Caribbean Money

Patties are not the same price everywhere. What consumers know is that eating one of their favorite delicacies is significantly cheaper in the United States than in Jamaica. Currently, beef patties retail for US$1.25 each in the US which equates to less than J$200 or just about. In Jamaica the current unit price for a beef patty is $360 each. Gone are the days when a patty could be purchased for five dollars each in the island. Maybe the reason for a less costly product in the US is that of economies of scale or cheaper inputs for at least one company in the United States. Either factor or both.  Four major patty brands in Jamaica are Juici Beef, Tastee, Mothers and Devon House.  Jamaican patties are loved for spicy meat filling in flaky pastry. A well-known brand in the US is Golden Krust which has its own restaurants and has also expanded distribution through its arrangement with the stores such as supermarkets and the Dollar Tree network, where patties can be purchased. On...

  Barita Investments Limited (BIL) has advised that the Cornerstone Group is embarking on a corporate reorganization to comply with the Banking Services Act of 2014 (BSA). The reorganization will proceed through a court-sanctioned composite scheme of arrangement, resulting in Cornerstone Trust & Merchant Bank Limited, Barita Investments Limited, and Barita’s wholly-owned subsidiary, Barita Unit Trusts Management Company Limited, becoming subsidiaries of Barita Financial Group Limited (BFGL), the proposed financial holding company. An extraordinary meeting for shareholders will be held at noon, an in-person meeting for Barita’s shareholders on Monday, January 20, 2025, at the Spanish Court Hotel, 1 St. Lucia Avenue, Kingston 5. Barita Investments Limited (Barita or the company) is a limited liability company incorporated and domiciled in Jamaica. The registered office of the company is 15 St. Lucia Way, Kingston 5. The controlling party of the company is Cornerstone Financial Ho...

The Jamaica Stock Exchange (JSE) indicated via notice on its platform today that it has suspended the shares of MFS Capital Partners Limited (MFS). MFS Capital Partners Limited is a private equity company located in Kingston, The firm specializes in growth capital investments and focuses on the real estate sector, investment banking, money services, receivables financing, and private credit. MFS Capital Partners also acquired Micro Financing Solutions (MFS), a micro-lender and licensed cambio, which offers services in remittances, bill payment, and large credit. MFS Capital Partners listed on the JSE in August 2022 by introduction after its takeover of SSL Venture Capital (SSLVC) in May that year. Its predecessor was also listed by introduction in 2018 after the failure of C2W Music, which raised $120 million in its initial public offer. The notice read: “The Jamaica Stock Exchange (JSE) wishes to advise the investing public that in keeping with JSE’s “Junior Market Rule Appendix ...

  BRIDGETOWN, Barbados - The Board of Directors of the Caribbean Development Bank (CDB, the Bank) has reviewed and approved a Callable Capital Report, aligning with peer AAA rated Multilateral Development Banks (MDBs). Callable capital is a financial safety net, provided by shareholders should the Bank require additional funds to boost investor confidence, increase lending capacity or strengthen financial stability in cases of emergency. CDB's evaluation follows other MDBs efforts to implement the recommendations of the G20-sponsored Independent Review of Capital Adequacy Frameworks. Other MDBs undertook the same exercise, such as the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the Asian Development Bank (ADB), the Inter-American Development Bank (IDB) and the International Bank for Reconstruction and Development (World Bank). CDB's report covered three workstreams: 1. A review of the agreement establishing CDB pertaining to ...

  In October 2024, the Eppley Caribbean Property Value Fund acquired a 100 per cent interest in a property in St Vincent from International Property Investment Company Limited via its wholly owned subsidiary ECPF Property Holdings (St. Vincent and Grenadines) Limited a company incorporated under the Business Companies Act for the twin island state. This disclosure was made under the heading ‘subsequent events’ in the company’s annual report for the year ended September 30, 2024, and published on December 30. Eppley already owns development land in Canouan Land, Canouan, St. Vincent and the Grenadines. Further details on the latest acquisition were not shared. However, that deal follows, in September 2024, the acquisition of a significant stake in the Eppley Caribbean Property Fund Limited SCC – Value Fund (ECPF). That share purchases constituted approximately 18.7 per cent of ECPF’s outstanding shares. This acquisition was conducted on the Jamaica Stock Exchange and the Barbado...

