CIBC FirstCaribbean reports $95-million loss, but...

LOAN loss impairments led CIBC FirstCaribbean Bank Jamaica Ltd to record a $95-million net loss for its year ending October 2014, according to just released data.

However, it comes within the context of wider losses from the bank’s regional parent.

Despite the loss, the local bank continued to reduce its year-end losses which are now roughly one-tenth that of the $927.4-million loss recorded in October 2013. In fact, Chief Executive Rik Parkhill told the Jamaica Observer in a December interview that the bank was returning to profitability on a quarter by quarter basis.

“Jamaica was profitable in the fourth quarter,” he said at the New Kingston head office in Jamaica. “We have overcome some of the problems we have had in Jamaica with non-performing loans and are now expanding our retail and corporate business.”

Parkhill made the comments following a board meeting but did not disclose the local financials at the time. The financials were subsequently published late December.

The local bank made $4.4 billion in total income compared to $4.2 billion a year earlier while cutting operational expenses by roughly 10 per cent year on year to $4.3 billion. But the bank recorded a $235-million ($870 million in 2013) loan impairment which contributed to its loss.

“Jamaica, for us, is of huge strategic importance because I do not think you can be a successful regional bank without having a significant presence in Jamaica,” he added.

The local bank’s segment results show that its retail banking recorded a $1.18-billion loss before taxation or flat year-on-year; wholesale banking made a $671-million profit compared with a $436.2-million loss a year earlier; and administration made a $436.5-million profit or 51 per cent more than a year earlier.

Retail banking entails a full range of branch, ABM and Internet banking services for clients. Wholesale banking entails corporate banking, investment banking and client solutions group.

Concurrently, the bank updated its over decade-long legal suit in which a former customer counterclaimed $2 billion. The Business Observer noted that that case was documented and updated annually from at least the 2002 annual report.

Parkhill previously told the Business Observer that CIBC FirstCaribbean Jamaica will spend upwards of US$2 million ($228 million) to build two new branches — one in Fairview in Montego Bay, and the other in Santa Cruz, St Elizabeth.

The move is aimed at increasing the bank’s branch network to 15 by summer 2015. The bank will also set up its wealth management arm in Jamaica, which follows steps taken recently in the Cayman Islands and The Bahamas. The new initiatives are aimed at expanding CIBC’s retail and corporate customer base.

The overall CIBC FirstCaribbean group, which operates throughout the region, posted a loss of US$151 million for its year ending October 2014. This is based largely on retail non-performing mortgages in The Bahamas and the bank’s steps to limit its future impact. As such, the bank made an impairment of US$206 million, its highest in at least five years, in addition to a one-off US$116 million loss of intangible assets.

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CIBC FirstCaribbean reports $95-million loss, but...

BGLC reports 60% increase in illegal gaming prosecutions

Wednesday, December 17, 2014 | 5:56 PM    

KINGSTON, Jamaica  — The Betting, Gaming and Lotteries Commission (BGLC) is reporting a 60 per cent increase in the prosecution of people involved in illegal gaming, since entering into an agreement with the Organised Crime Investigation Division (OCID) about two months ago.

Chairman of the BGLC, Gary Peart, made the disclosure as he gave an update on the progress of a Memorandum of Understanding (MOU) signed by the entities early October, at the recent opening of the new Hagley Park Road offices of the BGLC and the Jamaica Racing Commission (JRC).

Under the agreement, OCID will provide the BGLC with additional personnel as well as investigative, surveillance, technical and specialist support to aid in the prosecution of crimes detected under the Betting, Gaming and Lotteries Act.

Peart said that with the added resources, he expects that more arrests will be made to stem illegal activities that rob the industry of an estimated $10 billion annually, and also foster other criminal activities.

Meanwhile, he said the operation of the BGLC and the JRC from one location, down from five, will result in savings of over $300 million, and “if we sell redundant assets, it will be in excess of half a billion dollars.”

