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Stocks and Securities Limited Fraud Investigation Progressing – Dr. Clarke

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Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, says the Stocks and Securities Limited (SSL) fraud case investigation is progressing.

“The magnitude of the case has warranted a long and thorough investigation. A file was submitted to the Office of the Director of Public Prosecutions by the FID (Financial Investigations Division) for the consideration of criminal charges against individuals, and the DPP is doing her job; and I think that Office has publicly stated that they will make a ruling at some point,” Dr. Clarke said during his opening presentation in the 2024/25 Budget Debate in the House of Representatives recently.

Dr. Clarke said the engagement of American financial and advisory firm, Kroll, was critical to the investigations.

He noted that they undertook an independent forensic audit to discern the facts relating to the fraud perpetrated at Stocks and Securities Limited over the period 2010 to 2023.

“The company was selected because it did not have any connection in Jamaica and because of the complexity of the matter, the volume of transactions, the number of accounts held by clients and the number of bank accounts held by the SSL network of companies.

“The Kroll team, working with the support of government agencies, including the FID and FSC (Financial Services Commission), utilised technology, data analytics and forensic expertise to produce a comprehensive and independent report of its findings in November 2023. The Kroll Report has confirmed that the suspected fraudulent activity and mismanagement at SSL and its related parties were much broader than initially understood,” the Minister stated.

Dr. Clarke said the investigative authorities now have a much clearer picture of what took place and those involved, adding that they are committed to bringing the persons involved to justice.

“The FID will use all the powers at our disposal to attempt to recover as much of the dissipated funds,” the Finance Minister informed.

Providing details on the fees paid to Kroll, he said the UK provided the equivalent of US$50,000 as an initial retainer for the firm’s engagement, pointing out that the total cost was US$1.2 million which was paid from the Civil Recovery Fund held by the FID.

“In addition to the payment to Kroll, the FID transferred J$100 million from this Civil Recovery Fund to the Consolidated Fund as budgetary support, including support for national security. Kroll was essential to the point where we have something before the DPP,” he said.

By: CHRIS PATTERSON JIS, March 18, 2024

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Businessuite News24

India’s 10-Minute Delivery Boom: A Blueprint for Disruption—and a Wake-Up Call for Caribbean Courier Companies

While the Caribbean market differs significantly in terms of geography, population density, and infrastructure, India’s 10-minute delivery trend signals a major shift in consumer expectations and service standards that cannot be ignored. Caribbean courier and logistics companies must take this as a call to evolve or risk irrelevance.

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India is currently experiencing a radical transformation in its retail and logistics sectors, driven by the explosive rise of quick-commerce (q-commerce) and the 10-minute delivery promise. Platforms like Blinkit (Zomato), Zepto, Swiggy Instamart, and Flipkart Minutes are reshaping consumer expectations, retail operations, and supply chains through hyperlocal fulfillment and lightning-fast logistics. As the trend spreads across urban and tier-2 Indian cities, it offers both a glimpse into the future of delivery and a warning for other regions—including the Caribbean.

Inside India’s 10-Minute Delivery Revolution

The delivery model hinges on speed, convenience, and proximity:

  • Companies now offer a growing range of products—from groceries and snacks to electronics and pharmaceuticals—delivered in under 10 minutes.

  • Consumers, especially Gen Z and millennials, are driving demand for instant gratification, backed by digital platforms and mobile-first lifestyles.

  • The rise of micro-fulfillment centers or “dark stores”—small warehouses strategically placed within dense neighborhoods—makes this model viable and scalable.

  • AI-driven inventory management, smart rider dispatching, and urban logistics innovation are pushing the boundaries of traditional supply chains.

As a result, India’s urban logistics infrastructure is being reshaped, and tier-2 and tier-3 cities are becoming growth frontiers for quick-commerce and smart warehousing.

Implications for Caribbean Courier and Delivery Companies

While the Caribbean market differs significantly in terms of geography, population density, and infrastructure, India’s 10-minute delivery trend signals a major shift in consumer expectations and service standards that cannot be ignored. Caribbean courier and logistics companies must take this as a call to evolve or risk irrelevance.

