Jamaica Mortgage Bank to offer services to the diaspora

Jamaicans living abroad will soon be able to access the services of the Jamaica Mortgage Bank (JMB) when investing in housing here.

According to JMB General Manager Courtney Wynter, the bank will be launching a new service that is expected to focus on the technical aspect of construction financing.

Speaking at a JIS Think Tank on December 9, Wynter explained that the bank has, over the years, amassed significant knowledge and expertise in mortgage and construction financing, which would be useful in providing project management services to people living abroad. This would include close monitoring of construction projects by the bank to ensure optimal output.

“Many retired people want to build a house in Jamaica. We see where they have had various issues and what we want to offer is project management services to ensure that when they return home, all is in place,” Wynter said.

He explained that by entering the project management market, the JMB would be tapping into one of the strengths of the organisation, which it has developed in its over 43 years of existence in the housing financing market.

He added that the JMB would also be offering the service to other institutions that provide financing, but which are not as strong on the monitoring and technical side.

Meanwhile, director of business operations at JMB, Hecton Hemans, outlined some of the critical success factors of the institution and how the entity believes that it can assist people in this area.

“The bank carries out a rigorous project risk analysis and technical evaluation exercise during the application and decision process for mortgage and construction financing,” he said. “When projects are approved, there is continuous monitoring and risk mitigation, and control mechanisms are put in place.”

He added that these will measure the critical elements, functions and milestones in the project implementation process.

Hemans said that the bank also provides technical and financial oversight of loan origination and housing development, not currently employed elsewhere in the wider construction financing market.

“We are promoting our technical services and a partnership-type arrangement with all clients to achieve a higher project implementation success rate, engender trust, customer retention and repeat business,” he said.

– JIS

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Jamaica Mortgage Bank to offer services to the diaspora

Donors offer $5.4bn for Palestinians

12 October 2014 Last updated at 23:44 The war in Gaza destroyed an estimated 18,000 homes and more than 100 schools International donors have pledged $5.4bn (£3.4bn) for the Palestinians at a conference in Cairo.

The total, announced by the Norwegian Foreign Minister, Boerge Brende, exceeded the $4bn (£2.5bn) the Palestinian Authority had asked for.

Half the sum would be “dedicated” to work in Gaza, he said, without specifying a use for the other half.

At least 100,000 Gazans lost their homes in the 50-day conflict between Israel and Hamas earlier this year.

Much of the territory’s infrastructure was damaged.

Earlier the Palestinian and Egyptian presidents called on Israel to commit to a long-term peace initiative.

Mahmoud Abbas and Abdul Fattah al-Sisi urged Israel to give up land seized in the 1967 Middle East war and accept a fair solution for Palestinian refugees in exchange for full recognition.

The seven-week Gaza conflict, which ended in a truce on 26 August, killed more than 2,100 Palestinians, most of them civilians, the UN says, along with 67 Israeli soldiers and six civilians in Israel.

‘Major breakthrough’

Speaking at a news conference, Mr Brende said half of the $5.4bn promised would be dedicated to reconstruction, and the assistance would be distributed in response to the daily needs of Palestinians.

“This is a major breakthrough, a very important signal of solidarity to the Palestinian people in general and not at least to the people that are suffering so badly in Gaza,” he said.

Envoys from dozens of countries attended the Cairo conference, which was hosted by Egypt’s President Sisi.

Qatar alone promised $1bn (£622m).

The US pledged $212m (£132m) in new aid, while the United Arab Emirates and Turkey both committed $200m (£124m).

The Palestinian Authority says it needs $4bn for reconstruction efforts in Gaza

European Union foreign policy chief Catherine Ashton said donations from member states would reach $568m (£353m).

Cycle of conflict

Earlier US Secretary of State John Kerry said that with winter approaching, the thousands of Palestinians displaced from their homes needed urgent help.

“The people of Gaza do need our help desperately, not tomorrow, not next week, but they need it now” he said at the conference.

He added that anything other than a long-term commitment to peace would be a “band-aid fix”.

