As we celebrate the Christmas Season, we reflect on the past year's blessings and look forward to the renewal of the New Year. This time last year, we were emerging from the darkest days of the pandemic, still unsure of what 2022 held in store, but as this year comes to a close, we see numerous reasons to be grateful for the incredible progress we've made and hopeful for what's to come in 2023!
Despite the continuing rise of inflation and interest rates as we enter the New Year, many other indicators point to an increasingly positive outlook. According to a Don Anderson poll, Business Confidence increased by double digit levels. At the same time, Consumer Confidence inched slightly higher for the third quarter of 2022, reflecting the true reopening of the economy.
This is due, in large part, to the rapid recovery of the Tourism sector. Visitor arrivals are on track to recover to preCovid 19 levels this year. At the same time, tourist revenue is 20% higher than in 2019, leading Jamaica's unemployment rate to fall to 6% in the first part of 2022, compared to 12.6% at the pandemic's peak. The tourism sector is expected to bring in about $1.4B this year, representing about 10% of GDP. Furthermore, the IMF forecasts that economic growth will accelerate to 3% next year from 2.8% in 2022.
To keep the momentum going, the Government and private sector have developed further initiatives to increase the ease of business in Jamaica. In a bid to modernize and facilitate Governmentto business communication, the Ministry of Industry, Investment and Commerce have been busy digitalizing its services with initiatives such as the National Business Portal. The GOJ has also embarked on a game-changing move with its decision to use intellectual property as collateral as a viable solution to providing capital to MSMEs that would not usually have easy access to funding. Lastly, the Tourism Enhancement Fund, in collaboration with the HEART/NSTA Trust and American Hotel and Lodging Educational Institute, has established the Job Readiness Programme to offer a free certification for unemployed persons interested in working in the Tourism Industry.
So, we see many signs pointing to a stellar 2023! Ever grateful for this and all the support we have received from you, our readers, and our treasured clients and advertisers, we at Millennial Media Management want to wish you and yours a Merry Christmas and a very prosperous New Year!
Jamaica Manufacturers and Exporters Association (JMEA) members are encouraged by the Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, to capitalise on the country’s export opportunities.
Speaking during a tour of the Wisynco Group’s state-of-the-art manufacturing plant in St. Catherine on Wednesday, November 9, Senator Hill said there is a US$4.5B gap in Jamaica’s trade with other countries.
“In other words, we import US$5.975B, and we export US$1.41B. I know you’re exporting. But I want to see you [Wisynco], and your fellow businesses in the JMEA take on more exports,” the Minister urged.
JMEA President, John Mahfood, who also toured the facility, said the Wisynco Group “can find a way of being a significant exporter.”
“We all, as manufacturers, have to find that secret that will take us to the export market. We have the money; the economy is stable, and we can do it. We have to share the ideas and figure out how we’re all going to be successful,” he added.
Wisynco Group Chairman William Mahfood said the company now focuses on building Brand Jamaica internationally.
“Jamaica, as a country, has a tremendous brand internationally, and Wisynco has recognised the opportunities with that brand and our production. So, we’re focused, very intensely, on building our exports,” he said.
Mr. Mahfood added that with the commitment to build foreign exchange earnings through exports, the company has been making significant capital investments.
“We’re making investments in our manufacturing process. We’re adding a new water line, a new beverage manufacturing line and additional energy production. All of these investments culminated in what is the highest level of capital investment, as an organisation, Wisynco has ever done,” he added.
Currently, approximately 1,800 persons are employed by the Group, in addition to 450 contracted truck owners.
The company operates from its two main facilities, Lakes Pen and White Marl, St. Catherine.
The ban imposed by the Broadcasting Commission on illicit content is not intended to restrain rights to freedom of speech but promote decency and moral standards.
Minister Without Portfolio responsible for Information in the Office of the Prime Minister, Hon. Robert Morgan said that the Government is responsible for the "spaces that we control… to set the standard and an example."
"There are many portals you can use to promote your artistic freedom. Free to air is accessible to every member of our society, no matter their age," he argued while addressing the October 12 post-Cabinet press briefing.
