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  • Five confirmed hantavirus cases from cruise ship, three suspected — WHO

    Five confirmed hantavirus cases from cruise ship, three suspected — WHO

    GENEVA, Switzerland – In an official briefing held Thursday, the World Health Organization (WHO) has updated the public on an emerging hantavirus outbreak linked to the Atlantic cruise vessel MV Hondius, confirming five positive cases of the disease, with three additional suspected infections still under investigation. Three deaths have already been connected to the incident, and global health officials have cautioned that further cases may emerge as the outbreak continues to unfold.

    The Dutch-flagged exploration ship departed Ushuaia, Argentina on April 1 for a northbound Atlantic voyage that was scheduled to end in Cape Verde. After wrapping up its stop in Cape Verde, the vessel set a new course for Tenerife, Spain this Wednesday, carrying its remaining passengers and crew after multiple passengers disembarked earlier in the journey.

    WHO Director-General Tedros Adhanom Ghebreyesus confirmed to journalists in Geneva that the specific strain involved in the outbreak is the Andes hantavirus, a variant endemic to parts of South America. This particular strain is unique among hantaviruses because it is the only variant with confirmed evidence of person-to-person transmission. Most hantaviruses spread to humans exclusively from infected rodents, typically through contact with contaminated urine, fecal matter, or saliva.

    “Andes virus has an incubation period that can extend up to six full weeks, which means we cannot rule out additional cases being detected in the coming weeks,” Tedros explained. He added that he has maintained consistent communication with the captain of the MV Hondius, who reported that passenger and crew morale has improved dramatically since the vessel resumed its journey. “I want to recognize the captain and the entire ship crew for their ongoing efforts to protect everyone on board,” he said.

    Tedros confirmed that during a stop at the British overseas territory of Saint Helena between April 22 and 24, 30 passengers disembarked the vessel. The first recorded fatality from the outbreak, a Dutch national, died on April 11 before the stop. To date, 12 countries have been notified by WHO that their citizens were among those who left the ship at Saint Helena: the United Kingdom, Canada, Denmark, Germany, the Netherlands, New Zealand, Saint Kitts and Nevis, Singapore, Sweden, Switzerland, Turkey, and the United States.

    In a promising update, global health leaders expressed cautious confidence that the outbreak can be contained. Abdi Rahman Mahamud, Director of WHO’s Emergency Alert and Response, stated that the outbreak will remain limited if appropriate public health protocols are implemented consistently across all affected countries and regions. To support ongoing testing efforts, Argentina is preparing to ship 2,500 diagnostic testing kits to laboratories across five countries that are handling contact tracing and case confirmation for the incident.

  • CB Chicken brings joy to Allman Town Primary on Read Across Jamaica Day

    CB Chicken brings joy to Allman Town Primary on Read Across Jamaica Day

    On Tuesday, May 5, the halls and classrooms of Kingston’s Allman Town Primary School buzzed with unfiltered excitement as local food brand CB Chicken joined the national celebration of Read Across Jamaica Day, turning a routine school day into a memorable experience that combined literary engagement, cultural pride, and community support. What began as a planned group reading session for young learners quickly evolved into a far more meaningful event, leaving a lasting impression on students, educators, and organizers alike.

  • WiPay launches new solution for ROOFS programme

    WiPay launches new solution for ROOFS programme

    Following the destructive path of Hurricane Melissa, Jamaica’s $10-billion Restoration of Owner or Occupant Family Shelters (ROOFS) program has marked a major leap forward in disaster recovery delivery with the launch of an artificial intelligence-driven management solution from regional fintech leader WiPay Group.

    The ROOFS initiative, first rolled out in January 2024 to support thousands of households impacted by the storm, has long relied on WiPay’s robust digital infrastructure to power fund and resource tracking, delivered in partnership with the National Payments Company of Jamaica (NPCJ). Up until this upgrade, however, the program faced notable growing pains, particularly when distributing the $75,000 in discretionary recovery cash allocated to eligible households. Long wait times, overcrowded pickup locations, and duplicated scheduling left many recipients frustrated and slowed the pace of rebuilding.

