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标签： Jamaica

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  • NCB’s Cayman transfer completes balance sheet clean-up

    NCB’s Cayman transfer completes balance sheet clean-up

    NCB Financial Group Limited has executed a significant internal restructuring through the acquisition of its Cayman Islands subsidiary by majority-owned Clarien Bank Limited. While presented as an organizational realignment, this transaction culminates a multi-year balance sheet optimization initiative that has fundamentally reshaped the group’s offshore operations.

    The transfer, pending regulatory approval, will transition select wealth and investment management relationships from NCB (Cayman) Limited to Clarien Bank, with the Cayman entity subsequently rebranding under the Clarien name. Group leadership has assured stakeholders of seamless client continuity and no material impact on capital adequacy, liquidity, or ownership structures.

    This stability is anchored by exceptionally robust capital metrics. Regulatory filings reveal NCB (Cayman) maintained a Total Capital Ratio exceeding 30%—more than double the 12% regulatory requirement—with nearly all capital derived from internally generated retained earnings. The entity’s Net Tier 1 capital, a core measure of financial strength, stood at US$35.5 million, characterized by simplicity without complex subordinated debt structures that typically complicate financial transfers.

    Despite these capital strengths, operational challenges persist. A recent rating agency downgrade highlighted a US$1 million net loss for fiscal 2024 and a fourth consecutive year of deposit base contraction. This funding decline reflects both strategic divestments and client migration to higher-yielding alternatives, indicating ongoing profitability pressures despite improved balance sheet stability.

    The transaction represents the culmination of a deliberate cleanup process that included addressing the substantial Sandy Bay loan facility in Barbados, which previously constituted approximately 75% of the subsidiary’s non-performing loans (NPLs). While its removal to National Commercial Bank Jamaica Limited in Q3 2025 significantly improved headline NPL ratios, the Cayman unit’s NPL ratio remained elevated at 25.8% as of June 2025, suggesting persistent credit quality concerns within the remaining portfolio.

    Group CEO Robert Almeida characterized the move as “a deliberate strategic internal realignment designed to strengthen focus and operational coherence across our regional businesses.” The consolidation simplifies the group’s offshore narrative for regulators and investors following its US$300 million return to international capital markets last year, reducing the number of separate entities requiring scrutiny.

    For Clarien Bank, the acquisition supports strategic expansion in selective offshore markets with emphasis on operational continuity, according to CEO Ian Truran.

    Ultimately, this transaction represents the strategic tidying of a stabilized but still recovering operation. While major surgical interventions have addressed the most critical issues, the transferred entity continues to navigate profitability and funding challenges within a cleaner, simplified operational structure.

  • Tropical Battery seeks extension for audited financial statements

    Tropical Battery seeks extension for audited financial statements

    KINGSTON, Jamaica — Tropical Battery Company Limited has formally requested and received authorization to postpone the submission of its audited financial statements for the fiscal year concluding September 30, 2025. The Jamaica Stock Exchange (JSE) was notified on Wednesday that the revised deadline for filing has been established for February 16, 2026.

    The corporation attributed this deferral to complexities arising from independent third-party assessments of its employee pension fund. These evaluations require meticulous scrutiny and subsequent actuarial recalculations, processes the company deems essential for guaranteeing the utmost precision in its financial disclosures. The initial publication date for these statements was set for November 29, 2025.

    Consequently, the release of the company’s comprehensive annual report, which is predicated on the finalized audited data, will be similarly delayed. Stakeholders can now anticipate its dissemination on or around February 18, 2026, a significant extension from the original target of January 28.
    In its official communication, Tropical Battery emphasized that its internal finance team is collaborating intensively with external auditors and specialized actuarial consultants to meet the new schedule. The company’s leadership expressed confidence in fulfilling all regulatory obligations within the allotted extension period.

    The JSE disclosure concluded with a firm reassurance from the company: “Tropical Battery Company Limited reaffirms its full commitment to transparency, regulatory compliance and the delivery of reliable information to its shareholders and the investing public.”

