Issue: 9
Businessuite Weekly
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Businessuite Weekly
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Issue: 9
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Contents Cover Story
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There is no certainty that the agreement will be reached between Liberty Global and Cable & Wireless. In a release to the media last week, Cable & Wireless also asked its...
EDITORIAL
ECONOMIC GROWTH
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Companies and Social Media Management In this day and age, it is known that one of the most effective marketing strategies is the use of Social Media. Whether Facebook, Instagram or ...
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Rerouting the FLOW? Liberty Global in Cable and Wireless Buyout talks
University Professor, Anthony Clayton urges Jamaicans to use foresight to aid with Development The Jamaican government and key stakeholders are being urged to use Economic and Strategic Foresight to aid with the country’s economic...
TECHNOLOGY
Marketing
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Apple TV now available for preorders The Apple TV is now available for preorder. According to Apple CEO, Tim Cook other customers can begin to making regular...
Think Things Through Failure to appropriately think things through is among the most common reasons for project failures. This fact seems to be the result of ...
Leadership
MSME DEVELOPMENT
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The End of Retirement As We Know It (Part 1) Can Jamaica shake the shackles of poverty and assume her rightful place as a world power? Per capita, our culture and its emissaries are...
Businessuite Weekly
MSMEs to Benefit from Cluster Policy Training Medium, Small and Micro Enterprises across the country are set to benefit from a recent visit by Argentine specialists from the Agency for Small ...
Issue: 9
Contents Credits
PRODUCTION
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Content Director
Timeless Herbal Care Receives First Commercial Research Permit For Medical Marijuana
Kayla Wright
The Businessuite News Centre BNC
Timeless Herbal care has received a Commercial Research Permit from the Ministry of Science ...
Advertising Sales
Tourism Operators to Begin Collecting Withholding Tax on Specified Services next Monday Come next Monday, November 1, 2015, all Large Tourism Operators will be required to begin...
Compilation of reports made by various companies to the Jamaica Stock Exchange regarding Mergers, Acquisitions, purchases and distribution of shares
Businessuite Event Calendar
Photo credits
Sourced from the internet and contributed
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Antigua and Barbuda: Antigua Hotel tourist association head supports call for hotels to open for 11 months a year General Manager of the Antigua Hotel Tourist Association (AHTA) Neil Forrester has announced his support for calls made by Civil Aviation...
Mexico: Regional Agricultural ministers concerned with effects of productivity and sustainability on wider economy Regional Agricultural Ministers have expressed concern over what they say are the levels of productivity and sustainability in the rural areas... Issue: 9
Bonito Thompson
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Editorial By Kayla Wright
Companies and Social Media Management
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n this day and age, it is known that one of the most effective marketing strategies is the use of Social Media. Whether Facebook, Instagram or Twitter, companies are learning that interacting with their consumers is one of the best ways to ensure that they are satisfied with your product or service and are willing to shop again.
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While this is acknowledged, it also begs the question, are companies readily equipped to handle the Social Media landscape? Daily we find examples of companies attempting to make their mark and at the same rate, we find instances of failure. I was once told that in the same way that social media can boost one’s career, it can destroy it. In the same instance, it can be determined that social media can also boost a company’s image and likewise destroy it. Social media use by companies should be aimed at interacting with consumers on a personal level. Interacting in such a way that customers find the brand endearing and that the persona exhibited by the brand is in line with its mission statement or objectives. One brand which I find doing an exceptional job of interacting with its consumers on social media is Rough Rider. A company built on the concept of safe sex and sexuality, Rough Rider is striving in terms of its ability to push its brand through social media interaction and consumer involvement. In my opinion it has found its niche and has succeeded in pulling consumers to its brand. In contrast, I find that many companies have failed to find that niche. While Rough Rider, among others, seek to personalize its interaction and banter with consumers, several other entities are stuck believing that monotonous, scripted responses are the way to go while interacting with consumers. Now I am not sure about anyone else, but I must say, I would prefer a company bantering with me and actually attending to my problem versus one that feels it is ok to simply tell me “have you tried resetting the modem?” BM
Social media use by companies should be aimed at interacting with consumers on a personal level. 6
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Technology Apple TV now available for preorders
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he Apple TV is now available for preorder. According to Apple CEO, Tim Cook other customers can begin to making regular orders by the end of the week. Apple AAPL 2.06% originally unveiled its solution for “fixing” the broken TV experience at its Sept. 9 event in San Francisco. The new set-top box includes a faster processor and will cost $149 for a 32 GB model, or $199 for 64 GB. The fourth-generation Apple TV is the company’s first new model in nearly three years. Cook says he remains optimistic about Apple’s plan to revolutionize the TV experience as this week’s release is the “foundation of the future of TV.” He says the revamped TV features new applications, which users will install on the small black box from a special app storefront, similar to what is currently found on iOS devices.
