分类： business

KINGSTON, Jamaica — Julian Robinson, the Opposition Spokesman on Finance, has raised significant concerns over Jamaica’s persistent under-execution of its capital budget, labeling it a chronic issue that threatens the nation’s economic growth. His comments were prompted by the latest report from the Independent Fiscal Commission (IFC), which revealed that only $20.1 billion of the allocated $40.5 billion was spent in the first quarter of the 2025/26 fiscal year. This follows a pattern of underspending, with $19 billion unspent in FY 2024/25 and a nearly $9 billion shortfall in FY 2023/24. Robinson criticized the government for failing to address inefficiencies and bottlenecks in the public procurement system, which he believes are hindering the implementation of vital projects. Drawing comparisons with the Dominican Republic, which has successfully executed a $12 billion National Infrastructure Investment Plan, Robinson highlighted the stark contrast in regional infrastructure development. He warned that Jamaica’s inability to execute its capital budget effectively is a ‘growth-constraining concern,’ particularly at a time when higher economic growth is essential for generating additional revenues. While the Bank of Jamaica forecasts a modest two to three per cent growth for the September quarter, Robinson cautioned that this is largely recovery growth following last year’s economic contraction due to Hurricane Beryl. He stressed the need for sustainable, long-term growth strategies, urging the government to reform procurement processes, accelerate project execution, and create conditions for sustained economic expansion. Failure to act decisively, he argued, will result in weaker-than-projected revenues and unmet promises to the Jamaican people.

Motorists across the region are set to experience a mixed bag of fuel price changes starting Thursday, October 2, as Petrojam, the national oil refinery, has released its latest ex-refinery cost updates. The adjustments reflect a combination of increases and decreases across various fuel types, signaling a dynamic shift in the energy market. Notably, 90-octane gasoline will see a rise of $0.75, bringing its price to $166.60 per litre. In contrast, 87-octane gasoline will experience a slight reduction of $0.77, settling at $159.55 per litre. Diesel fuels are also subject to significant hikes, with automotive diesel increasing by $2.94 to $170.41 per litre and ultra-low sulphur diesel (ULSD) rising by $3.06 to $176.79 per litre. Meanwhile, kerosene prices have dropped by $3.06, now available at $155.08 per litre. These changes are expected to impact both individual consumers and businesses reliant on fuel for operations, prompting a closer look at budgeting and energy consumption strategies.

KINGSTON, Jamaica — The US dollar demonstrated a slight upward trajectory against the Jamaican dollar on Wednesday, September 30, closing at $161.30, marking an increase of 8 cents, as reported by the Bank of Jamaica’s daily exchange trading summary. This modest gain reflects ongoing fluctuations in the foreign exchange market. In contrast, the Canadian dollar experienced a decline, settling at $116.03 compared to its previous close of $116.51. Meanwhile, the British pound showed resilience, ending the day at $217.17, up from $216.87. These mixed movements underscore the dynamic nature of global currency markets, influenced by a combination of economic indicators, trade dynamics, and investor sentiment. The Bank of Jamaica continues to monitor these trends closely to ensure stability in the local financial landscape.

Bogle’s Property Services Limited, a prominent player in Jamaica’s real estate sector, is commemorating its fifth anniversary with a series of events that highlight its legacy and dedication to community engagement. Established in 2020 by Nicholas Bogle and Tamara Grant-Bogle, the brokerage has evolved from modest beginnings into a reputable brand celebrated for its integrity, innovation, and client-centric approach. The anniversary celebrations, rooted in the company’s core values of faith, teamwork, and philanthropy, included a thanksgiving service at Grace Missionary Church, an awards ceremony at Hillside City Center, and a playful games night at their office. The week-long festivities concluded with a charitable donation of a playground to the Annie Dawson Home for Children, reflecting the company’s commitment to community upliftment. Founders Nicholas and Tamara Bogle expressed gratitude for the trust of clients and partners, emphasizing that their journey is not just about business success but also about building a lasting legacy of service and faith. Looking ahead, Bogle’s Property Services remains dedicated to delivering exceptional real estate solutions while fostering excellence in Jamaica’s property market.

