Derrimon reports 12% increase in year-to-date profit Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

Derrimon Trading Company is reporting a 12 per cent increase in its year-to-date consolidated net profits even as it doubled its finance costs to fund expansion.

Derrimon’s net profit increased to $482.19 million, which exceeded the full-year performance of $444.22 million for 2021.

Revenue for the period totalled $13.81 billion, up from $12.20 billion reported for the corresponding nine months ending September 2021.

“The improved performance is a result of our growth strategy which is being achieved through our companies and business segments, stated Derrimon Chairman and CEO Derrick Cotterell.

Caribbean Flavours and Fragrances Limited (CFF) achieved one of its highest quarterly revenue performances to date. While Woodcats International Limited has surpassed its budget and outperformed the 2021 financial year performance,” Cotterell added.

The nine months ending September 2022 also saw the first full quarter of consolidation for Arosa Limited and the second quarter with Spicy Hill Farms Limited, with both businesses contributing moderately to the quarterly outrun. Both Marnock businesses in New York improved in the third quarter after a slow start.

Derrimon Group borrowed additional capital to fund the $932 million acquisition of Arosa, complete the new flagship Select Grocers Store and extend the Delect Brand, resulting in finance costs hitting $266.92 million, up from $186.40 million in the comparative period.

Additionally, the recognition of IFRS 16 on a quarterly basis is factored in relation to finance costs.

Derrimon’s flagship Select Grocers location in May Pen, Clarendon will open its doors to customers on Wednesday, November 16, after delays associated with supply-chain challenges.

“The supply chain disruptions impacted the completion of our new Select Grocers location in Clarendon as key supplies that were expected earlier last year came in at different points of the year, disrupting the planned grand opening, stated Cotterell.

Over the last two months, Derrimon launched the new Delect branded products. It expects to see improved revenues based on this expanded portfolio.

“The feedback from our customers has been great, and the products are currently available islandwide through our various partners as well as at Select Grocers and Sampars locations,” stated Cotterell.

Total assets grew by 36 per cent to $13.99 billion compared to the $10.31 billion reported for the comparative period in 2021 due to the consolidation of assets of all new subsidiaries and continuous improvement in core assets, Derrimon said.

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JMMB’s earnings hit by high inflationary environment Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

The JMMB Group says all its business lines have been adversely impacted by the prevailing high inflationary and high-interest rate environment.

Addressing the company’s investor briefing on Tuesday, Group Chief Executive Officer, Keith Duncan, said the torrid business environments “especially in Jamaica and the Dominican Republic,” curtailed the company’s performance and has resulted in the declines in net operating revenue and net interest income posted for the half year ended September 30.

Net operating revenue dropped eight per cent to close the review period at $12.39 billion while there was a two per cent decline in net interest income, which closed at $5.70 billion.

The company recorded $3.63 billion in net profit.

Speaking to the performance of the investment business line “which has been an anchor” for the group over the years, Duncan said the results for this segment could not have been as good as yester years given the “rising interest rates; tightening of monetary policy and the pulling of liquidity out of the system.”

However, “We do know that as markets move back into some level of normalcy, we will be able to resume activity in this area…,” he said.

JMMB began 30 years ago as an investment house.

The directors “are comfortable that we have delivered the results in a difficult market environment and we will continue to deliver solid results going forward,” the CEO said.

The board of directors also declined a dividend payout to shareholders since: “We thought that based on the volatility that we continue to see in the market and the underlying liquidity challenges that the overall market faces, JMMB should be very conservative and not declare a dividend at this point in time…,” Duncan said.

The company will look to reward shareholders for their patience and investment choice “…as soon as market conditions begin to improve,” he said.

Earnings per share stood at $1.77 for the review period. Shareholders’ equity decreased by 15 per cent to $48 billion, over the period.

Going forward, Duncan said the company is continuing its strategy of regional diversification, business line diversification, the roll-out of new business lines and products; expanding client access, improving client experience and will be looking for inorganic growth through acquisitions.

JMMB will be launching its merchant acquiring solutions this year and will roll out its “long-awaited” banking app in short order, the CEO said.

