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Dated: 1 November 2002
In keeping with its mandate to protect the interest of consumers, particularly at Christmas when shoppers are in a frenzy, the Fair Trading Commission (FTC) has recently put out advisories warning consumers “of the pitfalls they should look out for when doing their shopping” and informing them of their rights. The watchdog agency said suppliers know that consumers are aware of their rights.
Based on the type of consumer complaints received, the FTC advises on issues relating to warranties and concerns about electrical appliances, prices, delivery and free gifts, amongst others.
HEART Trust/NTA executive director, Errol Gregory, said recently that the Green Globe certification of its Runaway Bay Hotel and Training Institute has made the facility the leading vocational institution in the region.
He said, not only will the graduates leave the institution with “highly marketable and technical skills”, but they will also leave with sound knowledge of environmental best practices that will empower them to add value, and save money and time for the industries they will serve.
In what is NCB’s boldest and most pivotal project ever to be undertaken, the bank is spending US$50M on a new state-of-the-art computerised system, which is to bring it to world class level. And Infosys Technologies Ltd., an Indian technology company which currently works for major United States corporations such as Verizon, American Express and Gap, has been awarded the contract.
NCB managing director, Aubyn Hill, said the new system would be used to drive the bank’s transformation initiative. The programme is critical to the bank’s success, as well as the way it conducts business. It is expected to equip the bank to provide world class service, which will focus primarily on premium customer care and service.
Financial analyst John Jackson has said that the offer approved by the Island Life board to accept three LOJ shares for each Island Life share, has prejudiced the financial position of minority shareholders in Island Life.
The LOJ directors say the price was calculated by independent valuators. Jackson, however, was not happy with some of the adjustments in the valuation of the share price of both companies. PricewaterhouseCoopers and KPMG Peat Marwick did the valuation.
Dr. David Panton, managing director of Caribbean Equity Partners (CEP), whose company underwrote a recent $48 million rights issue for Salada Foods, has been appointed chairman of the instant coffee company.
He replaces attorney-at-law Vincent Chen, a former senior partner at Clinton Hart & Company, who quit the directorship of the coffee company to concentrate on his own growing business, according to Salada Foods company secretary, Olivia Glover.
Dr. Panton whose appointment became effective on November 23, had taken a position on the board of Salada Foods after CEP decided to take up a number of shares which were not bought by the other shareholders in the rights issue, which closed on October 31. He was subsequently appointed chairman.
CEP underwrote the issue of two million additional shares, which Salada Foods had placed on the market to raise $48 million to fund the company’s debt and expansion plans.
Digicel has claimed that its over 600,000 cellular phone customers give it 65 percent of the Jamaican market, with Cable and Wireless and Centennial Digital Jamaica having a combined 35 percent of the market.
Digicel’s recent announcement signaled that it is well prepared to go head-to- head with Cable and Wireless as the price war heats up. Digicel had announced reduced international rates, in a swift reaction to Cable and Wireless Jamaica’s strongly promoted move to per second billing. With its new $17.75 per minute charge on overseas calls, Digicel drops to 25 cents per minute, below the competition.
Cable and Wireless had earlier reduced international call rates from $21 to $18 in November, boasting in advertisements, that with its new per second billing, it was $2 cheaper than Digicel. Centennial offers $19 per minute on its MiPhone service.
Charles Johnston, chairman of the Jamaica Producers Group, said minority shareholders of Kingston Wharves wanted a meeting to replace some of the current directors because they believe the company should now manage its own affairs.
“Kingston Wharves is the only company listed on the Jamaica Stock Exchange that does not manage itself,” said Mr. Johnston, responding to comments made by Douglas Orane, Grace, Kennedy and Company chairman and chief executive officer, about the move to remove some board members.
Exporters have an opportunity to repackage and market certain nutraceuticals in Europe as ‘novel’ items, providing they have not been sold in the European Union (EU) before May 15, 1997, and there is sufficient scientific data to substantiate the unique medicinal properties of these items.
This was noted by EU Consultant, Anthony Bush, during his recent address to nutraceutical interest groups at Jamaica House. The world industry is worth billions of dollars.
United Airlines filed for bankruptcy recently, the largest ever in the global airline industry, after high costs and low airfares left the world’s number two carrier with too much debt and not enough cash.
UAL Corp.’s United, with one of the broadest networks in the world, will continue to fly worldwide as it attempts to reorganise under protection from the US Bankruptcy Court in the Northern District of Illinois.
The entire US airline industry has been reeling from a slump in business travel and since the September 11 attacks, posting losses last year of about $10 billion, and is on track for at least US$7 billion in losses this year. United stressed in a statement it will be “business as usual” for customers. But for employees, suppliers and others, changes are in store, said Chief Executive Glenn Tilton.
Almost 200 workers employed to the Hampden Sugar Factory in Trelawny are to lose their jobs as a result of that factory’s closure.
The Government decided to close the factory, after reviewing its poor performance, its $450 million in losses last year, and the $400 million investment that it would need “for a minimum level of efficiency.”
Agriculture Minister, Roger Clarke, told the House of Representatives recently that all cane previously processed at Hampden will be diverted to Long Pond factory, which has the capacity to process “more than all the cane produced in Trelawny.”
The government disclosed recently that the Hampden sugar factory had debts of over 1.6 billion, and would require a government subsidy of 100 million to process next year’s sugar cane harvest.
The closure of the factory and the rationalization of the sugar industry in Trelawny, could save the Government $90 million for the coming harvest, Agriculture Minister Roger Clarke suggested. He made it clear that the Government was “in no position to invest in... new sugar factory in Trelawny,” as has been proposed by cane farmers.
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