分类： business

KINGSTON, Jamaica — Jamaica’s tourism sector is capitalizing on unprecedented growth from Latin American markets, with the Ministry of Tourism unveiling ambitious plans to dramatically enhance air connectivity from the region. This strategic move follows intensive negotiations with airline executives across key South American nations.

The tourism ministry reported a remarkable 75.9% year-over-year surge in visitors from Latin America during 2025, with particularly strong performances from Argentina, Chile, and Peru. This explosive growth has prompted high-level discussions in Colombia and Panama aimed at securing additional flight capacity for the 2026 and 2027 winter seasons.

Tourism Minister Edmund Bartlett emphasized the strategic importance of these developments: “We are building upon an exceptional period of growth from Latin America. Our discussions reflect both surging demand and our commitment to establishing Jamaica as the most accessible and compelling Caribbean destination for regional travelers.”

The initiative builds upon existing LATAM flight routes that currently operate at impressive 80-86% load factors, demonstrating robust underlying demand. The expansion strategy aligns with projections that Latin American travel and tourism revenues will grow at approximately 6.7% annually through 2030, positioning Jamaica to capture a significant portion of this expanding market.

Director of Tourism Donovan White attributed the region’s growing interest to cultural connections, value proposition, and accessibility: “Travelers from Latin America are drawn to Jamaica’s unique cultural affinity, combined with competitive pricing and ease of access. We have established strong partnerships with tour operators and travel trade organizations to drive further awareness and engagement.”

The ministry aims to finalize additional airlift arrangements by mid-year, ensuring enhanced connectivity that will support Jamaica’s position as a premier Caribbean destination for Latin American visitors.

KINGSTON, Jamaica—JN Bank Limited announced a significant leadership transition as Managing Director Leesa Kow concludes her 22-year tenure with the institution on March 31. Keith Levy, the current chairman, will assume the role of interim managing director while the mutual-owned society conducts a search for a permanent successor.

Kow’s departure marks the end of a distinguished career that began in 2003 and culminated in her appointment to lead JN Bank in July 2022. Her exit coincides with the bank’s remarkable financial performance, having reported $1.2 billion in pre-tax profits for the nine-month period ending December 2025—more than double the $581.93 million recorded for the full fiscal year ending March 2025.

In an official statement, Kow reflected on her journey: “Working at JN has been the privilege of my professional life. I came here in 2003 and was given opportunities I could not have imagined by people who believed in me before I had earned it. I am proud of what we built together.”

Levy brings substantial banking expertise to his interim role, with over 25 years of international banking experience including positions at Bank of America and Credit Suisse. He has served as a director of JN Financial Group since July 2022 and as chairman of JN Bank since December 2024. JN Group CEO Earl Jarrett expressed confidence in Levy’s capabilities, noting his “sound perspective on key financial initiatives” and deep understanding of the bank’s mission.

This leadership change occurs amid broader restructuring within JN Group, which has included divesting interests in JN General Insurance and JN Fund Managers while reducing exposure to its UK banking operations. The group is implementing a turnaround strategy focused on capital strength, sustainable profitability, and disciplined cost management, with projections indicating an 80% reduction in consolidated net losses for the March 2026 fiscal year.

Kow’s departure represents the latest in a series of C-suite changes across Jamaica’s commercial banking sector, following recent leadership transitions at National Commercial Bank Jamaica Limited and CIBC Caribbean Bank (Jamaica) Limited.

KINGSTON, Jamaica — United Oil & Gas Plc (AIM: UOG) has successfully concluded an extensive three-phase seabed geochemical exploration initiative within its Walton-Morant licence area, located offshore Jamaica. This strategic operation represents a critical step in the company’s ongoing efforts to de-risk the asset and bolster its technical portfolio ahead of advanced partnership discussions.

The comprehensive programme was executed without safety incidents and included three core components: a multibeam echosounder survey covering 1,189 line kilometres of seabed, heat flow probe measurements across both the Walton and Morant geological basins, and a targeted piston coring campaign. Samples were successfully retrieved from all 42 pre-selected locations on the ocean floor.

The collected sediment cores are now scheduled for shipment to TDI-Brooks International laboratories in the United States. There, they will undergo detailed geochemical analysis to detect the presence of thermally derived hydrocarbons—key indicators of potential petroleum systems. Initial findings from the laboratory are anticipated within the next several weeks.

Upon receipt, these new geochemical datasets will be integrated with the company’s existing seismic and geological information. This synthesis is expected to significantly enhance the technical evaluation of the licence’s prospectivity. Positive outcomes could substantially strengthen the data package presented to potential partners, as United Oil & Gas advances negotiations regarding a future offshore drilling campaign.

Brian Larkin, Chief Executive Officer of United Oil & Gas, described the completion of the survey as a pivotal operational milestone. He emphasized that the forthcoming laboratory results will be instrumental in refining the company’s subsurface understanding and strategic planning for the high-potential Jamaican asset.

United Oil & Gas maintains a diversified portfolio, including a development asset in the United Kingdom and this high-impact exploration licence in Jamaica. The company is publicly traded on the AIM, a sub-market of the London Stock Exchange.

KINGSTON, Jamaica — CIBC Caribbean has announced the discontinuation of all British pound-denominated cheque and bank draft services effective March 31, marking a significant transition toward digital banking solutions. This strategic decision comes in response to both the declining use of paper-based instruments and the withdrawal of correspondent banking support for GBP cheque processing.