Rockets fired from Gaza towards Israel during the recent conflict. The two sides have fought three wars in six years

At the opening of the conference, President Sisi urged “the Israelis, both the people and the government” to put an end to the conflict.

“We should turn this moment into a real starting point to achieve a peace that secures stability and flourishing and renders the dream of coexistence a reality,” he said.

Correspondents say some neighbourhoods in Gaza resembled earthquake zones following intense bombardment from Israel during the war. The Israeli air strikes had sought to halt rocket-fire from Gaza.

The two sides have fought three wars in six years.

Contentious issue

Israel was not invited to the conference but Foreign Minister Avigdor Lieberman earlier said any rebuilding efforts would need his government’s consent.

“You can’t reconstruct Gaza without Israeli participation and without Israeli co-operation,” he told news website Ynet ahead of the meeting on Sunday.

“In any case, we will try to be positive about the civil infrastructure and the rehabilitation of civilians.”

Rebuilding depends on Israel allowing in enough construction materials, the BBC’s Orla Guerin in Cairo reports.

This is a contentious issue because Hamas has used cement to build tunnels into Israeli territory in the past, our correspondent adds.

Hour of need

Announcing the UK’s $32m donation in Cairo, International Development Minister Desmond Swayne said the international community could not continue to pick up the pieces of the conflict indefinitely.

“It is critical that reconstruction efforts now form part of a process of meaningful political change,” he said.

The Gaza Strip, sandwiched between Israel and Egypt, has been a recurring flashpoint in the Israel-Palestinian conflict for years.

Israel occupied Gaza in the 1967 Middle East war and pulled its troops and settlers out in 2005.

Israel considered this the end of the occupation, though the UN continues to regard Gaza as part of Israeli-occupied Palestinian territory.

Israel exercises control over most of Gaza’s borders, waters and airspace, while Egypt controls Gaza’s southern border.

4,591

rockets and mortars fired at Israel

2,104 people killed in Gaza – UN estimates 69% of deaths are civilians

6 civilians killed in Israel (including one Thai national)

67 Israeli soldiers killed

Figures as of 9 Oct. Sources: Palestinian Ministry of Health, OCHA, IDF

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Donors offer $5.4bn for Palestinians

School admin to offer aid to displaced students

Chad Bryan, Staff Reporter

The administration of a school in the Corporate Area is claiming that it offered to aid students in registering at another institution after they were displaced because of the halting of their CXC and CAPE programmes.

On Tuesday, several disgruntled students turned up at the school demanding the return of monies they paid for uniforms, registration and tuition.

Persons claimed to have paid more than $10,000 for tuition and other costs. Others claimed to have paid twice the amount.

migrate

“They have been stalling us,” an individual who spoke on condition of anonymity claimed.

One parent stated that because of the issue, she will have difficulty finding another school for her daughter who is soon to migrate.

“I have to be up and down looking for school and it is late now,” she said. She added that she also wanted reimbursement for the school uniform bought.

Rushing to calm the disgruntled individuals, the administration says it has been making restitution to the students. They say the CXC programme was stopped since the monies collected could not fund the programme adequately.

The institution also said that it is willing to reimburse those who spent money purchasing uniforms as well as getting them into another institution.

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School admin to offer aid to displaced students

In new show of confidence international bond offer raise US$800m

 Days after International Monetary Fund Chief, Christine Lagarde, gave the thumbs up to the country’s progress under the IMF programme Jamaica has received a vote of  confidence from international investors. That confidence helped Jamaica raise US$800m in a bond offer Monday.  A release from the Finance Ministry indicated that the original aim was to raise US$500m, but the offer was up sized to US$800m based on investor response. Investors had shied away from lending money to Jamaica in the aftermath of  the failure of  the 2010 IMF deal. 

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In new show of confidence international bond offer raise US$800m

Jamaica secures $800M through bond offer

The Government of Jamaica was able to raise US$800 million in a bond offer on Tuesday.

