Finance Minister Withdraws Bank Tax, Announces New Measures | UHY Dawgen Chartered Accountants Blog

Finance Minister Withdraws Bank Tax, Announces New Measures | UHY Dawgen Chartered Accountants Blog:

Minister of Finance and Planning, Dr. the Hon. Peter Phillips, on Wednesday, April 29, announced two new revenue measures to raise $2.3 billion.

The Government has removed the introduction of a levy on deposit-taking institutions and encashments from securities dealers, which was previously announced by Dr. Phillips on April 17. 

The new measures include the introduction of a withholding tax on insurance premiums paid to non residents by Jamaican residents and the modification of the General Consumption Tax (GCT) Act to improve the rules relating to imported services.

In this regard, there will be an introduction of a 15 per cent withholding tax on all insurance premiums paid by Jamaican residents to non residents,  the Minister said, as he closed the 2014/15 budget debate in the House of Representatives.

Dr. Phillips noted however, that premiums paid to non residents by registered Jamaican insurance companies will be exempt.

“The objective of this measure is to assist us in improving compliance, whilst we strive to protect the most vulnerable,” the Finance Minister stated.

He added that as part of their tax management strategy, large Jamaican companies have been increasingly purchasing insurance from overseas insurance companies.

“A common tax avoidance scheme employed by these firms is to create a captive insurance company in an offshore jurisdiction. The captive charges the local operating company an insurance premium which is treated as an expense and is totally deductive from Jamaican corporation income tax,” Dr. Phillips stated.

He explained further that the imposition of the 15 per cent tax on such payments would immediately mitigate the benefits these captive arrangements enjoy and increase tax compliance.

“It would also bring this in line with interest payments made by resident Jamaican companies, other than banks to overseas lenders. The proposal to exempt local registered insurance companies from this tax would not penalize the payment of re-insurance premiums,” Dr. Phillips said.

With regards to the modification to the GCT Act, Dr. Phillips explained that unlike imported goods, most services imported into Jamaica are not subject to GCT.

He noted that registered tax payers who provide services are at a disadvantage to non- resident service providers, since the Jamaican service providers must charge GCT, whereas non -resident service providers are not generally required to do so.

“The absence of GCT on imported services encourages domestic consumers to substitute imported services that are not subject to GCT for domestically supplied services that are subject to GCT. It discourages the domestic production services, since domestic suppliers may not be able pass on the cost to consumers who are able to switch imported services. It discourages use of domestically produced services by some Jamaican businesses,” Dr. Phillips explained.

He added that the move to remedy the imposition of GCT on imported services is designed to stem future revenue losses from this source, as purchasing services supplied offshore is becoming increasingly common.

The Minister  noted further that the modification of the GCT Act will stimulate the development of a domestic service sector in the overall growth strategy.

Meanwhile, Dr. Phillips announced that the increase in premium tax for regionalized and non regionalized life assurance companies to 5.5 per cent and the increase in investment tax for insurance companies to 20 per cent have both been withdrawn.

Instead, he said there will be an increase in the rate that applies to the Asset tax by an additional 75 basis points to one per cent for life insurance companies only.

“This measure is intended to be temporary and will last for one year. Potential revenue intake will be approximately $900 million,” Dr. Phillips said.

In relation to the Alcohol regime to unify the Special Consumption Tax on all alcohol beverages, the Government has deferred the implementation of this measure for one month for the tourism industry.

Dr. Phillips said this was in response to a request from the Jamaica Hotel and Tourist Association for additional time to discuss the implementation of the measure by the tourist industry. “This will result in a revenue loss of approximately $36 million,” he stated.

The Minister also noted that with regards to the modification of the duty regime for specified motor vehicles, Pick-ups will be included under the new regime. However, hybrid vehicles which were not included, will not attract a special consumption tax.

Last week, Dr. Phillips said the Government was anticipating to gain $250 million following the modification of the duty regime for specified motor vehicles.Closing Speech

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Charities Urged To Meet June 24 Registration Deadline | UHY Dawgen Chartered Accountants Blog

Charities Urged To Meet June 24 Registration Deadline | UHY Dawgen Chartered Accountants Blog:

The Department of Cooperatives and Friendly Societies (DCFS) is encouraging all charities to keep good financial records to ensure smooth transition when they are to be re-registered.

