Businessuite Magazine
1
2
Businessuite Magazine
3
table of contents Page 5
Editorial
Discuss and Agree Money First in all Business Dealings. ..................................................................................... Page 7
Cover Story
Page 22
Business Events
..................................................................................... Page 8
Business Highlights Trending
TRENDING
Now
..................................................................................... Page 11
Caribbean Business Highlights
Evrol ‘Blackie’ Christian Sets his Sight on a Little Ochie IPO ........................................................................................ Page 33 25 Stocks + Investing + money markets Page
NEWS Local & Regional
........................................................................................ Page 12
Stocks + Investing + money markets
JSE reports
........................................................................................ Page 19
Stocks + Investing + money markets
Trinidad and Tobago Stock Exchange Report - Friday, 15 Mar, 2013 ....................................................................................... Page 20
Stocks + Investing + money markets
BOJ Foreign Exchange reports ....................................................................................... 4
Entrepreneur and Investor Gassan Azan.
Why He and other Businesses are setting up shop on ‘Silicon Mountain’ Mandeville.………….. ........................................................................................ Page 34
Special Report
Shaping a future to overcome the past “As Jamaicans committed to our country’s development, we cannot allow this economic paralysis to continue”
.................................................................................... Businessuite Magazine
Editorial Page 29
Who Really is Better Male or Female Business Leaders
LEADERSHIP
Discuss and Agree Money First In All Business Dealings
....................................................................................
.......................................................................... Page 31
More Leadership Matters: What The Most Successful Leaders Do Daily ..........................................................................
O
Page 33
How to Select the Best Person For The Job – Part One
ne of the things I learned late in my business life was to discuss money first. There are hundreds of horror stories of business relations, professional and personal relationships that have been destroyed due to differences in money.
HR +
employment
..........................................................................
Page 41
technology
Three Technological Trends Impacting Business and Your life Today. .........................................................................
My policy is always to talk about money first, especially when there is no money. Surprisingly, people are a lot calmer and more reasonable in their demands. Put a couple thousand dollars on the table and the transformation is frightening. The odd thing is that many of us are very uncomfortable talking about money. We don’t like to ask for it and we don’t like to discuss it. This is noted as a significant challenge for women business owners, and female consultants who research reports find it difficult to both price their services as well as ask for compensation that is properly aligned with the services being delivered. One businessman told me that he does not like to handle collections as he does not like asking people for money. He leaves it up to the accountant to handle all related matters. There are even sales representatives who having concluded a transaction are reluctant to ask for the deposit or full payment. We recently concluded business tractions with a new client and one of the first things he said to me was “let’s agree on the money aspect. Once we have that sorted out the rest is smooth sailing,” so said so done. Once we haggled over fees and payment terms and signed off on that the rest of the meeting went like clockwork. What is it about money that makes it such a taboo topic?
Businessuite Magazine
5
Editorial
Why is it that we are uncomfortable discussing fees and compensation for products and services? In all negotiation seminars, participants are coached and taught how to state their fee with confidence and no hesitation. Is it because we fear we will not get our asking price, or that oftentimes the need for the sale is so intense that we feel if we price low, the odds of sealing the deal improve? Most times the buyer knows the marketplace and the range of costs. Just make sure you provide quality products and services and negotiate your price with confidence. Some even say that attitudes about money are reflective of one’s innermost spirit; always make sure that both your spirit and relationship with money is positive. Recognize and respect it for the tool that it is, and remember that every cents counts. A business associate once pointed me to the fact that he observed how the Chinese for example will take and provide change for everything, they will not leave a penny or a cent on the table, and they collect everything. He then asked me to reflect on the amount of coins and small change I have left on tables, in the car ashtray, just thrown down around the place with no apparent value. His teachable moment for me was the lesson a Chinese’s business woman in Port Antonio told him. “It takes cents to make dollars. No matter how much dollars you have it’s still cents. So I look after the cents and the dollars will by this process take care of themselves.” I have stopped throwing away coins and small change preferring to place them in a glass jar, which I’ve had to replace twice so far as the amount of coins and change keeps growing. The benefit of this wisdom came home to me the other day when I needed funds to buy a part for my car. I was surprised at the amount of money I was able to extract from the jar and still left a lot behind. The big lesson in all of this is that with the tightness of the economy cash money is going to be key to survival. So ensuring that you have payment terms that you can live with is going to be important, standing up and ensuring you collect monies owed to you is going to be even more important. So, ensuring that you can account for every penny will ensure that you maximize every value.
6
.............................................................
CREDITS: Consultant Editors Dr. Anita Davis-DeFoe, Andrew J Skerritt Publisher and Editor in Chief: Aldo Antonio aldo@blackslateholdings.com Executive Editor: Michael Dixon Michael@blackslateholdings.com Special Features Editor: Damian Wilson Subscription and Distribution Lionel Johnson Advertising Sales businessuitemagazine@gmail.com Graphic Artist: Miguel A. Rowe Photo credits: Sourced from the internet and contributed Social Media CLICK Digital Agency
Businessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business. Businessuite Online, Businessuite Digital, Businessuite Magazine, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media Group. Info: 876-631-4505 (o) or 876-280-9192 (m) 876-458-3253 (Mobile) --------------------------------------------------------------------------------PUBLISHERS: Businessuite News Centre A division of the Blackslate Media Group Silicon Mountain Mandeville Jamaica For all information 876-631-5418 (Kingston Office) 876-458-3253 (Mobile) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) michael@blackslateholdings.com OR email blackslateholdings@gmail.com -----------------------------------------------------Blackslate Media Group Ltd, Silicon Mountain Mandeville Jamaica 876-631-5418 (Kingston Office) 876-458-3253 (Mobile) 876-631-4505 (Mandeville Office) 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslateholdings.blogspot.com aldo@blackslateholdings.com
Businessuite Magazine
Business Events A p r i l 2013
Wednesday April 17 -8:00 AM JCS/KSF Knowledge Forum 2013
Wednesday April 17, 2013 at 8:00 AM -toFriday April 19, 2013 at 5:00 PM COT
Location
Hotel Four Season
18 Ruthven Road Kingston Jamaica ............................................................................
Thursday April 25, 2013 - 6:30pm Kingston BETA The first in the series of four Kingston BETA events will be on Thursday, April 25th, 2013 6:30pm at the JAMPRO Offices in New Kingston. It’s a special edition that will have a panel discussion, STARTUP CITY: KINGSTON – How to make the city a hub for tech, entrepreneurship and innovation. There will be as usual tech entrepreneurs pitching their ideas who will be judged by a panel of successful entrepreneurs who are also Kingston BETA alumni. Entry Contribution: JMD$500 |USD$5. Do you want to pitch your idea or startup at this event whether you are in Kingston or from Kingston living the region or Diaspora? Send in your name, idea in a single paragraph with a link if relevant in an email to ingrid@connectimass.com.
Location:
JAMPRO Offices,
New Kingston ingrid@connectimass.com. ............................................................................
Businessuite Magazine
7
trending Local Manufacturers Demanding A Suitable Energy Policy…. Brian Pengelley
TRENDING
Now
I Think It Would Have Been Very Embarrassing If The Prime Minister Wasn’t There…… Denis O’Brien
BUSINESS HIGHLIGHTS TRENDING Operation And Success Of Businesses Intertwined With The Overall Health Of The Economy………Richard Byles. President and Chief Executive Officer of Sagicor Group Jamaica Limited, Richard Byles, said that going forward there should be heightened public participation in holding government accountable for its economic programmes. He said that last year several things happened that reminded him that the operation and success of businesses intertwined with the overall health of the economy.”No matter how well you build a company, no matter how prudent you are in managing it, no matter how good you are with that company, if it is operated in an economy in trouble, you are in trouble too,” he told participants at the company’s 13th Annual Award Ceremony at the Jamaica Pegasus Hotel, New Kingston on Wednesday night. And that was the lesson he said he learned last year. “All of the work we are doing at Sagicor to make it into a successful entity is penetrated by the economic environment. It is infected by the economic environment,” he said. “I have spent the last five months almost in a pressure cooker with this whole NDX business, Byles said. We don’t want to go that road again. We just want to do what we have to do,” he added. “The results could have been better but the new asset tax and the negative effects of the NDX and other actuarial liabilities cost us about J$565 million, Byles said.
Jamaica’s media industry not out of the woods and this year is likely to be even more demanding…… Christopher Barnes. Jamaica’s becalmed economy made it tough going for media firms in 2012. But despite the difficulties, The Gleaner Company, bolstered by its demonstrable ability at cost containment, was able to return a pre-tax profit of J$88 million - even if it was a third lower 8
than the previous year. The Gleaner, however, has warned shareholders that neither it, nor the rest of Jamaica’s media industry, is out of the woods and that this year is likely to be even more demanding.”We expect that the challenges faced in 2012 will intensify in 2013,” chairman Honorable Oliver Clarke, OJ, and Managing Director Christopher Barnes, said in a joint statement accompanying the financials. “Nevertheless, we will continue to seek out opportunities for growth and to continue our multimedia thrust,” they said.
Hack or No Hack...What’s in a word? Managing director of CIBC FirstCaribbean Jamaica, Nigel Holness said Tuesday that the perpetrators potentially copied cardholder’s personal information. He said the origin of the breach was unknown, but said that it affects “cardholders beyond Jamaica.” He did not disclose the name of the facility that had been breached. Holness declined to classify the breach as a hack.”I would not say it was a hack because that is a technical term and I am not of that technical expertise,” he told Wednesday’s Gleaner Business. “What I can say is that in all our internal briefing, the term hack was not used.” But technology expert Andrew Gordon says the bank is engaged in semantics. “Hacking is the method used to breach security,” said Businessuite Magazine
trending Gordon, a technology lecturer at the University of Technology, who explained that companies avoidance of using the word hack to soften the impact. “From a public-relations perspective, you have to make it not look so bad.”
Necessary….. But It Is Still Insufficient…… Dr Damien King Economist Dr. Damien King says the current strategies that government is pursuing to shrink the J$65 billion deficit in the fiscal accounts are necessary but insufficient to balance the budget. He also warned against becoming overly reliant on the logistics hub as the one catalyst for growth. “If we look at it a deficit will always be there. Every dollar of this programme is necessary but it is still insufficient. This adjustment programme is very important because modeling any other scenarios is not sustainable or effective,” said King, the head of the Department of Economics at the University of the West Indies. As part of the medium term economic strategy to reduce the deficit and to satisfy preconditions to an Extended Fund Facility arrangement with the International Monetary Fund, Jamaica has introduced measures to plug two-thirds of the J$65 billion gap.
Pig Industry’s Profits Are On The Decline And Generating Low Returns. Farmers see margins of about 6.5 per cent, which is too low under conditions of double-digit inflation economy, according to a recent pig census. The report suggests that they should be realising a 12.5 per cent return. What’s more, pig exports total almost zero, according to the study, which captures the distribution patterns of pigs throughout Jamaica; examines changes in the industry since 2003; the methods of disposal of pigs, mortality rates and identifies farmers’ major problems. The industry has seen growth in the output of pork by 41 per cent (from 3.5 million kilogram to 4.95 million kilogram between the period 2003 and 2012. Improved genetics have resulted in significant increase in the size of pigs due to an increase of dressed weight fatteners sold to butchers and processors. Furthermore, the Jamaican pig population in 2012 was 144,917 spanning 6,556 farmers, which represented 70 per cent growth in population and 62.5 per cent growth in the number of farmers between 1998 and 2012.
Shorter Export Inspections Required Boosting Agricultural And Manufacturing Sectors. The new International Trade Centre (ITC) report on non-tariff barriers (NTMs) in the Caribbean indicates that export inspections are the most common burden affecting local companies in various agricultural and manufacturing sectors. “Inspections were reported as being burdensome for a number of Businessuite Magazine
reasons including lengthy delays associated with the inspection process and damage to goods at the hands of customs inspection officials,” the report states. An ITC survey carried out in 11 countries demonstrated that, generally, of all challenging NTMs reported by exporting companies, about 75 per cent are usually applied by partner countries and 25 per cent by the home country. Comparatively, in Jamaica, about 30 per cent of NTMs are reported to be applied by the home country, while 70 per cent are reported to be applied by partner countries.
Local Manufacturers Demanding A Suitable Energy Policy…. Brian Pengelley
Local manufacturers are once again demanding that the Government address increasing energy costs and implement a suitable energy policy. The demand from the manufacturers follows an announcement by the Jamaica Public Service Company Limited (JPS) yesterday, that customers will see a 10 per cent increase in their light bills this month. The Company said this is because of high fuel costs and the devaluation of the Jamaican dollar. While noting that the JPS had no alternative, President of the Jamaica Manufacturers’ Association, Brian Pengelley said the announcement is not a welcomed one.
