Jamaica News

As you go about your business at banks in Kingston and in the rural areas, be on the look-out for certain members of a criminal gang who hang out inside bank offices and target customers who they see making large cash withdrawals. There are certain persons who may be inside the bank (mixed in with regular customers), acting as spotters of potential victims, and who then convey descriptions via cellular phones to their confederates waiting on the outside. In recent times, they have been very active in the Kingston and Mandeville areas, but citizens should be on guard and on the look out wherever they are at any given time.

May 26, 1969 – Jamaica is decimalising its currency; the Bank of Jamaica releases the new 20-cent coin. It is the same size and weight of the previous two-shilling coin and can be used to purchase the same amount of goods and services as this previous coin. C-Day or Conversion Day, when the decimal system becomes fully operational, is September 8, 1969.

The Ananda Alert System to track missing children, was officially launched by Prime Minister Bruce Golding at Jamaica House yesterday.

The missing child alert system was named after Ananda Dean, a primary school girl who went missing in September 2008, and whose headless, decomposing remains were found at Chancery Hall in Red Hills, St. Andrew two weeks later.

The Ananda Alert System will kick in when the police get information that a child is missing. They will then alert the media houses who will publish the child’s photograph, details of his/her attire and where he/she was last seen. Telecommunication companies, Digicel, LIME and Claro will also send text messages and images of the missing child to every cellular phone subscriber on their respective networks. Advertising companies have also agreed to post the child’s image and information on electronic billboards across the island.

Registered taxi companies will also carry pictures of the missing child in their vehicles, and the postal system, disaster coordinators and parish development committees will also be part of the alert network, posting images of the missing child at prominent places in town squares and at post offices.

Kingston Wharves Ltd.’s results for the three months ended March 31, 2009 (Q01 2009) were weak, as the Jamaican dollar devalued which led to a jump in finance costs. The company posted a loss per share of J$0.13 vs. earnings of J$0.09 per share (yoy). Domestic tonnage dropped 38.09% to 336,526.

Kingston Wharves’ Chairman & CEO, Grantley Stephenson, expressed that he is not confident that it will be revived this year, however, they are looking at ways to minimize costs and intensify their marketing efforts. Kingston Wharves’ stock has fallen 50% year-to-date.

Note: JamaicaNews.Info has not verified the authenticity of this report, but is publishing because it contains information that may be useful to persons in Kingston and elsewhere across the island.

The police are urging motorists in the Corporate Area to be careful of thieves who are staging accidents by walking into the path of moving vehicles and playing hurt before robbing their victims.

Checks with the police revealed that at least three cases have been reported in the last three weeks.

“We had the first report about two weeks ago and received two more the following week,” said Constable Michael Creary of the Area Four police, which covers five divisions in the Corporate Area.

The reported cases occurred at nights with one of the cases occurring in an east Kingston community, while the other two occurred in sections of St. Andrew.

The police said that based on the reports, the alleged ‘crashers’ simply waited for a car that is traveling at a speed ideal for them to run into its path without being seriously hurt. The concerned motorist, who would try to attend to the situation, would then be robbed.

Cash, cell phones and other personal belongings are among the items that have been reported stolen in the incidents.

The police also said that they suspected that there will be more cases in this new trend and are urging motorists to be cautious.

“We are urging persons to be on the alert for these unscrupulous individuals. This is another creative means for them to rob people. Should you fall in a situation like that, try and seek the assistance of a nearby person, don’t just dash out of the vehicle,” Constable Creary urged.

JAMAICA HOUSE LIVE with Prime Minister Hon. Bruce Golding happens next Wednesday, April 29, between 8:30 p.m. and 10:00 p.m. Share your views and get your questions answered directly by the Prime Minister by calling 876-960-7739 or 876-960-9853 or 876-968-2019 or 876-926-7527 or 1-888-991-7785. If you’re in the USA or Canada, you can call toll free – 1-888-JAPM121.

E-mails may also be sent to: jamaicahouselive@gmail.com

Log on to this one, and listen to the live broadcast directly online at www.jis.gov.jm

- First Jamaica Investments Ltd Focused on Preserving Value in 2009
- Lascelles, deMercado and Company Ltd Sees Improved 6M 2008-2009
- Pan-Jamaican Investment Trust Ltd Reveals Impressive Q01 2009
- Desnoes & Geddes Ltd Changes Date of Dividend Consideration
- GraceKennedy Ltd Reports Stellar First Quarter Earnings, Other Income Soars
- Carlton Savannah REIT (Jamaica) Ltd Reports Results for Q01

Capital & Credit Financial Group Ltd (CCFG) hosted its first Annual General Meeting at the Knutsford Court Hotel yesterday. Mrs Rosalie Deane, Senior Vice President, Business Strategy & Development opened the meeting with a prayer. Then, Mr Audley Gordon of Deloite & Touche read the independent auditor’s report.