Following the passage of the Omnibus legislation in December, the Government mandated the DCFS as the authority to oversee the activities of all charities.

In the past, the Department was responsible for regulating sub-charities under the Friendly Societies Act.

Speaking with JIS News, Registrar of the Department of Cooperatives and Friendly Societies, Errol Gallimore said the office has been encountering challenges with the registration process of charities. Specifically, he said, some charities’ financial statements show that their records are not being kept up to date.

“For some charities, their last financial statement is 10 years old and we cannot process those applications with such out-dated records. We have tried to impress upon them…that it is a new regime…the days of having no financial records or out-dated records is of the past,” Mr. Gallimore said.

The Registrar highlighted that the Department is aware that some charities cannot afford the services of an auditor in order to submit audited financial statements.

“They are unable to do so as some charities rely on donations, some of which are given for specific purposes. We recognise that there will be challenges because of the cost involved with accessing auditing services.

We have put in place some amount of flexibility for them to submit unaudited financial statements and then we give them some time to submit the audited statement,” he said.

The Department is also willing to assist registered charities with their financial statements.

All charities are expected to transition to the new regulatory regime by June 24, 2014. The transition period began in December 2013.

Mr. Gallimore noted that while charities, which do not register or re-register during this period will still have the opportunity to do so, there are benefits associated with the transition period.

These include a waived registration fee. “These charities will continue to enjoy all the other privileges they had before the transition period, until June 24, 2014,” Mr. Gallimore explained.

He also added that there are some registration requirements that some charities will not be able to meet, because they are new. Those charities can benefit by starting the registration process now, and have the remainder of the transition period to meet these criteria.

New and existing charities are required to complete an application form, which can be accessed on the DCFS’ website at: http://dcfsjamaica.org/site/download.html  or
call 927-4912 or 927-6572 for more detail.

Charities are required to submit their articles of cooperation, constitution or rules, depending on the type of society, as well as their financial statements.

He also explained that newly registered charities are required to submit audited financial statements within a year of operating as a registered charity, while existing charities are expected to submit theirs, along with registration form and other documents, and their financial records for the previous year.

Meanwhile, charities will soon be asked to complete a fit and proper form. This will require additional information needed by the DCFS or Tax Administration Jamaica (TAJ). The tentative deadline for this is June 1.

“Once all forms are filled out and documentations received, TAJ is given 14 days to state whether or not they have any objection to the application. If they have none, we proceed with the application. If they do have objections we try our best to regularize that objection and provide the necessary information to clarify that which TAJ might require,” he said.

Mr. Gallimore explained that in the event that the application is refused, the applicant has the option to proceed, reapply at a later date, or accept the decision.

“As we move forward, after the deadline of June 24, 2014 we are going to ensure that on a yearly basis whenever the financial year ends for a charity, the financial statements are submitted to us within the first three months as part of the ongoing monitoring process,” Mr. Gallimore outlined.

The Omnibus legislation seeks to establish a transparent and coherent regime to govern all tax incentives.  As a result, all charities are required to be registered/re-registered with Department of Cooperatives and Friendly Societies.

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DASPAC | Accounting Software for Small and Medium Size Business

DASPAC | Accounting Software for Small and Medium Size Business:

 "Daspac On-Line is a new breed of accounting software that allows SMEs  to manage their entire accounting requirements via the Internet without requiring their own IT infrastructure. It is a hosted online solution designed by accountants specifically to suit business environments where multiple entities (clients, franchisees, subsidiaries, branches) need access to a common platform."



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Daspac On-Line is a fully hosted and managed service which is priced on a “Software as a Service” (SaaS) basis. That means no capital costs – no upfront licence fees, upgrade costs or servers to maintain. The use of the software, maintenance, enhancement, hosting, daily backups and ongoing support are combined into a single monthly rental fee.

This is significantly easier than traditional on-premise software which involves considerable upfront investment. The capital cost of licensing, installing and deploying core business applications and the servers they run on, together with the ongoing expense of operating and maintaining the system, upgrading software, patching operating systems, managing licenses and users, monitoring data security and providing for disaster recovery are a considerable drain on cashflows and management focus. To make matters worse, none of this is strategic – running your own business applications just distracts from your core business objectives.

