The Jamaica Mortgage Bank (JMB) is sourcing additional funding to ensure the continuity of its Secondary Mortgage Market (SMM) programme, due to the high demand for the facility. According to Minister without portfolio in the Ministry of Transport, Works and Housing, Dr. Hon. Morais Guy, the JMB has been advised that there is a demand for some $1.5 billion in...

As the Revenue Protection Division (RPD) continues its pursuit and investigation into the missing high value documents from the Tax Administration Jamaica (TAJ), on April 19, 2013, officers from the Division arrested and charged Derrick Smalling, with one count each of Conspiracy to Defraud, breach of the Corruption Prevention Act and Falsification of Accounts. The missing documents include motor vehicle...

The Consumer Affairs Commission (CAC) secured over $14 million on behalf of aggrieved consumers during the 2012/13 financial year, Chief Executive Officer (CEO), Dolsie Allen, has disclosed. In an interview with JIS News, Mrs. Allen said that the sum was for the settlement of 1,607 of 1,782 complaints received, representing a 90 per cent resolution rate. She noted that the...

Jamaica Promotions Corporation (JAMPRO) will be implementing its 'Business Connect' strategy with the Diaspora, in time for the 5th Biennial Diaspora Conference, to be held from June 16 to 19 at the Montego Bay Convention Centre, in St. James. "JAMPRO is currently in the process of activating inward investment and business missions from the United States, Canada, and the United...

A Bill making provisions for harmonising the treatment of charitable organisations for the purpose of taxation was passed in the House of Representatives on May 15. The Charitable Organisation (Tax Harmonisation) (Miscellaneous Provisions) Act 2013, was piloted by Minister of Finance and Planning, Dr. the Hon. Peter Phillips. The Bill is considered as a structural benchmark within the extended fund...

Bank of Jamaica (BoJ) Governor, Brian Wynter, is reporting a US$113 million increase in the country’s Net International Reserves (NIR). The figure is US$997.3 million as at May 10, compared to US$884.3 million at the end of March. Mr. Wynter attributed the improvement to “substantial” purchases of foreign exchange from the market by the BoJ, as well as the initial...

The Senate has approved the Appropriations Bill, giving approval to the Government's estimated expenditure of $520.88 billion for the financial year 2013/2014. A budget of $520.88 billion was presented by the Government for 2013/14, with $370.5 billion earmarked for Recurrent (house-keeping) expenses and $150.38 billion for Capital (development) spending. In piloting the Bill in the Senate on Friday, May 10,...

Some 60,000 residents from 14 communities along the Hayes corridor in Clarendon are benefitting from a newly constructed multi-purpose centre. The facility, called the Wembley Centre of Excellence, was built at a cost of $24.3 million through funding from the Jamalco and Alcoa Foundation, as well as support in both cash and kind from various community stakeholders. Boasting space of...