Dated: 3 January 2003
Mr Paul Pennicook has been appointed the new director of Tourism, replacing Mrs. Fay Pickersgill, who resigned from the post last year. President and CEO of Couples Resorts, Mr. Pennicook is slated to officially take up office March 1, 2003.
In 2001, First Life, a member of the Pan Jamaican Group, took control of Trafalgar Development Bank,(TDB). It restructured the company, renamed it First Caribbean Financial Services and placed put it on the Jamaica Stock Exchange. Although TDB had been on the stock exchange since 1987, at the end of January, the official renaming ceremony took place, allowing TDB to now trade as Pan Caribbean Financial Services.
The Jamaica Stock Exchange has a goal to list five new companies for 2003.
Minister of Transport, Bobby Pickersgill, announced recently that effective February 15, all passengers leaving Jamaica will be required to pay an airport improvement fee of US$5. All funds collected through the airport fee will go directly to the government’s airport expansion fund account for each of the international airports — Norman Manley in Kingston and Sangster in Montego Bay.
According to the Minister, airport improvement fees are well established internationally as a source of financing capital for development of airports.
The shareholders of Island Life insurance company, recently accepted an offer by Life of Jamaica for the acquisition of all the ordinary shares of that entity. According to a release form Life of Jamaica, “… over 96% of shareholders had accepted an offer of 41/2 shares of LoJ for each of their shares in Island Life.”
There are plans for Island Life and Life of Jamaica to combine their administration framework.
Rising world prices for fuel and the depreciation of the Jamaican dollars are the reasons given by JPSCo for the increase in electricty bills, effective the end of January. A JPSCo release stated that “In keeping with the company’s tariff structure, the cost of fuel to generate electricity are passed on to the consumer. Consequently, customers see an upward or downward movement adjustments to their fuel rates each month in line with trends on the world market.”
JPSCo is also seeking a further rate increase, which is expected to take effect in March.
Both route taxis and those attached to private companies have increased their fares to passengers. Citing a hike in gas price and the recent increase in motor vehicle fees as the precursor to the new rates, many taxi drivers have added on between $10 and $50 to their rates. Commuters told Businessuite that journeys within the Corporate Area that used to cost them $100 now cost $150, while those using the route taxis now have to find an extra $10 or $20 to pay their fares.
An interest-free loan totalling US$2.5 million was recently received from the Chinese government, to be disbursed over a five-year period beginning February 1, 2003. The agreement was signed during the visit of Chinese State Councillor, Madame Wu Yi and also included an additional grant of US$250,000 to provide equipment for the Ministry of Foreign Affairs and Foreign Trade.
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