    To resolve these bottlenecks, WiPay has rolled out its upgraded GovPay2.0, an AI-first platform designed to overhaul the entire end-to-end recovery fund disbursement experience. Unlike the early iteration of the program, which focused only on getting funds to recipients, the new system manages every step of the process from scheduling to delivery. To date, the ROOFS program has already distributed more than $8.25 billion in support to affected households, with the vast majority of that allocated as construction materials available through more than 200 partner hardware stores across storm-impacted regions. Eligible households with moderate to severe damage can access between $125,000 and $425,000 in building supplies, accessed via a streamlined system of text notifications and scannable QR codes that eliminates fraud and speeds up pickup.

    Kibwe McGann, Chief Marketing Officer of WiPay Group, explained the core value of the AI upgrade in an official press statement. “We’ve moved from simply distributing funds to managing the entire experience around it. When people no longer have to guess, wait for hours, or deal with overcrowding, the system starts to work the way it should,” he said. The new AI algorithm is built to eliminate scheduling errors, allocating time slots to recipients in a way that avoids overcapacity at any of the more than 100 authorized cash pickup locations across the island, in partnership with local financial services provider Lasco Financial Services Limited. For recipients who prefer not to travel to pickup points, the platform also enables direct, express deposits of cash allocations to personal bank accounts, cutting down on travel costs and the security risks associated with carrying large amounts of physical cash.

    McGann noted that the new solution draws directly from WiPay’s experience delivering similar digital relief management during the COVID-19 pandemic, when the company supported large-scale government grant distribution across the region. “Between the cash appointment management solution and express direct-to-bank solutions, we expect to alleviate the current challenges and pain points,” he added.

    Beyond resolving immediate delivery issues, McGann emphasized the long-term strategic value of digitizing disaster relief programs. The AI-powered system captures granular, real-time data on every step of the recovery process, from how much construction material is requested in specific regions to the pace of fund distribution. This data not only ensures that all funds are used for their intended recovery purposes, eliminating misallocation and fraud, but also provides the Jamaican government with actionable, data-driven insights to improve disaster preparedness for future extreme weather events.

    “As Jamaica continues to address the challenges in western Jamaica, McGann pointed to the benefits of digitising targeted grant relief. Apart from being able to ensure that the funds are used for their intended purpose, he pointed to the data management aspect to support government insights into future events — this includes the quantity of materials demanded and in which specific parts of the country, after a storm. The system that we developed tracks all of that in detail to ensure that if something like this happens again, the Government is now able to take data-driven insights to better prepare the country for what is needed,” McGann said in closing.

  • PSG knock out Bayern to set up Champions League final with Arsenal

    PSG knock out Bayern to set up Champions League final with Arsenal

    In a tense, rain-soaked semi-final second leg at Munich’s Allianz Arena on Wednesday, defending champions Paris Saint-Germain held firm to secure a 1-1 draw against Bayern Munich, booking their spot in the 2025 UEFA Champions League final against English Premier League leaders Arsenal with a narrow 6-5 aggregate victory across the two legs.

    Luis Enrique’s squad carried a narrow 5-4 advantage into the second encounter from a thrilling first leg in Paris a week earlier, and they wasted no time extending their lead against the six-time European champions. Just three minutes after kickoff, Georgian winger Khvicha Kvaratskhelia cut a low pass back across the Bayern penalty area, finding Ousmane Dembele, who drilled a clinical strike into the top corner of the net to put PSG two goals up on aggregate.

    Bayern, who last lifted the Champions League trophy when they defeated PSG in the 2020 Lisbon showpiece, struggled to create clear-cut chances for most of the match, leaving their attacking line largely toothless despite the home crowd’s roaring support. The German side grew increasingly frustrated with first-half refereeing calls, a controversy that added tension to an already high-stakes fixture but failed to shift the momentum of the game in their favor.

    Bayern captain and goalkeeper Manuel Neuer kept his side in the tie with two outstanding saves in the second half, first denying Kvaratskhelia and then turning away a shot from substitute Desire Doue to prevent PSG from putting the result beyond doubt earlier. As the clock ticked into the fourth minute of stoppage time, England captain Harry Kane, who has enjoyed a breakout first season at Bayern, drilled home his 14th Champions League goal of the campaign to level the score on the night. But the late strike came too late to power a Bayern comeback, with the final whistle blowing just moments after kickoff resumed.