  Proven Bank on December 30, 2024, announced via the Jamaica Stock Exchange that the Proven Group has appointed Stacy Belnavis as the new President and Chief Executive Officer (CEO). Belnavis will lead Banking operations in the Cayman Islands and Saint Lucia, driving Proven Group’s “strategic vision for growth and transformation in the Caribbean,” the group announcement stated. The group will also consolidate its wealth management activities, announcing at the same time  that, "In keeping with the Group’s strategic focus to enhance operational efficiency and drive profitability, we have taken the strategic decision to optimize our Wealth Management operations across the region. "Firstly, we intend to consolidate the wealth management business in Cayman (including financial advisory) into PROVEN Bank (Cayman) Limited, subject to regulatory approval. Additionally, we have taken the decision to exit our small financial advisory businesses in Bermuda and the British Virgin Isl...

  The management discussion and analysis for AMG Packaging and Paper Limited, released in its annual report on December 30, 2024, highlighted strategic decisions being considered to improve company operations. For the Year Ended August 31, 2024, the report stated, risks assessed within the period include the need to address the Corrugator Line through seeking an alternative supplier of f corrugator spare parts due to the permanent closing down of the original corrugator manufacturer. For the same line, another risk identified was an inability to produce enough sheets to meet the growing demands of the automatic and semi-automatic conversion machines. This will be reviewed and addressed. AMG has purchased and will install new equipment in 2025. The company manufactures, distributes, and retails cartons including s corrugated, die-cut, specialty, and custom boxes, as well as warehousing products for liquid bulk, beverage, poultry, and storage applications. Started in 2005, AMG...

  Horace Messado, Chairman, Sygnus Real Estate Finance Limited commented in the annual report released on December 29, 2024, that Lakespen and Mammee Bay in particular, represent the next step in the company’s growth strategy, stating, “we anticipate significant progress in the next financial year." The Mammee Bay property owned by the company is over 14 acres of beachfront property on Jamaica’s North Coast. It will be developed for the hospitality industry in Jamaica. Lakespen in St. Catherine is a 55 acre property investment project to provide serviced lots for the future development of industrial warehouse space, in St. Catherine, Jamaica. To further support its long-term growth, SRF successfully J$3.38 billion during the financial year, as the Group initiated a dual currency multi-tranche capital raise through a private placement of four-year senior secured debt. The facility was upsized, closing with proceeds of approximately US$15.00 million and J$1.76 billion; totaling J$...

  The Jamaica Stock Exchange (JSE)announced this week that the Managing Director, Dr. Marlene Street Forrest, will continue to serve in her current capacity until the Board of Directors has successfully completed the recruitment process for her successor. The JSE notice stated, “The JSE Board and Dr. Marlene Street Forrest are committed to ensuring a smooth transition to maintain the integrity, stability and continued growth of the organization. The recruitment process is well underway, and the Board remains focused on selecting a candidate who will uphold the JSE’s legacy of innovation and excellence in capital market development.” Dr. Marlene Street Forrest says she is anticipating in 2025 a year in which there will be more listings on the Exchange, including on the Junior Market. She is also foreseeing active participation when the Environmental Sustainability linked market which will be created later in the year. The Jamaica Stock Exchange (JSE), the most active tr...

  CALL FOR APPLICATIONS: TRANSFORMATIONAL LEADERSHIP DEVELOPMENT PROGRAMME The Caribbean Centre for Development Administration (CARICAD) is pleased to issue a  Call for Applications  from suitably qualified  senior leaders  from public, private and non-governmental organisations for enrolment in its Transformational Leadership Development Programme (LDP). The LDP will be delivered in a synchronous, virtual and experiential learning format  beginning February 2025. Interested candidates are required to note the following: Complete the electronic  application form.  (Hand-written application forms will not be accepted).  If candidates are being sponsored by their organisation, the relevant section on the  application form   should be filled out by the Head of the sponsoring organisation or his/her authorised designate. Completed  application forms   must be submitted to  info@caricad.net  by  January 16, ...

    Over USD165,000 has been allocated for the Caribbean Development Bank and World Trade Organization (WTO) Statistics Training Programme, a trade focused capacity building regional activity set to modernise the production, compilation and dissemination and use of data in national statistics and customs offices, and ministries of trade. According to CDB’s Director of Economics, Ian Durant “The Bank is pleased to support, this initiative which will assist in deepening Caribbean trade and integration and further support development outcomes.” Increased capacity and technical expertise, and enhanced cross-agency partnerships in the collection, compilation, and dissemination of trade and tariff data will undoubtedly improve the design of related strategies and policies and advance achieving the Sustainable Development Goals (SDGs). He added that “CDB recognises the significance of establishing and expanding our strategic relationship with the WTO to further a shared commitment t...

