Business News

Move to allow intellectual property as collateral

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Wednesday, April 20, 2016

LilyClaire Bellamy, executive director of JIPO (right) makes a point as Marcus Goffe, deputy director, listens.                                DIRECTORS of the Jamaica Intellectual Property Office (JIPO) are now in discussions with the Government and financial institutions as part of plans to include intellectual property as collateral for individuals seeking funding. Deputy director and legal counsel of JIPO, Marcus Goffe – who was speaking to reporters and editors at the Jamaica Observer weekly Monday Exchange – however noted that the negotiation process is moving slowly and is dependent on a cultural shift in the finan … Read More

Bogdanovich’s DSR buys Reggae Sumfest

BY BALFORD HENRY Senior staff reporter balfordh@jamaicaobserver.com | Wednesday, April 20, 2016

BOGDANOVICH... it’s critical that the home of reggae music gets its house in orderJOE Bogdanovich, CEO of DownSound Records (DSR) has announced his company’s acquisition of the major Jamaican summer music festival brand, Reggae Sumfest. Although the deal was done about three weeks ago in Kingston, a public confirmation of the deal was only made Monday by Bogdonavich and Summerfest Productions, former owners and founder of the annual summer music festival in Montego Bay, which features both local and foreign acts. According to Bogdanovich, Summerfest’s CEO, Johnn … Read More

Noranda silent on offers for St Ann bauxite

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Wednesday, April 20, 2016

Noranda at Discovery Bay in St AnnThe Jamaica Observer understands that the latest offer made for Noranda Bauxite Ltd (NBL) in St Ann is US$100 million from an investor in the United States. The bauxite mine provides all of the bauxite ore used for the production of alumina at Noranda Aluminium Holdings Company’s (NAHC) Gramercy alumina refinery in Louisiana in the United States. Additionally, about 40 per cent of the bauxite ore produced by St Ann is supplied to a third party refinery. Current annual production at St … Read More

IMF says Caribbean countries still struggling to overcome global economic meltdown

Wednesday, April 20, 2016

WASHINGTON, United States (CMC) — A senior official of the International Monetary Fund (IMF) says with the global economy still struggling, many countries in Latin America and the Caribbean are facing a harsher world than they did a few years ago. “Therefore, the growth outlook is weaker in advanced and emerging economies alike,” said Alejandro Werner, the director of the IMF’s Western Hemisphere Department. He told a news conference over the weekend that the favourable … Read More

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