Pricing structures

Starting from as little as US$9.9 per month, Daspac On-Line offers outstanding value for money. For multiple entity use such as accountants or franchises, you only pay for it as it it rolled out to the clients or franchisees, as opposed to acquiring and paying for a solution upfront.

There are Three editions of  Daspac On-Line:

• Daspac-BIZ – basic edition, ideal for small bookkeeping clients
• Daspac-Pro – full-feature online accounting system, enabling your users to access the system for transactions input, running reports, dashboards etc
• Daspac-Enterprise  plus sales and purchase order processing and stock control modules

Daspac On-Line is built as a modular application to scale up as you grow. Moving from one edition to the next is as simple as clicking a button, and all historical data is maintained.

Western Hemisphere : Rising Challenges

Global economic activity strengthened in the second half of 2013 and is expected to pick up further in 2014, led by a faster recovery in the advanced economies. World output growth is projected to increase from 3 percent in 2013 to slightly above 3½ percent in 2014 and nearly 4 percent in 2015. Activity in the advanced economies will be driven by a reduction of fiscal headwinds, except in Japan, and still highly accommodative monetary conditions. Meanwhile, the momentum of growth in emerging market economies is likely to remain subdued, reflecting tighter financial conditions and homemade weaknesses in some cases. Risks around the outlook have diminished somewhat, but remain tilted to the downside, including because of more prominent geopolitical risks.

Against this backdrop, economic activity in Latin America and the Caribbean is expected to stay in low gear in 2014. The faster recovery in the United States and other advanced economies is expected to bolster export growth, but fl at or lower world commodity prices and rising global funding costs are set to weigh on domestic demand. Supply-side bottlenecks in several economies are likely to persist, amid a continued slowdown in investment. On balance, regional growth is projected at 2½ percent in 2014, down from 2¾ percent in 2013 and well below the relatively high growth rates of 2010–12. A modest pickup, to 3 percent, is projected for 2015.

More than usual, these headline numbers mask divergent dynamics across the larger economies of the region. Growth in Mexico is expected to rebound on the back of a stronger U.S. recovery and normalization of domestic factors. In Brazil, activity is expected to remain subdued, as weak business confidence continues to weigh on private investment. Argentina and Venezuela are facing a difficult growth outlook, linked tosignificant macroeconomic imbalances and distortionary policies. For the region at large, the outlook remains clouded by downside risks, including renewed bouts of financial market volatility and a sharper-than-expected decline in commodity prices. Weak fiscal positions represent an important domestic vulnerability in many economies, especially in Central America and the Caribbean.
• In the financially integrated economies, output is generally close to capacity, labor markets remain tight, and external current account deficits have widened. This constellation argues for a neutral fiscal stance, although countries with weaker public finances or large external deficits would be best served by some outright tightening. Monetary policy can respond flexibly to incoming data in economies where inflation is moderate.
However, in countries with persistent inflationary pressures, both fiscal and monetary policy should aim for
a tighter stance. Exchange rate flexibility should remain the principal absorber of external shocks.
• Policy priorities among the other commodity-exporting economies vary as a function of specifi c domestic conditions. In Argentina and Venezuela, fundamental adjustments are needed to restore macroeconomic stability and avoid disorderly dynamics. The other economies in this group face more positive growth prospects, but will also need to control levels of public spending, which have increased sharply over the past decade on the back of strong commodity revenue.
• In Central America, fiscal consolidation should not be delayed any further as borrowing conditions will
become less favorable. Consolidation efforts need to combine expenditure restraint and higher tax revenues.
The countries that are not officially dollarized would also benefit from greater exchange rate flexibility.

• Reducing high public debt levels remains a key challenge in much of the Caribbean, along with further
efforts to address long-standing competitiveness problems, notably in the tourism-dependent economies.
Addressing financial vulnerabilities is a priority in the Eastern Caribbean Currency Union.more

Regional Economic Outlook: Asia and Pacific | UHY Dawgen Chartered Accountants Blog

Regional Economic Outlook: Asia and Pacific | UHY Dawgen Chartered Accountants Blog:

Sustaining the Momentum: Vigilance and Reforms

Asia is well positioned to meet the challenges ahead provided it stays the course on reforms. The
region has strengthened its resilience to global risks and will continue as a source of global economic dynamism. Recent actions taken to address vulnerabilities are starting to bear fruit. However, with the risk of further bouts of volatility ahead, policy complacency will be penalized. Asia’s reform momentum must therefore be nurtured so as to secure the region’s position as the global growth leader.
Growth in Asia is projected to remain steady at 5.4 percent in 2014 and 5.5 percent in 2015. External demand is set to pick up alongside the recovery in advanced economies, and domestic demand should remain solid across most of the region. With the expected upcoming tightening of global liquidity, Asia will face higher interest rates and potential bouts of capital fl ow and asset price volatility.
Nevertheless, despite some tightening, fi nancial conditions should remain supportive, underpinned
by still-accommodative monetary policies, strong credit growth, and exchange rates that remain weaker than they were a year ago.

External risks remain. A sudden or sharper-than-anticipated tightening of global fi nancial conditions remains a key downside risk. Economies with weaker fundamentals would be the most affected, similar to what happened a year ago when market participants abruptly revised their expectations of U.S. Federal Reserve tapering. Since then, though, policymakers in Asia have taken policy actions to address vulnerabilities and we now see those actions starting to bear fruit. As an indicator of this improving resilience, India, Indonesia, and other Asian emerging markets were able to better weather the bout of global fi nancial volatility in January.
Asia also faces several risks originating from within the region. A sharper-than-envisaged slowdown in China—due to fi nancial sector vulnerabilities and the temporary cost of reforms along the transition toward a more sustainable growth path—would have signifi cant adverse regional spillovers. In Japan, there is a possibility that Abenomics-related measures could prove less effective in boosting growth than envisaged unless strongly supported by structural reforms. Domestic and global political tensions could also create trade disruptions and weaken investment and growth across the region. In some frontier economies, high credit growth has led to rising external and domestic vulnerabilities.
Domestic vulnerabilities could magnify some of these risks. For the bulk of Asia, fi nancial stability risks appear contained and bank balance sheets have scope to absorb negative shocks. However, as global interest rates and term premiums move higher, vulnerabilities stemming from pockets of high corporate and household leverage could become more salient. more

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Accounting Requirements for the Legal Profession in Jamaica | UHY Dawgen Chartered Accountants Blog

Accounting Requirements for the Legal Profession in Jamaica | UHY Dawgen Chartered Accountants Blog:

Accounting Requirement

Regulation 16 (1) of the Legal Profession (Accounts and Records) Regulations 1999 requires every attorney-at-law to deliver an Accountant’s Report to the Council for each year of his practice unless he files a declaration which satisfies the Council that owing to the circumstances of his case it is unnecessary or impractical for him to do so.

The only exception relates to attorneys employed by the Government or by a local or statutory authority in relation to his or her practice as an attorney in that employment. ATTORNEYS SHOULD ADVISE THE GLC IF THEY ARE SO EMPLOYED. An attorney employed by Government or by a local or statutory authority who also carries on a private practice outside of that employment must nevertheless comply with Regulation 16(1).

The Accountant’s Report is prepared by an accountant. It must be in the form prescribed by the Regulations and is aimed at showing that the attorney maintains proper books and records with respect to his handling of client’s funds. A Declaration may be appropriate where an attorney-at-law has not handled client’s funds for the year to which the Declaration relates. The Declaration must also be in the form prescribed by the Regulations(First-Schedule-Declaration-by-Attorney (1))

THE ACCOUNTANT’S REPORT OR DECLARATION MUST BE FILED NOT LATER THAN SIX MONTHS AFTER THE COMMENCEMENT OF ANY FINANCIAL YEAR, BEING  JUNE 30 IN EACH YEAR, unless the attorney recognizes a different period as his financial year.

CLIENT’S FUNDS includes any monies received by an attorney-at-law that belongs to or is held on a client’s behalf or to his or another person’s direction or order and includes money advanced to an attorney on account of fees for services not yet rendered or of disbursements not yet made. 

Each attorney not falling within the exception must therefore either deliver an Accountant’s Report or, if appropriate, file a Declaration for each year of practice since 1999.

An attorney who has not complied with this regulation for any year of his practice since 1999 is therefore in breach of the Regulations.

UHY Dawgen can assist you in compiling with this Requirement , Call 9084007 or email:info@dawgen.com for additional information.

