Caribbean Money

   Fontana Limited which in final quarter 2023 opened its seventh store in Portmore St. Catherine is considering new locations for the chain of pharmacies and department stores. Management indicated in the company’s annual report, released on November 29, 2024, that “The future of Fontana Limited lies in continued business growth with proportionate returns to stakeholders. To accomplish this, we will seek to capitalize on feasible opportunities to expand our footprint across Jamaica and expand our customer base.” Roughly $100 million was spent on the Portmore store. Staff costs increased by 25 per cent  year over year as a result of the expansion, as well as the start-up costs associated with a new store (recruitment, training, uniform and other benefits). In the financial year ended revenues grew 11 per cent over prior year, moving from $7.32 billion. This was driven by the growth in same store-sales coupled with the addition of the new store in Portmore th...

  Audited results released in November 2024 for AMG Packaging and Paper Company Limited disclosed net profit at year-end August 31, 2024, of $136.3 million, up from $89.3 million at year end 2023. EPS was $0.26 compared to $0.17 for the similar period in 2023. Managing Director   George Hugh in comments accompanying unaudited financial statements for the 4th Quarter said reduced revenues were due to the economic downturn with smaller customer orders. However, manufacturing costs also declined by double digits to the benefit of the company’s bottom line. Total manufacturing costs for the 12-month period to August 31, 2024, decreased by 10.28 per cent, moving from $699.66 million to $627.75 million, while these costs for Q4 2024 decreased by 1.62 per cent, moving from $151.54 million to $149.09 million. Hugh said, “This again was due mainly to the increase in efficiencies in our production processes.” In 2023 the company hit the revenue target of $1 billion in sa...

  Board Chairman P.B Scott outlines that for the nine months ended September 2023, Seprod Group Limited reported net profit of $2.97 billion, a decrease of $551 million or 16 per cent versus the corresponding period in 2023. -P.B Scott. GENAC Photograph. Scott attributed the less than stellar performance to "a slowness in the economy post the Beryl hurricane in July plus the USA travel advisory to Jamaica that led to a material reduction in the hotels’ occupancy rates." Effective June 1, 2021, Seprod acquired 60 per cent of the shareholding of AS Bryden which in turn holds a stake in CPJ, whose results were consolidated in the financials for Q3. CPJ primarily services the hotel sector. Effective 9 July 2024, A.S. Bryden & Sons Holdings Limited (ASBH) acquired 44 .8 per cent of the share capital of Caribbean Producers (Jamaica) Limited (CPJ), a leading food and beverage distributor for major global brands with a focus on serving hotels and resorts in Jamaica and St....

One day of feasting, weeks of planning, and hundreds of dollars spent. Or not. Caribbean islanders who seize every opportunity to celebrate have happily joined in the American tradition of thanksgiving which allows them to eat extraordinary amounts of food and gather with family and friends for wine, eating and song. But data tracker Statistica claims that higher income groups in the United States itself are less likely to celebrate at all. “Among those who earn 100,000 U.S. dollars or more, the share of those not celebrating jumped up 10 percent to 18 percent in 2023," the sites states. Meanwhile, news sites reported yesterday, November 28, 2024, that food banks which provide groceries free of cost, were well patronised as hundreds sourced their Thanksgiving meal provided by charitable donors. Thanksgiving became a public holiday in the United States 1862 and occurs on the fourth Thursday of November each year. It is considered a celebration of a good harvest and blessings in lif...

While remittances to Jamaica frequently underperform some regional neighbors, the island remains the English-speaking Caribbean nation with the highest remittance flows according to the central bank. The end of the year is often high season for inflows. However, December, the month in which it is believed cash is often sent as a holiday gift, is not always the month of highest totals, as remittances have peaked at other periods over the last three years. For January to August 2024, remittance inflows to Jamaica amounted to US$2,239.3 million. This outturn represented a decline of 0.1 per cent relative to January to August 2023.  How does the island stack up in relation to other Latin American neighbors? Jamaica’s decline of 0.1 per cent for the calendar to August 2024 was similar to a reduction of 10.9 per cent for Mexico. In contrast, there was growth of 7.9 per cent, and 0.1 per cent recorded by Guatemala and El Salvador, respectively. The Bank of Jamaica explains that...