"The thing about radio is once it is on, you're not the only one hearing its content. It is a public facility that caters to the public, is licensed by the Government and is regulated by particular laws. So, it is not about fighting crime; it is about decency and standards," he pointed out.
The Broadcasting Commission ban includes content transmitted through radio, television or cable services of any audio or video recording, live song or speech that promotes and glorifies illicit activities such as scamming, drug abuse and gun violence.
The Commission further advised that the transmission of any edited song that directly or indirectly promotes scamming, illegal use or abuse of drugs, unlawful or harmful use of guns or other offensive weapons, jungle justice or any form of illegal or criminal activity is also strictly prohibited.
The Ministry of Foreign Affairs and Foreign Trade will introduce an online portal to register Jamaican nationals travelling overseas for short-term stays.
The portal, to be launched soon, will establish a database on Jamaicans' overseas travel and strengthen the country's capacity for an effective response in emergencies.
Portfolio Minister, Senator the Hon. Kamina Johnson Smith recently announced her contribution to the Senate's State of the Nation debate.
She noted that the portal is critical in the face of an increasing number of emergencies, such as worsening natural disasters, pandemics, episodes of civil unrest, terrorism and human trafficking.
"We established a form during the pandemic, but we recognised that this is insufficient," the Minister said.
The online portal will provide a single database that also allows the traveller's data to be removed once the return date has passed. "With this, we can ensure that if there is this type of event once more, and even smaller events, we will be in a state to be able to reach out to our people," she explained.
Senator Johnson Smith indicated that work on the portal is at an advanced stage with the developer and the team at the Ministry.
Local entrepreneurs are invited to submit applications to the Bahamas-based Kanoo Innovation Hub, to receive technical support and training to develop and grow technology-based businesses.
The hub is an innovation accelerator designed in conjunction with Draper University, a leading authority on acceleration programmes in Silicon Valley in the United States.
Kanoo accelerates startups by ensuring participants have the tools, techniques, and funding to identify problems and generate innovative solutions.
Speaking recently on the Jamaica Information Service (JIS) online discussion programme, ‘Studio 58A’, co-founder of the hub, Davina Bain, said successful applicants would be trained over several weeks to convert their ideas into minimum viable products (MVPs).
“We’ve created a bridge to Silicon Valley with Draper University to tap into their network of Venture Capitalists. It is also a way for entrepreneurs across the Caribbean to connect and share ideas in one ecosystem to ensure businesses can scale within the region before expanding globally,” Ms. Bain said.
She added that the organisation is focused on supporting entrepreneurs with innovative ideas who use technology to solve problems or build on solutions that can be applied in the region.
“We have three levels in this progressive programming. You have the initial cohort that’s for two weeks. We will have Level 2, a pre-accelerator, for four weeks in February. The top 30 persons out of the programme will matriculate into that, and then the top 10 persons will move on to an immersion programme in Silicon Valley,” Ms. Bain further informed.
Head of Partnerships and Business Development at Draper University, Khadija Ghazi, said the training sessions are conducted by other entrepreneurs who have built businesses in the technology industry.
“We only bring in entrepreneurs who have built, who have pivoted, who have failed and who have raised funding that is delivering the content. We also have Discord groups where discussions take place, and you will be surrounded by other entrepreneurs sharing ideas about what they are working on,” Ms. Ghazi said.
She added that once the training is completed, entrepreneurs will also become part of a broader ecosystem to receive mentorship and other forms of support.
“The thing I appreciate the most is it’s not a chop after two weeks. You’ll become a part of the largest entrepreneurial ecosystems in the world. You learn something that you could not apply; you come back for advisory, mentorship, or funding support, as you continue to be part of this network.” Ms. Ghazi indicated.
Interested persons can visit kanooinnovationhub.com for application requirements.
The National Compliance and Regulatory Authority (NCRA) is reminding food manufacturers to ensure basic requirements are met to be registered. The Inspector in charge of the Food Safety Inspectorate of the NCRA, Janiese Pinnock, said manufacturers must ensure that sanitation and security needs are satisfied.
“The place needs to be clean, and windows and doors must be secure. It has to be pest-proof. Doorways shouldn’t have spaces or crevices where insects or animals can crawl. You also need to have some pest control system and sanitation systems. Those are some of the basic things needed when deciding to manufacture food,” she advised.
