Financial institutions to boost loans this quarter

The Bank of Jamaica said financial institutions have indicated that they will boost loans in the current quarter, but unsecured loans are expected to decline.  
The financial institutions made the disclosure to the central bank in its quarterly survey of credit conditions.  
The survey found most lenders anticipating to lend mainly to businesses.  
Most of the household loans are expected to be made to those wanting credit cards, mortgages and other loans backed by real estate. 

It however says the anticipation is that apart from credit cards, financial institutions will reduce the amount of  unsecured loans they offer.  

Financial institutions say their overall expectation of  lending more money this quarter is driven by perceptions that the economy is improving.

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Financial institutions to boost loans this quarter

Alcoa records 2nd quarter profit of US$138M

U.S. aluminium firm, Alcoa, which is pulling out of Jamaica after 55 years, has reported a second-quarter profit of US$138 million. The profit reverses a loss from a year ago.
Alcoa said the positive result was due to strong performance in its engineered-products business, which makes parts for industrial customers.   
Alcoa has struggled in recent years as low aluminium prices hit its bottom line.  
The company which owns a 55 per cent stake in Clarendon based alumina refinery, Jamalco, is selling its shares to Noble Resources UK, but will continue to manage the refinery for a further two years.

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Alcoa records 2nd quarter profit of US$138M

Alcoa records 2nd quarter profit of US$138M

U.S. aluminium firm, Alcoa, which is pulling out of Jamaica after 55 years, has reported a second-quarter profit of US$138 million. The profit reverses a loss from a year ago.
Alcoa said the positive result was due to strong performance in its engineered-products business, which makes parts for industrial customers.   
Alcoa has struggled in recent years as low aluminium prices hit its bottom line.  
The company which owns a 55 per cent stake in Clarendon based alumina refinery, Jamalco, is selling its shares to Noble Resources UK, but will continue to manage the refinery for a further two years.

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Alcoa records 2nd quarter profit of US$138M

Increase in secured loans predicted for June quarter

Financial institutions expect figures to show an increase in demand for secured loans for the June quarter.   
According to the Bank of  Jamaica’s Quarterly Credit Conditions  Survey Report, interest rate changes and loan promotion activities are expected to drive the anticipated increase in credit demand.  
It is believed that credit conditions in the market for secured and unsecured loans will have a positive impact on credit demand.  
Lenders expect an extension in the maximum repayment period on secured and unsecured loans as well as higher credit card limits.

However, an anticipated increase in the required minimum repayment amount and the expectation for higher fees will temper credit demand.

The report also shows that at the end of  March, the stock of  credit in the banking system was $473.6 billion. This reflected a 1.2% increase relative to December 2013.    
The BOJ’s Quarterly Credit Conditions Survey suggests that 58 per cent of loans was distributed to households and 42 per cent to businesses across all firm sizes.    
This reflects a change in the distribution relative to the December 2013 quarter when 63 per cent of the stock of credit was allocated to households and 37 per cent to businesses.

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Increase in secured loans predicted for June quarter

Third quarter growth of 0.5% to 1.5% expected — PIOJ

Latest News

Wednesday, August 28, 2013 | 4:57 PM

KINGSTON, Jamaica — The Jamaican economy is expected to record growth ranging between 0.5 and 1.5 per cent over the July to September quarter according to Director General of the Planning Institute of Jamaica (PIOJ) Colin Bullock. He was addressing the PIOJ’s quarterly media briefing on Tuesday August 27 at the institute’s office in Kingston.Bullock said the growth should be spurred by a number of factors, including the continued rollout of several capital projects approved in the 2013/14 budget. He said that the gradual restoration of investor confidence, contingent on Jamaica passing of the first quarterly International Monetary Fund (IMF) performance review, and continued global economic recovery, will also drive economic activity.Bullock also pointed to the anticipated return to positive performance for most industries reflecting resurgence in output following the impact of Hurricane Sandy. Meanwhile, mining and quarrying, and construction were the key performers during the April to June quarter, where the economy contracted by 0.4 per cent.Mining and quarrying recorded growth of five per cent, while the building component of the construction sector grew by 1.5 per cent.Bullock said the figure for mining and quarrying reflected increased production of alumina, “as crude bauxite production declined.”“Alumina production increased by 8.6 per cent, reflecting an increase of 1.1 percentage points in the alumina capacity utilisation rate, reflecting higher output from a major producer,” he explained.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

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Third quarter growth of 0.5% to 1.5% expected — PIOJ

Cuba advance to Gold Cup quarter finals

News

Wednesday, July 17, 2013 | 8:21 AM

CONNECTICUT (CMC) — Caribbean champions, Cuba, advanced to the quarter finals of the CONCACAF Gold Cup after a hat-trick from Ariel Martinez and a dramatic stoppage-time goal from Jeniel Marquez Molina lifted them to a 4-0 victory over Belize in their final Group C game on Tuesday night.The Cubans needed to score four goals to surpass Martinique as the second ranked third place team.They did so in the final moments of the match, three minutes into added time, clinching their second quarterfinals berth.Liban Perez headed a cross from the right wing to Marquez Molina, who gently guided a right-footed shot into the net.Cuba took a 1-0 lead in the 38th minute after Martinez made a diagonal run along the 18-yard box before hammering a shot from 22 metres inside the far post.The 27-year-old forward added his second in the 63rd minute, finishing a long run with a blast from eight metres to give Cuba a 2-0 lead.Martinez netted his third in the 84th minute, taking a pass from Alberto Gomez and slotting it past Belizean goalkeeper Woodrow West.Cuba will meet Panama on Saturday at the Georgia Dome in Atlanta.Meanwhile five minutes after coming on a substitute, Brek Shea scored his first career goal to lead the United States to a 1-0 victory over Costa Rica also at Rentschler Field on Tuesday.The US which extended its winning streak in all competitions to a record eight games, captured the group title and will face El Salvador in the opener of Sunday’s quarterfinal doubleheader at M&T Bank Stadium in Baltimore.

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Cuba advance to Gold Cup quarter finals

Cuba advance to Gold Cup quarter finals

CONNECTICUT (CMC) — Caribbean champions, Cuba, advanced to the quarter finals of the CONCACAF Gold Cup after a hat-trick from Ariel Martinez and a dramatic stoppage-time goal from Jeniel Marquez Molina lifted them to a 4-0 victory over Belize in their final Group C game on Tuesday night.

The Cubans needed to score four goals to surpass Martinique as the second ranked third place team.They did so in the final moments of the match, three minutes into added time, clinching their second quarterfinals berth.Liban Perez headed a cross from the right wing to Marquez Molina, who gently guided a right-footed shot into the net.Cuba took a 1-0 lead in the 38th minute after Martinez made a diagonal run along the 18-yard box before hammering a shot from 22 metres inside the far post.The 27-year-old forward added his second in the 63rd minute, finishing a long run with a blast from eight metres to give Cuba a 2-0 lead.Martinez netted his third in the 84th minute, taking a pass from Alberto Gomez and slotting it past Belizean goalkeeper Woodrow West.Cuba will meet Panama on Saturday at the Georgia Dome in Atlanta.Meanwhile five minutes after coming on a substitute, Brek Shea scored his first career goal to lead the United States to a 1-0 victory over Costa Rica also at Rentschler Field on Tuesday.The US which extended its winning streak in all competitions to a record eight games, captured the group title and will face El Salvador in the opener of Sunday’s quarterfinal doubleheader at M&T Bank Stadium in Baltimore.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

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Cuba advance to Gold Cup quarter finals