    Many tourists and expatriates in Jamaica will find that local hotels have prepared a thanksgiving feast fit for a king. Half Moon hotel for example is offering a curated thanksgiving experience. For those who made their booking by October 31, the menu today will feature cream of pumpkin soup, mixed green salad with toasted pecan, apple, dry cranberry tomato with red onion with fresh basil, Jamaican jerk-rubbed roast turkey, cranberry jelly, pumpkin pie and more. It's not only all-inclusives but villas which are getting in on the thanksgiving action. Villa Serenity which is located in Ocho Rios Jamaica says it is offering a thanksgiving celebration without the clean-up or planning. Managers from the property note in their online blog, “There are enough American tourists and ex-pats in Jamaica to create a demand for Thanksgiving food around the third Thursday of November. You’ll find turkey and all the fixings in Jamaican supermarkets, so you can go as conventional a...

  Caribbean Money Daily Scotia Group Jamaica Limited was recently assessed by the Bank of Jamaica and was awarded a license to operate, as a Financial Holding Company effective July 24, 2024. The approval indicates organizational arrangements completed for the separation of regulated financial subsidiaries from non-regulated subsidiaries. This is done pursuant to the Banking Services Act (BSA) of 2014 which gives the BOJ consolidated supervision of financial entities within a group that includes a deposit-taking institution (DTI). Concurrently, for Scotia, new appointments have been made including Anya Schnoor, Chair Scotia Group Jamaica Limited who has been appointed as Executive Vice President, Global Insurance effective November 1, 2024. With this appointment she will provide strategic direction and oversight responsibilities to the Insurance Business within International Banking. Perrin Gayle, SVP Retail & Small Business has been appointed Acting Head of Retail Banking...

  Caribbean Money Daily - - Tropical Battery Company Limited (Tropical) announced on Tuesday March 26 the acquisition of Lot 12 Ferry Pen, located in Kingston 20, Jamaica. The effective date for the purchase was September 19, 2024.  The property is land previously owned by sister entity Diverze Properties Limited, itself owned by DAI Diverze Limited. Acquisition cost was approximately J$950 million. The location is the site of Tropical’s headquarters in the Ferry Commercial Park to which the company relocated in 2020. Tropical said in its disclosure that the purchase “supports Tropical Battery’s growth initiatives, enhancing operational capabilities, reduces related-party loans, and is expected to positively impact financial performance.” Selling company DAI Diverze (Jamaica) Limited is a holding company with assets including a 40 per cent stake in Chukka Caribbean Adventures of Saint Lucia, a nature tourism business with subsidiaries in Jamaica, Belize, Grand Turk in th...

  Caribbean News Daily - Following a commissioned governance review Massy Holdings on Monday November 2024 announced a move to change the structure and composition of the (parent) company’s board. The new structure will feature a smaller number of directors which the company said reflects the board’s “commitment to a more efficient decision-making, improved accountability and engagement, enhanced communication and stronger alignment.” The review it was said recommended the need for better portfolio governance and that the role of the portfolio chairman be separated from the role of the portfolio chief executive officer. The company also moved to adjust senior officers. Marc Rostant’s role as group executive vice-president and chairman Motors and Machines Portfolio will change to group executive vice president and portfolio CEO, Motors and Machines Portfolio, effective November 19. Meanwhile Vaughn Martin’s roles at group executive vice president and chairman Gas Products Portf...

  Follow us at caribbeanmoney.blogspot.com for breaking news every day.   Caribbean Money Daily Alumina prices are up, and with reduced demand globally, Russian aluminum producer UC Rusal has announced that it will cut production by approximately six per cent or 250,000 metric tons per year. Earlier this year in April the three-month aluminum contract on the London Metal Exchange was up 0.8% at $2,644 per metric ton. Alumina prices jumped to around US$700 a ton in 2024 due to production disruptions including in Guinea and Brazil. There is hope that new production, including India, coming online by 2025 will reduce prices meanwhile. Alumina, used for the manufacture of aluminum, is used in the transportation, construction and packaging sectors. Together, the disruptions in supplies of bauxite from Guinea and Brazil and output suspensions in Australia resulted in the price hikes. It is not known if Jamaica will be impacted by the planned cuts by Rusal.  In Jamaica UC ...