Ms. Pinnock, who spoke at a recent JIS ‘Think Tank’, said food establishment operators must also have a system in place for their formulations.
“Ensure that it is consistent. It would be good if you have the formulation, and if it is a low-acid canned food, you have your process schedule because that is a higher level of your formulation,” she added.
Ms. Pinnock noted that while the NCRA does not discourage persons who start from home, the standards must be adhered to.
“You can start in your kitchen but know that when you’re producing for commercial use, it has to be separate. You cannot be making your commercial products and cooking simultaneously; you cannot be having your children running around you, and you cannot have your favourite dog coming in the kitchen to visit you,” she said.
“Ensure that you are properly covered, including your hair. If you have nails on, wear your gloves, wear closed-toe shoes, and keep your clothes clean because you do not want to crosscontaminate the product you are making. Those are the basics,” Ms. Pinnock added.
For details on the work of the NCRA and to access the application forms, persons can visit ncra.org.jm.
Embattled cryptocurrency exchange FTX, short billions of dollars, is seeking bankruptcy protection following its collapse.
FTX, its CEO and founder Sam Bankman-Fried are under investigation by the Department of Justice and the Securities & Exchange Commission to determine whether any criminal activity or securities offences were committed.
The person could not discuss details of the investigations publicly and spoke to The Associated Press on condition of anonymity.
The investigation is centering on the possibility that the firm may have used customers' deposits to fund bets at Bankman-Fried's hedge fund, Alameda Research. In traditional markets, brokers are expected to separate client funds from other company assets. Regulators can punish violations.
FTX had agreed to sell to bigger rival Binance after experiencing the cryptocurrency equivalent of a bank run. Customers fled the exchange after becoming concerned about whether FTX had sufficient capital.
The crypto world had hoped that Binance, the world's largest crypto exchange, might be able to rescue FTX and its depositors. However, after Binance had a chance to look at the books of FTX, it became clear that the smaller exchange's problems were too big to solve.
Millennial Media Management and The Millennial Marketer supports Jamaica's effort to vaccinate our population from the COVID-19 virus.
It is the responsibility of all Jamaicans to play our part in ensuring that our nation recovers better and stronger! Here are the facts to combat the myths surrounding the COVID-19. vaccines.
#GetVaccinated #GetBackToLife
The regional investment community now has a 24-hour cable television channel, the Caribbean Business Exchange (CBX), dedicated to providing comprehensive information on industry developments.
A division of the Jamaica Stock Exchange (JSE), the CBX, will broadcast on channel 143 on the Flow Network and 28 on Digicel.
The channel was formally launched by JSE Managing Director, Dr. Marlene Street Forrest, during a semi-virtual ceremony at the entity's office on Harbour Street, Kingston, on Wednesday, August 24.
In her remarks, Dr. Street Forrest said the CBX is committed to promptly providing market news, daily updates, and programmes reflecting local and regional business realities and global developments.
"As we seek to provide value to our issuers and investors. We believe through our rich storehouse of databases and business information from our content providers. We can provide another source of business news to the public," she noted.
This, the Managing Director added, would enable Jamaicans and regional interests "to have a more rounded view of the Caribbean business community and assist countries globally to understand us better."
"I believe this network will be a tool to build regional business and financial development," she added.
Dr. Street Forrest said the JSE is cognisant of the "heavy responsibility" it has taken on to provide its target audience with firstclass information but pointed out that "we think we are up to that challenge."
"Over the coming months. We will be rolling out programmes under various business pillars. We will explore and deliver through all avenues to reach our audience and for our brokers and listed companies to reach and be reached. We are also encouraged by the support we've received from our business community. They've come on board with sponsorships," she added.
CBX Station Manager, Fitzroy Prendergast, who described business as the "engine of growth" for any country, noted that news in this area (in Jamaica and the region) "is limited to one to five minutes of air-time with multiple businesses mentioned within that space."
He contended: "This cannot be adequate for viewers and listeners to appreciate what these businesses are doing," adding that "this will not provide the news and educational content needed to develop the sector."
