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Home Blog Page 17

Twitter is on the verge of launching a multicolored verification button at the request of Elon Musk

By
Obrian
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0

Elon Musk is making changes to the verification feature on Twitter once again. The $8 monthly subscription service for a blue checkmark was a complete disaster as users created fake accounts which misrepresented the real verifiable ones.

This new service will be launched next week Friday on December 2nd. This new system will come with a color code, gold checkmark for companies, grey for governments, and blue for individuals. All verified accounts will be manually authenticated before the check is authenticated.

He went on to further explain that individuals can have a second tiny logo to note they are part of a particular organization. That organization also has to verify that the individual represents them or works with them in some way.

Twitter took another step to stop spam and fake accounts when Twitter Blue was finally relaunched. Last week, the company changed its terms so that newly created accounts have to wait 90 days from the date of account creation before they can buy a Twitter Blue subscription.

Jamaica Producers and Eppley creates strategic joint venture Group

By
Obrian
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0

Jamaica Producers Group Limited (JP) and Eppley Limited joined forces to create a capital infrastructure group to invest in different projects across the Caribbean. These projects will be mainly based on infrastructure.

Thus far these two companies will be the main financiers and equal partners along with NCB Capital Markets Limited helping to finance parts of the initiative.

JP and Eppley already have important infrastructure projects under their belt in different fields such as ports, energy, and water. This joint venture will allow them to leverage the assets of each other to create opportunities that make sense financially for both partners.

Prior to this public joint venture announcement, JP and Eppley already had projects in the works, they recently formed Rio Cobre Water Limited (RCW), which is a partnership with Vinci Construction Grands Projects, a member of the Vinci Group which is one of the largest construction groups in the world.

RCW also enters a partnership with the National Water Commission to design, build, finance, and operate a 15 million gallons per day water treatment plant under a 25-year program.

Jeffrey Hall, Chief Executive Officer of JP is very optimistic about this partnership and notices that it is a win-win for both sides given the track record of both companies. “JP and Eppley each have strong track records of successfully deploying capital on behalf of their investors. We look forward to exploring new infrastructure investment opportunities together.”

Sterling Investments had a successful quarter which saw revenue surging

By
Obrian
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0

Sterling Investments Limited (SIL) had a successful quarter ending September which saw a 108 percent increase in revenue. It increased from J$23.1 million in 2021 to J$48.1 million in 2022 within the same period.

This jump in revenue is largely attributed to the foreign exchange rate. Last year they had a loss of J$23.1 million for the September 2021 quarter and this year they have recorded gains of J$12.2 million within the same period in 2022.

Profit for the third quarter came in at J$20.5 million which is a big leap from the J$312,738 they achieved the prior year within the same period. They had a slight drop in operating expenses which decline from J$11.4 million in 2021 to J$10.9 million for September 2022.

They recorded a meager increase in interest income, the number for the first 9 months J$111.9 million which is a slight increase over last year’s numbers within the same period. Net interest income increased by 4.0 percent from J$97.0 million in 2021 to J$100.9 million for the current combined three quarters.

Net profit for the 9-month period was J$27.7 million. The total asset base declined to J$1.7 billion in 2022 from J$2.2 billion the prior during the same September period.

Total equity also declined to J$1.2 billion, the company is making a claim that certain market conditions and the overall economic climate play a major role in this decline as well as other negative data points that were listed above.

2020s: The decade of massive change and opportunities

By
Obrian
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1

The 2020s in my opinion is a decade of massive changes. The changes are not linear in nature but asymmetric. Most persons who are aware but don’t have the correct words to describe the phase that we are going through clearly understand this.

Even though this decade is still widely unpredictable due to the massive changes that are taking place, there are common patterns that are slowly forming.

Economically it will not be easy for most of us living on this planet as there are geopolitical struggles currently taking place between superpowers of completely different systems and viewpoints of the world.  This struggle has affected supply chains, resources, etc.

This has a knock-on effect on our economies, for example, Europe is going through a phase of deindustrialization. Businesses are looking for cheaper economies to operate and they are exporting key operations to countries within Asia and other parts of the world.