Sports Tourism Is A Fast-Growing Sector Said To Value Approximately US$600 Billion A Year………. Dr André Haughton Travelling to participate or watch sporting events has been increasing worldwide as tourist try to double up on their travelling experiences. This sports tourism is a fast-growing sector in the global travel industry and is said to value approximately US$600 billion a year. Many countries have been formulating their sports tourism strategies to take advantage of this increasingly growing sector. Australia, for example, has been benefiting massively from sports tourism. Currently, it represents approximately five per cent of its gross domestic product earning - about $3 billion per annum. They have distinguished between domestic and international sports tourism, defining domestic sports tourism as any sports-related trip involving staying away from home for at least one night or more, 9
Trending while international sports tourism is a trip to the country, with the primary purpose to participate, or be a spectator or an official. Given Jamaica culture, its strategy should focus on international sports tourism, which could boost the country’s foreign-exchange inflow.
To Reduce The Capacity For The International Community To Rob The Profits Of Reggae Music…Educate. Veteran producer Winston ‘Niney’ Holness is warning local music industry players to educate themselves in order to reduce the capacity for the international community to rob the profits of reggae music. Niney believes Spanish musicians have recorded several Jamaican songs in Spanish without the consent of the original artistes and have paid no copyright fees. “When we make songs, Spanish people take it and sing it different, and we don’t speak Spanish, so we don’t realize fully what has transpired. Because of that, the Spanish artists don’t pay us royalties and it slips right under our nose. I think the Spanish owe reggae music millions of dollars right now. Songs like Murder She Wrote is in Spanish right now and I don’t even think Sly and Robbie know,” Niney said. According to the producer, who has recorded songs for U-Roy, I-Roy and, more recently, Bounty Killer, a lack of education has marred the development of reggae music locally. “The musicians’ dem nuh educated. That is why reggae music is slipping out of our hands. We need to educate ourselves because we are being robbed and we don’t know. Right now, Europe has more than 80 ska bands and a Jamaica mek ska, but white people own that genre now and versions of reggae are also owned by other people, and when money comes for reggae, it goes to certain people,” he said.
I Think It Would Have Been Very Embarrassing If The Prime Minister Wasn’t There…… Denis O’Brien The Digicel jet was the only way for Jamaican officials to avoid the embarrassment of missing the funeral of Hugo Chávez, says billionaire and Chairman of Digicel Group, Denis O’Brien. The jet was offered as a gift which subdued some public concerns on cost but raised others concerns about influence. “It was a very extraordinary situation. They had to get there very quickly and we had the means to get them there. I think it would have been very embarrassing if the Prime Minister wasn’t there. And they couldn’t get there (otherwise) because all the flights were full. It was a very sad occasion when President Chávez died. No one expected him to die and it was all very quick. Obviously, the Government and Opposition had to go there,” said O’Brien. “It was just helping the Government and Opposition to go to the funeral ... It was a gift.” said O’Brien in a quick interview on Tuesday night at the formal opening of the Digicel headquarters downtown. 10
CORPORATE MOVEMENTS Gruppo Campari, the Italian firm which acquired the spirits and merchandise business of Lascelles deMercado and Company three months ago, has appointed one of its own to replace Fraser Thornton as group managing director. Stefano Saccardi, an Italian and the general counsel and business development officer for Gruppo Campari, has been appointed the new chairman and managing director of Lascelles. He replaces Gerald Yetming as chairman. Both Scotsman Thornton, who has headed Lascelles since July 2011, and Trinidadian Yetming were appointees of the former owner, the Trinidad government. ............................................................................................... The Jamaica Employers Federation is pleased to confirm that at their recently concluded Special Members Meeting held on Thursday, March 21, 2013 the following Officers were elected to serve for the period March 2013 - July 2014. President-Mr. David Wan Country Manager, Jamaica and Northern Caribbean CMFG Life Insurance Company 1st Vice President-Mr. Michael Bernard Past President, Shipping Association of Jamaica Director, Jamaica Freight and Shipping Company Limited 2nd Vice President-Mr. Raymond Eytle Senior Assistant Registrar, Employee Relations Compensation, Environment, Health and Safety University of the West Indies Immediate Past President- Mr. Wayne Chen Chief Executive Officer Super Plus Food Stores
Businessuite Magazine
Trending Barbados Government Offers BDS$600,000 Per Job Stimulus
NEWS Local & Regional
Manage Caribbean Cricket As A Business Rather Than A Hobby.. Douglas Orane
CARIBBEAN BUSINESS HIGHLIGHTS Barbados Government Offers BDS$600,000 Per Job Stimulus The Barbados government intends to invest BDS$600 million as part of a new stimulus to improve the local economy and create at least 1,000 new jobs.”Together, when the BDS$355 million taken from this new stimulus package and the BDS$300 million from traditional estimates, we anticipate an injection of BDS$600 million in capital works spending.”This new stimulus to the Barbados economy will forge additional economic activity and contribute to the reinvigoration of the construction sector, creating new jobs and growing the Barbados economy,” Finance and Economic Minister Chris Sinckler told Parliament as it debated the Estimates of Revenue and Expenditure for the financial year 2013 to 2014. The new financial year starts on April 1. Sinckler told legislators on Monday that work is ready to begin on phase one of the new cruise pier at the Bridgetown Port, with full financing by July and providing for another BDS$70 million in civil works over the next 12 months.
Manage Caribbean Cricket As A Business Rather Than A Hobby..Douglas Orane Two specific opportunities that he thought were not being taken advantage of, the first being China’s reported serious interest in playing cricket, and their subsequent demand for 1,000 coaches, Orane asked, “How have we turned this to our advantage, in terms of building our international reach, and, specifically, providing employment for more of our coaches?” He also revealed that the WICB was assigned geographic responsibility for cricket throughout most of North and South America. He said this repreBusinessuite Magazine
sented an opportunity to proactively expand the playing of cricket throughout the Americas, creating a global business for Jamaica and the Caribbean. Addressing cricket at the school, club and national levels, Orane commended the Jamaica Cricket Association on its major achievements for 2012, noting that he was looking forward to a good future for cricket, as evidenced by the talent at the school level. Second most watched sport. With regards to club cricket, his recommendation for its revitalization was “friend-raising” first, and “fund-raising” after. He advocated for those who had benefitted from club cricket, to return to those clubs to transform them, whether through coaching, mentorship, cash or in-kind support, thereby giving talented school leavers a way through club cricket to national teams, advancing at the same rate of improvement as their contemporaries in other countries. Orane pointed out that cricket is now the second most watched sport on international television, behind football. He added that 107 countries are now playing the sport. In light of these developments, Orane put forward, “We are, therefore, part of what is no longer an amateur vocation but a global industry which now requires us to function like a business rather than a hobby, or we are certain to become marginalized.” 11
Stocks + Investing + money markets WEEKLY BULLETIN 15.03.13 SGJ - Trading in Shares
Dividend/Capital Distribution Payments Amount (Cents)
X-Date
Record Date
Payment Date
CHL
100
08/03/13
12/03/13
28/03/13
CPJ
4.5
20/03/13
22/03/13
28/03/13
DCOVE
10
07/03/13
11/03/13
28/03/13
GENAC
4.85
13/03/13
15/03/13
28/03/13
GLNR
3.5
28/02/13
04/03/13
22/03/13
GK
70
08/08/13
12//03/13
27/03/13
HONBUN
9
11/03/13
13/03/13
27/03/13
JAMT
5
22/03/13
26/03/13
28/03/13
JBG
6
11/03/13
13/03/13
28/03/13
JMMB
10
14/03/13
18/03/13
28/03/13
KWL
10
20/03/13
22/03/13
28/03/13
PJAM
110
11/03/13
13/03/13
25/03/13
SGJ
40
11/03/13
13/03/13
28/03/13
SIJL
45
11/03/13
13/03/13
28/03/13
SLJ
19
13/03/13
15/03/15
28/03/13
S
48
13/03/13
15/03/15
27/03/13
SVL
10
12/03/13
14/03/15
28/03/13
(c) to be approved by stockholders at annual meeting (c/d) Capital Distribution (D) Dividend (s) Special Dividend
Date
SIJL - Trading in Shares & Resignation • Scotia Investments Jamaica Limited (SIJL) has advised that a related party purchased 137,866 SIJL shares on March 4, 2013. SIJL has also advised that Mrs. Kaylene Grant-Patterson has resigned as a Branch Manager effective March 8, 2013. NCBJ- Trading in Shares • National Commercial Bank Jamaica Limited (NCBJ) has advised that a related party bought 28,532 NCBJ shares on March 7, 2013. • National Commercial Bank Jamaica Limited has advised that a related party purchased 29,565 NCBJ shares on March 12, 2013. SLJ - Submission of Financials • Sagicor Life Jamaica Limited has released its audited financial statements for year ended December 31, 2012. JBG - Submission of Financials • Jamaica Broilers Group Limited has released its unaudited financial statements for the third quarter ended January 26, 2013. BPOW - Submission of Financials
Annual/Extra-Ordinary General Meeting Company
• Scotia Group Jamaica Limited (SGJ) has advised that a related party sold 9,092 SGJ shares on January 30, 2013.
• Blue Power Group Limited has released its unaudited financial statements for the third quarter ended January 31, 2013.
Venue
AMG
March 19/9:00 a.m.
9 Retirement Crescent
FCIB
March 21/5:00 p.m.
Hilton Barbados Resort
GK
May 29/4:00 p.m.
73 Harbour Street
JSE Investor Events JSE’s Corporate Outreach
Bond Indices Summary for the period March 11 - 15, 2013 Caribbean Investment Grade Index up 0.05 points or 0.04% to close at 125.70 points Caribbean Stock Index down 2.51 points or 3.29% to close at 73.76 points Jamaica Global Bond Index down 0.16 points or 0.13% to close at 121.22 points JSE Money Market Index up 0.06 points or 0.06% to close at 98.97 points
12
JSE is offering an exciting 15-minute presentation geared towards employees in the Jamaican workforce. The aim of the programme is to present simple and concise information about how the stock market works to benefit Jamaicans. If your company would like to participate, kindly contact Mrs Charlette Eddie Nugent or Miss Davia Eastman at 967-3271 to arrange a visit from us.
