(JSE:)

This is big for tourism

Uber expands to Montego Bay »» View story

   • 11 months ago  • 1

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   • 11 months ago  • 15

During the town hall meeting, several points and queries were raised by stakeholders, among them the 10 per cent Room Levy; the definition of a short-term rental; handling emotional support animals; ease of doing business, and security measures.

The draft Tourist Accommodation Bill will function as a guide for new entrants into the sector and provide a roadmap for compliance, fostering a culture of excellence and responsibility among all players in the tourist accommodation sector, both current and prospective. Minister of Tourism and International Transport, Ian Gooding-Edghill, highlighted these features, as well as […] »» View story

   • 11 months ago  • 1

Clean house. While this might have been a good idea, the lack of continuity and transition makes it look suspicious #icreate

iCreate Limited – Press Release – Resignation of Interim Chief Executive Officer, Directors of Subsidiaries and Company:Corporate Secretary The post iCreate Limited – Resignation of Interim Chief Executive Officer, Directors of Subsidiaries and Company/Corporate Secretary appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

3 directors. No auditor... Ok #icreate

iCreate Limited – Press Release – Results of the Annual General Meeting held on Friday, November 24, 2023 The post iCreate Limited – Results of the Annual General Meeting held on Friday, November 24, 2023 appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

Back in business

NCB Financial Group Limited advises that the Board of Directors, at its meeting on November 17, 2023, approved an interim dividend payment of $0.50 per ordinary stock unit. The dividend … NCB Financial Group Limited (NCBFG) Advises of Dividend Payment Read More » The post NCB Financial Group Limited (NCBFG) Advises of Dividend Payment appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

Nothing about removal.... and also nothing about Cohen. Guess they are both still on the board... #ghl #ncbfg

Guardian Holdings Limited (“GHL”) wishes to advise that at a meeting of the Board of Directors held on 4th August, 2023, Mr. Robert Almeida was appointed Chairman of GHL’s Board … Guardian Holdings Limited (GHL) Appointment of Chairman Mr. Robert Almeida Read More » The post Guardian Holdings Limited (GHL) Appointment of Chairman Mr. Robert Almeida appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

More changes at #dolla

Dolla Financial Services Limited (Dolla) wishes to advise that Mr. Kenroy Kerr, the current Deputy Chief Executive Officer, has been appointed as the Interim Chief Executive Officer for Dolla as … Dolla Financial Services Limited (Dolla) – Notice of Appointment of Interim Chief Executive Officer for outgoing Chief Executive Officer Read More » The post Dolla Financial Services Limited (Dolla) – Notice of Appointment of Interim Chief Executive Officer for outgoing Chief Executive Officer appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 2

How will this work given Dolla? #dolla #svl

Supreme Ventures Limited (SVL) is pleased to advise that its subsidiary McKayla Financial Services Limited has received the approval of the Bank of Jamaica to be granted a Microcredit Licence. The post Supreme Ventures Limited (SVL) – McKayla Financial Services Limited approval for Microcredit Licence appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

Wawow

NCB Financial Group Limited (NCBFG) announces that effective July 18, 2023, the Honourable Patrick Hylton, O.J., C.D. and Mr Dennis Cohen have, by agreement, proceeded unto vacation leave for three … NCB Financial Group Limited (NCBFG) Announces Leadership Developments Read More » The post NCB Financial Group Limited (NCBFG) Announces Leadership Developments appeared first on Jamaica Stock Exchange. »» View story

   • 1 year ago  • 1

I figure this due to industry conflict...

The company wishes to advise that independent, non-executive director, Mrs. Tania Waldron-Gooden has resigned from the Board of Directors, effective April 30, 2023. She will remain as the mentor for … Express Catering Limited (ECL) Notice of change to the Board of Directors Read More » The post Express Catering Limited (ECL) Notice of change to the Board of Directors appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

What does this mean

The post INDIES PHARMA JAMAICA LIMITED -Disclosure of ANDA filing at USFDA, A Paragraph IV Filing and Patent Amendment appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

I see you Phil. Well done

MEEG has released its second quarter results which can be viewed at the following links: MEEG Unaudited Financial Statements – Six Months Ended April 30, 2023 The post Main Event Entertainment Group Limited (MEEG) Unaudited Results, Q2 – Six Months Ended April 30, 2023 appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Important to consider with all these upcoming local apps. Lynk etc

Customers of Venmo, PayPal and CashApp should not store their money with those apps for the long term because the funds might not be safe during a crisis, the US Consumer Financial Protection Bureau has warned. The alert comes several weeks after... »» View story

   • 2 years ago  • 1

This is a signal...but to what though? ?

