Kingston Properties Ltd enters into a binding agreement to purchase residential condiminium space

Kingston Properties Limited had advised that it has entered into a binding agreement to purchase approximately 19 units or roughly 16,000 square feet of residential condominium space in the Loft II building located at 133 NE 2nd Avenue in downtown Miami, Florida . Each unit is tenanted with one year renewable lease term. The closing of the transaction for the units in the Miami Loft II building is expected to be completed by mid March, 2010.

Mayberry declares dividend payment

Mayberry Investments Limited (MIL) has declared an interim dividend payment of $0.08 per share to shareholders on record as at March 12, 2010 and payable on March 18, 2010. The X-Date is March 10, 2010. MIL has also submitted its audited financial statements for the period ended December 31, 2009.

SDBG and SGJ declared interim dividend payments

SDBG and SGJ declared interim dividend payments of 33 cents per share and 37 cents per share, respectively to shareholders on record March 15, 2010 and payable on April 8, 2010. The X-Date is March 11, 2010.

JMMB declares dividend on preference shares

Jamaica Money Market Brokers Limited (JMMB) will be making its monthly dividend payments of $0.03 per share and $0.0301146 per share on JMMB 12% Preference Shares and JMMB 12.25% Preference Shares, respectively on March 12, 2010. The record date for the dividend payments is February 26, 2010 and X-date is February 24, 2010.

JSE approves dividend

Jamaica Stock Exchange has approved a quarterly dividend of 17% per annum on the Redeemable Variable Rate Preference Shares for the period December 1, 2009 to February 28, 2010 in the amount of J$0 .0838 per share to shareholders on record March 1, 2010 and payable on March 5, 2010. The X-Date is February 25, 2010.

PCFS declares its first quarterly preference share dividend

PanCaribbean Financial Services Limited has declared its first quarterly preference shares dividend payment of $6.16 per share to shareholders on record as at March 9, 2010 payable on March 17, 2010. The X-Date is March 5, 2010.

Mayberry declares monthly dividend

Mayberry Investments Limited has declared a monthly interim preference shares dividend payment of J$0 .033 per share to shareholders on record as at February 23, 2010 payable on February 25, 2010. The X-Date is February 19, 2010.

Carreras announces dividend

Carreras Limited (CAR) has advised that the board of directors accepted the resignation of Patrick Smith and appointed Frederico Jenkins a director of the company effective February 9, 2010. CAR has declared an interim dividend of $2.00 per stock unit to be paid on March 12, 2010 to stockholders shown by the Register of Members on February 25, 2010. The X-Date is February 23, 2010.

PCFS announces senior management changes

Pan Caribbean Financial Services Limited (PCFS) has advised of the following senior management appointments made by PCFS and its subsidiary, PanCaribbeanBank Limited (PCB), effective January 1, 2010:

SDBG closes branches

Scotia DBG Investments Limited has advised that its May Pen and Ocho Rios branches will be closed effective February 26, 2010 and of the reorganization of the Savanna-la-Mar branch as a sub-branch of its Mandeville office . The branch rationalization exercise is a result of a careful assessment of the overall efficiency of the Scotia DBG branch network. To minimize inconvenience to clients normally serviced by these locations, Investment Advisors will be placed at representative offices at the closest Scotiabank branch. In addition, Scotia DBG clients can continue to be serviced through the remaining SDBG branch network in other key locations.

Impact is expected to be minimal on JMMB

Jamaica Money Market Brokers Limited (JMMB) has advised that on January 26, 2010, the company completed its submission for the Jamaica Debt Exchange Offer, further to its board of directors approval regarding the company`s own portfolio of bonds . The projected impact on JMMB`s equity and profitability is minimal, with capital adequacy at 36.4% still far exceeding the Financial Services Commission`s 14% requirement.

Senior Personnel demit office

National Commercial Bank Jamaica Limited has advised that Jennifer Dewdney Kelly, Group Chief Compliance Officer and Company Secretary, will demit office effective February 28, 2010, and Peter Quinn, Group Chief Information Officer, will demit office effective February 12, 2010.

NCBCM Vice Presidents Demit office

NCB Capital Markets Limited has advised that Debbie Dunkley, Vice President/ Chief Financial Officer and Tanya Powell, Assistant Vice President, will demit office, effective January 31, 2010.

Digicel Pays CWJ

Cable & Wireless Jamaica Limited has advised that on January 21, 2010, the Privy Council in London dismissed an appeal by Digicel against a decision made by the Jamaican Court of Appeal in 2007 which resulted in Digicel having to pay over $340 million to Cable & Wireless Jamaica. The 2007 Court of Appeal decision related to a Determination made by the Office of Utilities Regulation (OUR) on the setting of termination rates for calls from fixed lines to mobile phones. Following the Appeal Court`s decision, Digicel appealed to the Privy Council and the appeal was dismissed.

SGJ Ltd's Annual General Meeting

The Board of Directors of Scotia Group Jamaica Limited has resolved that its next Annual General Meeting be held on Wednesday, February 24, 2010 at 10:00 a.m. at the Jamaica Pegasus Hotel.

SDBG AGM

The Board of Directors of Scotia DBG Investments Limited has resolved that scheduled its next Annual General Meeting be held on Wednesday, February 24, 2010 at 2:00 p.m. at the Jamaica Pegasus Hotel.

Berger Paints Jamaica Limited has advised of the payment of an interim dividend

Berger Paints Jamaica Limited has advised of the payment of an interim dividend of $0.095 per ordinary stock unit to be paid on March 1, 2010 to shareholders on record as at February 2, 2010. The X-Date is January 29, 2010.

Mayberry Investments Limited has approved a monthly interim dividend

The Board of Directors of Mayberry Investments Limited has approved a monthly interim dividend of 12% on Redeemable Cumulative Preference Shares for the period 23 December 2009 to 21 January 2010 for the sum of $0.03 per share to shareholders on record as at 21 January 2010. The X date is 19 January 2010 and the payment date is 25 January 2010.

Gleaner Company Limited declared an interim dividend payment

The Gleaner Company Limited has advised that its board of directors declared an interim dividend payment of 5 cents per share to shareholders on record as at January 29, 2010 and payable on February 8, 2010. The X-date is January 27, 2010.

CCFG annoucnes alliance between its Florida-based company

Capital & Credit Financial Group (CCFG) has advised that an alliance between its Florida-based company, Capital & Credit International Inc . (CCII) and Blaylock Robert Van LLC (BRV), a leading United States minority-owned Investment Banking and Financial Services Organization. CCFG, the parent company of CCII, and BRV have signed a letter of intent to form a strategic alliance by way of a Joint Venture and Equity Participationby Capital & Credit in BRV. As a consequence of this joint venture, set to be finalised shortly, the operations of CCII will now be subsumed in and operate as part of BRV`s Ft. Lauderdale Florida office, which is set to open before the end of the First Quarter.

CCFG announces strategic reorganizing and restructuring changes

Capital & Credit Financial Group (CCFG) has advised that there will be strategic reorganizing and restructuring changes to the organization aimed at achieving greater revenue, productivity, efficiency and improved customer service delivery.

Gleaner plans to sell shares in Sangsters

The Gleaner Company Limited has advised that the company has signed an agreement to sell the shares in Sangster`s Book Stores Limited, a subsidiary of the Gleaner Company Limited to Jabulani Holdings Limited the parent company of Carlong Publishers (Caribbean) Limited.

JMMB declares a dividend payment

Jamaica Money Market Brokers Limited (JMMB) will be making its monthly dividend payments of $0.03 per share and $0.0301146 per share on JMMB 12% and JMMB 12.25% preference shares, respectively on January 14, 2010. The record date for the dividend payment is December 30, 2009 and X-date is December 28, 2009.

The board of directors of CCC proposes to issue a new class of preference shares to TCL

Caribbean Cement Company Limited (CCC) has advised that an Extraordinary General Meeting of shareholders will be held on Tuesday, January 5, 2010 at the Knutsford Court Hotel, 11 Ruthven Road, Kingston 5. The meeting is being called so that the shareholders of the company may consider two resolutions relating to the retirement of some US$15m of debt between the company and its parent company, Trinidad Cement Limited (TCL), in consideration of the issue by CCC of a new class of preference shares to TCL. The board of directors of CCC proposes to issue a new class of preference shares to TCL in consideration of its retirement of the debt . The preference shares are expected to be treated as equity securities as they do not carry rights to a fixed dividend - TCL will only be entitled to receive a dividend as and when one is declared in respect of the ordinary stock units of CCC, of at least the same amount.

Pegasus Hotels of Jamaica Limited has advised a dividend payment

Pegasus Hotels of Jamaica Limited has advised that a dividend payment of $0 .25 per share was declared and is payable on December 29, 2009 to shareholders on record as at December 18, 2009. The X-Date is December 16, 2009.

Mayberry approves a monthly interim dividend

Mayberry Investments Limited has advised that its board of directors has approved a monthly interim dividend of 12% on Redeemable Cumulative Preference shares for the sum of $0.032 per share payable on December 24, 2009 to shareholders on record as at December 22, 2009. The X-Date is December 18, 2009.

Desnoes & Geddes Limited has advised of a dividend payment of $0.15 per share

Desnoes & Geddes Limited has advised of a dividend payment of $0.15 per share on December 29, 2009 to shareholders on record as at December 18, 2009. The X-Date is December 16, 2009.

GLNR approves a second interim dividend

The Gleaner Company Limited has advised that the directors have by, round-robin, approved the payment of a second interim dividend of 2 cents per share payable to stockholders on record as at December 16, 2009. Payment to be made on December 23, 2009. The resolution will be taken to the board meeting scheduled for Thursday, December 10, 2009 for ratification.

PCFS declared a fourth quarterly preference share dividend

PanCaribbean Financial Services Limited (PCFS) has advised that a senior management officer purchased 10,000 PCFS units on November 23, 2009 . PCFS declared a fourth quarterly preference share dividend of $6 .23 per share, payable on December 17, 2009 to shareholders on record as at December 9, 2009. The X-Date is December 7, 2009.

SDBG declared a dividend payment of $0.33 per share

SDBG declared a dividend payment of $0.33 per share and SGJ declared a dividend payment of $0.37 per share, both payable on January 8, 2010 to shareholders on record as at December 16, 2009. The X-date is December 14, 2009.

JSE declares a dividend

Jamaica Stock Exchange declared a quarterly dividend of 21.5% per annum on the Redeemable Variable Rate Preference Shares for the period September 1, 2009 to November 30, 2009 in the amount of J$0 .1072 per share, payable on December 8, 2009 to shareholders on record as at December 4, 2009. The X-Date is December 2, 2009.

NCB Cap Markets considers dividend payment

NCB Capital Markets Limited has advised that its board of directors will consider the payment of a final dividend, in respect of its 11 .75% Cumulative Redeemable `A` Preference Stock units, at a meeting scheduled for December 9, 2009.

Salada Foods Limited declares dividend

Salada Foods Jamaica Limited has declared a dividend payment of $0 .30 cents per share to shareholders on record as at December 1, 2009 and payable on December 14, 2009. The X-Date is November 27, 2009.

JMMB declares a dividend payment to shareholders

Jamaica Money Market Brokers Limited has declared an ordinary share dividend payment of 6 cents per share to shareholders on record as at December 1, 2009 and payable on December 21, 2009. The X-Date is November 27, 2009.

SLJ acquires the 33% shareholding of PCFS from Parent company SFC

Sagicor Life Jamaica Limited (SLJ) has advised that the company acquired an additional 33% shareholding of Pan Caribbean Financial Services Limited from its parent company, Sagicor Financial Corporation. The acquisition is expected to result in greater synergies and will allow both companies to seek strategic opportunities for efficiencies and expansion. Chief Executive Officer & President of SLJ, Richard Byles noted that in the interest of transparency and good corporate governance, a special Transaction Committee comprised of independent directors of the SLJ Board was appointed to approve and oversee the transaction.

JMMB's board approves acquisition

Jamaica Money Market Brokers Limited (JMMB) submitted its second quarter unaudited financial statements for the period ended September 30, 2009 . JMMB has also advised that it has completed its assessment and the board of directors have approved the 80% acquisition of the Corporacion de Credito America S.A. (CCA) in the Dominican Republic, a registered Savings and Loans institution . The JMMB Group currently includes the brokerage house JMMB BDI America, also domiciled in Dominica Republic, which provides investment opportunities to clients in the Dominican Republic through the development of the secondary market in that jurisdiction . This acquisition complements JMMB`s regional diversification strategy as the company seek to more effectively fulfill the financial needs of the local market in the Dominican Republic.

FJI to pay dividends

First Jamaica Investments Limited has declared a fourth interim dividend of $0 .30 and a special dividend of $0.10 per share payable on December 11, 2009 to shareholders on record as at November 26, 2009. The X-Date is November 24, 2009.

Pan-Jam to pay dividends

Pan-Jamaican Investment Trust Limited has declared a fourth interim dividend of $0 .35 and a special dividend of $0.16 per share payable on December 18, 2009 to shareholders on record as at November 26, 2009. The X-Date is November 24, 2009.

MIL approves monthly interim dividend

Mayberry Investments Limited has approved a monthly interim dividend of 12% on Redeemable Preference Shares for the period October 22, 2009 to November 20, 2009 for the sum of J$0.030 per share payable on November 25, 2009 to shareholders on record as at November 20, 2009. The X-Date is November 18, 2009.

Chairman of CW steps down

Cable & Wireless Jamaica Limited has advised that at a meeting of the Board of Directors held on November 9, 2009, Mr. Leonardo de Barros stepped down from the position of Chairman of the company. Mr. de Barros remains a member of the Board of Directors. At the same meeting of the Board, Mr.Christopher Dehring was appointed to the Board of Directors and was also appointed to the position of Chairman.

BNS appoints a new Senior Vice President

The Bank of Nova Scotia Jamaica Limited has advised that Mrs. Suzette McLeod, who previously held the post of Vice President Shared Services has now been appointed Senior Vice President, Business Support with responsibility for Operations, Systems, Facilities, Security & Investigations, Compliance and Legal Counsel effective November 6, 2009. Her appointment is as a result of the recent restructuring and reorganization exercise of the Bank affecting certain specific areas of its operations (including manpower utilization) designed to achieve greater efficiencies.

SVL Declares dividend

Supreme Ventures Limited declared an interim dividend of $0 .09 per share, payable on December 11, 2009 to shareholders on record as at November 16,

Kingston Properties Limited declares dividend

Kingston Properties Limited (KPREIT) has declared an interim dividend of US$0 .0012 per share payable on December 16, 2009 to shareholders on record as at December 4, 2009. The X-Date is December 2, 2009.

Carreras to Consider Dividend Payment

Carreras Limited has declared an interim dividend of $1 .00 per share, payable on December 4, 2009 to shareholders on record as at November 18, 2009. The X-Date is November 16, 2009.

H&L appoints new CEO

Hardware & Lumber Limited has advised that Simon Roberts has been appointed Chief Executive Officer effective November 1, 2009.

SVL Discontinues Operation of Villagio Gaming Lounge at the Hilton

Supreme Ventures Limited (SVL) has announced the restructuring of its Gaming Lounge business operations, with its decision not to renew a lease agreement with the Hilton Kingston Hotel, for the space occupied by the Villagio Gaming Lounge on that property. As a result, the Villagio Gaming Lounge will cease operations at this location effective 15th October 2009. The restructuring exercise is aimed at improving efficiency in operations, thereby contributing more to the Group`s profitability.

GoodYear Pays Dividend to Shareholders

Goodyear Jamaica Limited (In Voluntary Liquidation) will be making an interim payment of $3.75 per share to shareholders on record as at December 19, 2008. This payment will be made on November 16, 2009 subject to 4% transfer tax.

FCIBJ Consolidates New Port West Branch but Opens New Branch in Portmore

FirstCaribbean International Bank (Jamaica) Limited (FCIBJ) has advised that effective Monday, October 26, 2009, the operations of its Newport West Branch will be consolidated into those of its King Street Branch located at, 1 King Street, Kingston . FCIBJ has also advised that a new branch in Portmore will be open on November 9, 2009. The new branch will be located at the Corner of Old Port Henderson Road and Braeton Parkway.

DG Schedules AGM

Desnoes & Geddes Limited has advised that its Annual General Meeting is scheduled for Friday, October 30, 2009 at the Terra Nova All Suite Hotel, 17 Waterloo Road, Kingston 10 at 10:00 a.m.

New Chairman Elected at Seprod

Seprod Limited has advised that Paul Scott was elected Chairman of the board of directors at a meeting held on October 5, 2009, following the passing of its former Chairman, Hon. Desmond Blades.

LIME Spends $670Mn to Expand Mobile Network

Cable & Wireless Jamaica Limited (LIME) has advised that the company is spending close to $670 million for its financial year (2009/2010) to expand its mobile network and further improve coverage across the island. The expansion programme will include the commissioning of 70 new cell sites across Jamaica`s 12 rural parishes.

JBG Schedules AGM; Closing Date for Sale of JLA's Feed Mill and Wharf Delayed

Jamaica Broilers Group Limited has advised that its 51st Annual General Meeting will be held at the Jamaica Conference Centre, Ocean Boulevard, Kingston Mall, on Saturday October 31, 2009 at 10:00 a.m.

SDR Allocation Boosts NIR, Improves Currency Outlook

Reflecting the receipt of the allocation of SDRs (equivalent to US$303Mn) from the IMF, Jamaica’s Net International Reserves rose to US$1.93Bn at the end of August. At its current level, the NIR is sufficient to cover 15.16 weeks of goods and services imports. According to the BOJ the allocation will be recorded on both the asset and liability side of the bank’s balance sheet. However, because "the liability is not of a short term nature" the NIR has increased to reflect the allocation. Of note, minus the SDR allocation the country’s reserves would have fallen by just under US$18Mn. The country also received another US$27.4 million on September 9 to bring the total SDR allocation to US$330 million.

The boost to the NIR increases the BOJ’s capacity to meet supply imbalances in the market and maintain relative stability in the local currency. The stable currency outlook is also supported by the decline in the current account deficit seen in the latest data released by the BOJ and further supports our recommendation that investors should overweight J$-denominated fixed income investments as these should outperform on a total return basis.

GK Steps in to Shore Up FirstGlobal's Capital Base

The ultimate parent company of First Global Bank, Grace Kennedy Limited, has shown its commitment to stand by the bank by injecting J$900Mn of new capital to ensure that it comfortably exceeds the capital base to total assets ratio required by the regulators. The move by Grace Kennedy Ltd follows the disclosure last week surrounding irregularities with respect to its trading operations which resulted in the company losing approximately US$19.93Mn from bond trading due to "internal breaches of procedure and irregular conduct and reporting of transactions done in US treasuries with overseas counterparties. These losses will be reflected the company’s third quarter results.

