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KINGSTON — Former head of the defunct Horizon Merchant Bank, Elon Beckford, admitted Wednesday (May 4) that the bank's high interest rates contributed to the demise of creditors in the 1990s, including developers whose loans were, eventually, sold to the Jamaican Redevelopment Foundation Inc. (JRF) as bad debts. “If we knew these rates would have continued, we would not have...

KINGSTON — Two members of the financial community have been subpoenaed to appear before the FINSAC Commission of Enquiry this week. Former Jamaica Bankers Association (JBA) president and chairman of the defunct Horizon Group, Elon Beckford,  was examined Thursday (March 24) and has been subpoenaed to return today, to be cross examined by lawyers for the Jamaican Redevelopment Foundation (JRF)...

KINGSTON — The Tax Administration Jamaica will be introducing a mechanism to allow the public to confidentially call or mail in information on persons suspected of cheating the Government out of much-needed revenue. A Tax-Cheat toll-free line, 1-888-292-4328, will be introduced on May 1, Minister of Finance and the Public Service, Hon. Audley Shaw revealed, as he opened his budget...

KINGSTON — The Jamaican economy is expected to grow beyond the 1.5 per cent target envisaged for this fiscal year, says Finance and Public Service Minister, Hon. Audley Shaw. “It is a modest growth target...and it is my intention that with the signs that I have seen, and with the hard work that we are all committed to, it is...

MANDEVILLE — Minister of Agriculture and Fisheries, Hon. Dr. Christopher Tufton says the agricultural sector is currently receiving more favourable attention from financial institutions. Speaking at an Arable lands Irrigated and Growing for the Nation (ALIGN) business meeting on April 27, at the St. Dorothy’s Anglican Church, in Church Pen, St. Catherine, the Minister said that while he is yet...

KINGSTON — The Government will be seeking a 24-month extension of the present 27-month Stand-by Arrangement  (SBA) with the International Monetary Fund (IMF), which expires in May, 2012. This was announced  by Finance and Public Service Minister, Hon. Audley Shaw,  when he opened the 2011/12 Budget Debate in the House of Representatives, on  April 28.  The Minister added that  Cabinet...

KINGSTON – The Government says it is now in a position to fully engage public sector leaders on issues relating to the outstanding seven percent salary increase owed to civil servants. Opening the 2011/12 Budget Debate at Gordon House on Thursday (April 28), Minister of Finance and the Public Service, Hon Audley Shaw, said this decision follows consultations between Government...

KINGSTON – Minister of Finance and the Public Service, Hon. Audley Shaw, says while 2010 could have been Jamaica's "make or break" year, with national commitment, 2011 could be its "come back" year. "If 2010 was a 'make or break' year – one which saw us edge away from the precipice over which we were hanging for a decade-and-a half…...

KINGSTON — Kingston businessman, Aubrey Smith, told the FINSAC Enquiry Wednesday April 27 that he had no outstanding debt with Century National Bank (CNB) when it was taken over in 1996, although he has ended up owing over $15 million in bad debts dating back to his relationship with CNB. Mr. Smith has taken the matter to court, seeking a...

KINGSTON — Minister of Finance and the Public Service, Hon. Audley Shaw, will open the Budget Debate in the House of Representatives April 28, where he will outline how the Government intends to finance the $544.7 billion budget for 2011/12. The presentation will be streamed live on the Jamaica Information Service’s website at: www.jis.gov.jm. Minister Shaw, on April 14, tabled...

KINGSTON — Governor of the Bank of Jamaica (BoJ), Bryan Wynter, says that despite rising world commodity prices, Jamaica's monetary authorities were able to reduce inflation from 13.3 per cent in 2009 to 7.8 per cent last year, a  5.5 percentage points reduction.  He also noted that the 7.8 percent headline inflation for the past fiscal year, was close to...

KINGSTON — Attorney for the commission enquiring into the FINSAC issue and those representing the Jamaican Redevelopment Foundation (JRF) Inc., clashed verbally on Tuesday April 19 over the cross examination of witnesses. The conflict was triggered by the Commission’s attorney, Judith Clarke’s decision to cross examine former National Commercial Bank (NCB) managing director, Jeffrey Cobham, at the end of his...