Comment (0)

 

Comment (0)

The commercial banks operating in Jamaica should examine the possibility of collaborating on the establishment of  a concessionary loan fund for tertiary-level students.

COK Sodality has set the trend with its recently announced $100 million, ten percent loan.  However before we get all mushy let's do a reality check! COK Sodality was cautious to announce serious conditions attached to the loans for students. House, car and near-money such as insurance policies are accepted as collateral.

The credit union has a great reason to be cautious with its members money. Students are among the worst debtors with a delinquency rate over fifteen percent according to the last annual report I saw from the Students Loan Bureau.

The banks no doubt would have to ask their shareholders to sanction any move to set up any such high-risk loan fund for tertiary level students. No commercial bank will risk a 15% delinquency rate with shareholders money.

However following  consultations with their shareholders and their regulator (Bank of Jamaica) the banks, through the Jamaica Bankers Association, could conceivably set up an annual fund of $300 million which represents less than one percent of their annual profits.

This special fund will certainly  not contribute to super profits. However any serious cost/benefit analysis is likely to come up with with one finding: it's a blue chip investment in the future of  Jamaica - the source of  your super profits.

Thought-provoking and perhaps idealistic but where there's a will there's a way!

Comment (0)

Investors in failed informal investment schemes OLINT and Cash Plus may have another option to attempt to get back their money judging from a high-profile case that’s developing in the United States against one of Bernie Madoff’s big investors who got out huge profits just before the Ponzi scheme collapsed.

Comment (1)

When I read the newspapers and watch the television newscasts, I see endless complaints and in our democracy I have no problem with that.

However what I seldom see are people and/or organizations making tangible suggestions for solutions!

Comment (1)

Life’s like that and I thrive on challenges!

However, I have learnt several invaluable lessons from the over two thousand entrepreneurs I have been interviewing since October 1998.

Some of these lessons I have tailored to suit my own circumstance and others I have formulated from experience.

Comment (0)

Though the United States and Cuba have no formal high-level diplomatic ties, the Wikileaks cables indicate a surprising level of co-operation between the two cold war enemies in the fight against the regional narcotics trade.

The end apparently justifies the means!

A Miami herald news report highlights close collaboration between a Coast Guard Drug Interdiction Specialist, (DIS) in 2009 and also Cuban complaints that Jamaica has “consistently ignored” calls for help on drug cases.

The American diplomatic cable from Cuba quoted what it said was “A significant frustration on the Cuban side is the reportedly complete lack of co-operation afforded them by the Government of Jamaica when it comes to information sharing.”

Comment (0)

 The Finance Minister should not be swayed or bullied by any business interests once the government is applying the taxation on tonic wines and beers fairly after dialogue with stakeholders and in accordance with international benchmarks.

Those should be his only guidelines.

Comment (2)

It’s ironic that journalists who always complain about the pay levels in the profession were largely absent from a forum in Kingston put on by the Press Association of Jamaica on November 30, 2010. That forum was entitled “Media and money.” 

The panelists were: TVJ’s  General Manager Kay Osborne who spoke on the topic: “Growing corporate revenue through content innovation;”  Oral McCook managing Director of a leading advertising agency OGM who spoke on the topic growing corporate revenue through advertising innovation;” and yours truly Owen James who spoke on the topic: “Building financial strength as a journalist.” 

It’s no secret that journalists are not highly paid, though the salary scales are much better than they were when I entered the profession in 1973. However on the flip-side media houses do not make high levels of profit and media is capital intensive.

 It’s no secret too that many of our journalistic luminaries of the past were poor managers of money, some dying as veritable paupers. 

Hence such a seminar was timely. 

In my own presentation I suggested that journalists set ten goals for 2011 to enhance financial independence: 

•  
  1. Find yourself a licensed financial advisor. The banks and other financial institutions in this post-debt-exchange era are begging people to come in to them;
  2. Find legitimate earning possibilities;
  3. Save! Save! Save! Remember cash is king!
  4. No more debt!
  5. Minimize the use of credit cards.
  6. Pay more attention to budgeting;
  7. Buy only what you need and not what you want;
  8. Pay more attention to your health.
  9. …and importantly develop shared goals with your partner!
  10. Seek mentorship

These goals are attainable and I speak from experience.  I also made tangible suggestions on how journalists may LEGITIMATELY earn more from within their own organizations. However in a packed meeting room at the Courtleigh Hotel Tuesday night of November 30, 2010, less than ten of those who could benefit, were in attendance!

We also need to take better care of our colleagues. We are the only local profession where instead of bonding we continuously tear down each other, with motivation often borne from envy.  Lawyers don’t do it; doctors don’t do it; teachers don’t do it.

A word of caution to journalists: When you hear rumours, apply the same stress tests you would to a controversial story before propagating them. Don’t seek to ruin reputations often built on hard work; innovation; honesty and integrity; blood, sweat and tears!

Comment (0)