Remittance Inflows in July Continue to Reflect Softness in Global Economy

In July, remittance inflows continued to be impacted by the softness in the global economy. For the month, remittance inflows fell 13.1% (US$41.1Mn) year over year to US$153.9Mn. In the seven months to July, remittance inflows were actually down 15.5% to approximately $1.0Bn. Remittance inflows are likely to continue to reflect rising unemployment in the US, Canada and the UK. In August, US unemployment rose to 9.7% from 9.4% the previous month, while unemployment in Canada was up 0.1% to 8.7%.

Fiscal Deficit Climbed to $52.6Bn in July

For the period April to July 2009, the fiscal deficit from Central Government operations stood at $52.6Bn, or $3.1Bn above target (although an improvement on the $4.1Bn deviation from target in June). Against the background of ongoing slackness in domestic economy and the retrenchment in consumer spending, revenues & grants were 10.1% behind projection at $86.2Bn. Revenues from Production & Consumption and International Trade were the hardest hit (12.1% and 13.5%, respectively) as the economy declined by 3.9% in the second quarter alone.

Central government continued to curtail expenditure to offset the revenue shortfall. Reflecting lower than budgeted spending on programmes and interest, expenditure was $138.9Bn, 4.5% ($6.6Bn) behind the budgeted amount. Expenditure on programmes was the main area of cost containment ($7.2Bn below programme). The government has also begun to see some benefits from lower domestic interest rates with domestic interest related expenses running $669.8Mn behind budget. With lower interest rates, interest costs are expected to continue to fall in the coming months.

BOJ Gets Additional Allocation of SDR from IMF

In a news release the Minister of Finance disclosed that BOJ has received an additional allocation of SDR from the IMF. The allocation of US$300Mn is expected to bolster the NIR which should increase by an equivalent amount "to over US$1.9Bn, with the gross reserves being equivalent to 15.6 weeks of goods and service imports."

SFC to De-List Shares From JSE

Sagicor Financial Corporation (SFC) has given notice to the Jamaica Stock Exchange (JSE) that it will be de-listing its shares from the board of the JSE, effective September 16, 2009. The main reason for the decision is the insignificant trading activity in the Company’s shares which did not justify the operational cost of maintaining this listing.

Shareholders whose shares are deposited in the Jamaica Central Securities Depository are requested to contact their Broker to arrange to have their shares transferred either to:

v      The Barbados Central Securities Depository to facilitate trading on the Barbados Exchange, or

v      The Trinidad and Tobago Central Depository to facilitate trading on the Trinidad and Tobago Stock Exchange, or

v      The Depositary Interest Register maintained to facilitate trading in CREST on the London Stock Exchange. 

PCFS & SLJ to Consider Interim Dividend Payment

Pan Caribbean Financial Services Limited and Sagicor Life Jamaica Limited have advised that their boards of directors will consider ordinary interim dividend payments at their meetings scheduled for Tuesday, September 8, 2009.

GK's FGB Could Suffer Trading Losses of US$19Mn

GraceKennedy Limited (GK) has advised that during a recent internal review of the treasury operations of First Global Bank (FGB), certain irregular transactions were detected. The Bank of Jamaica was notified of this development and the company`s internal auditors commenced a full review of the matter. The irregularities identified involve the activities of an employee who has since been dismissed. Based on the outcome of the reviews, the Bank could suffer bond trading losses estimated at approximately US$19 million. The Bank is satisfied that the risks surrounding possible similar losses have been eliminated and it has put in place additional measures necessary to ensure that there is no recurrence . The Bank`s capitalization remains sound and assures its customers that these losses will not impact on the Bank`s ability to meet its obligations. GraceKennedy Limited, ultimate parent company for First Global Bank, stands firmly behind the Bank which remains committed to providing financial services that you can rely on. IFC, a member of the World Bank Group, and a preference shareholder in First Global Bank will also work with Grace Kennedy Limited and the Bank`s management to support FBG`s key role of providing loans to its corporate and retail customers.

T-Bill Auctions Undersubscribed, Yields Decline

Investors appeared to have taken the cue from the recent interest rate cuts by the BOJ as the average yields on both Treasury bill tenors declined sharply despite being significantly undersubscribed. This occurred despite fairly liquid money market conditions. With both auctions being undersubscribed all bids were successful. The yield on the 90-day T-bill fell by 174 bps to 16.72%, while the average yield on the 180-day instrument was 239 bps lower at 18.21%. Treasury bill yields could continue to trend lower particularly if the BOJ implements further interest rate cuts. So far the foreign exchange market has maintained stability despite the BOJ rate adjustments. We see the potential for a further 100-250 bps cut in rates in the coming months.

Net Interest Income Boost SGJ, SDBG Q3 Performance

Scotia Group Jamaica (SGJ) continued to record robust earnings in the third quarter of FY 2008/09. SGJ reported a 38.2% increase in net profit to $3,268Mn (EPS: $1.02). The Group’s Retail Banking business continued to underperform, however, brisk growth in results from Investment Management and Insurances services more than compensated for the falloff. SGJ is likely to benefit from continued growth in its wealth management segment as the interest rate reductions by the BOJ offers the opportunity to widen spreads. Good spread management should also boost growth in net interest income. However, with the weak domestic economy and rising unemployment the retail banking business which saw its share of result drop by a third in the nine months to July, could continue to underperform. We revised our EPS forecast upwards to $3.56 for the current year and maintain our buy recommendation on the stock.

SGJ’s wealth management subsidiary - Scotia DBG Investments also continued to grow at record breaking pace. Net profit jumped to $485.57Mn (+62.4%) from $298.91Mn spurred by strong growth in net interest income. The results were achieved against the background of the higher interest rate environment in the economy which the wealth management firm leveraged to widen spreads even as income from other activity dipped. Continued FUM growth also positively impacted Net interest income. Given the performance year-to-date, we have revised our EPS projection for FY 2008/09 to $4.10.

JMMB to Make Dividend Payment on Preference Shares

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0.03 per share and $0.0301146 per share on JMMB 12% and JMMB 12.25% preference shares, respectively, on September 14, 2009. The record date for the dividend payment is August 28, 2009 and X-date is August 26, 2009.

BOJ Reduces Interest Rates Again

The Bank of Jamaica reduced rates across the entire spectrum of its Open Market Instruments by 100 basis points. Rates now range from 13.50% on the 30-day instrument to 18.00% on the 180-day instrument. The rate reduction came against the background of the continued moderation in domestic inflation and stability in the foreign exchange market in recent months. 12-month point-to-point inflation fell to 7% in July from 8.9% in June. The BOJ noted that "inflation expectations, measured by regular surveys of the business sector, continue to fall as input costs have also stabilized over the past six months."

Expectations are for this trend to continue as weak demand in the domestic economy is expected to temper inflation impulses. We anticipate further reduction in market interest rates at the Treasury bill auction this week following this latest action by the BOJ. The rate reduction by the BOJ should increase the demand for instruments with relatively longer tenure. The outlook for interest rates remained skewed to the downside in the near term.

Moody's Maintains Jamaica's B2 Ratings and Stable Outlook

Last week, noting that its existing rating reflect its view on Jamaica’s "limited ability to respond to shock given a precarious fiscal position, onerous debt burden and large external imbalances" Moody’s affirmed its B2 credit rating for Jamaica. Importantly, despite the challenges now facing the economy, the outlook remained stable. According to the agency, the stable outlook was supported by the country’s pending agreement with the International Monetary Fund and the government’s decision not to pursue a voluntary debt restructuring with local creditors.

Inflation Pressures Continue to Ease

Consumer prices rose by 1.0% in July down from a 1.4% increase in June 2009 and +2.8% in July 2008. The main divisions contributing to the increase were "Housing, Water, Electricity Gas and Other Fuels" (+5.7%) and "Alcoholic Beverages and Tobacco" (+2.4%). Increases in the former were spurred by higher electricity and water rates. Other divisions registering notable increases were Miscellaneous Goods and Services (+0.9%), Furnishings, Household Equipment and Routine Household Maintenance (+0.8%) and Clothing and Footwear (+0.7%).

Point to point inflation also fell sharply to 7.0% from 8.9% in June. For the calendar year to July, the rate of inflation stood at 5.0%. In the period August to September, there is likely to be a seasonal increase in prices. That said, excess capacity in the economy and the decline in consumer disposable income is likely to restrict the pricing power of firms tempering the overall impact on consumer prices. In line with the moderation in inflation, last week the BOJ revised its inflation target downwards to 11-12%.

Domestic Economy Continued to Weaken in Q2

Against the background of the downturn in the global economy, real economic activity is estimated to have contracted 3.9% in Q2 2009. The outturn reflects declines in both the Goods Producing (-10.5%) and Services sectors (-1.6%). Excluding Agriculture (+9.2%), all sub-sectors within the Goods Producing sector registered declines. Critically, the Mining & Quarrying sub-sector contracted by 62.5% reflecting the closure of three of the islands alumina plants. Of note, in the Services Sector Finance & Insurance Services (+0.8%); Hotels & Restaurants (+3.9%) and Electricity and Water Supplies (+1.2%) were the only subcategories recording growth.

In the second half of the year, the domestic economy is expected to continue to weaken with the PIOJ projecting a contraction of 3-4% in 2009. Although the major global economies have either begun to record growth or show signs of a turnaround, it may take some time for any turnaround to filter through to the domestic economy.

GK to Sell Interest in Fidelity and Versair In-Flite Services

GraceKennedy Limited (GK) has advised that the GraceKennedy Group has entered into an agreement to sell its interest in Fidelity Motors Limited and Versair In-Flite Services (2006) Limited, for a purchase price in excess of J$350 million. GK`s 51% interest in Versair is being sold to to GCG Jamaica Services (St. Lucia) Limited, the other shareholder in the airline catering services company. GK`s 30% interest in Fidelity Motors, distributors of Nissan vehicles in Jamaica, is being sold to Goddard Nissan (St . Lucia) Limited the other shareholder in the joint venture.

NIR Increased in July

The Net International Reserves (NIR) increased in July by US$29.52Mn to US$1,648.93Mn. This is enough to cover 13.33 weeks of imports of goods and services.

SLJ Reports Record Growth in H1

Recent acquisitions, portfolio growth, better than anticipated interest rate spreads, foreign exchange translation gains and realized capital gains from sale of securities resulted in Sagicor Life reporting a 70% increase in net profit to $1.52Bn (EPS: $0.36). The high interest rate environment also boosted the group’s performance significantly given the unusual decrease in Insurance and Annuity actuarial liabilities. However, lower interest rates could reverse this gain in the subsequent quarters. At the half year mark, net profit is up 76% to $3.12Bn (EPS: $0.76).

Cost Cutting Initiatives Aid Turnaround in H&L's Performance

Although the cost cutting initiatives implemented by Hardware and Lumber have begun to bear fruit, higher finance costs due to the depreciation of the local currency as well as a decline in revenues resulted in the company reporting a net loss of $26.6Mn in the second quarter compared to the net profit of $80.8Mn (EPS: $0.08) in the comparative period last year. Notably however, this is an improvement over the first quarter pointing towards a possible turnaround in the company’s performance. Although cost cutting initiatives could continue to positively impact the company’s bottomline in subsequent quarters, the downturn in the local economy and the construction sector is likely to continue to weigh on the group’s earnings.

S&P Downgrades Jamaica to CCC+

Despite the positives of the government’s plans to re-engage the International Monetary Fund (IMF), declining domestic interest rates and several months of stability in the local currency, Standards & Poors (S&P) downgraded Jamaica’s credit ratings on August 5th. Citing the increasing probability that the government may have to enter into some form of debt exchange/extension with creditors, S&P cut Jamaica’s credit rating by one notch to CCC+. The ratings outlook remains negative. S&P stated that the downgrade and negative outlook is a reflection of the country’s vulnerable fiscal position coupled with difficult financing conditions which may force the government to undertake a debt exchange which they would regard as a distressed debt exchange.

The most direct impact of the downgrade has been seen on the GOJ bond prices which have witnessed a falloff since Thursday of last week. Bond prices are likely to continue to decline given that the number of sellers has increased, and demand dries up. As it relates to other asset classes- in particular stocks, the decline in the book value of financial stocks may be an issue for equity investors as bond prices decline. However, the broader issue affecting local companies in the eyes of the equity investors would be the state of the economy and its impact on consumer spending and profitability

PCFS Earnings Up 6% in Q2

PCFS reported net profit of $373Mn (EPS: $0.68) for the second quarter, 6% more than it did in Q2 last year. H1 2009 profit has grown by 19% to $722.2Mn. Excluding the one off gain from the disposal of its 25% holdings in Manufacturers Credit and Information Services Limited in the previous year, net profit would have been up 32% year to date. With the company now offering commercial banking services, PCFS is expected to see some growth in new business reflected in the bottom-line. However, the economic recession is expected to restrain the pace of earnings growth, due to reduced demand for banking related services.

Remittance Inflows Decline at Slower Pace in June

Remittance inflows continued to decline in June, falling 10.2% when compared to June 2008. However, net remittance flows actually declined by 7.8% as a 22.9% decline in outflows tempered the overall effect. For the first half of the year, net remittance flows have fallen 12.8% (an improvement from the 14.6% recorded for the year to May 2009)

JP Reports Consecutive Quarterly Profit

Jamaica Producers Group has reported consecutive quarterly profits- a feat that has not been witnessed over the last 2 years. The company reported net profit of $54.8Mn (EPS: $29.30) compared to the net loss of $634.2Mn in the same quarter last year. The improved performance was due primarily to the group’s strategic decision to exit the Serious Food Group earlier in the year as well as the acquisition of the fresh juice producer, Hoogesteger.

BOJ Cuts Interest Rates for the Second Time in 7 Days

Citing the stability in the foreign exchange market along with an expected decrease in inflation below its initial target range of 11-14% for the fiscal year, the Bank of Jamaica (BOJ) today cut its open market rates by 150 basis points across all tenors. This follows a 100 basis point reduction across all tenures last week. This move was also prompted by the decline in the July 6-month and 3-month T-bill yields which fell by 45 basis points and 112 basis points, respectively.

In light of the recent actions by the BOJ, the two GOJ instruments scheduled to close on Friday should be even more attractive to investors. Of the two issues, the eighteen month (18) FR instrument, which pays interest quarterly, has a coupon of 18.25% which is now higher than the BOJ 90-day rate and marginally below the 3-month T-bill of 18.46%. Based on expectations for further reduction in interest rates over the short term, we continue to recommend that investors invest in longer tenor instruments, providing that it is inline with their stated portfolio objectives.

180-Day T-Bill Yield Continues to Fall in July

This month’s Treasury bill auction saw the average yield on 180-day instruments falling by 45 basis points to 20.60%. The announcement by the Minister of Finance as well as expectation of further rate reduction is likely to have had an impact on the results as investors tried to lock in higher rates. The auction was over subscribed by 155%. The results of the 90-day T-bill auction scheduled for this Wednesday (July 29th) could also show further declines in market interest rates.

NCBJ Q3 2009 Earnings Up 21%

For the third quarter ending June 30, 2009, NCBJ reported net profit of $2.71Bn (EPS: $1.10) representing a 21% increase over the $2.25Bn (EPS: $0.91) recorded in the comparative prior year period. Year to date net profit stood at $7.34Bn; 9% higher than the $6.75Bn recorded for the same period last year. Earnings for the quarter were driven primarily by growth in net interest income and cost containment. NCB Capital Markets the group’s wealth management subsidiary, reported a 3% increase in net profit to $346.2Mn (EPS: $0.29) over Q3 2008.

June CPI Adanced Most Since July 2008 but Point to Point Inflation Declined

The Consumer Price Index recorded its biggest monthly increase since the start of the year with a 1.4% increase in June. The last time consumer prices rose by more than 1% month over month was in August 2008 when it rose by 1.2% (CPI increased by 2.8% in July 2008) in the context of record high oil prices on the international market. Although ‘Housing, Water, Gas and Other Fuels’ category (+3.8%) also contributed to the jump in June inflation due to second round effects of the increase in SCT on fuel as well as higher oil prices, this category was not the main contributor. The ‘Alcoholic beverages and Tobacco’ division (+4.9%) registered the most significant increase due to higher prices paid for tobacco and alcoholic beverages following the increase in the SCT on cigarettes and alcoholic beverages. Other notable increases were recorded in the ‘Furnishing, Household Equipment & Routine Maintenance’ category (+2.6%) and ‘Transport’ division (+1.6%). However, the inflation rate for the first half of the year stood at 4.0%, well below the 11.5% recorded for the same period last year. And despite the high monthly increase, point to point inflation continued to ease falling to 8.9%.

Although the index could continue to register monthly increases due to the second round effects of the new tax measures imposed in April, the slackness in the economy and the resulting decline in consumer disposable income is likely to keep prices subdued in the near term. Of note, Point to Point inflation could remain low over the coming months.

NCBCM to Consider Dividend Payment to NCB

NCB Capital Markets Limited has advised that at a board of directors meeting to be held on July 21, 2009, the directors will consider the payment of an ordinary dividend to the Company`s ordinary shareholder, National Commercial Bank Jamaica Limited.

NCB Directors to Consider Dividend Payment

National Commercial Bank Jamaica Limited has advised that at its board of directors meeting to be held on Thursday, July 23, 2009, the board will consider the payment of an interim dividend to stockholders.

GK Gives Update on Copyright Claim Filed Against GKRS

GraceKennedy Limited has advised on the copyright claim of $1.7B by Paymaster Limited against GraceKennedy Remittance Services Limited that:

Carreras' Board to Consider Dividend

Carreras Limited has advised that the directors will consider a dividend declaration at a meeting of the board of directors to be held on Tuesday, July 21, 2009.

MIL Declares Monthly Preference Share Dividend

Mayberry Investments Limited has declared a monthly interim dividend of 12% on Redeemable Cumulative Preference Shares for the period June 23, 2009 to July 22, 2009 for the sum of J$0.03 per share payable on July 24, 2009 to shareholders on record as at July 22, 2009. The X-Date is July 20, 2009.

NCB Capital Markets’ Christopher Williams, new JSE Deputy Chairman

The Jamaica Stock Exchange’s three main initiatives for the upcoming year will be spearheaded by the new Deputy Chairman, Mr. Christopher Williams who is the Managing Director of NCB Capital Markets (NCBCM). Mr. Williams was previously a Director of the JSE, but was appointed on June 24^th as Deputy to the Chairman, Curtis Martin, head of Capital & Credit Merchant Bank.

As Deputy Chairman, Mr. Williams is charged with oversight over three main JSE programmes - the Junior Stock Exchange, the establishment of a Caribbean Exchange Network and the planned implementation of a training institute by the JSE.