    The result means PSG will advance to their second consecutive Champions League final, where they will face Arsenal on May 30 in Budapest. The Allianz Arena already holds special significance for the French giants: it was the site of their maiden Champions League title win over Inter Milan last season. If PSG can defeat Arsenal in Budapest, they will become only the second club to win back-to-back Champions League titles since 1990, joining Spanish giants Real Madrid in achieving that rare feat, and are currently installed as pre-tournament favorites heading into the showpiece fixture following their resilient defensive display against Bayern.

  • SUMMIT PROPERTY HEADS TO AUCTION

    SUMMIT PROPERTY HEADS TO AUCTION

    Nearly four years after Jamaica-based Novamed Properties Limited purchased the iconic former Knutsford Court Hotel in New Kingston with ambitious plans to redevelop it into an integrated health, business and innovation campus, the high-value central commercial property has been listed for public auction under mortgage default powers.

    The upcoming auction, scheduled for 11:00 a.m. on Wednesday, June 3, 2026, covers the dual-parcel property located at 11 Ruthven Road and 16 Chelsea Avenue, Kingston 10, a prime spot in New Kingston’s corporate and commercial core, according to public auction notice reviewed by Jamaica Observer.

    The listing marks a dramatic reversal of fortune for one of the district’s most recognizable commercial properties. When Novamed first acquired the site from prominent Jamaican hotelier Kevin Hendrickson, the total transaction, including acquisition costs, closing fees and projected renovation works, was valued at more than US$40 million. Official transfer documents filed with Jamaica’s National Land Agency, reviewed by Business Observer, show the property was formally transferred to Novamed in January 2023 for a base purchase price of US$23.5 million. Public title records also reflect a US$14.99 million vendor mortgage held by Knutsford Court Hotel Limited, the selling entity controlled by Hendrickson.

    Industry insiders close to the transaction confirmed the entire purchase was structured as a vendor mortgage, a non-traditional financing arrangement where the seller acts as the lender rather than a commercial bank. Under this agreement, the seller allows the buyer to repay a portion of the purchase price over an agreed timeline, with the underlying property held as collateral for the loan. This structure leaves the seller, in this case Hendrickson through his selling entity, with a secured financial stake in the property even after full ownership is transferred to the buyer.

    As of press time, neither party has issued a public statement on the upcoming auction. Novamed told Business Observer it requires additional time to prepare a comment and has not followed through on a commitment to speak with the outlet, while Hendrickson declined to comment, noting he would need to first consult with his legal team before making any statement.

    The property itself is a substantial commercial asset that has already been partially converted from its original hotel use to a multi-block business centre. According to the auction listing, the site spans a total 3.84 acres (15,539.80 square metres) of prime land, with 102,225 square feet (9,496.93 square metres) of total built space across three main three-storey office blocks and a separate two-storey restaurant and lounge building. Currently, the 175 original air-conditioned hotel rooms have been repurposed for office use, alongside an existing restaurant and bar, 10,000 square feet of flexible meeting and banquet space, a courtyard, swimming pool, and 110 dedicated parking spots.

    Located in the heart of New Kingston, the property offers prime frontage on Ruthven Road with rear access from Chelsea Avenue, placing it within walking distance of major arterial roads Holborn Road and Dominica Drive. It is also a short distance from key local amenities including foreign embassies, diplomatic high commissions, major financial institutions, shopping centres and government public institutions.

    Novamed first announced its acquisition of the Knutsford Court Hotel in 2022 through Novamed Properties, a special-purpose vehicle created specifically to acquire and operate real estate assets focused on healthcare, wellness, lifestyle and commercial use. At the time, the firm laid out bold plans to rebrand the property as the Summit Campus, converting the four-acre site into a cutting-edge smart business and lifestyle village focused on innovation, technology, health and wellness. The new development was designed to complement Novamed’s recently acquired Medical Associates Hospital, forming a fully integrated health and commercial hub in central Kingston. For Hendrickson, the sale allowed him to redirect capital and focus to his ongoing redevelopment of the former Wyndham Hotel on Knutsford Boulevard, where he already owns two other prominent New Kingston hotels: the Courtleigh Hotel and Suites and the Jamaica Pegasus hotel.