Instead of hand-selecting content providers, as was previously done with the Apple TV, developers will now have the ability to create and publish their own apps for the platform. The company has also incorporated Siri into the new set-top box. Moving forward users will only need to push a button on their remote in order to ask questions, search for content, or launch applications.
Apple TV Content Also joining the Apple TV movement is Disney, which has committed to bringing its Disney Infinity 3.0 gaming platform to Apple TV, and Major League Baseball, which demonstrated its MLB. tv app during last month’s event, for its new device. Cook says that by creating more demand via content providers, he believes that the Apple TV will eventually become an all-in-one source for over-the-top content. BM
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Leadership By Dr. Leahcim Semaj
The End of Retirement As We Know It (Part 1) A few years ago, I facilitated a workshop for senior civil servants who were approaching retirement. One of the group activities asked them to brainstorm and generate ideas that would help to make their retirement years more pleasant and healthy. One thing that struck me about the list that was prepared was the number of special concessions that they were requesting. These included concessions on travel, motor vehicles, health care and cooking gas. I advised them that it would be hard to convince our taxpayers to take on these additional costs when we could not even properly fund the basic educational process that was intended to prepare young people to be productive members of society. The latter being one of the reasons for their unproductivity and magnetism to crime. But more on that in another column. I made a counter proposal that they request low interest loans, about half a million dollars per person, to be used as seed capital to start businesses. These enterprises would give them a chance to put all the skills and ideas that they had developed over years of productive labour. They would be expected to employ at least two young people within the first year and to develop a programme to transfer some of their well-honed work related attitudes to these young people. They would provide the brains and heart with the young providing the hands and feet, a win/win package. I explained then that money was being inefficiently directed at young people who had little education, limited skills, and poor work attitudes with the expectation at they would become entrepreneurs. I believed then and now that this money could best be cycled through retirees as they were tried and proven. More importantly, this activity would keep the retirees active and healthy, and provide them with income which they would need because chances were they would be living for much longer than any of their retirement plans had anticipated. Naturally, my idea got no traction.
The Origins of Retirement We are on the threshold of a crisis. The roots of the modern concept of retirement go all the way back to the era of Germany's Otto von Bismarck, who founded the first welfare state in 1881. At that time, the average worker toiled in a factory and the average life expectancy of 45 years. Retirement age was set at a point where few persons would actually live to get the full benefits. For those few lucky enough to reach the age, it was conceived as a small recompense for physical and mental exhaustion. Using this same rule, today's retirement age could be set at 95 years. In 1900, only 4% of the world’s population was over age 65. Today, that figure is up to 13%. Today in the USA 4.5 persons are working to pay every pensioner. By the year 2030, the projections are 1.7 persons in the workforce for every person on pension. Today there are about 70,000 people who are 100-plus years old. They make up the fastestgrowing age group of Americans. This group has tripled in the last two decades. Are these the necessary conditions for a crisis and what form will it take? Find out in the second and final installment of this piece.