The JSE continues its work on the Junior Stock Exchange which is geared at facilitating the benefits of being listed to local mid-sized companies. For its Caribbean Exchange Network initiative, the Exchange aims to facilitate easier trade between the major economies of the region and encourage more investors to the market, while its plans for a JSE Training Institute are being developed with a view to enhancing the knowledge base and sophistication of the investing public and professionals.  

These are three key areas of concentration for the JSE as they seek to position the entity as the primary conduit of profitability and success for businesses in the region.

Mr. Martin expressed great pleasure in the appointment of Mr. Williams as his second: “Chris has been an active member of the board for the past 5 years. This was a natural progression for one so talented in the field. I am certain he will do much to bolster our position through his leadership on the topical issues.”

JBG Delays Dividend Payment Due to Uncertainty Relating to Withholding Tax

Jamaica Broilers Group Limited (JBG) has advised that there has been a delay in the processing of dividend payments due to be paid on Monday, July 6, 2009 by the company. The delay in commencing the processing of the dividend cheques was occasioned as a consequence of awaiting a decision as to whether the announced new withholding tax on dividends payable to foreign resident shareholders would have come into effect and been gazetted prior to the dividend payment date. As such, JBG wished to ensure that any tax deductible by law from any dividend payment was properly deducted. JBG expects that dividend cheques will be sent to shareholders between Tuesday, July 7 and Wednesday, July 8, 2009.

Seprod to Acquire Assets at St. Thomas Sugar Company

Seprod Limited (SEP) has advised of the concluded negotiations with the Government of Jamaica for the acquisition of the assets of the St. Thomas Sugar Company Limited. The company has signed a Lease Agreement for 1551.36 hectares of sugar land. A new company, Golden Grove Sugar Company Limited owned by SEP (55%) and Fred M. Jones Estates Limited (45%), will take over the operations on July 16, 2009.

Remittance Inflows Tumbled in May

Against the background of the continuing weakness in the US, UK and Canada, net remittance flows to Jamaica registered a 19.6%       y-o-y decline to US$125Mn for the month of May (-16.5%: April 2009). According to data from the BOJ, together these three countries accounted for 87.2% of remittance receipts in 2008 with the US alone accounting for 54.5%.

Notably, the rate of monthly decline in remittance receipts has risen steadily since the start of the year and for the calendar year-to-date net inflows have declined by 14.6%. Remittances are likely to continue to see double digit declines in the near term as unemployment in the US remains at its highest level in decades and is expected to continue rising through the remainder of 2009.

Fiscal Deficit Target Already Under Threat

For the first two months of the 2009/10 fiscal year, central government operations recorded a deficit of $20.1Bn or 2.1Bn (10.5%) above target. The outturn reflects a revenue shortfall of $5.5Bn relative to the projected $43.26Bn uptake and occurred despite expenditures that were $3.4Bn below budget. The revenue shortfall was driven by a less than projected inflow from taxes and to a lesser extent capital revenues and grants. A closer look at the areas contributing to the shortfall in tax revenues shows that the main areas of underperformance were local GCT, SCT & GCT on Imports and Custom Duties. The outturn is reflective of the general contraction in the economy and the demand for goods and services.

This outturn runs contrary to the usual pattern in previous years when central government outperformed its targets in the early part of the year, with the deficit worsening later in the year. The performance so far this fiscal year highlights the real possibility that revenues could underperform for the remainder of the fiscal year and that there are significant risks to the 5.5% deficit target.

Harry Smith joins the NCB Capital Markets Board

Harry Smith, Executive-in-Residence at Mona School of Business, University of the West Indies, Mona (UWI) and former Digicel Chief Customer Relations Officer has been appointed to the NCB Capital Markets Ltd. Board with immediate effect.

The National Commercial Bank (NCB) subsidiary views this latest addition to its board as a strategic value-added move. “Harry Smith boasts a wealth of knowledge in a diverse range of industries, both locally and internationally. This experience will no doubt lend to the rounded expertise of the individuals on the NCB Capital Markets Board and further bolster our ability to make the best decisions in the interest of our clients,” declared Patrick Hylton, Chairman, NCB Capital Markets (NCBCM). The NCBCM chairman expressed great confidence in Smith’s ability to add his own brand of savvy to the team.

No stranger to the boardroom, when asked what he plans to bring to the table as the eleventh member of the NCBCM ‘decision team’, Mr. Smith offered pointed assurances. “My commitment to the NCB Capital Markets team and its clients is to bring a culmination of my professional and life experience to the table in the interest of long term strength and sustainable profitability,” he effused. He has enjoyed a successful career at the Senior Executive level in Marketing, General Management and Sales – in both local and multinational corporations – for over three decades; his most notable being his stint as Chief Customer Relations Officer for regional telecommunications giant, Digicel.

He is a Founding Chairman of the Digicel Foundation and a member of the following Boards: Mona School of Business UWI, Trustees of Utech Foundation, Cari-Med Ltd. and Kirk Distributors. He holds a Bachelor of Science and a Marketing MBA from UWI.

3-Months T-Bill Yield Rose in June

Similar to the auction of the 6 months instrument, the 90-day Treasury Bill was undersubscribed (bid to cover ratio of just 94.6%) as most investors chose instead to participate in the LRS auction. The LRS auction was oversubscribed by some 400% and highlights strong investors appetite for short duration fixed rate instruments.

The tight liquidity conditions and the under subscription may have contributed to the 37 basis points decline in the average yield on the instrument which came out at 19.58%. Investors were alloted yields which ranged from 95.71% to 95.02%. In the coming months, market interest rates could head back on its downward track given that the foreign exchange market remains stable. However, lower liquidity levels and an expected increase in the inflation rate could put upward pressure on rates demanded by investors

Increase in Oil Prices Fueled Inflation in May

Impacted primarily by higher fuel prices and electricity rates, and increases in the SCT on several products, consumer prices rose by 0.9% in May (0.4%: April). The main divisions contributing to the increase were “Transport” (+1.9%), Housing, Water, Electricity Gas and Other Fuels” (+1.7%) and “Alcoholic Beverages and Tobacco” (+1.6%). Increases in the SCT on alcoholic beverages, tobacco and gasoline which were implemented by the Government as it tried to plug the hole in the 2009/10 fiscal budget led to higher prices for goods and services in these divisions. In addition, the 29% jump in world oil prices during the month of May also placed upward pressure on fuel and electricity costs. Other notable increases were in the Clothing and Footwear (+1.0%), Restaurants and Accommodation Services (+0.8%) and the Miscellaneous Goods and Services (+0.8%) divisions.

Despite the month-over-month increase in consumer prices, point to point inflation fell to 9.6% from 11.2% in April. For the calendar year to May, the rate of inflation stood at 2.6%. In the coming months, there could be some second round effects from the increase in the SCT on gas and other fuels. However, the relative stability in the local currency should help to moderate price increases. Further, the decline in consumer disposable income is likely to restrict the pricing power of firms and their ability to pass on all of the increase in costs to consumers.

Import Cover Improves to 13.4 Weeks

The country’s Net International Reserves rose for a fourth consecutive month in May. The NIR increased by US$8.15Mn to US$1,671.75Mn. At this level, the NIR is sufficient to cover 13.42 weeks of goods and services imports. If the current stability in the foreign exchange market persists, the upward trend in the NIR is likely continue in the near term. However, if world oil prices continue to trend upwards, this is likely to temper any improvement in the import cover.

S&P Maintains Negative Outlook on Jamaica

In its latest review on the country’s credit worthiness, Standards & Poors maintained its B- foreign currency sovereign credit ratings on Jamaica. The country’s relatively developed capital markets, political stability, and commitment to debt repayment even in difficult conditions are major ratings strengths. However, Jamaica’s fiscal inflexibility due to high and increasing interest payments remains a major concern. The country’s difficulty in reducing its large debt burden and vulnerability to external shocks were also among the negative factors. S&P expects that the fiscal picture will deteriorate further in the current year despite government’s efforts to boost revenue intake and contain spending. The negative outlook therefore reflects the likelihood of a further downgrade if options for fiscal stabilization narrow or if the external situation worsens, and result in an impairing in domestic confidence and the value of the local currency. However, if the government sufficiently tightens its fiscal belts, secures disbursement of official funding in a timely manner and can avoid further increases in domestic interest rates, the outlook may be revised upwards to stable. In this context, the government’s fiscal performance to date, the relative stability in the local currency as well as the decline in domestic interest rates bode well for an upward revision in the country’s ratings outlook.

S&P Lowers Barbados' Credit Rating

Last week Barbados joined the list of countries that have recently been downgraded by rating agency Standard & Poors. The country’s long term foreign currency rating was downgrade to BBB from BBB+; the outlook is stable. In its press release, S&P noted that the global economic crisis resulted in strong headwinds for Barbados’ economic and fiscal performance and had a negative spillover effect on its sovereign debt trends. The government is currently running a countercyclical fiscal policy that is projected to lead to an increase debt levels to 86% of GDP (on a grosslevel) and 46% (on a net level) in 2009. Also of concern is the drop in the international reserves’ coverage of the monetary base to 83% in 2008 from 102% in 2007; this is expected to fall further to 74% in 2009. S&P is projecting a 2.5% contraction in the Barbados’ economy in 2009, followed by a flat performance in 2010, before gradually recovering to a 2.5% growth in 2011.

However, S&P expects that the combination of prudent policy making and strong,cohesive social policies will help Barbados through difficult economic times ahead, in line with its ‘BBB’ rated peers.

The stable outlook reflects the rating agency’s expectation that the government’s limited policy choices (especially in light of the peg on the Barbadian dollar and the country’s already high debt levels) coupled with its commitment to address the debt situation, will result in the government tightening its fiscal accounts from 2010 onward and the stabilization in the government’s debt levels.

BOJ Withdraws 1 Year CD

After lowering the rate offered on its One (1) year Certificate of Deposit (CD) in April, the Bank of Jamaica (BOJ) has decided to withdraw the instrument from the market. Of note, the instrument was re-introduced in January 2008 in an effort to mop up excess J$ liquidity and control the pace of depreciation in the local currency. However, following the relative stability seen in the exchange rate, the moderation in the pace of inflation and a downtrend in Treasury Bill Yields, the 1 year CD is being removed from the list of open market instruments.

Recent actions by the BOJ have signaled that domestic interest rates are likely to decline in the short-term. As such, rates offered on GOJ instruments could be reduced.

CWJA Schedules AGM

Cable & Wireless Jamaica Limited has advised of its annual general meeting to be held on Wednesday, July 29, 2009 at the Hilton Kingston Hotel, 77 Knutsford Boulevard, Kingston 5, commencing at 3 p.m.

H&L Managing Director Opts for Early Retirement

Hardware & Lumber Limited has advised that Anthony Holness, Managing Director will be retiring early with effective date July 31, 2009. Joseph Taffe will be acting in the position effective August 1, 2009.

JMMB Declares Dividend

Jamaica Money Market Brokers Limited (JMMB) has declared an interim dividend of $0 .06 per stock unit payable on June 30, 2009 to shareholders on record as at June 15, 2009. The X-Date is June 11, 2009. JMMB has submitted its audited financial statements for the period ended March 31, 2009.

TCL Director Retires

Trinidad Cement Limited has advised that Felipe Zambrano has retired from the board of directors effective May 12, 2009

Carreras Declare $3.00 Dividend

Carreras Limited has declared an interim dividend payment of $3.00 per stock unit payable on June 25, 2009 to shareholders on record as at June 11, 2009. The X-Date is June 9, 2009.

SGJ & SDBG Declare Dividend

Scotia DBG Investments Limited & Scotia Group Jamaica Limited have declared interim dividend payments of $0.30 and $0.34 per stock unit, respectively. The record date for the interim dividend payments is May 28, 2009 and payments are to be made on June 30, 2009. The X-Date is May 26, 2009.

BNSJ Declares Preference Share Dividend

Bank of Nova Scotia Jamaica Limited has declared an interim dividend of 24.26 percent to be paid on the amount of $100,000,000 in respect of the cumulative redeemable preference stock units for the period January 1, 2009 to June 30, 2009. The dividend amount of $0.1213 per stock unit is payable on June 30, 2009 to stockholders on record as at the close of business on May 28, 2009. The X-Date is May 26, 2009.

Pan Jam & FJI Appoint New Board Member

First Jamaica Investments Limited & Pan-Jamaican Investment Trust Limited have advised that Thomas Matthew Wykeham Pragnell was appointed a member of the boards of directors and the audit committees with effect from May 15, 2009.

JMMB to Make Monthly Preference Share Dividend Payment

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0.03 per share and $0.0301146 per share on JMMB 12% and JMMB 12.25% preference shares, respectively, on June 12, 2009. The record date for the dividend payment is May 29, 2009 and X-date is May 27, 2009.

D&G Declares Dividend

Desnoes & Geddes Limited has declared an interim dividend of $0 .25 per stock unit payable on June 26, 2009 to shareholders on record as at June 12, 2009. The X-Date is June 10, 2009.

Lower Electricity Rate Aid Moderation in Inflation in April

Helped by a decline in electricity rates and a resulting 1.6% decrease in the ‘Electricity, Gas and Other Fuels’ category, the pace of inflation continued to slow in April. The consumer price index increased by just 0.4% during the month (to 138.8), down from a 0.8% increases in the two prior months. The main contributor to the increase was higher prices for alcoholic beverages. As a result, the index for the ‘Alcoholic Beverages and Tobacco’ increased by 1.4%. Other notable increases were recorded in the indexes for:

For the calendar year to April, the rate of inflation stood at 1.7%, while point to point inflation stood at 11.2%. The increase in the SCT on gas which was implemented in late April as well as the upward movement in oil prices on the international market, is likely to filter through to consumer prices in the coming months. In addition, the new tax package announced for cigarettes, alcoholic beverages and other products could also result in higher price increases. That said, the relative stability in the local currency and the decline in consumer disposable income as result of the local recession should help to keep the increase consumer prices below the records seen last year.

Real GDP Declined by 2.8% in Q1

Reflecting the adverse impact of the global recession on domestic output the PIOJ estimates that real GDP in the first quarter decline by 2.8%. The downturn in the local economy can be attributed to a 1.6% contraction in the Services Industry and a 5.9% decline in the Goods Producing Industry.

Excluding Finance and Insurance services, all sub-sectors in the services industry registered a contraction during the period.

PJAM & FJI Declare Second Interim Dividend

First Jamaica Investments Limited has declared a second interim dividend payment of $0 .25 per share payable on June 19, 2009 to shareholders on record as at June 4, 2009. The X-Date is June 2, 2009.

MIL Declares Monthly Dividend on Preference Share

Mayberry Investments Limited has approved a monthly interim dividend of 12% on Redeemable Cumulative Preference shares for the sum of J$0 .028 per share payable on May 22, 2009 to stockholders on record as at May 20, 2009. The X-Date is May 18, 2009.

Carlton Savannah REIT to Consider Dividend Payment

Carlton Savannah REIT (Jamaica) Limited has advised that the board of directors will meet on Thursday, May 14, 2009 to consider the payment of a dividend to shareholders of the company.

FCIBJ Schedules AGM

First Caribbean International Bank (Jamaica) Limited has advised that its annual general meeting will be held on Monday, June 8, 2009 at 9 a .m. at the Jamaica Pegasus Hotel.

AGM-SLJ

Sagicor Life Jamaica Limited has advised that its 38th Annual General Meeting will be held on Wednesday, May 20, 2009 at 3 p .m. in the SLJ Auditorium located at 28-48 Barbados Avenue, Kingston 5.

NIR Continued to Increase in April

The Net International Reserves continued to climb in the month of April. The NIR increased by US$35Mn (or 2.15%) to US$1,663.6Mn. At its current level, the NIR is sufficient to cover 13.16 weeks of goods and services imports, up from 9.2 weeks in March. If the current stability in the foreign exchange market persists, the upward trend in the NIR is likely continue in the short term.

Economic Contraction Weighs on H&L’s Performance in Q1

Hardware & Lumber closed the week at its 52-week low of $5.00, as reduced consumer spending, decline in construction activity and fast pace of depreciation in the local currency resulted in the company posting losses of $113.01Mn in the first quarter (Q1 2008: net profit of $22.07Mn). Despite cost rationalization and the slower pace of depreciation in the local currency since March, the contraction in the local economy is likely to continue to weigh heavily on the company’s earnings performance.

Efficiency Gains Stem Decline in TCL’s Q1 Earnings

Overseas based cement manufacturers Trinidad Cement Company, reported a TT$1.79Mn (3.4%) decline in net profit to TT$50.11Mn (EPS: TT$0.19). Despite an 11.7% decline in sales volume, operating profit increased due to the product efficiencies achieved from the newly commissioned kiln 5 in Jamaica, stabilization of the pet coke fuel system in Barbados and lower fuel prices. The increase in finance costs due to the foreign exchange losses and the expensing of interest of loans taken for expansions could continue to adversely impact the group’s bottom-line in the near term. However, production efficiencies gained from the group’s recent investments are likely to temper the rate of decline in net profit.

J$ Depreciation Negates Efficiency Gains at CCC in Q1

Although Carib Cement experienced a much slower decline in sales volume (-3.9%) and benefitted from increased production efficiencies from operating the new kiln, net profit fell by $33.03Mn (20.2%) to $130.13Mn (EPS: $0.15). This was as a result of the rapid depreciation in the J$ which significantly increased finance costs.

Pegasus Hotels Recovers From Fire in FY08/09

Helped in part by the fact that revenues were depressed in the prior year due to a fire at the hotel, Pegasus registered a $16.23Mn (41.6%) increase in net profit to $55.24Mn (EPS: $0.46) for FY2008/09. Earnings growth in the current year is likely to be thwarted by a reduction in business travellers and tourist arrivals due to the downturn in the global economy.

Seprod Demonstrates Resilience in Economic Recession

Seprod Limited was last week’s major upside surprise as a 23.5% jump in revenues and significantly higher finance and other operating income boosted first quarter earnings. Net profit increased by 89.2% ($214.91Mn) to $455.93Mn or $0.88 per share.

CCC Schedules AGM

CCC has also advised that its annual general meeting will be held on Thursday, May 21, 2009 at 10:00 a .m. at the Knutsford Court Hotel, 11 Ruthven Road, Kingston 10

MIL Schedules AGM

Mayberry Investments Limited has advised that the company`s annual general meeting will be held on May 20, 2009 at the Knutsford Court Hotel, 11 Ruthven Road, Kingston 10 at 4:00 p.m.