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RUBiS rebranding done by July - Business - JamaicaObserver.com

RUBiS has begun the rebranding of its service stations in Jamaica. The development will see all Shell Service stations change to RUBiS. The green red and white of the RUBiS brand will be prominently displayed on all 53 service stations island-wide.

RUBiS Energy Jamaica Limited, operator of the Shell licence, began the process of rebranding in February and will be completed by June of this year. The first phase of the rebranding saw the RUBiS' fleet of trucks displaying the RUBiS visual identity.

Raymond Samuels, Retail Manager of RUBiS Energy Jamaica, said that "the rebranded RUBiS Service Stations will enhance the look of our sites island-wide featuring fresh, modern and well lit service stations with our new canopy design, LED forecourt lighting, rebranded fuel dispensers, new air pumps, and new uniforms for service station staff. We are aiming for the process to be as smooth and as swift as possible so that our customers are not inconvenienced."

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Taxation Consultancy Services | UHY Dawgen Chartered Accountants Blog

Taxation Consultancy Services | UHY Dawgen Chartered Accountants Blog:

Your business success and wealth creation capability is dependent upon receiving quality and timely advice regarding taxation.

At UHY Dawgen Chartered  Accountants, we provide you with relevant and effective advice on all aspects of tax, including how the laws effect your daily business activities, long-term consequences on business structures and business trading.

We will help you to minimise your tax and keep you informed about the ever changing laws and regulations. Our tax advice includes:

1. Specialist taxation research and advice
2. Strategic tax planning
3. Restructuring and planning to reduce tax
4. Tax return preparation and filing
5. Tax reform advice and implementation
6. Goods and services tax
7. Employee Fringe benefits planning
8. Estate Tax
9. Debt Restructuring
10. Tax audits and compliance reviews

Contact us to discuss any taxation concern your business may have.

Find out more about us, Other Services, and our Publications

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What is Tax Planning? | UHY Dawgen Chartered Accountants Blog

What is Tax Planning? | UHY Dawgen Chartered Accountants Blog:

Tax Planning Strategies is the arrangement of taxpayer’s affairs or structuring of transactions which give rise to the minimum tax liability within the law without resorting to tax avoidance arrangement. Traditional year-end tax planning strategies involves timing advantages such as bringing forward proposed tax deductible expenditure (e.g., by undertaken deductible repairs or prepaying certain expenses in the current income year rather than in the later year, or deferring the recognition of assessable income  to a later income year (if Possible).

Effective tax planning is something that should be considered year round and by making it a priority could result in you paying less tax liability.

 

Now is the time to act and focus on your tax and financial planning in order to minimise tax, reduce risk, and be prepared financially for the year ahead. With the end of tax year nearing, this is the time where your UHY Dawgen Partners meets with you, having considered what your position with respect to taxation looks like leading to the end of the financial year.

How can tax planning assist you and your family?

1. Minimise your tax payable by effectively planning
2. Eliminate your tax payable by taking action ahead of time
3. Ensure you have sufficient funds are available when tax is due
4. Use your tax savings EFFECTIVELY
5. Helping you with superannuation for your retirement

Call us today:1876-9084007 or email:info@dawgen.com

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Dawgen eCommerce Solution

dawgenecommerce.com:

We want you to know Dawgen eCommerce Solutions is a provider of world-class products at incredible prices. We also want you to know that we take great pride in providing our customers with excellent customer service. Should you have any questions or issues, we invite you to take advantage of one of the several avenues we provide to get you the service you need. dawgenec

The Scotch Bonnet Peppers of Jamaica | UHY Dawgen Chartered Accountants Blog

The Scotch Bonnet Peppers of Jamaica | UHY Dawgen Chartered Accountants Blog:

Jamaica is almost as famous for its fiery Scotch bonnet peppers (which are rated as hotter than most habaneros) as it is for Reggae music and sports. Rarely will you find a Jamaican cooking without some of this pepper. Most often used on jerk chicken or pork, peppered shrimp, peppered steak and patties (a meat-filled pie), Scotch bonnet is the pepper of choice among Caribbean nationals. But for most visitors, especially those unfamiliar with this pungent chile, the strength of the Scotch bonnet is a shock.