The financial institution urges clients holding GBP cheques or drafts to present these instruments at any branch before the deadline to ensure proper encasement or deposit processing. After March 31, these paper-based payment methods will no longer be accepted or processed by the bank.

Deepa Boucaud, Executive Director of Personal and Business Banking, emphasized that electronic payments have emerged as the global benchmark for financial transactions, offering superior security protocols, accelerated processing speeds, and enhanced reliability. This operational shift aligns CIBC Caribbean with international banking standards and contemporary financial practices.

Customers will maintain full capability to send and receive British pound payments through wire transfers via the bank’s digital platforms, including online banking services and mobile applications. These electronic alternatives provide strengthened security measures, real-time transaction tracking, and considerably faster settlement times compared to traditional paper instruments.

The bank has committed to providing comprehensive support for elderly customers and others requiring assistance with the transition to electronic transfer systems. Branch personnel will offer personalized guidance to help clients adapt to wire transfer procedures as the primary alternative to discontinued draft services.

CIBC Caribbean maintains operations across ten Caribbean nations with approximately 2,700 employees staffing 41 branches and offices. The institution reported substantial assets totaling US$13 billion alongside a market capitalization of US$1.7 billion, underscoring its significant presence in the regional banking sector.

KINGSTON, Jamaica – Radio Jamaica Limited (RJL) has secured judicial authorization to implement a comprehensive corporate restructuring plan that will merge multiple subsidiaries into a unified entity. The Supreme Court of Judicature of Jamaica formally sanctioned the arrangement on February 19, involving five key subsidiaries: Multimedia Jamaica Limited, Independent Radio Company Limited, Gleaner Online Limited, Reggae Entertainment Television Limited, and Jamaica News Network Limited.

The court-approved scheme will become legally effective upon filing the official order with the Registrar of Companies. This strategic consolidation will result in all five entities being amalgamated under the RJL corporate umbrella, with the parent company assuming complete control over their combined assets, liabilities, and ongoing operations.

This organizational transformation is designed to streamline the media group’s corporate architecture and enhance operational coherence across its diverse multimedia platforms. The restructuring received crucial regulatory endorsement when Jamaica’s Broadcasting Commission issued a favorable recommendation on February 27, specifically supporting proposed license modifications for Independent Radio Company to be presented to the Minister of Information.

Concurrently, RJL has initiated discussions with both the Broadcasting Commission and Spectrum Management Authority regarding temporary suspension of broadcast licenses and allocated spectrum for two of its radio stations: Power 106FM and HITZ 92FM. This request aims to create operational flexibility to address significant transmission infrastructure challenges exacerbated by Hurricane Melissa’s impact.

During this potential suspension period, RJL will concentrate technical resources on optimizing transmission coverage and service quality at its flagship stations, Radio Jamaica 94FM and FAME 95FM. The company is simultaneously conducting strategic evaluations regarding the long-term viability of both HITZ 92FM and Power 106FM, with divestment possibilities for one or both stations under serious consideration.

RJL maintains a dominant position in Jamaica’s media landscape through its diversified portfolio encompassing free-to-air television broadcasting, cable television channels, radio stations, and integrated print/digital news platforms. The company’s shares are publicly traded on the Jamaica Stock Exchange under the ticker symbol ‘RJR’.

Financial markets worldwide experienced significant turbulence on Monday as escalating military actions in the Middle East triggered dramatic shifts across multiple asset classes. The intensification of regional conflict following Iran’s attacks on Qatari energy facilities sent shockwaves through global trading floors, creating a classic risk-off environment characterized by plunging equities and surging safe-haven assets.

European natural gas markets witnessed unprecedented volatility, with benchmark prices skyrocketing over 50% after QatarEnergy, the state-run energy corporation, announced production halts at two major liquefied natural gas processing bases damaged during the hostilities. This supply disruption coincided with crude oil futures surging nearly 9% as market participants grew increasingly concerned about potential long-term disruptions to energy shipments through the strategically vital Strait of Hormuz, where approximately 20% of global seaborne oil transits.

The equity selloff manifested across major indices worldwide. Wall Street’s opening bell saw the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite each drop between 1.1-1.5%, mirroring substantial losses in European bourses where Frankfurt’s DAX and Paris’s CAC 40 declined over 2.3%. Asian markets similarly retreated, with Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index closing down 1.4% and 2.1% respectively.

Investors demonstrated a pronounced flight to safety, boosting the US dollar nearly 1% against major currencies while gold prices climbed 2.6% to $5,382.60 per ounce. Market strategists observed that participants were seeking shelter in traditional safe havens amid growing geopolitical uncertainty, though noted the absence of full-scale panic suggesting investors remain uncertain about the conflict’s potential long-term economic consequences.

Sector performance revealed stark divergences. Airline stocks suffered severe losses as carriers canceled numerous flights and Dubai’s aviation hub experienced operational disruptions. British Airways parent IAG dropped 5.6%, Air France-KLM fell 7.9%, while Qantas and Singapore Airlines each declined approximately 5%. Conversely, energy majors and defense contractors enjoyed substantial gains, with Shell rising 2.7%, TotalEnergies climbing 4.6%, and defense specialists BAE Systems and Palantir Technologies advancing 6.3% and 4.7% respectively.

Economic analysts warned that sustained energy price increases could reignite inflationary pressures and potentially derail global growth. The situation presents particular challenges for oil-importing nations, with economists noting that while OECD countries maintain strategic petroleum reserves equivalent to 90 days of consumption, prolonged supply disruptions could push crude prices above $100 per barrel with significant recessionary implications for the global economy.