NCBJ's Q2 2009 Earnings Decline

Reflecting a sharp reduction in operating profit from the wealth management segment, National Commercial Bank Jamaica reported a 15.3% decline in net profit for the second quarter to $2,242.70Mn (EPS: $0.91). NCB Capital Markets which is the main contributor to wealth management segment saw a 71.8% decline in Q2 profit which stood at $170.18Mn. This was due primarily to a reduction in trading gains. The decline in NCBJ’s Q2 earnings may also be attributed to the fact that last year’s results were boosted by one-off gains from the sale of Visa shares. For the first half of the year, the group’s net profit increased by 2.7% to just under $4.63Bn.

NCBJ Declares $0.10 Dividend

National Commercial Bank Jamaica Limited has declared an interim dividend of $0 .10 per ordinary stock unit to stockholders on record as at May 8, 2009 and payable on May 21, 2009. The X-Date is May 6, 2009.

FJI & PJAM Schedule AGM

First Jamaica Investments Limited & Pan-Jamaican Investment Trust Limited have advised that their Annual General Meetings are scheduled for Thursday, May 14, 2009 at the Pan Caribbean Building - 12th Floor, 60 Knutsford Boulevard, Kingston 5 at 2:30 pm and 4:00 pm, respectively.

PJAM to Acquire Stake in Walkerswood Partners

Pan-Jamaican Investment Trust Limited (Pan-Jam) has advised that it is part of an investment consortium which is intending to acquire 90% of the ordinary shares of the Walkerswood group`s holding company, Walkerswood Partners Limited. The acquisition would be consummated after acceptance of a court-approved Scheme of Arrangement by the requisite majority of each class of creditors of each of the Walkerswood group companies, and agreement with other stakeholders in respect of any other liabilities and contingencies of the group. The investment consortium would purchase 90% of Walkerswood Partners Limited for approximately $350 million in cash, to be used for badly-needed working capital and the future development of the company. The acquisition is expected to be consummated on or around May 1, 2009. Pan-Jam`s equity interest in the consortium is expected to be approximately 25%, and it intends to play an active role in the management of the Walkerswood group to ensure the success of the revitalised operation.

Year to Date Inflation Slows to 1.3%

In March, the increase in consumer prices continued to be moderate. The Consumer Price Index rose by 0.8% to 138.2, the same rate at which it increased in February. Excluding ‘Communication’ and ‘Education’ all other divisions recorded increases. The most noticeable increase was in the ‘Alcoholic beverages and Tobacco’ category which rose by 4.9% due to price increases effected in February. Inflation for the first quarter of 2009 stood at 1.3% a significant improvement from the 5.2% recorded in the same period last year. The rate of inflation for the 2008/09 fiscal year was 12.4% or 7.4 percentage points below the 19.9% recorded in the prior year. The expectation is for continued moderation in consumer prices throughout the year. This as deteriorating conditions in the local economy and the reduction in consumer disposable income as a result of job losses and the decline in remittances are likely to keep prices depressed for some time.

S&P Revises Outlook on Barbados to Negative

Standards & Poors affirmed its BBB+/A-2 foreign currency rating and A/A-2 sovereign credit ratings on Barbados. However, the outlook was revised downwards to negative from stable. The country’s ratings were supported by its strong social cohesion, political stability and fiscal flexibility that the National Insurance Scheme provides. However, the ratings agency noted that the country’s increasing fiscal deficit and growing government debt burden is likely to increase the challenge in maintaining the long-standing currency peg. In the face of sluggish economic activity and dismal revenue growth, Barbados’ fiscal deficit widened to 6.6% of GDP for the 2008 calendar year (from 3.8% in 2007) and is expected to be approximately 5.7% of GDP in 2009. The general government debt is expected to increase to 44% of GDP from 41% in 2008.

$547.7Mn Budget for 2009/10 Fiscal Year

Last Tuesday, the government tabled its planned expenditure for the 2009/2010 fiscal year. The government announced that it will be spending a total of $547.75Bn during the financial year, which represents a nominal increase of 7.8% relative to the previous year. The ‘tightening of the fiscal belts’ which the S&P alluded to was evident in this outline as allocations to several ministries were reduced. The reduction in interest rate by the BOJ is welcomed news for the government as it seeks to reduce debt servicing costs. Investors can expect to see reduction in interest rates offered on upcoming debt issues.

NIR Increased in March

The Net International Reserves increased by US$26.73Mn to US$1,628.58Mn. Foreign Assets increased by US$14.46Mn, while there was a US$12.27Mn decline in foreign liabilities. This amount is sufficient to cover just 9.52 weeks of goods and services imports.

MIL to Pay $0.08 per Stock to Shareholders

Mayberry Investments Limited has declared an interim dividend of $0 .08 per stock unit to shareholders on record as at April 14, 2009 and payable on April 16, 2009. The X-Date is April 8, 2009

S&P Downgrades Jamaica's Sovereign Credit Rating

Standard and Poor’s Ratings Services (S&P) today cut its long term sovereign credit rating on Jamaica from ‘B’ to ‘B-‘. The outlook is negative. The ratings agency stated that the downgrade reflects the deteriorating economic situation and its increasing spillover into Jamaica’s fiscal and external accounts. S&P also pointed out that the negative outlook reflects the likelihood of further downgrade if the policy actions fail to contain the fiscal and external deterioration. However, S&P stated that if the government shows fiscal discipline; receive timely disbursements of official financing and avoids further interest rate increases, the outlook may be revised to stable.

CPI Increased by 0.8% in February

For the month of February, the consumer price index increased by 0.8% to 137.1. The most significant contributor to the increase was the 4.2% rise in ‘Housing, Water, Electricity, Gas and Other Fuels’ category due mainly to the month over month increase in oil prices as well as the weakening in the local currency. All other categories excluding the ‘Communications’ and ‘recreation and culture’ recorded marginal increases. With the 0.3% decline in January, inflation recorded for the calendar year to date was 0.4% a significant improvement from the 4.0% rate recorded for the corresponding period last year. Point to point inflation stood at 12.8% while inflation for the fiscal year to date was 11.5%. The pace of inflation is likely to continue to moderate in the context of a slowdown in the pace of depreciation in the local currency as well as the fact that oils prices remain significantly below levels seen last year.

Global Downturn Weighs Heavily on TCL's Performance in 2008

The effects of global downturn and softening markets weighed heavily on the performance of Trinidad Cement Limited (TCL) in the fourth quarter as the company reported a 59.50% in net earnings for the three month period. TCL recorded net profit of TT$27.00Mn compared to the TT$66.70Mn in the corresponding period in 2007. For the financial year, net profit declined by 26% to TT$156.3Mn relative to TT$$211.4Mn.

NIR Dipped Below US$1700 in February

Against the background of heavy foreign exchange market intervention by the BOJ in early February the Net International Reserves declined by US$163.13Mn during the month to US$1,601.85Mn. At its current level, the NIR is sufficient to cover just 9.61 weeks of goods and services imports and 12.89 weeks of imported goods. However, in recent weeks conditions in the foreign exchange market have stabilized and this should reduce some of the downward pressure on the NIR in the near term.

JBG to Consider Dividend Payment

Jamaica Broilers Group Limited has advised that at a meeting of the board of directors to be held on March 25, 2009, the directors will consider the declaration of an interim dividend.

BNSJ Director Resigns

The Bank of Nova Scotia Jamaica Limited has advised that Miss Stacie Ann Wright, Executive Vice President and Chief Financial Officer, has resigned from the Company effective March 31, 2009.

GOJ Issues Two Year VR Investment Bond

During the period March 6-9, 2009, the Government of Jamaica will be issuing a two (2) year Variable Rate Investment Bond (series Bq) with an initial coupon of 22.0% for the first three months and quarterly interest payments thereafter at a variable rate of 1.50 percentage points above the 3-month WATBY. Despite the fact that this VR bond carries a much lower initial coupon payment (relative to 24.25% on the last VR Bond), it comes with a much lower tenor of 2 years (10 years on the previous VR Bond). The initial coupon rate also compares favourably to the current 3-month T-Bill which yields 21.69% and the 90-day BOJ Certificate of Deposit (CD) yielding 20%.

Moody’s Downgrades Jamaica’s Key Ratings

In a move to reflect the deterioration in the country’s fiscal and debt positions as a result of the deterioration in the global economic environment, Rating Agency Moody’s downgraded Jamaica’s government bond ratings. The foreign currency and local currency rating were downgraded to B2 from B1 and Ba2, respectively. The outlook is stable for all ratings. According to Moody’s, central government deficit is expected to reach 6.0% for FY 2008/09. While the agency acknowledged that Jamaica was not unique in the expectation for significant macroeconomic deterioration, "because of the high debt burden and large fiscal and external imbalances, Jamaica is facing these significant challenges from a position of weakness. However, despite the challenges, Jamaica is expected "to avert a situation in which serious concerns about debt repayment arise. Because of the number of shocks the country has faced in recent years, policy-makers are accustomed to navigating through situations of high volatility."

PCFS Net profit for FY2008 Up 13.8%

Pan Caribbean Financial Services (PCFS) reported net profit of $1.38Bn (EPS:$2.52) for the FY 2008, up 14% from the $1.21Bn (EPS: $2.23) recorded in FY2007. Total revenue grew by 19.8% helped by a 13.2% increase in net interest income.

CCFG Reports Net Profit Growth of 21.3% for FY2008

Boosted by a 50% jump in net interest income, CCFG reported a 21.4% increase in net profits for the 2008 financial year. Net profit came in at $422.63Mn compared to $348.18Mn reported in FY2007.

PJAM & FJI Declare Dividend

First Jamaica Investments Limited has declared its first interim dividend for the year 2009 in the amount of 20 cents per stock unit payable on March 27, 2009, to shareholders on record as at March 11, 2009. The X-Date is March 9, 2009.

Pan-Jamaican Investment Trust Limited has declared its first interim dividend for the year 2009 in the amount of 25 cents per stock unit payable on March 31, 2009, to shareholders on record as at March 11, 2009. The X-Date is March 9, 2009.

Shortfall in Tax Revenues Continues to Widen Fiscal Deficit

In the context of increased challenges in the local economy, central government operations for the fiscal year to January resulted in a widening of the fiscal deficit over the period. Despite continued efforts to reign in expenditure by suspending spending on capital programmes, the fiscal deficit widened to $64.03Bn or $12.33Bn above budget. This was as a result of the continued shortfall in Revenues & Grants received over the period. Tax Revenues were 7.3% behind target as production and consumption taxes fell short due to less than anticipated revenues from GCT on local products. There was also a shortfall in taxes on international trade due to lower GCT and SCT on imports. Jamaica’s fiscal position continues to be affected by the recession in the local and global economy as higher unemployment levels and the bleaker economic outlook adversely impact consumer spending.

FCIB Records Marginal Growth in Q109 Earnings

Helped by an 8.1% increase in net interest income as well as a 43.1% increase in operating income First Caribbean International Bank registered a marginal 3.8% growth in net profit for the first quarter of FY 2009. Net profit for the period stood at US$43.7Mn (EPS: US$0.028) relative to US$42.1Mn (EPS: US$0.027) in Q108. A 17.7% growth in non-interest expenses tempered the increase in revenues.

Local Economy Contracted in 2008

Reflecting the impact of the global economic downturn on the domestic economy, real GDP for the Jamaican economy is estimated to have declined by 0.7% during the fourth quarter of 2008. The contraction in real GDP for the period was mainly as a result of the 2.7% decline in the value added in the Goods Producing Industries. The decline in the goods producing industry reflects an 11.0% decline in the construction industry which negated the 7.5% growth in Agricultural output. Although there was a 1.3% decline in output from Hotels and Restaurant, the Services Industry remained flat helped by a 1.3% growth in the finance and insurance services. Real GDP is estimated to have declined by 0.4% in 2008.

CPI Declined in January on Lower Utility Costs

According to STATIN, the consumer price index declined by 0.3% in January to 136.0. The decline in the CPI came on the back of a 6.1% reduction in the Housing, Water, Electricity and Other Fuels’ category as a result of the continued downward movement in the cost of utility services. Excluding the ‘Transportation’ division, all other categories recorded increases. The most heavily weighted index- ‘Food and Non-Alcoholic Beverages’ increased by 0.6% during the period. For the fiscal year to January, the inflation rate was 10.7% while point to point inflation was 14.0%. Notably, prices could see an up-tick in February given the pace of depreciation in the currency and announced increase in electricity costs during the month.

Carreras Registers Drop in Q3 Earnings

Carerras Group Limited reported Net profit of $803.66Mn for the third quarter representing a 6.50% decline over the corresponding period in 2007. The group continued to record a decline in cigarette sales volume as a result of the price increase implemented last year due to the increase in Special Consumption Tax (SCT), as well as the declining disposable incomes in light of the challenging economic conditions.

GK Earnings Fell by 32.2% in FY2008

Grace Kennedy Limited was also affected by the softening of the global market. The group reported earnings of $2,398Mn ($6.92 per share) for FY2008, a sharp decline of 32.2% when compared to the prior year. However, a one-off gain from the sale of its 25% stake in GK Money Services Limited boosted net profit by $1.38Bn in Q4-07. Excluding this, the Group’s net profit for 2008 would have reflected an increased of 11.7% increase over 2007.

GHL's Share Repurchase Programme to Begin in February

Guardian Holdings Limited has advised that shareholders be reminded that the Share Repurchase Programme announced on January 28, 2009 will commence on Wednesday, February 18, 2009 and end on August 18, 2009.

DG's H1 Earnings Up 54%

Desnoes & Geddes reported that net profit for the first half of the year (H1) increased by 53.6% to $933.58Mn (EPS: $0.33). The improved earnings results came on the back of 30.1% decline in marketing costs following the refocus of the investment strategy for Red Stripe in North America. Turnover increased by 6.2% to $6.88Bn as a result of the price increases on both domestic and exported products.

H&L Reports Losses for FY2008

Reflecting the downturn in economic conditions and the decline in construction activity, Hardware and Lumber reported net losses of $285.63Mn for the FY2008 (Net profit of $133.55Mn the prior year). The company saw its revenues declining by 2.1% to $6.79Bn during the period. This was exacerbated by a 32.1% jump in operating expenses.

Carreras Declares Dividend of $4.00

Carreras Limited has declared an interim dividend payment of $4.00 per stock unit to shareholders on record as at February 24, 2009 and payable on March 17, 2009. The X-Date is February 20, 2009.

MIL to Pay Dividend on Preference Share

Mayberry Investments Limited (MIL) has declared a monthly interim dividend of 12% on Redeemable Preference shares for the period January 22, 2009 to February 20, 2009 for the sum of J$0.03 per share, payable on February 24, 2009 to shareholders on record as at February 20, 2009. The X-Date is February 18, 2009.

MIL Records Net Profit Growth of 26.0% in FY2008

Mayberry Investments today reported that net profit for the FY2008 increased by $96.88Mn (26.0%) to $469.50Mn (EPS: $0.39). Despite good growth in net interest income and net foreign exchange gains, operating revenues declined by 5.0%. This was due primarily to the sharp decline in net trading gains as well as the fact that the company registered unrealized losses on investment revaluations. With a 16.0% growth in operating expenses, pre-tax profit dipped by 27.3% to $356.15Mn. However, the company’s bottom-line was supported by a $113.36Mn tax credit.

Lascelles Reports 55% Drop in Net Profit

Lascelles registered a significant decline in net income for the first quarter of FY2008/09. Net profit declined by 55.6% ($519.93Mn) to $415.82Mn. The decline in net income during the period was due primarily to the 23% jump in administrative, marketing and selling expenses which eroded the 4.5% growth in operating revenue.

CWJA Earnings Improve in Q3

Cable and Wireless on the other hand saw an improvement in its third quarter earnings for FY2008/09. Net profit for the quarter rose by $19.08Mn (141.15%) to $32.60Mn. There was a 6.2% decline in revenues which the group attributed to the impact of the change in its mobile strategy to focus on gross margin, as well as some softening in tourist related demand. However, the group undertook cuts in expenditures which resulted in higher operating profit. For the nine months to December, the group’s net losses have declined from $493.29Mn to $233.29Mn.

NIR Declined Marginally in January

In the context of limited BOJ intervention in the foreign exchange market during the month of January, the Net International Reserves was very little changed during the period. The NIR declined by just US$7.96Mn to US$1,764.98Mn. This was enough to cover 10.86 weeks of goods and services imports. At its current level, the NIR is above the BOJ target of US$1,750Mn.

Dividend Consideration-SGJ & SDBG

Scotia Group Jamaica Limited and Scotia DBG Investments Limited have advised that dividend payments will be considered at their board of directors meeting scheduled for February 23, 2009.

JBG Suspends Ethanol Production

Jamaica Broilers Group Limited (JB) has advised that it is in the process of merging the operations of its current ethanol plant and the new facility which is on track for completion by the end of February 2009, with the principal aim being to give JB Ethanol the "maximum flexibility needed for future production and storage" at the plant. This has led to a temporary suspension in production at JB Ethanol, although the organization`s full workforce continues to be engaged.

SALF Considers Dividend Payment

Salada Foods Jamaica Limited has advised that the board of directors has been discussing the payment of dividends to shareholders in the next financial year. These discussions will continue and as soon as same is concretized SALF will advise further.

Carreras to Consider Dividend

Carreras Limited has advised that the board of directors will consider a dividend declaration at a meeting to be held on February 10, 2009

Fiscal Deficit Widened in December, Revenues Fell Short

As revenue collection continues to fall behind projections, the government deficit for the fiscal year to December 2008 increased to $58.30Bn or $10.59Mn above budget. Revenues & Grants totalled $195.59Bn, $16.90Bn less than anticipated as the decline in consumer spending resulted in a shortfall in GCT revenues from local and imported goods. The decline in aluminium prices on the international market also resulted in the underperformance of revenues from bauxite. On the other hand, government expenditure continues to be below budget due primarily to cost saving on programmes, wages and salaries and interest payments.

NCBJ & NCBCM Schedule AGM

National Commercial Bank Jamaica Limited has advised that its Annual General Meeting will be held at the Hilton Kingston Hotel, 77 Knutsford Boulevard, Kingston 5 on Thursday, February 26, 2009 at 3:00 p.m.

Remittances Declined in December

The downturn in the US and UK economy has had adverse effects on Net Remittances, as December’s figures show a 13.2% fall to US$151M. This is the first decline seen during the Christmas period in over 5 years. Net remittances for 2008 came in at US$1.7Bn topping last years figure by 3.4%- but was the smallest increase in 5 years. The average growth in remittances over the previous 4 years has been 13.9%.

Remittances may continue to trend downwards in light of the recession in the major economies of the world. The U.S economy contracted by 3.8% in the fourth quarter, while the British economy declined by 1.5% in the same period. The IMF is forecasting that global economic growth will slow to just 0.5% in 2009.