Please direct your comments and enquiries to: Jamaica Stock Exchange, P.O. Box 1084. 40 Harbour Street, Kingston. Tel: 967-3271; Fax: 924-9090
Businessuite Magazine
Stocks + Investing + money markets THE JAMAICA STOCK EXCHANGE MARKET TRADE SHEET Market Summary For The Week: 18-Mar-2013 To 22-Mar-2013
Dollar Market Summary JA$ Market Vol: JA$ Market Val:
Market Capitalization JA$ Market Capitalization:
515,941,032,922.00
US$ Market Vol:
US$ Market Capitalization:
32,444,707.00
US$ Market Val:
Index Title
31,932,414.00 219,286,467.27 506,700.00 50,834.35
Value
JSE Combined
84,105.33
JSE Index
82,630.12
All Ja Comp
78,387.49
JSE Select
2,143.48
Cross Listed
826.89
JSE Junior
619.72
JSE USD
Security
YTD Div
Volume Traded
Value Traded ($)
This Period's Hi Low ($) ($)
Last Sale Price ($)
Change
78.57
Close Price ($)
Change Change ($)
(%)
-885.30 -828.57 333.37 12.36 -22.09 -13.76 0.00 Closing Bid Ask ($) ($)
JA$ Market Access Financial Services Limited 0.65 AMG Packaging & Paper Company Limited Barita Investments Limited 0.11 Berger Paints Jamaica Ltd. Blue Power Group Limited C2W Music Limited Cable & Wireless Ja. 5.5% Cable & Wireless Ja. 6% Cargo Handlers Limited 0.68 Caribbean Cement Company Ltd. Caribbean Producers Jamaica Limited XD Carreras Limited 2.60 Ciboney Group Limited Consolidated Bakeries (Jamaica) Limited Desnoes & Geddes Ltd Dolphin Cove Limited First Caribbean Internationa Bank 0.02 USD General Accident Insurance Company (JA) Limited Gleaner Company Ltd. 0.07 GraceKennedy Limited Guardian Holdings Limited Hardware & Lumber Ltd. 0.13 Honey Bun (1982) Limited 0.06 Jamaica Broilers Group Jamaica Money Market Brokers Ltd XD Jamaica Money Market Brokers Ltd 8.50% 0.07 Jamaica Money Market Brokers Ltd 8.75% 0.07 Jamaica Producers Group Ltd. 0.20 Jamaica Public Service 5% C Jamaica Public Service 5% D Jamaica Public Service Co. 6% Jamaica Public Service Co. Ltd. 7% Jamaica Stock Exchange Variable Preference 0.03 Jamaican Teas Limited XD K.L.E. Group Limited Kingston Properties Limited 0.00 USD Kingston Wharves Limited XD Lasco Distributors Limited Lasco Financial Services Limited 0.30 Lasco Manufacturing Limited LIME Mayberry Investments Limited Montego Bay Ice Co. Ltd. National Commercial Bank Jamaica Ltd. 0.23 Palace Amusement Co. Ltd. 1.75 Pan Jamaican Investment Trust Co. Ltd. Paramount Trading (Jamaica) Limited Proven Investments Limited 8% 0.10 Pulse Investments Limited Radio Jamaica Limited Sagicor Investments Jamaica Limited Sagicor Life Jamaica Limited Salada Foods Jamaica Ltd. 0.40 Scotia Group Jamaica Limited 0.40 Scotia Investments Jamaica Ltd. 0.45 Seprod Limited Supreme Ventures Limited Trinidad Cement Limited
18,493 102,325 10,000 48,488 200
119,573.80 369,835.00 33,000.00 90,594.26 1,100.00
6.75 3.80 3.30 1.94 5.50
6.05 3.61 3.30 1.80 5.50
420 58,890 530,612 46,360
4,221.00 50,979.38 1,061,459.00 2,444,000.28
10.05 0.88 2.05 53.00
10.05 0.86 2.00 52.50
10,000 185,342 5,615 8,888 44,480 132,281 30,732
16,000.00 744,417.18 44,920.00 942,128.00 70,190.40 148,754.72 1,629,200.99
1.60 4.02 8.00 106.00 1.70 1.15 54.00
1.60 4.01 8.00 106.00 1.55 1.12 52.10
28,831 24,245 294,517 765,229
123,664.85 90,466.25 1,332,688.77 5,335,557.05
4.35 4.00 4.60 7.20
4.00 3.65 4.51 6.30
1,335,230 10,578
4,277,826.04 159,747.80
3.25 15.11
3.20 15.10
9,589
35,879.30
3.75
3.70
23,000 46,987 339,839 83,409 55,238 291,549 12,323,118
92,000.00 255,006.19 3,569,337.39 501,211.55 591,196.50 53,555.55 24,672,236.00
4.00 5.70 11.00 6.06 11.00 0.20 2.01
4.00 5.40 10.50 6.00 10.50 0.18 2.00
2,716,730
52,878,286.86
20.00
18.90
749,957 26,960 7,072,423 1,000 2,227 28,735 2,026,523 1,387,060 786,892 106,000 22,520 120,902 20,000
37,505,172.31 92,499.60 35,736,358.07 1,600.00 2,939.64 427,088.25 14,097,858.99 11,796,610.00 14,594,562.74 2,342,840.76 326,268.20 311,634.60 312,000.00
57.00 3.50 5.09 1.60 1.32 15.61 7.10 8.51 20.00 22.15 14.50 2.85 15.60
50.00 3.16 5.03 1.60 1.32 14.75 6.80 8.50 18.30 22.06 14.20 2.50 15.60
6.05 3.61 3.30 1.90 5.50 1.15 0.50 0.53 10.05 0.86 2.00 53.00 0.03 1.60 4.02 8.00 106.00 1.60 1.12 53.55 270.00 4.35 3.65 4.51 6.30 3.50 3.20 15.10 0.36 0.35 0.40 0.39 1.89 3.75 3.70 4.00 5.50 11.00 6.00 11.00 0.19 2.00 18.00 18.90 95.00 50.00 3.16 5.04 1.60 1.32 15.00 7.01 8.50 18.75 22.10 14.20 2.55 15.60
506,700
50,834.35
0.11
0.10
0.11
6.34 3.61 3.30 1.90 5.50 1.15 0.50 0.53 10.05 0.86 2.00 52.98 0.03 1.60 4.02 8.00 106.00 1.68 1.12 53.56 270.00 4.35 3.65 4.51 6.30 3.50 3.20 15.10 0.36 0.35 0.40 0.39 1.89 3.75 3.70 4.00 5.50 10.51 6.00 10.54 0.19 2.00 18.00 19.06 95.00 50.00 3.16 5.08 1.60 1.32 14.84 7.05 8.51 18.86 22.10 14.46 2.53 15.60
-0.41 -0.29 -0.08 -0.07 0.00 0.00 0.00 0.00 0.03 -0.02 0.00 0.46 0.00 -0.05 0.00 0.00 -4.00 0.10 0.00 -0.03 0.00 1.13 -0.35 0.00 -0.99 0.00 -0.05 0.10 0.00 0.00 0.00 0.00 0.00 0.05 0.00 0.00 0.06 -0.39 -0.27 -0.46 0.01 0.00 0.00 0.06 0.00 0.00 -0.28 0.01 0.60 0.02 -0.76 0.10 0.01 0.59 0.04 -0.04 0.08 0.02
-6.07 -7.44 -2.37 -3.55 0.00 0.00 0.00 0.00 0.30 -2.27 0.00 0.88 0.00 -3.03 0.00 0.00 -3.64 6.33 0.00 -0.06 0.00 35.09 -8.75 0.00 -13.58 0.00 -1.54 0.67 0.00 0.00 0.00 0.00 0.00 1.35 0.00 0.00 1.10 -3.58 -4.31 -4.18 5.56 0.00 0.00 0.32 0.00 0.00 -8.14 0.20 60.00 1.54 -4.87 1.44 0.12 3.23 0.18 -0.28 3.27 0.13
0.11
0.00
0.00
6.01 3.61 3.30 1.72 5.51 0.50 0.53 10.05 0.85 1.90 52.92 0.03 1.20 4.11 8.00 96.50 1.55 1.05 52.00 270.00 4.00 3.65 4.51 6.00 3.50 15.10 0.36 0.35 0.40 0.39 3.75
5.41 10.50 6.01 10.00 0.18 2.00
6.60 3.89 3.50 1.90 6.90 1.20
0.86 2.00 53.00 0.07 1.60 4.18 8.40 107.00 1.60 1.12 54.00 300.00 4.47 4.00 4.59 6.90 4.59 3.20 17.70
1.89 4.20 3.68 4.00 5.70 11.00 6.30 11.00 0.19 2.47
18.01 65.00 50.10 3.16 5.03 1.40 1.32 14.50 7.10 8.50 18.76 22.06 13.50 2.51 15.60
18.90 95.00 57.00 3.46
0.10
0.11
1.60 1.70 18.00 7.50 9.00 20.00 23.00 14.50 2.85
US$ Market Proven Investments Limited
Businessuite Magazine
0.00 USD
13
Stocks + Investing + money markets THE JSE MARKET SUMMARY FOR: The Week:18-Mar-2013 To 22-Mar-2013
For the period March 18, 2013 to March 22, 2013JA$ market volume (excluding blocks) amounted to 31,932,414.00 units valued at $219,286,467.27. There were no block transactions for the period in the JA$ market. US$ market volume (excluding blocks) amounted to 506,700.00 units valued at $50,834.35. There were no block transactions for the period in the US$ Market. The following companies represent the overall volume leaders: Mayberry Investments Limited with 12,323,118 units, amounting to 38.59% of the market volume Proven Investments Limited 8% with 7,072,423 units, amounting to 22.15% of the market volume National Commercial Bank Jamaica Ltd. with 2,716,730 units, amounting to 8.51% of the market volume Overall Market activity resulted from trading in 45 stocks of which 18 advanced, 17 declined and 10 traded firm.
Stocks Advancing Cargo Handlers Limited Carreras Limited General Accident Insurance Company (JA) Limited Hardware & Lumber Ltd. Jamaica Producers Group Ltd. Jamaican Teas Limited Kingston Wharves Limited LIME National Commercial Bank Jamaica Ltd. Proven Investments Limited 8% Pulse Investments Limited Radio Jamaica Limited Sagicor Life Jamaica Limited Salada Foods Jamaica Ltd. Scotia Group Jamaica Limited Scotia Investments Jamaica Ltd. Supreme Ventures Limited Trinidad Cement Limited
Stocks Declining Access Financial Services Limited AMG Packaging & Paper Company Limited Barita Investments Limited Berger Paints Jamaica Ltd. Caribbean Cement Company Ltd. Consolidated Bakeries (Jamaica) Limited First Caribbean Internationa Bank GraceKennedy Limited Honey Bun (1982) Limited Jamaica Money Market Brokers Ltd Jamaica Money Market Brokers Ltd 8.75% Lasco Distributors Limited Lasco Financial Services Limited Lasco Manufacturing Limited Paramount Trading (Jamaica) Limited Sagicor Investments Jamaica Limited Seprod Limited
Stocks Trading Firm Blue Power Group Limited Caribbean Producers Jamaica Limited Desnoes & Geddes Ltd Dolphin Cove Limited Gleaner Company Ltd. Jamaica Broilers Group Kingston Properties Limited Mayberry Investments Limited Pan Jamaican Investment Trust Co. Ltd. Proven Investments Limited
Close Price
Change
% Change
10.05 52.98 1.68 4.35 15.10 3.75 5.50 0.19 19.06 5.08 1.60 1.32 7.05 8.51 18.86 22.10 2.53 15.60
0.03 0.46 0.10 1.13 0.10 0.05 0.06 0.01 0.06 0.01 0.60 0.02 0.10 0.01 0.59 0.04 0.08 0.02
0.30% 0.88% 6.33% 35.09% 0.67% 1.35% 1.10% 5.56% 0.32% 0.20% 60.00% 1.54% 1.44% 0.12% 3.23% 0.18% 3.27% 0.13%
Close Price
Change
% Change
6.34 3.61 3.30 1.90 0.86 1.60 106.00 53.56 3.65 6.30 3.20 10.51 6.00 10.54 3.16 14.84 14.46
-0.41 -0.29 -0.08 -0.07 -0.02 -0.05 -4.00 -0.03 -0.35 -0.99 -0.05 -0.39 -0.27 -0.46 -0.28 -0.76 -0.04
-6.07% -7.44% -2.37% -3.55% -2.27% -3.03% -3.64% -0.06% -8.75% -13.58% -1.54% -3.58% -4.31% -4.18% -8.14% -4.87% -0.28%
Close Price
Change
% Change
5.50 2.00 4.02 8.00 1.12 4.51 4.00 2.00 50.00 0.11
Trading activity for the period March 18, 2013 to March 22, 2013, saw the following:
Page 1 of 2
14
Businessuite Magazine
Stocks + Investing + money markets THE JAMAICA STOCK EXCHANGE REGULAR MARKET TRADE SHEET Market Summary For The Week: 18-Mar-2013 To 22-Mar-2013
Market Summary Market Capitalization Market Capitalization:
Index Title
Market Vol:
30,680,989.00
Market Val:
212,718,577.48
494,796,814,458.00
Value
JSE Combined
84,105.33
JSE Index
82,630.12
All Ja Comp
78,387.49
JSE Select
2,143.48
Cross Listed
Security
YTD Div
Volume Traded
Value Traded ($)
This Period's Hi Low ($) ($)
Last Sale Price ($)
Change
826.89
Close Price ($)
Change Change ($)
(%)
-885.30 -828.57 333.37 12.36 -22.09 Closing Bid Ask ($) ($)
