the PSOJ says the “only way that we can be sure of an event is after it has happened. In other words much of the commentary today is being made from hindsight (which is 20/20). Buying a stock after the price has increased will not give you the benefit of the price rise, or what is the sense of buying insurance after a catastrophic event. And, because an event might not happen, would you then not insure against it”.

The PSOJ says despite the current oil situation, it would support further hedges, if a reasonable strike price can be obtained, since one of the most important factors of economic planning is certainty, which is what the hedge provides.

“If we can get a good strike price now, we should even do further hedges so that we have some amount of stability from a production point of view and we know that our JPS bills will not go past a certain amount”, the PSOJ has reasoned.

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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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