1. Rising Expectations for Speed and Convenience

Consumers across the Caribbean—particularly in urban areas and among younger demographics—are becoming accustomed to same-day or next-day delivery through global platforms like Amazon, Shein, and even regional players. As q-commerce normalizes faster fulfillment, local consumers will begin demanding shorter delivery windows, even for basic items.

Action: Caribbean courier companies must optimize last-mile delivery using routing software, rider apps, and hyperlocal delivery hubs to reduce travel time and improve efficiency.

2. Opportunity for Micro-Fulfillment and Smart Warehousing

The Indian model shows the power of small-scale, decentralized warehousing. In Caribbean cities like Kingston, Port of Spain, Bridgetown, and Nassau, underutilized retail spaces and urban properties can be converted into dark stores or inventory depots to support fast local fulfillment.

Action: Logistics players and even supermarkets or pharmacies should collaborate to build shared micro-warehousing infrastructure, possibly using a cooperative model to manage costs and logistics.

3. Platformization and Tech Partnerships

Q-commerce in India is driven by advanced tech platforms, real-time inventory systems, and intelligent dispatching. Many Caribbean companies are still operating on legacy systems with little digital integration.

Action: Courier services must invest in tech-enabled platforms—either by building in-house apps or partnering with regional tech startups—to offer app-based ordering, real-time tracking, and integrated payment solutions.

4. Gig Economy and Flexible Workforce Models

India’s delivery model depends on a mix of full-time and gig delivery riders, supported by incentives and flexible shifts. The Caribbean’s informal workforce presents a similar opportunity.

Action: Embrace a gig workforce model with structured onboarding, safety protocols, and performance incentives—without compromising rider well-being.

5. Regional Logistics Integration

Small market sizes and geographic fragmentation in the Caribbean make it difficult to achieve India-style scale. However, regional integration—via a Caribbean logistics alliance or digital fulfillment network—could increase efficiency and reduce cross-border delivery costs.

Action: Policymakers and private players should explore multi-island logistics hubs, shared air/sea freight routes, and cross-border fulfillment platforms.

Challenges and Considerations

  • Urban infrastructure in Caribbean cities is often unprepared for high-frequency delivery services; road congestion and informal address systems remain issues.

  • High import dependency makes local warehousing more complex; inventory planning needs to factor in shipping times and customs clearance.

  • Worker rights and labor protections must be addressed early to avoid India’s growing criticism over gig worker exploitation.

  • Sustainability and profitability need to be prioritized; Caribbean companies cannot afford long-term losses in pursuit of unsustainable speed.

Conclusion: Learn, Localize, Lead

India’s 10-minute delivery boom presents a compelling case study in innovation under pressure. For Caribbean courier companies, the key takeaway is clear: consumer behavior is changing fast—and local businesses must move faster.

Rather than trying to replicate India’s model exactly, Caribbean firms should localize quick-commerce strategies, leverage technology, and reimagine urban logistics in ways that reflect the region’s unique strengths and constraints.

The companies that act now to digitize, decentralize, and adapt will not only survive but could lead a Caribbean logistics transformation—setting new regional benchmarks for speed, service, and customer satisfaction.

India’s 10-Minute Delivery Boom: Reshaping Retail, Logistics, and Urban Spaces

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Corporate Movements – June 2025

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ANSA McAL Limited (“ANSA McAL”) wishes to announce that with effect from 16th June 2025, Mr. Adam Sabga was appointed as Group Chief Operating Officer of ANSA McAL. As a key member of the Executive Leadership Team, Mr. Sabga will drive enterprise-wide operational excellence and support the execution of the Group’s diversified strategy across sectors. He will also be responsible for ensuring that all operational pillars are robust, agile and aligned with the Group’s corporate Vision and Values, and delivering value to shareholders, customers, employees and communities across the region.

Trinidad Cement Limited (“TCL” or “the Company”) hereby advises that Mr. Rafael Orlando Martinez Vela has resigned as Group Procurement Manager effective June 13, 2025. undertakings. Mr. Jesus Alejandro Arenas Mosos will assume the role of Procurement Manager effective June 15, 2025. TCL thanks Mr. Martinez Vela for his contribution during his tenure and extends best wishes to him in his future.