The Jamaica Employers’ Federation has recognized Dr. Semaj for “Leadership in Innovative Workplace Practices”. He is included in Peter Ferguson’s publication CHANGE MAKERS as one of the 101 men who have helped to define modern day Jamaica. This Psychologist combines ancient wisdom with contemporary ‘livity’ to bring fresh insight to old human problems. As a Transformation Specialist he offers two options – ABOVE or BEYOND. Above where you presently are or Beyond your wildest dreams.
I Made A counter proposal that they request low interest loans, about half a million dollars per person, to be used as seed capital to start businesses. Dr. Leahcim Semaj
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Cover Story
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Liberty Global in Cable and Wireless Buyout Talks Businessuite Weekly
Issue: 9
Rerouting the FLOW? W
ith news emerging regarding Cable tycoon John Malone’s Liberty Global PLC and his talks to acquire Cable & Wireless Communications PLC, concerns have been raised about the future of the Telecommunications industry in Jamaica. The takeover deal is reportedly aimed at widening Liberty Global's presence in the Caribbean and elsewhere.
Buy Out Talks Cable & Wireless, which is valued at $4.6 billion as of last week says talks are under way regarding a possible cash-and-stock bid by Liberty. Both companies have confirmed the discussions and Liberty Global has until November 19 to either make an offer or to announce that it does not intend to buy the company. Both companies are also due to report results next month, with CWC’s figures due on November 5 and Liberty Global’s on November 6. This latest move follows Liberty Global’s abandonment of talks with Vodafone Plc about a swap of business assets in Europe's converging mobile phone, broadband and TV markets due to the company’s inability to agree on valuations. The deal also comes less than a year after Cable & Wireless paid about $1.9 billion in cash and stock for Columbus International Inc., in which Malone owned a stake. That deal handed him a 13% voting stake in Cable & Wireless. Following the announcement, Cable & Wireless shares rose 21% to 70 pence in London. It is believed that the move is fueled by Liberty Global’s past focus on the need to offer a “quad play” eventually in all its territories. Cable & Wireless, which has more than six million subscribers, offers pay-television, Internet, landline phone and wireless service. There is no certainty that the agreement will be reached between Liberty Global and Cable & Wireless. In a release to the media Issue: 9
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“We can’t run the business looking over our shoulder. We’ve got to just play our game in the region and if one of the global players comes knocking on our door, then so be it. If someone then puts enough money on the table then so be it.” Phil Bently Chief Executive of CWC
last week, Cable & Wireless also asked its shareholders to take no action. However in a recent interview, CWC Chief Executive Phil Bently had hinted he was expecting a takeover approach. He said "the way I look at it, there are regional players and global players. We’re not a global player anymore”. Bentley said while he believed CW was in a position of strength to be the regional powerhouse, it would never be a global player. He said as far as he was concerned, Cable and Wireless is a “big fish in our little Caribbean sea. We can’t run the business looking over our shoulder. We’ve got to just play our game in the region and if one of the global players comes knocking on our door, then so be it. If someone then puts enough money on the table then so be it. Nobody is immune from takeover interest.”
Who is John Malone Malone has spent the past decade consolidating the European cable industry. Analysts say they believe his intention is to create another oligopoly in Latin America, after doing this in the U.S. and then in Europe. He is also a noted deal maker in the CATV industry. Malone indicated his intentions to get bigger in the region in July, when Liberty Global created a tracking stock called LiLAC for its existing assets in Latin America and the Caribbean. The move gives Malone a new balance sheet from which to start consolidating local assets.
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“if there was ever a part of the world that would benefit from the kind of things we do, in terms of bringing rational consolidation to these broadband connectivity platforms, we think this is.” Mike Fries Chief Executive of Liberty Global
The 74 year old US Billionaire has taken on mountains of debt in recent years to expand European operations as a plunge in interest rates allowed Liberty Global to borrow cheaply. Liberty Global has spent more than $51 billion consolidating cable operations on the continent and with Vodafone now potentially out of the picture, analysts predict he will focus on content assets in Europe, such as U.K. television broadcaster and producer ITV Plc, in which Liberty Global owns 9.9 percent.