The United States of America and Britain are also going through an economical slump. Within the tech industry, there are also layoffs as companies are finding it hard to maintain certain salary bracket. Despite the challenges though, this will teach us not to take the good times for granted.

For example, looking back the 2010s could be seen as a really good decade. Businesses were taking advantage of the internet; Facebook ads were really good and it was just easier to do business.

It’s a completely different game now to achieve results due to the different privacy laws that are now in place within the online sphere. Additionally, there are a lot more businesses within your space so you have to now be creative in order to be effective and stand out. The good thing is humans are adaptive.

Now let’s look at the massive opportunities that are available within this decade:

Cheaper Assets

It will be cheaper to acquire certain assets. Due to the current and future economic situation, things will get a lot worse before it gets better, individuals with an excess amount of cash and a strategic plan can acquire a business that is currently on the verge of bankruptcy or is in a financially difficult situation.

Yes, it will be sad for the business owner to sell his or her business but it’s better than allowing the assets to dissolve.

Stocks are pretty cheap right now within certain markets as retail investors are pulling out cash and burning it through “living expenses”.  You’ll also see more merges, as well as businesses, realizing that it is better to join them if you cannot beat them.

Strategically it makes sense in a market where both parties are burning through X amount of cash to acquire the same customers.

Lifestyle Entrepreneurs

As more persons are leaving the workplace, oftentimes through layoffs and others through resignation, we will see more persons getting creative and profiting off of extra skills they have developed recently or had developed over the years.

The internet makes it easier as well to profit from these skills. Lifestyle entrepreneurs are only making money to maintain a certain lifestyle so they can have the freedom to pursue some other hobby that might not be profitable.

They might just even want to be able to travel and do things on their own time.

Decentralization of Finance

Decentralization of finance is here to stay. Once the market is regulated, I am expecting to see the decentralization of finance getting the attention and respect that it deserves.

Currently, the space is a bit muddled due to the ongoing scandals that are throughout the industry but the core blockchain technology will thrive within lots of applications from healthcare to finance where it very much started.

Decentralization of finance will open doors for entrepreneurs to be able to trade in a more efficient way. We have seen glimpses of this within the space currently but we are not quite there as yet. It will also provide a lot of new jobs for individuals all across the globe.

Climate Tech Businesses

Climate change businesses are currently booming as leaders are trying to transition from “dirty energy” to green energy. Even though some of the ideologies seem unrealistic, a lot of money is being spent within this space and it will likely continue.

We have seen countries developing plans to transition to a completely green economy within this century. Regardless of the ideologies and goals, money is being spent there and from money is being spent, they are going to need businesses and skilled workers to help and build this new world.

New Economies

Due to geopolitical shifts that are taking place, new economies are now popping up on the scene. Asian countries which are the most avid example are rising rapidly and will eclipse western economies before 2050 and probably even earlier if things spiral out of control.

The west had most of the influence on the planet for over 500 years and this shift will have wide geopolitical and monetary ramifications that most of our western leaders today cannot conceive of.

These new economies will need skilled workers and businesses to help innovate within that sphere. If an entrepreneur can tap into these markets strategically the rewards are worth the risk.

AI Is Getting Better

Artificial Intelligence (AI) is getting better and billions are being spent by the world’s largest tech companies. These systems can do a lot of specific things really well such as computer vision, text-to-speech, predictions, etc.

They can also automate a lot of different tasks and do them at a level that is acceptable for most jobs where a certain skill is required.

Due to the fact that AI is getting better, business owners can leverage these technologies to scale their businesses. Large tech companies are doing it such as Google, Amazon, and Facebook. Some of these technologies are now open source and this can allow entrepreneurs to leverage and build upon them.

Wrap Up

These are just some of the trends that will have a huge impact on our society this decade. This is not an exhaustive list but for the time being, it can give you an idea of where the world is heading.

As I have stated things could spiral out of control and get worse pretty quickly but for now, it’s in a stable state.

There are a lot of opportunities for people with awareness to take advantage of, it will take luck, determination, skill, and competence to achieve the intended outcome and get out of the 2020s the winner.

PanJam and Jamaica Producers join forces in strategic merger

By
Obrian
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0

Jamaica Producers Group (JP) and PanJam Investment, announced they will be merging both companies in a strategic initiative to take advantage of various opportunities.