Supreme Ventures Limited (SVL) is pleased to announce the appointment of Mr. Don Mark Smith as the General Manager of Supreme Route Limited effective June 16, 2025.

Supreme Ventures Limited is pleased to announce the appointment of Mrs. Tanya Smith Anderson to the post of Senior Vice President, People and Corporate Services, Supreme Ventures Services Limited effective June 2, 2025. Tanya comes to us with more than 20 years experience in people management, culture and industrial relations. Holding several senior human resource management positions, Tanya has worked across numerous industries to include finance, aviation, logistics, insurance and media.

VM Investments Limited (VMIL) has announced strategic leadership appointments and structural updates. These changes align with the company’s long-term strategy for operational excellence, innovation, and sustainable growth. Executive Appointment: Chief Operating Officer Allison Mais has been promoted to the role of Chief Operating Officer (COO) for VM Investments Limited and VM Wealth Management Limited effective April 1, 2025. In this expanded role, Ms. Mais reports directly to the Chief Executive Officer and assumes strategic oversight of critical operational areas across the business. This appointment underscores the organisation’s focus on operational agility and execution, with Ms. Mais’ leadership pivotal to scaling service delivery, improving internal processes, and supporting enterprise-wide efficiency.

Promotion: Assistant Vice President – Global Markets & Digital Asset Trading Denise Marshall Miller’s portfolio has been upgraded to the role of Assistant Vice President – Global Markets & Digital Asset Trading effective April 1, 2025. This change reflects the expanded mandate of the unit, which now includes a sharper focus on digital financial instruments and global trading. This role is critical to VMIL’s strategy of broadening its investment capabilities and capitalising on emerging opportunities in global and digital markets.

Role Realignment: Assistant Vice President – Treasury Operations and Brokerage Services Evette Bryan has been appointed Assistant Vice President – Treasury Operations and Brokerage Services, effective April 1, 2025, having previously served as Assistant Vice President – Treasury & Asset Management. In her enhanced role, Mrs. Bryan will focus on strengthening the operational framework of VMIL’s brokerage services and improving payment processing systems. Her leadership will enhance operational stability and ensure that the brokerage business is responsive, resilient, and client-focused. New Appointments

In further support of its strategic direction, VMIL is pleased to announce the following new leadership roles: • Sitarah Smith – Appointed Assistant Vice President – Investment Management & Structured Solutions effective February 10, 2025. Ms. Smith’s appointment reflects VMIL’s deepened commitment to providing tailored investment strategies and bespoke structured products aligned to client needs. • Stuart Andrade – Assistant Vice President – Finance effective April 17, 2025. Mr. Andrade’s appointment supports VMIL’s focus on financial discipline, strategic resource allocation, and enhanced reporting as the company continues to scale and evolve. • Strycen Williams – Appointed Senior Manager with responsibility for Transformation effective January 20, 2025. Her expertise will drive transformation initiatives across business lines, reinforcing VMIL’s focus on innovation, client-centricity, and market relevance. • Mikhail McLeod – Appointed Manager with responsibility for Legal, Compliance, Investor Relations and Corporate Governance effective February 3, 2025. This addition strengthens VMIL’s governance framework, ensuring robust regulatory compliance and legal oversight in a complex financial landscape. These changes reflect VM Investments Limited’s strategic focus on leadership development, business diversification, and operational excellence. The organisation remains committed to delivering value to clients, shareholders, and stakeholders through a forward-looking and performance-driven culture.

Salada Foods Jamaica Limited (SALF) wishes to advise that Mr. Zayous Hamilton, Financial Controller, separated from the Company effective June 2, 2025. The Company thanks Mr. Hamilton for his contributions and extends best wishes for his future endeavours. Efforts are ongoing to appoint a new Financial Controller. In the interim, the key responsibilities of the role will be assumed by the Chief Accountant, Mr. Richard Thomas, to ensure continuity in the Company’s financial operations.

