分类： business

KINGSTON, Jamaica — In a significant development within the Caribbean financial sector, Cornerstone Financial Holdings Limited has achieved two major strategic milestones. The company announced Tuesday that its subsidiary, Barita Investments Limited, has received full regulatory authorization to acquire JN Fund Managers Limited (JNFM) while simultaneously establishing a comprehensive partnership with Proven Management Limited.

Barita, a publicly-traded investment banking and asset management entity, obtained formal no-objection from regulators to purchase the entire issued share capital of JNFM from Jamaica National Group. This acquisition represents a transformative move that will propel Barita’s assets under management beyond the $500 billion threshold. The transaction is projected to substantially expand the firm’s client portfolio while significantly enhancing its capabilities in pension and institutional asset management services.

Concurrently, Cornerstone revealed it had established a strategic alliance in December with Proven Management Limited, the investment management arm of Proven Group Limited. This partnership creates a powerful synergy by merging Cornerstone’s established financial platform with Proven’s diverse investment portfolio spanning financial services, real estate, and private capital investments throughout the Caribbean and North American markets.

Mark Myers, Director of Cornerstone and Chairman of Barita, emphasized the combined entity now oversees approximately $1 trillion in assets and invested capital across multiple sectors including banking, asset management, real estate, and financial technology. Myers attributed these achievements to the visionary leadership of Founder and Group CEO Paul Simpson, CD, whose disciplined execution and unwavering integrity were described as instrumental in building a platform designed to deliver intergenerational value.

The group detailed its remarkable expansion trajectory since its establishment in 2013, which includes strategic acquisitions of MF&G Trust and Finance—now operating as Cornerstone Trust & Merchant Bank—and obtaining a controlling interest in Barita in 2018. Barita has successfully raised approximately $34.5 billion in permanent capital since 2019, facilitating its strategic pivot into investment banking and wealth management services.

Cornerstone’s diversified portfolio currently encompasses five core business divisions: investment banking, alternative investments, wealth and asset management, banking services, financial technology, and real estate development. The group reported robust financial health with total shareholders’ equity reaching approximately $548 million as of September 2025.

Myers expressed gratitude to various stakeholders including the Government of Jamaica, founding shareholders, funding partners, and the boards of both JN Financial Group and Proven. He additionally acknowledged the dedication of management and staff across the organization, as well as clients whose continued trust has been fundamental to the group’s success. Myers further indicated that an additional strategic partnership aimed at further diversification is anticipated to be announced in the near future.

KINGSTON, Jamaica — A transformative partnership between GraceKennedy Payment Services (GKPS) and TransJamaican Highway has revolutionized toll payment accessibility across Jamaica. The collaboration enables motorists to replenish their T-Tag accounts through all Bill Express locations nationwide, significantly expanding payment options for highway users.

The strategic alliance introduces near real-time payment processing for commuters utilizing the Portmore, Spanish Town, Old Harbour, and May Pen highway segments. Terence Slater, Regional Manager of GKPS, characterized the initiative as “convenience redefined” for TransJam Highway users, emphasizing the unprecedented accessibility through Bill Express’s extensive network spanning Western Union outlets, post offices, pharmacies, and supermarkets.

Transaction efficiency stands as a cornerstone of the new service. Customers simply require the 16-character identifier from their T-Tag sticker or swipe card to complete top-ups, with immediate confirmation provided for each transaction. The system ensures lane access readiness within 10 minutes of payment processing, streamlining the commuter experience.

The partnership assumes particular significance following Hurricane Melissa’s devastating impact on alternative routes. TransJamaican Highway Managing Director Ivan Anderson noted the toll road’s critical role in restoring normalcy, stating the collaboration “delivers reliable access that keeps Jamaica moving” during this period of heightened connectivity needs.

Margaret Campbell, CEO of GraceKennedy Money Services, affirmed the company’s commitment to “meeting Jamaicans where they are,” highlighting the initiative’s alignment with innovation and service excellence principles. The rollout will further expand in coming weeks through additional Bill Express channels, offering motorists progressively more convenient account management solutions.

KINGSTON, Jamaica – Jamaica’s monetary authority has reported that a substantial late-month spike in cash requirements enabled the nation’s currency expansion to align with official projections for December 2025, according to finalized data released Monday. This robust finish effectively counterbalanced the unexpectedly subdued pattern documented in preliminary assessments just days prior.

The Bank of Jamaica (BOJ) disclosed distributing a net total of J$13.1 billion to financial institutions during the final five business days of the month, derived from J$14.1 billion in new issuances minus J$0.9 billion in redemptions. This vigorous end-of-period activity propelled the overall currency inventory growth to J$21.7 billion, representing a 7.2 percent monthly increase.