JMMB is also continuing its focus on the rollout of smart branches in the Dominican Republic and Trinidad.

The company will also be investing over $5 billion in its real estate business line over the next few years, “in projects that will yield about 100,000 square feet of commercial space across Jamaica” with downtown Kingston and Mandeville tapped for the first projects.

As a newer player in the real estate market, JMMB Group is looking to plan, design, develop and construct properties and later bring to market for sale, lease or sale-leaseback.

The company is looking to capitalise on the growth potential in the commercial real estate market, targeting the development of commercial, warehousing and business process outsourcing (BPO) projects over the next two to three years.

The downtown Kingston and Mandeville projects will consist of approximately 33,000 square feet and 30,000 square feet of commercial office and BPO spaces respectively.

At the end of the six-month period, the group’s asset base stood at $637.85 billion, up four per cent relative to the start of the financial year, the company said.

This was driven by the 13 per cent growth in the loan portfolio totalling $161.45 billion.

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Bankers Association warns merchants against surcharges and minimum-amount restrictions on customers’ bank cards

Black Immigrant Daily News

The content originally appeared on: Antigua News Room

REAL NEWS: The Antigua Barbuda Bankers Association (ABBA) is putting businesses on notice that the practice of applying surcharges and minimum-transaction amounts to card transactions is not permitted in this country or region.

The ABBA acknowledges, however, that it is a practice allowed in the United States and its territories.

According to the Association, Visa procedures that are applicable to this jurisdiction state: ” With the exception of credit-card transactions originating in the US region or a US territory, a merchant must not establish a minimum or maximum transaction amount as a condition for honouring the card.”

Further, with the exception of credit-card transactions originating in the US region or a US territory, a merchant must not add any amount over the advertised or normal price to a transaction, unless applicable laws or regulations expressly require that a merchant be permitted to impose a surcharge.

Visa Rules also say that any surcharge, if allowed, must be included in the transaction amount and not collected separately.

Given the foregoing, the Bankers Association is advising consumers who may encounter issues related to surcharges and minimum-transaction amounts to report the incident to the merchant’s bank.

Merchants, meanwhile, are urged to adhere to their card-issuer rules and protocols in order to avoid penalties.

They are reminded, as well, that their bank’s logo should be displayed on their card machines.

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Russian missiles land in Poland, killing two – reports

Black Immigrant Daily News

The content originally appeared on: INews Guyana
Smoke rose in the distance near Poland’s border with Ukraine on Tuesday

[BBC] Two people have been killed in Poland after dozens of missiles were launched at targets across Ukraine, unconfirmed reports say.

There has been no official confirmation of what happened close to the country’s border with Ukraine.

Poland’s Bureau of National Security is meeting in an emergency session.

Russian state media are already hinting that it was in fact Ukrainian, and not Russian, missiles that hit Polish territory. These allegations are unsubstantiated.

State news agency Ria Novosti quoted a Russian “military expert” who claimed that Russian cruise missiles “would not have been able to reach Polish territory, but Ukrainian S-300 [surface-to-air] missile systems, functioning abnormally, could”.

Several pro-Kremlin Telegram channels published similar claims.

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President Ali pledges to dismantle racism and discrimination in Guyana

Black Immigrant Daily News

The content originally appeared on: INews Guyana
President Dr Irfaan Ali along with religious leaders

President Dr Irfaan Ali pledged to dismantle every single door of racism and discrimination in Guyana during his tenure in office.

He told dozens of Christian leaders (both locally based and members of the diaspora) that the church is an important partner in achieving national unity.

The President made the assertions this afternoon at the Arthur Chung Conference Centre and said that under the banner of ‘One Guyana’, the country can truly be transformed.

“There is a great opportunity for us to fuse ourselves together.”

The Head of State noted that the Government and the Church have interconnecting roles to play in the development of Guyana.

“I see the church as fundamental to the development and advancement of our country.”

The ‘One Guyana’ initiative, according to President Ali, extends beyond healing and unity to ensuring that the well-being of every single individual is taken care of. This, he explained, will allow all Guyanese to lead meaningful lives.

