JMMB Securities raises $1.5 billion to fund businesses via Vertex SME Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

JMMB Group, through its subsidiary JMMB Securities, has launched a private equity investment vehicle to fund mid-sized companies in Jamaica and the rest of the Caribbean.

JMMB Securities Limited has already raised $1.5 billion in its first closing in September for the private equity company Vertex SME Holdings.

Vertex SME Holdings is predominantly funded by external investors desirous of gaining exposure to the private equity asset class, JMMB said.

JMMB Securities Limited has invested its own capital in Vertex, subscribing for approximately 10 per cent of the total offer size.

“There generally exists a number of debt and equity financing options for large companies and to some extent also early stage companies. However, given the scale and stage of development of mid-sized companies, they generally do not have ready access to well-structured growth funding. So a vehicle such as Vertex is particularly important in helping to bridge this gap,” said Kareem Tomlinson, General Manager, JMMB Securities Limited.

Vertex will invest between $150 million and $500 million each in a pool of as many as 10 businesses.

As subsequent investment opportunities arise, JMMB Securities will pursue more fundraising for Vertex, providing investors with above-average, risk-adjusted returns.

In addition to offering more growth funding opportunities for mid-sized businesses, the investment vehicle will enable JMMB to diversify its revenue stream.

JMMB Securities Limited, the investment manager for Vertex, said it would leverage the strengths and expertise of JMMB Group to help mid-sized businesses grow into larger entities.

JMMB Securities will utilise the group’s vast client network to ensure that at all times, Vertex has consistent access to high-quality investment opportunities.

Vertex will also appoint directors to the boards of each of the companies.

“Portfolio companies in which we invest will not only get access to financing, but access to best in class technical expertise across a wide range of expertise,” Tomlinson said.

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Afghanistan’s Mohammed Nabi leads Tallawahs a step closer to CPL final Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

Jamaica Tallawahs will head to Qualifier 2 of the Hero Caribbean Premier League (CPL) following a 33-run victory over St Lucia Kings in the Eliminator on Tuesday night.

Electing to field after winning the toss at the Providence Stadium in Guyana, St Lucia Kings courtesy of a disciplined bowling display restricted the Tallawahs to 148.

The Tallawahs were never made to feel comfortable and but for some late order hitting from Afghanistan’s Mohammed Nabi they would have struggled to post a defendable total.

Nabi, batting a number seven, hammered 31 from 15 deliveries. He returned later to star with the ball as St Lucia Kings, chasing a victory target of 149, were bowled out for 115 with 12 balls remaining.

Earlier, the Kings had restricted the Tallawahs to a paltry 29 for two in the Powerplay as Barbadian pacer Matthew Forde and West Indies pacer Alzarri Joseph bowled exceptional lengths.

The Kings continued to take wickets at regular intervals and when Kesrick Williams removed Chris Green for two the Tallawahs found themselves 115 for eight. However, Nabi leads the counterattack following that dismissal. His 31 runs included four sixes. Shamarh Brooks had earlier scored 47 from 31 deliveries.

Namibia allrounder David Wiese was the best bowler for the Kings with three for 19 from his four overs. West Indies pacer Alzarri Josephs supported well with two for 31 while Forde, Kesrick Williams, and Jeavor Royal picked up a wicket apiece.

In reply, the Kings got off to a good start reaching 54 for two at the end of the Powerplay but when captain Faf du Plessis was dismissed for 41 in the eighth over the Kings found themselves in a hole from which they couldn’t recover.

Nabi closed out a good day with three for 10 from his four overs. West Indies allrounder Fabian Allen picked up three for 28 while Mohammad Amir and Imad Wasim had two wickets each.

The Tallawahs’ victory now means that they will battle the Guyana Amazon Warriors in the second qualifier on Wednesday night to determine who will contest the Hero CPL final against the Barbados Royals on Friday.

Summarized scores:

Jamaica Tallawahs 148/8 (Brooks 47, Nabi 31*; Wiese 3/19, Joseph 2/31).

St Lucia Kings 115 (Du Plessis 41, Joseph 28*; Nabi 3/10, Allen 3/28).

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Bankers’ Association praises government for 2023 budget

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

First Citizens Bank, Independence Square, Port of Spain. – File photo

THE Bankers’ Association of Trinidad and Tobago (BATT) has commended the government “in its efforts to close the deficit gap in fiscal year 2022 and more so in fiscal year 2023.”