KINGSTON, Jamaica — The Statistical Institute of Jamaica (Statin) unveiled encouraging data on Tuesday, revealing significant advancements in the nation’s labour market for July 2025. Compared to the same period in 2024, employment surged by 32,100 individuals, pushing the total employed labour force to 1,441,100. Notably, youth employment experienced a 7.2% rise, equating to 12,200 additional jobs. The wholesale and retail trade, along with motor vehicle and motorcycle repair sectors, emerged as the primary contributors to this growth. Simultaneously, underemployment—defined as part-time workers seeking more hours—declined by 5,400 to 25,400. Labour force participation also saw a notable uptick, increasing by 28,700 to 1,490,300, with males accounting for two-thirds of this rise. The overall participation rate stood at 69.1%, with males at 75.0% and females at 63.4%. Unemployment rates dropped from 3.6% in July 2024 to 3.3% in July 2025, driven largely by reductions among males and the prime working-age group (25-54 years). However, female unemployment saw a slight increase from 4.0% to 4.4%. Additionally, fewer individuals were outside the labour force, with the number decreasing from 694,200 to 665,500, particularly among males and prime working-age individuals. Statin emphasized that these findings underscore sustained positive momentum in Jamaica’s labour market, fostering economic stability and inclusive growth.

In a significant move to expand its global footprint, Asian fast-fashion powerhouse Shein announced on Wednesday that it will open its first permanent physical stores in France this November. The inaugural store will be located at the iconic BHV Marais department store in Paris, followed by five additional outlets in Galeries Lafayette stores across Dijon, Reims, Grenoble, Angers, and Limoges. This expansion is facilitated through a strategic partnership with Societe des Grands Magasins (SGM), the retail property group that owns BHV Marais and several Galeries Lafayette locations. Shein emphasized that this initiative aims to rejuvenate French city centers, revitalize department stores, and create 200 direct and indirect jobs in the country. While Shein has previously experimented with temporary pop-up shops in cities like Paris, this marks its first foray into permanent physical retail. Donald Tang, Shein’s executive chairman, highlighted France’s status as a global fashion capital and its creative spirit as key reasons for choosing the country for this venture. Founded in China and now headquartered in Singapore, Shein has built its empire on affordable fashion, extensive product offerings, and aggressive marketing. However, the company faces growing scrutiny over its environmental practices, labor conditions, and alleged exploitation of EU customs exemptions. Despite these challenges, Shein continues to expand, employing 16,000 people globally and generating $23 billion in revenue in 2022.

KINGSTON, Jamaica—Small and medium-sized enterprise (SME) operators in Jamaica are being encouraged to adopt a global perspective and implement strategies to enhance their competitiveness on the international stage. This advice was delivered by industry leaders Michelle Chong, CEO of Honey Bun, and Robert Scott, CEO of Lifespan Distributor, during the Honey Bun Foundation’s CEO Luncheon at the Terra Nova All-Suite Hotel. The event highlighted the importance of thinking beyond local markets and exploring opportunities for export and collaboration, regardless of the industry. Both CEOs emphasized the need for SMEs to adopt a mindset akin to that of larger corporations, focusing on scalability and operational excellence. Scott particularly stressed the value of strategic networking, urging attendees to move beyond merely collecting contacts and instead focus on building meaningful relationships and exchanging services. He highlighted the underutilized potential of bartering, which can be mutually beneficial for businesses. Chong reinforced the idea of thinking big, encouraging SMEs to adopt a franchise mindset, which involves creating standardized operating procedures (SOPs) to transition from business owners to quality control managers. Integrity and reputation were also underscored as critical components for success, especially in a small, interconnected market like Jamaica.

KINGSTON, Jamaica—In a strategic move to bolster Jamaica’s tourism sector, Minister of Tourism Edmund Bartlett embarked on a global tour, commencing with his departure for London, England, on Tuesday. His itinerary includes pivotal engagements at the Jamaica Travel Market 2025, scheduled from October 1–3, 2025. This premier trade event, orchestrated by the Jamaica Tourist Board (JTB), aims to foster business connections between Jamaican tourism providers and international buyers, driving investment and growth in the island’s thriving tourism industry.

