Connect with us

Businessuite News24

The Impact of Commercial Bank Rate Policies on Jamaica’s Economic Growth and Investment Landscape

However, a key obstacle to the effectiveness of these policies has been the slow transmission of BOJ rate cuts into the lending rates of commercial banks. The pace at which commercial banks lower their interest rates after the BOJ makes its adjustments has been a source of tension, particularly as high borrowing costs have stifled investment and economic activity in critical sectors such as construction, real estate, the stock market, and broader financial services.

Published

on

Introduction: The Tension Between the Central Bank and Commercial Banks
Jamaica’s economic recovery in recent years has been closely tied to the monetary policies of the Bank of Jamaica (BOJ), which has used interest rate adjustments as a tool to control inflation, stabilize the currency, and foster economic growth.

However, a key obstacle to the effectiveness of these policies has been the slow transmission of BOJ rate cuts into the lending rates of commercial banks. The pace at which commercial banks lower their interest rates after the BOJ makes its adjustments has been a source of tension, particularly as high borrowing costs have stifled investment and economic activity in critical sectors such as construction, real estate, the stock market, and broader financial services.

The Rate Transmission Challenge
For years, the BOJ has maintained an aggressive stance on controlling inflation, setting the policy rate at elevated levels to curb inflationary pressures and stabilize the exchange rate. The central bank’s decision to raise rates has, however, faced resistance when passed through to consumers. While the BOJ adjusts its policy rate, which is expected to affect market rates and borrowing costs, commercial banks in Jamaica have been slower to adjust their own lending rates. The delayed response from commercial banks in reducing interest rates after the BOJ signals a rate cut has created a disconnect in the economy, frustrating the central bank’s efforts to stimulate investment.

“We are absolutely determined that we have to have a much more efficient transmission system,” Bank Of Jamaica Governor Richard Byles

“Commercial banks have been slow to lower lending rates in response to BOJ adjustments, even as the central bank signals its intention to stimulate growth,” says an economist from the Caribbean Development Bank. “This delay results in a less responsive monetary policy, which weakens the transmission mechanism and hampers economic growth.”

This slow pass-through effect has been especially problematic for businesses and consumers relying on credit to drive spending and investment. High lending rates have made borrowing expensive, discouraging business expansion and large-scale investments, especially in sectors like construction and real estate.

“The group’s financial performance continues to reflect the impact of the ongoing high-interest rate environment in Jamaica, which exerts downward pressure on property values, resulting in lower property income relative to prior year.” Norman Reid Chairman FirstRock Real Estate Investments Limited

The Impact on Key Sectors: Real Estate, Construction, and the Stock Market

1. Real Estate and Construction:

The construction and real estate sectors are particularly sensitive to interest rate movements because of their reliance on financing for property development and home purchases. High interest rates have increased the cost of capital for developers, making it more expensive to finance new projects and slowing down the pace of construction. In addition, potential homebuyers have been discouraged by high mortgage rates, further dampening demand in the housing market.

Jamaican developers and real estate professionals have expressed frustration with the lack of affordability. “With borrowing costs so high, it has become increasingly difficult for developers to undertake large projects or offer affordable housing to the average Jamaican,” said a prominent Jamaican real estate developer in an interview with the Jamaica Observer. “This is not just about the cost of money, it’s also about the ripple effect of slower growth in the construction industry, which impacts employment and related sectors.”

“Owing to higher policy interest rates by the Bank of Jamaica, which moved from a historic low of half a per cent (0.50) since October 2021 to the current 6.5 per cent, FirstRock Real Estate Investments Limited has been realising lower property income as pressure continues to weigh down property values resulting in a softening of the market.”

2. The Stock Market:

In the financial markets, particularly the stock market, high interest rates have made government securities more attractive relative to equities. As a result, the Jamaican stock market has seen a period of subdued investor activity. When interest rates are elevated, investors tend to favor the guaranteed returns of bonds and treasury bills, which are perceived as lower risk compared to stocks.

The Jamaican stock market has experienced a sharp decline in activity, with reduced liquidity and a diminished appetite for riskier investments. Analysts suggest that the high cost of capital has discouraged companies from seeking capital through equity financing, opting instead for less-expensive debt or leaving expansion plans on hold. “The slow transmission of lower rates from the BOJ to consumers means that the real economy and the stock market suffer as investment slows,” says an analyst at JMMB Group.