Effect on Telecommunication’s sector There are however concerns that given the history of Cable and Wireless in the Caribbean and the recent rebranding of LIME to FLOW, that an acquisition will not be the answer to the Telecommunication’s provider’s needs. However, according to Liberty Global Chief Executive Mike Fries, he believes that the region as a whole requires massive consolidation. Fries says the region is fragmented, underpenetrated and inefficient. He says “if there was ever a part of the world that would benefit from the kind of things we do, in terms of bringing rational consolidation to these broadband connectivity platforms, we think this is”. Meanwhile, regional leaders say they believe it is too early to raise concern. According to Antigua and Barbuda Telecommunications Minister Melford Nicholas considering the recent results of Liberty Global’s discussion’s with European company Vodafone, the news is something the stock market will pay attention to, but until there is anything concrete, he does not believe there is cause for alarm. BM
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Economic Growth University Professor, Anthony Clayton
urges Jamaicans to use foresight to aid with Development
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he Jamaican government and key stakeholders are being urged to use Economic and Strategic Foresight to aid with the country’s economic growth. Strategic Foresight is the prediction and evaluation of future events over a long or medium term. After this management can create strategies to avoid dangers and seize opportunities in the future. Foresight is often used as a source of diagnoses of major social and economic problems over time and as a tool for forecasting and decision-making both by the government, business and the public sphere institutions. According to Professor Anthony Clayton of the Institute of Sustainable Development at the University of the West Indies, this is a strategy the government and other key stakeholders should employ to aid the country’s development and economic growth. Speaking at the JAMPRO Leadership Dialogue and Colloquium last week, Professor Clayton said this includes removing the impediments to economic growth so that the country can have the chance to grow and develop. He says there also needs to be vibrant economic activity including access to living-wage1 employment and economic opportunities; participation in the labour market for all members of society; access to basic necessities, including safe and affordable housing, healthy food, education, and social and recreational opportunities.
Looking to the Future Professor Clayton says looking towards the future and the development of Jamaica, the government and major stakeholders need to begin making plans to mitigate job loss as well as the effects of crime and tax evasion on economic development. BM
Strategic Foresight is the prediction and evaluation of future events over a long or medium term.
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94D Old Hope Road Kingston 6 Jamaica Telephone: (876)978-5508/ 978-0426 (876)619-1351 Fax: (876)927-9125 Customer Feedback/ Queries: E-Mail: Info@cabjm.com
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Marketing By Ronnie Sutherland Strategy Consultant and Media Executive
Think Things Through
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ailure to appropriately think things through is among the most common reasons for project failures. This fact seems to be the result of what appears to be a culture of impatience towards those who are inclined to ask a deliberating team to stop and consider other possible outcomes that are contrary to those the team is excited about. Anyone that dear to advise caution while pointing out possible pitfalls are often times accused of pouring ‘cold water’ on a great idea. There is a tendency to view individuals who are inclined to take or demand that time be allowed to thoroughly think through ideas as negative. They are seen as negative because they tend not to be easily carried away by the excitement of the moment. In an attempt to avoid the negative badge, these independent thinking individuals increasingly select to be quiet through important deliberations. As a consequence the boardroom is being denied the broadest possible perspective in the assessment of ideas.
not given sufficient thought in the public sphere has to do with the current demand for reparation payments from Britain as compensation for the country’s role in the slave trade and slavery relating to Jamaicans. The idea is that the descendants of the enslaved should be compensated for the immeasurable harm that was done as a consequence of the horrible acts of slavery. The reparation lobby in seeking a settlement of approximately one trillion US dollars from Britain has stopped short of the comprehensive thinking that would make their claim legitimate and compelling. For example, the claim for reparation is exclusively focused on Britain when in fact the Spanish, the Dutch and even Africans played significant roles in the slavery experience. Had the reparation lobby given sufficient thought to formulating the claim, they would not be caught off guard and having now to justify the omission of all the non-British players. In doing so belatedly causes the demand to lose effect.