Everything Fresh Limited wishes to advise that Mr. Errol Grant has been appointed the Group Chief Financial Officer for the company effective May 12, 2025.

 

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MSMEs Encouraged to Create Business Continuity Plans

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Entrepreneurs in the micro, small and medium-sized enterprise (MSME) sector are being encouraged to create business continuity plans to boost their resilience to a major storm or hurricane.

The advice came from Acting Director General at the Office of Disaster Preparedness and Emergency Management (ODPEM), Richard Thompson, who was a panelist at the United Nations Development Programme (UNDP) Hurricane Ready & Resilient forum on Tuesday (June 10).

The event, held at the UNDP’s Multi Country Office in Kingston, engaged MSMEs on the topic of hurricane loss and damage.

Mr. Thompson pointed out that MSMEs account for approximately 97 per cent of businesses in the country and provide nearly 80 per cent of employment for the Jamaican workforce, making them an extremely important part of the economy.

At the same time, MSMEs are disproportionately vulnerable to hurricane impacts because of their informality, size, limited resources and inadequate access to financing, insurance and disaster preparedness, making business continuity planning even more essential.

“So, in terms of business continuity planning, it’s really a strategy that focuses on or ensures that the businesses are able to operate or to continue during or after any kind of disruptive event,” the ODPEM Acting Director General explained.

He outlined that effective business continuity planning should concentrate on the procedures necessary for maintaining business function, protecting business assets, safeguarding overall employment procedures, and ensuring that there is effective communication with customers.

This is important in minimising business downtime and improves the ability to restore normal function in the shortest possible time.

“It’s really a deliberate process to ensure that the businesses are anticipating, they are mitigating against issues, they are resolving issues regarding the effects of disasters that will impact the business,” he pointed out.

Mr. Thompson noted that one critical aspect of business continuity is ensuring that businesses plan their recovery process.

As such, owners and operators should make sure that all important documents, plans and business concepts are stored securely in the event of a natural disaster.

“One other thing as well that businesses have to pay critical attention to is what is called single point of failure. One of the things that we have noticed for a very long time and it was highlighted during [Hurricane] Beryl, is that energy generation, especially around electricity, is the critical point of failure for a lot of businesses,” he pointed out.

The ODPEM Director said it is, therefore, important that businesses, especially those that rely heavily on electricity, have a back-up plan for power generation.

Another crucial element that is often overlooked by small entrepreneurs, he noted, is ensuring that businesses are registered so they can receive benefits from the State.

“A lot of small farmers are not registered. So, because they are not registered, it becomes difficult after a disaster for them to get grants coming out of RADA (Rural Agricultural Development Authority) and the Ministry of Agriculture, Fisheries and Mining” Mr. Thompson said.

In her remarks, Permanent Secretary in the Ministry of Local Government and Community Development, Marsha Henry-Martin, emphasised the importance of providing support for MSMEs to navigate disasters.

Permanent Secretary in the Ministry of Local Government and Community Development, Marsha Henry-Martin, addresses stakeholders during a Hurricane Ready & Resilient forum held on Tuesday (June 10), at the UNDP’s Multi Country Office in Kingston.

She pointed out that it is also important to understand the individual realities and unique characteristics of each business, their locations and their vulnerabilities.

“As a Local Government Ministry, with responsibility for local communities, one of our mantras is that we’re not leaving anybody behind… every community matters, every district matters… every individual matters. Their quality of life must always be at the forefront, and whatever it is that they do to sustain themselves is what we should nurture,” the Permanent Secretary said.

She noted that the Ministry must ensure that the Comprehensive Disaster Risk Management Policy, which is being finalised, sufficiently considers MSMEs and their sustainability.

By: Donique Weston, JIA

Photo; Donna De la Hay

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Private Sector Urged to Champion Productivity

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

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Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks, delivers the main address during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet at The Jamaica Pegasus hotel in New Kingston on June 12.

 

The private sector is being urged to lead the charge in boosting productivity, driving growth, and accelerating national development.

This was the charge from Minister without Portfolio in the Office of the Prime Minister with Responsibility for Efficiency, Innovation and Digital Transformation, Senator the Hon. Ambassador Audrey Marks.