    Follow us at caribbeanmoney.blogspot.com for breaking news every day.   Caribbean Money Daily -The Bank of Jamaica has expressed some worry about geopolitical tensions and the knock-on effect on supply chains, but otherwise the central bank is bullish about inflation in the medium term. The bank this week forecast a reduction in inflation over the next two years occurs in a context of lower projected increases for regulated prices and the lagged impact of the Bank’s relatively tight monetary policy posture on inflation expectations, the exchange rate and, consequently, on imported inflation. The expectation is for a fall in core inflation to an average of 4.3 per cent, compared with 6.2 per cent over the past two years. The full report is contained in the Quarterly Monetary report for September quarter, published in November 2024. Compared to the BOJs e Bank’s previous forecast, headline inflation for the next eight quarters has been revised downwards on a...

Follow us at caribbeanmoney.blogspot.com for breaking news every day. Caribbean Money Daily - The government of Jamaica has awarded new generation contracts following the request for proposals to supply 100MW from renewable energy. Recipients are SunTerra Energy Jamaica and Wigton Wind Farm for solar projects in the parishes of located in the parishes of Trelawny and Clarendon. Wigton meanwhile has newly secured a change in the terms of its generation license from wind to solar power for Wigton Phase 1. Wigton Energy Limited advised on Monday November 5, 2024, of the addendum to the Wigton Windfarm Limited (Wigton I) Generation License, 2023, executed between the Minister of Science, Energy, Telecommunications and Transport and WIG effective November 21, 2024. The Addendum, it was noted, now provides for the generation of electricity under the License utilising solar power instead of wind power. There has also been agreement on renaming the License to the Wigton Energy Limited Generat...

Caribbean Money Daily Weaker domestic demand and the recurrence of adverse weather are twin threats, but for fiscal year 2025/26 and FY2026/27, real GDP is projected to expand in the ranges 1.0 to 3.0 per cent and 1.0 to 2.0 per cent, respectively the Bank of Jamaica outlines in its newest quarterly monetary policy report (QMPR). The central bank asserts that the projected growth for FY2025/26 largely reflects a recovery in economic activities following the impact of Hurricane Beryl, evidenced in part by increases in Agriculture, Forestry & Fishing and Mining & Quarrying. Over the medium-term (FY2027/28 – FY2029/30), GDP is projected to grow by 1.0 to 2.0 per cent. In background, the Jamaican economy is estimated to have declined at a year-over-year rate of 2.8 per cent for the September 2024 quarter, in contrast to the growth of 0.2 per cent recorded for the June 2024 quarter. The BOJ says that Real GDP is projected to in the range of -1.0 to 0.5 per cent for FY2024/25, largel...

  Caribbean Money Daily Food and Beverage company Express Catering Limited (ECL) for the year 2023-2024 is reporting higher revenue flows from of the thousands of visitors and Jamaican travelers that depart Jamaica through the Sangster International Airport in Montego Bay, Jamaica. It also provides food and beverage offerings for approximately 7,500 employees that work in the various support services at the airport. With higher numbers of 2,655,128 passengers accessing the post security departure lounge at the Airport, passenger numbers surpassed fiscal 2023 (2,439,598), reflected positively in consumer spend.   For the year, spend per passenger was US$9.64, resulting in revenues of US$25,590,638, a more than 20% increase on fiscal 2023. Net Profit earned was US$1.4 million, translating to EPS of 0.09 US Cents per share. The company is meanwhile expecting a positive impact from a new F&B addition. Expected to be opened during last quarter of calendar 2024 i...