“This building stands, not only as a new functional workspace that will allow us to get the job done, but also as a symbol of how far the BGLC has come, and its bright future,” he noted.

In a move to foster greater stakeholder understanding and compliance, the BGLC will, in the last three months of the fiscal year, host five town hall meetings, where directors and other personnel from the entity will dialogue with gaming operators.

The meetings, Peart said out, will show that the agency is not only interested in prosecuting when regulations are breached.

“We are interested in their (gaming operators) well-being. The more money they make is the more fees we get, and the more revenue for the national coffers,” he noted.

Peart added that the BGLC would be expanding its support to the addiction support group, RISE Life Management, as another indication of its community and social outreach.

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BGLC reports 60% increase in illegal gaming prosecutions

NWC reports widespread theft of water meters

Monday, December 15, 2014 | 5:48 PM    

KINGSTON, Jamaica — The National Water Commission (NWC) says that several of its customers in the Corporate Area and St Catherine have reported the theft of water meters from their properties.

According to the NWC the company loses an average of 20 water meters per month due to theft.

Vice-president Customer Service Delivery, Michael Dunn, in a release Monday, said that since the start of December, 25 meters have been stolen leaving the homes of customers flooded and the NWC bearing the replacement costs.

“The theft of the water meters represents the latest in a series of ruthless acts carried out by individuals who have, in recent times, stolen pumping equipment, accessories and other primary operations equipment from the company,” Dunn said.

“The organisation spends millions each year to maintain and upgrade its systems so that water may be distributed to customers across Jamaica every day.

“We shoot ourselves in the foot with these short-sighted acts of vandalism. They threaten to make our lives and standard of living worse, not better,” he added.

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NWC reports widespread theft of water meters

NY Times reports "Saturday Night Live" alum Jan Hooks dead at 57

Actress and comedian Jan Hooks, famous for her five years on “Saturday Night Live,” died on Thursday at 57, the New York Times reports.

Her death was confirmed by her agent, who did not provide any other details.

Hooks joined “S.N.L.” in 1986 and was regarded by many as part of one of the best casts in the show’s history, alongside such stars as Phil Hartman, Dana Carvey and Jon Lovitz.

Among the people she impersonated were Donald Trump’s wife, Ivana, the TV evangelist Tammy Faye Bakker, and was the first cast member to portray Hillary Clinton.

After leaving S.N.L in 1991, she played Carlene Dobber on “Designing Women and made appearances in “3rd Rock from the Sun” and “30 Rock.”

She also had role in movies such as “Pee-wee’s big Adventure” and “Batman Returns.”

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NY Times reports "Saturday Night Live" alum Jan Hooks dead at 57

US reports first Ebola case

Diandra Grandison, Staff Reporter

The Centres for Disease Control and Prevention yesterday confirmed the United States’ first case of the deadly Ebola Virus.

The virus is currently wreaking havoc in sections of West Africa.

According to reports, the male Ebola patient is currently in isolation at the Texas Health Presbyterian Hospital in Dallas, Texas.

It was revealed that the man entered the U.S. on September 19 to visit family after travelling from Liberia, he reportedly took sick a few days later and has been in isolation at the hospital since Sunday.

Deadly virus

The Ebola epidemic was discovered earlier this year and allegedly started in the West African country of Guinea. The deadly virus has since spread to Liberia, Sierra Leone, Nigeria and Senegal.

According to the World Health Organisation, (WHO) Ebola symptoms can include fever, muscle pains, vomiting, internal and external bleeding and can appear as long as 21 days after exposure to the virus.

The Centres for Disease Control and Prevention, also stated that the virus is spread through direct contact with an infected person, through either bodily fluids, objects such as needles that have been contaminated with the disease and infected animals.

The epidemic has so far killed over 3000 people in West Africa.