She was speaking during the Jamaica Chamber of Commerce (JCC) 40th Annual Awards Banquet on June 12, at The Jamaica Pegasus hotel in New Kingston.

The banquet was held under the theme ‘Shaping the Future: Driving Productivity, Championing Equity, Inspiring Entrepreneurship’.

Senator Marks pointed out that, “The theme is a call to action and a blueprint for building a Jamaica that thrives locally and competes globally.”

She noted that productivity challenges remain a “stubborn barrier” to unlocking the country’s full potential.

The Minister explained that, over the past decade, the Government has prioritised debt reduction, inflation control and broader socioeconomic stabilisation—creating an enabling environment for businesses to operate and thrive.

She said these efforts have yielded tangible results, including a debt-to-GDP ratio of 68.7 per cent, inflation falling within the Bank of Jamaica’s four to six per cent target range, and a 43.3 per cent decline in murders between January and May 2025, compared to the same period last year.

Senator Marks assured that Jamaica has reached a stable socioeconomic position, one poised to unlock exponential growth and national development.

“To achieve that growth, the Government will now have to pivot from stabilisation to GDP growth strategies. We must boost productivity, not by working harder but by working smarter. It’s about integrating technology, upskilling our workforce, streamlining operations, and investing in innovation. This is where the private sector can lead the charge,” the Minister outlined.

Senator Marks noted that the second pillar of the theme, ‘championing equity’, challenges stakeholders to confront the entrenched issue of unequal access to opportunities.

“Equity means ensuring access to financing, financial inclusion, fair treatment under regulation, and a level playing field for all, including women, youth, and marginalised communities,” she said.

The Minister pointed out that the JCC has been playing a key role in levelling the playing field for micro, small and medium-sized enterprises (MSMEs).

“The President of the Chamber of Commerce has placed a spotlight squarely on ensuring that MSMEs are not left behind, because it’s these businesses that are the backbone of the economy. They are the creative and entrepreneurial engine in every community, in every parish, that keep our economy going, and they must be empowered, not as an afterthought but as a priority,” Senator Marks stated.

She noted that the JCC has spearheaded several initiatives over the years to bridge opportunity gaps for citizens and entrepreneurs – from redevelopment projects in downtown Kingston to partnerships aimed at tackling crime and advancing technology.

Meanwhile, Ambassador Marks underscored the importance of inspiring entrepreneurship, the third pillar of the JCC event’s theme.

She highlighted that Jamaicans are natural innovators, excelling as creators in music, cuisine, logistics, fintech, and other dynamic sectors.

“But there needs to be developed, locally, a culture that celebrates and encourages young innovators to start, and if you fail, to continue… and you can fail again, we will still be here to support you. That is my primary purpose in this position in the Government, to create that culture that celebrates innovation and supports entrepreneurship,” Senator Marks affirmed.

She urged the JCC to continue supporting Jamaica’s boldest thinkers, noting that the awardees are “examples of what is possible”.

“Please continue to nurture that spirit. Let us invest in it, educate it, mentor it, and showcase it, because the next tech genius could be a young Jamaican right now with nothing but a laptop and a dream,” Senator Marks said.

The JCC annual awards banquet celebrated outstanding businesses and individuals across categories, including the best in business performance, sustainability and marketing.

By: Donique Weston, JIS

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Artificial Intelligence

Meta’s AI Ad Revolution Is A Seismic Shift in the Media Landscape – Its Impact On Caribbean Agencies

Meta’s “infinite creative” ad ambition is a disruptive force—reshaping the contours of advertising from production to pricing. For traditional agencies, the future isn’t erased—it’s redefined, demanding agility, technological foresight, and narrative excellence. Investors should scrutinize which players can transcend production to become indispensable strategic storytellers in the AI era.

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Meta Platforms, owner of Facebook and Instagram, has announced plans to launch a fully AI-driven ad-creation platform by the end of next year. This system will enable advertisers—especially small and medium-sized businesses—to input a product URL or image, set a budget, and have Meta autonomously generate, target, and optimize complete campaigns across formats—including image, video, text, and placement.