    Plans for the ambitious redevelopment hit a major regulatory snag earlier this year, however. Regulatory filings reviewed by Business Observer show that in April 2026, Jamaica’s National Environment and Planning Agency rejected two key applications from Novamed: one for an environmental permit and one for planning permission for the proposed construction of new office and commercial complexes, including a shopping centre larger than 5,000 square metres, as well as a formal change of use for the property from a resort designation to commercial office.

    The agency cited two core reasons for the refusal: the proposed development failed to adequately plan for sufficient parking capacity to accommodate the new commercial use, and Novamed failed to meet minimum application requirements, including the submission of a required community survey and updated land use map for the environmental permit application. It remains unclear whether the rejected applications were part of a revised master plan for the site, or if the regulatory setback contributed to the circumstances that led to the property being listed for auction.

    Photographs of the property taken in 2026 show the partially converted Summit campus, including the marked Chelsea Avenue entrance to the site.

  • UWI recognises excellence in teaching with distinguished award ceremony

    UWI recognises excellence in teaching with distinguished award ceremony

    KINGSTON, JAMAICA – In a ceremony celebrating the quiet backbone of higher learning across the Caribbean, the University of the West Indies (UWI) gathered last Thursday to fête 37 exceptional educators, an event organized by the institution’s Centre for Excellence in Teaching and Learning (CETL) in partnership with the Office of the Deputy Principal.

    At the apex of this year’s honorees was Ethnie Miller Simpson, who claimed the prestigious UWI Distinguished Teaching Award for the 2023–2025 cycle, a recognition reserved for academics who demonstrate extraordinary commitment and innovation in the classroom. Accepting the honor with characteristic humility, Miller Simpson drew heavily on insights shared by keynote speaker Dr Rohan Jowallah, Senior Instructional Designer at the University of Central Florida, to frame her own reflections on modern education.

    One core concept from Jowallah’s address struck a particular chord with the award recipient: “the productive struggle of learning.” Miller Simpson argued that this idea perfectly encapsulates the dual journey of students and educators alike. For learners, it describes the challenging but rewarding work of pushing through complex material to earn a degree, while for teachers, it demands constant adaptation of teaching strategies and course content to keep lessons relevant, engaging, and aligned with a rapidly shifting world.

    Going beyond classroom practice, Miller Simpson outlined a forward-looking agenda for Caribbean education. She emphasized that educators must continuously refine their approaches to ensure that learning translates directly to solving real-world challenges, while keeping pace with shifts across Jamaica, the broader Caribbean region, and the global economy. Most notably, she drew attention to the urgent conversation around “Assessment, Equity and AI: Governance in Caribbean Education,” identifying the meaningful integration of artificial intelligence into teaching as one of the defining challenges for the sector from 2026 onward.

    Miller Simpson stressed that education in the AI era must move far beyond the superficial “cut-and-paste” work that has become increasingly common with generative AI tools. For both students and instructors, she argued, the responsibility now is to foster creativity and practical, applied understanding that delivers value beyond exam scores, preparing learners to contribute meaningfully to workplaces and communities across the region. She also posed a provocative question for regional stakeholders: should the Caribbean prioritize building and retaining ownership of its own homegrown AI systems, rather than relying on foreign-developed tools, to shape the region’s educational and economic future?

    The recognition of these 37 educators comes as the University of the West Indies retains its long-held reputation for academic excellence, holding a spot among the top 3.6 percent of universities worldwide.

  • Hambani lifts First Rock ahead of $700-m test

    Hambani lifts First Rock ahead of $700-m test

    Jamaica-based real estate firm FIRST Rock Real Estate Investment Limited has announced a critical breakthrough at its flagship Hambani Estates luxury development, with cumulative sales now covering all outstanding project costs and enabling structured debt repayment – a positive development that comes as the company navigates a $700-million bond maturing this month and ongoing delays to its audited annual financial results.