Dolla Financial Services Limited (Dolla) is pleased to announce the appointment of Mr. Kenroy Kerr to the position of Deputy Chief Executive Officer effective July 1, 2023. Mr. Kerr previously … Dolla Financial Services Limited (Dolla) Appointment of Deputy Chief Executive Officer Read More » The post Dolla Financial Services Limited (Dolla) Appointment of Deputy Chief Executive Officer appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Sounds like he is pretty much in the driver's seat. #lasf

LASCO Financial Services Limited (LASF) has advised that Mr. James E. D. Rawle was appointed LASF’s Deputy Executive Chairman on May 18, 2023 The post LASCO FINANCIAL SERVICES LIMITED (LASF) – Appoints Deputy Executive Chairman appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

How long was he in the post? #kremi

KREMI has advised that Ryan Peralto has resigned from the position of General Manager effective Friday, April 28, 2023. The post Caribbean Cream Limited (KREMI) Resignation of General Manager appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

#LEARN

EduFocal Limited – Senior Management Appointment EduFocal Limited is excited to announce the appointment of Mark Green to the role of Chief Operations Officer, effective April 24, 2023. Reporting directly … EduFocal Limited (LEARN) – Senior Management Appointment Read More » The post EduFocal Limited (LEARN) – Senior Management Appointment appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 3

Hi Everyone...new to the chat and the community. I have a very fundamental question I'm hoping can be answered in this forum. I am trying to invest on the Jamaican Stock Exchange - JSE, from Trinidad but the forex challenge here regarding getting U... read moreSD or JMD is overbearing with the need to queue for months only to get US$100. Does anyone have a solution regarding how to more directly and reliably and frequently convert TTD to Jamaican dollars? I'm needing to convert TT$500,000...Thanks

   • 2 years ago  • 6

#vmil recently did the rights issue for #kpreit... guess they saw an opportunity, working with them

VMIL increases stake in KPREIT December-30-2022 The post VMIL INCREASES STAKE IN KINGSTON PROPERTIES appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Full allotment for tranche IV #mil

Mayberry Investments Limited (“MIL”), issuer of the invitation for subscription of Secured Notes made subject to a prospectus dated  November 24, 2022 (the “Prospectus”), is advising that the basis of … Mayberry Investments Limited (MIL) – Basis of Allotment for the Tranche IV Secured Bond In Mayberry Bond Public Offering Read More » The post Mayberry Investments Limited (MIL) – Basis of Allotment for the Tranche IV Secured Bond In Mayberry Bond Public Offering appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

headlines are a hell of a thing

The Jamaica Stock Exchange has missed the J$33-million target set for its inaugural Yuletide Telethon, aimed at mobilising donations to assist well-needed social projects. »» View story