3. The Financial Sector:

The financial sector has been one of the primary sectors impacted by the BOJ’s rate hikes. Banks’ profitability is closely tied to the interest rate spread—the difference between what they pay for funds and what they charge on loans. As commercial banks face high borrowing costs, their interest rate margins tend to widen, increasing profits in the short term. However, in the long term, the suppressed demand for loans due to high rates can limit business growth opportunities and create a drag on the overall financial ecosystem.

“The banking sector is seeing increased profitability on loan spreads, but that comes at the cost of reduced lending, which is unsustainable in the long term,” says a financial analyst with Scotiabank Jamaica. “Banks need to balance profitability with growth, and high interest rates are squeezing that balance.”

The Likely Effects of Falling Interest Rates on Key Sectors

1. A Revival in Real Estate and Construction:

As the BOJ begins to reduce interest rates in response to easing inflationary pressures, the real estate and construction sectors stand to benefit significantly. Lower rates would reduce the cost of financing for both developers and homebuyers, unlocking pent-up demand in the housing market and spurring new construction projects.

Industry stakeholders are optimistic about the potential revival of the construction and real estate sectors. “The drop in interest rates will likely create a favorable environment for developers and potential homeowners. Projects that were previously on hold due to financing costs can now move forward,” says a director at the Jamaica Chamber of Commerce. With a focus on sustainable and affordable housing, developers expect to see increased interest in residential projects as mortgage rates become more manageable.

2. A Boost for the Stock Market:

In the stock market, lower interest rates tend to make equities more attractive compared to fixed-income securities like government bonds. As borrowing costs decrease and disposable income rises, consumer spending increases, driving demand for goods and services. Companies that are able to capitalize on this surge in demand are likely to see stronger earnings, which can attract investors back into the stock market.

In addition, lower rates would reduce the cost of capital for companies looking to expand, potentially leading to increased IPOs and capital raises on the stock exchange. A recovery in investor confidence could stimulate trading volumes and liquidity on the Jamaica Stock Exchange (JSE), enhancing its attractiveness to both local and international investors.

3. A More Dynamic Financial Sector:

The financial sector stands to benefit from a more balanced interest rate environment. Lower rates would stimulate demand for loans and credit products, providing a boost to lending volumes and enabling banks to diversify their portfolios. Banks would also be able to offer more competitive loan products, which would benefit consumers and businesses alike.

In particular, the reduced cost of capital could lead to increased investment in long-term projects, with businesses likely to take on more debt to fund expansion plans. This shift would help create a more dynamic financial sector, capable of sustaining growth in both the short and long term.

Conclusion: A Delicate Balance

The slow pass-through of BOJ rate changes to commercial banks’ lending rates has created challenges for Jamaica’s economic recovery, especially in key sectors like construction, real estate, and the stock market. However, as interest rates begin to fall, the prospects for these sectors are set to improve. Lower rates will encourage investment, promote lending, and make capital more accessible, providing a much-needed stimulus to the Jamaican economy.

As Jamaica navigates the transition to lower interest rates, the effectiveness of the central bank’s policies will depend on how quickly commercial banks respond to rate changes. A more synchronized approach between the BOJ and commercial banks could unlock significant growth potential, driving Jamaica towards a more dynamic and resilient economy.

Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Artificial Intelligence

The Samsung 25 Line: For The Time Of Your Life And The “Life Of Your Time”

Published

on

It might not seem like roughly a quarter-century since the digital smartphone made an irrevocable impact on all our lives (whether you currently have one or not), but over the course of those years, cell phones have moved from being glorified field radios to nearly everyone’s go-to device; in business and in personal life, the smartphone is THE accessory, replacing analog watch, camera, game console, phone book and day-runner (remember those?).

And the function consolidation shows no signs of abating, as new feature-rich phones continue to be released to an ever-hungry public.