    According to Mayberry Investments Limited, the financial firm that structured the project’s post-receivership refinancing, seven of the development’s 12 planned luxury townhouses in Kingston 6, St Andrew, have achieved practical completion and are already under sales contract. Proceeds from these transactions, alongside pre-completion sales, are sufficient to cover every projected cost associated with delivering the full Hambani Estates project. This update was publicly released on April 30, the exact same day First Rock confirmed a second extension to the publication timeline for its 2025 audited financial statements. After missing an initial March 1 deadline, the company now targets release of the completed reports by May 15.

    The Hambani Estates project, a 12-unit luxury townhouse development targeted at high-net-worth buyers and real estate investors in Liguanea, has endured a turbulent recent history. In early 2025, Sagicor Bank Jamaica placed the development into receivership after First Rock defaulted on project repayment obligations, triggered by widespread construction delays and weaker-than-projected initial sales. After the receivership appointment, Mayberry Investments stepped in to arrange a new corporate note refinancing package, a restructuring that has now positioned the project to begin phased early repayments to noteholders thanks to the stronger-than-expected sales performance.

    First Rock was able to regain full control of the Hambani Estates development in September 2025, after paying off the outstanding Sagicor Bank facility using a new $15-million US dollar note that carries a 14% annual interest rate and is scheduled to mature in March 2027.

    In a statement accompanying the project update, Mayberry Investments Chief Executive Officer Patrick Bataille noted that both the pace of construction progress and the strength of buyer demand at Hambani Estates have outperformed all post-restructuring projections. Mayberry also confirmed that unit values have risen sharply since the project launched: initial asking prices sat around $1.8 million per unit, and current pricing now sits at roughly $2.3 million. Additional price hikes are projected as more units reach completion and hit the market.

    Public filings for First Rock covering the nine-month period ending September 2025 lay out the company’s current financial position. Total liabilities increased to $40.5 million US dollars, up from $31.5 million at the close of 2024, a jump that the company attributes to increased borrowing to complete the project debt refinancing. As of the end of September, the firm held $5.36 million in cash and cash equivalents. For the nine-month period, First Rock reported a net profit of $1.04 million, with a $31,000 net profit recorded in the third quarter alone.

  • How mentorship shaped Jamaican-Canadian scholar’s journey

    How mentorship shaped Jamaican-Canadian scholar’s journey

    Against the backdrop of a year defined by both professional triumph and personal grief, 31-year-old Kayonne Christy has emerged as one of the most promising rising sociologists in North America, recently inducted into Yale University’s elite Edward A. Bouchet Graduate Honor Society. Her path from a first-generation university student uncertain of her calling to an acclaimed doctoral researcher exploring diaspora, culture and identity has been shaped far more by collective support than individual achievement, she says.

    Christy, currently a sociology PhD candidate at the University of Michigan, did not start her academic career aiming for the social sciences. As the first member of her family to pursue higher education, she enrolled in McMaster University’s life sciences program with plans to attend medical school. For a time, she dismissed her lingering dissatisfaction as a normal part of university life, telling herself that post-secondary study was not meant to be an enjoyable experience. But a persistent pull toward questions of systemic inequality and social justice, nurtured through campus organizing and community engagement, eventually led her to rethink her trajectory.

    That turning point came when she gained a spot on a qualitative research project examining the social determinants of health. There, she discovered she could merge her foundational scientific training with her deep curiosity about how social structures shape individual lived experiences, sparking a lasting passion for sociology. Like every step of her journey, this professional shift was not navigated alone: Christy cites a network of supportive mentors as the backbone of every milestone she has reached.

    Among the most influential of these guides was Juliet Daniel, a Barbadian-born cancer biologist at McMaster University and the first Caribbean woman with a PhD Christy ever met. Daniel passed away on the same day Christy sat for an interview about her career, adding a layer of poignancy to her reflections on her path. “Seeing someone who looked like me, who shared a similar background, made me believe that [a PhD] was possible. That mattered more than I can explain,” Christy said of Daniel. She also credits additional mentors including Dr. Lawrence Grierson, Dr. Meredith Vanstone, and Dr. Gerry Veenstra for opening doors and encouraging her through moments of uncertainty. “If it weren’t for them, I don’t know if I would be doing a PhD right now,” she added.