   • 2 years ago  • 1

If the numbers are good, one for 2023

IMAGINE trying to find a solution that could meet the needs of people who either don't cook or rarely do so due to work constraints. In creating such a solution, or even building it, one would need to help people order food from a variety of restaurants in their locale after scanning the respective menus, and provide a means for the restaurants to deliver the food. This was what Monique Powell was doing in 2016 when she founded QuickCart — at the time QuickPlate — after realising that 'food delivery was pretty much limited to pizza' or large-volume catering companies. Upon recognising this gap in the local marketplace she embarked on research to find out if such a service model already existed in other countries, and she discovered that, indeed, it did. Armed with years of experience in corporate Jamaica as a web developer, Powell engaged the services of a programmer to develop a similar platform. She was, however, not foolhardy to believe that the novel concept could be copied and pasted into the Jamaican reality. 'It wasn't just a matter of, you know, seeing something abroad and doing it here. Of course you can look at what is done in other markets but in order for it to do well there are various aspects that have to be localised,' Powell told Jamaica Observer in an interview. 'So, you know, it's not just lifting up a concept, as you see it in play in another market, and dropping it here and hoping will work exactly as it works there,' she added. Within a month after Powell's decision QuickPlate was ready, but her preference for a cash medium to secure payments from customers was proving to be a challenge. Specifically, as a small start-up operation back then it was difficult to secure a payment gateway. As a workaround Powell disclosed that she worked with an overseas payment gateway provider in the first year of founding the company, before gradually transitioning to working with a local bank. 'So from the get-go people would be able to go to the website, plug in their address, they'd see all the restaurants and so on that were nearby their network…and basically put together their order online, pay for it same place, and then be able to follow the progress of the order all the way from that point to delivery. So they'd get e-mail notifications and various status updates and a link that I could use to track the exact position of the rider or driver,' the QuickPlate founder said, explaining how the new platform works. Apart from the QuickPlate website, deliverymen had access to an app of the same name from which they could see the order information and accept orders. The app also allows customers to track the delivery. In addition to investing her time and expertise into the business, Powell used her personal savings amassed over the years to capitalise QuickPlate, including purchasing a fleet of five motorcycles for delivery. She pointed out, though 'that wasn't a good business model', and instead eventually opted for an 'asset-light model' in which drivers and riders who were contracted to the company would use their own cars or motorcycles. In 2019 the company welcomed fresh investment from an angel investor. This injection of capital would also allow Powell to begin taking a salary. She noted that while the company was always making revenue from the start of operations, 'it wouldn't have been enough revenue for me to build a business and then also be paying myself'. With the new investment relieving Powell of some 'financial burden', the business began to stabilise. 'At that point we were also able to add probably two or so additional team members — you know, who would help us to do more than we had been able to do before — and then the growth continued. I wouldn't say that it was rapid growth, but it was steady growth,' she admitted. While the angel investors would eventually exit the company, 2019 was also the year in which the QuickPlate founder established a board of directors. 'So there are directors who we all get together and meet every couple of months and look at the challenges the business might be facing, how we may be able to solve those challenges,' Powell told Business Observer. Success for QuickPlate continued into 2020 as the advent of the COVID-19 pandemic accelerated both digital adoption and e-commerce. In such an environment, as more people became receptive to and relied on the food delivery service, the company saw orders on its website as well as its customer base increase. With the 'logistical capabilities' of the QuickPlate platform the business accelerated plans to diversify its offerings into deliveries from pharmacies, convenience store, and an electronic store. This would signal the company's name change to QuickCart, and by November 2021 the company's revenue had grown by 85 per cent. For Powell, while the average consumer may see QuickCart as a food delivery service, 'at our core we're an e-commerce and logistics business'. The pandemic, she noted, allowed 'us to take a broader view of what we might be able' to do in the future. In fact, the company is in the process of rolling out a ride-sharing component that is 'building on top of that logistics platform' it has developed over the years. Given the growth and transformation of QuickCart over the last six years, Powell pointed out that it would be hard to determine what another six years would have in store for the company. She however acknowledges that the company's board of directors has trusted her vision and allowed her to make decisions without undue interference. She is also grateful for their help and guidance to 'troubleshoot' various circumstances over the past three years. One of Powell's critical decisions was accepting an equity investment from Roots Financial Ltd that allowed the company to reconfigure its platform by updating customer and merchant interfaces, as well as adding new features. Head of Roots Financial Kevin Donaldson now sits on the QuickCart board. In addition, QuickCart has also expanded its services to Montego Bay and in the north-western section of Trinidad. Notwithstanding, the founder shared that she is not keen on rushing the expansion process. 'So I think over at least the next nine to 12 months the focus will probably continue to be on Jamaica and Trinidad because there is where you want to grow and expand. You also have to be mindful of not doing it at too fast [a] pace where you lose your grasp on some of the operational aspects,' Powell explained. To clarify, she noted that the priority is balancing expansion in both markets with what makes financial sense. At the same time, while the CEO does not rule out the local stock exchange as a means of raising additional capital for the business, she said the company is open to other options including debt and private equity. Operating from brick and mortar establishments in both Jamaica and Trinidad, QuickCart has embraced a hybrid work culture that involves working both remotely and in office. At present, the company's staff complement comprise 12 full-time staff and 80 independent contractors. »» View story

   • 2 years ago  • 1

Probably the largest split I've ever seen. So the stick will be in the single digits then... ?

STOCK EXCHANGE NOTICE The post THE PALACE AMUSEMENT COMPANY (1921) LIMITED(PAL) BOARD APPROVED STOCK SPLIT AND INCREASE IN CAPITAL appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 2

Keep an eye on this

Enrvate, a company jointly formed by CAC 2000 and Tropical Battery Limited, has secured $50 million in debt financing to be used as working capital while it takes on two projects lined up for next year. It’s the first of what Enrvate CEO Steven... »» View story

   • 2 years ago  • 2

I expect they will want to list as well once things are going well #quickcart

The onset of the COVID-19 pandemic brought on many changes but one positive is getting many more things delivered straight to our doors. There are quite a few companies locally but recently a new company, QuickCart, a Jamaican service, has entered the T&T market. Terry-Ann Browne-Campbell has more in this week's Business Insight. »» View story

   • 2 years ago  • 1

#IPO So many IPO's and so little funds

   • 2 years ago  • 2

#ipo expected by year end ?