In a press release, BATT said the budget focused on the vulnerable, lower-income groups and small and medium enterprises.

“…As well as its deeper commitment to financial inclusion, digitalisation and the incorporation of renewables within the energy mix are all welcomed measures that are closely aligned to BATT’s advocacy thrust.”

It said it was “particularly encouraged” by the government’s continued investment in ICT infrastructure and digital transformation.

“The focus on transitioning to a cashless society, digitalising government services, coupled with expanded initiatives to ease the cost and time to do business in TT are all to be commended.

“Efforts to create more access to financial services to unbanked and underbanked citizens across the country are noteworthy, as is the national financial inclusion survey, intended to identify barriers impacting financially underserved adults.”

It also said it appreciates that a renewable energy policy is being developed.

“And its pursuit of a broad mix of projects in its energy transition strategy including the feed-in tariff policy to facilitate residential and commercial renewable energy generation, and the planned construction of the solar photovoltaic energy plant.”

It said it looks forward to continued collaboration with the government “in providing financial support to SMEs through its proposed long-term loan guarantee programme and reaffirms its commitment improving the lives of all citizens of TT.”

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Saint Lucia Announces Commencement Of 2022-2023 Cruise Season – St. Lucia Times News

Black Immigrant Daily News

The content originally appeared on: St. Lucia Times News

– Advertisement –

The Ministry of Tourism is pleased to announce the commencement of the 2022/2023 cruise season with the arrival of Celebrity Millennium on Wednesday 12th October, 2022.

Since the sector’s re-opening in 2021 amidst the COVID-19 pandemic, the island recorded a total of three hundred and seventeen (317) cruise calls and welcomed two hundred and forty thousand, five hundred and sixty-seven (240,567) cruise passengers onto  the shores of  Saint Lucia during the period June 2021 to  September 2022.

As the sector remains a high priority in driving demand for Saint Lucia as a tourism Destination, the Ministry of Tourism anticipates a robust season where various sub-sectors including sites & attractions, local water-based sector, food & beverage, tourism transportation and recreation will have yet another opportunity to reap the economic benefits from the cruise sector.

The Ministry of Tourism acknowledges the importance of the cruise sector to many operators including tourism transportation, vendors, small business owners in communities, sites and attractions, restaurants, as well as other industry stakeholders.

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As such, this meeting will serve to put measures in place to improve the product and prepare stakeholders to benefit more from the season.  As part of the meeting, the Ministry will also discuss the newly updated travel protocols and cruise port logistics on Thursday 29th September, 2022.

The Ministry of Tourism encourages tourism operators and service providers to visit the following web portals to access information regarding the cruise schedule for the upcoming season: www.slutourism.gov.lc   https://www.facebook.com/MinTourismSLU

SOURCE: Ministry of Tourism/ SLT

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Protestan contra LUMA Energy en Humacao

Black Immigrant Daily News

The content originally appeared on: Radio Isla TV

En horas de la mañana de hoy, miércoles, se reporta una manifestación, por un grupo de ciudadanos, frente a las facilidades de la oficina técnica de la compañía LUMA Energy, ubicada en la carretera PR-3, barrio Cataño, en Humacao.

Alrededor de 12 personas se encuentran en el lugar en reclamo por el plan de energización y la cancelación del contrato de la privatizadora.

Personal del Negociado de la Policía del distrito de Humacao se encuentran en el lugar dirigiendo el tránsito y manteniendo el orden y la seguridad en el área.

Hasta el momento, no se han reportado incidentes violentos.

Nota relacionada: Aviso: Protesta contra LUMA Energy en Humacao

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Sin energizar municipios de Guánica y Sabana Grande

Black Immigrant Daily News

The content originally appeared on: Radio Isla TV

Los alcaldes de Guánica y Sabana Grande, Ismael ‘Titi’ Rodríguez Ramos y Marcos Valentín Flores, respectivamente, denunciaron que en sus pueblos hay poca o ninguna energización a 10 días del paso del huracán Fiona.

“Sí. Actualmente, 0 por ciento de energía eléctrica en nuestro municipio [… Ya van] prácticamente 10 días. El problema, básicamente, ha sido la pobre comunicación. Desde la primera semana nos decían que primero el problema era la generación, que Guánica estaba listo para energizar. Y, pues, los que lo dicen y lo comunican son personas que están, a lo mejor, en el área gerencial pero no están en el field (en el campo, en la calle)”, indicó el primer ejecutivo de Guánica al indicar que entre ayer y hoy se ha visto movimiento para la reparación y que la privatizadora se comunica una vez al día.