  • VANDALISM DRAINS US$350M A YEAR FROM JAMAICA’S UTILITIES

    VANDALISM DRAINS US$350M A YEAR FROM JAMAICA’S UTILITIES

    Jamaica faces a severe infrastructure security crisis as coordinated vandalism and theft against utility networks drain the nation’s economy of at least US$350 million annually, according to revelations from a recent industry webinar. This staggering figure, considered conservative by experts, exposes systematic attacks on the country’s critical electricity, water, and telecommunications infrastructure.

    Telecommunications provider Digicel reported direct losses of US$3.9 million within a single year, with attackers specifically targeting critical systems. The company documented 452 battery thefts, 97 vandalized generators, 9 damaged shelters, and 290 compromised sites. According to Brithney Clarke, Digicel’s business marketing lead, perpetrators constitute a ‘mindless minority’ deliberately attacking infrastructure components—often with no functional value to them—primarily to extract scrap metal, with cabling infrastructure and lithium batteries being frequent targets.

    The Jamaica Public Service Company (JPS) revealed the most substantial financial impact, estimating annual losses of approximately US$200 million from electricity theft alone. Shockingly, among Jamaica’s 1.06 million electricity users, 350,000 operate illegally without contractual relationships with JPS. Revenue security manager Jermaine Clarke explained that 26.34% of generated electricity is lost annually, with 72% of these losses classified as non-technical—meaning the energy is consumed but not commercialized due to theft. Approximately 35% of households consume electricity without meters or contracts, resulting in nearly 19.5% of all generated electricity being stolen.

    This widespread theft directly contributes to Jamaica’s exceptionally high electricity costs, with residential customers paying 90% above the global average and businesses facing rates 60% higher than worldwide norms.

    The National Water Commission (NWC) reported significant losses from vandalism, including US$70-80 million in damages at Goshen facilities serving Portmore and approximately US$150 million in arson-related damage at the Caymanas water facility. Regional manager Garwaine Johnson noted that vulnerable NWC facilities cannot be easily secured, leaving infrastructure exposed to repeated attacks. These incidents resulted in an average loss of six hours of water production daily over one year, translating to approximately US$2 billion in losses.

    The crisis extends beyond Jamaica’s borders. Cletus Bertin of the Regional Caribbean Electric Utilities Services Corporation reported that member utilities across the region average about 20% losses in generation costs due to vandalism and theft. For a utility generating US$715 million annually, this represents approximately US$143 million in losses each year.

    Bertin emphasized that financial impacts extend beyond direct losses, as utilities must increase spending on security measures, repairs, and system restoration, thereby multiplying base operating costs.

    In response, utility providers are advocating for stronger legal penalties and a coordinated national response involving government agencies, law enforcement, and industry stakeholders. Proposed solutions include enhanced utility-to-utility partnerships, security intelligence sharing for high-risk zones, community-based stewardship programs, and legislative reform of the scrap metal Act to impose harsher penalties on purchasers of utility-grade materials without verified origins.

    While some collaboration already exists—particularly between NWC and JPS—industry leaders stress that deeper integration and engagement with political leadership is necessary to address this escalating national security and economic challenge.

  • Man denied bail in WhatsApp malicious communication case

    Man denied bail in WhatsApp malicious communication case

    KINGSTON, Jamaica — A foreign national facing serious allegations of issuing graphic death threats against his former landlord’s daughter has been ordered to remain in custody following a heated bail hearing in the Kingston and St Andrew Parish Court.

    Shawn Hosang, who has already spent eight months in detention, stands accused of two criminal offenses: overstaying his immigration permit and utilizing electronic communication systems for malicious purposes. The defendant’s legal representative attempted to secure his provisional release by emphasizing his role as sole caregiver for his 72-year-old mother and noting that the prosecution’s case file wouldn’t be finalized until March.

    These appeals were met with firm opposition from crown prosecutors, who presented disturbing evidence of threatening communications allegedly sent by the accused. According to court documents, Hosang utilized WhatsApp messaging platforms to deliver terrifying threats targeting the complainant’s daughter throughout late 2024 and early 2025.