The Group President & CEO, Mr Ryland T Campbell outlined the 2008 results and said that although the Company was not completely insulated from the most recent financial crisis, it was not protected from the crisis in the 1990’s either, but it pulled through regardless. He also said that the Company is currently the best capitalized merchant bank on the island and has grown into a leaner, more efficient organization. He said CCFG is still young and described it as being in its “teenage years” which presents its own set of challenges. He also noted that is has been one year since the Group listed on the Jamaica Stock Exchange and Trinidad & Tobago Stock Exchange.

Then, Mr. Curtis Martin, Deputy Group President, Banking and Investment Services & CEO, Capital & Credit Merchant Bank (CCMB) outlined the Group’s performance in banking. He said that higher interest income and a foreign exchange gain during the year offset trading losses, so the Company was able to earn a profit. He said that the Group’s Efficiency Ratio as at the 2008 results deteriorated as a result of the slip in gains from securities trading, but the Company is looking to expand in other areas, like foreign exchange and control costs (especially the cost and productivity of staff which is being addressed) in order to improve the ratio.

Campbell said that the Group did not anticipate the economic conditions in 2008, especially the further deterioration towards the end of the year. As a result, it was necessary to re‐evaluate the business and the decision that resulted were the layoffs announced earlier this year. He described CCFG as “the only serious stand‐alone Group with a bank” and he commended the team for building the organization from scratch. He said that unlike many other institutions, CCFG does not have a foreign or more‐established, related Company to rely on. He added that it is commonplace for institutions and individuals to look down on or criticize indigenous Companies built up by Jamaicans like CCFG. He said that this is a practice that he would like to see come to an end.

In response to a question about the bank’s provision for credit losses and fair value reserve, Martin responded that 99% of the Company’s investment portfolio comprises GOJ securities – not toxic assets. The decline in the market value of these securities is reflected in the Company’s financial statements, but he is confident that CCFG will recoup its investment at maturity.

Mr Martin said that early in the year (2008), the Company dumped its portfolio of low‐yielding assets at par value. He said that it did not see any significant losses from this strategic decision.

The Group President & CEO commended the Group on its 59‐year record of earning profits and said he expects the Company to post its 60th when first‐quarter 2009 (Q01 2009) results are posted later this week.

Mr Andrew Cocking, Deputy Group President, International Business and CEO, Capital & Credit Remittance Ltd then made his presentation. Beginning with the remittance business, Mr Cocking said that there was a downturn in the 2008 results. The Company made 100k transactions during the period and saw a decline in revenues.

For 2009, he said that the Company will focus on driving revenues and executing more outbound transfers. He also said the Company is offering transfers through the credit unions as they present a great opportunity because of their large customer base. He also said that cost containment would be a top priority going forward.

The Company will market its Reggae Money Express brand in niche markets (US, UK) with the help of Jamaican entertainer Oliver Samuels. It is also seeking a partner in Canada to expand its remittance business there.

Cocking then spoke about Capital & Credit International Inc (CCII) which will launch several new services this year. The Company will offer access to online trading platforms to its clients. It will also allow customers access to online bill payment and US chequing accounts and debit cards. Such accounts will be US Government‐backed. He also said that funds will not be physically held by CCII, as the Company acts as a dealer or broker in the transaction. The funds (minimum of USD 1,500) will be held by Pershing LLC.

Before closing the meeting a vote was taken and all Board Members up for re‐election were re‐elected. The payment of fees of JMD 3.655mm to Non‐Executive Directors was approved and the auditors, Deloitte & Touche were re‐appointed.

Board members added that despite challenges, management expects to run a profitable, safe and secure organization in the long‐run.

Desnoes & Geddes Ltd. (D&G) yesterday posted a 29.1% jump in earnings to J$ 0.39 per share for the nine month period ended march 31, 2009, up from 0.30 per share. Despite an increase in cost of sales and general, selling & administration expenses, D&G was able to push up income overall. Overseas export volumes jumped 23% mainly due to a 26% rise in volumes to the U.S. as Red Stripe continues to outperform the premium imported beer category. D&G is currently trading 1.58 times book value, and has a return on equity of 19.34%.

The Bank of Jamaica has announced that a $5,000 bill bearing the portrait of the late former Prime Minister, Hugh Lawson Shearer, will be introduced to the monetary system in September of this year. In a press release that was issued this morning, it was announced that Bank of Jamaica Governor Derrick Lattibeaudiere will officially launch the new $5,000 note next Monday, May 18.

The press release also stated that during Monday’s launch, a proof note will be presented to Dr. Denise Eldemire Shearer, widow of the late former Prime Minister.

The last time that the Bank of Jamaica introduced a new note was in 2000 when the $1,000 bill was put in circulation. Prior to that, the $500 bill was introduced in 1994.