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Inflation Trending Down

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#Kingston, Jamaica, August 21, 2022 – The Bank of Jamaica (BOJ) is encouraged by the declining out-turns recorded in the last three Consumer Price Index (CPI) reports, Governor, Richard Byles, has said.

The CPI, which measures variations (inflationary movements) in commodity prices for consumers, is administered by the Statistical Institute of Jamaica (STATIN).

Mr. Byles noted that having peaked at 11.8 per cent in April 2022, the rate of inflation fell to 10.9 per cent in May and June, and to 10.2 per cent in July.

“Declining international commodity prices, relative stability in the exchange rate, tighter liquidity management by the BOJ, and higher interest rates have allowed for this trend,” the Governor informed.

He was speaking during the Bank’s digital quarterly media briefing on Friday (August 19).

Mr. Byles said notwithstanding this “good trend”, the BOJ believes these conditions have not sufficiently solidified to ensure that inflation is sustainably placed on a downward path towards the institution’s four to six per cent target range, adding that “there remains some significant risks of reversal”.

He emphasised that the fragile geopolitical conflict between Russia and Ukraine, and Europe’s knock-on commodity price risks “cannot be ignored”.

Additionally, Mr. Byles said reported labour shortages in several sectors of the economy and pressures from recent local inflation experiences “carry the potential for future wage adjustments that could be inflationary”.

Further, the Governor said high inflation in the United States and other trading partners has prompted a programme of faster monetary adjustment, noting that this could cause capital outflows from Jamaica and exchange rate depreciation, “if domestic monetary policy is not properly aligned”.

“These are some of the factors the Bank’s Monetary Policy Committee (MPC) considered when it met on August 16 and 17, 2022, and voted to increase the policy rate [on deposit-taking institutions’ (DTIs) overnight balances] by a further 50 basis points to six per cent, effective August 19, 2022,” he told journalists.

Mr. Byles informed that the Committee also decided to continue pursuing other measures to contain Jamaican dollar liquidity expansion and maintain relative foreign exchange market stability.

He said the MPC noted that the Bank’s strong international reserves reinforce its ability to support the foreign exchange market, as needed.

“This current decision has resulted in a cumulative increase in the policy rate of 550 basis points since October 2021 and has taken the policy rate to a level that the Committee considers appropriate,” Mr. Byles pointed out.

He added that if incoming data on inflation continues to track downwards, and the monetary adjustments in the US, in particular, are as expected, “the MPC agreed that it could pause its policy rate increases”.

Mr. Byles advised that the policy rate increases were complemented by the Bank’s adjusting the Net Open Position limits for DTIs, and selling approximately US$678 million to the foreign exchange market, since October 2021.

This, he said, was approximately 30 per cent more than the sum sold over the corresponding period to July 2021.

He also indicated that the Bank bought US$1.96 billion over the same period, primarily through the surrender system.

Mr. Byles said these policy actions contributed to the exchange rate being stabilised since the start of November last year.

“Without these actions, imported inflation, and hence the final prices faced by consumers, would have been much higher,” he further stated.

Mr. Byles said the BOJ anticipates that these measures will continue to cause interest rates on deposits to further increase, thereby making savings in Jamaican dollars more attractive, relative to foreign currency assets.

 

 

Photo Caption: Bank of Jamaica (BOJ) Governor, Richard Byles.

Contact: Douglas McIntosh

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Only Haiti; a one day Prime Minister stripped as Council voting deemed illegal

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Deandrea Hamilton and Rashaed Esson

Editorial Staff

The efforts to restore Haiti have birthed concerns as corrupt actions within the Presidential Council have been unveiled in shocking revelations surrounding the appointment of the nation’s new Prime Minister and the council’s president, voted in on Tuesday April 30, 2024, against the stipulations within the political accord. This has caused tensions among the members of the Council which could lead to disintegration.

The week of April 29, 2024 started with anticipation for the naming of the Prime Minister on April 30, and by the end of the day, the region and world was given great news that Haiti now has a new Prime Minister, Fritz Bélizaire. Also, the Council’s president was named Edgard LeBlanc Fils.