JMMB's Net Profit Jumps 90% in Q3

JMMB Limited reported that its third quarter net profit increased by 89.8% to $635.64Mn (EPS: $0.43). The group saw a sharp decline in net interest income (-61.8%) as their interest costs increased faster than interest income. However, the group’s operating profit was boosted by a $768.72Mn (200%) jump in net gains on securities trading. Net income for the nine months to December 2008 stood at $1,770.63Mn, a $962.12Mn (119%) increase relative to the same period last year.

JMMB Restructures Operation in Light of Bleak Economic Outlook

Jamaica Money Market Brokers Limited (JMMB) has advised that the company has undertaken a strategic re-alignment process to drive growth in the face of significant changes in the global economic outlook and the resulting impact on Jamaica. The objectives of this process are to ensure sustainable growth as well as increased efficiency and shareholders` value. The strategic re-alignment exercise, which included the automation of a number of processes, the re-allocation of resources where JMMB saw increased opportunities and a reduction in other areas, will result in 50 positions being made redundant, representing 14% of the workforce across the Group, effective February 28, 2009.

JP Appoints Administrator to Handle Sale of Serious Foods Assets

Jamaica Producers Group Limited (JP) has advised that the board of directors of Serious Food Limited ("Serious Food"), a subsidiary of the company, gave notice of its decision to appoint PricewaterhouseCoopers to serve as administrators of the company. It is expected that the administrators will now handle the sale of assets and businesses of Serious Food. The appointment is expected to take immediate effect. Serious Food Limited was the single largest contributor to the losses of the JP Group in 2008. The appointment of the administrators by Serious Food does not affect the ongoing operations of the juice and food businesses of JP outside the United Kingdom or any other business of the JP Group.

GHL to Buy Back Ordinary Shares

Guardian Holdings Limited has advised of its intention to repurchase up to 4% of its issued ordinary shares through a "Normal Course Issuer Bid". The repurchases will commence on February 18, 2009 and will conclude on August 18, 2009.

SVL Restructures Operations at Coral Cliff Facility

Supreme Ventures Limited has advised of the restructuring of business operations at its Coral Cliff facility in Montego Bay, effective January 16, 2009. The restructuring exercise is aimed at improving efficiency in operations, thereby contributing more to the Group`s profitability. The restructuring process will also see closure of the unprofitable Coral Cliff Hotel and Ma Lou`s restaurant operations. These measures, as well as the new operating hours will lead to approximately 43 positions being made redundant.

MIL Approves Monthly Dividend on Preference Shares

Mayberry Investments Limited has declared a monthly dividend on its Preference Shares of $0.03 per share to shareholders on record as at January 21, 2009 and payable on January 23, 2009. The X-Date is January 19, 2009.

Consumer Prices Were Flat in December

Helped by lower oil prices in December and the resulting reduction in fuel and energy cost, consumer prices were flat when compared to November. The consumer price index for the month stood at 136.5 points. Prices in the ‘Housing, Water, Electricity and Other Fuels’ declined by 2.7% during the period and ‘Transportation’ costs fell by 2.0. However, this was offset by a 0.9% increase in the ‘Food and Non-Alcoholic Beverages’, the most heavily weighted division. In addition, prices in the ‘Furnishings, Household Equipment and Routine Household Maintenance’ increased by 1.1%. This is due primarily to the fast pace of increase in the local currency. Inflation for the calendar year ending 2008 closed at 16.8%, in line with last year’s outturn. For the fiscal period to December inflation stood at 11% and compares favourably with 14% for the same period last year. In the US, consumer prices fell by 0.7% in December and recorded the smallest annual increase in more than 60 years.

Gleaner declared an interim dividend payment

The Gleaner Company Limited has advised that its board of directors declared an interim dividend payment of 5 cents per share to shareholders on record as at January 29, 2010 and payable on February 8, 2010. The X-date is January 27, 2010.

Resignations & Appointments At MFP

Montego Freeport Limited has advised of the following changes to the Board of Directors effective November 24, 2008:

1. Resignation: Homer Davis, Angus Gordon and Shalman Scott

2. Appointment: Michael Subratie, Zachary Harding and Robert Russell

Resignations & Appointments At Pegasus

Pegasus Hotels of Jamaica Limited has advised that Louis Williams, L. L. (Laurie) Ventour and Mr. Alston Douglas have resigned from the board of directors effective November 28, 2008. Michael Subratie, Desmond Young and Robert Russell have been appointed to the board of directors.

BNS, SGJ, SDBG Schedule AGM

The Bank of Nova Scotia Jamaica Limited has advised that its Annual General Meeting will be held on Monday, February 23, 2009 at 9:00 a .m. at Scotiabank Centre, Corner of Duke & Port Royal Streets, Kingston.

Scotia Group Jamaica Limited & Scotia DBG Investments Limited have advised that their Annual General Meetings are scheduled for Tuesday, February 24, 2009 at 10:00 a.m. and 2:00 p.m., respectively at the Jamaica Pegasus Hotel, 81 Knutsford Boulevard, Kingston 5.

NIR Declined in December

The Net International Reserves (NIR) declined by US$28.04Mn in the month of December to US$1,765.99Mn. This is enough to cover just 10.60 weeks of goods and services imports and below the critical 12 weeks level. The decline in the NIR was as a result of the Bank of Jamaica’s intervention in the foreign exchange market in order to augment US$ supplies. BOJ intervened in the foreign exchange market three times in December.

Fiscal Deficit Exceeds Target in November

Despite a $12.79Bn cut in budgeted expenditure, the fiscal deficit was larger than projected for the fiscal year to November. The fiscal deficit stood at $43.22Bn, or $976.7Mn above budget. The government’s $10.03Bn savings on capital expenditure and $2.77Bn savings on recurrent expenditure was offset by a $13.77Bn shortfall in revenues. Revenues and Grants for the period was $169.63Bn relative to the budgeted amount of $183.40Mn due to the fact that income from General Consumption Taxes on local products came in less than initial projections. GCT and Special Consumption Taxes on imports also came in below budget. This is a reflection of the downturn in economic activity as consumers cut back on spending due the high inflation and weak economic environment. The local economy is estimated to have contracted in the fourth quarter of 2008. Notably, bauxite/alumina revenues have been virtually non-existent as the sector has been crippled by the sharp drop in the price of the commodity.

CCFG Reduces Workforce

Capital & Credit Financial Group Limited has advised that the following persons are no longer employed to the company effective December 31, 2008 due to a redundancy exercise:

CWJA's CFO Demits Office

Cable & Wireless Jamaica Limited (CWJA) has advised that Eduardo Ryan will demit office as Chief Financial Officer and director of CWJA with effect from January 1, 2009.

FCIBJ Appoints New Managing Director

FirstCaribbean International Bank Jamaica Limited has advised that Clovis Metcalfe was appointed Managing Director with effective date January 1, 2009. Mr. Metcalfe`s appointment comes in the wake of Milton Brady`s appointment to the role of Managing Director, Corporate Investment Banking.

JMMB to Make Monthly Dividend Payments on Preference Shares

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0.03 per share and $0.0301146 per share on JMMB 12% and JMMB 12.25% preference shares, respectively, on January 14, 2009. The record date for the dividend payment is December 30, 2008 and X-date is December 24, 2008.

JSE Approves Suspension of Trading in GYR Shares

On Friday, December 19, 2008, the Extraordinary General Meeting of Goodyear Jamaica Limited (GYR) unanimously passed a Special Resolution to wind up the Company and appoint liquidators. The Liquidators have since applied to the JSE for suspension of trading in GYR and accordingly, JSE Chairman Mr. Curtis Martin has approved suspension of trading in GYR shares under JSE Rule 411 effective today Monday, December 22, 2008, instead of Tuesday, December 23, 2008 as was previously advised. The JSE apologizes for any inconvenience this change in suspension dates may have caused.

Sagicor Life Appoints New Director

Sagicor Financial Corporation has advised that David Wright has been appointed to serve as a director of Sagicor Life Inc.

GYR Shareholders Agree to Wind Up Company

Goodyear Jamaica Limited (GYR) has advised that the following special resolution was passed at an Extraordinary General Meeting of the shareholders held on December 19, 2008: "that the company be wound up voluntarily and that Anura Jayatillake and Audley Gordon both of Deloitte Touche Tohmatsu, 7 West Avenue, Kingston 4 be appointed as joint liquidators for the purposes of such winding up and that either one of the said liquidators shall have power to act alone in the winding up and that the remuneration of the liquidators be fixed at J$1,500,000 in addition to their costs, charges and expenses." GYR has also advised that trading will be suspended effective December 23, 2008.

Consumer Prices Declined in November

In November, consumer prices declined for the first time since the start of the 2008 calendar year. The Index stood at 136.4 points, down 0.3% relative to October. This was due mainly to the significant decline in oil prices on the world market, particularly in the second half of the year (oil prices have fallen by 63.0% to date from the high of $147.27 in July 2008). As such, the ‘Housing, Water, Electricity, Gas and other Fuels’ category fell by 8.1% and ‘Transportation’ costs declined by 2.8%. However, all other categories excluding communication recorded an increase. This was led by the ‘Food and Non-Alcoholic Beverages’ division which increased by 2.3% as the faster pace of depreciation in the local currency negated the impact of falling food prices in the international market. The Inflation rate for the calendar year to date and point to point inflation stood at 16.8% and 19.7% respectively. Consumer prices should continue to ease in December. However, the rate of decline may be tempered by the accelerated depreciation in the exchange rate as the increased cost of imported products is passed on to consumers.

SGJ, SDBG Record Strong Earnings Growth in FY2007/08

Buoyed by a 26.7% growth in net interest income due to the continued expansion in the group’s loan portfolio, Scotia Group recorded a 26.4% increase in net profit for the FY2008. Net profit for the period stood at $9,624Mn ($3.02 per share) in comparison to the $7,610Mn recorded last year.

The group’s wealth management arm- Scotia DBG Investments also saw a significant improvement in profit. Net profit at the end of the FY2008 was $1,239.48Mn or $2.93 per share ($686.30Mn for the seven months ended October 31, 2007).

JP's -'Serious Foods Ltd.'- to Make 200 Roles Redundant

Jamaica Producers Group Limited has advised that its UK fruit juice manufacturer - the Serious Food Company - intends to make up to 200 roles redundant at its South Wales based operation. The company is proposing a restructure of the business, which is currently operating at a significant loss, to reduce costs and provide greater focus and accountability. The restructuring is intended to allow the company to operate with substantially lower fixedcosts and to respond effectively to adverse economic conditions in the United Kingdom . Under the proposal a number of management, clerical and production roles are at risk of redundancy and, as a result, the business will begin the process of consultation with those employees potentially impacted.

T-Bill Rates Head Higher in November

The weighted average rates on both the 91-days and 182-days GOJ Treasury Bills, continued to climb in November. The rate on the 3-months instrument increased by 171 basis points to 16.92%; while the average rate on the 6-months T-Bill jumped by 230 basis points to 19.26%. Both offers were more than 100% oversubscribed. The sharp increase in market interest rates was impacted by lower J$ liquidity and the special 20.5% CD which was issued by the BOJ to stabilize the foreign exchange market.

Pegasus Declares Dividend

Pegasus Hotels of Jamaica Limited has advised of a dividend payment of $0.20 per stock unit to shareholders on record as at December 5, 2008,payable on December 15, 2008. The X-Date is December 3, 2008

Goodyear to Consider Voluntary Liquidation

Goodyear Jamaica Limited has advised of an Extraordinary General Meeting scheduled for Friday, December 19, 2008 at the Courtleigh Hotel, Knutsford Boulevard, Kingston 5 at 9 a.m. for the purpose of considering and if thought fit, passing the following resolution as a Special Resolution :- "that the company be wound up voluntarily and that Anura Jayatillake and Audley Gordon both of Deloitte Touché Tohmatsu, be appointed as joint liquidators for the purposes of such winding up and that either one of the said liquidators shall have power to act alone in the winding up and that the remuneration of the liquidators be fixed at J$1,500,000 in addition to their costs, charges and expenses".

JMMB to Pay Monthly Preference Share Dividend

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0 .03 per share and $0.0301146 per share on JMMB 12% and JMMB 12.25% preference shares, respectively, on December 12, 2008. The record date for the dividend payment is November 28, 2008 and X-date is November 26, 2008.

Gleaner Company Reports 53% Decline in Q3 Earnings

Due mainly to a 13.2% reduction in revenues, Gleaner Company reported a 53.3% decline in net profit for the third quarter of FY2008. The group also registered a 12.4% increase in operating expenses which contributed to the decline in net profit. For the nine-month period ending September 30, 2008, net profit stood at $103.67M, representing a 5.3% decline when compared to the $109.5M reported in the same period last year.

JBG to Hold Extraordinary General Meeting

Jamaica Broilers Group Limited has advised that an Extraordinary General Meeting of the company will be held at Jamaica Broiler`s Group Limited, McCook`s Pen, St. Catherine, on Wednesday November 26, 2008, at 10 a .m. for the purpose of considering passing resolutions for the amendment of the articles of incorporation as it relates to Articles 75, 95 and 98, which will be proposed as special resolutions and the appointment of Raby Danvers Williams, as a director emeritus of the company, as an ordinary resolution.

JSE Approves Dividend on Preference Shares

The Jamaica Stock Exchange has advised that the board of directors has approved a quarterly dividend of 14.28% per annum on the Redeemable Variable-rate Preference shares for the period September 1 to November 30, 2008 in the amount of J$0.0712 per share to shareholders on record as at November 28, 2008 and payable on December 3, 2008. The X-Date is November 26, 2008.

CREIT Approves Dividend Payment

Carlton Savannah REIT (Jamaica) Limited has advised that an interim dividend was approved on November 20, 2008 of US$0.0004 per stock unit to shareholders on record as at December 5, 2008, payable on December 17, 2008. The X-Date is December 3, 2008.

JMMB to Pay $0.11 per share to Stockholders

Jamaica Money Market Brokers Limited has declared an interim dividend of $0.11 per ordinary share to shareholders on record as at November 28, 2008, payable on December 19, 2008. The X-Date is November 26, 2008.

Inflation Pace Continued to Moderate in October

The rate of inflation continued to slow in October. Consumer prices increased by 0.3% for the month, down from 0.6% and 1.2% in September and August respectively. The slower pace of inflation was due mainly to falling oil prices on the international markets which resulted in a 0.1% decline in the ‘Housing, Water, Electricity, Gas and other Fuels’ category. The ‘Transportation’ division also recorded a decline of 2.1% for the month. All other divisions excluding the Education and Culture recorded increases. This was led by the ‘Food and Non-Alcoholic Beverages’ category which rose by 0.9% and the ‘Miscellaneous Goods and Services’ category which increased by 0.8%. For the calendar year to date, the rate of inflation stood at 17.2% while point to point inflation was 24.0%. The fiscal year to date inflation was 11.3%, surpassing the 10.0% upper limit set by the government for the FY2008/09.

BOJ Implements Measures to Absorb Liquidity

On November 18, 2008, the Bank of Jamaica announced measures aimed at absorbing excess liquidity and preserving order in the financial markets. The central bank is offering a special 15-day CD to commercial banks and primary dealers which pays interest of 20.50% per annum. The instrument will be opened from November 18th-19th 2008. Following the maturity of this instrument on December 3, 2008, the cash reserve requirement and the liquid asset requirement will be increased by 2% each to 11% and 25% respectively. The Central Bank has also stated that there could be a further 3% increase in these requirements. According to BOJ, these actions will help to support the achievement of macroeconomic stability and inflation objective.

PJAM, FJI Report Reduced Earnings in Q3

Pan Jamaican Investment Trust today reported that net profit in Q3 2008 declined by 18.6% to $324.85Mn (EPS:$1.34). This as a 12.9% decline in income from investments was exacerbated by a 37.6% jump in operating expenses due in part to a $14Mn impairment provision against a US financial services security. Net profit for the nine month period to September 2008 stood at $1.04Bn (EPS:$4.31), 2.4% above earnings for the corresponding period last year. PJAM’s subsidiary- First Jamaica Investment Limited reported net profit of $324.1M for the quarter ending September 30, 2008, a 17.9% decline from the $394.6M recorded in the comparative period last year. The decline in earnings was primarily due to a 42% increase in operating expenses and a 22% fall in "share of profit from associate companies". Overall, the nine month period saw profits increasing marginally by 2% to $1.02B.

KWL's Q2 Earnings Decline by 54%

After tax earnings for Kingston Wharves Limited fell by 54% to $31.1Mn in Q3 2008. The marginal increase of 0.83% in revenues was eroded by the 10% increase in cost of sales. The nine-month period saw Kingston wharves’ profits declining by 4.3% to $195.4M relative to the $204.2M recorded in corresponding period last year.

Economic Output Flat in Q3

The Planning Institute of Jamaica reported that there was no growth during the third quarter of the financial year. This is a reflection of the flat outturn in the goods producing sector as the strong growth in the Mining and Quarrying (+6.0%) was tempered by a decline in Agricultural sector (-0.2%). The services sector on the other hand, saw a marginal 0.1% increase in output helped by a 5.9% growth in Electricity & Water as well as a 1.5% increase in Finance and Insurance Services. The local economy however contracted by 0.3% for the first nine months of the year due mainly to the adverse impact of the global economic slowdown. With these challenges in mind, the PIOJ is forecasting that economic growth will be in the range of -0.5% to 1% for the 2008 calendar year.

IFC Considers Equity Stake in FGB

GraceKennedy Limited has advised that First Global Bank (FGB), a subsidiary of the company, is in discussions with International Finance Corporation (IFC) for a potential investment to be considered by IFC`s board in 30 days. This investment would involve loan and equity financing of US$20 million, US$10 million in equity, with the remaining US$10 million representing debt which will be earmarked by FGB for onward lending to small and medium enterprises. This investment is subject to approval of the Bank of Jamaica as well as IFC`s Board of Directors.

CCC Registers Net Loss in Q3

Carib Cement Company registered a loss of $56.98Mn in the third quarter of the financial year in comparison to profit of $112.79Mn in Q3 2007. Despite an increase in its market share, the company continues to be adversely affected by declining cement sales volume due to the slowdown in the local economy. In addition, foreign exchange losses as well as increased borrowing activity undertaken as a result of the decline in the company’s cash resources resulted in a significant increase in net finance costs. Net profit for the nine months to September 2008 has declined by 41.0% to $214.95Mn (EPS: $0.25).

DG Reports 65% Increase in Q1 Earnings

Despite a 20% decline in domestic sales volume, Desnoes & Geddes reported a 65% jump in net profit in the first quarter of FY2008/09 to $428.73Mn (EPS: $0.15). Turnover increased by 3% reflecting price increases taken last year on both domestic and export businesses. However, the sharp increase in the group’s net profit was attributed mainly to stringent cost containment and greater efficiency. As such, marketing costs were reduced by 15.8% as the group’s focus was shifted from the North American markets to the domestic market. In addition, cost of sales declined by 10.0% reflecting the impact of the phasing on certain key input costs.