This new consolidated organization, which will be renamed Pan Jamaica Group Limited will enable JPG to get a 34.5 percent interest in PanJam in exchange for PanJam acquiring 100% of JPG.

Pan Jamaica Group will remain at the helm and hold the assets of both businesses. This new Group will now have holdings in financial services, hotels, logistics, real estate, manufacturing, and other areas of business. PanJam Chief Executive Officer, Joanna Banks seems excited over the new deal and what it means for PanJam.

“PanJam has done exceptionally well by building great partnerships with like-minded entities. The proposed business combination represents the creation of the quintessential Jamaican conglomerate, a geographically and operationally diversified company focused on value creation for all stakeholders through investment in key sectors of the global economy. Our internal analysis points to a future that we are all excited about – one in which our combined enterprises become the regional investment vehicle and investor of choice.” She said.

For this new group, PanJam’s current CEO Joanna Banks will become president of the Pan Jamaica Group, and Jeffrey Hall who is JP’s current CEO will hold the position of CEO and Executive Vice Chairman of the Board of Directors.

Pan Jam’s executive chairman Stephen Facey will serve as Chairman of the new group’s board.

Charles Johnston, JP’s chairman, Hall and Alan Buckland, JP’s current Chief Financial Officer, will join the new board.

This very interesting deal will enable two battle-tested companies with combined assets of over $100 billion to have a proper foothold with targeted industries and expand.

Barita posts a marginal increase in net profits in recent review

By
Obrian
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0

Barita’s net profit for the 12 months ended September 30, 2022, stands at $4.1 billion which is a slight increase over the $4 billion generated last year. They also reported a nine percent increase in operating revenue last year during the same period, the current period generated J$9 billion.

Net interest income increased by 8 percent to $1.7 billion. Barita’s total assets under management amounted to $337 billion. Additionally, it also saw a 22 percent increase in its total assets which climbed to $110 billion.

Total shareholder’s equity for the year stood at $32.3 billion while earnings per share was $3.44.

Non-interest income increased by 10 percent to $7.2 billion on a year-over-year basis.

Fees and Commission Income declined by 3 percent to $3 billion.

Expenses for the year 2022 grew by 25 percent to $3.8 billion, there has a sharp rise in staff expenses which came in at $1.7 billion over last year’s figure of $1.2 billion. Administration costs also increased by 29 percent to $2 billion.

The company made it clear that such an increase in operating expenses is essential to achieve key strategic growth initiatives.

“The increase in operating expenses reflects investment in the capabilities required to execute the strategic growth initiatives that we have previously communicated,” the company said on this issue.

Barita’s Chairman Mark Myers is quite satisfied with the performance for the year given the challenges the core business had to deal with.

“Despite the current headwinds, which were preceded by the effects of COVID, our profits increased for a fourth straight year. Our success was largely attributable to investments made in real estate and private equity which enhanced returns and provided much-needed diversification as values of traditional assets weakened.” He said.

Theranos founder sentenced to 11.5 years in prison

By
Obrian
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0

Theranos founder Elizabeth Holmes has been sentenced to over 11 and half years over various charges. At her preliminary, she was found blameworthy on four of 11 counts connected with cheating financial backers; however, she was not seen as a real fault for swindling patients.

The previous organizer and Chief of Theranos, Holmes might have had to deal with upwards of 20 years in jail for every one of the four counts. By examination, previous drug leader Martin Shkreli was condemned to seven years in jail for protection misrepresentation, yet was delivered after a smidgen over four years.

At the town hall in San Jose, the two sides of US versus Elizabeth Holmes communicated their perspectives in regards to whether Judge Edward Davila can think about Holmes’ “careless dismissal” of patients in condemning. Davila dismissed that proposition since, at the first preliminary, Holmes was just viewed as only defrauding investors.

It took more than four hours before Holmes’ sentence was chosen. Alex Schultz, the father of informant Tyler Schultz, addressed the court, describing how his child laid down with a blade under his pad when he thought Theranos’ private investigators were trailing him.