  At the half year mark in 2024, total sales for the gambling industry in Jamaica were J$123 billion and rising as the islanders indulged their love of games of chance. Jamaicans, on average spend in the region of $240 billion annually on gambling, based on data from the Betting Gaming and Lotteries Commission (BGLC). Gaming lounges in St. James and St. Andrew account for more than 60 per cent of sales, meanwhile. The rising trend in spending on gambling is similar Caribbean wide. According to Thecaribbeancamera.com, by the end of 2022 the industry was worth around US $1.22 million in the region, with the annual growth rate to 2027 projected at11.12 per cent per annum BGLC reported total industry sales in Jamaica between January 2024 to March 2024 amounted to J$63.949 billion. This represented an increase of 3.86 per cent when compared to the same quarter of the previous year. (January 2023 to March 2023), which generated sales of $61.574 billion. The total sales for the indu...

    US$400 million is the price tag attached to Jamaica’s first casino resort, the Princess Grand Jamaica which is slated for opening in mid to late 2025 Competing properties in the region include the Hard Rock Hotel Punta Cana in the Dominican Republic which is cited as the regions’ largest with 13 pools with water slides and swim-up bars, multiple restaurants, a golf course, a spa, and suites with spa tubs and private balconies. The onsite casino is 45,000 square feet and has 40 tables and more than 400 slot machines. For the Hard Rock group, peak revenue was US$150 Million in 2023. The government of Jamaica has been trying for years to launch the casino centred Approved Integrated Resort Development (AIRD) but so far, no approved projects has started. In March 2022 it closed a new call for the new style development which should include a mix of various tourism amenities and facilities in the same precinct including, but not limited to, hotels, hotel rooms, villas, ...

  What prospects are there for increasing trade between Jamaica and Japan? Contrary to widespread beliefs, coffee is one of the smallest revenue segments for Jamaican exports to the nation of Japan. Trading Economics states that Jamaica Exports of coffee, tea, mate and spices to Japan was US$15.28 Million during 2023, according to the United Nations COMTRADE database last updated on December of 2024. The most valuable export segment according to the same source are vegetable plaiting materials and vegetable products. The value of these Jamaican exports to Japan was US$492.37 Thousand during 2023, according to the United Nations COMTRADE database on international trade. Prospects for higher demand in Japan are on the upswing for 2025, economists note, based on a third year of price hikes, second year of wage hikes, and the start of interest rate hikes. www.nomuraconnects.com notes that in addition, Japan also saw increased software investment and labour mobility, strengthened c...

    For the first time, an agreement will be inked between the Georgetown Chamber of Commerce and Industry (GCCI) and the Jamaica Stock Exchange (JSE). The organisations are slated to sign a Memorandum of Understanding (MoU) during the three-day annual Regional and Investments Conference set for next January at the Jamaica Pegasus under the theme ‘Safeguarding the Capital Markets Conference.’ Guyana’s successful exploitation of the oil sector has attracted investors, among them Jamaicans. In capital market conferences held in that nation, Jamaica Stock Exchange head Dr. Marlene Street Forrest referenced the need for a more balanced approach to investment, where businesses can tap into various forms of financing to fuel their growth. "We’ll be talking about accessing a myriad of capital, loan, capital, equity capital, a mix of both of these, mezzanine financing, all the types of financing that one can do in order to grow and develop a business,” she said. Another aspect of t...

  Guardian Holdings Limited (GHL) indicated on December 24 that Greer Quan has been appointed as Group Chief Operating Officer of GHL effective 1st January 2025.   Quan has over 17 years of experience in the financial services sector. GHL said. "She will be a significant asset as we continue to build on our vision of becoming the trusted provider of financial solutions across the region." Her former roles include chief executive officer—Caribbean at Pan-American Life Insurance Group (PALIG) and chief operations officer at the Urban Development Corporation of Trinidad and Tobago (UDeCOTT). She will oversee the group, which was in 2013, with all its subsidiaries rebranded to Guardian Group, a single brand and identity to represent the largest indigenous financial services and insurance group in the Caribbean. As stated by Guardian, “These roles have honed her ability to lead transformative initiatives and deliver impactful results, qualities that make her a perfect fit for ...

The Financial Services Commission (FSC), sector regulator, reports that term deposits and repurchase agreements drove asset growth for general insurers companies in Jamaica in 2024 although profit for the segment remained flat. As at June 30, 2024, there were seventeen registered insurance companies; that is, six life  insurance and eleven general insurance companies. The total assets recorded for the insurance sector was $544.9 billion at June 2024, which represented a growth of 9.1 per cent or $45.6 billion. The general insurance sector’s assets totaled $96.9 billion and accounted for 17.8 per cent of assets in the insurance sector. That sector’s total assets increased by 8.8 per cent or $7.8 billion as at June 30, 2024, which was predominantly driven by investments. The value of investments increased by 9.9 per cent or $5.0 billion relative to the corresponding period in 2023; invested assets were concentrated in instr...