Dane Spencer, of Smart Mobile Solutions

No surprise then, that a gaggle of entrepreneurs, execs, media and influencers thronged the Digicel store in Tropical Plaza for Samsung’s latest salvo in the smartphone market “arms race” – the S25 line, comprising the base model, S25+ and the topline S25 Ultra, all boasting advanced artificial intelligence (AI) capabilities in addition to the expected bells and whistles (3 different types of camera; powerful new chipset; vital body function monitor etc). Emcee Debbie Bissoon kept things moving with her usual aplomb.

Dane Spencer, of Smart Mobile Solutions, in Jamaica, spoke to this ongoing function consolidation as a key driver of sales and market share. “The convergence of multiple apps on a single handy device means I can truly access and respond to information from anywhere,” he said, providing a personal demonstration on his own S25. “That means whether you’re in corporate or in business for yourself, you can make better decisions, faster.”

Jaszmin Martinez, the Dominican Republic-based Corporate Marketing Manager for Samsung amplified Spencer’s points on market share, adding, “Samsung has a significant presence in the Jamaican market, and one which has grown year on year, so it’s a very important market for us,” she said. According to Stat Counter, Samsung enjoys roughly 52% of the Jamaican smartphone market.

Stephen Murad of Digicel reminisced briefly about the head-spinning growth the company experienced in its early days and all the momentous changes that had taken place in the cell phone market since its launch in 2001. The cell phone, he said, was no longer just a device that you talked through, but increasingly, one you talked with (referring to the AI capabilities) and a constant companion. “The markets’ need for data is never-ending” he said, as folks of all ages have been spending more and more time with their phones.

The company has, however, taken note of those factors and the associated dangers of this manner of closeness with our devices, and has recently launched, though the Digicel Foundation, the Safer Internet Together (SIT) project. In partnership with other corporate entities (JPS Macmillan Education and Sunshine Snacks) and public agencies, the mobile carrier intends to advocate for safer, more responsible internet usage among students in 150 educational institutions.

But, as evidenced even from the interest in the store on launch night, a considerable number of Jamaicans plan to spend lots of time with their S25s.

The new device arrives almost, on cue, in a very dynamic and recently volatile, global smartphone market. After nearly three years of decline, the smartphone market had posted a creditable 7%, according to figures from Canalys Research. The hammer looked set to hit this year with the US President’s all-out trade war, and with the trade conflicts with China ongoing, smartphone sales may buckle under inflationary pressures.

Indeed, the stated Jamaican list price for the S25 entry model (J$136K + tax) is an eminently competitive tag, no doubt influenced by an awareness of the general market conditions (while not cheap, its entirely in line with what one would expect to pay for a similarly equipped competitor model). Indeed, the two lucky guests at the launch who each won one of the S25s on offer are no doubt putting their devices through their respective paces.

The ongoing evolution of life, both in the business and personal spheres, demand devices that can keep pace with dynamics of our multi-active, instantly communicating world, and at a competitive price point. Samsung, with its new flagship series, is looking to deliver -and reap handsomely – on all of those expectations.

Michael A. D. Edwards

Continue Reading

Businessuite News24

Powering the Future: CARILEC and Green Solutions International SKN Launch Electric Vehicle Training in St. Kitts

Published

on

Caption: Participants receiving hands-on training in electric vehicle maintenance and repair during an EV Training Programme facilitated by GSI SKN.

Basseterre, St. Kitts, 7th April 2025 – CARILEC, the leading association for electric utilities in the Caribbean, has partnered with Green Solutions International SKN Inc (GSI SKN) to deliver a cutting-edge Electric Vehicle (EV) Training Programme in St. Kitts from June 23 to July 4. This comprehensive training aims to equip professionals with the skills needed to work safely and effectively with electric and hybrid vehicles.

GSI SKN, a leading NGO driving clean energy growth and sustainability across the Caribbean, offers EV certifications from the Institute of the Motor Industry (IMI) in the UK and Technischer Überwachungsverein (TÜV) in Germany. The organisation partners with the IRENA SIDS Lighthouses Initiative, holds accreditation with the UNFCCC, and is the exclusive regional partner for the North American Board of Certified Energy Practitioners (NABCEP). With a strong track record in renewable energy and e-mobility, GSI SKN has successfully delivered consulting, training, and certification projects across the Caribbean, including in Guyana, Jamaica, Barbados, Bermuda, and St. Kitts & Nevis.