But, on May 1st, news of conflict within the council made headlines and it turns out Bélizaire and LeBlanc Fils were voted in on the decision of only four of seven council members with voting rights.

The remaining members who were supposed to be a part of the decision making by law, under the accords, were left out of the loop. In fact, the quartet has taken on an identity, reportedly calling itself “The Indissoluble Majority” and the Miami Herald informs that a document was released, leaked, which contains the names of the four council members who are Smith Augustin, Louis Gérald Gilles, Emmanuel Vertilaire and LeBlanc.

The vote was taken overnight. Not all of the Council members were present. How their election came to be accepted and then broadcast to the world is worthy of investigation and given the investment of so many countries, to right Haiti’s rickety ship, demands a decent investigation.

Haiti’s political process is fraught with corruption. The development is embarrassing, a significant setback but no surprise.

Regarding the unlawful voting process, an unidentified individual with direct intel, told media that the Council’s political agreement was violated due to how the voting was carried out. It was expected to be a collective decision, as the Accords negotiated and ratified unequivocally stipulate; the design is and has always been to come to a middle ground. No time in recent history have the stakes for Haiti been so high and the need for transparency and honest integrity to be unflinching. Yet, at least four of these members have reportedly disgraced the process and will likely be replaced as the vote is re-executed.

A Wednesday statement to the media has confirmed as much.

It is expected that now, the positions for Prime Minister and the President (of the Council) will be reopened and new members appointed to the council.

 

 

 

 

 

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Bēchë Announces Exclusive Partnership with Miss Universe Turks and Caicos Pageant

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May 2, 2024 – Bēchë, the premier swimwear of the Turks and Caicos, known for its innovative designs, commitment to quality, philanthropy and cultural storytelling, is thrilled to announce its official partnership with the prestigious return of Miss Universe Turks and Caicos Pageant. This collaboration marks a significant step in promoting fashion and beauty, with the event scheduled to take place in Providenciales on July 26th and 27th 2024.

As the exclusive swimwear partner for this esteemed pageant, bēchë will be outfitting all contestants with its latest collection curated specifically for each lady. This collection is designed to empower women and celebrate their individuality. This partnership aligns with bēchë’s mission to inspire confidence and elegance through exceptional swimwear that caters to all body types, while telling a story about our nation.

Event Highlights and Swimwear Showcase

Bēchë’s “Miss Universe Turks” designs will be featured during the promotional photoshoots leading up to the event, during the bikini competition and official photoshoots of the reigning queen. Attendees will witness firsthand the fusion of fashion and poise as the contestants grace the stage in bēchë’s standout pieces, each crafted to highlight the beauty and culture of the Turks and Caicos and our women.

Exclusive Offers and Engagement

In celebration of this partnership, bēchë will offer exclusive promotions and giveaways leading up to and during the event. Pageant attendees and fans worldwide will have the opportunity to engage with both brands through interactive social media campaigns and live-streamed segments of the pageant. The curated collection will be available to the general public for pre-order on the night of the pageant.

A Commitment to Community and Fashion

“Partnering with the Miss Universe Turks and Caicos Pageant is an honor and a testament to our dedication to high-quality, accessible fashion,” said Cyprianna Jackson, Designer and Founder of bēchë. “This event not only highlights the talent and beauty of its participants but also shines a spotlight on the global appeal of inclusive fashion. We are excited to bring our designs to such a dynamic stage and look forward to an ongoing relationship with the pageant.”

The Miss Universe Turks and Caicos organization shares bēchë’s enthusiasm, with National Director Gabriela Clesca stating, “We are truly honored and thrilled to announce the return of the Miss Universe competition to Turks and Caicos after 10 years, alongside our esteemed swimwear partner, bēchë. Together, we’re positioning ourselves to showcase the extraordinary talent and beauty of this island, offering a global stage to showcase the captivating essence of TCI.”