Financial services company MoneyMasters Limited is readying one of its companies, MoneyMasters Securities Limited, MMS, for listing on the Jamaica Stock Exchange, and expects to float the shares to market investors by the end of the year. The MMS... »» View story

   • 2 years ago  • 1

Good start. #dolla

Ultra Financier's loan book grows to quarter-billion-dollars »» View story

   • 2 years ago  • 1

Very short tenure. Wonder what happened #dolla

Dolla Financial Services Limited (Dolla) wishes to advise that the responsibilities of the Chief Strategy Officer will now be performed by the Chief Executive Officer, Mr. Kadeen Mairs, upon the … Dolla Financial Services Limited (Dolla) Resignation of Senior Manager Read More » The post Dolla Financial Services Limited (Dolla) Resignation of Senior Manager appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

New #IPO

Image Plus Prospectus_2022 The post Image Plus Consultants Limited (trading as “Apex Radiology”) – Junior Market Prospectus appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

#RPL

Here’s your market summary for the period ending Thu Dec 15, 2022 »» View story

   • 2 years ago  • 1

Loading up!

Mayberry Jamaican Equities Limited (MJE) is increasing its short-term liquidity as it aims to capitalise on various opportunities on the Jamaica Stock Exchange (JSE) which is experiencing a reduction in value. MJE has had a significant rebound for 2022 as its asset base grew from US$119.64 million ($18.41 billion) in December 2021 to US$150.21 million ($22.84 billion) up to the end of September. While this is below the 2019 balance of US$150.68 million, MJE's equity portfolio stood at US$147.71 million ($22.45 billion) at the end of the third quarter with a net asset value (NAV) of US$0.10 ($15.70). MJE's NAV peaked at $19.48 on April 22 but has retreated to $14.06 as of November 29 which is above its share price. This rebound has augured well for shareholders since MJE's stock price remains up 44 per cent to $12.94 compared to the JSE Index which is down 14 per cent year to date to 340,401.94 points. Trading value and volumes have significantly declined for the latter part of 2022 as higher interest rates and elevated inflation continue to impact the interest of investors. For context, November had half of the $4.15 billion in value traded for May. 'Some people might focus on where the stock is falling. We're more interested in acquiring at a good price so that when it starts to rise, we can benefit from it. So, it kind of limits us at times how effectively and efficiently we can invest the cash. We look on all of those opportunities and so far, we have been able to invest in as best a way as we can,' said Mayberry Investments Limited Chief Executive Officer Gary Peart at MJE's annual general meeting (AGM) held on Wednesday. When asked by a shareholder why MJE doesn't take advantage of some of the bonds or fixed income opportunities being offered at higher interest rates, Peart responded, 'For example, if we take advantage of the Mayberry [Investments] bond IPO that's in the marketplace right now, the lowest tenor is 13 months. If an opportunity comes up in three months' time, you'd have locked up the money. Yes, the free cash that MJE will throw off, we invest it at the highest return that we can get given the liquidity constraints.' MJE had a US$2.1 million ($319.61 million) cash and cash equivalents balance at the end of September. MJE has increased its position in companies such as Jamaica Broilers Group Limited, JMMB Group Limited and Express Catering Limited while decreasing its exposure to Caribbean Cement Company Limited, Lasco Manufacturing Limited and Wigton Windfarm Limited during 2022. MJE currently has a $2.2-billion (US$14.27 million) bond set to mature in September 2023 along with a $1.2-billion promissory note due September 2026. With shareholders' equity of $18.86 billion, this means that MJE's debt-to-equity ratio currently stands at 0.17 times. Although some shareholders queried about the ability to repay the debt later in the year, Peart referenced the initial COVID-19 shock when its ratios remained around 0.20 times and how MJE's conservative nature and resilience were demonstrated. 'The simple reality is that the portfolio has rebounded nicely, and I think we're above $20 billion now. That debt represents less than 10 per cent of the portfolio. It doesn't take much for us to liquidate some shares to pay down the debt, but there's also the option to refinance or extend the debt. It's a function of the opportunities are at the time. I think closer to the maturity of the bond, we'll make a decision, but we're not concerned about it,' Peart added. 'It is important to show that whilst leveraged returns can significantly increase your returns, we're very conservative about how we take debt on and the little debt that we've taken on has served its purpose. It puts us in a position that if we see an opportunity, the company can take on significantly more debt to take advantage of that opportunity to significantly move its returns in the future,' Peart explained surrounding debt for enhancing returns. While Supreme Ventures Limited (SVL) and Caribbean Producers Jamaica Limited (CPJ) make up 71.4 per cent of MJE's portfolio value, Peart mentioned that both stocks carry inherent benefits for any portfolio. Peart referenced SVL's ability to throw off cash to pay a dividend, debt and expenses along with it being able to provide growth and robustness in both a recessionary and growing environment. He also said that SVL has several characteristics that shows diversification and a robust business model. Peart referenced how CPJ has turned around after reigning in costs and was the best performing stock in 2021. SVL will pay MJE a dividend of $70.61 million next Thursday. Peart added that MJE filed its economic substance returns earlier this year and has always been in compliance with the requirements and isn't doing anything different than before. All resolutions at the AGM were carried along with the reappointment of Konrad and Christopher Berry as directors of the company. MJE is an investment company that invests in publicly listed equities in Jamaica with an objective of long-term capital appreciation and capital preservation. As such, it held 34 stocks across the Main and Junior markets of the JSE at the end of 2021, including a 0.52 per cent stake in its parent company Mayberry Investments. Mayberry Investments is the broker for MJE while Mayberry Asset Managers Limited (MAM) is the investment manager of MJE. MAM is controlled by both Berrys. »» View story

