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Take Advantage Of Local Goods And Services Providers – Nicola Madden-Greig

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President of the Jamaica Hotel and Tourist Association (JHTA) Nicola Madden-Greig has called on players in the tourism sector to start viewing the local agriculture and manufacturing sectors as main providers of goods and services in areas with a distinct competitive advantage.

Her comments follow the release of the Tourism Demand Study, earlier this week, which indicated that opportunities created by tourism for the trade of locally-made goods and services could be worth an estimated J$70 billion.

However, the study states that although many hoteliers are being supplied by local businesses, many of them are importing goods that can be sourced locally.

Madden-Greig says the study, which was commissioned by the Ministry of Tourism’s Tourism Linkages Council has answered questions regarding the availability of goods on the local market.

She says a door has now been opened for persons in the industry to take advantage of what is available locally.

Meanwhile, Tourism Minister, Dr. Wykeham McNeil says his industry intends to use the finds of the study to put plans in place to address the constraints so that the Jamaican economy can benefit more.

The minister says it makes sense to “target agriculture and manufacturing to reduce imports and increase the use of locally grown fruits and vegetables, locally produced goods and services. This is big money for Jamaica. We want to earn more and keep more earnings here”.

According to the study, the opportunity for trade could be as high as J$56.7 billion annually for processed foods, J$5.3 billion for fruits and J$1.6 billion for vegetables.

The estimated annual leakage in the manufacturing sector is J$65.4 billion, which is equivalent to 33% of the estimated total annual expenditure of businesses in the sector on manufactured goods.

Leakages in the agricultural sector are also estimated to be within the range of J$1.6 billion – J$5 billion, which is 8.5% – 25.5% of annual expenditure on agricultural products.

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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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