This highlights two issues that leaders in organization should give serious consideration. That of demanding that ideas be thoroughly examined before execution and secondly to protect those employees who are inclined not to share the same perspective of those who are on a rush to implement. This may appear counter intuitive in a fast paced world where entrepreneurs rush to execution with very little information. There are too many instances however where failures are the direct result of insufficient thought being given to projects.
There is also the lack of due consideration to all the possible outcomes from making the reparation demand. As it stands now and has been the case since independence, Britain has been one of Jamaica’s closest friend and ally. This has been a relationship free of antagonism from both sides. The new posture of demanding reparation while with some merit could go horribly wrong in the long run if not properly thought out. This is consistent with the view that when a legitimate demand is made there must be well defined route to securing compliance. Short of that, it is not a demand but a request.
While the tendency for not thinking things through is quite prevalent in businesses, the same is true for government and even the society at large. A clear example of an idea
If we are in fact making a demand for reparation payment from Britain, what if the demand is not complied with? Will we continue to agitate indefinitely and are we
Failure to appropriately think things through is among the most common reasons for project failures. 16
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prepared to take Britain to a world court to test the case for reparation? What if we do and lose the case? How would that be expected to affect the relationship between the two countries in the process? What effect do we expect the constant agitation for Britain to pay reparation to have the over 600,000 Jamaicans living in the United Kingdom? Is there any consideration for the effect a constant call for reparation from Britain will have on the psyche emerging generations in Jamaica? In other words will our young people grow up feeling disadvantaged because of slavery and wallow in self pity?
always in the best interest of the business to assert its rights against a customer. Consideration must be given to the effect a legal move would ultimately have on the relationship with the customer and with other customers for that matter. It is not likely that the customer supplier relationship would survive a court action. Taken as a given that the relationship would end, the next question is what value would be lost commensurate with losing a customer? A thorough ‘think through’ could likely reveal that the long-run value of keeping the customer is exceeds the redress being sought in court.
Yes we could be successful in our demand for reparation from Britain and end up with a payout of close to US$ 1 Trillion. The question is; how likely is that? The appropriate approach to deciding on whether or not to pursue a particular course of action should include an attempt through critically thinking things through to identify all the possible outcomes and assign estimated probability to each possible outcome. In so doing, the risk of the action to be pursued would be assessed and decision taken consistent with the risk profile of the decision makers.
Thinking matters through requires maturity and discipline. It is always easy to lazily run with the first nice sounding idea. It is now fashionable in the boardroom to give unreserved support for a nice sounding idea. It fits perfectly into the teamwork philosophy of supporting team members. There is also the benefit of coming across as a positive by giving early support to an idea that is intended to deliver positive results. Those who dare to challenge nice sounding ideas are often vilified and labeled negative. Rather than shut down these employees however, it is best to hear them out. It is advisable that due consideration be given to the issues they raise. Addressing those issues could very well strengthen the idea.
