BUSINESS LOUNGE top jamaican ceos: Your Money eZine to name list soon Andre Burnett - Your Money Reporter
T
he seafloor is littered with the wreckage of ships that have fallen victim to the depths by being outmaneuvered by enemies, thwarted by the elements or a lack of proper leadership at the helm. In today’s economy, companies can be likened to ships that had to brave the treacherous waters of the uncharted high seas to carry their precious cargo to various destinations. Over the past year, CEOs in Jamaica and the world at large were tasked with overcoming unprecedented hardships and pilot their vessels to safety and if they could arrive safely at port with some profit for grateful shareholders. As is the case with most trials of this nature, there were those that folded, those that steadied the ship and others who performed admirably in the face of adversity. As such, Your Money’s Business Lounge has compiled a list, to be published in a later issue of top Jamaican CEOS who have performed creditably over the past year. When a coach cannot motivate his players to perform to the desired standard, said coach is usually the one whose head ends up on the chopping block. Consequently, an effort must be made to highlight the achievements of the people who faced a falling dollar, the slowing of entire industries and almost the complete closure of one and instability in almost every sector of the economy. Hard decisions were made to trim staff, streamline or eliminate unproductive departments and establish mandatory pay cuts. In a previous Business Lounge, Managing Director of Jamaica Producers Group Ltd, Jeffery Hall told Your Money of the decision to get rid of an unproductive subsidiary, the results of which are still being reaped (forgive the pun) seeing as JPG has recently reported a net profit of over $57 million for the third quarter of 2009. The success or failure of a company is not solely dependent on the work of the head executive as the entire team plays an important role but it is the responsibility of the leader to pick the right team and motivate this team to its highest potential. With this in mind Your Money presents its 2009 power ranking showing the CEOS and Managing Directors who went above and beyond the call of duty to make sure that red ink was a rarity in their books. Here’s to the leaders who tried their best and more importantly, the ones who succeeded.
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Clash Of the Titans: Murdoch finds Microsoft Ally in campaign against Google Andre Burnett - Your Money Reporter
T
he empire is striking back. Sans the science fiction mythology and substituting Darth Vader with Australian born media mogul Rupert Murdoch, the silent battle that has been brewing between traditional print media and internet “rebels” Google has all the trappings of a familiar film epic. The internet age with its lightning fast access to information has also bred a culture of this access being free and it is this mindset which conflicts so gratingly with the aims of Mr. Murdoch and his generation. A classic generational clash if there ever was one. Newspapers have found themselves under pressure since the advent of the internet and in an effort to stay relevant many of them have made their internet component more functional while some newspapers have gone online completely. So, the papers are now online, but as always there is another problem to face, how to get people to pay for this content that is now only a click away. Sites like the Wall Street Journal instituted a “paywall” which effectively asked users to pay for content before they could view the entire story. This method missed more than it hit with sites like the New York Times abandoning the paywall system entirely. After reading this article, you may want to look up Rupert Murdoch in Google and when you do the search engine will direct you to a compilation on news articles that are related to Mr. Murdoch. This information represents information that Google has gathered from various news sites all over the internet and gathered it into one place, this feature, Mr. Murdoch contends, amounts to little more than thievery. The Australian born Media Mogul has been bad-mouthing Google for the better part of a year and the story has taken a very different twist with the news that the News Corp founder has threatened to block Google access to all of his news sites and provide such content only to users of rival search engine, Microsoft’s Bing…. for a cost. Mr. Murdock’s grouse with the relative freeness of the internet has not mellowed since his 2005 purchase of MySpace but his potential alliance may benefit his companies marginally but it may not affect Google very much or at
all. Internet users are notorious for simply moving on to the next thing once it becomes apparent that they are now required to pay for something that was once free. Sure, with Daddy Warbucks himself, Microsoft, footing the bill for such a switch, NewsCorp will make a pretty penny, but many users will simply get their news from other sources rather than conform to the idea of using one search engine for news and the other for …well…everything else.
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10 Smart Steps to: Manage Money in Retirement Prepared by Financially S.M.A.R.T. Services Question: I’m due to retire in a few months, but
I’m concerned about the impact of the high cost of living on my money. What can I do to make my retirement funds last longer?
Answer: Retired persons with fixed incomes have to be very careful with their expenses. Here are some smart steps that can help you to manage your money during your retirement years: 1. Calculate your retirement expenses.
Preparing a detailed budget will help you to know how much money you will need to pay all your bills, and decide how to distribute your funds. Download a retirement budget at www.financiallysmartonline.com.
2. Identify your retirement income sources.
In Jamaica the main ways to get retirement income are: the National Insurance Scheme (NIS), pension plan payments, returns from personal investments and business income.
3. Determine if your income will be enough.
You have to take into consideration the effects of inflation on your savings and pension, and work out what your spending needs will be throughout your retirement.
4. Get expert financial advice.
Go to your financial institution and ask an advisor to look at your income sources and your spending needs and calculate if your money will be enough to meet your requirements over the years.
5. Organise your money before retirement.
Don’t wait for the last minute to make sure that your retirement money is in order. Contact your Human Resources department at least 6 months prior to retiring and ensure that your pension calculations are accurate. Visit the NIS Office to apply for your benefits.
7. Make your financial transactions convenient. Set up
standing orders to automate payments, utilise payment agencies for utility bills, reduce cash usage with debit cards or chequing accounts, and sign up for online banking to keep track of account activity.
8. Reduce general expenses. Use your budget to identify nonessential expenses to cut back on. Look out for places that offer senior discounts such as supermarkets and cable companies, and don’t be afraid to request special rates at stores.
9. Reduce medical expenses.
Register for the Jamaica Drugs for the Elderly Programme (JADEP) to get drugs at a lower cost. Government pensioners can also apply for the NI Gold Health Card, and persons with chronic illnesses can get assistance from the National Health Fund.
10. Earn more money. You don’t have to stop working just because you’re retired. You could work part-time at your old employer, provide consulting services in your field, or find a hobby that pays such as growing vegetables.
6. Ensure that your investments will match your ……………………………………………………………… Financially S.M.A.R.T. Services is Jamaica’s number one needs. Stick with short-term, liquid accounts for easy access to cash, but look for tax-free options to obtain more interest on your lump sum. Try to consolidate your accounts to provide a consistent income stream.
source for practical, down-to-earth and independent answers for all questions relating to personal finance. Get more money smart advice at www.financiallysmartonline.com. Email advice@financiallysmartonline.com with comments or questions.
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