The Scotch bonnet’s history has been traced to Central and South America; however, there is no concrete proof as to where the chile pepper was first cultivated. Although frequently confused with the habanero, the Scotch bonnet or Jamaican Hot is definitely not the same as its stout cousin. So how do you know a Scotch bonnet pepper? The mature pepper measures between 1 1/2 and 2 inches in diameter. The color of the immature pepper is green, but the mature Scotch bonnet has an attractive range of colors: bright yellow, orange or red. One of the defining features of this type of pepper is its sweet aroma and unique flavor. In fact, the Scotch bonnet was the first Caribbean hot pepper to be known by a specific name in the export market.

As you can see at the left, as early as 1767 the chile was named “Bonnet or Goat Pepper,” the name “goat” resulting from its unique aroma, which was said to resemble “the odour of the he-goat.” The other peppers illustrated are fat pork pepper, bird pepper, cherry pepper, and Negroe pepper.

The heat rating of the Scotch bonnet is said to be in the range of 150,000 to 325,000 Scoville Heat Units. Now that’s hot!

The Scotch bonnet pepper (Capsicum chinense Jacq.) is one of Jamaica’s major agricultural exports. The pepper strives in almost any of the country’s fourteen parishes, because of the tropical climate in which the plant grows best. However, the country’s producers are rarely able to meet the high demand for the product locally or internationally. Jamaican Scotch bonnet pepper is normally sold fresh, but there are also many by-products available such as jerk sauce, mash (both wet and dry) and escoveitch sauce.

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New regional online media company aims to change industry landscape - Business - JamaicaObserver.com

New regional online media company aims to change industry landscape - Business - JamaicaObserver.com:

EDWARDS... we are beyond excited about the possibilities

LOOP News, a new Caribbean online media company, officially launched this week.

The company is led by Jamaican media veteran Al Edwards, who has over a decade experience with major local media outlets Jamaica Observer, Jamaica Gleaner and CVM. Loop is fully-owned by Trend Media, which is led by CEO, Richie Kelly.

Loop distributes Caribbean and global news region-wide, available on the web and with downloadable apps for Android, BlackBerry and iPhone handsets.

The company in a press release said its services are available now in Jamaica, the Cayman Islands and Curacao.

Edwards, the group executive editor, noted that Loop plans to revolutionise the Caribbean media landscape.

"Based on research carried out by Dichter and Neira, there is a massive appetite among our key 18 to 44 year old demographic for online news content with 86 per cent of respondents stating they would use Loop every day," Edwards said.

He added: "Under the banner of 'More News Now', Loop is going to change the media landscape across the Caribbean and we are beyond excited about the possibilities. Now, Caribbean news has never been so social with Loop's social media sharing and article commenting features meaning users can read, share and shape the stories as they happen."

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Proven buys First Global Financial Services - Business - JamaicaObserver.com

Proven buys First Global Financial Services - Business - JamaicaObserver.com:

Proven buys First Global Financial Services

FIRST Global Financial Services (FGFS) will more than triple Proven Wealth's funds under management when they merge.

The $3-billion deal will see Proven Investments Limited's take the securities dealer off GraceKennedy's hands — minus the Jamaica Stock Exchange (JSE) licence, which the larger conglomerate will keep.

But FGFS fits neatly within Proven's strategic framework.

Since purchasing Guardian Asset Management for US$16.3 million (or $1.4 billion at the time) in 2010, Proven trimmed the US$180 million (over $15 billion in 2010 dollars) in assets the company had on its balance sheet down to around $4 billion today, while a small off balance sheet asset (of less than $1 billion) grew to $25 billion.

FGFS has $22 billion on balance sheet and $60 billion off.

"We recognise that wealth management is an off balance sheet, fee income business, and it is the future," said CEO of Proven Management Limited, the management company of Proven Investments. "We think that FGFS has given us a great platform to continue to build out. They already have a great off balance sheet portfolio and we are very excited about the opportunities to work with their clients and working with their talented team -- GraceKennedy has a reputation for having top quality staff."

For GraceKennedy, the decision to divest FGFS was guided by the conglomerate's goal of reallocating capital in line with its long-term strategic objectives to build cash reserves that will drive growth plans, including acquisitions, according to the group's CEO, Don Wehby .

"Growth plans include further investment to expand First Global Bank in Jamaica and the group's financial services regionally," he said.