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US reports first Ebola case

Government reports billion dollar shortfall for August

The Government of Jamaica is reporting a J$6 billion shortfall in revenue at the end of August. This was due to lower than expected revenues and grants.
Tax revenues under-performed, mainly as corporate income tax and General Consumption Tax (GCT) intake were below target.  
The issue of  lower than projected corporate income tax collection has been raised by Richard Byles, Chairman of the Economic Programme Oversight Committee (EPOC). Mr. Byles said he would seek answers from Tax Administration.  
Lower than expected GCT suggests that the expected growth in consumers spending power continues to lag behind the pick-up in economic activity.  
With less money available, the Government has cut back spending on programmes, wages and salaries, as well as capital programmes, while realising savings from lower interest rates on the debt. 

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Government reports billion dollar shortfall for August

Government reports billion dollar shortfall for August

The Government of Jamaica is reporting a J$6 billion shortfall in revenue at the end of August. This was due to lower than expected revenues and grants.
Tax revenues under-performed, mainly as corporate income tax and General Consumption Tax (GCT) intake were below target.  
The issue of  lower than projected corporate income tax collection has been raised by Richard Byles, Chairman of the Economic Programme Oversight Committee (EPOC). Mr. Byles said he would seek answers from Tax Administration.  
Lower than expected GCT suggests that the expected growth in consumers spending power continues to lag behind the pick-up in economic activity.  
With less money available, the Government has cut back spending on programmes, wages and salaries, as well as capital programmes, while realising savings from lower interest rates on the debt. 

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Government reports billion dollar shortfall for August

Man reports dog to police. Said he was bitten 18 times by the animal

DEON P GREEN, STAR Writer

A St Thomas man who killed a dog after the dog bit him, was freed of cruelty to the animal in the Morant Bay Resident Magistrate’s Court recently.

Richard Reid, 40, from Golden Grove, was allowed to go after the court heard that he acted in self defence when the animal attacked him first and bit him. The dog had bitten Reid on numerous occasions, the court heard.

Reid revealed to the court that he was on his way to work when he was attacked by the dog.

He said the dog had bitten him some 18 times as he walked on the road. He said he had even been to work late on several occasions because of the dog and was even told to leave work and seek medical attention after the dog had bitten him on one occasion.

problems

In his defence, he told the court that prior to him killing the dog, he had reported his problems with the animal to the Golden Grove Police Station.

He said when he complained to the lawmen at the station about the attack, one told him that duppy was on him, which is why the dog kept attacking him. He said nothing was done to address his concerns.

He said on the fatal day, he was on his way to work when he was attacked again by the dog. He used a stone to hit the animal. The dog later died of the injury caused by the stone.

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Man reports dog to police. Said he was bitten 18 times by the animal

CARPHA denies reports it has stopped testing for Chikungunya

PORT-OF-SPAIN, Trinidad, Monday September 15, 2014, CMC – The Trinidad-based Caribbean Public Health Agency (CARPHA) says it has not stopped conducting tests for the Chikungunya virus but has instead “scaled up its capability” to meet increased demands.

A CARPHA statement said that contrary to media reports, the agency has in fact stepped up its activities in light of the evolving epidemic.

CARPHA executive director Executive Director, Dr. C. James Hospedales, said that the agency scaled up its capability to meet the increased demand for testing in the Caribbean.

Last week, the Pan American Health Organization (PAHO) urged Caribbean countries to eradicate the breeding sites of mosquitoes that transmit dengue and the Chikungunya virus even as it warned of a possible increase in patients suffering from these diseases.

Since the start of the year, countries in Latin America and the Caribbean have reported nearly 850,000 cases of dengue and 470 deaths from severe dengue.

PAHO said that between December 2013 and September 5, this year, 650,000 cases of Chikungunya, including 37 deaths, have been reported.

Dr. Hospedales said that CARPHA adheres to public health surveillance principles, and that once several people with Chikungunya have had their diagnoses confirmed through laboratory testing in an area within a country, then testing is only carried out for certain groups of people based on clinical symptoms.

He said tests are also carried out in newly affected areas to confirm whether or not the virus is present and circulating in that community.