This success came days after Christine Lagarde, Managing Director of the International Monetary Fund (IMF) endorsed the country’s progress under the Fund’s programme, and is being viewed as a vote of  confidence from international investors.

The offer, which was announced, launched and priced within three hours, was the fastest ever executed for Jamaica.     
A release from the country’s Ministry of Finance Finance revealed that the original aim was to raise  US$ 500 million, but the offer was increased to $800 million, based on investor response. It has been priced at 7.625% and comes due in ten years.      

This is the first time Jamaica is using this means to raise funds in more than two years. Investors had shied away from lending money to Jamaica in the aftermath of  the failure of  the 2010 IMF deal.

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Jamaica secures $800M through bond offer

Jamaica secures $800M through bond offer

The Government of Jamaica was able to raise US$800 million in a bond offer on Tuesday.

This success came days after Christine Lagarde, Managing Director of the International Monetary Fund (IMF) endorsed the country’s progress under the Fund’s programme, and is being viewed as a vote of  confidence from international investors.

The offer, which was announced, launched and priced within three hours, was the fastest ever executed for Jamaica.     
A release from the country’s Ministry of Finance Finance revealed that the original aim was to raise  US$ 500 million, but the offer was increased to $800 million, based on investor response. It has been priced at 7.625% and comes due in ten years.      

This is the first time Jamaica is using this means to raise funds in more than two years. Investors had shied away from lending money to Jamaica in the aftermath of  the failure of  the 2010 IMF deal.

View the original article here

Jamaica secures $800M through bond offer

In new show of confidence international bond offer raise US$800m

 Days after International Monetary Fund Chief, Christine Lagarde, gave the thumbs up to the country’s progress under the IMF programme Jamaica has received a vote of  confidence from international investors. That confidence helped Jamaica raise US$800m in a bond offer Monday.  A release from the Finance Ministry indicated that the original aim was to raise US$500m, but the offer was up sized to US$800m based on investor response. Investors had shied away from lending money to Jamaica in the aftermath of  the failure of  the 2010 IMF deal. 

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In new show of confidence international bond offer raise US$800m

JMMB seeks $751m from pref offer

JAMAICA Money Market Brokers (JMMB) aims to raise $751 million from its preference share offer in order to further fund the financial institution’s growth.

The offer of 363 million redeemable preference shares forms part of JMMB’s continuing capital management strategy, stated the group in its prospectus released this week to the Jamaica Stock Exchange (JSE).“This offer will enable the JMMB group to continue its business line diversification strategies and expansion into new markets locally and regionally. In addition, the group will continue to explore new acquisition targets, thereby building its long-term sustainable shareholder value,” stated the JMMB prospectus.The offer runs from August 21- 30 and the shares will be redeemed in August 2018.The shares will be issued in two tranches, including 313 million cumulative redeemable 7.5 per cent preference shares at $2, and 50 million redeemable 7.25 per cent preference shares at $2.50. JMMB will apply to the Jamaica Stock Exchange to list these preference shares on the exchange.JMMB chairman Dr Noel Lyons indicated mutual benefits for shareholders and JMMB with the planned offer.“We invite you to diversify and grow your portfolio with us by taking advantage of this attractive offer, which was designed based on client demands for low-risk instruments with better returns,” stated Lyons.The JMMB prospectus indicated that over the next three years (2016) the group would:* apply to upgrade its merchant bank licence to a commercial banking licence;* grow its capital markets and unit trust business;* finalise the acquisition of the remaining 50 per cent shares in Trinidad-based IBL Banking Group (which consists of a commercial, bank and a merchant bank; and* complete the acquisitions of Corporacion de Credito America (CCA) and Banco Rio in Dominica Republic.In 2011, JMMB’s issued $2.76 billion worth of preference shares to the market. The funds were used to further strengthen the company’s local and regional presence. The shares were subsequently redeemed in accordance with agreed terms.“The JMMB group continues to grow stronger with steady profitability each year and we want to ensure that all Jamaicans have an opportunity to share in our success and grow with us. Following the immense success of our preference share offer in January 2011, which saw a 33 per cent oversubscription, we are pleased to announce a new preference share offer,” added Lyons.JMMB, with a client base of over 200,000, made record net profit of $3.8 billion on $8.2 billion in revenues for its March year end. It holds capital of $17 billion on $166 billion in total assets.Founded by the late Joan Duncan, JMMB opened in November 1992 as the first Money Market broker and dealer in Jamaica. With the support of Lyons of Jamaica Venture Fund Ltd, Duncan established JMMB with J$16.5 million from four major institutions.