Al ver que ya más de un millón de abonados cuentan con el servicio y que ni el hospital de su municipio cuenta con el servicio, fue evidente su frustración. Asimismo, tronó contra el gobernador Pedro Pierluisi quien ayer, en conferencia de prensa, pidió a los alcaldes y alcaldesas remar en la misma dirección para alcanzar la restauración.

“Es fácil decirlo de la boca pa’fuera pero los que estamos somos los alcaldes allí, en contacto directo con la gente. Todos los que estamos recibimos la frustración de la gente”, aseguró al indicar que son los ejecutivos municipales quienes sienten la desesperación de su pueblo y deben rendirles explicaciones.

No es similar la situación con la Autoridad de Acueductos y Alcantarillados (AAA), puesto que ya el 98 por ciento de los abonados cuentan con agua potable. No obstante, expresó que a veces enfrentan problemas debido a problemas con generadores y la falta de diésel. Además, confirmó que continúan trabajando con la recuperación de la agricultura y las estructuras y viviendas afectadas que dejaron a múltiples personas sin hogar.

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Similar la situación en Sabana Grande

Por su parte, su homólogo en Sabana Grande, Marcos Valentín Flores, tiene solo el 2 por ciento de su municipio energizado, y es en la zona de su hospital, por el cual ha pedido “enérgicamente” la restauración del servicio ante la falta de diésel que se experimenta en el país.

“Hace apenas unas 16 horas le llegó la primera parte del servicio eléctrico a lo que es el hospital de nuestro pueblo. Por tanto, si te tuviera que dar un por ciento, estamos en un 2 por ciento de energía que llegó hace cerca de 16 horas a nuestro pueblo de Sabana Grande […] Hemos estado en comunicación, en mi caso, con [la] empresa LUMA. He estado peleando durante los pasados cinco a seis días”, explicó Valentín Flores.

La denuncia del funcionario lo llevó a reclamar que esta noche se energice, al menos, el casco urbano para el funcionamiento del centro de operaciones, y destacó la falta de diésel en la égida Barbara Ann Roessler Housing. Inclusive, destacó que en una de las escuelas que servía de refugio, no funcionaba un generador eléctrico y que no había cisterna, por lo que tuvo que arriesgar a su personal para buscar una planta en medio del huracán.

No obstante, LUMA Energy explicó que es necesario energizar la planta de Minillas o Puente Roto para que tanto Sabana Grande como San Germán cuenten con el servicio. Por otra parte, reiteró que una persona, de nombre Lizbeth Torres, es quien ha colaborado mano a mano de parte de la privatizadora.

El alcalde explicó, también, que previo al huracán alquiló generadores para proveer el servicio de agua potable a su pueblo mediante las bombas de la AAA, pues anticipó lo que pasaría en su municipio. Asimismo, agradeció a la agencia porque hoy, miércoles, el 60 por ciento de la ciudadanía tiene el servicio. No obstante, a una semana y media, sigue entregando agua a comunidades que no la tienen.

Valentín Flores explicó que se concentra en la energización de la planta de filtración Maginas, que también suple agua a partes en Lajas y San Germán.

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Two houses damaged during Tuesday night fire Loop Barbados

Black Immigrant Daily News

The content originally appeared on: Barbados News

Two houses were damaged following a fire at Rogers Road, Government Hill, St Michael, around 9:30 pm on Tuesday.

Three fire tenders and 12 fire officers from the Arch Hall Fire Station and Worthing Fire Station under the command of Station Officers McCallister and Bourne responded to the blaze.

The two-bedroom, one bathroom, timber home owned by Petra Ann Peters and her husband Adrian Hinds was extensively damaged. Their two children also lived at the residence. According to police, a Suzuki Swift belonging to Hinds was also destroyed.

A neighbouring house owned by 58-year-old Elizabeth Callendar received heat and water damage.

Police indicate there were no injures. Investigations are ongoing.

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Virgin Atlantic Allowing Staff To Wear Uniforms That Express Their True Gender Identity

Black Immigrant Daily News

The content originally appeared on: Antigua News Room

Virgin Atlantic has launched its updated gender identity policy, giving its crew, pilots, and ground team the option to choose which of the iconic uniforms, designed by Vivienne Westwood, best represents them – no matter their gender, gender identity, or gender expression.