"We believe businesses should get not only an entire day of reporting and analysing but also a whole night of persons in the Caribbean to hear, digest and make the most intelligent decision about how to do their business," Mr. Prendergast said added.
Consequently, he said the JSE stepped forward to fill the vacuum by establishing the CBX, noting that this intervention "was needed."
Mr. Prendergast maintained that the channel's creation would support the JSE in its mandate of, among other things, empowering and educating the Caribbean-wide investment community, guiding investment decisions, and strengthening stakeholder participation in the local and regional capital markets.
He said the CBX launch represents "a fascinating time for us, here at the Stock Exchange."
Guest speaker, and International Consultant, Therese Turner Jones, who praised the JSE on the initiative, pointed out that "I think we have the content, we have the creative talents, and we also have the audience that's yearning for this kind of development."
The Caribbean Business Exchange will broadcast under the tagline 'Your Region, Your Business, Your Source.'
Tourists are flocking back to Jamaica's white sand beaches so quickly that the hospitality sector struggles to replace the workers it laid off en masse during the pandemic.
Visitor arrivals are on track to recover to pre-Covid 19 levels this year, while tourist revenue is 20% higher than in 2019, tourism minister Edmund Bartlett said in an interview.
Hotels, restaurants and transportation companies are finding it hard to rehire staff as the economic recovery sent the jobless rate tumbling to its lowest level since at least the 1970s this year.
"To bring back the 20% of the workers that we have lost has not been as easy as one would think," Bartlett said by telephone from London, where he was attending a tourism conference. "Institutional memory has been lost with those workers not returning. And to regain it will take some time as you have to train, train, train."
Jamaica's unemployment rate dropped to 6% in the first part, compared to 12.6% at the pandemic's peak.
Jamaica was badly hit by the virus, suffering an economic slump on record, as tourism visits fell 70%. Yet the island is now, once again, one of the most popular tourist destinations in the Caribbean and has received more than two million visitors in the first ten months of 2022.
Bartlett says he's been talking to his Caribbean counterparts about how to make the industry more attractive to workers through a mix of higher wages, cross-border mobility and building safeguards to protect jobs during times of crisis.
The minister said that Jamaica's tourism sector is expected to bring in about $1.4B this year, representing about 10% of GDP.
Economic growth will accelerate to 3% next year, from 2.8% in 2022, according to a forecast from the IMF.
The Minister of State in the Ministry of Industry, Investment and Commerce, Dr Norman Dunn, has declared that the Government has embarked on a game-changing move with its decision to allow the use of an intellectual property (IP) as collateral.
"This undertaking is a bold and audacious endeavour that will potentially transform the business landscape and monetise our vibrant culture," Dunn told a recent meeting of the Jamaica Observer Press Club. He explained the plan to introduce IP-backed financing for micro, small and mediumsized enterprises (MSMEs) in Jamaica.
IP-backed financing is designed to unlock the value of intangible assets, such as patents, brands, software, trade secrets and copyright, for businesses seeking funding.
According to Dunn, IP-backed financing presents a viable solution to providing capital to MSMEs that would not usually have easy access to funding.
"The value of intangible assets will continue to increase, and Jamaica intends to be ahead of the curve. The Government has recognised the need for our MSMEs to proactively protect, manage and commercialise their intellectual property to derive maximum benefits for themselves and the economy," said Dunn.
"The fact is, many MSMEs are sitting on a treasure trove of untapped value. The ability to use intellectual property rights or intangible assets like copyright, patents, trademarks, and other forms of collateral will transform the financial landscape. With more access to capital, our entrepreneurs will have new routes to trade and export within their reach," Dunn added.
He told reporters that Government has long recognised the pivotal role that MSMEs play in the growth of the Jamaican economy. They sought to open the door for additional financing through the Security Interests in Personal Property Act (SIPPA), passed in 2013, and the establishment of the National Collateral Registry to provide increased access to credit for MSMEs.
"The SIPPA facilitates using a more comprehensive range of collateral outside land in secured lending. This expansion included intellectual property.
