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KINGSTON — Mandeville businessman, Michael Levy, Thursday (February 17), denied that he signed on to a 55 percent interest rate on a $4 million loan from Eagle Commercial Bank in 1992, which ballooned into his over $1 billion indebtedness to the Jamaica Redevelopment Foundation (RDF) Inc. in 2008. Attorney for JRF, Sandra Phillips, while cross examining Mr. Levy, as the...

Director General in the Ministry of Finance and the Public Service, Devon Rowe, has explained that implementation of the proposed Central Treasury Management System (CTMS), will allow the Government to modernise its operations and maximise the use of its resources. “We can see improved cash management immediately, because government will have access and sight of all its cash at one...

Minister of Finance and the Public Service, the Hon. Audley Shaw today announced the successful placement of a US$400 million Eurobond at a record interest rate of 7.95 percent – the lowest rate at which Jamaica has ever raised funds on the International Capital Market. The offer replaces a US$400 million Eurobond that was issued in 2001 at 11.75 percent...

KINGSTON — A Mandeville businessman told the Commission of Enquiry into the 1990s financial sector collapse, on Wednesday (February 16), how a $4 million loan from the Eagle Commercial Bank in 1994 turned into a $1 billion debt in 2008. Businessman Michael Levy, who owned the Bankhouse Mall on Manchester Road, Mandeville, said that after learning that, despite paying back...

Bank of Jamaica (BOJ) Governor, Brian Wynter, says that, for the calendar year 2010, the value of the Jamaican dollar appreciated by 4.4 per cent against the US dollar, in contrast to the 10.2 per cent depreciation in 2009. Speaking at the BOJ’s quarterly press briefing on Tuesday (February 15) in downtown Kingston, Mr. Wynter noted that the appreciation was...

Minister of Finance and the Public Service, Hon. Audley Shaw, has said that the country’s macro-economic climate is ideal for investing in entrepreneurial ventures.  “I am happy that I can report that the macro-economic climate is now more and more favourable for risk taking for entrepreneurial activity, which is the only sound foundation on which we can create lasting wealth,...

The Government’s efforts to take in every tax dollar is gaining traction, with the Large Taxpayer Office collecting some $63.7 billion in the 2009/2010 fiscal period, and $60.3 billion between April and December of 2010. The office, which was established in 2009, collected $1.1 billion in arrears during the said fiscal period, and $3.95 billion from April to December 2010....

Now that the requisite laws and regulations have been passed and gazetted, any interested party can apply for a licence to establish a credit bureau, and the Bank of Jamaica has indicated its readiness to receive applications. In a statement on Tuesday, February 8, the Bank of Jamaica (BoJ) advised that “under the Credit Reporting Act 2010, the statute which...

The Government has achieved most of its tax reform objectives, Director General of Tax Administration, Mrs. Viralee Latibeaudiere has asserted. Addressing a Jamaica Chamber of Commerce breakfast forum on tax administration reform, at the Knutsford Court Hotel, in New Kingston, today (February 10), Mrs. Latibeaudiere pointed to some of the milestones that have been achieved. “We were able to establish...

Thousands of unclaimed bank balances amounting to millions of dollars, with sums in these accounts ranging from nearly $2 million to just over $500, are to be remitted to the revenues of the government if they remain unclaimed. The names of the accounts held at Scotiabank and Citibank were published recently in a major newspaper, and reports indicate that significant...

Newly-appointed World Bank Country Directorfor the Caribbean, Françoise Clottes, will travel to Jamaica this week to meet with Finance and Public Service Minister, Hon. Audley Shaw and other government officials. Ms. Clottes will also meet with key industry leaders, Non-Governmental Organisations (NGOs) and other civil society representatives. She will visit World Bank sponsored projects in Jamaica, including a community health...

Minister of Industry, Investment and Commerce, Hon Karl Samuda, has expressed support for a one year tax break for micro enterprise start-ups, in addition to the recently announced one year rent-free incentive. He was welcoming the inauguration of the Caribbean Microfinance Alliance (CMFA), as he launched the regional body on Thursday January 27, at the Jamaica Pegasus Hotel, New Kingston....