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JMMB seeks $751m from pref offer

Burrell plans to offer Whitmore development squad

There is the possibility of a continuing role for Theodore ‘Tappa’ Whitmore in Jamaica’s coaching set-up, hinted JFF president Captain Horace Burrell.

The football boss made the comment at a function on Wednesday to present Whitmore’s successor, German Winfried Schaffer, as head coach of the Boyz.“Tappa still has a role to play… he’s a developing coach who is committed to the country’s football, and who I believe has a bright future,” Burrell told the Jamaica Observer.“When you look at his track record, Mr Whitmore has not done badly, but at this time we believe we needed more experience and that is what we have gone for,” he said.Burrell said there’s a proposal on the table to possibly appoint Whitmore as head coach of the development of the Under-23 squad, the group that would try to qualify for the Olympics and a direct feeder for the senior rank.“We plan to put him in charge of this crucial development team… also as part of his continued development, we will also be sending him on some courses,” Burrell disclosed.“It’s unfortunate how things turned for Whitmore and the senior team, but there’s no animosity either way… there is a mutual respect and understanding that this is football at this level. He remains an asset that we intend to continue to invest in,” said the CONCACAF vice-president.With Schafer coming on board and Jamaican Vin Blaine appointed his assistant, the new order would suggest that technical director Brazilian Alfredo Montesso would not have direct survey of the senior team, and with the possible appointment of Whitmore to the Under-23s, his focus now would be concentrated on the development side.“The technical director is responsible for developing football at the various levels, and we believe that with his passion for development and his overall expertise and experience, Mr Montesso will be able to continue to serve our football in a significant way,” said Burrell.Whitmore had resigned as head coach of the senior Boyz following a string of losses — four back-to-back in the CONCACAF hexagonal — which left Jamaica rooted at the bottom of the standings on two points.Jamaica have four more games, starting with one away to Panama on September 6, to rescue their flagging Brazil 2014 World Cup campaign and clinch one of four possible qualifying spots.Meanwhile, The USA lead the CONCACAF qualifying campaign with 13 points, followed by Costa Rica on 11, Mexico on eight, Honduras with seven, and Panama on six.

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Burrell plans to offer Whitmore development squad

Dalley promises police new pay offer this week

News

Monday, July 08, 2013

HORACE Dalley, the minister without portfolio in the Ministry of Finance and Planning, says the Government will make a new wage and fringe benefits offer to the police this week.Giving his presentation in the Sectoral Debate last week at Gordon House, Dalley said that based on the economic climate, he, his boss, Dr Peter Phillips and Minister of National Security Peter Bunting had agreed on making the offer.“We have been in discussions, but we will make a formal offer,” he said, noting that the talks had never been hostile. He acknowledged that there were still nine groups of government workers who had not yet signed the Heads of Agreement with the Government, which includes a three-year freeze on negotiated pay increases up to 2016.Dalley listed the nine as – the five police groups, the Nurses Association of Jamaica (NAJ), the Jamaica Medical Doctors Association (JMDA), the Association of Government Medical Consultants (AGMC), and the Academic Staff Association of the University of Technology (UTech).There was no mention of the air traffic controllers represented by the Jamaica Air Traffic Controllers Association (JATCA), who staged a two-day sick out recently in furtherance of their demand for improvements in pay and working conditions.Dalley’s omission of the dispute with the air traffic controllers raised some eyebrows, as they are the only group to have taken industrial action in furtherance of their claims, by staging a two-day sick-out in June.
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Dalley promises police new pay offer this week