News Review: Scotia Management Changes, KREMI Results, PROVEN APO & More – Oct 16, 2020

Hello, MoneyMax101 readers! Here’s your news review. A summary of some of the biggest regional news stories this week.

Scotia Group Jamaica Limited (SGJ) – Management & Director Changes

Jamaica Stock Exchange / JamaicaWed Oct 14, 2020

The biggest announcement this week. Women take the lead with Audrey making a historic leap & Anya being appointed to JA’s board. Major announcements (given the position Audrey will now hold, her strong history in banking and the positive expectations the market has of her).


WTD -1.60% YTD -13.41%

Knutsford Express Services Limited (KEX) Unaudited Financial Statements for the First Quarter Ended August 31, 2020

Jamaica Stock Exchange / JamaicaWed Oct 14, 2020

Revenues slashed 63%. Surprisingly the stock is up WTD. Although most of the movement came before the release.


WTD +20.04% YTD -36.07%

Kingston Properties Limited (KPREIT) Acquires Third Warehouse Property in Jamaica For $607.5m. 88k Square Feet

Jamaica Stock Exchange / JamaicaThu Oct 15, 2020

Acquired on a sale and leaseback basis. Located on East Ashenheim Road and has moved the concentration of assets in Jamaica to 47% with the Cayman Islands and the US at 41% and 12% respectively


WTD +0.13% YTD +13.12%

Mayberry Investments Limited (MIL) – Appointment of Group Financial Controller

Jamaica Stock Exchange / JamaicaWed Oct 14, 2020

More senior management changes at Mayberry Investments. Also follows the recent move by another Director & Exec, Tania in August


WTD +0.17% YTD -33.89%

QWI Investments Limited (QWI) – Trading in Shares

Jamaica Stock Exchange / JamaicaWed Oct 14, 2020

Continued strong buying by QWI connected parties. View Insider Buying report for more details. These guys have been on a constant buying trend


WTD -5.19% YTD -30.48%

GWest Corporation Limited (GWEST) – Trading in Shares

Jamaica Stock Exchange / JamaicaTue Oct 13, 2020

Continued buying by connected parties. Also one of the companies with insiders buying, last week


WTD -6.25% YTD -24.24%

Proven Investments Limited (PROVEN) – Additional Public Offer

Jamaica Stock Exchange / JamaicaMon Oct 12, 2020

Good news for PROVEN shareholders as the company has revived plans to make the offer. The increased capital injection will do well to help the company


WTD -1.32% YTD -15.63%

CAL pilots take 57% pay cut to save jobs – Trinidad Guardian / Trinidad and TobagoSat Oct 17, 2020

Pilots to take big cut to save airline


iCreate Limited (ICREATE) – Resignation of Executive Chairperson and Appointment of Acting Chairperson

Jamaica Stock Exchange / JamaicaFri Oct 16, 2020

Another set of senior movements at iCreate. Unfortunately, they are not sending the right signals, having only recently appointed the outgoing chairperson about 5 months ago


WTD -7.04% YTD -5.71%

Indies Pharma Jamaica Limited (INDIES) Appoints Directors

Jamaica Stock Exchange / JamaicaFri Oct 16, 2020

Two good directors with strong finance and banking background. Should help them well in that area


WTD +0.73% YTD -17.42%

Cayman Enterprise City ranked 5th in top 10 global free zones

Cayman Compass / CaymanFri Oct 16, 2020

This ranking by fDi Intelligence, a division of the Financial Times Group, places CEC amongst the leading free zones in the United Arab Emirates, China, and the Americas.

September Inflation Up 0.2%. Calendar YTD Inflation at 3.6%. CPI Release – Jamaica

Statin Jamaica / JamaicaFri Oct 16, 2020

Inflation rising slightly. No cause for concern just yet though

Economist predicts Visitor Take-up of Barbados Welcome Stamp Initiative

Barbados Today – Business / BarbadosWed Oct 14, 2020

By the start of last month, more than 1 000 applications were processed under the initiative and it had raised about $1 million. Impressive.

TVJ Business Day: Caribbean Countries May Not Qualify For Debt Relief. BOJ Injects US$40m In FX Market – October 13 2020

Television Jamaica / JamaicaWed Oct 14, 2020

The BOJ injected US$40m to prop up the FX rate. Will continue watching to see what happens next


JN’s UK bank to address financial inclusion and de-risking issues for Diaspora

Jamaica Observer / JamaicaWed Oct 14, 2020

One of Jamaica’s commercial banks got approval to launch its own commercial bank in the UK. Big news for the locally owned bank.

TVJ Business Day: BOJ Watching Inflation, Explains New Basket Of Goods – October 12 2020

Television Jamaica / JamaicaTue Oct 13, 2020

Good piece on the composition and objective of the new inflation basket


Caribbean Flavours Jumps 25% Post Split. Up 54 YTD – Oct 12, 2020

MoneyMax101 / JamaicaTue Oct 13, 2020

Having successfully completed its stock split, CFF saw a significant bump in its share price. However the gains were short lived as the stock traded down eventually towards the end of the week, right back to where it started


WTD -9.19% YTD +12.00%

NCB Financial Group (NCBFG) Announces Leadership Changes at Subsidiary

Jamaica Stock Exchange / JamaicaMon Oct 12, 2020

New CIO appointed to replace longstanding exec. The title also suggests something strategic in the move as well, possibly to accelerate their digital push


WTD +4.73% YTD -30.54%

Cayman drops to #5 financial centre in the region, #78 in the world

Loop News / CaymanMon Oct 12, 2020

Dropping 31 places to number 78 in GFCI 28 and experiencing a rating drop of 95 points to 575, Cayman’s fall in ratings significantly exceeded the average drop of the countries on the list. The report was produced before Cayman was taken off the EU blacklist for non-cooperative tax jurisdictions, which could have played a role in the drop in rankings.

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