“Today, I am very pleased to be here and to say to you that this should be the beginning of a system of interaction and communication to create a pathway.”

He said that Guyanese want to live in harmony and in peace and highlighted that in every single community across the country, there is a desire to achieve national unity.

Pastor Ejaz Nabie explained that the aim of the meeting was to discuss the President’s vision for ‘One Guyana’ and unity with a specific focus on the role of the church in addressing racism, reconciliation and nation building.

After a fruitful discussion, the religious leaders commended President Ali’s vision of the ‘One Guyana’ initiative while acknowledging the importance of today’s dialogue.

They also pledged their collective commitment to do their part in promoting unity.

The Minister of Public Works Bishop Juan Edghill and the Minister of Tourism, Industry and Commerce, Oneidge Walrond were also at the meeting.

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Kodak Black Calls Out 21 Savage For Saying Nas Not Relevant

Black Immigrant Daily News

The content originally appeared on: Urban Islandz

Kodak Black and 21 Savage are at it after the Florida rapper claimed that the Her Loss rapper had shamed him about his album sales.

On Instagram on Sunday, Kodak Black responded after 21 Savage posted a shady tweet asking where the fans are when unnamed rappers drop albums. 21 Savage’s tweet came following Kodak’s response to him claiming that Nas was not relevant in today’s music scene.

On Sunday, Kodak released a long message targeting 21 and his tweet shading his album sales.

“21 do his thing I give him credit where its due, but don’t come for me [talking] ’bout my album sales homie that ain’t gangsta!” he wrote. “You n***as know what I been thru in this shit. And you n***as had a whole consistent run with no hiccups [for real] and y’all 30 years old plus! I’m a yung n***a doin this sh– since I came in the game.”

Kodak Black, who saw commercial success with his album Back for Everything, which featured the platinum-selling song “Super Gremlin,” also promised competition to his fellow rappers.

“But let’s see how this shit go now that I been home and I’m consistent with this shit,” he ended.

Kodak’s direct response to 21 Savage comes following his response to the Atlanta rapper claiming that Nas “isn’t relevant he has a strong core fan base.” Kodak did not hold back as he called out 21 Savage and even hinted that the current numbers he was seeing were because of Drake being the heavyweight on the project.

“This m****af**ka talking about Nas irrelevant,” Kodak on Instagram Live. “How the f**k Nas ain’t relevant, homie? N***a smoking d**k because of Drake. We from the projects. We from the trenches. We don’t give a f**k about no…you did a Drake. We salute Drake. We love Drake. OK, whatever. Fam, folks smoking d**k. Nas that n***a.”

Kodak Black and 21 Savage’s exchange appears to stem from 21’s comment that no one from his 2016 XXL Freshman year can compete with him in a Verzuz battle. Kodak, who was a part of the same group, appeared to take exception to the comment.

As for 21 Savage, he’s flying high after his joint Drake album debuted at No. 1 on the Billboard 200 charts this week. The album is already certified gold by the Recording Industry Association of America (RIAA) over the weekend, having sold over 500,000 units.

21 Savage tweeted yesterday that he would never disrespect Nas and calls the New York rapper a legend who paved the way for artists like himself.

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World Population hits 8 billion, creating many challenges Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass

The world’s population is projected to hit an estimated 8 billion people on Tuesday, according to a United Nations projection, with much of the growth coming from developing nations in Africa.

Among them is Nigeria, where resources are already stretched to the limit. More than 15 million people in Lagos compete for everything from electricity to light their homes to spots on crowded buses, often for two-hour commutes each way in this sprawling megacity. Some Nigerian children set off for school as early as 5 am.

And over the next three decades, the West African nation’s population is expected to soar even more: from 216 million this year to 375 million, the UN says. That will make Nigeria the fourth-most populous country in the world after India, China and the United States.

“We are already overstretching what we have — the housing, roads, the hospitals, schools. Everything is overstretched,” said Gyang Dalyop, an urban planning and development consultant in Nigeria.

The UN’s Day of 8 Billion milestone Tuesday is more symbolic than precise, officials are careful to note in a wide-ranging report released over the summer that makes some staggering projections.