Dr Wayne Archibald, Executive Director at GSI SKN, will also contribute his expertise as a featured speaker at the upcoming Eastern Caribbean Central Bank (ECCB) 9th Annual Growth and Resilience Dialogue, taking place from April 10 to 11, 2025. His participation reflects the regional recognition of GSI SKN’s leadership in clean energy and sustainable mobility.

Accelerating the Caribbean’s Shift to Electric Vehicles

The Caribbean region is increasingly adopting electric vehicles (EVs), driven by government incentives, environmental concerns, and economic opportunities. Barbados leads in per capita EV usage in the region, with over 600 EVs on the road and more than 100 charging stations (2023). Jamaica has also made significant strides, setting a goal to have 10% of its transportation powered by EVs by 2030 and introducing electric buses into its public transit system. These efforts align with regional strategies, such as the CARICOM Regional Electric Vehicle Strategy (REVS), which aims to transform transportation systems and promote sustainable mobility across the Caribbean. St. Kitts and Nevis is also advancing electric vehicle (EV) adoption through a government-led initiative focused on EV maintenance training and policies to promote sustainability. The island’s compact size makes EVs an ideal solution for local transportation, with several EV charging stations already installed to support the growing number of electric vehicles on the road.

Preparing the Caribbean for the EV Revolution

This training is a vital step toward ensuring that regional professionals are equipped with the necessary technical and safety skills to handle EV systems. As governments and private sector entities increase their investments in electric vehicle infrastructure, trained specialists will be essential to maintaining and expanding this rapidly growing industry.

Dr Archibald, Executive Director at GSI SKN and a key advocate for green energy and sustainable development in the Caribbean, emphasised the significance of this training: “The adoption of electric vehicle technology is a crucial component of the Caribbean’s transition to a sustainable energy future. By providing professionals with hands-on training and internationally recognised certifications, we are not only advancing technical expertise but also fostering a culture of innovation and resilience in the region.”

World-Class EV Training for the Caribbean

The EV Training Programme is certified by IMI and TÜV, ensuring world-class accreditation and technical proficiency. Participants will gain hands-on expertise in EV maintenance, repair, and diagnostics, with courses designed to cater to a broad spectrum of professionals, including auto technicians, fleet operators, engineers, compliance officers, and safety professionals. Participants will benefit from the IMI certification, which ensures that auto professionals receive industry-standard training, and the TÜV certification, recognised globally for safety and compliance in engineering.

Participant Testimonials

Past participants have found the training to be highly relevant and beneficial. Devlin Connor, Vehicle Superintendent with the Government of Anguilla’s Vehicles Department, shared his experience:

“This training course was incredibly valuable and came at a critical time, as electric vehicles represent the future of transportation. It was essential for us to have the opportunity to attend, gain insights, and receive hands-on training in EV operation and safety practices. This knowledge will enable us to be better prepared to manage the challenges and opportunities that arise from the adoption of EVs.”

Vince Archibald, Technician, Automotive Division, Clarence Fiztroy Bryant College, reflected on the significance of the training: “This training was an eye-opening experience, providing hands-on expertise and a deeper understanding of EV technology. The programme was not only highly beneficial but also innovative, equipping us with the latest industry knowledge and best practices. As the automotive industry transitions to greener technologies, this kind of specialised training is essential for keeping professionals ahead of the curve.”

Expert-Led Training

The training will be facilitated by Andy Latham, a globally recognised expert in electric and hybrid vehicle technology, with an extensive career spanning senior management roles in the automotive sector. As a Fellow of the Institute of the Motor Industry (FIMI) and an Incorporated Engineer with the Engineering Council UK, Latham will provide participants with a world-class learning experience.

How to Register

Contact training@carilec.org or slprimus@carilec.org, provide your organisation’s name, the number of participants and contact details. For further inquiries, call +1 (758) 717 9577.

Continue Reading

Businessuite News24

GOV’T Remains Committed to Facilitating an Enabling Investment Environment

Published

on

GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness right) speaks with designer, Vintage Chic, Shanna Campbell about her handmade pieces, during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

 

GOV’T Remains Committed to Facilitating an Enabling Investment Environment
Photo: Prime Minister, Dr. the Most Hon. Andrew Holness left), samples a coffee carrot ginger brew from Beyond 5 Beverages given to him Managing Director of the company, Damain Drummond right) during the opening ceremony for Expo Jamaica 2025, at the National Indoor Sports Centre in St. Andrew on April 3.

