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Minister of Finance and Planning, Dr. Omar Davies has said that while a fixed exchange rate system, provided a greater level of certainty and stability, and would temper inflation, there were critical factors as it related to the removal of flexibility to respond to domestic and external shocks. Dr. Davies' remarks came as he closed the 2004/05 Budget Debate in...

Minister of Finance and Planning, Dr. Omar Davies has described the Opposition Leader's suggestion that a five per cent reduction on government domestic bond offers could yield $22 billion in one year, thereby removing the fiscal deficit, as a proposal that was "simply not feasible". Dr. Davies was closing the 2004/05 Budget Debate in Gordon House on Wednesday (April 28)....

It was an occasion fit for a king, when the 2004/05 Parliamentary Year commenced at Gordon House on Duke Street today, with the Governor-General, His Excellency the Most Hon. Sir Howard Cooke delivering the Throne Speech. Dozens of wide-eyed children from nearby primary schools lined sections of Duke Street, gleefully craning their necks to get a glimpse of what must...

Finance and Planning Minister, Dr. Omar Davies yesterday (March 2) tabled the first supplementary estimates in the House of Representatives for the 2003/2004 fiscal year. The estimates, totalling $17.46 billion has recurrent expenses of $14.43 billion and capital expenditure amounting to $3.02 billion. Under recurrent expenses in the revised estimates, the Office of the Services Commission is to receive a...

A new Bill which seeks to repeal and replace the present Companies Act has been applauded by Senator Noel Sloley, who has predicted that as a result of the numerous changes to the Act, there would be increased shareholder confidence, and encouragement for local and overseas investors, especially in the country's capital market. Speaking in the Senate yesterday (February 27),...

Leader of Government Business in the Senate, Burchell Whiteman has said that amendments to the Companies Act would make a difference in how business was done in Jamaica, as they would afford protection for persons and institutions. Tabling the 396-clause Bill, which seeks to repeal and replace the present Act, Senator Whiteman said the updated Act would in fact contribute...

The Senate approved amendments to the National Water Commission (NWC) Act on Friday (Jan. 30) to harmonise the provisions of that legislation with the Office of Utilities Regulation (OUR) Act and the Water Resources Act, with regards to the power to recover debts, issue licences and set tariffs. Piloting the Bill, Leader of Government Business in the Senate, and Minister...

The Senate approved a resolution on Friday (Jan. 30), which seeks to increase the minimum gratuity payable under the Constables (Special) Act to dependents and legal personal representatives of Special Constables who die as a result of injuries related to their duties. Leader of Government business in the Senate, Burchell Whiteman said Government had agreed to, under the Constables (Special)...

Director of the Road Safety Unit, Paul Clemetson has said that the Ministry of Transport and Works through its Road Safety Unit would be moving to establish school zones across the island. In a recent interview with JIS News, Mr. Clemetson said that the school zones would be enforced through legislation, which would define specific zones near these schools where...

The registration and licensing requirements for institutions, which provide pension services, will form the basis of discussions on the Pensions (Superannuation Funds and Retirement Schemes) Bill, 2003, at the Jamaica Conference Centre on Friday, January 30. Tabled in Parliament in December 2003, the Bill seeks to provide the legislative and regulatory framework to govern pension systems in Jamaica. There is...

Debate on a Bill entitled 'An Act to Repeal and Replace the Companies Act' got under way in the House of Representatives on Tuesday (Jan. 27) with Minister of Industry and Commerce, Phillip Paulwell piloting the Bill. Outlining some of the proposed amendments, Minister Paulwell said that the Bill would adopt a no par value system of shareholding. Under the...