A number of events took place last week; and although we didn’t get to cover most of them, we don’t think any investor should be unaware of the happenings around us. Here are some of the top business and investing news items for the week ending January 27, 2013
- Royal Bank Jamaica closing 4 branches; 70 people to lose jobs RBC Royal Bank Jamaica (RBCJ) plans to close four branches and lay off 10 per cent of its staff. Over the next three to four months, the bank will close Cross Roads, Linstead, Santa Cruz, and Spanish Town, leaving 13 branches open. more
- NCB files NYSE IPO National Commercial Bank Jamaica (NCB) is offering 20 per cent of the company to investors on the New York Stock Exchange (NYSE). The bank aims to raise US$175 million through an initial public offering (IPO) …more
- Jamaica Launches a Late but doable attempt at a Logistics hub Minister of Industry Investment and Commerce Anthony Hylton says Jamaica has US$8-billion business opportunity arising from the ongoing expansion of the Panama Canal.
- Government and Sports Enthusiasts continued voicing plans for Jamaica to be a Diamond League destination in 2014. This idea was explored at the Jamaica Stock Exchange’s 2013 Capital Markets Conference. Minister of Sports Hon. Natalie Netia Headley presented along with others.
- Mandeville’s newest wholesale shopping experience was unveiled with the opening of MegaMart, a wholesale shopping club, where it was reported that this created about 200 jobs.
- Very well publicized and covered in the media, there was no place to be last week, except the for annual 3-day Jamaica Jazz and Blues Festival. In fact, it became front page news as the Government fought hard to ensure public funds were not used for this must-attend event. The 2013 staging featuring Michael Bolton, Mary J. Blige, Etana, John Legend, Dionne Warwick, KC and the Sunshine Band, Monica, Romain Virgo, Chronixx and many many others drew around 30,000 fans last year and possibly the same amount this year. Yet the call exists for us to do more to maximize the opportunity.