   • 2 years ago  • 1

Oh no

Sagicor Group Jamaica announced today that, as part of its restructuring exercise announced in September, the position of Vice President - Head of Group Marketing, currently held by Alysia Moulton White, 'will no longer form part of its... »» View story

   • 2 years ago  • 1

He has certainly built his name.

Noted chartered accountant and financial expert, Dennis Chung, is reportedly set to become the Jamaica Football Federation, JFF’s, new general secretary. Nationwide Online sources say discussions are underway between Chung and the JFF over the appointment. Neither party has commented publicly on the matter. The man who Chung looks set to replace, Dalton Wint, has […] The post Financial Expert Dennis Chung in Talks to Become New JFF General Secretary appeared first on Nationwide 90FM. »» View story

   • 2 years ago  • 1

Was just a matter of time

JBG wishes to advise that at a meeting of JBG’s Board of Directors held on Wednesday, September 28, 2022, the Board accepted the management’s recommendation to discontinue its operations in … Jamaica Broilers Group Limited (JBG) – The Discontinuation of Operations in Haiti Read More » The post Jamaica Broilers Group Limited (JBG) – The Discontinuation of Operations in Haiti appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

#SOS on the move

Jamaican office furniture supplier, Stationery and Office Supplies (SOS) has launched its newest office furniture line, Evolve, as it seeks to revolutionise office spaces in the island. »» View story

   • 2 years ago  • 1

Why? #sos

Stationery & Office Supplies Ltd.’s (SOS) request to waive the requirement to have a mentor as a JSE Junior market company (Rule 505) has been approved on August 26, 2022. … Stationery & Office Supplies Ltd (SOS) – Rule 505, Request to have Mentor Waived Read More » The post Stationery & Office Supplies Ltd (SOS) – Rule 505, Request to have Mentor Waived appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 3