JA$ Market Barita Investments Limited Berger Paints Jamaica Ltd. Cable & Wireless Ja. 5.5% Cable & Wireless Ja. 6% Caribbean Cement Company Ltd. Carreras Limited Ciboney Group Limited Desnoes & Geddes Ltd First Caribbean Internationa Bank Gleaner Company Ltd. GraceKennedy Limited Guardian Holdings Limited Hardware & Lumber Ltd. Jamaica Broilers Group Jamaica Money Market Brokers Ltd XD Jamaica Money Market Brokers Ltd 8.50% Jamaica Money Market Brokers Ltd 8.75% Jamaica Producers Group Ltd. Jamaica Public Service 5% C Jamaica Public Service 5% D Jamaica Public Service Co. 6% Jamaica Public Service Co. Ltd. 7% Jamaica Stock Exchange Variable Preference Kingston Properties Limited Kingston Wharves Limited XD LIME Mayberry Investments Limited Montego Bay Ice Co. Ltd. National Commercial Bank Jamaica Ltd. Palace Amusement Co. Ltd. Pan Jamaican Investment Trust Co. Ltd. Proven Investments Limited 8% Pulse Investments Limited Radio Jamaica Limited Sagicor Investments Jamaica Limited Sagicor Life Jamaica Limited Salada Foods Jamaica Ltd. Scotia Group Jamaica Limited Scotia Investments Jamaica Ltd. Seprod Limited Supreme Ventures Limited Trinidad Cement Limited
Regular Transaction: Number of Trades: Total Value: Total volume: JA$ Totals Total Value: Total volume:
Businessuite Magazine
0.11
10,000 48,488
33,000.00 90,594.26
3.30 1.94
3.30 1.80
58,890 46,360
50,979.38 2,444,000.28
0.88 53.00
0.86 52.50
185,342 8,888 132,281 30,732
744,417.18 942,128.00 148,754.72 1,629,200.99
4.02 106.00 1.15 54.00
4.01 106.00 1.12 52.10
28,831 294,517 765,229
123,664.85 1,332,688.77 5,335,557.05
4.35 4.60 7.20
4.00 4.51 6.30
1,335,230 10,578
4,277,826.04 159,747.80
3.25 15.11
3.20 15.10
23,000 46,987 291,549 12,323,118
92,000.00 255,006.19 53,555.55 24,672,236.00
4.00 5.70 0.20 2.01
4.00 5.40 0.18 2.00
2,716,730
52,878,286.86
20.00
18.90
749,957 7,072,423 1,000 2,227 28,735 2,026,523 1,387,060 786,892 106,000 22,520 120,902 20,000
37,505,172.31 35,736,358.07 1,600.00 2,939.64 427,088.25 14,097,858.99 11,796,610.00 14,594,562.74 2,342,840.76 326,268.20 311,634.60 312,000.00
57.00 5.09 1.60 1.32 15.61 7.10 8.51 20.00 22.15 14.50 2.85 15.60
50.00 5.03 1.60 1.32 14.75 6.80 8.50 18.30 22.06 14.20 2.50 15.60
2.60
0.02 USD 0.07
0.13
0.07 0.07 0.20
0.03 0.00 USD
0.23 1.75 0.10
0.40 0.40 0.45
454 $212,718,577.48 30,680,989 212,718,577.48 30,680,989.00
3.30 1.90 0.50 0.53 0.86 53.00 0.03 4.02 106.00 1.12 53.55 270.00 4.35 4.51 6.30 3.50 3.20 15.10 0.36 0.35 0.40 0.39 1.89 4.00 5.50 0.19 2.00 18.00 18.90 95.00 50.00 5.04 1.60 1.32 15.00 7.01 8.50 18.75 22.10 14.20 2.55 15.60
3.30 1.90 0.50 0.53 0.86 52.98 0.03 4.02 106.00 1.12 53.56 270.00 4.35 4.51 6.30 3.50 3.20 15.10 0.36 0.35 0.40 0.39 1.89 4.00 5.50 0.19 2.00 18.00 19.06 95.00 50.00 5.08 1.60 1.32 14.84 7.05 8.51 18.86 22.10 14.46 2.53 15.60
-0.08 -0.07
-2.37 -3.55
-0.02 0.46
-2.27 0.88
0.00 -4.00 0.00 -0.03
0.00 -3.64 0.00 -0.06
1.13 0.00 -0.99
35.09 0.00 -13.58
-0.05 0.10
-1.54 0.67
0.00 0.06 0.01 0.00
0.00 1.10 5.56 0.00
0.06
0.32
0.00 0.01 0.60 0.02 -0.76 0.10 0.01 0.59 0.04 -0.04 0.08 0.02
0.00 0.20 60.00 1.54 -4.87 1.44 0.12 3.23 0.18 -0.28 3.27 0.13
3.30 1.72 0.50 0.53 0.85 52.92 0.03 4.11 96.50 1.05 52.00 270.00 4.00 4.51 6.00 3.50 15.10 0.36 0.35 0.40 0.39
3.50 1.90
0.86 53.00 0.07 4.18 107.00 1.12 54.00 300.00 4.47 4.59 6.90 4.59 3.20 17.70
1.89 4.00 5.70 0.19 2.47
5.41 0.18 2.00 18.01 65.00 50.10 5.03 1.40 1.32 14.50 7.10 8.50 18.76 22.06 13.50 2.51 15.60
18.90 95.00 57.00 1.60 1.70 18.00 7.50 9.00 20.00 23.00 14.50 2.85
Legend: XD/XB/XS without entitlement to dividends, bonus, split SUS Suspended Applicable to dividends only: TT Trinidad and Tobago US United States Close Price is the weighted average of all trades. Last Sale Price is the last price at which the symbol traded. Prices on US$ market are quoted in US$
15
Stocks + Investing + money markets WEEKLY BULLETIN 22.03.13 SIJL - Resignations
Dividend/Capital Distribution Payments Amount (Cents)
X-Date
Record Date
Payment Date
CHL
100
08/03/13
12/03/13
28/03/13
CPJ
4.5
20/03/13
22/03/13
28/03/13
DCOVE
10
07/03/13
11/03/13
28/03/13
GENAC
4.85
13/03/13
15/03/13
28/03/13
GK
70
08/08/13
12//03/13
27/03/13
HONBUN
9
11/03/13
13/03/13
27/03/13
JAMT
5
22/03/13
26/03/13
28/03/13
JBG
6
11/03/13
13/03/13
28/03/13
JMMB
10
14/03/13
18/03/13
28/03/13
JPS 7%
3.5 (c)
13/03/13
15/03/13
28/03/13
JPS 5%C
2.5 (c)
13/03/13
15/03/13
28/03/13
JPS 5%D
2.5 (c)
13/03/13
15/03/13
28/03/13
JPS 6%
3 (c)
13/03/13
15/03/13
28/03/13
KWL
10
20/03/13
22/03/13
28/03/13
PJAM
110
11/03/13
13/03/13
25/03/13
SGJ
40
11/03/13
13/03/13
28/03/13
SIJL
45
11/03/13
13/03/13
28/03/13
SLJ
19
13/03/13
15/03/15
28/03/13
S
48
13/03/13
15/03/15
27/03/13
SVL
10
12/03/13
14/03/15
28/03/13
Annual/Extra-Ordinary General Meeting Date
SALF - Dividend Consideration & Appointment • The Board of Directors of Salada Foods Jamaica Limited will consider a dividend payment at a meeting to be held on Tuesday, March 26, 2013. • Salada Foods Jamaica Limited has advised that Mr. Julian Rodney has been appointed to the Board of Directors of the company and his title has also been changed to Managing Director with effect from March 19, 2013. NCBJ- Trading in Shares • National Commercial Bank Jamaica Limited (NCBJ) has advised that a connected party purchased a total of 136,569 NCBJ shares during the period March 13 - 15, 2013. • National Commercial Bank Jamaica Limited (NCBJ) has advised that a connected party purchased a total of 156,570 NCBJ shares during the period March 18 19, 2013. • National Commercial Bank Jamaica Limited (NCBJ) has advised that a connected party purchased a total of 2,284,089 NCBJ shares on March 20, 2013. Guardian Holdings Ltd
(c) to be approved by stockholders at annual meeting (c/d) Capital Distribution (D) Dividend (s) Special Dividend
Company
• Scotia Investments Jamaica Limited has advised that the following senior managers have resigned: Mrs. Kaylene Grant from her position of Assistant Vice President (AVP) and Branch Manager for Scotia Investments Jamaica Limited, Montego Bay Branch effective March 8, 2013. Mr. Vernon Wilson from his position of Assistant Vice President (AVP) and Branch Manager for Scotia Investments Jamaica Limited, Mandeville Branch effective February 15, 2013.
Venue
AMG
March 19/9:00 a.m.
9 Retirement Crescent
FCIB
March 21/5:00 p.m.
Hilton Barbados Resort
GK
May 29/4:00 p.m.
73 Harbour Street
• Guardian Holdings Limited (GHL) has released its condensed audited financial statements for the year ended December 31, 2012. The Board of Directors of GHL has declared a final dividend for the year 2012 of TT$0.37 payable on April 19, 2013 to shareholders on record as at April 5, 2013. The ex-dividend date is April 3, 2013. The Annual General Meeting of GHL will be held on May 7, 2013 at 4:30 pm at the Guardian Corporate Centre, 1 Guardian Drive, Westmoorings, Trinidad.
JSE Investor Events Bond Indices Summary for the period March 18 - 22, 2013 Caribbean Investment Grade Index down 0.18 points or 0.14% to close at 125.52 points Caribbean Stock Index up 0.18 points or 0.24% to close at 73.94 points Jamaica Global Bond Index up 0.52 points or 0.43% to close at 121.74 points JSE Money Market Index up 0.11 points or 0.11% to close at 99.08 points
16
JSE’s Corporate Outreach JSE is offering an exciting 15-minute presentation geared towards employees in the Jamaican workforce. The aim of the programme is to present simple and concise information about how the stock market works to benefit Jamaicans. If your company would like to participate, kindly contact Mrs Charlette Eddie Nugent or Miss Davia Eastman at 967-3271 to arrange a visit from us. Please direct your comments and enquiries to: Jamaica Stock Exchange, P.O. Box 1084. 40 Harbour Street, Kingston. Tel: 967-3271; Fax: 924-9090
Businessuite Magazine
Stocks + Investing + money markets
THE JSE MARKET SUMMARY FOR: The Week:18-Mar-2013 To 22-Mar-2013
The Junior Market Volume (excluding blocks) amounted to 1,251,425.00 units valued at $ 6,567,889.79. The following companies represent the overall volume leaders:
Caribbean Producers Jamaica Limited with 530,612 units, amounting to 42.40% of the market volume Lasco Distributors Limited with 339,839 units, amounting to 27.16% of the market volume Amg Packaging & Paper Company Limited with 102,325 units, amounting to 8.18% of the market volume
Overall Market activity resulted from trading in 14 stocks of which 3 advanced, 8 declined and 3 traded firm.
Stocks Advancing Cargo Handlers Limited General Accident Insurance Company (JA) Limited Jamaican Teas Limited
Stocks Declining Access Financial Services Limited AMG Packaging & Paper Company Limited Consolidated Bakeries (Jamaica) Limited Honey Bun (1982) Limited Lasco Distributors Limited Lasco Financial Services Limited Lasco Manufacturing Limited Paramount Trading (Jamaica) Limited
Stocks Trading Firm
Close Price
Change
% Change
10.05 1.68 3.75
0.03 0.10 0.05
0.30% 6.33% 1.35%
Close Price
Change
% Change
6.34 3.61 1.60 3.65 10.51 6.00 10.54 3.16
-0.41 -0.29 -0.05 -0.35 -0.39 -0.27 -0.46 -0.28
-6.07% -7.44% -3.03% -8.75% -3.58% -4.31% -4.18% -8.14%
Close Price
Change
% Change
Blue Power Group Limited Caribbean Producers Jamaica Limited Dolphin Cove Limited
5.50 2.00 8.00
Trading activity for the period March 18, 2013 to March 22, 2013, saw the following:
The Junior Market Index declined by 13.76 points or (2.17%) to close at 619.72 points.
The Junior Index comprises all Ordinary Companies on the Junior Stock Market. ****End of Report****
360 Signature Events is a Caribbean company specialising in the planning and execution of Corporate and Marketing Events including, Exhibitions, Conventions, Conferences, seminars, Sporting and Hospitality Events, Road Shows, Brand Promotion, Product launches, Incentives and Special Event.
