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CAC 2000 Limited (CAC) Appointment Published: 06 June 2018

CAC 2000 Limited (CAC) has advised that Ms. Gia Abraham has assumed her newly appointed position of Chief Operating Officer (COO) at CAC, in addition to her role of Director and Company Secretary.

In her new role, Ms. Abraham will be responsible  for the daily operation of the Company and will routinely report to the highest-ranking executive, CAC states. 

“‘Ms. Abraham is a seasoned financial executive with a deep knowledge of the company and our industry,” said Seven Marston, Chief Executive Officer of CAC 2000 Limited. “She has been instrumental in our development strategy and execution, and we are thrilled she will now assume this critical function.”

“With over 10 years experience in local and international corporate banking under her belt, Ms. Abraham welcomes the new challenge and has her eyes set  on further advancing her career.

“This is a great opportunity, I’m definitely looking forward to further growth within the Company and to strengthen the core of our team,” said Ms. Abraham. “As I assume this role I hope to drive our consumer impact within the industry by overseeing our ongoing business operations and working with the team to find solutions to better streamline our company.”

“In addition to her being a major force in driving software upgrades and improving the company’s  systems and procedures, she has played a key role in managing treasury and foreign supplier payments.

“On that same note, it was under her guidance and continued dedication that CAC, for its year ending October 2017, made record profits of 100.7 million – a whopping 862 per cent  more than the $10.5 million in the previous year,” states CAC.

Jamaica Broilers Group Limited – J$4.35B Loan to JBG Stockholders Nominee Limited to Purchase Shares in the Company Published: 01 June 2018

Jamaica Broilers Group Limited (JBGL) has advised that the Company has entered into an Agreement prior to the 28thday of April, 2018 to lend to JBGL Stockholders Nominee Limited (“the Shareholder Trust”) a sum not exceeding J$4.35B. A portion of the loan was used to purchase a total of 165,452,446 shares. This block of shares was held by family branches of one of the Founders of the Company and the trustees and entities connected to them; none of whom are currently involved in the management of the Company. For the avoidance of doubt Chairman Robert Levy and President Christopher Levy still maintain their current shareholdings in the Company.

The directors of JBGL saw this as an opportunity to provide a substantial benefit to the shareholders of the Company. Accordingly, the Directors of the Company approved the loan to the Shareholder Trust to purchase the available Company shares.

The Shareholders Trust will hold the shares purchased, and all benefits derived will be for the benefit of all shareholders of the Company. The Shareholders Trust will service the aforesaid loan from dividends and/or distributions paid upon the shares and from the proceeds of the sale of the shares.

1834 Investments Limited (1834) Delay in Submission of Audited Financial Statements Published: 01 June 2018

1834 Investments Limited (1834) has advised that its Audited Financial Statements for the year ending March 31, 2018, which were due to be filed with the Jamaica Stock Exchange by May 30, 2018, was delayed due to additional time required to complete the audit of the Company’s financial statements.

1834 further states that the Company is making every effort to have its audited financial statements submitted by June 30, 2018 and will be advising its shareholders by way of a statement in the print media.

Wall St. slips as U.S. tariffs spark trade war fears Published: 31 May 2018

(Reuters) - U.S. stocks fell on Thursday after the United States moved to impose metal tariffs on imports from Canada, Mexico and the European Union, prompting a tit-for-tat response from some of its trading partners.

U.S. Commerce Secretary Wilbur Ross said a 25 percent tariff on steel imports and a 10 percent levy on aluminum imports from its allies would come into effect on Friday.

Mexico retaliated with “equivalent” measures on farm and industrial products, targeting pork legs, apples, grapes and cheeses as well as steel.

The S&P 500 packaged foods and meats index .SPLRCFOOD dipped 2.3 percent with all its 10 components in the red. Kraft Heinz (KHC.O) and Mondelez (MDLZ.O) were the biggest lags on the index.

The S&P Composite 1500 Steel index .SPCOMSTEEL rose 0.3 percent, led by gains in AK Steel (AKS.N) and US Steel (X.N) although it pared early gains after Mexico’s retaliation.

Shares of Boeing (BA.N) slipped 1.3 percent and Caterpillar (CAT.N) declined 1.9 percent, dragging down the Dow Jones Industrials .DJI.

“The market is worried about retaliation, they are looking for what would come from the EU side,” said Zhiwei Ren, managing director and portfolio manager at Penn Mutual Asset Management in Horsham, Pennsylvania.

“But this is another negotiation tactic on the U.S. side and they want to use tariffs as a bargaining tool for other negotiations.”

Friction between the United States and its trading partners have roiled financial markets, especially after President Donald Trump in March decided to impose the metal tariffs.

 Adding to the trade worries was a report that Trump aimed to push German carmakers out of the United States altogether, after launching a national security probe last week into car and truck imports.

At 13:09 ET the Dow Jones Industrial Average .DJI was down 214.21 points, or 0.87 percent, at 24,453.57, the S&P 500 .SPX was down 11.80 points, or 0.43 percent, at 2,712.21 and the Nasdaq Composite .IXIC was up 1.48 points, or 0.02 percent, at 7,463.94.

Nine of the 11 major indexes were in the red, led by declines in the industrial stocks.

S&P technology index .SPLCT jumped 0.48 percent, helped by a 2.3 percent gain in shares of Alphabet Inc (GOOGL.O) and 2.3 percent rise in Facebook (FB.O).

The biggest percentage gainer on the S&P 500 was General Motors (GM.N), which surged 10.4 percent after Japan’s SoftBank Group (9984.T) decided to invest $2.25 billion in its autonomous vehicle unit.

Dollar General (DG.N) declined about 8.3 percent and Dollar Tree (DLTR.O) dropped 12 percent after both discount retailers missed Wall Street estimates for their quarterly same-store sales.

Declining issues outnumbered advancers for a 1.88-to-1 ratio on the NYSE and for a 1.50-to-1 ratio on the Nasdaq.

The S&P index recorded 19 new 52-week highs and nine new lows, while the Nasdaq recorded 129 new highs and 36 new lows.

 

Reporting by Medha Singh; Editing by Arun Koyyur