What businesses create and invest when protected by intellectual property holds tremendous value. These assets can represent over 80% of the average business value. These include your business's trade secrets, trademarks, know-how, internal systems, customers, and supplier lists. The intellectual property value of MSMEs may be closer to 90%. This value is what is needed to attract financing," Dunn added.
The State Minister underscored that the culture and ingenuity of the Jamaican people had impacted the world in all areas, and the island is rich in intellectual property.
"We are some of the most creative people in the world! We have to sufficiently enable our local innovators to exploit the full potential of their intellectual property. The Government of Jamaica must cultivate the requisite landscape to reap the economic benefits of our culture sufficiently. The recognition of the value of IP will drive innovation and competition, which boosts entrepreneurial investment, ultimately generating more income and creating jobs," declared Dunn.
The IP-backed financing initiative is being executed by the Jamaica Intellectual Property Office (JIPO) with funding from several international agencies and the Government of Canada.
The British firm Inngot — an IP asset discovery, diagnosis and valuation expert — is advising the Jamaican Government. Its Co-Founder and CEO, Martin Brassell, told the Observer Press Club that Jamaica is advancing on the correct path.
According to Brassell, the knowledge economy is driven by the things that make a company different, such as its ideas and unique ability.
"We have to find ways to leverage those assets that we create that are knowledge-based and use them to raise finance," said Brassell.
"I am confident that one day all loans will look at these intangible assets and intellectual property. They are going to have to," added Brassell.
He argued that it all boils down to being able to say that intellectual property has real value, as this drives the growth of businesses.
Business Confidence increased by double-digit levels while Consumer Confidence inched slightly higher for the third quarter of 2022, reflecting the true reopening of the economy.
Business Leaders from the Financial, Entertainment, Hardware and Tourism sectors endorsed the optimism captured in the recent Confidence Survey amid expectations of investment.
Business Confidence is now 147.4 points in Q3, a growth of 18.3% over Q2. Consumer Confidence is now 162.6 points in Q3, which increased by 4.2% over Q2.
"We've left the pandemic and its challenges. Now there is a considerable degree of optimism for the future. Q3 data points in that direction," said Don Anderson, Executive Chairman of Market Research Services Limited, at a recent online press conference during the JCC Business & Consumer Indices release.
Anderson's firm conducts the Confidence Surveys on behalf of the Jamaica Chamber of Commerce and the Jamaica Conference Board.
The rise in Business Confidence, relative to Q2, reflects the first time in over 20 years that the index spiked due to macroeconomic variables. On two other occasions, in 2007 and 2011, the business index spiked due to general elections, said Anderson.
The JCC indices have tracked the quarterly consumer and business sentiment fluctuations since 2001. The fieldwork for the latest quarter spanned July 1 to September 15 and included 648 households and 110 business respondents.
For consumers, 50% of the respondents expect their household income to increase compared to 33% a year ago. Due to this rise in optimism, 33% are now willing to take vacations and purchase cars, an increase from 25% a year earlier.
This optimism, however, only extends to home purchases, which are seen as longer term investments.
"When you look at home purchases, they fell. But in terms of vehicles and vacations, consumers are indicating a greater propensity. It is based on changes in household income and the standard of living. So people are making plans [for the future]," Anderson said.
Consumer Confidence remains below the pre-pandemic record. The index rose to 158.5 points in the September survey, up from 140 points in the similar period in 2021 but below the recorded 180.2 points in 2019.
33% of consumers expect economic conditions to improve as the economy opens up and the pandemic wanes. Comparatively, 23% or fewer consumers expect business conditions to worsen due to the high cost of living, high crime, ineffective governance, and lack of employment. That said, inflation continues to weigh on consumer optimism.
"The main challenge is that they are facing headwinds of increased prices, and they expect it to continue," Anderson said.
He added that businesses are beginning to "breathe a sigh of relief," and they see an eventual end to the pandemic, which provides more certainty to plan. 25% of businesses expect an improvement in conditions, up from 14% a year earlier.
Anderson said nearly 66% of businesses want to invest now, compared to 50% a year earlier. In a related category, just over 50% of companies expect conditions to improve in the next 12 months. The top reasons cited included expected tourism rebound and expected economic recovery.