Agreed that something needs to happen re the banks

MEMBER of Parliament for St Mary Western Robert Montague has raised security concerns that have emerged with banks increasingly outsourcing some customer service functions to business process outsourcing (BPO) entities. Montague, who raised the issue while making his contribution on Wednesday to the State of the Constituency Debate, called on the minister of finance and the Bank of Jamaica (BOJ) to intervene in the matter to deal with it specifically, along with a slew of other issues that have been raised repeatedly about banking fees and poor customer service. 'When I lodge my money with the banks, there is an expectation on my part for the banks to keep my information confidential,' Montague said as a prelude to raising the concerns about the outsourcing of some customer service functions by banks, linking it to an increase in scamming on customer accounts. 'Then when you lodge your funds...the banks now give my money to a third party, to be collected, counted and credited to my account. My information is in the hands of a BPO operator without my knowledge or consent,' Montague told the House of Representatives. 'My information can be sold to lotto scammers. And as you know...now you have scamming in island, a new industry. Many people are seeing funds going missing from their accounts. Credit cards running up massive balances and all kinds of funny activities on their accounts. But the banks don't hold themselves liable, they hold the people of western St Mary and other rural towns liable,' he said to approvals shown by desk banging from other Members of Parliament in agreement with him. 'And if you appeal to them for redress, they tell you all four, five months before you can get any redress. The minister of finance and the Bank of Jamaica, must act on this matter,' he continued. 'A banking licence...is a privilege, it's not a right. The issuer of that licence, can rein in the entity. Don't tell me the minister or the BOJ has no power. The Government always have a 'big stick' and they must use it on behalf of the people of Western St Mary. If you can't use it against the banks which are licensed, how yuh run dung a taxi man who is also licensed. He has a licence, and we beat up on the taxi man when the service is not up to par, or when he breaches. Is it only that poor people we have strength for? If you cannot touch or rein in the banks, then don't touch the taxi operator. There must be one rule, one principle for everybody, banker or taxi man. Madam Speaker, I am calling on the minister to use this moment to call in the banks. Give them 60 days to clean up their acts and treat their customers better. I am appealing to the minister to seize this moment. Seize the moment.' But the issue of circumstances which expose customer accounts to fraud was not the only one the St Mary Western MP wants the minister of finance and the BOJ to look into. 'The people of Western St Mary are having a hard time with their banking needs as the commercial banks have all gone cashless and are charging fees as if they are going out of style,' Montague started as the precursor to outlining a slew of issues with banking in his constituency, and not for the first time. The matters he highlighted he said are not restricted to St Mary Western, but are endemic to the banking landscape across the island. 'We are of the view that the banks are putting profits over people,' he continued as ahead of reopening the can of worms involving fees levied on 'dormant accounts'. 'Madam Speaker, when I put my money in a bank, I expect it to be kept safe, I expect the bank to lend it out and give a portion of the interest they charge the borrowers to me. I am told that the banks credit your accounts at least twice per year with this interest. If this be so, Madam Speaker, it means that every account has activity at least twice per year. If this is true, how then can an account become dormant? On what basis are they charging a dormancy fee? If there is no activity on the accounts, the banks need to tell us, what are they doing with the interest earn from these accounts,' he said. 'If they lend out people's money and don't give back a portion of the interest earned, it is not only fraud, it is downright robbery,' Montague thundered as he called on the Ministry of Finance and the BOJ to investigate and fine the banks, plus every dormancy fee charged over the last seven years must be returned with interest. If the banks refuse to pay back and stop the practice, then the minister must report the matter to the police.' Montague said he was making the call because it is time for 'the poor suffering bank customers get some redress.' The matter of banks 'rushing' to go cashless or closing branches was also raised as was the lack of working automated teller machines (ATMs) to facilitate customer transactions that banks want to be conducted outside the banking hall. 'Today in Western St Mary...apart from Jamaica National operating three times per week, we have no commercial banks. We have to travel for miles to find an ATM, most times they are not working, yet there are no operating standards, and the people have to be standing in line with lots of cash and many times as yuh reach the machine, it bruk dung.' But as he pressed the overseers of the financial sector, Montague made it clear that he was not calling 'for any taxes on the banks or on their profits, just better customer service'. 'There must be operating standards, penalties if they are breached, abolishment of fees and they must build covers over the ATMs to accommodate at least 10 customers. We live in a tropical country. The sun can be merciless at times and the rain can fall at anytime. The banks must be held to a higher standard and they must give better service. The people of Western St Mary are asking for a longer transition period for the banks to go cashless. We agree that going cashless is the way of the future, but the move is too sudden. Older persons are being forced to expose their account information and pin, because they cannot manage the ATM process, not even me can do it.' 'People are at the ATMs now, willing and waiting to assist older persons, then them tief dem money. Many older Jamaicans don't even want their children to know how much money in the bank account. Now they are being forced to handover this information to so-called 'helpful strangers' and the banks who create this problem are, again, blameless.' 'How can the minister sit down and allow the banks to be disrespecting ordinary Jamaicans. We have an institution that you issue a licence to, and they are refusing to accept legal tender, Jamaican tender that is issued by the Bank of Jamaica. If I go into the bank in Port Maria with a $20 or a $100 bill, they refuse to accept it and its not a counterfeit bill, it's legal tender, and that is wrong. It is the same BOJ who issues the $100 bill, that issues their licences. So if they can accept the licence from the BOJ, they can accept the legal tender from the BOJ.' 'Madam Speaker, the people are suffering at the hands of these rapacious bankers. To the minister of finance, I say seize the moment, this is in your hands, and his hands are capable hands, and we are depending on him to act.' But as he pleaded for intervention in the matter, Montague acknowledged that the response must be balanced, taking both the concerns of the consumers and the banks into mind. He also pushed for more competition in the banking sector, in the hope that it will push existing banks to improve customer service. 'The minister of finance must...sit down with Minister [Aubyn] Hill and Jampro, and design a programme to seek out and attract other banks to come to Jamaica,' Montague said after outlining several issues with banking services he said he was presenting on behalf of his constituents in St Mary Western. There are smaller, sound banks all over the southern US, in Canada or the UK. We can look to India or Singapore. The minister is aware, I know, that some of the world's best and soundest banks are in Africa, we can invite them here. Because the kind of profits our banks are making, it wouldn't be difficult for other banks to come here to try to make some of those profits. He sent a thinly veiled threat that he will avail himself to any push by the people to get the situation remedied. 'The minister of finance, if he wants to cement his legacy must act now. I say to the minister, don't let St Mary people turn this moment into a movement. With all the time on my hands, I can tell you, I won't sit down and let the movement in St Mary leave me. I urge the minister to seize the moment. I believe, Madam Speaker, that enough has been said on this matter,' Montague closed. »» View story