NHP to Dispose of Shareholdings in Pegasus

Pegasus Hotels of Jamaica Limited (PEG) has advised that National Hotels and Properties Limited (NHP), a wholly owned subsidiary of the Urban Development Corporation (UDC), has given notice to the board of directors of PEG of its intention to dispose of their 71,865,384 shares in the company.

Carreras Reports Decline in Q2 Profit

Carreras Limited saw a 16.2% decline in net profit in Q2 to $778.94Mn. This came as a 20% increase in gross revenues was offset by a 20% jump in distribution and marketing expenses as well as an 8.0% increase in administrative expenses. For the first half of the year, net profit has declined by 22.6% relative to the same period last year to $1,538.61Mn. Sales volume continued to decline during the period largely as a result of higher prices for cigarettes on the back of the more than doubling of the special consumption tax. The challenging economic environment also had an adverse impact on consumer spending on cigarettes.

TCL's Q3 Net Profit Down 38.2%

Trinidad Cement Limited also reported that earnings in the third quarter declined by 38.2% to TT$26.21Mn. This was as a result of softening market conditions particularly in Jamaica, increased fuel and electricity costs, shortfalls in cement and clinker production caused by Hurricane Gustav and delays in commissioning of Kiln 5 at Carib Cement Limited. At TT$129.32Mn, net profit for the first nine months is 10.7% below that of the similar period last year.

PJAM & FJI Declare Dividend

Pan-Jamaican Investment Trust Limited has advised of an interim dividend payment of $0.25 per share to stockholders on record November 28, 2008, payable on December 19, 2008. The X-Date is November 26, 2008. Subsidiary, First Jamaica Investments Limited has also advised of an interim dividend payment of $0.20 per share to stockholders on record November 28, 2008, payable on December 12, 2008. The X-Date is November 26, 2008.

CREIT to Recommend Dividend Payment

Carlton Savannah REIT (Jamaica) Limited has advised that the board of directors will be recommending a dividend payment at its next meeting scheduled for Tuesday, November 18, 2008.

GHL Reports 73.0% Decline in Q3 Earnings

Despite a decline in Net Insurance Benefits & Claims as well as Expenses, Guardian Holdings Limited reported a 73.0% decline in net profit in Q3 2008 to TT$26.81Mn. The reduced net profit came in the context of an 11.9% decline in total revenue which amounted to TT$1,371.70Mn for the period. Further, the group recorded a fair value loss of TT$10.71Mn as a result of the repricing of the group’s bond portfolio (fair value gain of TT$65.71Mn in the corresponding period last year). For the nine months to September however, the group’s net profit stood at TT$563.42Mn in comparison to a loss of TT$68.14Mn for the same period last year.

NIR Declines Below Critical Levels

Data from the Bank of Jamaica showed the Net International Reserves (NIR) closing the month of October at US$1,802.59M, its lowest month-end close since September 2004. The outturn for the month of October represents a 19.92% decline compared to the US$ 2,251.08M recorded in September and the largest ever month-over-month decrease. The decline in the NIR was as a result of the US$300Mn which the BOJ used to set up the US$ lending facility for financial institutions as well as the frequent sale of US$ in the foreign exchange market in order to augment US$ supplies. The balance in the reserves at the end of October represents approximately 10.63 weeks of reserves in goods & services imports, compared to 13.28 weeks in the previous month.

CWJA Reports Smaller Losses in Q2 2008

Cable & Wireless continued to report losses in the second quarter of FY 2008. However these losses decreased to $238.48Mn (or $0.01 per share), from $478.66Mn in Q2 2007. The results demonstrate early progress of the transformation plan and the cost containment strategies implemented at the start of the financial year. The group’s revenues grew by 7.4% to $5.57Bn. However the improvement in the group’s bottom-line results was attributed to the sharp decline in costs. Total cost of sales fell by 21.6% due to a reduction in outpayments and other cost of sales. The group also saw a 27.1% reduction in net finance costs due mainly to foreign exchange gains made during the period. Despite a decline in staff costs however, operating expenses increased by roughly 10% driven by the higher utility costs as a result of the increase in oil prices during the period. The group also recorded $359.37Mn in restructuring costs which is associated with the business transformation plan. For the first half of the year, the group’s losses amounted to $265.88Mn a significant improvement on the $506.81Mn loss which occurred in H1 2007.

GOJ Offers Attractive 11.50% US$ Indexed Bond

The GOJ is offering a very attractive US$ Indexed Bond during the period of November 12-14. The Bond has a relatively short tenure of 18 months (matures in May 2010) and pays a fixed coupon of 11.50% per annum. The coupon on the instrument compares favourably with the previous offer in August of this year which had a coupon of 7.25% on a three year instrument. The issue in August was replacing a maturing instrument which had a coupon of 8.00%. The 11.50% interest rate is also attractive when compared to US dollar denominated GOJ global bonds which are currently yielding between 9.00% and 11.07%. Another feature which should appeal to investors is the $74.4084 conversion rate applicable to invested funds. This gives the investor an immediate gain of the principal in US$ terms, given that yesterday’s weighted average selling rate was $76.7195.

BNSJ, SGJ, SDBG to Consider Dividend Payout

The Bank of Nova Scotia Jamaica Limited (BNSJ) and Scotia Group Jamaica Limited (SGJ) have advised that a dividend payment on BNSJ preference shares and SGJ ordinary shares, respectively will be considered at the upcoming board of directors meeting to be held on November 27, 2008.

Scotia DBG Investments Limited has also advised that a dividend payment will be considered at the upcoming board of directors meeting to be held on November 25, 2008.

Fiscal Deficit Continues to Widen; Revenues Fall Short

For the fiscal year to September 2008, central government operations resulted in a deficit of $25.38Bn ($3.41Bn below initial projections). The results continue to highlight the government’s cost containment efforts. Overall spending of $157.11Bn was $8.53Mn less than budgeted driven by cost savings on both recurrent and capital expenditure. Notably however, total interest expense at $1.08Bn was roughly 2% above budget reflecting the rise in domestic interest rates. On the other hand, government continued to see a shortfall in revenues during the period. Revenues & Grants were $5.12Bn lower than the initial target of $136.85Bn. Of note, taxes on consumption and production were 8.5% below target as the high level of inflation likely resulted in a decline in consumer spending. Further, revenues from bauxite levy were lower than budget owing to the sharp decline in metals prices during the period.

Carreras Declares Dividend

Carreras Limited has declared an interim dividend of $1 .00 per stock unit to shareholders on record as at November 18, 2008 and payable on December 4, 2008. The X-Date is November 14, 2008.

NCBJ Reports 38.1% Growth in Net Profit for FY2007/08

NCBJ reported that net profit for FY 2007/08 grew by 31.8% to $8,701.17Mn (EPS: $3.54). Total revenue increased by 20.3% to $24.72Bn reflecting a 23.7% increase in net interest income as well as a 24.7% increase in net fee and commission income. Of note, operating expenses increased by 16.1% to $14.08Bn. This was due mainly to a provision for impairment losses made by the group’s wealth management subsidiary NCB Capital Markets. NCB Capital Markets made a $1.23Bn provision for maximum potential loss on realisation of securities held by Lehman Brothers. As a result, the subsidiary’s net profit for the financial year declined by 50.5% to $775.59Mn.

JMMB's Q2 Net Profit Increases to $758.42Mn

JMMB Limited’s net profit for the second quarter jumped to $758.43Mn (EPS: $0.52), from $271.76Mn (EPS: $0.19) recorded in the prior year period. Net Interest income increased by 38.2% to $503.60Mn, however, the significant increase in net profit was due mainly to a realised gain of $2.3Bn from the sale of the group’s 45% equity holding in CMMB Limited. Of note, the group also made a provision of $1.9Bn for impairment of bond holdings in their investment portfolio. With the outturn in Q2, net profit for the first half of the financial year stood at $1.13Bn ($0.77 per share), relative to $473.70Mn (EPS: $0.32) in H1 2007.

SFC's Q3 Earnings Decline Despite Growth in Total Revenue

Despite a 27.4% increase in total income, Sagicor Financial Corporation recorded a decline in net profit for the third quarter of the FY2008. Total Revenue grew to US$242.92Mn, reflecting the impact of the acquisition of Sagicor at Lloyd’s in the third quarter of last year. However net profit for the period declined by 11.0% to US$28.61Mn (US$ 0.07 per share) due mainly to a 36.1% increase in total benefits and expenses as a result of the significant increase in the rate of inflation. For the nine months to September 2008, the group’s earnings have increased by 8.0% to US$74.06Mn.

CWJA Unveils New Brand-LIME

Cable and Wireless Jamaica Limited (CWJA) has advised that its new brand LIME has been unveiled to Jamaica and across the Caribbean. The company has advised that not only does the new name say clearly what they do: landline, internet, mobile and entertainment, it also represents a change in the way they do business. As CWJA launches its new brand, they are also launching its manifesto for change, which details its commitments to the region and outlines some of the initiatives they will implement to create a better place.

PJAM & FJI to Consider Dividend Payment

Pan-Jamaican Investment Trust Limited and First Jamaica Investments Limited have advised that at a meeting of the board of directors scheduled for Tuesday, November 11, 2008 the directors will consider the payment of a fourth interim dividend payment for the year 2008.

SLJ's Q3 Earnings Down 20.9%

For the third quarter of FY2008, Sagicor Life Jamaica Limited’s net profit declined by 20.9% ($253.10Mn) to $958.37Mn ($0.22 per share). Total Revenue grew by 25.1% to $5,376.56Mn driven mainly by a 36.3% increase in net premium income. However, this was negated by a 47.5% jump in total benefits and expenses. The group stated that the current high level of inflation impacted operation costs and the actuarial experience recognized for expense containment in Q3 2008 was $100Mn (down from $350Mn in Q3 2007). For the nine months to September 2008, Net Earnings have increased by just 2.9% over the similar period last year to $2,736.57Mn (EPS: $0.61).

DG Declares First Interim Dividend for FY 2008/09

Desnoes and Geddes Limited has declared its first interim dividend for the year 2008/2009 in the amount of 10 cents per stock unit payable on December 12, 2008, to stockholders on record as at November 28, 2008. The X-Date is November 26, 2008.

Resignations & Appointments -PCFS

Pan Caribbean Financial Services Limited has advised that Richard Lindsay Downer and Christopher Dennis De Caires were appointed to the board of directors effective October 28, 2008.

Fed Cuts Benchmark Rate to 1%

As was widely expected, the US Federal Reserves reduced interest rates by 50 basis points to 1%, its lowest level since 2003. Fed Officials cited that downside risks to economic growth remain but added that recent policy actions including the coordinated rate cuts as well as extraordinary liquidity measures should help to improve liquidity conditions and boost economic growth. In light of the falling commodity prices, the FOMC also stated that the level of inflation is expected to moderate in the coming quarters. The Fed has so far reduced its benchmark rate by 425 basis points since September 2007, and have channelled at least $700Bn into the money markets in order to ease the tightness in the credit markets.

H&L Reports Losses in Q3 2008

Hardware & Lumber reported losses of $23.24Mn in Q3 2008, relative to net profit of $30.04Mn for the same period last year. The company stated that revenue in the retail and wholesale sector was adversely impacted by the general slowdown in economic activity as well as the passage of Tropical Storm Gustav. Total Revenue fell by 5.2% to $1.60Bn for the quarter. At the same time, operating expenses and finance costs continue to trend above the figure recorded in the prior year due to the implementation of the new information technology system. With the outturn in Q3, H&L’s net profit for the first nine months of the year stood at $5.08Mn (EPS: $0.06), or 91.7% below the 61.04Mn reported for the nine months to September 2007.

Carreras to Consider Dividend Payment

Carreras Limited has advised that the directors will consider a dividend declaration at a meeting to be held on November 4, 2008.

DG to Consider Dividend Payment

Desnoes and Geddes Limited has advised that at a meeting of the board of directors scheduled for Friday, October 31, 2008, the directors will consider the payment of the first interim dividend for the year 2008/ 2009.

CCFG Reports 118.2% Jump in Q3 Earnings

Buoyed by healthy growth in net interest income, Capital and Credit Financial Group registered a $39.01Mn (118.2%) increase in Q3’s net profit to $71.99Mn (EPS: $0.09). The group’s net interest income increased by 66.3% to $339.01Mn reflecting benefits derived from the strategic shift to revenue generating activities. Although the group registered losses on securities trading, other revenues increased by $13.2% as a result of robust growth in fee and commission income, as well as gains from foreign exchange trading. Growth in net profit was tempered however by a 41.6% increase in operating expenses due to higher staff costs and the depreciation of the new T24 Core Banking System. For the nine months to September, CCFG’s Net profit stood at $341.39Mn (EPS: $0.42), a 17.2% increase relative to the corresponding period last year.

MIL's Earnings Growth Slows in Q3

Despite robust growth in net interest income, Mayberry Investments’ net profit in the third quarter of the FY2008 grew by a marginal 2.4% ($2.23Mn) to $96.16Mn or $0.08 per share. Net interest income jumped to $95.78Mn for the period (Q3 2007: $10.73Mn) reflecting in part the increase in domestic interest rates as well as growth in the company’s loan portfolio. However, other operating income declined precipitously (down 47.1%) to $122.69Mn as the company registered an unrealized loss on its investment revaluations. MIL also made provisions for credit losses amounting to $20.00Mn due to the growth in its loan portfolio. For the nine months to September, the company’s net profit for the nine months to September jumped to $765.72Mn (EPS: $0.64) from $187.02Mn the prior year, impacted by one-off gains from the sale of its Lascelles shareholdings earlier this year.

Palace to Hold AGM, Recommends Huge Dividend Payout

The Palace Amusement Company (1921) Limited has advised that the Annual General Meeting is scheduled for Tuesday, December 16, 2008 at 1a South Camp Road, Kingston, at 2 p.m. The company has also advised that a dividend of $1.50 per share be recommended to be paid to shareholders on record as at November 28, 2008, payable December 19, 2008. The X-Date is November 26, 2008.

S&P Revises Outlook on Jamaica to Negative

Standards and Poors affirmed Jamaica’s ‘B’ long term and short-term sovereign credit rating. However, the outlook on the country was revised to negative. The Agency pointed out that the country’s outlook was revised as a rating downgrade is likely if external pressures add to fiscal uncertainty, raise capital outflows, or significantly impair external liquidity. In addition, the asset quality of Jamaican Banks could deteriorate and the global financial crisis could weaken the financial sector’s ability to finance the government’s large fiscal borrowing requirement. However, the government’s high primary fiscal surpluses; timely policy response to rising pressures in the foreign exchange market and important local capital markets continue to support the country’s rating.

Inflation Rate Slows in September

The Bank of Jamaica increased interest rates on all its open market instruments. Interest rates on the 30-day to 180-days instruments were increased by 65 basis points while the rate on the one year CD was increased by 120 basis points. As such, the new rates now range from 14.65% on the 30 day instrument to 16.70% on the 1 year instrument. Rates offered on these instruments are now in line with the average yield on the GOJ Treasury Bills of similar tenors. This is the fourth rate hike since the start of the year. Earlier this week, the BOJ announced that it will be establishing a lending facility to financial institutions in order to address the current tightness in the US$ liquidity. The central bank stated that these policy changes should help to provide stability in the foreign exchange markets.

BOJ Increases Rates on Open Market Instruments

The Bank of Jamaica increased interest rates on all its open market instruments. Interest rates on the 30-day to 180-days instruments were increased by 65 basis points while the rate on the one year CD was increased by 120 basis points. As such, the new rates now range from 14.65% on the 30 day instrument to 16.70% on the 1 year instrument. Rates offered on these instruments are now in line with the average yield on the GOJ Treasury Bills of similar tenors. This is the fourth rate hike since the start of the year. Earlier this week, the BOJ announced that it will be establishing a lending facility to financial institutions in order to address the current tightness in the US$ liquidity. The central bank stated that these policy changes should help to provide stability in the foreign exchange markets.

JMMB Sells Stake in CMMB to CL Financial

Jamaica Money Market Brokers Limited has advised that it has successfully sold its minority shareholdings in Caribbean Money Market Brokers (CMMB)Group of Companies to the majority shareholder CL Financial for a price of US$41.37Mn. The transaction has yielded a substantial gain to JMMB which will be reflected in its second quarter results. JMMB remains regionally diversified with a strong presence in Trinidad and Tobago through its 50% ownership in the Intercommercial Bank Group, of which JMMB has managerial control. The sale positions JMMB strategically as it boosts its capital in turbulent market conditions and has been a mutually profitable relationship with the CL Financial Group. The CMMB project has been a win win for both parties, with JMMB selling its minority interest for J$3 billion and realizing a significant gain on an investment that cost the company J$112 million after a period of just 8 years.

BOJ Offers Temporary Lending Facility to Financial Institutions

In light of the meltdown in the global financial markets, the Bank of Jamaica is offering a temporary lending facility to local financial institutions. The decision was made in the context of current tightness in the money market and is intended to provide liquidity to financial institutions which need US$ funds to honour overseas margin calls and repo payments on GOJ global bonds. The central bank stated that this is aimed at ensuring the stability of the GOJ bond prices, satisfy short-term US$ liquidity needs, and easing pressures in the foreign exchange markets. This should help to slow the rate of depreciation in the local currency in the short-term. The BOJ’s action follows that of central banks in several countries across the world which agreed to guarantee new debt from financial institutions and restore confidence in the financial sector.

DG Schedules AGM

Desnoes and Geddes Limited has advised that its Annual General Meeting will be on held Friday, October 31, 2008 at 10:00 a.m. at Terra Nova All Suite Hotel, 17 Waterloo Road, Kingston 10.

MIL Approves Monthly Dividend on Preference Shares

Mayberry Investments Limited has advised of the approval of a monthly interim dividend of 12% on Redeemable Cumulative Preference Shares for the period September 24, 2008 to October 22, 2008 for the sum of $0.029 per share to shareholders on record October 22, 2008 payable on October 24, 2008. The X-Date is October 17, 2008.