Roughly 13% expect business conditions to worsen, citing crime as the main factor, followed by a sluggish economy, foreign exchange instability, inflation and reduced disposable income.
The top sectors reflecting bullishness are Finance, Insurance and Real Estate, Farming and Transportation, Storage and Communication. Construction and Installation sector plans for investment are still high but waned slightly in the year.
"Business Confidence being up will translate well for the equities market," said Managing Director of the Jamaica Stock Exchange Marlene Street Forrest, who was part of the panel discussion at the JCC online event.
The rise in interest rates to fight inflation has negatively impacted the trading multiples of the stock market. This led to declining equities prices on the exchange's primary market. Street-Forrest said, however, that increased confidence will act somewhat as a counterbalance to higher interest rates.
"You can see a definite correlation between Consumer and Business Confidence. It will lift all boats and should see an improvement in the composite index next year," she said.
The overall market is down nearly 9% year to date.
Solomon Sharpe, CEO of Main Event Entertainment Group, said that higher confidence positively impacts the entertainment sector and that a lot more opportunities are emerging with the opening up of the economy, as demand has increased for concert equipment.
Main Event, listed on the Junior Stock Market, supplies visual and audio equipment to stage concerts and weddings.
Sharpe said promoters are paying suppliers like Main Event more considerable fees to stage events due to inflation and passing on the cost to consumers. He added that patrons continue to support such events despite inflation's erosion of their disposable income.
It's part of the reason Main Event wants to expand.
"I wish I had low interest money now to expand Main Event because I feel so confident now," said Sharpe at the JCC confidence indices forum. "We are looking for $500 million of lowinterest money. So we are going to be aggressive," he said.
Marcus Richards, executive vice chairman of Hardware & Lumber Limited, said he's more concerned about geopolitics than inflation. Russia invaded Ukraine in February, which led to commodity shortages and price spikes atop the shipping delays that had previously emerged with the 2020 onset of the pandemic.
Over the last few months, H&L has seen a slowdown in its foot traffic. Richards noted that there's been a "contraction in retail spending" and a shift to other elements and segments. That said, H&L still plans to invest.
"We are making investments, but the size and scale are smaller. We are trying to become more agile to become more efficient and respond to changes in consumer appetite and behaviour," Richards said.
President of the Caribbean Hotel and Tourism Association, Nicola Madden Greig, expects a double-digit rise in regional arrivals relative to a year earlier.
"Q4 looks like we will be up 15% over the 2019 record year," she said.
"We have shifted from recovery to growth," said Madden Greig, who expects the growth to sustain itself. "We anticipate that Jamaica and the region will be able to retain the business from the US market, and we have airlift throughout the region from the other main markets."
However, according to Madden Greig, cruise ship passenger arrivals remain challenged due to reduced ship calls.
The Government continues to implement critical initiatives to increase the ease of doing business in Jamaica.
Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill notes, "we have been digitalising our services with initiatives such as the national business portal, which (Jamaica Promotions Corporation) JAMPRO manages."
"This Ministry is also targeting several key pieces of legislation that govern manufacturing and export to effect changes, where needed, to spur increased economic activity, employment and growth," Senator Hill said.
He delivered the keynote address during the 13th Bureau of Standards Jamaica (BSJ) National Quality Awards Ceremony and Banquet, held recently at The Jamaica Pegasus hotel in New Kingston.
Senator Hill cited ongoing inter-Ministerial collaborations to ensure that Jamaica's systems, processes, and trade agreements facilitate cross-border commercial activity and ease of business.
Key among the stakeholders are the Ministry of Foreign Affairs & Foreign Trade and the Ministry of Finance & Public Service.
Senator Hill recently led a 38-member Jamaican delegation, primarily comprising private-sector representatives, on a business mission to Guyana. He announced that opportunities in Agri-business, Financial Services, Infrastructure, Manufacturing and Professional Services were explored during the trip.
He said, "It is one of the many activities we are undertaking through JAMPRO and the other agencies in the Ministry of Industry, Investment and Commerce. We seek to expand the reach of our manufacturers and service providers by providing them with new markets for their goods and services."