    A suggestion from one mentor led Christy to a graduate program at the University of British Columbia, where she worked alongside Veenstra, one of Canada’s leading scholars on racial health disparities. There, she grew to appreciate sociology’s flexibility: the discipline allowed her to pursue overlapping interests in race, power, health and inequality while staying rooted in the social justice questions that first drew her away from medicine. That focus eventually led her to the University of Michigan, home to one of the world’s top-ranked sociology departments.

    For Christy, her research is not just an academic pursuit—it is deeply personal. Though born in Canada, her connection to her Jamaican roots deepened in her early 20s, when a family reunion trip made her realize the island felt like home. Today, she is based in Kingston for her fieldwork, studying how Jamaican diaspora members contribute to the city’s growing cultural and creative economy, and how that engagement shapes urban development.

    “Culture is such a central part of the Jamaican diasporic experience,” she explained. “As Kingston moves toward culture-led development, there are new opportunities for the diaspora to engage and contribute. But there are also challenges, and I want to understand both.”

    Christy adheres to the philosophy of “lifting as you climb,” a value shaped by her own experience of receiving support from a community of mentors, family and educators. “Anything I’ve done is a product of people who poured into me,” she said. “Mentors, family, and community made this possible.” With her PhD on track for completion in 2027, Christy remains focused not just on finishing her dissertation, but on carrying forward the legacy of support that made her success possible.

  • Brokers hike commission rates on equity trades

    Brokers hike commission rates on equity trades

    Against a backdrop of strong profit growth across Jamaica’s securities brokerage sector, three top local investment firms have moved to raise equity trading commissions and adjust a range of service fees, passing higher operational and regulatory costs to retail and institutional investors.

    The most recent adjustment comes from Barita Investments Limited (BIL), which notified clients of a new fee structure taking effect on June 1. The change covers not just equity trading commissions, but also cheque processing fees, outgoing real-time gross settlement (RTGS) transfer charges, and credit facility fees. Under the new rules, a flat 2% commission will apply to all local equity trades, with a minimum $550 charge for any transaction below $27,500. For trades exceeding $1 million, commission rates can be negotiated between 1% and 2%, a departure from BIL’s previous structure that charged just 0.75% for all transactions executed through JtraderPro, the Jamaica Stock Exchange’s (JSE) digital electronic trading portal.

    In a client notification email, BIL explained the fee updates are designed to ensure its services align with current industry benchmarks, support its expanding suite of financial solutions, and accurately reflect the value the firm delivers to clients.

    Months earlier, Jamaica Money Market Brokers Limited, operating as JMMB Investments, rolled out its own broad fee adjustments on April 17. While the firm cut the GOJ/BOJ bid placement fee from 0.146% to 0.10% (keeping the $5,175 minimum fee intact), it raised charges for RTGS transfers, cheque services, and return/recall transfers. For equity traders using JMMB’s digital Moneyline platform, the published commission rate rose from 0.50% to 0.70%, translating to an actual effective rate increase from 0.435% to 0.609%. Clients requiring assisted trades outside the digital platform saw their commission jump from 1.50% to 2.00%.

    JMMB Securities Limited (JMMBSL), the group’s brokerage arm, earned second runner-up honors from the JSE Best Practice Committee in December 2025 for its 2024 revenue and market activity. JMMB Group’s 2025 annual report ranks JMMBSL first in total number of trades, second in trading volume, and sixth in trading value for 2024. The fee hike comes as the JSE’s Main Market and Junior Market posted $60.58 billion and $6.36 billion in total traded value respectively for 2025, creating an opportunity for brokers to boost top-line revenue through higher commission rates.

    JMMB noted in its client communication that regular fee reviews are standard industry practice, conducted to balance the firm’s operational needs with client requirements. The latest adjustments, it said, align with the firm’s guiding principle of fair fee application, its core values, and its commitment to acting in clients’ best interests.

    The third major adjustment came from VM Wealth Management Limited, which implemented changes effective March 1, mirroring Barita’s move to eliminate discounted digital trading rates. Previously, VM Wealth charged 0.75% for trades executed on JtraderPro, and 1.5% to 2.00% for in-branch assisted trades. Under the new structure, all equity transactions carry a 2.50% trading fee, with an additional $1,500 charge for transaction requests submitted outside VM Wealth’s digital client portal.