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SANDALS TRAINS IN PREPARATION FOR THE FUTURE  

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~ Caribbean students graduate with Diploma in Hospitality Leadership ~

 

 

May 2, 2024, Montego Bay, Jamaica – In keeping with Sandals Resorts’ mandate to train and develop 400 managers in the next three years, The Sandals Corporate University (SCU) has added another sixteen managers to its growing list of graduates in the Diploma in Hospitality Leadership Programme.

Melissa Migliavacca, valedictorian

The leadership initiative, a partnership with the SCU, Florida International University(FIU) and Accelerating Leaders hosted its second graduation ceremony, at Sandals Barbados which was attended by members of the SCU team, Sandals and Beaches Executives, representatives of FIU and Accelerating Leaders and well-wishers of the graduates.

In his greeting, Dr. Michael Cheng, dean of the Chaplin School of Hospitality and Tourism expressed his joy in celebrating with the team members. He shared, “all of you embody the spirit of service, innovation and community that is embedded into the DNA of Sandals Resorts International. You’ve demonstrated that true leadership is about more than just guiding others. It’s about inspiring them, lifting them up, and striving for excellence in every endeavour. As you move forward from today, remember that the skills and knowledge you’ve acquired are tools not just for personal success, but for making a difference in the world. The hospitality industry, with its endless challenges and opportunities, awaits your contribution. You are the future of this industry, and we have every confidence that you will lead with integrity, creativity, and compassion.”

Managing Director for Sandals Resorts International, Stephen Blackburne, in his keynote address expressed how impressed he was with the graduates for taking a very calculated approach to their future with the organization. He said, “waiting to be asked is a passive approach. Instead continue to be intentional and proactive in shaping your future and making a meaningful impact wherever you go. I urge you to embrace this moment with pride and excitement. You are not just graduates, you are ambassadors of excellence, emissaries of change and architects of the future.”

Je’mel Francis, club sandals supervisor for Sandals Grande Antigua

Students for cohort B were recruited from Sandals Resorts across St. Lucia, Antigua, Bahamas, Turks and Caicos, Barbados and Grenada. Cohorts C and D will commence in April and May respectively, and the SCU anticipates that by the end of 2024, five cohorts will earn their diplomas.

To close out the evening on an inspiring note, Sandals Grenada’s Spa Manager, and valedictorian for Cohort B Melissa Migliavacca, took the time in her address to motivate her colleagues as they look towards the future. She said passionately, “it took discipline, dedication and focus as well as effective time management for us to follow through. There were times that we stumbled upon obstacles but giving up was not an option. Lisa Nichols says, that in this life we can choose to be a victim or a victor, the choice is always ours. I’m so glad we’re all standing victorious today because we made the choice to be brave and sign up for this programme and we saw it through to the end.” She concluded by encouraging her colleagues to pay it forward when they return to their operations by helping train team members and cultivating a standard of excellence.

The Diploma in Hospitality Leadership Programme is a six-month long interactive course leveraging workshops, discussion groups, case studies and industry best-practices.  Entry and mid-level managers are challenged to apply new knowledge, gain advanced skills and create positive behaviours as they prepare for the future and continuous achievement of excellence in the industry.

 

~END~

 

Captions:

 Header – Proud graduates of Cohort B of the Diploma in Hospitality Leadership come together for their group shot ahead of their graduation ceremony. The cohort consisted of managers from Sandals Resorts to include Grenada, Barbados, Bahamas, Turks and Caicos and St. Lucia.

1st insert – Melissa Migliavacca, valedictorian, gave a riveting address on behalf of her colleagues. She encouraged them to return to their resorts and impart what they have learnt to empower their various teams.

2nd insert – Je’mel Francis, club sandals supervisor for Sandals Grande Antigua, paused for a photo with Stephen Blackburne, managing director, SRI as he collected his diploma certificate. The Diploma in Hospitality Leadership Programme is offered by SCU in partnership with Accelerating Leaders and the Florida International University.

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