  Caribbean Money Daily Food and beverage provider Margaritaville Turks Limited reported an inflow of just under one million passengers in the year ended May 31, 2024, also reporting a higher-than-average number of visitors in Q1. MV Turks published first quarter results for the year where the highest passenger total for any quarter to date was recorded. 355,948 passengers cruised into the Grand Turk Cruise Port during the three months to August 31, 2024. The increase, management stated, was in all categories from ship calls to average passengers per ship call. The revenue and net profits followed suit as well. Revenue realized was US$2.53 million and net profit earned was $388,576. MV Turks is a subsidiary of Margaritaville Caribbean Limited. Established in 1995, Margaritaville Caribbean Group Ltd. owns and operates a portfolio of restaurant, nightclub and tour concepts. The groups entertain experiences are located in tourism and transportation hubs in Jamaica, Grand Caym...

 Caribbean Money Daily Ramon Small-Ferguson, CEO of Barita Investments Limited, stated during a briefing for investors on November 21 that the company achieved a double-digit increase in net profit for the year ended September 30, 2024, and is aiming for a similarly positive performance for fiscal 2025.  However, he emphasized the importance of remaining vigilant regarding the persistent risks in the global macroeconomic environment. Barita tripled its net profit in the final quarter ending September 2024 (FY24), with net profit after tax for Q4 FY24 increasing by 200 percent to $999 million. This brought NPAT for FY 2024 to $3.9 billion, 14 percent ahead of 2023. The company’s revenue for Q4 FY24 totaled $3.0 billion, $1.2 billion or 72% higher than Q4 FY23. This growth was driven by a strong performance within the Treasury, Trading, and Brokerage business lines. Net Interest Income (NII) : NII reflected increases of $62 million (11%) and $5 million (3%) for the...

  Caribbean Money Daily --What does the lower central bank rate mean for you? The Bank of Jamaica (BOJ) reduced the policy rate by 25 basis points (bps) to 6.25 per cent per annum, effective Friday, 22 November 2024. Similarly, in the United States, the Federal Reserve cut its influential federal fund rates by 50 bps in September, the first cut to the central bank's key interest rate since 2020. In November, it further trimmed its benchmark rate by 0.25 percentage points amid cooling inflation. Relief is expected for borrowers s grappling with high costs. The key rate now falls withing a range of 4.5% to 4.75% from its current 4.75% to 5% level. In both jurisdictions, the US and Jamaica, with the rate cut, borrowing costs of loans should decrease. Also, lower rates should mean business loans are more affordable. However, savers will likely lose their high returns on some savings products. The rate cut in Jamaica, the BOJ said was due to an improvement in the inflation o...

  Caribbean Money Daily. Tensions between the West and Russia are on the rise. In the week ended Russian forces launched 37 airstrikes using 48 guided bombs and more than 270 kamikaze drones. They also carried out over 2,000 artillery attacks on Ukrainian defensive positions and civilian settlements. Russian president Vladimir Putin is additionally issuing new promises to the West as NATO nations approve the use of new weaponry against Russia itself. Meanwhile war between Israel and Middle eastern neighbors have heightened and Iran and North Korea pose continued nuclear threats. The economy and global stock markets are affected. Markets in general are trying to shake off rising tensions in the world. In the last week they experienced volatility as investors considered mounting quarrels s between Russia and the United States. The Dow dropped about 450 points shortly after the opening bell on Tuesday last but has since rebounded. The S&P 500 and Nasdaq also resurged after ear...

Caribbean Money Daily In 2024 luxury entered its air-conditioned coach and landed in Old Harbour in St. Catherine. Centuries before, an 1889 map of Thetford Pen, located near old Harbour shows the 2,034-acre property as belonging to Louis Verley Esq. A pen was a livestock farm which in older times was dedicated to pen-keeping including the breeding of cattle, horses, mules and sheep. Today, the property is being marketed as a new gated community. Thetford Greathouse along with 80 acres of land were previously advertised for $60 million. That offer was subsequently canceled. Currently, with units starting at US $245,000 each the cost to buyers begin at $37 million with the exchange rate being J$158 to one US dollar, selling. The estimated completion date is Summer 2025. Greathouse Estate, as the gated property is named, is located on the former Thetford Estate and described as re 20 mins from Kingston & 5 mins after exiting the Highway. Patricia Ranglin of REMAX realt...