    Among the explicit messages presented in court was one from December 2024 that stated: “Just be prepared for your daughter to be slaughtered, I swear,” followed by even more graphic violence. Subsequent messages from February 2025 contained similarly chilling content, with one voice message allegedly featuring Hosang’s recognizable voice declaring: “I am actually going to have your daughter killed, you can’t be surprised.”

    The prosecution emphasized that the victims continue to live in genuine fear of the accused and raised substantial concerns about potential witness intimidation should Hosang be released. Presiding Judge Alwayne Smith ultimately denied bail, citing the severity of the threats and the ongoing risk to the complainants. The case has been adjourned until March 26 for further proceedings.

  • Vaz flagged for breaching procurement guidelines in purchase of Starlink devices

    Vaz flagged for breaching procurement guidelines in purchase of Starlink devices

    A damning audit report from Jamaica’s Auditor General has exposed significant procedural violations by Energy, Transport and Telecommunications Minister Daryl Vaz in the procurement of emergency communication equipment following Hurricane Melissa. The investigation, detailed in the ‘Hurricane Melissa Relief Initiative Audit’ tabled in Parliament, reveals Minister Vaz improperly authorized a $12.12 million purchase of 200 Starlink devices without proper authority.

    The equipment was intended for parishes severely affected by October’s hurricane where communications infrastructure had been devastated. However, Auditor General Pamela Monroe Ellis found the procurement was initiated through ministerial instruction from Vaz rather than through the proper channel of the Director General of the Office of Disaster Preparedness and Emergency Management (ODPEM). This direct intervention violated Jamaica’s Public Procurement Act of 2015, which explicitly assigns procurement authority to heads of entities, not ministers.

    According to the audit timeline, Vaz sent written instructions in his capacity as Co-Chair of the Relief and Recovery Oversight Committee on November 13, 2025, directing payment to a specific supplier. Remarkably, the devices were delivered to the Office of the Commissioner of Police on November 14, while ODPEM only began preparing required procurement documentation five days later on November 19.

    The audit further uncovered concerning distribution issues. Of 120 devices distributed among 17 entities, only 86 were confirmed received, and physical inspections revealed 41 devices remained unused and in storage. The report noted a complete absence of documentation justifying the selection of the particular supplier engaged for the purchase.

    Auditor General Ellis emphasized that the sequence of events—particularly the receipt of devices before procurement approval—demonstrated a circumvention of controls designed to ensure transparency, competitive bidding, and fiscal responsibility. ODPEM additionally failed to maintain proper records regarding device conditions, inventory details, or distribution monitoring.

    The real-time audit was conducted to assess transparency and accountability in the hurricane relief initiative, specifically examining whether adequate controls exist to prevent fraud, waste, and abuse of public resources during disaster response operations.

  • NET celebrates 16 years of rebuilding and reaffirming partnerships for national impact

    NET celebrates 16 years of rebuilding and reaffirming partnerships for national impact

    KINGSTON, Jamaica — The National Education Trust (NET), an official agency operating under Jamaica’s Ministry of Education, Skills, Youth and Information, commemorates its sixteenth anniversary this Thursday. This milestone celebrates the organization’s sustained dedication to enhancing the nation’s educational landscape through strategic partnerships and infrastructure development.

    The anniversary observance carries the thematic focus: “Rebuilding, Reinvesting, Reaffirming: 16 Years of Partnerships Driving National Impact.” According to an official statement released Wednesday, NET has played a pivotal role in mobilizing critical resources for Jamaica’s education sector by cultivating strategic alliances with donors, investors, and international development partners. These collaborations have enabled the organization to address systemic gaps and adapt to the evolving requirements of educational institutions across the island.

    Central to NET’s operational mandate is the comprehensive management of educational infrastructure projects. The organization spearheads construction initiatives, facility rehabilitation, and modernization efforts to establish safe, inclusive, and conducive learning environments for both students and educators nationwide.

    The anniversary celebrations commenced with a special church service at Christian Fellowship World Outreach Inc. last Sunday, where government officials delivered commendations. Parliamentary Secretary Senator Marlon Morgan acknowledged NET’s substantial contributions to national development through education, expressing the ministry’s appreciation for the organization’s sixteen years of service and anticipating continued collaborative progress.