 

Prime Minister, Dr. the Most Hon. Andrew Holness has committed to ensuring that the policies and initiatives of the Government remain aligned with entrepreneurs, thereby creating an enabling environment that fosters investment. “To our manufacturers and exporters… your effort represents the heart of our economic progress, your resilience, innovation, and entrepreneurial courage has carried Brand Jamaica to every corner of the globe.

“As Prime Minister, I commit to ensuring our policies and initiatives remain aligned with your ambitions, creating an enabling environment that fosters investment, innovation and global competitiveness. Together we will strengthen our local economy and solidify Jamaica’s position on the international stage,” Dr. Holness said.

The Prime Minister was speaking during the opening ceremony for Expo Jamaica 2025 at the National Indoor Sports Centre in St. Andrew on April 3.

Dr. Holness said Expo Jamaica is a vivid showcase of Jamaica’s boundless potential, “so as we advance global partnerships and create impactful local results, let us reaffirm our collective determination to build a prosperous, productive Jamaica that leaves no one behind”.

“Expo Jamaica exemplifies how far Jamaica has come. Over 250 exhibitors showcasing more than 5000 products and services alongside 884 registered local and international buyers from 25 countries. This clearly reflects Jamaica’s growing global influence and appeal,” he said.

He added that the event has grown tremendously, now standing as the largest trade exhibition in the English-speaking Caribbean.

Meanwhile, Dr. Holness said Jamaica today boasts its strongest economy since independence.

“Whether you measure Jamaica’s economic performance and stability by the unemployment rate, the inflation rate, the debt-to-GDP (gross domestic product) ratio or Net International Reserves (NIR), by every critical metric, our economy undeniable demonstrates economic stability and resilience,” he said.

He added that growth is another central pillar to economic stability and resilience.

“For Jamaica to realise its fullest potential, our growth rate must accelerate from one to two percent towards a more ambitious target of four to five per cent. Central to achieving this are initiatives which this Government has launched, and we call them ASPIRE, that is our comprehensive growth strategy,” he said.

ASPIRE stands for: Access to Economic Opportunity for All (Inclusive Growth); Safety and Security; People (Human Capital Development); Infrastructure Development; Reform of the Bureaucracy (Ease, Speed, and Cost of Doing Business); Economic Diversification/New Industries.

He further added that inclusivity and equity are paramount to the Government’s growth agenda.

Meanwhile, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill said the administration continues to position Jamaica as an investment destination for financial services, logistics, skilled labour, high value services and premium products.

“This expo is Jamaica’s open invitation to the world… The Andrew Holness administration has made it our mission to make Jamaica a very attractive place in this region in which to do business. Our macroeconomic numbers tell a clear story,” he said

Other speakers at the function included President, Jamaica Promotions Corporation (JAMPRO), Shullette Cox, and Chairman, Expo Jamaica, Aswad Morgan.

This year’s event is being held from Thursday (April 3) to Sunday (April 6) at the National Arena and the National Indoor Sports Centre in Kingston.

The four-day tradeshow, under the theme ‘Global Partnership, Local Impact: Advancing Jamaica’s Reach’, is organised by the Jamaica Manufacturers and Exporters Association Limited (JMEA) and JAMPRO.

By: CHRIS PATTERSON, JIS

Continue Reading

Businessuite News24

Government Engages with US Trade Representative on New Tariff Regime

“There are opportunities that must be had. There are prospects to be uncovered, and so I urge my manufacturers, my businesspeople, before you start to look at the negative, also look for the opportunities. Don’t just sit down and complain about all the things that’s going on and all the things that’s going bad, expecting that Government is going to solve all the problems for you. Be the entrepreneur; be the one who is the risk-taker, and be the one who is looking for the opportunity,” Dr. Holness said.

Published

on

Prime Minister, Dr. the Most Hon. Andrew Holness, says the Government is actively engaging with the United States (US) Trade Representative and other relevant authorities “to seek urgent clarification” on the new US tariff regime.