The upward trend threatens to leave even more people in developing countries further behind, as governments struggle to provide enough classrooms and jobs for a rapidly growing number of youth, and food insecurity becomes an even more urgent problem.

Nigeria is among eight countries the UN says will account for more than half the world’s population growth between now and 2050 — along with fellow African nations Congo, Ethiopia and Tanzania.

“The population in many countries in sub-Saharan Africa is projected to double between 2022 and 2050, putting additional pressure on already strained resources and challenging policies aimed to reduce poverty and inequalities,” the UN report said.

It projected the world’s population will reach around 8.5 billion in 2030, 9.7 billion in 2050 and 10.4 billion in 2100.

Other countries rounding out the list with the fastest growing populations are Egypt, Pakistan, the Philippines and India, which is set to overtake China as the world’s most populous nation next year.

In Congo’s capital, Kinshasa, where more than 12 million people live, many families struggle to find affordable housing and pay school fees. While elementary pupils attend for free, older children’s chances depend on their parents’ incomes.

“My children took turns” going to school, said Luc Kyungu, a Kinshasa truck driver who has six children. “Two studied while others waited because of money. If I didn’t have so many children, they would have finished their studies on time.”

Rapid population growth also means more people vying for scarce water resources and leaves more families facing hunger as climate change increasingly impacts crop production in many parts of the world.

“There is also a greater pressure on the environment, increasing the challenges to food security that is also compounded by climate change,” said Dr Srinath Reddy, president of the Public Health Foundation of India. “Reducing inequality while focusing on adapting and mitigating climate change should be where our policy makers’ focus should be.”

Still, experts say the bigger threat to the environment is consumption, which is highest in developed countries not undergoing big population increases.

“Global evidence shows that a small portion of the world’s people use most of the Earth’s resources and produce most of its greenhouse gas emissions,” said Poonam Muttreja, executive director of the Population Foundation of India. “Over the past 25 years, the richest 10 per cent of the global population has been responsible for more than half of all carbon emissions.”

According to the UN, the population in sub-Saharan Africa is growing at 2.5 per cent per year — more than three times the global average. Some of that can be attributed to people living longer, but family size remains the driving factor. Women in sub-Saharan Africa on average have 4.6 births, twice the current global average of 2.3.

Families become larger when women start having children early, and 4 out of 10 girls in Africa marry before they turn 18, according to UN figures. The rate of teen pregnancy on the continent is the highest in the world — about half of the children born last year to mothers under 20 worldwide were in sub-Saharan Africa.

Still, any effort to reduce family size now would come too late to significantly slow the 2050 growth projections, the UN said. About two-thirds of it “will be driven by the momentum of past growth.”

“Such growth would occur even if childbearing in today’s high-fertility countries were to fall immediately to around two births per woman,” the report found.

There are also important cultural reasons for large families. In sub-Saharan Africa, children are seen as a blessing and as a source of support for their elders — the more sons and daughters, the greater comfort in retirement.

Still, some large families “may not have what it takes to actually feed them,” says Eunice Azimi, an insurance broker in Lagos and mother of three.

“In Nigeria, we believe that it is God that gives children,” she said. “They see it as the more children you have, the more benefits. And you are actually overtaking your peers who cannot have as many children. It looks like a competition in villages.”

Politics also have played a role in Tanzania, where former President John Magufuli, who ruled the East African country from 2015 until his death in 2021, discouraged birth control, saying that a large population was good for the economy.

He opposed family planning programs promoted by outside groups, and in a 2019 speech urged women not to “block ovaries.” He even described users of contraceptives as “lazy” in a country he said was awash with cheap food. Under Magufuli, pregnant schoolgirls were even banned from returning to classrooms.

But his successor, Samia Suluhu Hassan, appeared to reverse government policy in comments last month when she said birth control was necessary in order not to overwhelm the country’s public infrastructure.

Even as populations soar in some countries, the UN says rates are expected to drop by 1 per cent or more in 61 nations.

The US population is now around 333 million, according to US Census Bureau data. The population growth rate in 2021 was just 0.1 per cent, the lowest since the country was founded.