    Permanent Secretary Dr. Kasan Troupe highlighted NET’s exceptional responsiveness during recent challenges, specifically noting the organization’s critical role in addressing the aftermath of Hurricane Melissa. Dr. Troupe praised the leadership of Chairman Professor Andrew Spencer and Executive Director Mrs. Latoya Harris-Ghartey, recognizing the entity’s significant impact through the hashtag #TREND.

    Professor Spencer referenced the official proclamation of “NET Day” by Governor-General Sir Patrick Linton Allen, reaffirming the organization’s long-term commitment to educational transformation. Mrs. Harris-Ghartey emphasized the foundational role of faith in NET’s operations, acknowledging the dedication of their team and partners in rebuilding schools and reinvesting in educational spaces.

    The Trust has reaffirmed its commitment to expanding educational infrastructure investments, strengthening community partnerships, and supporting the sustainable development of Jamaica’s education system for future generations.

  • Gadaffi’s son killed by ‘four man commando’ — reports

    Gadaffi’s son killed by ‘four man commando’ — reports

    Libyan judicial authorities have initiated a formal investigation into the fatal shooting of Seif al-Islam Gaddafi, son of the late Libyan leader Muammar Gaddafi. The Public Prosecutor’s Office confirmed Wednesday that forensic specialists were deployed to Zintan in northwestern Libya, where the incident occurred, to conduct crime scene analysis and gather evidence.

    According to official statements, Gaddafi succumbed to gunshot wounds sustained during an attack on his residence. Investigators are actively pursuing leads and seeking witness testimonies to reconstruct the events leading to the killing. Marcel Ceccaldi, legal representative for the deceased, disclosed to AFP that an unidentified four-person commando unit forcibly entered Gaddafi’s home before executing the shooting on Tuesday.

    The assassination occurs against the backdrop of Libya’s protracted political fragmentation, dating back to the 2011 NATO-supported uprising that overthrew the Gaddafi regime. The nation remains fractured between rival governing entities: the United Nations-endorsed administration in Tripoli and the eastern-based government supported by military commander Khalifa Haftar. Neither faction has issued official statements regarding the killing.

    The sole political response emerged from Moussa al-Kouni, Vice-President of the Presidential Council for the Fezzan region, who denounced the violence through social media platform X. He emphatically rejected political assassinations, the pursuit of objectives through force, and violent methods of political expression.

  • Struggling Cavalier SC host Mt Pleasant in rescheduled JPL game

    Struggling Cavalier SC host Mt Pleasant in rescheduled JPL game

    KINGSTON, Jamaica — A highly anticipated Jamaica Premier League clash between reigning champions Cavalier SC and rising contenders Mount Pleasant FA is set for Wednesday at Stadium East, with kickoff scheduled for 4:00 pm. This rescheduled second-round fixture pits the last two Concacaf Caribbean Cup titleholders against each other, renewing a rivalry that has defined Jamaican football in recent seasons.

    Despite their storied history of meeting in the past three JPL finals, the two clubs are experiencing dramatically different fortunes this campaign. Cavalier SC finds itself in a pronounced slump, having suffered three consecutive defeats that dropped them to eighth position with 26 points. They currently sit level with Arnett Gardens, though with an inferior goal differential.

    In stark contrast, Mount Pleasant FA arrives pursuing their third straight victory. A win would propel them into third place, surpassing Portmore United on goal difference while maintaining three games in hand—a significant strategic advantage as the season progresses.

    The historical matchup between these clubs has consistently produced tightly contested encounters. Statistical analysis reveals that eight of their 14 previous meetings were decided by a single-goal margin, highlighting the competitive balance. Since the 2018-19 season, only three matches have seen either side score three goals in a game, underscoring the typically defensive nature of this fixture.

    The current season’s form guide reveals a dramatic divergence: Mount Pleasant has suffered merely two defeats throughout the campaign, while Cavalier has already endured nine losses—nearly matching their combined total of 10 defeats across the previous two seasons.