    VM Wealth told clients the fee adjustments will allow the firm to continue investing in upgraded digital infrastructure, expanded service channels, and specialized client support teams. The firm emphasized its commitment to delivering efficient, secure, high-quality services to help clients meet their long-term financial goals.

    For years, Jamaican brokers have offered discounted commission rates for digital self-service trades, which require less hands-on staff interaction than assisted transactions. This strategy was designed to incentivize more frequent online trading, ultimately driving higher total revenue through increased transaction volume. Today’s fee adjustments mark a clear strategic shift, driven in large part by brokers’ need to prepare for the upcoming “twin peaks” regulatory framework and other upcoming regulatory changes impacting parent financial groups.

    The adjustments come at a time of robust overall performance for Jamaica’s securities sector. Unaudited data from the Financial Services Commission (FSC) shows total sector revenue grew 17% year-over-year to $87.77 billion for the 2025 calendar year ending December. The FSC attributes this revenue growth to expanded non-interest income, primarily driven by strong profits from debt securities trading. Total sector expenses fell 5% to $72.51 billion, pushing combined pre-tax profit (PBT) for the 19 reporting primary securities dealers to $15.26 billion.

    The FSC noted that the double-digit jump in pre-tax profit stems from concurrent growth in operating revenue and a decline in operating costs. For comparison, the 2024 pre-tax profit figure was restated from an original $0.87 billion gain to a $1.54 billion pre-tax loss, though no explanation has been provided for the revision.

    Despite the strong profit performance, the sector saw a 1% contraction in total assets to $973.43 billion, though total equity and capital improved 2% to $147.96 billion. The aggregate capital adequacy ratio for the 19 reporting firms rose from 20.41% to 22.49% — double the 10% statutory minimum required by regulators.

    Total broker funds under management (FUM) grew 10% year-over-year to a record $1.83 trillion, with collective investment schemes (including unit trusts and mutual funds) rising 9% to $416.47 billion from $383.11 billion in 2024. While FUM is at an all-time high, year-over-year growth has slowed in recent years: FUM stood at $1.72 trillion in December 2022 and $1.59 trillion in December 2021, meaning growth has moderated even as total values hit new records. Equity holdings within managed funds are also growing at a slower pace than in previous periods.

    The overall picture shows that even as Jamaica’s banking and securities sectors deliver rising earnings, consumers and investors are facing higher fees for a growing range of services — even as those services continue to shift to lower-cost digital delivery models.

  • ‘Bunny’ Shaw’s Man City win WSL title

    ‘Bunny’ Shaw’s Man City win WSL title

    In an unexpected turn of events that has reshaped the final standings of England’s top-flight women’s football, Manchester City has claimed the 2023-24 FA Women’s Super League championship without kicking a ball in their final match, following Arsenal’s dramatic 1-1 draw away to Brighton & Hove Albion on Wednesday. This title ends a 10-year drought for the Manchester side, while also bringing an end to Chelsea’s dominant six-year consecutive title streak.

    Arsenal, who finished the campaign in third place, entered Wednesday’s fixture with everything to play for. Fresh off a crushing exit from the UEFA Women’s Champions League at the hands of Lyon at the weekend, the Gunners held three games in hand on league-leading Manchester City, giving them a clear path to overtake at the top of the table. Manager Renee Slegers went into the Brighton match fully aware that nothing less than three points would keep their title hopes alive.

    The opening 45 minutes saw Arsenal take an early lead through Japanese midfielder Fuka Tsunoda, who netted her first half opener to put the Gunners on track for the win they needed. But Brighton refused to fold, and in the 62nd minute, forward Friday Maanum equalized for the home side. Despite late pushes from Arsenal’s attacking line, they could not find the decisive winning goal, leaving the score locked at 1-1 when the final whistle blew.

    The result immediately confirmed Manchester City as league champions, marking a fairy-tale first season in charge for manager Andree Jeglertz. This is City’s first WSL title since their 2016 victory, capping a consistent season that saw the side grind out results through every challenge. In an interview following the title confirmation, Jeglertz expressed his overwhelming pride in his squad, saying that steering the club to the championship would be a memory he carries forever. He praised his players for confronting every obstacle head-on throughout the campaign, noting that their unity through both high and low moments was the key to their success — a hallmark of all great championship sides.