分类： business

KINGSTON, Jamaica — The National Commercial Bank (NCB) has successfully restored its services across all platforms following significant system disruptions earlier on Wednesday. The bank confirmed the resolution after being contacted by Observer Online, addressing widespread complaints from customers who faced difficulties accessing their accounts via the NCB mobile app and website.

Jamaican financial institutions are pressing regulators to synchronize the implementation of new capital and liquidity regulations, citing the rapid pace of reforms as a significant compliance burden that could erode profitability. Keith Duncan, CEO of JMMB Group Ltd, one of Jamaica’s largest financial entities, emphasized this concern during the company’s 12th annual general meeting (AGM) on Friday. Duncan highlighted that over 100 policy reforms have been introduced in the past decade, creating substantial operational challenges for the sector. While these measures aim to enhance financial stability, their accelerated rollout has strained resources, particularly for smaller institutions. The Bank of Jamaica (BOJ) is currently advancing a series of reforms, including Basel III capital standards, a ‘twin peaks’ regulatory model, and new liquidity requirements for financial holding companies (FHCs). These changes, though beneficial in the long term, are driving up costs and limiting capital deployment flexibility. Duncan urged regulators to adopt a collaborative approach, ensuring reforms are sequenced to minimize the burden on the industry. The BOJ is also developing a special resolution regime (SRR) to address failing financial institutions, though its funding mechanism remains contentious. Additionally, the Financial Services Commission (FSC) has introduced reforms to exposure limits for collective investment schemes and dividend declarations by securities dealers. While these measures aim to strengthen the financial system, they may lead to higher compliance costs, potentially passed on to consumers. The JMMB Group CEO called for a balanced regulatory framework to safeguard profitability and shareholder returns.

KINGSTON, Jamaica — Jamaica’s consumer prices surged by 0.8 per cent in September, according to the Statistical Institute of Jamaica (STATIN). This increase, driven by escalating costs in food, housing, and education, has elevated the annual point-to-point inflation rate to 2.1 per cent for the period spanning September 2024 to September 2025. The education sector witnessed the most pronounced monthly price hike, soaring by 5.6 per cent, primarily due to higher tuition fees at private primary schools as the new academic term commenced. The housing, water, electricity, gas, and other fuels category also saw a 1.0 per cent rise, reflecting increased electricity rates and rental expenses. Food and non-alcoholic beverage prices climbed 0.9 per cent, largely influenced by higher costs for agricultural produce such as sweet potatoes, tomatoes, carrots, and cabbages. Over the twelve months leading to September 2025, the housing division and restaurant and accommodation services were the primary contributors to the 2.1 per cent inflation rate, with increases of 4.8 per cent and 4.1 per cent, respectively. Food and non-alcoholic beverages experienced a more modest annual rise of 0.7 per cent. Regional disparities in inflation were evident, with the Greater Kingston Metropolitan Area recording the highest monthly increase at 1.0 per cent, compared to 0.8 per cent in other urban centres and 0.6 per cent in rural areas. Additional sectors facing upward pressure included transport, which rose 0.3 per cent due to higher petrol prices and toll fees, and personal care goods and services, which increased by 0.5 per cent. These rises were partially mitigated by stability or deflation in other categories. The information and communication division remained unchanged for the month but declined by 5.8 per cent year-on-year, while insurance and financial services showed no monthly or annual variation. The Consumer Price Index (CPI), which tracks changes in the general level of prices for goods and services purchased by households, underscores the ongoing economic challenges faced by Jamaican consumers.

The Port Authority of Jamaica (PAJ) is actively considering the development of a new export port in St Thomas, a strategic move aimed at positioning Jamaica as the leading supplier of construction materials across the Caribbean. This initiative is particularly targeted at Guyana, where an oil-driven infrastructure boom has created unprecedented demand for aggregates, limestone, and cement. PAJ Chairman Alok Jain revealed these plans during a recent address at the Institute of Chartered Accountants of Jamaica (ICAJ) annual business conference, emphasizing the need for additional ports to meet regional demands. While a specific timeline remains undisclosed, Jain highlighted the importance of locating ports near mining sites to minimize transportation costs and logistical challenges. The St Thomas port is envisioned as a dedicated bulk export facility, designed to streamline the movement of heavy materials to regional buyers. This development aligns with Prime Minister Andrew Holness’s March 2023 call for local quarry operators to expand production to serve Caribbean markets, particularly Guyana. Guyana’s infrastructure projects have surged in recent years, driven by its oil wealth, leading to a 250% increase in gravel and crushed stone imports in 2023, totaling $47 million. While Suriname’s State-owned Grassalco has been a primary supplier, Guyana has also sought materials from Jamaica and other Caribbean nations. The proposed St Thomas port is part of a broader strategy to transform Jamaica into a global logistics hub, with Jain envisioning the island as the fourth global logistics node after Singapore, Dubai, and Rotterdam. This ambition is supported by significant investments in Jamaica’s port infrastructure, including over $400 million in the Kingston Freeport Terminal since 2016 and the development of the Caymanas Special Economic Zone, a modern logistics and light-manufacturing hub. Jain believes that shifting global trade dynamics, including tariff upheavals and supply chain disruptions, present a unique opportunity for Jamaica to leverage its geographic advantage and emerge as a key player in international trade.

In a landmark move aimed at optimizing operational efficiency, Jamaica Observer Limited (JOL) and Gleaner Company Media Limited (GCML) have announced plans to establish a formal joint venture (JV) by the end of the calendar year. This collaboration follows the signing of a Memorandum of Understanding (MOU) in early August, which initiated a feasibility study into shared logistics and production services. The MOU explored the potential for consolidating printing, distribution networks, and other operational processes to achieve cost savings, improved delivery timelines, and enhanced consumer service.

Anthony Smith, Chief Executive Officer of the RJRGleaner Communications Group, emphasized the strategic nature of the partnership, stating, ‘Our JV discussions have focused on coordinating efficient printing and distribution logistics, as well as establishing processes that ensure the stability and integrity of both operations.’

Dominic Beaubrun, Managing Director of JOL, highlighted the transformative potential of the venture, noting, ‘This JV represents a practical and forward-thinking approach to preserving the industry. Our companies recognize the exponential benefits this collaboration will bring.’

Despite the joint venture, both companies will retain their independence, with separate ownership, operations, and editorial control. The Gleaner, established in 1834, and the Jamaica Observer, founded in 1993, will continue to deliver high-quality journalism and maintain their unique identities while leveraging the efficiencies of the shared logistics model. This partnership marks a significant step in the evolution of Jamaica’s media landscape, setting a precedent for innovative collaboration in the industry.