  • Two Caribbean countries to compete in four-man bobsleigh at Winter Olympics

    Two Caribbean countries to compete in four-man bobsleigh at Winter Olympics

    KINGSTON, Jamaica — The 2026 Winter Olympics will witness an unprecedented chapter in winter sports history as two Caribbean nations, Jamaica and Trinidad and Tobago, prepare to compete in the four-man bobsleigh event. This landmark participation marks the first time the event will feature dual Caribbean representation, challenging traditional winter sports demographics.

    The International Bobsleigh and Skeleton Federation confirmed both nations’ qualification, bringing tropical athletic prowess to the icy tracks of the Winter Games. The four-man bobsleigh discipline requires athletes to propel and navigate 200-kilogram sleds at breathtaking speeds along precisely engineered ice channels.

    Jamaica’s roster features Shane Pitter as pilot alongside crew members Andrae Dacres, Junior Harris, Tyquendo Tracey, and Joel Fearon. The team’s structure follows traditional bobsleigh configuration: a steering pilot at the front, two central crewmen providing propulsion, and a brakeman controlling deceleration at the rear. Pilots maneuver using concealed rings and ropes within the sled to avoid catastrophic collisions with the track’s frozen walls.

    Global enthusiasm for Jamaica’s participation continues to build, with international media from Japan, the United Kingdom, and beyond tracking the team’s preparation. This widespread interest owes much to the enduring legacy of the 1993 Disney film ‘Cool Runnings,’ which dramatized Jamaica’s inaugural 1988 Winter Olympics bobsleigh attempt that ended in a dramatic crash.

    The cinematic portrayal, filmed partially in Kingston and Calgary, depicted the team’s journey using borrowed equipment. Although the film incorporated actual footage from the 1988 accident and concluded without medal success, it achieved cult status globally, particularly resonating in Germany, Japan, and the UK where it premiered at number three in box office rankings.

    For the 2026 Games, Jamaica has secured qualifications across three bobsleigh categories: women’s monobob featuring Mica Moore, men’s two-man with team Shane Pitter, Nimroy Turgott, Joel Fearon, and Junior Harris, plus the historic four-man event. The competition format allows each team four runs, with cumulative times determining the gold medal winner.

    Trinidad and Tobago’s Olympic Committee has proudly promoted their athletes’ participation through social media, showcasing competitors in both Alpine skiing and four-man bobsleigh, further solidifying the Caribbean’s growing influence in winter sports.

  • Ex-Klansman members expected to testify against Tesha Miller, co-accused

    Ex-Klansman members expected to testify against Tesha Miller, co-accused

    KINGSTON, Jamaica – Jamaica’s judicial system has embarked on a monumental legal proceeding against alleged Klansman gang leader Tesha Miller and two dozen co-defendants in the Supreme Court’s Home Circuit Division. The prosecution has unveiled a sweeping 32-count indictment detailing 16 distinct criminal incidents spanning from 2017 to 2022, portraying a pattern of organized criminal operations rather than isolated unlawful acts.

    During Wednesday’s opening statements, senior prosecutors articulated their strategy to demonstrate how the similarities in perpetrators, methodologies, and outcomes across these incidents reveal sustained criminal coordination. The Crown positions Miller as the primary architect of this criminal enterprise while characterizing the other defendants as active participants or affiliated members.

    A pivotal element of the prosecution’s case involves testimony from two former Klansman affiliates currently incarcerated for separate offenses. These turncoat witnesses are expected to provide insider perspectives on the gang’s operational structure and alleged activities. According to court statements, the organization maintained territorial influence through firearm violence while advancing collective criminal objectives for material gain.

    Presiding Justice Dale Palmer oversees proceedings that represent Jamaica’s continued application of the Criminal Justice (Suppression of Criminal Organisations) Act, commonly known as the anti-gang legislation. Miller, already serving a 38-year sentence for orchestrating the 2008 murder of Jamaica Urban Transit Company Chairman Douglas Chambers, now faces additional leadership charges under this statute. All defendants have entered not guilty pleas to all counts, including the central charge of participating in criminal organization activities.