Seprod Limited (SEP) has advised that the Board of Directors will convene a meeting on Monday, October 12, 2015 to consider the payment of a dividend.

National Commercial Bank Jamaica Limited (NCBJ) has advised that effective October 1, 2015, the Group Human Resources and Group Facilities and Services Division merged to form the Group Human Resources and Facilities Division. Mr. Rickert Allen, Senior General Manage, will have the responsibility of providing leadership for the Division and will continue to report to the Group Managing Director.

Sagicor Group Jamaica Limited (SJ) has advised that the Board of Directors will convene a meeting on Wednesday, October 14, 2015 to consider the payment of a dividend.

Jamaica Broilers Group Limited (JBG) has advised that the Board of Directors will convene a meeting on Monday, October 12, 2015 to consider the payment of a dividend.

Seprod Limited (SEP) has advised that effective September 28, 2015, Mrs. Carol Andrade joined the Executive Management Team as Group Quality and Innovation Manager.

Paramount Trading (Jamaica) Limited (PTL) has advised that the Board of Directors will convene a meeting on Thursday, October 8, 2015 to consider the payment of a dividend.

Supreme Ventures Limited (SVL) has advised that the Board of Directors will convene a meeting on Thursday, November 5, 2015 to consider the payment of an interim dividend.

Dolphin Cove Limited (DCOVE) has advised that the Board of Directors declared the payment of an interim dividend of $0.15 per share, payable on October 29, 2015, to shareholders on record as at October 14, 2015. The ex-dividend date is October 12, 2015.

National Commercial Bank Jamaica Limited (NCBJ) has announced that on September 22, 2015 NCB Capital Markets (Barbados) Limited was registered by the Financial Services Commission (FSC) in Barbados to conduct business in Securities Company, Dealer, Underwriter and Investment Advisor.

As part of the NCB Group’s strategy to diversify and grow revenues through regional expansion, NCB Capital Markets Limited (NCBCM) is to establish an office in the eastern Caribbean island of Barbados and is awaiting a securities dealer license by the Barbados Financial Services Commission.

The Company will trade as NCB Capital Markets (Barbados) Limited and its establishment follows on the heels of NCBCM’s acquisition of AIC Finance Limited, now NCB Global Finance Limited in Trinidad and Tobago and the refocusing of its Cayman subsidiary, NCB Capital Markets (Cayman) Limited as a regional offshore wealth management hub.

Steven Gooden, Chief Executive Officer at NCBCM noted that the Barbados operation will serve as an investment banking hub for the eastern Caribbean.  Mr. Gooden also pointed out that “it was an opportune time to invest in Barbados as the country is currently going through a period of economic recovery and the government has been seeking public-private sector partnerships to help drive economic activity.”

“A number of regulatory changes are taking place, which collectively augurs well for us having an operation there at this time. NCBCM is already pursuing several opportunities in Barbados. We have recently won a mandate, through our Cayman office, to finance an important 153-bedroom beachfront condominium/hotel project in Barbados, and we are in active discussions on a number of other potential deals,” Mr. Gooden indicated.

NCBCM is now entering phase two of its regional expansion initiative, which will involve enhanced integration of the company’s operations in current markets and the expansion into new ones. This, Mr. Gooden said, will see the positioning of the Trinidad and Tobago operation as an investment banking hub for the southern Caribbean  including Guyana, Suriname and the ABC Islands - Aruba-Bonaire-Curacao.

He also mentioned that NCB Global Finance is in the process of applying for a securities dealer license to complement its current merchant bank operations. The integration and expansion will also benefit existing Jamaican clients seeking to conduct fundraising across the region or simply expand their own operations.

Stating that NCBCM is still exploring other markets, Mr. Gooden said that there is interest in Spanish-speaking countries in the region. “Collectively, they have a population exceeding 80 million people and we are seeking to invest in economies that are growing and have capital markets with relatively low product penetration,” he added.

NCBCM (Barbados) was incorporated on May 27, 2015 and will be located along one of Barbados’s major thoroughfare in Worthing, Christ Church.

On September 23rd 2015, the Executive Board of the International Monetary Fund (IMF) completed the ninth review of Jamaica’s economic performance und er the four year Extended Fund Facility (EFF).Following the review, the government of Jamaica was successful in passing the 9thquarterly test which will enable the disbursement of US$39.7Mn. The IMF continued to express positive sentiments regarding the progress made under the program and indicated that performance is on track and structural reforms have progressed broadly on schedule. With macroeconomic fundamentals strengthening, such as inflation being at a historical low and the current account improving, these factors have created the platform for more favorable perception and confidence in the sovereign. Progress towards meeting the debt target was fast-tracked in the recent Petrocaribe debt buyback. However the IMF was quick to point out that growth remains weak and unemployment needs to decrease further.

All the quantitative performance criteria were met and structural reforms were broadly on schedule. The central government’s primary balance target was met as higher tax receipts and lower than-projected capital expenditures overcompensated for a slight overrun in program spending and lower non-tax revenue and grants. Primary balance at June 2015 stood at $20.4Bn relative to the IMF target of $17.0Bn. Tax revenues exceeded budgetary expectations with favorable performances of corporate, excises and sales taxes, offset underperforming grants and non-tax revenue. Tax revenues were $95.4Bn relative to IMF floor of $88.0Bn. Structural targets such as the transition of the retail repo contracts to a trust-based framework were completed. The structural conditionality on tabling in Parliament a bill to strengthen the Customs Act has been met, as well as the structural benchmark for transitioning the retail repos to the Trust.

The IMF indicated that risks to the program remain high. Notwithstanding the authorities’ demonstrated resolve in implementing the program, more tangible signs of improvements in growth and job creation will be important to sustain the social consensus needed to continue on the reform trajectory. Revenue shortfalls or the inability to contain the government wage bill could undermine the fiscal position. An eventual reopening of the domestic bond market may prompt an upward shift in the yield curve and undermine financial sector stability. The run up to elections, which should be held before end-2016, could also potentially delay progress on program implementation and reform momentum if unbudgeted expenditures arise.