Speaking at the opening of EXPO Jamaica 2025 at the National Indoor Sports Centre in Kingston, on April 3, he said the United States Government recently announced a 10 per cent baseline tariff on imports from all countries, set to take effect on April 5, 2025, which introduces a significant shift in global trade policy, “one that could impact Jamaica’s market access to our largest trading partner”.

Dr. Holness informed that Jamaica, like other CARICOM nations, has traded with the US under the Caribbean Basin Initiative (CBI), which provides non-reciprocal duty-free access for a wide range of products to the US market.

“Today, nearly 90 per cent of Jamaican exports to the United States enter under these preferential terms; however, the new US tariff regime, rooted in a broader policy of reciprocal trade balancing, has raised serious concerns about the future of these preferential arrangements,” he said.

The Prime Minister noted that the Government has not yet received formal notification on the precise implementation procedures, including whether these new tariffs will override existing CBI provisions.

“We are also conducting a detailed technical assessment, in collaboration with relevant ministries and agencies, to fully understand the scope of these tariffs and their implications for Jamaica’s trade and industrial policy,” he said.

Prime Minister, Dr. the Most Hon. Andrew Holness (right), in discussion with Public Affairs and Government Relations Manager, J.Wray and Nephew, Samara South, while touring the company’s exhibition booth at the opening of EXPO Jamaica 2025, at the National Indoor Sports Centre in Kingston, on April 3. Observing is Executive Director, Jamaica Manufacturers and Exporters Association Limited (JMEA), Kamesha Turner-Blake.

He pointed out that the developments do not reflect any erosion in the long-standing and strong bilateral relationship between Jamaica and the United States; rather, it reflects a broader recalibration of US trade policy that is global in scope.

“Still, we will use every available diplomatic channel, including working with our CARICOM brothers and sisters and utilising the Office of Trade Negotiations, to seek to preserve the position our exporters have secured over decades of deepening trade ties with the United States,” Dr. Holness said.

He noted that preliminary analysis indicates that some of the country’s top exports may fall under exempted product categories “and we are working to confirm and where possible, to expand these exemptions”.

“Again, I must emphasise that clarity is still needed on several matters. Furthermore, there may also be opportunities to be found and we must, therefore, be proactive and prospective,” the Prime Minister said.

He added that the Government will continue to advocate for manufacturers and exporters to ensure their interests are protected in any new global trade architecture.

“So, to our manufacturers and exporters, we understand the uncertainty this announcement has created and we are with you every step of the way. You are not only integral to our economic strategy, you are national champions of our resilience and ingenuity,” Dr. Holness said.

Meanwhile, he said the Administration will continue working to ensure the country secures its economic independence, even as it remains alert and responsive to evolving global trade dynamics that affect manufacturers and exporters.

“Yes, it is uncertain times, but we have done the necessary work. We have built the relationships; we have placed ourselves in strategic positions to be heard and to be heard from and to be consulted. When these changes are going to happen, we know that they could have long-term impact; we started planning long ago,” the Prime Minister said.

“You have a Government that is thinking very carefully, very strategically. I play chess, not draughts… . Maybe a decade ago, the word disruptive would have been an inherently bad thing. In today’s world, you require disruption of systems for there to be innovation and new opportunities. So, whilst we see the downside of the disruptive global order that we have now, we are not going to sit by and wait,” he added.

The Prime Minister urged manufacturers and exporters to explore new opportunities, noting that the Government will work with them.

“There are opportunities that must be had. There are prospects to be uncovered, and so I urge my manufacturers, my businesspeople, before you start to look at the negative, also look for the opportunities. Don’t just sit down and complain about all the things that’s going on and all the things that’s going bad, expecting that Government is going to solve all the problems for you. Be the entrepreneur; be the one who is the risk-taker, and be the one who is looking for the opportunity,” Dr. Holness said.

By: Chris Patterson, JIS

Continue Reading

Corporate Movements

Corporate Movements – April 2025

Published

on

With reference to statements made in a letter to Jamaica Stock Exchange from World of Dolphins dated April 8, 2025 that have been posted on Instagram and on Dolphin Cove Limited’s website, this is to inform that, based on legal advice received to date, the ‘notice’ signed on behalf of World of Dolphins, and inter alia, issued on an unauthorized ‘letterhead’ of Dolphin Cove Limited, is ineffective for the purposes of Article 95(h) of the Company’s Articles of Incorporation and therefore the office of director occupied by Stafford Burrowes has not been vacated in accordance with that Article.
Should a proper instrument be issued within the terms of the Article, the office of the director in respect of which it is issued, would be vacated, without more.

