Category: Top stories: Local

S&P downgrade signals ‘deficiency’ of economic team – Davies

Posted on by Your Financial FactSheet


Jamaica Gleaner: “S&P downgrade signals ‘deficiency’ of economic team – Davies”

Opposition spokesman on finance Dr Omar Davies said Thursday that the downgrade of Jamaica’s credit rating by Standard & Poor’s, highlights “clear deficiencies” in the management of the economy.


Jamaica Gleaner: “Credit crisis! – Government of Jamaica slams rating agency for downgrade – Opposition says critique right on the money”

The Government has reacted with surprise and disappointment at the decision by the international rating agency Standard and Poor’s (S&P) to further downgrade Jamaica’s credit rating from B- to CCC+.


Jamaica Observer: “What are Jamaica’s options?”

While the country prepares for the IMF, another blow has been delivered in the form of an Independence Day (birthday) gift. Namely, Standard and Poor’s (S&P) has downgraded us to CCC+, which it indicated earlier in the year it would have done if conditions did not improve.


Jamaica Observer: “S&P focuses on Jamaica’s weak fiscal accounts”

STANDARD & Poor’s (S&P), the reputable international rating agency, earlier this week downgraded Jamaica’s rating to CCC+ and said that the outlook on the country remains negative.

Impending IMF deal bodes well for markets

Posted on by Your Financial FactSheet


Jamaica Observer: “Impending IMF deal bodes well for markets”

Jamaica’s impending return to the International Monetary Fund (IMF) could make it an opportune time to re-examine opportunities in the stock market.


Jamaica Gleaner: “Caribbean economic recovery to lag behind First World’s – Jagdeo”

CARIBBEAN COMMUNITY (CARICOM) Chairman Bharrat Jadgeo has expressed fear that regional nations will take longer than their developed counterparts to recover from the effects of the global economic crisis.


Jamaica Gleaner: “CARICOM proposes new measures for debt relief, loan refinancing”

The Caribbean Community (CARICOM) has announced that it intends to approach multilateral lending agencies with proposals for debt relief and loan refinancing.


Jamaica Observer: “Commercial banks balance appetite for government paper with lending”

Jamaica’s commercial banks have a combined loan portfolio worth J$100 billion more than the value of their combined investment portfolio – a departure from the historial reliance on investment instruments such as Treasury bills – signalling a shift towards rebalancing an appetite for government paper with the core activity of lending.


Jamaica Observer: “Minister Shaw needs a strong team to implement Jamaica’s economic turnaround”

In his presentation to the Roxborough Institute last week, former Jamaican Prime Minister and Finance Minister Edward Seaga correctly noted that Jamaica has been in one continuous crisis of no growth, low growth or negative growth for nearly four decades.

CARICOM mini-summit to assess economic transformation strategy

Posted on by Your Financial FactSheet


Jamaica Gleaner: “CARICOM mini-summit to assess economic transformation strategy”

In a matter of days, a task force of five CARICOM leaders will meet in Jamaica to discuss a regional approach to the global economic and financial crisis. The group – the third that the Caribbean has created on this issue – includes the president of Guyana and prime ministers of Barbados, Jamaica, Trinidad and St Vincent.


Jamaica Observer: “Recent events signal positive outlook for medium-term”

It need not be said that economies worldwide face a challenging year. The International Monetary Fund (IMF) in the most recent update to its World Economic Outlook predicted a 1.4 per cent contraction in the global economy for 2009 compared with 2008.


Jamaica Observer: “Commercial banks must pass through additional BOJ interest rate cuts”

On Monday, August 3, Scotiabank Jamaica will reduce its base lending rate by one per cent, from 21.5 per cent to 20.5 per cent, passing through the one per cent reduction in the Bank of Jamaica (BOJ) interest rate of Friday, July 24.

BOJ cuts rates again – As Gov’t Renegotiates Domestic Debt Repayment

Posted on by Your Financial FactSheet


Jamaica Gleaner: “BOJ cuts rates again – As Gov’t renegotiates domestic debt repayment”

The Bank of Jamaica cut rates again Thursday, a week behind its last adjustment, in a move designed to bring down the cost of funds for the Government, analysts said, but they also took it as further evidence of a new agreement on interest rate policy under the borrowing facility being negotiated by Government.


Jamaica Observer: “A masterplan for Jamaica”

The Jamaican government’s decision to seek financial aid from the International Monetary Fund (IMF) has put into sharp focus the perilous state of the Jamaican economy and raises the question, where does the country go from here?


Jamaica Gleaner: “Barbados enters recession”

The governor of the Barbados Central Bank says the Caribbean island’s economy is in recession. But Prime Minister David Thompson said his country would not follow Jamaica’s lead and seek help from the International Monetary Fund. (IMF).


Jamaica Observer: “Obama sees the beginning of the end of the recession”

President Barack Obama said Wednesday he sees “the beginning of the end of the recession”, as economic indicators and comments from the Federal Reserve suggested stabilisation after a brutal slump.