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JAMAICA BUSINESS NEWS: January 3rd – 9th, 2015

MILLIONS DONATED TO SUCCESS BY SIX PROGRAMβ€”01/03/15
The Tryall Fund initiative Success by Six in Hanover received a donation of J$5.5 million from Daniel and Stency Wegman designed to help with the program’s activities. Jacqueline Smith, administrator of the program, accepted the donation at Tryall Great House at a presentation ceremony. The program’s goal is to meet the education, literacy, health care and nutritional needs of children between the ages of three and five years who attend early childhood institutions in Hanover.

LEX CARIBBEAN SETS SIGHTS ON JAMAICAN CLIENTSβ€”01/04/15
A regional law firm, Lex Caribbean, is looking to attract clients from Jamaica. To this end, the firm introduced its Entrepreneurial Business Unit (EBU). The unit offers discount rates for legal services to start-ups and small businesses with a goal of establishing a presence in Jamaica. The firm’s current clients are chiefly established business entities, but now it wants to focus on the island’s growth in small and micro businesses.

EMPLOYMENT PROGRAM BRINGS J$1.7 BILLION TO ISLAND ECONOMYβ€”01/06/15
The joint Jamaica-Canada Employment Program is responsible for millions in remittance inflows to the island. The program brought $15.5 million Canadian, or about J$1.7 billion, to Jamaica’s economy during 2014, according to Derrick Kellier, Minister of Agriculture, Labor and Social Security. Besides being a critical source of foreign exchange monies, the program also represents hope and opportunity for many Jamaicans, ne added.

GOVERNMENT WILL NOT GUARANTEE HARMONY COVE DEBTβ€”01/07/15
Jamaica’s government does not plan to guarantee debts related to Harmony cove. The first phase of the project is slated to cost US$800 million and will include 1,000 hotel rooms, shops, and restaurants. When completed, the resort will have 5,000 rooms, according to Harmonization Limited. The firm tried to negotiate debt financing with China Exim Bank. Delays caused the Jamaican government to decline any loan guarantees.

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Written by Staff Writer