Minister Bartlett emphasized the significance of the UK market, stating, ‘The UK remains one of our strongest source markets. The Jamaica Travel Market provides a platform to reinforce partnerships, highlight the resilience of our tourism sector, and ensure Jamaica remains a top destination for travelers.’

In London, Bartlett’s packed agenda includes back-to-back business-to-business (B2B) meetings with key stakeholders on October 2, followed by a networking luncheon. He will also hold discussions with Jules Ugo, CEO of W Communications, Jamaica’s UK-based PR agency. A major highlight of his visit will be a strategic meeting with the TUI Group, where he will engage with Phillip Iveson, Director of Accommodation Product & Sourcing, and Jill Thompson, Head of Product & Ancillaries, to explore growth opportunities in the UK and broader European markets. The day will conclude with a cocktail reception and the prestigious Platinum Celebration Awards Dinner.

On October 3, the minister will continue his B2B meetings, receive an update on Jamaica’s tourism outlook, and attend a Jamaican barbecue luncheon before departing the event.

Following his London engagements, Bartlett will travel to Toronto, Canada, on October 5, to attend the JTB’s Edith Baxter Memorial Awards Gala and conduct critical media engagements. ‘The Canadian market is vital for us. My discussions will focus on expanding airlift and positioning Jamaica as the preferred destination for Canadian visitors,’ he remarked.

The final leg of his tour will take him to New York on October 10 for the American Friends of Jamaica’s (AFJ) Hummingbird Gala at The Plaza Hotel. The event will honor two distinguished Jamaicans: Jason Henzell, founder of BREDS Foundation and chairman of Jakes Hotel, who will receive the International Humanitarian Award, and Josef “Joe” Bogdanovich, founder and CEO of DownSound Entertainment Limited, who will be awarded the International Achievement Award.

‘It will be a proud moment to celebrate the remarkable contributions of these individuals to tourism, entertainment, and community development,’ Bartlett said. The minister is expected to return to Jamaica on October 12, concluding his extensive global mission.

TransJamaican Highway Limited (TJH) has commenced the partial redemption of its cumulative redeemable preference shares as part of its strategic growth initiatives. The company recently redeemed 5% of the principal amount of its 2.7 billion preference shares, equivalent to 135 million shares or US$1.35 million, based on a US$0.01 par value. This redemption, executed on July 14, coincided with the quarterly dividend payment. TJH’s preference shares offer an 8.0% dividend yield. The Jamaica Central Securities Depository (JCSD) facilitated the redemption process, ensuring pro-rata distribution among shareholders. Despite receiving a query, TJH reported no objections to the transaction. The company has since aligned its redemption schedule with the original terms, adjusting the maximum optional redemption amount to 15% by January 30, 2026, with quarterly redemptions tied to dividend payments. TJH initially issued these preference shares in January 2020, raising US$27 million. The shares, listed at $1.41 in September 2020, are set to mature by January 2028. TJH retains the right to redeem up to 20% of the shares after the sixth anniversary of issuance. The company’s Q2 2024 report highlighted a carrying value of US$23.88 million for the preference shares, with US$22.26 million classified as non-current. Early redemptions free up cash for ordinary shareholders, with TJH announcing a $0.1292 dividend totaling $1.62 billion, payable on October 24. This marks a 35% increase from 2024, reflecting TJH’s robust financial performance. Additionally, TJH updated its dividend payment structure to accommodate USD shareholders. The company is set to launch Phase 1C of Highway 2000 East-West in October, projected to generate US$9.5 million in revenue. TJH’s 2024 revenue reached US$82.82 million, driven by increased toll volumes, with net profit rising 28% to US$17.78 million. The company also adjusted toll rates and streamlined T-Tag acquisition processes, enhancing customer convenience. TJH’s asset base stood at US$295.44 million, with total equity closing at US$72.99 million. Despite a 13% decline in JMD share price, TJH remains focused on its expansion and operational efficiency.