www.360signaturevents.com Businessuite Magazine
Page 1 of 1
17
Stocks + Investing + money markets THE JAMAICA STOCK EXCHANGE MARKET TRADE SHEET Market Summary For The Week: 18-Mar-2013 To 22-Mar-2013
Market Summary Market Capitalization Market Capitalization: Security
Index Title
Market Vol:
1,251,425.00
Market Val:
6,567,889.79
JSE Junior
Value
Change
619.72
-13.76
21,144,218,464.00 YTD Div
Volume Traded
Value Traded ($)
This Period's Hi Low ($) ($)
Last Sale Price ($)
Close Price ($)
Change Change ($)
(%)
Closing Bid Ask ($) ($)
JA$ Market Access Financial Services Limited 0.65 AMG Packaging & Paper Company Limited Blue Power Group Limited C2W Music Limited Cargo Handlers Limited 0.68 Caribbean Producers Jamaica Limited XD Consolidated Bakeries (Jamaica) Limited Dolphin Cove Limited General Accident Insurance Company (JA) Limited Honey Bun (1982) Limited 0.06 Jamaican Teas Limited XD K.L.E. Group Limited Lasco Distributors Limited Lasco Financial Services Limited 0.30 Lasco Manufacturing Limited Paramount Trading (Jamaica) Limited
Junior Transaction: Number of Trades: Total Value: Total volume: JA$ Totals Total Value: Total volume:
100 $6,567,889.79 1,251,425 6,567,889.79 1,251,425.00
18,493 102,325 200
119,573.80 369,835.00 1,100.00
6.75 3.80 5.50
6.05 3.61 5.50
420 530,612 10,000 5,615 44,480 24,245 9,589
4,221.00 1,061,459.00 16,000.00 44,920.00 70,190.40 90,466.25 35,879.30
10.05 2.05 1.60 8.00 1.70 4.00 3.75
10.05 2.00 1.60 8.00 1.55 3.65 3.70
339,839 83,409 55,238 26,960
3,569,337.39 501,211.55 591,196.50 92,499.60
11.00 6.06 11.00 3.50
10.50 6.00 10.50 3.16
6.05 3.61 5.50 1.15 10.05 2.00 1.60 8.00 1.60 3.65 3.75 3.70 11.00 6.00 11.00 3.16
6.34 3.61 5.50 1.15 10.05 2.00 1.60 8.00 1.68 3.65 3.75 3.70 10.51 6.00 10.54 3.16
-0.41 -0.29 0.00
-6.07 -7.44 0.00
6.01 3.61 5.51
0.03 0.00 -0.05 0.00 0.10 -0.35 0.05
0.30 0.00 -3.03 0.00 6.33 -8.75 1.35
10.05 1.90 1.20 8.00 1.55 3.65 3.75
-0.39 -0.27 -0.46 -0.28
-3.58 -4.31 -4.18 -8.14
10.50 6.01 10.00 3.16
6.60 3.89 6.90 1.20 2.00 1.60 8.40 1.60 4.00 4.20 3.68 11.00 6.30 11.00 3.46
Legend: XD/XB/XS without entitlement to dividends, bonus, split NT Not tradable Applicable to dividends only: TT Trinidad and Tobago US United States Close Price is the weighted average of all trades. Last Sale Price is the last price at which the symbol traded. Prices on US$ market are quoted in US$
Proudly Serving Jamaica Since 1929
Taste Jamaica Jamaica Producers Group
18
www.jpjamaica.com
Businessuite Magazine
Stocks + Investing + money markets
Trinidad and Tobago Stock Exchange Report -for Week ending 22 Mar, 2013 In this Week’s trading session the following reflect the movement of the TTSE Indices: • The Composite Index advanced by 10.56 points (0.97%) to close at 1,094.80. • The All T&T Index advanced by 2.70 points (0.15%) to close at 1,758.89. • The Cross Listed Index advanced by 2.21 points (4.12%) to close at 55.89.
stocks of which 10 advanced, 7 declined and 6 traded firm. Market volume amounted to 863,626 units valued at over $14,598,601.56. CLICO INVESTMENT FUND was the volume leader with 461,013.00 units (53.38%) followed by GRACEKENNEDY LIMITED with 197,183 units(22.83%) and SAGICOR FINANCIAL CORPORATION with 145,557 units (16.85%).
Overall Market activity resulted from trading in 23
Stocks Advancing: Security Volume Closing Quote ($) Change ($) ANSA McAL LIMITED 2,976 66.67 0.01 CLICO INVESTMENT FUND 461,013 21.47 0.29 FIRSTCARIBBEAN INTERNATIONAL BANK LIMITED 100 8.00 0.51 NATIONAL COMMERCIAL BANK JAMAICA LIMITED 3,512 1.30 0.10 NATIONAL ENTERPRISES LIMITED 11,300 15.10 0.08 NATIONAL FLOUR MILLS LIMITED 10,000 0.66 0.05 ONE CARIBBEAN MEDIA LIMITED 915 15.17 0.05 REPUBLIC BANK LIMITED 13,405 108.89 0.32 SCOTIABANK TRINIDAD & TOBAGO LIMITED 5,121 67.03 0.03 UNILEVER CARIBBEAN LIMITED 1,066 50.80 0.66
Stocks Declining: Security Volume Closing Quote ($) Change ($) AGOSTINI’S LIMITED 7 16.60 -0.01 GRACEKENNEDY LIMITED 197,183 3.11 -0.34 GUARDIAN HOLDINGS LIMITED 64,444 19.50 -0.01 JAMAICA MONEY MARKET BROKERS LIMITED 10,862 0.50 -0.02 PRESTIGE HOLDINGS LIMITED 94,187 9.20 -0.03 SCOTIA INVESTMENTS JAMAICA LIMITED 59,200 1.60 -0.20 TRINIDAD CEMENT LIMITED 21,387 1.34 -0.03
Stocks Trading firm: Security Volume Closing Quote ($) ANGOSTURA HOLDINGS LIMITED 82,000 7.80 GUARDIAN MEDIA LIMITED LIMITED $50.00 6% CUMULATIVE PREFERENCE 6 65.00 NEAL & MASSY HOLDINGS LIMITED 133,398 59.00 POINT LISAS INDUSTRIAL PORT DEVELOPMENT CORPORATION LIMITED 4,000 3.75 SAGICOR FINANCIAL CORPORATION 145,557 6.25 WILLIAMS LJ B 3,000 0.88 • The Composite Index comprises all Ordinary Companies. • The All TTSE Index comprises Trinidadian companies only. • The Cross Listed Index comprises companies originating outside of Trinidad & Tobago. Businessuite Magazine
19
Stocks + Investing + money markets
3/22/13
Foreign Exchange Trading Summary
Foreign Exchange Trading Summary FOREIGN EXCHANGE TRADING SUMMARY( Trade Date : 2013-03-22 )
CURRENCY
PURCHASES
Volume
USD Value
USD
27,822,718.9400
27,822,718.9400
C AD
902,804.0800
GBP
1,669,193.2000
SALES Weighted Average Rate
Weighted Average Rate
Volume
USD Value
97.5003
25,819,078.1200
25,819,078.1200
98.3404
877,596.3789
94.7779
555,924.2800
547,596.5452
96.8672
2,516,422.6943
146.9884
766,138.2000
1,172,423.2807
150.4905
OTHER
1,508,119.1327
1,640,583.8792
TOTAL
32,724,857.1459
29,179,681.8251
CURRENCY
PURCHASES Highest
SALES
Lowest
Highest
Lowest
USD
99.7000
80.5800
103.4700
95.5000
C AD
97.9000
77.1100
98.7500
93.0000
GBP
151.4000
120.5600
155.4200
142.9400
10-DAY MOVING AVERAGE RATE CURRENCY
PURCHASE
SALES
USD
96.8940
97.7193
C AD
94.2934
96.5789
GBP
145.7923
148.2604
“We have moved away from traditional advertising to compelling conversations and experiences between Brands and consumers. 1/1
Contact us at: 1-876-631-5418 (P & F) I 1-876-280-9192 (M) I amkcommunications@gmail.com CLICK is owned and operated by AMK Communications Limited
20
Businessuite Magazine
Stocks + Investing + money markets 3/23/13
Todays Counter Rates
Todays Counter Rates The following rates are for currencies traded at the counters of the Bank of Jamaica on 2013-03-22 . BUY CURRENCY AUSTRALIA DOLLAR
DMD & TT
NOTES
SELL COINS
DMD,_TT_&_CASH
100.0433
90.0400
102.5053
BAHAMAS DOLLAR
95.8407
86.2600
98.1993
BARBADOS DOLLAR
47.9203
43.1300
49.0996
BELIZE DOLLAR
47.9203
43.1300
49.0996
BERMUDA DOLLAR
95.8407
86.2600
98.1993
CANADA DOLLAR
95.0151
90.2600
CAYMAN DOLLAR DANISH KRONE DOMINICAN REP PESO E.C. DOLLAR
70.2600
115.0088 103.5100
95.8930 117.8391
16.6223
14.9600
17.0313
2.3305
2.1000
2.3878
35.4965
31.9500
36.3701
EURO
123.8789 117.6800
GIBRALTAR POUNDS
145.4813 130.9300
149.0616
GREAT BRITAIN POUND
147.6968 140.3100 120.3100
149.0616
GUYANA DOLLAR HONG KONG DOLLAR JAPANESE YEN NORTHERN IRELAND PD
97.6800
126.9275
0.4733
0.4300
0.4849
12.3471
11.1100
12.6509
1.0082
0.9074
1.0331
145.4813 130.9300
149.0616
NORWEGIAN KRONE
16.4045
14.7600
16.8081
SWEDISH KRONA
14.7924
13.3100
15.1564
101.3598
91.2200
103.8541
T&T DOLLAR
14.9476
13.4500
15.3154
U.S. DOLLAR
97.3002
92.4400
SWISS FRANC
72.4400
98.1993
1/1
Businessuite Magazine
21
Stocks + Investing + money markets
‘Silicon Mountain’ Mandeville the “coolest town” in Jamaica is truly open for business.
Entrepreneur and Investor Gassan Azan.
Why He and other Businesses are setting up shop on ‘Silicon Mountain’ Mandeville.…………..
T
he slow but steady trek of Entrepreneurs and Investors relocating their businesses from Kingston and other parts of the island and also setting up branches on Silicon Mountain, Mandeville is picking up momentum. The town and parish have benefited and continue to benefit from major investments in a number of key sectors. The big question is why and why now? What is happening in Manchester that’s creating this attraction? Why are Tech Startups and 22
other Businesses setting up shop on ‘Silicon Mountain’ Mandeville the “coolest town” in Jamaica? Businessuite sought to find out.
expressed confidence that more investors will gradually set up business in Mandeville, which is “poised” to become the third city.
Entrepreneur and Investor Gassan Azan recently told a gathering of Manchester civic and business leaders that “your parish boasts a proud history of enterprise and social development, and your capital is increasingly perceived as the location of choice for both returning residents and investors. Azan said that Manchester is a “favorable environment for doing business” and
To back this up, Gassan Azan last year broke ground and last month officially opened in Mandeville, the second largest store in his MegaMart retail chain, investing over $1.2 billion in an 80,000 sq ft retail and wholesale facility. Indicating that while Bashco was his first store, and investment in Mandeville, MegaMart for him was a renewed commitment, Azan stated Businessuite Magazine
Stocks + Investing + money markets proud history of enterprise and social development, and your capital is increasingly perceived as the location of choice for both returning residents and investors.” He also noted and observed that the Northern Caribbean University (NCU) – is a major asset to the town’s development and combined with the human resources from the numerous high schools and colleges in the area, more than any other parish, this provides a base for developing a modern service economy. “Once people see that Gassan Azan has come to Mandeville and has done well, other people will be moved to do business here. That is what happens in a free market economy.”
Further observations will reveal that a number of other key factors required for attracting professionals, entrepreneurs and encouraging business growth and development are present.
Assessing the context and backdrop for the investment, one observes that Manchester is making a spirited come back from the fallout from bauxite mining, which was the mainstay of the economy for over 50 years. The ALPART bauxite plant in Nain, St. Elizabeth and WINDALCO in Manchester sent home hundreds of employees and significantly reduced its operations in 2009, forced by the impact of the global recession.
This central Jamaica parish is seen as one of the more affluent in the country, with a number of prominent businesses, shopping malls and plazas in addition to supermarkets, pharmacies, restaurants and many other business establishments and institutions either originating or opening branches there.
Diversification of the economy was therefore a key component of the resurrection of the parish. Gassan Azan said that it’s now time for Manchester to have a “planned diversification of its economy” as with the increasing unpredictability of the global market there are signs that Manchester is vulnerable to the fluctuations in the demand for bauxite and alumina. Addressing the Manchester Chamber of Commerce’s (MCOC) monthly meeting at the Golf View Hotel in April last year, he continued saying “your parish boasts a Businessuite Magazine
With a population estimated at 50,000 in the main town and that of Greater Mandeville at over 100,000, this parish capital sits on a plateau at 2061 feet, for which it is known as the “coolest town in Jamaica.” This makes it a favorite residential location for its salubrious climate, laidback lifestyle, quiet and peaceful environment and of course its low crime rate. Silicon Mountain Mandeville as it is now called is replete with sprawling expensive houses and high-end apartment complexes and continues to attract professionals, entrepreneurs, investors and returning residents. A number
of the island’s government officials and heads of prominent public and private organizations call the parish home. With the Government having already completed the Kingston to May Pen leg of High Way 2000, commuting and transporting between Kingston and Mandeville is now a lot faster and smoother since the new May Pen to Sandy Bay 10.5 kilometer-stretch of Highway 2000 East-West is open. This stretch is expected to cut the travel time from May Pen to Sandy Bay by at least two thirds from the current 18 minutes to only six minutes (driving at the permitted speed of 110km/h). Expectations are that the Sandy Bay to Williamsfield/ Mandeville leg of Highway 2000 will begin shortly. Highway 2000, a four to six controlled-access, tolled motorway with grade separated interchanges and intersections built according to modern international standards is expected to connect the capital of Kingston, Jamaica with Montego Bay and Ocho Rios, passing through St. Catherine, Manchester, St. Elizabeth, Westmoreland, Hanover, and St. Ann. Silicon Mountain Mandeville is still unrivaled among all the towns in Jamaica due in large part to its unique lifestyle and its attractiveness for business. Those who are there and others planning to relocate are of the view that they can truly boast that Manchester is their place of choice to live, work, play, learn and operate successful businesses. ‘Silicon Mountain’ Mandeville the “coolest town” in Jamaica is truly open for business. BM (Compiled from published sources) 23
24
Businessuite Magazine
Cover Story
Evrol ‘Blackie’ Christian Sets his Sight on a Little Ochie IPO “We are nearing annual revenues of JA$200M and we want to grow the business and brand to JA$300M and more and that’s the magic number.