This conclusive performance closely matched the central bank’s early-December forecast of 7 percent growth, demonstrating a notable recovery from the mid-month assessment on December 24 that indicated merely 2.9 percent expansion through the first 22 days. Despite this recovery, the monthly growth rate remained below the 8 percent increase recorded in December 2024.

Jamaica’s circulating currency reached J$322.3 billion by year-end, reflecting a substantial 12.7 percent nominal annual growth that dramatically exceeded the previous year’s 3.1 percent expansion. When adjusted for inflation, the real value of currency holdings surged by an estimated 7.1 percent – a remarkable turnaround from the 1.8 percent real decline witnessed twelve months earlier.

Monetary officials identified multiple drivers behind this accelerated annual growth, including precautionary cash holdings following Hurricane Melissa, enhanced remittance flows, elevated inflation rates, and economic recuperation from Hurricane Beryl’s impact in July 2024.

The BOJ expects the majority of additional currency supplied for seasonal demand to return to financial institutions during January. Historical patterns indicate that approximately 68.8 percent of December’s net currency issuance typically gets redeemed in the subsequent month over the past five years.

The central bank administers daily currency movements based on commercial bank requirements, which themselves respond to heightened withdrawal patterns from both individual and commercial clients during peak expenditure periods. Jamaica’s currency in circulation encompasses all banknotes and coins held by the public plus vault reserves maintained by commercial banks.

TOKYO, Japan — In a spectacular display of culinary prestige and economic optimism, Japanese sushi magnate Kiyoshi Kimura shattered records on Monday by purchasing a 243-kilogram bluefin tuna for ¥510.3 million ($3.2 million) at Tokyo’s annual New Year auction. The unprecedented bid at Toyosu fish market surpassed the previous 2019 record of ¥333.6 million, marking the highest price paid since tracking began in 1999.

The colossal specimen, caught off Japan’s northern coast, was swiftly processed into sushi at Kimura’s Sushizanmai restaurant chain, where customers paid approximately ¥500 ($3) per roll. Diners described the experience as transcendent, with 19-year-old Minami Sugiyama calling it an “auspicious” start to the year and Shinto priest Kiyoshi Nishimura praising its natural sweetness and rich texture without needing soy sauce.

This record-breaking transaction signals a dramatic recovery from pandemic-era slumps when auction prices plummeted due to restaurant restrictions. Dave Gershman of Pew Charitable Trusts’ international fisheries team noted the sale coincides with improving Pacific bluefin stocks that were once “near collapse.” He attributed this progress to a 2017 recovery plan and called for international fisheries managers to establish a long-term sustainable management strategy in 2026 to ensure continued population health.

The auction not only reflects market dynamics but also cultural traditions, as the first tuna of the year is considered a symbol of prosperity and good fortune in Japanese culinary culture.

In a significant development for Caribbean business integration, Guyanese agricultural leader Two Brothers Rice Milling Complex Inc has unveiled strategic plans to establish operations in Jamaica by 2026. The expansion will operate under the new entity name Two Ali Brothers Corporation Limited, marking a substantial step in regional economic cooperation.

CEO Javed Ali emphasized the dual-purpose mission driving this expansion, noting it will simultaneously strengthen community engagement and stimulate economic growth through employment opportunities and local partnerships. This announcement comes alongside immediate humanitarian action, as the company has already deployed substantial support to hurricane-affected Jamaican communities.

The corporation recently facilitated the distribution of over 20,000 kilograms of rice to areas devastated by Hurricane Melissa. This critical assistance reached vulnerable populations through coordinated efforts involving Taujul Imports, with groundwork managed by Jacqueline James and Zarie Ricketts. The initiative originated from Slingerz Entertainment—another enterprise under Ali’s leadership—demonstrating the interconnected nature of his business and philanthropic ventures.

Ali expressed profound admiration for Jamaican resilience, stating: ‘We are deeply moved by the strength shown by the Jamaican people following Hurricane Melissa. It is our honour to contribute to relief efforts and stand in solidarity during rebuilding.’

The relief operation saw collaboration with notable figures including dancehall artist Vybz Kartel through his Adidja Palmer Foundation, and musician Carlton ‘Spragga Benz’ Grant. Ali also acknowledged support from Jamaica’s Minister of Agriculture and Fisheries Floyd Green, PNP General Secretary Dr. Dayton Campbell, and various charitable organizations providing frontline assistance.

This humanitarian response reflects the company’s broader commitment to corporate social responsibility and regional cooperation. Beyond agriculture, the organization maintains strong cultural connections through Slingerz Entertainment and Slingerz Records, which have promoted Jamaican artists within Guyana’s music scene for over twenty years.

The Slingerz brand portfolio extends into sports with successful football and racing divisions, currently featuring three Jamaican athletes on Slingerz Football Club’s roster. Together, these interconnected enterprises continue to drive community development, regional unity, and sustainable impact across multiple sectors throughout the Caribbean.