Reflecting the diversity of the workforce and in a move that cements its position as the most inclusive airline in the skies, Virgin Atlantic will offer its people a fluid approach to its red and burgundy uniforms, meaning LGBTQ+ colleagues will be able to choose either the red or the burgundy uniform, depending on which best reflects themselves.

The announcement is part of an ongoing drive to champion the individuality of its people and customers and is complemented by the roll out of optional pronoun badges for all its people and those traveling with the airline. This move enables everyone to clearly communicate and be addressed by their pronouns. The badges will be available to teams and customers from today and customers simply need to ask for their preferred badge at the check in desk or in the Virgin Atlantic Clubhouse.

Virgin Atlantic has also updated its ticketing systems to allow for those who hold passports with gender neutral gender markers to select ‘U’ or ‘X’ gender codes on their booking as well as the gender-neutral title, ‘Mx’. In lieu of passports with gender neutral gender markers being available for all, Virgin Atlantic is implementing a longer-term plan to amend communication preferences to ensure customers are addressed by their preferred pronouns across all touchpoints.

Mandatory inclusivity training will also be rolled out for its people at all levels across Virgin Atlantic and Virgin Atlantic Holidays as well as a series of inclusivity learning initiatives for tourism partners and hotels within destinations such as the Caribbean to ensure all our customers feel welcome despite barriers to LGBTQ+ equality.

Launched as part of its ‘Be Yourself’ agenda, the airline has already unveiled a series of industry-leading inclusivity initiatives for its people to ensure they can truly be themselves at work and feel comfortable in their roles. This latest addition follows a decision in 2019 to offer cabin crew the choice whether to wear make-up as well as the option to wear trousers and flat shoes. More recently the airline lifted restrictions around allowing visible tattoos for crew members and its front line people.

Jaime Forsstroem, Cabin Crew at Virgin Atlantic commented: “The updated gender identity policy is so important to me. As a non-binary person, it allows me to be myself at work and have the choice in what uniform I wear.”

Michelle Visage, Tanya Compas, Talulah-Eve and Tyreece Nye have teamed up with Virgin Atlantic to showcase the new policy in a stylised fashion shoot that has been released today.

Michelle Visage commented: “As the mother of a non-binary child, and as an ally to the LGBTQ+ community, these efforts by Virgin Atlantic to further inclusivity for its people are extremely important and personal to me. People feel empowered when they are wearing what best represents them, and this gender identity policy allows people to embrace who they are and bring their full selves to work.”

The announcement comes as research finds that enabling employees to express their true selves at work boosts happiness (65%), increases mental wellbeing (49%), creates a more positive workplace culture (36%) and provides a better experience for customers (24%). Employees also reported feeling more accepted and comfortable when able to be their true selves at work (26%) and an increased sense of loyalty to their employer (21%).

The airline’s initiatives also include an update of its existing trans inclusion policies, which already allows time off for medical treatments related to gender transition, personal choice of changing & shower facilities that align with the gender a person identifies as and co-creation of a personalised transitioning plan.

Juha Jarvinen, Virgin Atlantic’s Chief Commercial Officer says, “At Virgin Atlantic, we believe that everyone can take on the world, no matter who they are. That’s why it’s so important that we enable our people to embrace their individuality and be their true selves at work. It is for that reason that we want to allow our people to wear the uniform that best suits them and how they identify and ensure our customers are addressed by their preferred pronouns.”

To find out more about Virgin Atlantic’s inclusivity commitments head to https://virg.in/oji6 or follow the airline on Instagram, Facebook and Twitter.

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BARBUDA: 22 environmental and human rights defenders facing charges for visiting contested luxury tourism construction site – serious concerns over legal intimidation

Black Immigrant Daily News

The content originally appeared on: Antigua News Room

FRONT LINE DEFENDERS

Global Legal Action Network and Front Line Defenders are deeply concerned over the repeated targeting of human rights defenders resisting destructive private luxury tourism developments in Barbuda. A group of human right defenders inspecting one of the contested construction sites on the island have been charged with unlawful trespass. Their hearing, where they could potentially face criminal charges, is set to happen on 29 September 2022.