W
hen we hit that point we ready” explained Evrol Christian founder of the Little Ochie restaurant set in the cool plains of St. Elizabeth by the sea. It is a peaceful environment with an enigmatic ambiance too irresistible to take leave of once you get there. And so started my love affair with the place, a great place I thought to relax and take in the sea breeze. I am sitting in one of the gazebos near the sea sipping some cool fruit punch waiting for my order of steam fish with a
Businessuite Magazine
side of bammies and plantain to come. This little secret hideaway is located in the remote district of Alligator Pond, St Elizabeth in Jamaica, miles from the nearest town of Mandeville. Nevertheless, it is the spot where the who’s who of Manchester and St. Elizabeth go to eat seafood. But, it’s not just the local community that venture into this quaint eating establishment to let their hair down in the strong winds that harass that area of the South Coast. Patrons come from all over the island. However, what seems to be trending these days at Little Ochie, is the grow-
ing overseas visitors and tourist flocking to the place, clearly offering a great deal of opportunity for the area. They have helped to spread the word overseas, providing invaluable endorsement for this food and business place. Little Ochie, was founded in 1989 by Evrol ‘Blackie’ Christian, and has blossomed into an internationally recognized brand, one of Jamaica’s favorite eating haunts. Blackie, the company’s staunch benefactor, has his eyes set on a possible Initial Public Offering (IPO) on the Jamaica Junior Stock 25
Cover Story
exchange. No specific timeline has been set, but Blackie is giving himself five years or less to get ready. “We cannot grow and expand without the right people on board. I have been running this place for many years now and I know what I can and cannot do. I can only take it so far; when we get to the IPO stage, we will already have in place a functioning board of directors and key management professionals who can help realise my dream and vision. I have big plans for Little Ochie, but I’m going to need a strong team around me to get it done.” “We have started to tidy up the partner and third party branding around our Alligator Pond location. As a result, we have engaged the services of AMK Communications to help us with this initiative. They will be engaging, on our behalf, interested companies, and co- brand specific locations, such as the entrance signage. Also, each of the ten (10) plus eating locations will be refurbished, maintaining the rustic look and feel, but given a name and sponsor brand. So a 26
company can sponsor and brand one, or a number of locations for multiple one year periods.”
these are things we will have to and will do.”
What started out as every seafood lover’s secret place in Alligator Pond, Manchester, is now an internationally known ‘great place to eat’.
What started out as every seafood lover’s secret place in Alligator Pond, Manchester, is now an internationally known ‘great place to eat’. And Blackie is launching out much further than envisioned. “Yes we have our eyes set on carefully selected overseas markets, but as you know you can’t just jump in, you have to plan and prepare properly as we are doing right now. I get calls every day from people asking about franchising and offering to enter into partnerships. I’m very interested in these growth opportunities, but I have to get my ship in order if you know what I mean.” As the proprietor of the venue, ‘Blackie’ Christian, puts it: “People come here because Little Ochi is in a class by itself. The air that comes off the sea is enough,” he boasts.
all over the world and we want to maintain regular and consistent contact with them. Besides, their feedback is important to us. So yes, we have a lot on the drawing board, but if we plan to list soon
What was formerly a one-man operation, Little Ochie now employees well over 30 people from the local community. For more than ten years the talented team of young chefs has charmed diners with their exquisite creations.
“We have also engaged CLICK Digital (theclickdigitalagency.com) to revamp and update our website, giving it a more modern up- todate look and feel, ensuring that all social media interfaces are in place. We have customers from
Businessuite Magazine
Cover Story
“We encourage people to get away from the hustle and bustle of the urban areas and come relax in this great ambiance
The restaurant also supports the local farming and fishing community ensuring that all the ingredients used are fresh, which is another major benefit of its location. A major highlight of the business is the annual Seafood Festival in July. Now in its fifteenth (15th) year, and patronized by hundreds of Jamaicans and foreigners alike, the festival offers an entertainment package and a feel-good family vibe, all mixed with the taste of seafood Jamaica style. “This Seafood Festival has been a major winner for us and has boosted the business considerable. We are now looking at other similar opportunities to further grow the business and the brand. But we also attend major events such as Rebel Salute, Sumfest, Jazz and Blues to offer the Little Ochie range of food. So we take the products out for people to sample and learn about our brand and so far we have enjoyed tremendous success.” Mr. Christian has been quietly testing the market for other restaurant models for the Little Ochie brand. One such venture is the Little Ochi restaurant in ManBusinessuite Magazine
deville. “We see a lot of potential in this model, but we have to be careful in how we translate and transfer the original eating experience and environment. It’s not easily transferred.” The lumber and thatched structures of the various eating points at the Alligator Pond restaurant are an integral feature of the dining experience, along with the wide unobstructed view of the sea, the crashing sound of the waves on the beach. “You can’t replicate this. This ain’t no white tablecloth and black tie service. This is a deliberate rustic seaside eating experience. So as we move the brand and business in land, we will have to alter the dining experience while maintaining the food and menu that we are famous for. That will not be easy, but we working on it.” “Over the years,” he continued “I have experimented and formulated my own special seasoning mix, utilizing the products grown right here in the community. That’s what we have been using in the restaurants. I get a lot of request for it and I think it’s time to let people in so that they can enjoy our flavors in home. So we are looking at how we can offer this special blend of seasoning in a viable commercial way. That’s something I’m working on also, how can I package and sell my secret sauce and ingredients.” The establishment now boasts an attractive conference facility with a great ocean view as well as a family fun and retreat area. Christian shared, “We encourage people to get away from the hustle and bustle of the urban areas and come relax in this great ambiance. We have a lot of work to do in this area but its all part of the master plan.” 27
28
Businessuite Magazine
Leadership
LEADERSHIP
Who Really Is Better Male or Female Business Leaders?
T
he question has been asked for years. Are male and female leaders any different? The reason the question persists may be that there is no definitive or conclusive answer. Women in high-level leadership positions, such as corporate CEOs, when studied, seem to exhibit the same sorts of leadership behaviors as their male counterparts. That is probably because the demands of the leadership role require certain actions and behaviors to succeed. In addition, because of the hurdles that women must leap to get to the top,leadership and gender expert, Alice Eagly, refers to this as the “labyrinth” that women, but not men, need to go through. It could Businessuite Magazine
“ Of course Jamaica and the Caribbean is no stranger to female leadership at the very highest position. Jamaica’s Prime Minister, Portia Simpson Miller, the only politician – male or female – to rise from Councillor to Prime Minister, ”
be the case that only women who exhibit the same sorts of leadership styles and behaviors as male leaders make it through. So, studying leaders at the top, gives the impression that there are no big differences in how men and women lead. You get a somewhat different picture if you ask followers and leaders about male and female leaders. They notice differences that are in line with stereotypes about men and women, reporting that female leaders are more nurturing, empathic, and responsive than male leaders, but they will also report the negative side (e.g., moody). Male leaders, on the other hand, are perceived to be more action-oriented and more focused on tasks. A study 29
Leadership
by workplace resource website, Catalyst, concluded that according to leaders and followers in the workplace, “women leaders take care, men leaders take charge.” There is also a growing body of research that has studied the leadership styles and leadership “potential” of men and women, typically men and women managers (but also women in non-managerial positions). Using the theory of transformational leadership as an indicator of successful leadership (transformational leaders are inspirational, positive role models, concerned about followers, empowering, and push followers to be creative and take chances),
30
research shows that women, as a group, have more transformational qualities than men. In other words, and based on this research, women have more leadership potential and tend to lead more effectively than men. As attitudes about women leaders change (they are changing, albeit ever so slowly) and the “labyrinth” becomes less difficult to navigate, one can expect more women to attain high-level leadership positions. Noted leadership scholar, Bernard Bass, predicted that by the year 2034 the majority of high-level leaders will be women, based on their more transformational qualities. Of course, men in leadership
positions are also realizing that the old way of leading – taking charge (command and control) – may not be as effective in today’s world and in the future, so they learn to adapt and change how they lead. Of course Jamaica and the Caribbean is no stranger to female leadership at the very highest position. Jamaica’s Prime Minister, Portia Simpson Miller, the only politician – male or female – to rise from Councillor to Prime Minister, joins the likes of Dame Eugenia Charles in Dominica, Janet Jagan of Guyana, and more recently, Kamla Persad-Bissessar as heads of government in CARICOM.
Businessuite Magazine
Leadership
More Leadership Matters:
What The Most Successful Leaders Do Daily By: Dr. Anita Davis-DeFoe An International Organization and Leadership Development Solutionist
LEADERSHIP
L
eadership guru Warren Bennis says that “Leadership is the capacity to translate vision into reality. Jack Welch said, “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.” Napoleon Bonaparte quipped, “A leader is a dealer of hope.” Are you maximizing your leadership effectiveness, or are you just barely keeping the organizational ship afloat? In this edition of Leadership Matters, as promised, I am sharing with you more of the actions that the most effective leaders do daily.
proactive to their needs. Being accountable to your team is a sign that as the leader you are focused more on their success than your own. With this mindset, your team will be inspired to perform well.
Lead by Example Leading by example sounds easy, but few leaders are consistent in this area. Successful leaders practice what they preach and are mindful of their actions. They know everyone is watching them and therefore work hard to consistently perform well and at all times act with high levels of ethics.
Be Accountable to Others
Measure, Acknowledge & Reward Performance
Successful leaders allow their colleagues to manage them. Mind you, this should not be viewed as a matter of them controlling you, but rather as the leader, you are being
Effective leaders always have a strong “pulse” on the performance of the organization and are fully aware of the people on the team
Businessuite Magazine
who are the performance champions. They constantly review the organization’s metrics and measure performance return on investment (ROI) systematically. The best leaders routinely acknowledge hard work and tireless efforts, even when the end result is not at the level desired. Successful leaders never ever take consistent performers for granted and constantly look for ways to acknowledge and reward them.
Provide Continuous Feedback Employees sincerely want their leaders to know that they are paying attention to what he or she is saying and a leader’s staff also appreciate receiving performance insights along the way. Successful leaders provide feedback always and they seek reciprocal feedback from their staff. This serves to create a trustworthy relationship 31
Leadership
between the leader and followers. Great leaders understand the power of perspective, the importance of offering feedback early, and they are comfortable seeking it from the staff.
Mine That Talent Successful leaders recognize their talent pool and how to maximize it effectively. Thriving leaders are skilled at igniting the capabilities of their team, and make assignments from a strength perspective, always keeping organizational needs at the forefront.
Ask Questions, Seek Counsel Successful leaders ask questions and seek counsel all the time. Perhaps from the outside, they appear to know-it-all – yet on the inside, he or she has a deep thirst for knowledge and constantly are on the look-out to learn new things because of their commitment to making themselves better through the wisdom of others. Great leaders create their own personal mastermind group and they tap into it routinely to brainstorm ideas and new approaches.
er the root cause of the matter fairly swiftly. They rarely procrastinate and thus have become extremely proficient at problem solving; they learn from and don’t avoid uncomfortable circumstances, in fact, they too often welcome them as this helps to push the innovation envelope.
Positive Energy & Attitude Successful leaders work constantly to create a positive, inspiring and high performance workplace culture. They are good at setting the tone and motivating the team. Effective leaders are very likeable, respected and even a bit strong willed. They don’t allow failures to disrupt momentum, and they understand that culture eats strategy for lunch, so they attend to the organization’s culture daily.
Be a Great Teacher Impactful leaders never stop teaching. As they are so selfmotivated to learn themselves, he or she uses teaching to keep the team well-informed and knowledgeable through the sharing of statistics, trends, and other newsworthy items occurring in the marketplace.
Problem Solve; Avoid Pro- Invest in Relationships crastination Successful leaders don’t work Flourishing leaders tackle issues head-on and know how to discov32
in silos; instead they expand their sphere of influence by investing
in mutually beneficial relationships. Successful leaders associate themselves with “lifters and other leaders.” Effective leaders do not do this just for their own advancement, but for the benefit of others. True leaders operate from a servant-hood mentality.
