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KINGSTON – Former Bankers Association of Jamaica (BAJ) president, Elon Beckford, has denied that inefficiency caused indigenous financial institutions to fail in the 1990s, while the foreign-owned institutions survived the high interest rate regime. Using his management team at the Horizon Financial Services group then as an example, Mr. Beckford told the FINSAC enquiry Thursday morning March 24, “I challenge...

KINGSTON – World Bank Executive Director for Canada, Ireland and the Caribbean, Marie Lucie-Morin, says remittance flows to developing countries are likely to increase to US$374 billion by 2012. She says this is consequent on the resilience of the earnings of persons in the countries of remittances origin to the global financial crisis. Mrs. Lucie-Morin was addressing the opening of...

KINGSTON – Executive Director of the Financial Services Commission (FSC), Rohan Barnett is imploring investors to be selective in choosing where they invest their money. He also pointed out that long term investments tend to be less volatile and more growth oriented.  “If you are being promised a guarantee with extremely high short term returns that sound too good to...

Members of the FINSAC Commission of Enquiry had a private meeting Wednesday morning March 23, to discuss speeding up the enquiry to meet an April closing deadline. Chairman of the Commission, Worrick Bogle, told the media, following another aborted sitting on Wednesday March 23, that while the Commission is concerned about the slow pace, it understands the problems facing the...

KINGSTON – The House of Representatives, on March 22, approved the Second Supplementary Estimates of Expenditure of $497.61 billion for 2010/11. Some $212.4 million has been added to the $497.398 billion in the First Supplementary Estimates of Expenditure, which was tabled on March 15 by Minister of Finance and the Public Service, Hon. Audley Shaw. The additional expenditure relates to...

KINGSTON – Seasoned realtor, Lascelles Poyser, who has lost millions in properties since the 1990s meltdown, says that he still empathizes with colleagues who have either committed suicide, or have died from stress related ailments triggered by their losses. “I can easily empathize with my colleagues who have committed suicides. I was told there were persons in a similar position...

KINGSTON – The issue of the Financial Sector Adjustment Company (FINSAC) not being represented at the enquiry into its own operations, was raised at the meeting on Wednesday March 16. Secretary to the Commission, Fernando dePeralto, told JIS News that FINSAC was invited to participate in the enquiry, but have chosen not to be present. Chairman of the Commission of...

KINGSTON – A proposal has been made for the establishment of a commercial lifestyle centre for entrepreneurs and residents operating and living downtown Kingston. This recommendation has been made in a Growth Inducement Strategy, being developed through a special secretariat established in the Planning Institute of Jamaica (PIOJ). Making the disclosure during a Growth Strategy Symposium at the Jamaica Conference...

KINGSTON – Finance and Public Service Minister, Hon. Audley Shaw, is optimistic that Jamaica will record economic growth of  between two and three per cent during the 2011/12 fiscal year. The Minister, while noting that this is an “ambitious” projection, contends that this forecast is based on what he describes as adequate “momentum” built up in the various programmes being...

With today being ‘Tax Day’, the Tax Administration has made special arrangements at its Customer Care Centre and at all Tax Offices across the island as it anticipates the usual large number of persons filing their Income Tax Returns on to meet the March 15 deadline. To deal with increased calls, the Tax Administration Customer Care Centre is again extending...

Minister of Industry, Investment & Commerce Karl Samuda leaves the island today for London at the head of a trade and investment mission aimed at stimulating demand for Jamaican products in the international market; generating new Foreign Direct Investments into the island and creating partnerships between stakeholders in Jamaica and the U. K. The Minister will be accompanied by a...

In response to reports appearing in the media about the lack of coverage of the FINSAC Commission of Enquiry being held at the Jamaica Pegasus Hotel, New Kingston, the Jamaica Information Service (JIS) wishes to inform the public of the following: The FINSAC Enquiry is aired on cable television station, Cable News & Sports (CNS), available on channel 15 on...