Then, Holmes herself spoke. “I regret my failings with every cell of my body,” she said. That was when Judge Davila delivered his decision.

Holmes is supposed to report to prison in April. Presently, she is pregnant with her second child.

Seprod’s net profit surge against the backdrop of strategic acquisition

By
Obrian
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0

Seprod Group’s net profit increased by 113 percent to J$1.05 billion. Revenues for the quarter increased by 109 percent to J$23.64 billion.

The year-to-date performance sees net profit for the nine-month period at J$2.63 billion which is a 55 percent increase over the same period.

Revenues increased by 65 percent to J$51.44 billion. Seprod Group’s acquisition of A.S Bryden & Sons Holdings, a leading distributor of food and household goods in Trinidad and Tobago, played a huge part in the company’s overall performance.

Last year Seprod Group went through a mini-crisis when its main logistic center in New Port West Kingston was destroyed.

Despite the crisis, the company has overcome most of the struggles and transitioned to a new distribution center at Marcus Garvey Driver which is in the vicinity of the head office.

Seprod has been growing steadily over the years and the recent numbers show that the company is ramping things up. Earlier in September CEO Richard Pandohie stated that he wants to double the export output in three years. Currently, the number is at 15 percent and he wants to increase it to 30 percent.

He gave justification as to why he thinks that’s possible.

“Firstly, the brands that we own, like Serge, Supligen, and Betty, we can find new markets for them and expand their reach in additional markets. The other big element is the co-manufacturing and production, where we do third-party brands and produce for them,”.

Overall, these are positive numbers for Seprod and it’s interesting to see how the business navigates the space from now on.

Sygnus reports strong numbers with another successful quarter

By
Obrian
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0

Sygnus Credit Investment (SCI) had another successful quarter beating analysts’ estimates.

Net profit attributable to shareholders increased by 8 percent from US$1.51 million last year 2021 to US$1.63 million in 2022 during the same period.

Total investment income grew by 24.7 percent to the figure of US$2.27 million.

Operating expenses have increased by 29.3 percent to US$899,500 compared to last year’s number of US$695,800. Such an increase is largely due to management fees and corporate services fees which increased due to the overall management of larger assets. Additionally, management and corporate services fees combined represent 72 percent of the overall operating expenses in 2022 relative to 74.7 percent in 2021 during the same period.

Aside from management and corporate services fees, the remaining part of the operating expenses saw a 43.5 percent increase from US$175,700 in September 2021 to US$252,300 during the same period in 2022.

Due to the promising results, SCI is seeking to raise more capital from international partners which will enable the creation of more revenue streams for the company. We have seen recently that they have completely bought Acrecent Financial Corporation of Puerto Rico (AFC) which is a very important move for the company and will enable it to experiment in a market with new financial services.

That acquisition is a larger part of a major push to have a foothold in the private credit market across the Caribbean.

FESCO net profit surges as it looks to expand operations

By
Obrian
-
0

FESCO has experienced yet another successful quarter in which the service station chain has shown very promising results.

Net profit for the period ending September surged by 125.98 percent from J$72.08 million to J$129.29 million. Total net profit thus far for the half-year segment of the company’s business cycle already exceeded the entire financial year ended March 2022 by J$27.44 million. Last year’s business cycle estimate stands at J$253.64 million while this year it is currently at $281.08 million with another 6 months to go.

For the quarter ended June 30, 2022, revenue numbers for the company have jumped 187.7 percent for a year-on-year increase. Analysts are now pointing to key factors that might affect such results, the price of fuel played a major factor. The prices for refined gasoline have increased along with diesel.

Operating expenses for the period stand at J$65.70 million and J$130.74 million year to date. As the company looks to expand operations and renovate areas look for the number to increase.

Recorded finance income for the quarter is at J$4.81 million compared to an income of J$1.52 million last year. This reflects a 217.31 percent increase. There has been a 21.73 percent decline in year-to-date finance income, currently, it’s at J$5.57 million compared to J$7.11 million last year.

The company has been funneling money into expanding the business and opening up more stations around the island. The company opened up two additional service stations during the quarter at Whitehall, St. Elizabeth, and FESCO Ocho Rios which is much more recent on November 11, 2022.

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