JAMAICA BUSINESS NEWS: November 8th – 14th, 2014

GOVERNMENT ISSUES WARNING TO SUGAR GROWERS—11/08/14
The Jamaican government warned sugar growers on the island that any attempts to manipulate the loan system designed to raise output could put the whole program in danger. Derrick Heaven, executive director of the Sugar Industry Authority, said that some farmers were being “creative” in taking out loans under one name and selling crops under another.

JAMAICA TO INCREASE BANANA EXPORTS TO UNITED KINGDOM—11/10/14
More bananas from Jamaica are headed to the United Kingdom as Trinidad and Tobago has provided clearance for the fruit to enter its territory. According to Derrick Kellier, Jamaica’s Agriculture Minister, a contract was signed with an entity in the UK for one container of bananas per week from Jamaica. This will increase to ten containers per week over time.

JAMAICAN SIGNS AGREEMENT WITH BRITISH FIRM FOR OIL, GAS EXPLORATION—11/11/14
The Petroleum Corporation of Jamaica has signed an agreement with an oil firm based in Britain to pave the way for offshore oil and gas exploration near the south of island. The “production sharing agreement” was signed between Jamaica’s oil company and Tullow Oil, which holds a 100-percent operating interest.

MOBILE BUSINESS CLINIC LAUNCHES—11/12/14
The Mobile Business Clinic of the Jamaica Business Development Corporation (JBDC) has launched. The clinic is designed to provide tips on business development to micro, small and midsized enterprises (MSMEs). There was an encouraging amount of participation from interested parties at the initial staging in Montego Bay, St. James. The launch is the start of a three-year project meant to offer business development and technical aid for MSMEs across the island.