Genuinely Enjoy Responsibilities Triumphant leaders love being leaders – not because of position power but for the meaningful and purposeful impact they can create. Great leaders love serving others and because of this are able to achieve memorable results. Without question, the most successful leaders are able to sustain their success because these actions enable them to increase the value of the organization’s brand – and at the same time minimize the operational risk profile. Transformational leaders are skilled enablers of talent, culture and results. Make it a point to take your “Leadership A Game” to work every day! Dr. Anita Davis-DeFoe is an organization and leadership solutionists, a thought leader, the author of three books. A new book, The Execution Factor: 99 Solutions That Can Ignite Organizational Performance, is slated for release July 2013. Visit her at www.sheleads2. com or email your leadership questions to dradefoe@sheleads2.com
Businessuite Magazine
Human Resources
How to Select the Best Person For The Job – Part One The Cost of Hiring Mistakes Employee Theft It is becoming more expensive when managers make mistakes and hire the wrong people. A company can be set back by as much as six months as they redo the advertising and screening process. Most managers have had the experience of hiring persons who had excellent resumes, presented themselves very well in the interview, had neat appearances and seemed to have the qualifications to meet the necessary job requirements – only to find out later that these seemingly qualified candidates turned out to be the wrong person for the job. Today, the chances of making a bad hiring decision are greater than ever, as applicants have become more skilled at presenting themselves in resumes which really are self reports. On the other hand, interviews are performances at which some people are very good. Identifying potentially counterproductive employees before you hire them is one of the greatest challenges to a manager who makes hiring decisions. The problem of hiring counterproductive employees has reached epidemic proportions.
Resume Falsification We have reviewed thousands of resumes at The JobBank over the past 10 years and we estimate that more than 20 percent contain information that is falsified or exaggerated to some extent. These include qualifications, work experiences and achievements. We are also well aware that some applicants have omitted critical jobrelated issues. Sometimes, professionals are offended when we ask them to bring the originals of their qualifications to the interview. They tell us that no one has ever asked them to do that before. Our response is very simple, “That’s why we are asking.” Businessuite Magazine
Many people do not understand that the check at the exit of places like Price Mart and Mega Mart is mainly to catch staffcustomer collusion. In the USA, losses due to employees are greater than $40 billion a year and increasing 15 percent per year. In retail establishments, employee theft is estimated at 43 percent of shrinkage losses, compared to only 30 percent attributed to shoplifting. Overall, employee theft can increase the cost of retail merchandise as much as 15 percent. In financial institutions, losses have more than doubled in recent years. Losses due to internal fraud have been about four times that of burglary and robbery. Many Jamaican companies are quietly suffering significant losses out of fear of bad publicity. The Federal Bureau of Investigations (FBI) estimates that internal theft in the USA accounts for 86 percent of all losses every year.
Pre-employment Screening Methods Most companies use several selection methods when assessing job applicants because no single applicant screening procedure alone can determine employability. Choices must be made based on whether or not these particular selection procedures are cost-effective in terms of time; money, and other resources needed to perform them and the quality of the employees hired using them.
Interviews Interviewing is probably the most common pre-employment screening technique. A structured interview can verify information on applications and resumes. It also can provide valuable insight into an appli-
HR +
employment
cant’s personality, skills and abilities. But interviewing may not be as effective as employers would like because it is often a subjective, non-directed process. Also, it can be difficult to determine truthfulness when discussing work history and the level of skills and abilities. Unfortunately, most interviewers are not trained in interviewing techniques and may not have the ability to elicit the types of information the employer needs.
Reference Checks Reference checks are useful for verifying information on an application form or a resume and for providing background information on an applicant’s work history. Unfortunately, reference checks do not always yield reliable information because many employers are reluctant to say anything negative about a past employee, and because misconduct, even if it did occur, may have gone undetected. An additional difficulty is that a prospective employer has no real way of knowing if the designated references are themselves reliable or if they are the most important ones to check. Next we will look at Criminal History Check, Polygraph Exams, Handwriting Analysis and Psychological Inventories and provide a comparative assessment as to their effectiveness in hiring the right person. Leahcim T. Semaj & Company Limited The JobBank Tel: (876) 948-5627 / Fax: (876) 756-2337 Web: www.ltsemaj.com Email: info@ltsemaj.com Skype: TheJobBank Facebook: Leahcim T. Semaj & Company, The JobBank
33
Special Report
Shaping a future to overcome the past “As Jamaicans committed to our country’s development, we cannot allow this economic paralysis to continue”
Claude Clarke Managing Director, Richmond Valley Company
W
hen I was invited to take part in this forum, I didn’t know what I would say until I received a quite unexpected email from someone I had not heard from for almost twenty years. He describes himself now as an international technocrat. But I remember him as someone with an interest in politics and a passion for Jamaica’s economic development. Among the things that struck me in his email was the reason for his decision to leave Jamaica. He had written a paper recommending that Jamaica examine the economic strategies employed by both Ireland and Trinidad and gave it to his minister. The minister’s response was to remind him that the Trinidadian governments that implemented those reforms each lasted only one term. And that was that. I mention this email because I believe that that Minister’s reaction aptly illustrates what has been responsible for Jamaica’s economic failure over almost a quarter century. I know there are many who believe that our economic woes merely reflect the current global economic downturn but they are just plain 34
wrong. Our problems started long before Lehman Brothers collapsed in September 2008. We just need to remember that during the 1990’s and 2000’s while the world economy, Latin America and other Caribbean countries were enjoying healthy growth, Jamaica’s economy was stagnating. Failing to constantly scan the marketplace and moreover respond to shifting trends and change management requirements almost consistently converge to foster a limp economy, this becomes very much the case in an economic marketplace that is now driven by technology, knowledge and innovative thinking on a global scale. As two very popular books tell us, the cheese has moved, and the cheese has been cut and individuals and organizations that do not respond are certain to be left behind. Our political leaders have been perfectly happy to hold power without doing anything to effectively address this persistent failure to simply keep pace with the world. Not that there weren’t persons like my disappointed friend who attempted to point them in the right direction and offer a strategic solution. Unfortunately, for every one like him, there are some ten individuals who will tell the government exactly what it wishes to hear and what would be more likely Businessuite Magazine
Special Report retain valuable productive skills but can’t because without capital invested in productive activity there is little opportunity to beneficially employ such skills. So we lose over 80% of our best educated graduates to other countries serving to feed this nation’s brain drain ferociously. And no game can be played without rules. We need a social environment of order and trust in which the rules of the game are clear and consistently applied. But instead what we have is disorder: a dog eat dog, every man for himself environment that is fed by the dearth of legitimate economic opportunity. These are the three core ingredients of a successful economy: financial capital invested in production, motivated human skills productively employed, and an environment of trust and order. And all three are tied together by the first: attracting capital to production.
“We are losing the battle in trade, not only with the world, but with our small Caribbean neighbours. to give it another term in office. It is this type of politically driven management that has paralysed our economy for all these many years. Party affiliations matter very little, as do terms in office, for in the end, outcome achievements are much the same; nothing of substance to transform the economy or spur poverty reduction across the county. As Jamaicans committed to our country’s development, we cannot allow this economic paralysis to continue. The support I see at a forum like this that seeks to determine “how ‘we can’ win in a tough climate,” is certainly sufficient evidence to give me hope that there is a desire to cause our political leaders to move in a direction dictated more by Jamaica’s economic interest than by their own political fortunes. But if we, the people, are to make a difference, we must begin with a strong dose of realism. Jamaica today has found itself firmly behind the economic eight ball and destined to continue slipping if intentional interventions are not executed. We are losing the battle in trade, not only with the world, but with our small Caribbean neighbours. Our trade deficit has been as high as 43 percent of our GDP; and with little CARICOM, it has already been over US$1 million dollars. We are losing not because there is anything wrong with us as a people but because we cannot organise as country to compete. And unless we organise ourselves to compete we will continue to be left out of the world economic game. We compete for capital to produce but don’t get it because here capital used for production does not provide a competitive return. We compete to attract and Businessuite Magazine
And when we ask why capital won’t come to production in Jamaica, the answer is simple. Production in our economic environment is not sufficiently competitive to give capital a satisfactory return. The absence of these three critical ingredients in our economy is why we have been unable to produce goods and services to export or to compete with imports to satisfy our own consumption needs. It is that simple. And that is why it is so difficult to understand why our governments and their advisers have not directed their attention like a laser to the task of making the Jamaican economy competitive. Our Governments over the years have thought it sufficient to identify what they regard as economic winners: industries, sectors and companies that they determine will succeed and channel resources from other areas of the economy to help them. But this approach has a major weakness. There is little evidence to suggest that governments are any good at business. A long time ago, before I entered government, I was a passionate believer in that approach. But I was disabused of that belief when, while in government, the leader of a visiting World Bank delegation respectfully challenged it, by pointing out that South Korea had a different experience. He told the story that South Korea had set out on the same path at the beginning of their development 35
Special Report drive after the war. They had developed an impressive list of winner industries that were given government support. But in reviewing the economic results a few years later, they were amazed to find that performing above all the winner categories they had selected was the category called “other.” And among the individual products within that category, the most spectacular success was a product we see a lot of today, human hair. No politician or government technocrat or committee could have seen what the eyes of motivated entrepreneurs saw as they scanned the emerging marketplace. Across the Pacific Ocean was a very rich country where millions of relatively affluent women wanted long hair and didn’t have it. At the same time South Korean teenage girls, as a rite of passage, were cutting off their long hair and throwing it away. The businessmen who recognised and pursued the opportunity of putting these two phenomena together for profit, didn’t need government to move resources
36
from other areas of the economy to subsidise them. All these Korean businessmen needed, was a competitive economic environment and access to markets. I never forgot the lesson of that story. No country needs government to tell its business people what will be profitable and what will not. Our government has spent massive sums in this endeavour to pick economic winners, and has gone even further and itself taken on the role of entrepreneur, squandering billions of dollars of the country’s resources in the process. Much of our staggering debt today represents the costly result of that folly. What the South Korean government and other Asian Tiger governments realised is that by far the most important agent of economic development is a competitive domestic economic environment in which the inputs that go into the production of a country’s goods and services are priced competitively against those that go into the production of similar goods and
Businessuite Magazine
Special Report business start-ups because they cannot get inputs into their businesses at prices that will allow them to compete and turn a profit, and create value added outputs that can be successfully distributed in both the local and global marketplace. One example of how a competitive economy fosters activity at every level is what used to be known in Jamaica as a ‘pants length man.’ The pants length man could once be seen on any commercial street corner selling lengths of suiting material for making pants and suits. His sales kept hundreds of tailors and thousands of their workers employed and economically engaged. Today, the domestic tailoring industry is gone and the pants length man is no more.
“But there is no need to be daunted by our failures of the past. We are still capable of turning this economy around. All we need to do is adopt policies that will compress costs within the economy which allow those who produce our goods and export services to be competitive. ” services produced elsewhere. That is what underlies competitive firms, competitive industries and successful countries. It is what allows domestic production to withstand the challenge of imports and to penetrate external markets. That is what ultimately leads to economic success and prosperity in a country. And just as it is not true that picking economic winners is the key to economic success, it is also not true that economic growth requires mega projects, which is what our government now seems to be pinning its hopes for growth on these days. Quite to the contrary, the experience of most successful developing economies is that it is the abundance of thriving small and medium sized businesses that is the greatest contributor to, and result of, a thriving economy. Small and start-up businesses multiply and grow in a competitive economic environment like mushroom in compost rich soil. They generate jobs at a higher rate than large businesses and provide a stronger base for popular participation in the economy, resulting in greater social harmony. In fact, business research tells us that 80% of jobs in any economy are created by small and medium businesses (SMEs) staffed with 50 or less employees. An uncompetitive economic environment on the other hand kills private initiative and discourages new Businessuite Magazine
Yet, in places as advanced as Hong Kong, Singapore and South Korea, this very same activity has developed and morphed into a highly lucrative same-day tailoring sector that spawned a thriving export business delivering thousands of suits to visiting business persons and overseas customers. That transition to exports did not occur in Jamaica because the pants length man and the tailors he supplied were driven out of business by imports from countries with more competitive economies. But there is no need to be daunted by our failures of the past. We are still capable of turning this economy around. All we need to do is adopt policies that will compress costs within the economy which allow those who produce our goods and export services to be competitive. Government must do this, even if it must also accept the political price tag that may come with the policies required. First, the government must accept the fact that we collectively consume far more than our productive output can support. We enjoy incomes unmatched by the real economic value produced by our efforts. And to correct that harmful lop-sidedness, those incomes must be compressed until the cost of the things we produce is consistent with their value. 37
Special Report
Second, Government must recognise that the trade treaties it so triumphantly trumpets as providing lucrative export opportunities are meaningless if our economy is uncompetitive. Whether it is CARICOM, CBI, or EPA: none of them can benefit us if we cannot compete. In fact, CARICOM has done us immeasurable economic harm, because we cannot compete. These treaties must be suspended or amended until we are able to compete. Third, the government has now been forced under the new IMF arrangement to reduce one of the costs that weighs heavily on our competitiveness: public sector wages. But the truth is that from the standpoint of competitiveness, the problem is much greater on the private side of the economy. Every cost that is added to the productive process goes to someone as income. And the fact that goods produced in Jamaica are uncompetitive against similar goods produced abroad is clear evidence that our incomes are greater than the value that they contribute. But it should not be assumed that it is the incomes of those businesses engaged in production that is the major problem. An even greater problem is the incomes that feed indirectly into producers’ costs through the locally supplied services that they must 38
use in their operations. McKinsey Global Institute estimates that one fifth of the cost of United States’ (US) manufactured goods is represented by the cost of services: from banking to transportation. The impact of these costs is likely to be far greater in Jamaica as can be seen by comparing the costs of financial services. After 1995, even companies operating within the protected confines of the Free Zone could not escape the impact of the inflated cost of labour and services in Jamaica. These costs so burdened their competitiveness that a booming garment sector, exporting over half a billion US dollars at the end of the 1980’s, has all but disappeared. In 1996, I visited the Hong Kong headquarters of one of the largest companies operating in the Jamaican Free Zone, and was shown their books which confirmed that their Jamaican operation was the most expensive and uncompetitive in their worldwide network. This was almost entirely attributable to the rising cost of labour and locally sourced services. Despite Jampro’s best efforts, this company, which employed nearly 4,000 Jamaicans, left a few years later. The real problem is that unlike goods and export services, domestic services are not subject to the price constraining effect of foreign competition. With only limited local competition, they are able to Businessuite Magazine
Special Report impose prices on their captive market without fear of commercial penalty. This is a huge impediment to the competitiveness of Jamaican goods and export services and it will only be removed when the government introduces policies that can effectively keep prices for local services in line with international prices. That is why I have a sense of disappointment with the recently announced IMF agreement. I am disappointed because the government has not used tools it already has in its hands to address these issues; even within the context of an agreement with the Fund. In the 1980’s, both Trinidad and Jamaica used similar strategies to help turn their economies around. The common strategy was an aggressive programme to compress the real cost of incomes, which in both countries had been spiralling out of control. Jamaica between 1984 and 1985 used currency depreciation along with an effective incomes policy to reduce the US dollar value of incomes within the country by over 40 percent.