FGFS president, Steven Whittingham, will remain in a senior position within the GraceKennedy Group, while Proven will change the name of FGFS after the deal gets regulatory approval and the sale is completed.

A two-week-long rights issue, which is offering one ordinary share at 14 US cents a stock unit for every four that are already in issue, opens next Wednesday, which should raise US$10.3 million to fund the acquisition while providing a decent discount for stockholders.

The company's share price closed at 16 US cents yesterday, having fallen from the 19 US cents-a-share high in mid-April.

Proven Investments' capital base will be used to finance the rest. At the end of December 2013, it stood at US$32.2 million ($3.5 billion).

The investment house doesn't plan to limit itself to buying financial services companies.

It already is on a drive to grab up US$20 million worth of property through its real estate investment trust, Proven REIT, and has set its sights on investments in the energy, tourism and health sectors in the Caribbean.

The company failed to get a piece of the 360-megawatt (MW) generating plant that is to be built in Jamaica, given that the consortium it was a part of didn't win the bid, but Proven is now seeking a stake in one of the three renewable energy companies that has been approved to build out some 78 MW in Jamaica by 2015

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Cari-Med's owner partners with major outsourcing firm - Business - JamaicaObserver.com

Cari-Med's owner partners with major outsourcing firm - Business - JamaicaObserver.com: "CARI-MED'S Glen Christian has partnered with a major business process outsourcing (BPO) company to set up facilities in the former Claro building.

A source close to the deal, who also confirmed that Christian acquired the 70,000-square feet building on Knustford Boulevard, New Kingston, said that the founder and chairman of Cari-Med will be the majority shareholder in the new operations.

About 50,000 square feet of office space is available for call centre and BPO operations.

Even while outsourcing companies are able to squeeze employees into 60 square feet of space per person, the available space can comfortably hold a potential 400 workstations, which translates into 1,200 possible jobs when accounting for three shifts throughout the 24 hours in a day.

Presently, the BPO sector in Jamaica is estimated to employ 12,000 persons.

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Report Positions Latin America and the Caribbean as the Next Global Breadbasket | UHY Dawgen Chartered Accountants Blog

Posted onApril 24, 2014

Latin America and the Caribbean region can help feed a global population of nine billion people in 2050 provided the region implements key policy actions to bolster agricultural productivity, according to a new report released today by the Global Harvest Initiative (GHI) and the Inter-American Development Bank (IDB).

Drawing on knowledge and experience from more than 30 public and private sector partners, The Next Global Breadbasket: How Latin America Can Feed the World outlines challenges, recommendations and action items for policy makers, the donor community, farmers, agribusiness, and civil society.

Population growth and dramatic diet changes will, over the next several decades, place great stress on agriculture worldwide. The Next Global Breadbasket describes the role of Latin America and the Caribbean region (LAC) in addressing this challenge, as well as its opportunity to increase development, reduce poverty, and support social progress across the region.

“Latin America has immense potential to help meet our planet’s growing demand for food, feed, fiber and fuel in a sustainable, productive way. By putting in place a comprehensive agenda of pro-agriculture policies, Latin America can attract the investments and innovations to become the 21st century global breadbasket,” said Dr. Margaret M. Zeigler, Executive Director of the Global Harvest Initiative.

The LAC region contributes 11 percent of the value of current world food production and represents 24 percent of the world’s arable land. The region has about 28 percent of the world’s land that has been identified as having medium to high potential for sustainable expansion of cultivated area, and 36 percent share of land that is within six hours travel time to a market.

“Already the largest net food exporting region in the world, LAC has achieved only a fraction of its potential to expand agricultural production for regional consumption and global export,” according to Ginya Truitt Nakata, Operations Senior Specialist at the IDB. “The next 10 to 20 years offer a critical window of opportunity to advance new forms of productive and environmentally sustainable agriculture in the region.”

Key areas for policy action and investment in which the public and private sectors can and must move forward together include:

• Agriculture Science, Research, and Development
• Knowledge and Extension Services for Farmers
• Transport and Logistics Infrastructure
• Irrigation, Water Management and Mechanization Technology
• Regional and Global Trade
• Farmers’ Access to Financial Services: Managing Risk and Availability of Credit
• Cooperatives and Producer Associations
• Reduction of Post-Harvest Losses

Find the complete Report here