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Red Stripe Praised For Returning Production Of Exported Goods To Jamaica

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The Jamaica Manufacturer’s Association (JMA) has congratulated Red Stripe Jamaica for its plan to return Red Stripe production to Jamaica.

According to a release from the JMA, the decision is symbolic of increasing levels of investor confidence in the local economy, as Jamaica continues to reflect a positive economic trajectory.

The JMA says it anticipates further advancements of this nature, as efforts continue to foster a resilient and productive manufacturing sector.

Meanwhile, Industry Minister, Anthony Hylton says the return of production for export to US Markets is validation of efforts to improve the local business environment and strengthen the country’s economic foundations.

He says the relocation “also highlights that our country has the potential to support a vibrant and competitive manufacturing sector. The return of the production of US volumes to Jamaica underscores the fact that manufacturing is alive and well on our island. Indeed, manufacturing is being resuscitated”.

Minister Hylton says with the return of its production, “Red Stripe has reaffirmed its provenance as a true Jamaican brand”.

He says going forward, Red Stripe needs to be a registered Geographical Indication (GI). “Indeed, a designation as a GI would allow our iconic beer to join the ranks of Tequila in Mexico and Champagne in France”.
Board Chairman of Red Stripe Jamaica Limited, Richard Byles, says approximately 300 jobs will be created when local production resumes.

He says in addition to the 300 direct jobs, the company is projecting that 3,000 indirect jobs will result from the decision to relocate production.

The move follows last October’s acquisition of a controlling stake in D&G by Heineken.

Heineken USA President and CEO, Ronald den Elzen says the move follows efforts to reinvigorate the brand and the iconic stubby bottle by bringing the production of Red Stripe back to Jamaica.

He says the move is part of a larger plan to catapult Red Stripe to a truly global brand within the HEINEKEN portfolio.

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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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