What the Platform Can Do
Creative generation: Builds ads from scratch—images, multi-scene videos, copywriting, and branding—using tools like Advantage+ and image-to-video converters

Advanced targeting: Employs Meta’s Lattice engine to allocate ad spend, refine audience targeting, and adjust pacing in real time

Automated budgeting: Balances campaign efforts across goals such as ROAS, profit, and conversion, with minimal human oversight

Industry Disruption & Agency Threats
Meta battles entrenched ad agency models—storyboarding, media buying, client liaisons—by offering a sleek, end-to-end AI solution. This has triggered market jitters: shares of global ad giants (WPP, Publicis, Havas) tumbled ~3–4% upon announcement

Agencies are concerned about “black box” AI with little creative uniqueness and limited transparency. A creative director warned that agencies risk becoming obsolete unless they champion human storytelling and strategy .

Meta insists it sees agencies as strategic partners—not casualties—enabling them to offload production and focus on high-level creativity

“We believe in the future of agencies. We believe AI will enable agencies and advertisers to focus precious time and resources on the creativity that matters. While we think there will ultimately be more automation in marketing, the role that agencies play is going to become ever more important through their ability to plan, execute and measure across platforms.” Alex Schultz, chief marketing officer and vice-president of analytics at Meta, in a recent post on LinkedIn.

Impact on Traditional Media Models
Democratization of ad creation: Millions of small business advertisers gain direct access to high-quality campaign tools previously available only to agency clients

Pressure on margins: Agencies built on hourly fees and creative production face erosion as automation slashes costs and time-to-market

Shift to consultancy: Agencies pivot toward brand narrative, measurement, and cross-channel attribution—areas where AI still struggles

Rise of performance pricing: Industry compensation models may prioritize outcomes over effort, accelerated by Meta’s technology

Investor Watch: Jamaican Ad Agencies on JSE Junior Market

The Limners And Bards Limited and One Great Studio, local creative houses listed on the JSE’s Junior Market, face both risks and opportunities.

Risks:
Client loss to self-serve AI tools on Meta.

Margin compression as SMEs opt for in-platform solutions over agency retainers.

Need for rapid adoption of AI to stay relevant.

Opportunities:
Local agencies could offer premium services—creative consulting, storytelling, campaign analysis—that AI can’t fully replicate.

They can act as intermediaries, bridging the gap for brands that need personalized strategy and regional expertise.

Possible strategic partnerships to deploy Meta’s tools with bespoke oversight and local flavour.

“AI tools would help “level the playing field” for small and medium-sized businesses that do not have the time or financial scale to use agencies. Millions of small businesses rely upon our platform to grow. For these businesses who aren’t able to work with an agency, or don’t have time during their busy days to think about their creative or targeting, that’s where AI can help level the playing field.” Alex Schultz, chief marketing officer and vice-president of analytics at Meta

Strategic Playbook for Agencies
AI integration: Adopt platforms like Meta Advantage+ or Omneky to streamline production.

Human centricity: Focus on brand voice, emotional resonance, and formats requiring high-touch creative input.

Outcome-based offerings: Transition to performance-driven fee models, aligned with client ROI.

Niche differentiation: Leverage cultural understanding, regional targeting, and deep local networks to stay competitive.

“Investors quickly sold off some of the world’s largest marketing services as news of Meta’s planned AI rollout, which could significantly swell the $160bn (£118bn) the company already makes annually from advertising.”

Investors in Context
Meta’s AI push secures its ad dominance, potentially lifting platform ad revenues 15–20% by 2026 via SME market expansion

Junior Market agencies face an inflection point: failure to adapt could erode valuation; proactive transformation may present attractive long-term upside.

Investment signal: Look for agencies investing in AI, offering high-value services, and embedding performance-based revenue models.

Meta’s “infinite creative” ad ambition is a disruptive force—reshaping the contours of advertising from production to pricing. For traditional agencies, the future isn’t erased—it’s redefined, demanding agility, technological foresight, and narrative excellence. Investors should scrutinize which players can transcend production to become indispensable strategic storytellers in the AI era.

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