Senator Hill noted that even as the Government continues to foster an enabling business environment, the private sector must commit to manufacturing products for export.
He encouraged them to "go and search for overseas markets in the region and across the world."
"Now, more than ever, we must capitalise on our proximity to North America. In this very room, there should be the next set of investors for nearshoring, as well as those who will commit to advancing the global services sector for Jamaica. We have seen remarkable growth in this industry, with approximately 55,000 persons employed to
more than 70 companies across the country, and earnings of approximately US$2 billion, according to the industry association," the Minister added.
Senator Hill challenged entrepreneurs with capital and access to this resource to utilise best practices and be guided by internationally recognised service standards to scale up their operations and expand their export reach.
"To consistently achieve… excellence, Jamaica must strongly encourage new entrepreneurs to create the foundation of their operations on clear, strong standards. A standards-driven organisation will lead to a standards-focused economy, which will impact this country's gross domestic product in a very positive and sustainable way," he added.
The Minister further stated, "even as you expand your operations, go one degree more and implement International Organization for Standardization (ISO) 9001 standards."
"These are the standards that confirm to your potential business partners that you provide good-quality service and that you do so consistently," he maintained.
Senator Hill said the BSJ, which falls under the Ministry, has standards in place to provide businesses with support related to risk, energy management, and social responsibility "as you navigate the constant changes and uncertainties of the current and future dynamic economic landscape."
"Entities in the region are accessing Jamaica's certification services to help their businesses stand above those which offer merely the same services without BSJ accredited standards," he added.
To have their organisations certified, businesses may access these services by contacting BSJ affiliate, the National Certification Body of Jamaica (NCBJ).
Senator Hill assured that the Ministry is committed to working with businesses to enhance the international standards in the entrepreneurial space where they operate.
"This 'Ministry of Business' will be your champion locally and internationally! We seek to build a robust economy, with private business collaboration and drive, to produce much better and sustained economic growth and employment for our country and the Jamaican people," he said.
Elon Musk sought to reassure companies that advertise on Twitter that his takeover of the social media platform won't harm their brands and businesses. He acknowledged that some "dumb things" might happen on his way to creating what he says will be a better, safer user experience.
The latest erratic move on the minds of advertisers – that the company depends on for revenue – was Musk's decision to abolish a new "official" label on high-profile Twitter accounts just hours after introducing it.
Twitter began adding grey labels to prominent accounts on November 9th, including brands like Coca Cola, Nike and Apple, to indicate that they are authentic. A few hours later, the labels started disappearing.
"Apart from being an aesthetic nightmare when looking at the Twitter feed, it was simply another way of creating a two class system," the billionaire Tesla C.E.O. told advertisers in an hour-long conversation broadcast live on Twitter. "It wasn't addressing the core problem."
Musk's comments were his most expansive about Twitter's future since he closed a US$44-billion deal to buy the company in October. He quickly dismissed its top executives and fired roughly half of its workforce.
Major brands, including General Motors, United Airlines, General Mills and others, have temporarily halted buying ads on the platform as they watch whether Musk's plans to loosen its guardrails against hate speech will lead to a rise in online toxicity.
Scores of big and small companies, including Millennial Media Management, made their presence known among the more than 100,000 Twitter Space listeners by signing in with their brand Twitter accounts. Brand accounts for companies including banks Deutsche Bank, T.D. Ameritrade, gas company Chevron, automaker Nissan, airline Air Canada and many others appeared. Audi and retailer R.E.I, both having paused their ads, were also in attendance.
Musk said he's still planning a "content moderation council" representing diverse viewpoints that will tackle inappropriate content and reassure advertisers, but it would take "a few months" to put together. He said it would be advisory and "not a command council."
Lou Paskalis, longtime Marketing and Media Executive and former Bank of America head of Global Media, said the briefing raised questions that will likely leave Fortune 500 advertisers uneasy.
He said the biggest concern for big advertisers is brand safety and risk avoidance.
Musk also seems uninterested in reining in his Twitter persona, which can be divisive — such as his tweet ahead of the election advising Americans to vote Republican.
"To come out like Elon did ... and say 'vote Republican since there's a Democrat in the White House - I don't know what Marketer wants to go near that!" he said.