TTSE Approves Cross Listing of SVL

Supreme Ventures Limited (SVL) has advised that the Trinidad & Tobago Stock Exchange has approved the listing of its securities on that Exchange. The Cross Listing of SVL shares is scheduled for Thursday, October 16, 2008 at 9:30 a .m. Brian George - President & CEO of SVL, will head the company`s team that will be on hand in Trinidad for the cross listing. The Directors have also advised that the company`s plans for Sports Betting in Jamaica have been formalized with INTRALOT. Paul Hoo, Chairman of the Board of SVL said "with SVL`s acquisition of Big A Track ("2003") Ltd, the company now has a Bookmaker`s licence for Fixed Odds Betting operations." Start-up of project activities is subject to regulatory approval by the Betting, Gaming and Lotteries Commission (BGLC). INTRALOT has committed to acquire up to 10% shareholding in SVL. This acquisition is an indication of INTRALOT`s commitment to play a significant role in the region and is a decisive step for INTRALOT`s penetration into the Caribbean gaming market. SVL by a Round Robin Resolution, agreed to pay $0.09 to all shareholders on record date as at October 17, 2008 and payable on October 30, 2008. The X-Date is October 15, 2008.

SVL Acquires Big 'A' Track Limited

Supreme Ventures Limited (SVL) has successfully acquired the shareholdings of `Big A` Track (2003) Limited, a Bookmaker in Jamaica, with a Fixed Odds Betting licence. This acquisition is a strategic move that will allow the company to offer Fixed Odds/ Sports Betting in the Jamaican market. INTRALOT, a global leader in the provision of Sports Betting turnkey solutions and management services, had initially signed a contract with `Big A` for Fixed Odds Betting. This agreement would be for an initial period of 10 years and is designed to exploit the potential market in Jamaica, for this highly successful gaming option available in other jurisdictions . SVL`s acquisition of `Big A` now paves the way for full execution of the contract . SVL will work with INTRALOT on the start up and expansion of the network . Paul Hoo, Board Chairman of SVL has stated that based on its assessment and that of INTRALOT, the market potential is for the generation of an average US$82M per annum in gaming sales, over the first 10 years of operations. The conclusion of a formal agreement is however dependent on the approval of a Bookmaker`s licence to SVL and certification of INTRALOT by the Betting, Gaming and Lotteries Commission. The Directors of SVL are committed to growth and expansion of its core business, that is lottery gaming. The company will continue to build on its successful partnership with GTECH Corporation, with whom the company has a licence for lottery gaming throughto the year 2016.

Cabinet Approves Junior Exchange Proposal

Jamaica Stock Exchange has advised that the Jamaica Stock Exchange Junior Exchange Proposal was approved at Cabinet on Monday, September 29, 2008. The company will be working assiduously to have the Junior Exchange implemented within six months.

NCBJ to Consider Interim Dividend Payment

National Commercial Bank Jamaica Limited has advised that an interim dividend payment will be considered at the next Board of Directors meeting to be held on Thursday, October 23, 2008.

NIR Declines in September

Impacted by the sale of foreign currency to the market several times during the month, Jamaica’s net international reserves declined during September. The reserves fell by US$125.92Mn to $2,280.52Mn or 12.8 weeks imports of goods and services. This is just above the international benchmark of 12.0 weeks of imports.

FCIB to Remain Vigilant in Volatile Market Conditions

First Caribbean International Bank has advised that the company has not to date, seen any significant exposures to its portfolios occasioned by the crisis. There have been no projected losses or impairment of its capital occasioned by the financial crisis. However market conditions remain volatile and FCIB will continue to be vigilant. FCIB manages its liquidity position very prudently based on the following principles and practices:

CCMB Declares Dividend on Preference Shares

Capital and Credit Merchant Bank Limited has declared an interim dividend on its Variable Preference Shares of 15 cents per share held payable on October 29, 2008 to the shareholders on record as at October 15, 2008. The X-Date is October 13, 2008.

Resignations & Appointments At PCFS

Pan Caribbean Financial Services has advised that Mr. Henry Pratt has resigned from the capacity of Managing Director of the group`s subsidiary PanCaribbeanBank Limited. In the interim Philip Armstrong, the Group`s Deputy CEO, will be seconded to head the subsidiary.

SVL to List on TTSE in October

Supreme Ventures Limited will be officially listed on the Trinidad and Tobago Stock Exchange on Thursday, October 16, 2008.

More Financials Make Statements Regarding Exposure to US$ Securities

First Caribbean International Bank Jamaica Limited (FCIBJ) has advised that the value of the company`s deposits with overseas banks as at August 31, 2008, amounted to the equivalent of J$3.656 billion. This amounted to 19.8% of its liquid assets and investment portfolio, and 7.6 % of its total assets. FCIBJ also advised that it had no exposure to overseas brokerage houses/investment banks/other financial institutions. The company`s estimate of the projected losses and impairment capital is nil.

SVL to Consider Dividend Payment

Supreme Ventures Limited has advised that a board meeting will be convened on Friday, October 3, 2008 at 9 a.m., to declare a possible interim dividend.

GHL Advises that Company Has No Exposure to Failed Institutions

Guardian Holdings Limited (GHL) has advised that the company has no material exposure to any of the following overseas institutions: AIG, Merrill Lynch, Lehman Brothers, Freddie Mac, Fannie Mae, and Bear Sterns. In the normal course of GHL business, the Group has portfolios of international quoted equities in several of its entities. These portfolios are managed by international managers, spread across numerous markets and are well diversified . The total Group exposure amounts to about US$40M or 2 % of the Group`s total investments (excluding cash and liquid investments under 90 days) and 1% of its total assets. These foreign investments are certainly not immune to t he volatility in world markets caused by the events in the U .S. but we do not consider them a material risk for the Group. As at June 2008, GHL`s last published accounts, the Group had a relatively large exposure to one particular international financial institution which was Royal Bank of Canada as a result of the RBTT transaction . During the third quarter, the company has disposed of the Group`s holding in RBC at prices which are higher than applied at the end of the second quarter and therefore this investment has not resulted in a negative impact on capital and no longer represents a source of risk.

SFC Discloses Exposure to Failed Institutions

Sagicor Financial Corporation Limited (SFC) has advised that its exposure to institutions known to be in financial distress is US$9 .4 million or 0.332% of total financial investments of approximately US$2.8 billion. The company`s estimate of projected losses and impairment of capital is US $5 .7 million. The actions proposed to take to abate and mitigate any expected losses in income or impaired capital arising from the exposure are as follows:

SLJ Advises that US Financial Crisis Have No Impact on Profitability

Sagicor Life  has advised that the current financial services crisis in the United States do not have any material impact on the profitability or solvency of SLJ.

First Global Purchases URI

First Global Insurance Brokers, a wholly owned subsidiary of GraceKennedy Limited, has purchased the insurance brokerage portfolio of United Reliance International Limited (URI), the largest insurance brokerage in the Turks and Caicos Islands. The acquisition is effective on October 1, 2008.

Sandra Shirley Resigns from First Global

Miss Sandra Shirley, President of First Global Services Limited, a wholly owned subsidiary of GraceKennedy Limited, has resigned from the company

'No Exposure to Failed Institutions', Says CCFG & CCMB

Capital and Credit Merchant Bank Limited and Capital and Credit Financial Group Limited have advised that there is no exposure to any of the failed institutions in the Unites States and does not expect to have any losses or impairment in capital as a result of exposures to the failed institutions.

KWL Focuses on Efficiency to Ensure Viability

Kingston Wharves Limited has advised of its staff and general restructuring and consequential discussions with Labour Unions. The harsh economic environment both locally and abroad which has been persisting for some time and which had contributed to the rapid increase in the company`s operating costs to the point where they were increasing at a more rapid rate than revenues. Recognizing this phenomenon, the company has already implemented and continues to introduce several measures aimed at increasing revenue and reducing expenses in order to ensure that the company`s viability is sustained.

Salada Passes New Resolutions at Extraordinary Meeting

Salada Foods Jamaica Limited has advised that the following resolutions were passed at the Extraordinary General Meeting held on September 22, 2008:

MIL Not Projecting Loss or Impairment from Foreign Currency Holdings

Mayberry Investments Limited has advised that the current holding in foreign currency assets is US$189 million. The company does not project any material losses or impairment of capital arising from its foreign currency holdings, at this time.

CCMB to Consider Dividend Payment

Capital and Credit Merchant Bank Limited has advised that consideration will be given to the payment of a dividend at its next Board of Directors meeting scheduled on Friday, October 3, 2008.

JMMB Reports 3% of Proprietary Portfolio Impacted by Lehman Bankruptcy

Jamaica Money Market Brokers has advised of the impact that the filing of Lehman for Chapter 11 on Monday, September 15, 2008 has had on the company. Currently the company`s analysis shows an estimated exposure to Lehman of less than 3 percent of its propriety investment portfolio.

SVL's Nine Month Net Profit Balloons to $484.68Mn

Supreme Ventures Limited reported today that net profit for the third quarter of the FY2007/08 ballooned to $135.61Mn (or $0.05 per share). This is a significant jump in earnings in comparison to the $4.74Mn reported in Q3 2007. For the nine month period to July 2008, the group’s earnings stood at $484.68Mn more than double the $233.69Mn recorded for the corresponding period last year. This was due mainly to the strong performance of the group’s Lottery and Pin Codes & Others businesses.

SLJ Declares Interim Dividend

Sagicor Life Jamaica Limited (SLJ) has declared an interim dividend of $0.20 to stockholders on record September 22, 2008, payable on October 13, 2008. The X-Date is September 18, 2008.

JBG Announces AGM

Jamaica Broilers Group Limited has advised of its Annual General Meeting scheduled for Saturday, October 11, 2008 at the company`s Corporate Head Office at 10 a.m. at Content, McCook`s Pen, St. Catherine.

Tropical Storms, Hurricanes Affect Livestock Feed Industry

Jamaica Broilers has advised that Jamaica`s livestock feed industry is being adversely affected by the recent spate of tropical storms and hurricanes which have been affecting the Caribbean and U.S. East and Gulf Coast states. Grain supplies for Jamaica are shipped from the East and Gulf Coast states and the adverse weather conditions over the past three weeks have resulted in the rerouting of vessels, as well as delays in the delivery of grain shipments.

SLJ to Consider Dividend Payment

Sagicor Life Jamaica Limited has advised that the Board of Directors of the company will be considering a resolution to declare an interim dividend at its Board Meeting scheduled for Tuesday, September 16, 2008.

TCL Announces Commissioning of Kiln 5 at CCC

Trinidad Cement Limited (TCL) has advised that the recent lighting of the State-of-the-Art Precalciner, Dry Process Kiln (Kiln 5) at the Carib Cement Company Limited (CCC) in Kingston, Jamaica has signaled another milestone for the TCL Group. The new kiln is part of the Group’s extensive expansion and modernization programme, which is currently being undertaken across its facilities at a cost of US$164Mn. Also, a new cement mill is being constructed at CCC with completion scheduled for March 2009.

RJR Schedules AGM

Radio Jamaica Limited has advised that its Annual General Meeting will be held on Wednesday, September 24, 2008 at the Hilton Kingston Hotel at 10:00 a.m.

PCFS to Consider Second Interim Dividend

Pan Caribbean Financial Services Limited has advised that the company`s Board of Directors will be considering a second interim dividend payment for the year 2008 at a meeting scheduled for Friday, September 12, 2008.

D&G Reports Reduced Net Profit

Impacted by the high level of inflation and lower consumer spending, Desnoes & Geddes reported a falloff in net profit for the FY2007/08. Net profit declined by $366.09Mn (26.0%) to $1.042Bn ($0.37 per share). The group’s revenues increased by 10.4% during the year due to price increases effected during the period. However, this was not enough to offset a sharp rise in direct costs and operating expenses.

T-Bill Rates Continue to Rise in August

Market Interest rates continued to rise in August according to the results of the most recent Treasury Bill auction. The outturn showed that the average yield on both the 91- days and 182-days instruments increased. The average yield on the 91-days instrument came out at 14.58%, or 12 basis points above the yield in July; while the yield on the 182-days instrument rose by 18 basis points to 15.08%.

PCFS Declares Second Quarterly Preference Share Dividend

PanCaribbean Financial Services Limited has declared the second quarterly preference share dividend for the year 2008, at a meeting of the Board of Directors of the company held on Monday, August 25, 2008 in the amount of Six Dollars and Twenty Eight Cents ($6.28) per stock unit payable on September 17, 2008, to stockholders on record as at the close of business on September 10, 2008. The X-date is September 8, 2008.

Scotia Group & SDBG Report Robust Earnings Growth in Q3

Buoyed by strong volume growth in its retail and corporate portfolio, Scotia Group recorded a 17.7% increase in net profit in the third quarter of FY2008. Net earnings for the period amounted to $2.36Bn or $0.74 per share. For the nine months period to July, the group’s net profit has increased by 32.2% to $7.14Bn (EPS : $1.72).

RJR Appoints New Managing Director

Radio Jamaica Limited has advised that Gary Allen was appointed Managing Director of the Group, with effect from October 1, 2008. Mr. Allen`s appointment will follow on the retirement of Mr. Spaulding from the post of Managing Director after serving in that capacity for 30 years. Mr. Spaulding will continue to serve the Group as its Chairman with executive responsibility for specific strategic special projects.

SGJ & SDBG Declare Dividend

Scotia group has advised that the Board of Directors has declared an interim dividend of 32 cents per stock unit payable on October 2, 2008, to stockholders on record as at September 10, 2008. The X-Date is September 8, 2008.

Scotia DBG Investments Limited also declared an interim dividend of 27.5 cents per stock unit payable on October 2, 2008, to stockholders on record as at September 10, 2008. The X-Date is September 8, 2008.

Local Economic Activity Declines in Q2

The PIOJ reported that real economic activity declined by 0.2% in the second quarter (0.2% growth in Q1). The outturn reflects a 0.2% growth in the services sector which was eroded by a 0.9% decline in the Goods Producing Sector as a result of the decline in agricultural output. With the outturn in the second quarter, economic growth was flat (0.0%) for the first half of the year. However, barring any adverse developments, the economy is expected to grow in the range of 0.9% and 1.3% in the third quarter, buoyed by continued improvement in the services sector and the recovery in the goods producing sector.

Gleaner Improves Q2 Earnings

Boosted by a significant increase in revenue and income arising from the sale of shares in Lascelles, Gleaner Company reported net profit of $35.50Mn for the second quarter of the financial year. This is more than double the $16.74Mn recorded in the corresponding period last year. However, growth in net profit was tempered by impairment losses which were incurred in respect to the group’s U.K Investment. In H1 net earnings have increased by $43.28Mn (118.7%) relative to H1 2007.

Consumer Prices Rose 2.8% in July

Stoked primarily by higher transport and energy costs, consumer prices rose by 2.8% in July. This brought inflation for the calendar year to July stood at 14.7% while for the fiscal year to date prices have increased by 9.0%. Consumer prices have risen 26.2% for the 12-months to July 2008.

SFC's Q2 Earnings Up 26.3%

Sagicor Financial Corporation registered earnings growth of 26.3% in the second quarter to US$25.43Mn. Net profit in the first half of the year (H1) has increased by 26.3% to $45.45Mn.

PJAM, FJI Record Slower Earnings Growth in Q2

Pan Jamaican Investments and subsidiary FJI recorded a slowdown in earnings growth during the second quarter. PJAM’s net profit grew by just 2.2% to $340.74Mn, while FJI’s earnings in the second quarter increased by just 1.9% to $712.64Mn.

RJR's Net Profit Improves in Q1

Against the backdrop of improvement in revenues from product repricing and increased activity from World Cup Football qualifiers, RJR registered net profit of $14.90Mn relative to net losses of $18.37Mn in Q1 2007. The company also saw a significant reduction in expenses.

Berger Paints Records Losses

Impacted by the rapid increase in oil and other raw material costs, Berger Paints registered losses of $2.00Mn in the second quarter (Net profit of $13.69Mn in Q2 2007). The company has racked up losses of $6.54Mn in H1 (H1 2007: Net Profit of $6.90Mn).

KWL's Q2 Net Profit Declines

Against the background of a sharp rise in net finance costs, Kingston Wharves reported a 7.4% decline in earnings in the second quarter of FY2008. Net profit for the period amounted to $61.66Mn (EPS: $0.05) relative to $66.58Mn ($0.06 per share) in Q2 2007. Nevertheless, net income in the first half of the financial year has increased by 19.5% to $164.29Mn as a result of the strong performance in Q1.

Goodyear Reports Losses in Q2

Goodyear Jamaica Limited reported a net loss of $909,000 in the second quarter which was lower than the $1.43Mn in losses in Q2 2007. The results reflect an improvement in gross margins as a result of the increase in revenues and the reduction in direct costs. This however was eroded by the sharp increase in operating expenses. Net profit in H1 2008 stood at $934,000 (EPS: $0.02) relative to losses of $5.26Mn in H1 2007.

Seprod's Q2 Earnings Up 144%

Seprod Group of Companies reported strong earnings growth in the second quarter. Spurred by a 61.4% increase in revenues against the background of the company’s acquisition of Kraft Foods Jamaica Limited, the company reported that net profit increased by 144% to $313.83Mn (EPS: $0.61). With the strong results in the first two quarters, net profit has increased by 80.8% to $554.86Mn for H1.

CWJA Continues to Report Losses in Q1

Cable & Wireless reported losses of $27.40Mn in the first quarter of the financial year (Net loss of $28.15Mn in Q1 2007). This was due mainly to a sharp increase in finance costs as a result of an increase in net borrowings over the last year and the early repayment of an external debt facility.

FJI Declares Dividend

First Jamaica Investments Limited has advised that the Board of Directors has declared an interim dividend of 20 cents per stock unit payable on September 19, 2008, to stockholders on record as at September 5, 2008. The X-Date is September 3, 2008.

PJAM Declares Dividend

Pan-Jamaican Investment Trust Limited has advised that the Board of Directors has declared an interim dividend of 25 cents per stock unit to shareholders on record as at September 5, 2008. The payment date is September 30, 2008. The X-Date is September 3, 2008.

MIL Declares Dividend on Preference Shares

Mayberry Investments Limited has advised that the Board of Directors has approved a monthly dividend of 12% on redeemable Cumulative Preference Shares for the period July 24 to August 22, 2008 for the sum of $0.0296 per share. The payment date is August 25, 2008 to the shareholders on record as at August 22, 2008. The X-Date is August 20, 2008.

GHL's Q2 Profit Balloons to TT$486.00Mn

For the second quarter of the financial year, Guardian Holdings saw its net profit balloon to TT$486.00Mn from TT$37.63Mn in the prior year period. This was due primarily to an increase in investment income as a result of the disposal of its RBTT shareholdings as well as realized gains received from the disposal of its stake in Grupo Mundial in Panama. For the first half of the financial year, the group recorded net profit of $536.62Mn relative to losses of $167.52Mn.