  Caribbean Money Daily The Agro-Investment Corporation indicates that fifty five farmers who have grown crops informally for local supply are slated to receive formal contracts or leases from the agro invest corporation with funding for input support provided under the Hurricane Beryl Plan Recovery programme The agency indicates that existing markets in the area are the hotels, supermarket, exporter and other Agro. Some of these existing farmers already have market agreement with buyers such as Walker Woods L.T.D to purchase scotch bonnett pepper In total the agency plans to hand over or 1,172.24 acres of prime agricultural land in Islington, Mount Pleasant, and Harmony Hall. The group will thereafter be known as the Islington, Mount Pleasant, and Harmony Hall Production Zone. Featured crops are hot peppers, Irish potatoes, sweet potatoes, and pumpkins which are described by Agroinvest as “ integral to the local economy.” In further information supplied to Caribbean Mo...

    Caribbean Money Daily Elevated interest rates in Jamaica are being blamed by sector supervisor the Financial Services Commission (FSC) for continued slow growth in the pensions sector, but asset values are nevertheless being fueled by relatively high deposit levels. It was stated in the FSC’s March 2024 report - the most recent one available - that “The elevated interest rate environment within the economy remains continues to stymie the growth in asset prices within the pension portfolio. This is evidenced in the anemic performance of the Jamaica stock market.” However, as at March , the total value of assets invested in the Jamaican private pensions industry was $758.02 billion, representing a quarter over quarter increase of 1.64 per cent. This compares to asset totals of to $707.56 billion as at March 2023. During the March 2024 quarter, all asset classes but repurchase agreements increased in value. Deposits within the aggregate pension portfolio inc...

Caribbean Money Daily In a year of record refunds, being the highest estimate in seven years, the National Housing Trust (NHT) has encountered delayed repayments for some contributors. Delays, the Trust indicates were either to employer actions or applicant misinformation, principally. Refundable contributions have been increasing year by year. In 2023 the total refundable was J$149.069 billion and for each year prior, ranged from $136.808 billion in 2022 down to $91.251 billion in 2017. The NHT Contribution is currently set at two per cent of gross salary for employees and is paid over by employers who also contribute to the Trust three per cent of each employee’s gross salary, making a total of five per cent due for each pay period. One contributor said on August 19 that it was only after many months of “ backing and forthing” that he finally got his refund. The businessman said, “Apparently there seems to have been some major "system glitch" with the refund...

  Kingston, Jamaica – At the recently concluded Insurance Association of Jamaica (IAJ) Business Conference, held at the Jamaica Pegasus Hotel in Kingston, Y Smart Data introduced its curated address database for the island of Jamaica, highlighting the benefits for the insurance industry. In a presentation titled "Mapping the Future: Harnessing Location Intelligence for the Insurance Industry," Y Smart Data’s CEO, Ray – St. Michael Williams highlighted how the company’s geotagged address database will enhance underwriting accuracy, reduce fraud, and enable insurers to offer more tailored services to clients. Geotagging can ultimately transform how risk is assessed and how policies are priced within Jamaica's insurance industry. Williams explained that local insurers will be able to leverage location intelligence to better manage risk. Over the past four years, Y Smart Data has been building and refining a comprehensive address database for Jamaica, attaching geographic ...

  [Jamaica, New York]   – In an era marked by political strife, social division, and possible civil unrest in this 2024 election season, Mr. Courtney Lodge's groundbreaking book,   Kamala's Gameplan—The Impact of Global Peace when President Kamala Harris Pardoned Donald Trump , presents an extraordinary exploration of a pivotal moment in American history. This thought-provoking work analyzes the possible implications of a hypothetical scenario in which a likely President Kamala Harris issues a pardon for Donald Trump, shedding light on the potential for reconciliation and healing in a fractured political landscape. From the very first page, Lodge captivates readers with a critical examination of how the act of forgiveness could serve as a catalyst for global peace. The book offers a roadmap for navigating the challenges of modern governance while emphasizing the importance of unity in a bipartisan context.   10 Key Highlights from the Book: 1. CONCRETE HOUSES:  ...