One solution could be to hire a C.E.O. to run the company and create stability while Musk continues to be his "Chief Twit" persona, Paskalis said.
Musk had earlier threatened by tweeting a "thermonuclear name & shame" on advertisers that quit Twitter. But he has since taken a more measured approach, asking them to "give it a minute and see how things are evolving."
"The best way to understand what's going on with Twitter is to use Twitter," he told the group.
However, the confusion on Twitter continued. The roll-out hours earlier of the "official" labels appeared arbitrary, with some politicians, news outlets and well-known personalities getting the label and others not. In some cases, whether users could see an account's "official" label appeared based on country geo-location. Then the labels started disappearing.
YouTube personality and author John Green got the label, but his younger brother and 'vlogging' partner Hank Green didn't. Another popular YouTuber, Marques Brownlee, who posts videos on technology, tweeted he got the label, then tweeted again that it disappeared.
The site's current system of using 'blue checks' to confirm an account's authenticity will soon go away for those who don't pay a monthly fee. The check marks will be available for anyone willing to pay a monthly subscription, which will also include some bonus features, such as fewer ads, the ability to edit tweets and to have tweets given greater visibility than those coming from nonsubscribers.
The platform's current verification system has been in place since 2009 and was created to ensure high-profile and public-facing accounts are who they say they are.
Experts have expressed concern that making the check mark available to anyone for a fee could lead to impersonations and the spreading of misinformation and scams.
The grey label — a colour that tends to blend into the background whether you use light or dark mode to scroll Twitter — was an apparent compromise.
Esther Crawford, a Twitter employee, working on the verification overhaul, said that the "official" label would be added to "select accounts" when the new system launches.
"Not all previously verified accounts will get the 'Official' label, and the label is not available for purchase," said Crawford.
But after the labels started disappearing on Wednesday, she again took to Twitter to say, "there are no sacred cows in product at Twitter anymore."
"Elon is willing to try lots of things — many will fail, some will succeed," she said.
There are about 423,000 verified accounts under the outgoing system. Many of those belong to celebrities, businesses and politicians.
However, many verified accounts are individual journalists, some with small followings at local newspapers and news sites worldwide. The idea was to 'verify' reporters so their identities couldn't be used to push false information on Twitter.
Musk, who often bristles at critical news coverage, pushed back against that use of the tool, saying he wanted to elevate "citizen journalism" and the "voice of the people" over publications he suggested had too much influence in defining the "Western narrative."
Journalism professionals consider Musk's concept of elevating 'citizen journalists' dangerous because it ignores the need for standards, including fact-checking, that responsible news organisations enforce.
Unemployed persons interested in working in the tourism industry are encouraged to take advantage of free certification offered through the Job Readiness Programme.
The programme, implemented by the Tourism Enhancement Fund (TEF) in collaboration with the HEART/NSTA Trust and American Hotel and Lodging Educational Institute (AHLEI), aims to attract between 5,000 and 6,000 persons for training and certification.
Interested persons are invited to register online at www.tef.gov.jm/jobreadiness to participate in the three-day programme, which will be conducted face-to-face islandwide in facilities owned and operated by the HEART/NSTA Trust and at the Montego Bay Convention Centre.
Director for the Jamaica Centre of Tourism Innovation, TEF, Carol Rose Brown, informed that the Job Readiness Programme would address several issues, including industry knowledge, hospitality, how to deliver service effectively, cultural information, professionalism, health and safety, and customer service.
“So, this course will envelop all these things, and at the end of it, you will be examined [and] you will have a certificate if you are successful in job readiness,” Ms. Brown said.
She further indicated that participants would have the opportunity to choose whether they want to be in the customer service segment of tourism or food safety.
“When you choose, you will be able to get that certification. So, you will end up with a certificate from HEART/NSTA Trust and a certificate from the AHLEI,” she added.
The programme, which got underway on November 14, is expected to end during the first week of December.
Ms. Brown said it is anticipated that the participants will eventually gain employment.
“We are committed to placing them in front of employers and helping them navigate that space to get those jobs,” she assured.
People are asked to connect with the TEF on all its social media platforms for more information.