Seprod Outlines Downside Risks to Earnings Growth

At its Annual General Meeting held today, the management of Seprod Group of companies stated that the rising commodity prices poses a significant challenge to net profit growth in the near term. In terms of revenues, management noted that the demand for the company’s products may be adversely affected by the challenging macroeconomic backdrop as a result of the erosion of consumer disposable income. However, the company will be aiming to improve the profitability of the company by increasing the number of products and growing export volume. The company paid a dividend of $0.45 in June and stated that no further dividend will be paid for the remainder of the financial year.

CCFG Reports 12.0% Increase in Q2 Earnings

Despite a falloff in income from securities trading, Capital & Credit Financial Group reported a 12.0% increase in net profit for the second quarter of FY2008. Net Income increased to $127.28Mn (EPS:$0.17) from $113.60Mn(EPS:$0.11) the prior year on the back of a 72.8% increase in net interest income. At $269.30Mn, the group’s net profit for the first half of the financial year is 5.8% above earnings for the corresponding prior year period.

Salada Records 16.0% Decline in Q3 Earnings

Impacted by higher direct costs resulting from the increase in the price of coffee beans and other input costs on the world market, Salada Foods registered a 16.0% decline in third quarter earnings to $18.06Mn. The company also registered a significant increase in selling and promotional expenses (up 157%) which further eroded earnings. For the nine month period to June 2008, net profit has increased by 14.1% year-over-year.

TCL Reports 10.6% Increase in Q2 Earnings

Despite rising input costs, including energy and freight costs, Trinidad Cement Limited reported a 10.6% increase in Q2 earnings to TT$51.21Mn. However, net profit for H1 2008 was relatively flat at $103.11Mn ($102.32Mn: H1 2007). Volumes rose 4% in the first six months of the year.

JMMB's Net Profit Up 62.9% in Q1

JMMB Limited reported that net profit for the first quarter of the financial year jumped by 62.9% to $376.55Mn (EPS: $0.26). Net interest income grew by a brisk 36.7% to $490.02Mn. However it was the significant increase in the share of profit from the group’s associated companies which drove the growth in net income. The associated companies contributed $149.95Mn to group earnings for the quarter.

CCCL Registers 11% Decline in Q2 Earnings

Carib Cement saw its earnings decline in the second quarter. Net profits fell by 11% to $108.78Mn or $.13 per share. The company’s profit for the period was adversely impacted by the increase in raw material and energy costs. However, the company’s net profit for the first half of the year increased by 8.0% to $251.79Mn, due to a 25.9% increase in net income during the first quarter.

GK Reports 8.5% Increase in Second Quarter Net Profit

GraceKennedy reported a modest 8.5% increase in second quarter net profit to $575.48Mn (EPS: $1.59). With the outturn in Q2, net profit for the first half (H1) of the financial year stood at $1.27Bn, an increase of 13.4% on the figure reported in H1 2007.

Carreras Report 28.2% Decline in Net Profit

Impacted by a 100% increase in the Special consumption tax and a weak macroeconomic environment which adversely impacted sales volumes, Carreras Limited reported a 28.2% ($299.01Mn) decline in earnings to $759.67Mn for Q1 2008.

H&L's Earnings Down 8.7% in H1

Hardware & Lumber’s net profit fell by 1.9% to $6.25Mn (EPS: $0.08) in the second quarter. The results reflect higher operating expenses, reflecting the inflationary environment in which the company operates. Also contributing to the decline in net earnings was the 64.7% spike in net finance costs as a result of the additional leverage undertaken to implement the new information technology system. Given the consecutive declines in the first two quarters of the financial year, Hardware & Lumber’s net profit in H1 stood at $31.01Mn, down 8.7% on the figure reported for the corresponding period last year.

Carreras Announces AGM

The Board of Directors of Carreras has scheduled its next Annual General Meeting for September 9, 2008 at 2:00 p.m. at the Hilton Kingston Hotel.

JP Reports Losses of $634.25Mn in H1

Jamaica Producers Group continued to report losses in the second quarter of the financial year. The group recorded losses of roughly $321.55Mn (relative to net profit of $11.42Mn: Q2 2007) on the back of lower revenues due primarily to the fact that the company is yet to resume banana exportation. Further, the group’s contract to blend and bottle fruit juices for the UK market at a fixed selling price resulted in a loss, as rising raw material costs eroded margins. With the outturn in Q2, the company has racked up losses totaling $635.17Mn for the first half of the financial year.

NCBJ Declares Dividend

The Board of Directors of National Commercial Bank Jamaica Limited has declared a dividend of $0.30 per ordinary stock unit payable on August 27, 2008 to shareholders on record as at August 14, 2008. The X date is August 12, 2008.

MFP Schedules AGM

The next Annual General Meeting of Montego Freeport Limited will be held at the Wexford Court Hotel, Gloucester Avenue, Montego Bay, on Friday, August 15, 2008 at 10:00 a.m.

Salada Approves Stock Split

The Directors’ of Salada Foods Jamaica Limited have advised that the following matters were decided on at its meeting held on July 22, 2008:

Market Interest Rates Rise in July

Market interest rates rose for a second month in July as shown in the most recent Treasury Bill auction. The average yield on the 90-days instrument rose by 27 basis points to 14.46%; while the average yield on the 182-days went up by 47 basis points to 14.90%. Notably, July’s outturn means that the yield on both the 90-days and 182-days instruments have surpassed the rates given on OMO instruments of similar maturities by 6 and 20 basis points respectively.

NCBJ's Nine Months Net Profit Up 38%

National Commercial Bank Jamaica Limited reported net profit of $2,251.48Mn (EPS: $0.91) for the third quarter. The 27.8% increase in the group’s botton-line reflects a 31.2% jump in net interest income as well as a 14.0% increase in net fee and commission income. For the nine months to June, NCB’s net profit totalled $6,757.46Mn ($2.74 per share), which is 38.4% above net earnings for the corresponding period last year. The Board of Directors declared an interim dividend of $0.30 per ordinary stock payable on August 27, 2008. The record date is August 14, 2008.

JBG to Expand Ethanol Facility

The Board of Directors of Jamaica Broilers Group Limited at a meeting held on Wednesday, July 23, 2008 approved of the investment by the Company in the expansion of the existing Ethanol Production Facility. It is expected that the expanded plant will be completed by December 2008, and will have an additional annual production capacity of 60 million gallons of fuel grade ethanol and an additional storage capacity of 10 million gallons. This expansion will result in total production capacity of 120 million gallons annually of fuel grade ethanol and storage capacity of 24 million gallons. The Company anticipates that the initial capital outlay for this project will be approximately US$15M.

JMMB to Pay Dividend on Preference Shares

JMMB to Pay Dividend on Preference Shares

Jamaica Money Market Brokers Limited (JMMB), as previously advised, will be making its monthly dividend payments of $0.03, $0.0354375 and $0.031146 on JMMB 12% and JMMB 12.15% preference shares, respectively, on August 14, 2008. The record date for the dividend payment is July 30, 2008 and X date is July 28, 2008.

Carreras to Consider Dividend Declaration

Carreras to Consider Dividend Declaration

Carreras Limited has advised that the directors will consider a dividend declaration at a meeting of the Board of Directors to be held on July 29, 2008.

JMMB Appoints New Director

JMMB Appoints New Director

Jamaica Money Market Brokers Limited has advised that Mr. Rodger Braham was appointed as a director of the company at a Board of Directors meeting held on Tuesday, July 15, 2008.

JP Sells Loss Making Subsidiary

JP Sells Loss Making Subsidiary

Mr. Charles Johnston, Chairman of Jamaica Producers Group Limited (JP), has announced the sale of the Group’s loss-making Serious Desserts business to Noble Goods Limited in a deal valued at J$400 million. JP had previously announced its intention to divest certain non-core businesses. The Serious Desserts business is a three-year-old start-up in the premium segment of the market. The turnover of Serious Desserts represented less than 3% of the Group’s 2007 revenues.

Lascelles Shares to be Transferred to CL Spirits

Lascelles Shares to be Transferred to CL Spirits

The Lascelles deMercado & Co. Limited (Lascelles) shares being acquired from Accepting Share-holders will be transferred to a subsidiary company within the CL Financial Group other than Angostura Limited, which is CL Spirits Limited.  Both Angostura Limited and CL Spirits Limited are subsidiaries of CL Financial Limited. CL Spirits Limited is a wholly owned subsidiary of CL Financial Limited which was established as an investment holding company for the sole purpose of ownership of the Lascelles Shares held or controlled by the CL Financial Group.

Bill Clarke to Retire This Year

Bill Clarke to Retire This Year

The Board of Directors of the Bank of Nova Scotia Jamaica Limited has advised that President and CEO, William ‘Bill’ Clarke has decided to retire on October 31, 2008.

Salada to Consider Stock Split

Salada to Consider Stock Split

Salada Foods Jamaica Limited has advised that the Board of Directors has scheduled a meeting for Tuesday July 22, 2008. At the meeting, the company will be considering a split of the company’s shares.

Seprod Announces AGM

Seprod Announces AGM

Seprod Limited has advised that its Sixty-Ninth Annual General Meeting will be held at the Knutsford Court Hotel, 11 Ruthven Road, Kingston 10 on Monday, August 11, 2008 at 11 a.m.

NCB To Consider Dividend Payment

NCB To Consider Dividend Payment

National commercial Bank Limited has advised that the Board of Directors will consider an interim dividend payment to stockholders, at a meeting to be held July 24, 2008.

Pegasus Declares Dividend

Pegasus Declares Dividend

Pegasus Hotels of Jamaica Limited has advised that a dividend payment of $0.20 per stock unit was declared at a Directors Meeting held on June 30, 2008. The record date is July 9, 2008 and payment date is July 24, 2008. The X date is July 7, 2008.

BOJ Raises Interest Rates

Effective June 26, 2008, the Bank of Jamaica increased rates offered on all tenors of its open market instruments by 50 basis points. This is the third rate hike since the start of the year. The new rates now range from 14.00% on the 30-day instrument to 15.50% the one year instrument. In its release, the bank cited the impact of rising food and oil prices and resulting impact on inflation expectations as the main  reason for the rate adjustment. The increase was aimed at tempering rising inflation expectation which has begun to be reflected in higher wage demand and an increase in the return demanded on investments. The recent increase in demand pressures in the foreign exchange market is also likely to have spurred the BOJ’s policy response.

JP To Acquire Hoogesteger for €9.2Mn

JP To Acquire Hoogesteger for €9.2Mn

Jamaica Producers Group Limited had advised that, in line with its commitment to grow its core juice business, it has reached an agreement with Friesland Foods to purchase Holland’s leading fresh juice and smoothie manufacturer, Hoogesteger Fresh Specialist BV. The Hoogesteger acquisition is valued at 9.2 million euros.

Angostura To Prepay Deferred Portion of Lascelles Offer Price

Angostura To Prepay Deferred Portion of Lascelles Offer Price

Angostura Limited has advised of its intention to prepay the Deferred Portion of US$4.75 per ordinary share of the Offer Price to accepting shareholders of Lascelles de Mercado & Company Limited. All accepting shareholders of 6% Preference shares will also be paid the Deferred Portion of US$0.10 per 6% Preference share, of the Offer Price at this time. Cheques will be issued to Accepting Shareholders no later than July 28, 2008 through Citibank in accordance with the Terms of the Offer.

NCBCM Declares Interim Dividend

NCBCM Declares Interim Dividend

NCB Capital Markets Limited has advised of a declaration of an interim dividend of 17.85 cents per preference stock unit. The dividend is payable on July 28, 2008 to shareholders on record as at July 16, 2008. The X date is July 14, 2008.

T-Bill Rates Rise in June

T-Bill Rates Rise in June

The results of today’s Treasury Bill auction saw an increase in market interest rates. The average yield on the 90-day instrument increased by 27 basis points to 14.19%, while the 180-day instrument yielded an average 14.43%, 15 basis points above the average yield in May. The low bid cover ratio suggest that the results were likely impacted by the low J$ liquidity conditions which prevailed for much of the week. Market interest rates now exceed that of the BOJ rates on open market instruments of similar maturities which yield 13.90% and 14.20%, respectively.

PCFS to Begin Commercial Banking Activities in June

PCFS to Begin Commercial Banking Activities in June

Pan Caribbean Financial Services Limited has advised that PanCaribbeanBank Limited, a subsidiary of Pan Caribbean Financial Services, has finally completed the conversion of its merchant banking activities to commercial banking activities with the name change from Pan Caribbean Merchant Bank Limited to PanCaribbeanBank Limited. The branches will begin offering to its customers and the general public, new commercial banking products and services with effect from Monday, 23 June 2008.

JP Declares Dividend

The Board of Directors of Jamaica Producers Group Limited has declared a dividend of 25 cents per stock unit payable on July 25,  2008 to shareholders on record as at July 3, 2008.  The X date is July 1, 2008.

PCMB Changes Name Ahead of Commercial Bank Launch

Pan Caribbean Financial Services Limited (PCFS) has advised that Pan Caribbean Merchant Bank Limited, a subsidiary of the PCFS, has changed its name to Pan Caribbean Bank Limited with  effect from 22 May 2008.  This is the final step to launching its Commercial Banking activities.

Jamaica Broilers

SVL Net Profit Up 52.4% in H1

SVL Net Profit Up 52.4% in H1

Boosted by marked improvements in the Lottery and Pin Codes businesses, Supreme Ventures Limited registered a 52.5% increase in net profit for the first half of the year to $349.08Mn (EPS: $0.13). Of note, the results were attributed to robust growth in the previous quarter as net earnings in the second quarter fell by 16.6% to $134.08Mn or $0.05 per share. This was due to a rapid increase in operating expenses reflecting the inflationary environment in which the company operates.

PCFS Sold 25% Stake in MCIS

PCFS Sold 25% Stake in MCIS

Effective June 10, 2008, Pan Caribbean Financial Services Limited sold its 25% interest in Manufactures Credit & Information Services Limited (MCIS) to Management Control Systems Limited, a subsidiary of Jamaica National Building society. The transaction value was J$78 million in cash. MCIS provides fleet management services through it Advanced Card product. As a result of this transaction, MCIS is now a wholly owned subsidiary of the Jamaica National Group.

JP-Notice of AGM

JP-Notice of AGM

Jamaica Producer’s Group Limited has advised that its Annual General Meeting will be held at St. Mary Banana Estate Limited, Annotto Bay on Thursday, June 19, 2008 at 11 a.m.

NCBCM To Consider Dividend Payment

NCBCM To Consider Dividend Payment

NCB Capital Markets Limited has advised that its Board of Directors, at a meeting to be held on Wednesday, June 25, 2008, will consider a dividend payment to the Company’s preference share holders.

BNS Declares Preference Share Dividend

BNS Declares Preference Share Dividend

The Board of Directors of the Bank of Nova Scotia Jamaica Limited has declared a dividend in respect of the Cumulative Redeemable Preference Shares of the Bank. The dividend of 6.63 cents per stock unit is payable on June 30, 2008 to preference share holders on record at June 13, 2008. The X date is June 11, 2008.

RBTT Reports Flat Earnings

RBTT Reports Flat Earnings

Goodyear Schedules AGM

Goodyear Schedules AGM

Carreras Hits $4.00Bn Mark in FY2007/08

Carreras Hits $4.00Bn Mark in FY2007/08

PCFS Declares First Preference Share Dividend for 2008

PanCaribbean Financial Services Limited has declared the first quarterly preference share dividend for the year 2008 in the amount of $7.38 per stock unit payable on June 17, 2008, to stockholders on record as at the close of business on June 10, 2008. The X-date is June 6, 2008.

Salada Foods Q2 Earnings Up 77.9%

Salada Foods recovered from the bottle shortage that had adversely impacted revenues in the previous quarters to report a 77.9% jump in net profit for the second quarter of the FY2007/08. Net Earnings for the period increased to $25.47Mn ($2.45 per share) as revenues grew by a robust 34.1%, faster than the 21.5% increase in direct costs. The outturn in Q2 brings net profit for the first half of the year to $37.33Mn relative to $27.07Mn for the corresponding period last year.

T-Bill Results Were Mixed in May

The results of May’s treasury bill auction showed that the average yield on the 91-day instrument decreased by 3 basis points to 13.92% while the yield on the 182-day instruments increased by 8 basis points to 14.28%. Market interest rates could remain relatively stable in the near term in light of the relative stability in the foreign exchange market.

LOJ Officially Launches New Name

Life of Jamaica has advised that the official launch date for the new name of the company “Sagicor Life Jamaica Limited”, will be Tuesday, June 3, 2008.

RBTT to Request Suspension of Trading

RBTT Financial Holdings has advised that it anticipates receiving this week all the requisite regulatory approvals to complete the amalgamation of RBTT and RBC Holdings (Trinidad and Tobago) Limited, an indirect wholly-owned subsidiary of Royal Bank of Canada (RBC). In light of this, RBTT intends to apply to the Trinidad & Tobago, Barbados and Jamaica Stock Exchanges to suspend trading of its shares on June 2, 2008, in accordance with the regulations of these exchanges. If granted, the last effective trading date for RBTT shares listed on the exchanges will be the last trading date immediately preceding June 2, 2008, that is May 29, 2008 in Trinidad & Tobago; and May 30, 2008 in Barbados and Jamaica. All shareholders on record as at June 2, 2008 (other than dissenting shareholders) will be entitled, upon surrender of their RBTT share certificates or account statements from the Central Depositories, as applicable, to receive the Consideration for the RBTT Shares as set out in the Director’s Circular.

H&L Schedules AGM

Hardware and Lumber Limited has advised that its Annual General Meeting is scheduled for Monday June 16, 2008 at 697 Spanish Town Road, Kingston 11, at 10:30 a.m.

LOJ To Be Re-Branded

At its Annual General Meeting, the chairman of Life of Jamaica Limited announced that the company will be re-branded as Sagicor Life Jamaica Limited. This, they believe will further cement their affiliation with Parent Company-Sagicor.

Kingston Wharves Schedules AGM

The Board of Directors of Kingston Wharves Limited has scheduled the next annual General Meeting for Tuesday, June 10, 2008 at the Terra Nova Hotel at 10:00 a.m. Special business to be considered is the adoption of new Articles of Incorporation.

LOJ Amends Resolution For Name Change

Life of Jamaica Company Limited has advised that at the Company's Annual General Meeting held on June 24, 2004, the company's proposed new name of "Sagicor Life of Jamaica Limited" had been approved by Special Resolution. However the new name had not become effective due to the delay in the rebranding exercise of the company. At the company's Annual General Meeting held on May 8, 2008, the amendment to the 2004 resolution was approved by the special resolution for the name to be changed to Sagicor Life Jamaica Limited. The Change of Name became effective on May 13, 2008 and was received by the Company on May 16, 2008. Copies of the Approval of Change of Name and Certificate of Incorporation on Change of Name were submitted.