   • 2 years ago  • 1

This is unfortunate.

Jamaica News Today - Television Jamaica (TVJ) a Trusted Source for News, Sports & Entertainment. For Jamaican news, sports and weather reports with a mix of reggae music (dancehall, ska, mento), Jamaican entertainment and information shows for the entire family. SHARE AND SUBSCRIBE - https://bit.ly/2wemqUQ For more TVJ videos visit - https://www.televisionjamaica.com For access to LIVE TV go to https://www.1spotmedia.com/#!/live-stream/79336998495 #tvjnews #jamaicanewstoday »» View story

   • 2 years ago  • 1

Was only appointed may last year #cpj
That's quick
Release never said anything like family or personal circumstances ?

Caribbean Producers (Jamaica) Limited (CPJ),  wishes to advise that Todd Stromme has resigned from his position as CEO, effective September 5, 2022. Mark Hart will assume the position of Interim … Caribbean Producers (Jamaica) Limited- Changes in Senior Management Read More » The post Caribbean Producers (Jamaica) Limited- Changes in Senior Management appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Sounds like a decent buy and should be good for #JMMBGL as well over time. ?

SAGICOR Financial Company Limited (SFC) is entering the Canadian insurance market after entering into a definitive agreement to acquire middle-market individual life insurer Ivari in a transaction valued at CA$325 million (US$251.27 million) or $37.88 billion. SFC is a Bermudan-based financial services conglomerate, which is listed on the Toronto Stock Exchange (TSX), owns 49.11 per cent of Sagicor Group Jamaica Limited (SJ), and has wholly owned subsidiaries Sagicor Life Inc out of Barbados and Sagicor Life Insurance Company out of the United States of America. It has been in operation for more than 180 years across the Caribbean and has more than 4,500 employees operating in 22 countries. Its largest shareholder is JMMB Group Limited which owned 23.33 per cent as of June. Ivari has been in operations for over 80 years, providing individual life and critical illness insurance solutions for the Canadian middle market. The company has more than 700,000 policyholders and 250 employees. The company is primarily a subsidiary of Wilton Re Limited. Wilton Re is owned by the Canada Pension Plan Investment Board, which is the investment arm of one of the largest pension funds in the world. 'Today we have taken a new step in shaping Sagicor's future. The acquisition of Ivari transforms Sagicor into a leading North American insurer, serving the middle market in addition to our market leadership in the Caribbean. We are excited about Ivari's leading position in the Canadian market and its focus on improving its customers' financial well-being. It is a scaled business primed for growth with CA$13.9 billion in well-managed assets as of year end 2021 and a dedicated and focused management team. Through this acquisition Sagicor will double the size of its balance sheet and deliver its over 180 years of experience in individual life insurance to the Canadian market,' said group president and CEO of SFC Dodridge Miller in a news release. The purchase will be funded through new debt and cash on hand at the SFC company level. A CA$320 million commitment of new debt financing has been entered into in the form of a five year senior secured term loan facility. SFC may opt to replace or refinance this term loan with debentures issued in the debt capital markets or other financing sources in whole or in part, if and when appropriate. SFC had US$409.71 million in cash across the group at the end of June. The transaction is expected to close within the next six to 12 months, subject to regulatory approvals and completion of customary closing conditions. The share purchase agreement, new debt commitment, and an investor presentation will be filed on SEDAR in the near future. SFC hosted a conference call yesterday evening to discuss the acquisition. National Bank Financial acted as lead financial advisor, J P Morgan and RBC Capital Markets acted as financial advisors, and Stikeman Elliott LLP and Paul Hastings LLP acted as legal advisors to SFC. Ivari earned CA$967.98 million (US$748.34 million) in gross premiums and derived a net profit of CA$73.76 million (US$57.02 million) for 2021. It held total assets of CA$13.90 billion, including an invested portfolio of CA$9.93 billion and had CA$1.44 billion in shareholders equity. Ivari had a net loss of CA$67.61 million in 2020 and currently has an accumulated deficit of CA$791.52 million at the end of 2021. Prior to the completion of the acquisition, Ivari is