After Hurricane Irma hit the island in 2017, the central Government in Antigua and Barbuda pushed through new laws that enabled construction of a multi-million-dollar luxury tourism resort and a golf course known as the ‘Barbuda Ocean Club’ on a protected wetland, and a private jet airstrip through 300 acres of untouched forest.

Barbudans opposing the private development of their land – which has been held communally by Barbudans ever since the abolition of slavery – have experienced harassment, intimidation, defamation, and criminalization, including threats from the Prime Minister of Antigua and Barbuda himself. Un 2015, following local opposition to the proposal of the first project, the Prime Minister of Antigua and Barbuda Gaston Browne stated that “economic terrorists” who wanted to “block investment … and keep our people unemployed … would have to face the full extent of the law for any infractions whatsoever”. When Barbudans filed a legal claim against the construction of the international airstrip, Gaston Browne wrote online that “these imbeciles have resorted to their ignorantly destructive ways, trying to undermine a much needed infrastructural project”.

A group of land rights defenders, including an elected member and employees of the Barbuda Council, have repeatedly expressed concern about the human and environmental impacts of the construction, which may put the island at greater risk of future climate events. It is also alleged that the approval of the development’s construction failed to meet the basic legal standards and follow appropriate procedures. In July 2020, after a protest against the main developer, PLH (short for “Peace, Love and Happiness”), Gaston Browne told the press: “Anytime they do anything illegal over there I am sending the police and army … I rather fight them and resign than to turn a blind eye.”

These threats materialized on 18 September 2020, at another peaceful protest against PLH Barbuda, when two Barbudan Council members – Paul Nedd and Devon Warner – were arrested and charged with trespass and breaking COVID-19 rules for not wearing face masks. They were part of the group of 22 locals who attempted to inspect the PLH construction site at Palmetto Point. They came to inspect compliance with the conditions of approval for the project. This move came after the Development Control Authority had issued a non-compliance notice on 31 August alerting PLH its construction activities were not in line with the conditions of approval.

On 1 October 2020, the Eastern Caribbean Court ordered PLH to halt construction at both Palmetto and Coco Points. However, locals and human rights defenders claimed to have witnessed ongoing operations. In January 2021, the same court lifted the injunction on PLH’s activities and issued an order to the Barbuda Council forbidding them from entering PLH Barbuda’s construction area for any reason, even inspection.

The group of 22 locals and human rights defenders, including Paul Nedd and Devon Warner, as well as other Barbudan Council members, are still facing charges for trespass and have been summoned to court multiple times in front of an unknown “virtual complainant”. Despite the requests for disclosure, the complainant’s identity has not been revealed yet. The group of 22 have all been summoned and are due to appear together in court on 27 September 2022. Incidentally, the police offices where the hearing is due to be held were sponsored by no other than PLH.

In June 2021, a group of United Nations Special Rapporteurs issued a joint communication to both the government of Antigua and Barbuda and the US-based private developers, expressing deep concerns “regarding the potential impacts of the Barbuda Ocean Club Project on human rights, including the rights to food, water and sanitation, housing, and a healthy environment, as well as cultural rights”. The UN Special Rapporteurs referred to the arrest of various concerned Barbudans. In a reply, PLH stated that close to 40 people trespassed PHL’s leased land and denied the arrest or the charges faced by other than two of the 22 locals.

Front Line Defenders and Global Legal Action Network strongly condemn the prolonged prosecution process, judicial harassment and repeated intimidation against Barbudans land defenders. These organizations call on the authorities of Antigua and Barbuda to drop the charges, stop the criminalization and defamation against land defenders in Barbuda and to take the necessary measures to enable them to continue to safely defend their collective rights.

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THA Tourism Secretary disappointed by budget

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

Tobago

File photo: THA Secretary for Tourism, Culture, Antiquities and Transportation, Tashia Burris.

THA Secretary of Tourism, Culture, Antiquities and Transportation Tashia Burris is unhappy with the $2.5 billion allocated to the Tobago House of Assembly for fiscal 2023.

Burris was a guest on the Tobago Updates morning show on Wednesday, after Minister of Finance Colm Imbert’s budget presentation on Monday.

She commented, “I was left feeling a little disappointed certainly, but I would wait for the presentation by the Minister of Finance to see what he is looking at in terms of what the ministry plans to do over the next fiscal.”

She said as she sat in the public gallery listening in, she expected “some strategic, progressive, bold moves being made by the government to really move the conversation about diversification forward.”

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