Pulse advises that Ms. Romae Gordon has resigned as Co-Managing Director and Company Secretary of Pulse Investments Limited effective 31st March 2025. Miss Gordon will remain a director of the company. Ms. Safia Cooper will assume the post of Managing Director.

IronRock Insurance Company Limited (ROC) wishes to advise that effective 1 April 2025, Mr. Christian Watt has been appointed as a Director and Chief Executive Officer of the Company.

Innovative Energy Group is pleased to announce the appointment of Dr. Conrad Miller as President and Chief Executive Officer, effective April 14, 2025. Dr. Miller brings over two decades of experience in the energy sector, with a proven track record of leadership, innovation, and financial acumen. He holds a Doctorate in Business Administration focusing on Strategy and Innovation, a master’s degree in engineering management, and an undergraduate degree in Mechanical Engineering. He is a registered Professional Engineer with the Professional Engineering Registration Board.

Supreme Ventures Limited (SVL) is pleased to announce the appointment of Ms. Krista-Gaye Fisher as the CEO of Supreme Ventures Services Limited effective April 1, 2025.

The Board of First Citizens Group Financial Holdings Limited took the decision on Friday, March 28, 2025, to appoint Mr. Jason Julien as the new Group Chief Executive Officer to replace Ms. Karen Darbasie upon her retirement. Mr. Julien possesses an MBA (Distinction) from the Edinburgh Business School, Heriot – Watt University and a BSc Management Studies (Honours) from The University of the West Indies. He is a Chartered Financial Analyst with the CFA Institute. He also possesses a Certificate of Financial Advisors with the Institute of Business and Finance. He has twenty-five years of banking and finance experience in leading local and regional financial service entities, along with varied board.

Tropical Battery Company Limited (“TROPICAL”) is pleased to announce the appointment of Mrs. Jody Gager-Rose, Independent Director, to the Company’s Compensation Committee, effective 20th March 2025. Mrs. Gager-Rose brings a strong track record in accounting, financial reporting, and corporate governance, which will further strengthen the Compensation Committee’s oversight of executive remuneration and talent management. This appointment enables the Compensation Committee to meet the corporate governance requirements of the Jamaica Stock Exchange (JSE) Main Market. As TROPICAL advances its planned migration from the Junior Market to the Main Market, the Company is committed to aligning with the highest standards of board independence, transparency, and accountability. The Board of Directors welcomes Mrs. Gager-Rose to her new role and looks forward to her contributions in ensuring that the Company’s compensation framework supports its long-term strategic objectives and sustainable value creation for shareholders.

JMMB Group Limited wishes to advise that Mr. Johann Heaven will be appointed to the Board of Directors of JMMB Group Limited, effective April 4, 2025.  Mr. Heaven is a co-founder of PROVEN Group Limited and is currently the Group CEO of PROVEN Management Limited, the management company of the PROVEN Group. He brings to the JMMB Group over 25 years of experience in finance, planning, and investment functions.  He is a Chartered Financial Analyst (CFA) charter holder, holds the Financial Risk Manager (FRM) certification, and has a Master’s Degree in Finance from the University of London. The JMMB family welcomes Mr. Heaven and looks forward to his contribution to the further success of the JMMB Group.

Jamaica Money Market Brokers Limited is pleased to announce that Mr. Christopher Walker has been appointed to the role of CEO for Jamaica Money Market Brokers Limited effective April 1, 2025. Mr. Walker previously held the role of CEO, JMMB Fund Managers Limited & Group Fund Operations Oversight Officer. Mr. Walker has over twenty-eight (28) years of experience in the financial sector. His qualifications include a BSc in Management and Economics from the University of the West Indies, a Canadian Investment Manager Designation from the Canadian Securities Institute and a Master’s degree in Business Administration from the University of Liverpool.  The JMMB team looks forward to his continued valuable contribution. Ms Keisha Forbes continues as Country Chief Executive Officer – Jamaica.

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x