The same holds true for business as well as for personal decisions. It is not
The appropriate approach to deciding on whether or not to pursue a particular course of action should include an attempt through critically thinking things through to identify all the possible outcomes and assign estimated probability to each possible outcome. Issue: 9
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MSME Development
MSMEs to Benefit
from Cluster Policy Training
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edium, Small and Micro Enterprises across the country are set to benefit from a recent visit by Argentine specialists from the Agency for Small and Medium Enterprises (SEPYME) aimed at meeting and discovering the different sectors of economic growth in Jamaica, with the aim of establishing future South-South cooperation. According to the Ministry of Industry, Investment and Commerce (MIIC), the team was on an exploratory mission to identify possible lines of cooperation, determine the priorities of the Jamaican Government, and highlight potential sectors that would benefit from the development and strengthening of clusters. The meetings included key stakeholders from the Technology Innovation Centre at the University of Technology (UTECH), Small Business Association of Jamaica, representatives of the local cocoa and fashion industries, the Jamaica Exporters’ Association ( JEA), Ministry of Science, Technology, Energy and Mining (MSTEM), HEART/National Training Agency, JAMPRO, Jamaica Manufacturers’ Association ( JMA), and representatives from the Bureau of Standards Jamaica (BSJ) and the MIIC. Members of the Argentinian team, including Dr. Alejandro Nacierio and Matias Davini have expressed their satisfaction with the interactions and knowledge sharing during their visit. The team says it expects to continue working with the MIIC to identify a project, in line with the Government’s growth objectives. It says technical assistance will also be offered over a two-year period in defining cluster methodologies and implementing group-based techniques for local development and rural empowerment for economic growth. With regards to future actions with respect to the development and strengthening of clusters, it is expected that the next step will be revealed in a detailed report by the Argentine delegation, followed by the implementation of steps identified to execute the project, previously approved by the Government of Jamaica. BM
technical assistance will also be offered over a two-year period in defining cluster methodologies and implementing group-based techniques for local development and rural empowerment for economic growth. 18
Businessuite Weekly
Issue: 9
Production Timeless Herbal T Care Receives First Commercial
imeless Herbal care has received a Commercial Research Permit from the Ministry of Science, Technology, Energy and Mining as it continues efforts to develop and commercialize the cannabis industry for Jamaica.
According to CEO of Timeless Herbal Care, Courtney Betty, the company will be working with The University of The West Indies and a team of medical research specialists to have Jamaica become a world leading centre for excellence in research and development and produce medical marijuana products for the growing International market.
Research Permit For Medical Marijuana
Meanwhile, Communication Advisor for Timeless Herbal, Richard ‘Dickie’ Crawford says the permit gives Timeless Herbal the right and permission to conduct medicinal research on ganja to later be used towards the sale of Cannabis derived medicine on the international market. He says the permit which is now effective will be valid for one year and will then be subject to renewal. Crawford says another major aim of the permit is to ensure that Jamaica becomes one of the leading ganja research centers in the world. He says Jamaica has the capability of matching and even surpassing the research conducted by institutions such as BioTrackTHC. BM
Tourism Tourism Operators to Begin Collecting Withholding Tax on Specified Services next Monday
C
ome next Monday, November 1, 2015, all Large Tourism Operators will be required to begin withholding the 3% Withholding Tax on Specified Services (WTSS).
According to Tax Administration Jamaica (TAJ), this means that Tourism Operators, with a turnover of J$5M or more, must now withhold 3% of the total amount paid for specified services with invoices of $50,000 or more. However, the Exemption Certificate (EC) is accessible to providers of specified services which are compliant with filing and paying their income tax. TAJ says this will allow them to collect the full payment from their clients without the 3% WTSS being deducted. To qualify for the EC, the specified service providers must have filed and paid their 2014 income tax in full or have a payment arrangement in place. Operating businesses that may apply for the EC include those associated with accounting, auditing, catering, consultancy (professional service by persons who are not acting in the capacity of an employee), decorating, engineering, entertainment, information technology, janitorial, laundry, landscaping, legal, management, repairs and maintenance, rental or leasing of motor vehicles or equipment and transportation, haulage or tours.