Additionally, if a dengue test is positive, it is unlikely that the person would be tested for Chikungunya. Given this policy, Dr. Hospedales said it is not necessary to test every single case, but reiterated that the agency continues testing for the region.

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CARPHA denies reports it has stopped testing for Chikungunya

False reports of Mighty Sparrow"s death

Entertainment

Thursday, September 12, 2013 | 1:46 PM

KINGSTON, Jamaica – Several reports are being circulated via social media that Calypso legend The Mighty Sparrow is dead, however the Trinidad Express and Trinidad and Tobago’s Consulate General in New York have reported that the singer is alive and showing signs of improvement. Trinidad Express reported that Mighty Sparrow’s son, Anthony Francisco, told them his father was improving slowly and also urged them to wait to hear of any changes from Sparrow’s children or his wife before making an announcement.According to the T&T Consulate General, Francisco reported to them at 8:37 am today (Thursday) that his father “is resting comfortably, and he’s alive and well”. Francisco also thanked the public for their prayers. The Express also reported that according to his wife Margaret Francisco, Sparrow started coughing yesterday.Sparrow, whose given name is Slinger Francisco, is reported to be in a New York hospital.

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False reports of Mighty Sparrow"s death

False reports of Mighty Sparrow"s death

Latest News

Thursday, September 12, 2013 | 1:46 PM

KINGSTON, Jamaica – Several reports are being circulated via social media that Calypso legend The Mighty Sparrow is dead, however the Trinidad Express and Trinidad and Tobago’s Consulate General in New York have reported that the singer is alive and showing signs of improvement. Trinidad Express reported that Mighty Sparrow’s son, Anthony Francisco, told them his father was improving slowly and also urged them to wait to hear of any changes from Sparrow’s children or his wife before making an announcement.According to the T&T Consulate General, Francisco reported to them at 8:37 am today (Thursday) that his father “is resting comfortably, and he’s alive and well”. Francisco also thanked the public for their prayers. The Express also reported that according to his wife Margaret Francisco, Sparrow started coughing yesterday.Sparrow, whose given name is Slinger Francisco, is reported to be in a New York hospital.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

HOUSE RULES

1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper – email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don’t use the comments to advertise. However, our advertising department can be more than accommodating if emailed:mailto:advertising@jamaicaobserver.com.

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False reports of Mighty Sparrow"s death

New iPhone coming in September — reports

News

Monday, August 12, 2013 | 3:59 PM

KINGSTON, Jamaica — Apple is expected to present its redesigned iPhone in September, according to media reports out of the US.Technology blog AllThingsD blog cited unnamed sources as saying that Apple will unveil its next smart phone at a special event on September 10.It was reported in June that Apple is exploring launching iPhones with bigger screens, as well as cheaper models in a range of colours, over the next year.Wall Street analysts said that the launch date made sense and was in line with what they expected from the company, according to USA Today.“As the date gets closer, speculation is likely to mount as to the phone’s features and capabilities. Some have already suggested it could feature things like a fingerprint sensor that changes colour during the phone’s setup process,” the report said.

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New iPhone coming in September — reports

New iPhone coming in September — reports

Latest News

Monday, August 12, 2013 | 3:59 PM

KINGSTON, Jamaica — Apple is expected to present its redesigned iPhone in September, according to media reports out of the US.Technology blog AllThingsD blog cited unnamed sources as saying that Apple will unveil its next smart phone at a special event on September 10.It was reported in June that Apple is exploring launching iPhones with bigger screens, as well as cheaper models in a range of colours, over the next year.Wall Street analysts said that the launch date made sense and was in line with what they expected from the company, according to USA Today.“As the date gets closer, speculation is likely to mount as to the phone’s features and capabilities. Some have already suggested it could feature things like a fingerprint sensor that changes colour during the phone’s setup process,” the report said.Like our Facebook page https://www.facebook.com/jamaicaobserverFollow us on Twitter https://twitter.com/JamaicaObserver

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New iPhone coming in September — reports