expected to have additional equity capital injected into the business to meet the life insurance capital adequacy test (LICAT) 2023 capital adequacy standard following the implementation of International Financial Reporting Standards 17 in January 2023. Ivari's universal life insurance segment has seen paid premium grow at a compounded annual growth rate of 11 per cent between 2017 to 2021. SFC earned US$1.82 billion in premium revenue and US$2.36 billion in total revenue for 2021. It had a consolidated net profit of US$196.48 million and net profit attributable to shareholders of US$133.18 million with an earnings per share of US$0.919, its highest showing to date. Its total assets stood at US$10.38 billion and had equity attributable to shareholders of US$1.13 billion at the end of 2021. On a proforma basis, SFC would have US$20 billion of combined assets and US$2.6 billion in annual total gross premium value at the end of 2021. The transaction is expected to be accretive to 25 per cent of an earnings per share proforma 2021 basis. It would also result in the transaction internal rate of return well in excess of SFC's targets. SFC's minimum continuing capital and surplus requirements (MCCSR) ratio would be expected to improve by over 10 percentage points, with its debt-to-capital ratio unchanged. SFC's MCCSR was 269 per cent, while its debt-to-capital ratio was 29.1 per cent for 2021. SFC entered the USA market in 2006, after acquiring Laurel Life and American Founders Life Insurance Co, and the Jamaican market in December 2001 through the acquisition of Life of Jamaica. It operates joint venture Aseguradora Sagicor Costa Rica, S A (Sagicor Costa Rica, S.A.) in Costa Rica and recently launched neobank Sagicor Bank (Barbados) Limited plus its Sagicor Special Opportunity Funds SCC. SFC also operates in Trinidad & Tobago, Eastern Caribbean, Dutch Caribbean, and The Bahamas. SFC offers life and health insurance, annuities, and pension administration services and banking and investment management services. This is the latest in a series of acquisitions for SFC this year. Sagicor Group Jamaica Limited acquired the securities dealer book of Alliance Investment Management Limited last week and completed the 100 per cent acquisition of Alliance Financial Services Limited on April 1 for an initial cash consideration of US$16.8 million plus a contingent cash consideration of US$5.8 million based on specified performance criteria. It is yet to be seen how the $2.35 billion related to the sale of 280,898,056 shares in Sagicor Real Estate X Fund Limited over five trades at $8.35 on August 19 will be deployed at the SJ level. While there has been no disclosure on the Jamaica Stock Exchange relating to the trade, SJ sold 191,912,708 X Fund shares on March 24 at the same price for a $1.60 billion consideration. This was a day after the Bank of Jamaica deemed its latest acquisition Alliance Financial Services fit and proper to operate. SJ held 281,500,577 X Fund shares at the end of June. »» View story

   • 2 years ago  • 1

amazing that this was still out there without a trademark

Jamaican track superstar Usain Bolt has filed a trademark application for his famous victory pose, US financial website Bloomberg has reported. The Olympic and World Champion is reportedly seeking to sell sunglasses, jewellery, bags, clothing... »» View story

   • 2 years ago  • 1

Tania on another. Making moves #mtl

Appointment of Director The post Margaritaville (Turks) Ltd. Appointment of Director appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Two days late with this release. Why not from when the news broke #dolla

The post MEDIA RELEASE CONCERNING DOLLA FINANCIAL SERVICES LIMITED EXPRESSION OF INTEREST appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Major raise. Congrats #dolla

Dolla Financial Services Limited (DOLLA) advises that at a meeting of their Board of Directors held on July 15, 2022, approval was granted for the Company to raise up to … Dolla Financial Services Limited (DOLLA) – Board Approval to Raise 1 Billion Dollar Bond Read More » The post Dolla Financial Services Limited (DOLLA) – Board Approval to Raise 1 Billion Dollar Bond appeared first on Jamaica Stock Exchange. »» View story

   • 2 years ago  • 1

Why can't I see my portfolio? :(

   • 2 years ago  • 1

hi

   • 2 years ago  • 1

Upfull

iCreate seeks to become a creative group of companies »» View story

   • 2 years ago  • 2

GoIPO now in trinidad. Impressive

NCB Merchant Bank launches GoIPO  Trinidad & Tobago Express Newspapers »» View story

   • 3 years ago  • 1