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Exemption Certificate Application Process The TAJ says the EC may then be presented to the authorized Withholding Tax Agent (WTA) to prevent the 3% income tax being withheld at source. For specified services without an exemption certificate, the WTA will present them with a Withholding Tax Certificate, which they’ll be able to use to claim as a credit when they file their income tax return. The Withholding Tax on Specified Services, which was implemented on September 1, 2015, requires Government Ministries, Departments and Agencies, as well as entities regulated by the Bank of Jamaica and the Financial Services Commission, utility companies, tourism operators and cable operators with yearly gross revenue, from all sources, of more than Five Hundred Million Dollars ($500,000,000) to withhold the tax. WTSS is a tax compliance mechanism designed to broaden the tax base, thereby increasing revenue collection and improving compliance. WTSS targets persons liable pay to Income Tax but are non-compliant and/or may not be in the tax database. BM
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Company Reports K PALACE AMUSEMENT COMPANY LTD
Kidner and Ms. Cristina Diezhandino have tendered their resignation with immediate effect.
The Palace Amusement Company (1921) Ltd (PAL) has announced that its next Annual General Meeting will be held on Tuesday, December 8, 2015 at 2:00 p.m. It has also reported that a dividend of One Dollar and Seventy-five cents ($1.75) per stock unit be recommended to be paid to shareholders on record at January 8, 2016. The ex-dividend date has also been scheduled to be January 6, 2016, and payment made on Tuesday, January 19, 2016.
SCOTIABANK GROUP Scotiabank Group (SGJ) has advised that a Senior Manager sold 48,462 SGJ shares on October 15, 2015. It has also advised of the resignation of VP Credit Solutions, Carol Logan effective October 31, 2015.
BERGER PAINTS JAMAICA LIMITED (BRG) Berger Paints Jamaica Limited (BRG) has advised of the resignation of Jalaj Dani as Director/Chairman of the Board of Directors and the appointment of Manish Choksi as Director/ Chairman of the Board of Directors. It became effective October 19, 2015.
SUPREME VENTURES LIMITED (SVL) Supreme Ventures Limited (SVL) has implemented a new technology platform, IFLEX, for its sports betting operations. The investment is being implemented in conjunction with SVL’s technology partner for sports betting – INTRALOT.
SAGICOR GROUP JAMAICA LIMITED (SJ) Sagicor Group Jamaica Limited (SJ) has advised that a Director purchased 121,500 Sagicor Real Estate X Fund Limited (XFUND) shares on October 20, 2015. It has also advised that two (2) Officers purchased 294,008 SJ shares under the SJ Long Term Incentive Scheme on October 14, 2015.
President and CEO of SVL, Brian George says the IFLEX betting platform project is worth over US$1M and will see investment in a state-of-the-art, innovative, robust and high performance betting solution that meets the growing demands of the international gaming industry.
Kingston Properties Limited
DESNOES & GEDDES LIMITED (DG)
Kingston Properties says it has completed the purchase of real estate properties with the funds raised during its Rights Offer.
Desnoes & Geddes Limited (DG) has advised several persons were unanimously appointed to the Board of Directors with immediate effect. They are Messrs. Eugene Ubalijoro, Radovan Sikorsky, Andrea Vogliazzo, Stefano Cavenati, Juan Luis Barrios, Wilbert Raajmakers and Hemmo Parson.
This includes the purchase of 5 condominium apartments at the Midblock located in midtown Miami at 3301 NE 1st Avenue for a purchase price of $2.2 million.
Meanwhile, the following directors: Messrs. Jed Dryer, Renato Gonzales, Noel daCosta, Cedric Blair, Jaime Grana, Bruce 20
DG has also advised that Cedric Blair who is also CEO and Bruce Kidner who is the Chief Financial Officer will both remain in the capacity until further advised.
Kingston Properties says it also purchased 4 condominium apartments for $3.1 million at The Residences at W Fort Lauderdale.