“But perhaps the most effective tool available to the government for maintaining the competitiveness of production in Jamaica is a competitive Jamaican currency. To achieve it, we must keep inflation within the range of our trading partners and closely manage money supply and incomes. But more importantly, where our inflation rises above that of our trading partners, the price of our currency must be allowed to change to maintain its competitiveness. ”
But what is even more significant is that although the international competitiveness of Jamaican wages was improved, Jamaican dollar wages were increasing above the rate of Jamaican inflation and so left our workers with no lower a standard of living. As the competitiveness of Jamaica’s labour improved, our production was made more competitive, and our trade deficit fell from 20 percent of GDP in 1982 to 15 percent in 1991. And we saw economic growth averaging over 5 percent per year for 6 years, beginning in 1986. These results were achieved with economic measures which, while severe, were also stimulative, because in the end they improved the country’s competitiveness. During that period, Jamaica was able to attract investments in production. The Free Zones filled up with manufacturing enterprises, employing almost 40, Businessuite Magazine
000 Jamaicans and manufacturing across the country blossomed. But we shouldn’t have to look back to see Jamaica as a successful economy. We should be able to see it ahead of us. And we can, if we are prepared to learn from the lessons of the past. We must be willing to emulate what has worked and to shun what hasn’t. In the late 1980’s, production, exports and growth were primarily spurred by competitively priced labour. But after we ended our discipline imposed relationship with the IMF in 1995, the US dollar value of Jamaican incomes shot up again, to three times what they were in 1985. And that ushered in the long period of stagnation that is still with us today.
Economic growth has hardly been able to keep pace with population growth. Our trade deficit, which was brought to less than 15 percent of GDP in 1991, again exploded; and reached 43 percent of GDP by 2008. Our productive businesses have been losing the battle against imports; and the country has not been able to join in the new world of exponential export opportunity. World exports have been growing at an unprecedented rate and the overwhelming majority of that growth has been coming from developing countries around the world, not just China, as some would have us believe. The developing countries have been able to prevail in international trade because of lower incomes and competitively priced domestic services. With the easy access to the world market created by modern shipping logistics, the opportunities for exports from developing countries have never been better. Yet, increasingly, Jamaica’s trade has been flowing inward not outward. Our imports are growing and our exports are shrinking. 39
Special Report But the way out of this conundrum is clear: we must compress our domestic costs in order to get in the international game. Included in these costs is the cost of government taxes. Government must organise its tax system to ensure that goods and export services that must face foreign competition carry no taxes or fees in their production cost that are not also borne by their foreign competition. Several of the tax waivers that are targeted to be removed under the new IMF agreement were intended to address such a competitive disadvantage; and removing some of them could be very harmful to the competitiveness of many of our goods and export services. But perhaps the most effective tool available to the
government for maintaining the competitiveness of production in Jamaica is a competitive Jamaican currency. To achieve it, we must keep inflation within the range of our trading partners and closely manage money supply and incomes. But more importantly, where our inflation rises above that of our trading partners, the price of our currency must be allowed to change to maintain its competitiveness. But in Jamaica we seem to suffer from what can best be described as irrational devaluation paranoia. It has led to a currency that is chronically overvalued even while it is constantly depreciating. And so despite our phobia, the Jamaican dollar is now set to break through the one US cent floor. And still it remains no more competitive than it was in 1983 when it represented 56 US cents. We have played so many games with our currency over the years that the very devaluation we fear is guaranteed by that fear. Our economy can recover. But we need to wake up and wise up. We can be a successful exporting country. And our people can have the economic opportunities they deserve if our government will only be bold, strategic and decisive. We can succeed if we enact an income policy that compresses production costs. We can be successful if we control the cost of domestic services. We can do better if we remove taxation from production. We will thrive if we maintain a competitive currency. And we will do even better if the government reforms the tax code to incentivise companies and individuals to invest some of their income in productive businesses. These are some of the actions that if taken will breathe life into our economy, lead Jamaica to growth and prosperity and make our future much more promising than our recent disappointing past. I am hopeful that more and more Jamaicans will join in the endeavour to make it happen, and that finally the economic prowess of Jamaica will be allowed to thrive.
40
Businessuite Magazine
Technology
technology
Three Technological Trends Impacting Business and Your life Today. Technology is changing the way we live and conduct our personal and professional lives in very dramatic and profound ways. The following three examples are just the tip of the proverbial ice berg. 1. Slate to Tablet…..Live Online Education Is the Next Big Thing
next big wave and investments are flooding in exponentially. They will have a media angle, as all the classes will be shot as high-quality live broadcasts and may be broadcast for a small fee or free of cost depending on the business model and the funding source. One company for example, CreativeLive, recently attracted nearly 150,000 people from 178 countries for a recent week-long Photoshop course which could be the biggest “MOOC” (massive open online course) ever, given that Udacity previously touted a 103,000-student class. All together, students have consumed more than 10 million hours of free content on the CreativeLive platform.
Our parents and grandparents more than likely went to kinder garden and early school using the proverbial slate to learn to write on. Our children in the next few months will be going to school with Tablets connected to the Cloud via the internet, providing all the information resources they will need. No more knapsacks and school books. Online Continuing-Education Companies are the Businessuite Magazine
And the amount of content available to them is rapidly expanding; CreativeLive is now airing 15 classes per month, compared to four per month last year. New classes will come from established stars and experts brought in by the new strategic investors. What distinguishes CreativeLive from competitors like Lynda.com is that its content is shot in front of an audience and streamed live. 41
Technology Users can pay $100 to watch a class again after the initial airing, but the live experience is interactive, dynamic and recalibrated based on students’ responses.
2. Smartphone’s will be the only device you will need.
And more residents had Smartphone’s than credit cards in Saudi Arabia and Egypt.
We’re now operating in a world with more Smartphone’s than bank accounts and for those already in the market and business of telecommunication the immediate and long term prospects look very profitable. According to reliable insiders, bank accounts as we know them are out, Smartphone’s are in. In 2011, some 2.5 billion people in the world were “unbanked,” as the lingo goes, according to the World Bank. By 2016, more people will have bank accounts, but in regions like the Asia-Pacific and the Middle East, even more will have Smartphone’s, research and consulting firm Analysys Mason predicts in a recent report. A major contributor to the massive disruption to the banking business model is the increasing availability of cheap Smartphone’s in emerging markets, unleashing one of the most important consumer trends today. Smartphone penetration should reach 46% in Asia by 2017 from 23% in 2012, and 29% in the Middle East and North Africa from 7% last year. The International Data Corporation forecasts that 70% of all Smartphone’s shipped will be destined for emerging markets by 2017. That quick growth means that Smartphone owners should surpass bank-account holders by 2016 in most emerging Asian countries (Malaysia, China, Indonesia, Thailand, India, Pakistan and Bangladesh) as well as in the Middle East and North Africa, Analysys Mason estimates. Already more residents had Smartphone’s than credit or debit cards in emerging Asian countries in 2011, Analysys Mason notes: 42
Yet these new Smartphone users don’t all use their phones the same way as their counterparts in more developed economies. Many don’t go on the internet because of expensive data plans and poor service. But given the lack of access to formal banking, there’s more opportunity for the mobile money industry in these markets than there has been in the United States (US) and other wealthy countries. In Kenya, considered a leader in the mobile money world, the value of transactions done via phones reached over $16 billion last year. It would be a huge boost for the industry if the same happens in countries with massive populations like China, Indonesia or Egypt. It is reported that Jamaica has a mobile penetration rate of over 120% suggesting that the prospects here are immense for the first movers.
3. Your doctor’s office of the future may be Virtual? In the very near future, you will be able to visit your doctor from anywhere in the world, using your Smartphone and Cloud technology infrastructure. Startups are now offering all sorts of digital health products and services but One Medical Group is using health Businessuite Magazine
Technology technology to power an entire health care practice. Founded in 2005 by MDturned-MBA, Dr. Tom Lee, One Medical Group aims to bring “concierge”style medicine to the masses. In addition to more personalized care and same-day visits, patients can book appointments, renew prescriptions, check lab results and see their medical records online, as well as exchange email with their doctors. “We’re trying to make health care work and we think we can do that by building a stronger system… and using technology that lets doctors interact thoughtfully with patients to manage their health,” said Lee. More health technology companies are beginning to provide these kinds of solutions to doctors: ZocDoc enables online appointment booking and checkins and Ringadoc supports on-demand video and phone
Businessuite Magazine
calls with doctors. But One Medical Group provides a holistic view of what the future doctor’s office could look like. In line with recent health care reform legislation, the company is focused on improving patient outcomes with a model that enables more face time with physicians, as well as the ability to communicate with them digitally. Helped by technology, the company says it has cut administrative support from 4 people per office to 1.5, meaning it has extra money to put towards supporting the patient-doctor relationship. At a typical primary care office, doctors see 25 to 30 patients a day, for 5 to 7 minutes each, but One Medical Group said its doctors see 16 patients a day for an average of 20 minutes each. The big question is will patients transition to this type of medical interaction and will they feel comfortable having their medical records available in this manner, given the rampant hacking activities taking place. The fact is whether we like it or not, this is where the world is heading, we eitherare going to get on board or get left behind. Sources www.gigaom.com www.qz.com www.allthingsd.com
43
44
Businessuite Magazine
NO LOCK-UP PERIOD* with the NEW Scotia Premium Money Market Fund.
• • •
A steady flow of income More liquid and flexible than a repo No charges or penalties on withdrawal*
Find out more today.
Call 1-888-429-5745 or visit scotiainvestmentsjm.com
SCAN TO LEARN HOW TO UNLOCK YOUR FUNDS
The Scotia Premium Money Market, Fixed-Income and Growth Funds are distributed by Scotia Investments Jamaica Limited, a corporate entity separate from, although owned by, The Bank of Nova Scotia. Commissions, trailing commissions, management fees and expenses may be associated with mutual funds or unit trust investments. Important information about the Scotia Premium Money Market, Fixed-Income and Growth Funds are contained in the Funds’ Offering Circulars. Copies are available from Scotia Investments branches and Investment Advisors and should be read carefully before investing. Share values and investment returns for the Funds may fluctuate. Past performance is not indicative of future performance. Investments in Scotiabank mutual funds and unit trusts are not guaranteed, and are not insured by the Jamaica Deposit Insurance Corporation (JDIC) and are not guaranteed by The Bank of Nova Scotia or its affiliates. Residents of Canada and US persons are not eligible to invest in this Fund. *The Fund may refuse purchase orders from clients in certain circumstances.
Businessuite Magazine
45