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The Week Ahead Businessuite Event Calendar 5 Knutsford Express Services Limited Annual General Meeting
October 26
Venue: Grandiosa Hotel, Montego Bay
Rotary Club St. Andrew North Venue: Wyndham Hotel New Kingston
PSOJ Hall of Fame Awards Banquet 2015 Venue: The Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5
October 27 Jamaica Chamber of Commerce Conference Board 3rd Quarter 2015 Business & Consumer Confidence Indices Release Venue: NCB Wellness Centre, Kingston 10 Jamaica Statistics Symposium and Pre- Conference Workshop 2015 Venue: University Of the West Indies, Mona Campus, Kingston Rotary Club of Mandeville Venue: Golf View Hotel, 5 1/2 Caledonia Road, Conference Room, Mandeville, Manchester
October 28 On The Road, On The Job’ Safety Workshop Venue: Knutsford Court Hotel, New Kingston Kiwanis Club of New Kingston Venue: Institute of Chartered Accountants, 8 Ruthven Avenue, Kingston 10 JSS Pre-Conference Workshops Venue: : University of the West Indies, Mona, Kingston
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October 29 JSS Pre-Conference Workshops Venue: : University of the West Indies, Mona, Kingston Client Information Seminar under the theme: “Understanding Business Processes of Today” Venue: EXIM Bank Training Room, 85 Hope Road, Kingston 6 Keeping Abreast Luncheon 2015
October 30 ICAJ Business Conference Venue: The Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5 JSS Pre-Conference Workshops Venue: : University of the West Indies, Mona, Kingston The Innovators/ Yaneek Page Workshop “ Building A Successful Business” Venue: Winchester Business Centre, Kingston
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Regional Antigua and Barbuda:
Antigua Hotel tourist association head supports call for hotels to open for 11 months a year
Neil Forrester
G
eneral Manager of the Antigua Hotel Tourist Association (AHTA) Neil Forrester has announced his support for calls made by Civil Aviation Minister Robin Yearwood for hotels to be opened for 11 months a year.
Addressing the Lower House recently, Redwood said he believes that the Prime Minister and the Cabinet should encourage anyone who is interested in accessing tax concessions in the hotel and tourism sector to sign on to open 11 months a year and use the twelfth month to do whatever repairs may be necessary. However, Forrester says while he supports the call, a number of things must first be put in place before such a move is made. He says the request is not unreasonable, as most hotels are already operating for up to 10 months. The tourism official says the authorities need to do several things if they expect that the industry will thrive for 11 months. Forrester says the September/October period has so far been the most risky for the hurricane season. He says in that regard, he would like to see that if hotels are staying open, that there is a comprehensive disaster management plan for the destination. He says while one is already in place for the island, one that specifically affects the tourism product is needed so that in the event that something does happen, the necessary plans are in place. BM
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Issue: 9
Mexico:
Regional Agricultural ministers concerned with effects of productivity and sustainability on wider economy
Victor M. Villalobos
R
egional Agricultural Ministers have expressed concern over what they say are the levels of productivity and sustainability in the rural areas of the region and their effect on the wider Caribbean economy.
Addressing the Meeting of Ministers of Agriculture of the Americas 2015 in Mexico last week, Mexico’s Secretary of Agriculture, Livestock, Rural Development, Fisheries and Food (SAGARPA), José Calzada Rovirosa said raising productivity, improving profitability and optimizing the sustainability of agriculture would establish a firm, clear link between agriculture and development, particularly in the regions that have most ground to make up. Calzada says “exchanging opinions about the experiences of each country and the different ways of tackling the challenges facing agriculture and increasing the food supply will enable us to define general criteria concerning the future of production in the Americas”. Meanwhile, Director General of the Inter-American Institute for Cooperation on Agriculture (IICA), Víctor M. Villalobos, has presented a series of recommendations designed to boost productivity in the region. They included strengthening the State’s management of the agricultural sector, developing an agricultural framework, investing in a culture of innovation, consolidating the region’s leadership, promoting a business culture among small-scale producers, and boosting international cooperation for productive, sustainable, and inclusive agriculture. Villalobos says “productivity is a precondition for competitiveness but we must increase per-hectare yields without pushing the agricultural frontier to its limit”. BM Issue: 9
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Businessuite Weekly
Issue: 9