“Going forward, we’re going to have slower growth — the question is, how slow?” said William Frey, a demographer at the Brookings Institution. “The real wild card for the US and many other developed countries is immigration.”

Charles Kenny, a senior fellow at the Centre for Global Development in Washington, says environmental concerns surrounding the 8 billion mark should focus on consumption, particularly in developed countries.

“Population is not the problem, the way we consume is the problem — let’s change our consumption patterns,” he said.

___

By DAN IKPOYI and CHINEDU ASADU Associated Press

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Police arrest wanted man, Al Pearson, other wanted man still at-large Loop Cayman Islands

Black Immigrant Daily News

The content originally appeared on: Cayman Compass
Loop News

8 minutes ago

Mitchum Kenjo Wood, wanted by police

The Royal Cayman Islands Police Service (RCIPS) previously reported that two men, Al Handel Pearson and Mitchum Kenjo Wood, were wanted by the RCIPS for a series of burglary offences. Today, November 15, the RCIPS confirmed that Mr Pearson has now been arrested.

The RCIPS thanks the public for their assistance in locating Mr Pearson, but note that 35-year-old Mitchum Kenjo Wood has not yet been located.

According to the RCIPS, Mr Wood is about 5’11” tall, of slim build and brown complexion with dark hair. He is known to frequent the Bodden Town area.

Anyone who has sight of Mr Wood is asked to call 9-1-1 immediately.

Otherwise, anyone with any information on his whereabouts is asked to contact the George Town Police Station at 949-4222.

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Glazer to decide on Ronaldo’s Man United future Loop Jamaica

Black Immigrant Daily News

The content originally appeared on: Jamaica News Loop News

MANCHESTER, England (AP) — Manchester United co-owner Joel Glazer will make the final decision about Cristiano Ronaldo’s future at the club after the forward’s incendiary TV interview, a person with knowledge of the situation told The Associated Press.

Ronaldo’s position at United is considered untenable after saying he felt “betrayed” by the club in an interview set to be broadcast in Britain this week, where he also said he has no respect for Erik ten Hag.

The interview has been widely viewed as an attempt by Ronaldo to force a move away from United after the World Cup, but Glazer will have the final say on any decision to sell the forward and it will be up to Ronaldo’s agent Jorge Mendes to present potential clubs willing to buy him, the person with knowledge of the situation said. He spoke to the AP on condition of anonymity because he was not authorized to discuss the issue publicly.

The person also said United’s hierarchy has backed Ten Hag’s handling of the player and were fully supportive of his decision to cut Ronaldo from the squad and order him to train away from the first team after the Portugal star refused to come on as a substitute against Tottenham last month.

For Sunday’s match against Fulham in the Premier League, Ronaldo was left out of United’s squad for a second game in a row after the club said he had an unspecified illness. But he trained with Portugal’s national team on Monday as they began preparations for the World Cup in Qatar.

There was widespread speculation about Ronaldo leaving United even before the season started, but a potential exit is being complicated by the limited number of clubs that can afford to meet his reported salary of around 500,000 pounds ($590,000) per week.

Ronaldo has six months remaining on his contract, and United’s lawyers are currently reviewing footage of the 37-year-old’s explosive interview to determine the club’s legal position, the person with knowledge of the situation said.

In the excerpts of the interview that were released Sunday evening, Ronaldo is heavily critical of Ten Hag, the owning Glazer family and the club in general.

“I don’t have respect for (Ten Hag) because he doesn’t show respect for me,” Ronaldo told interviewer Piers Morgan. “If you don’t have respect for me, I’m never going to have respect for you.”

United officials have yet to see the full interview and had no knowledge that it had been conducted before excerpts started to circulate on Sunday.

“The club will consider its response after the full facts have been established,” United said. “Our focus remains on preparing for the second half of the season and continuing the momentum, belief and togetherness being built among the players, manager, staff and fans.”

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3 Chinese nationals freed of money laundering charges

Black Immigrant Daily News

The content originally appeared on: Trinidad and Tobago Newsday

News

THREE Chinese men were freed of money laundering charges by the chief magistrate on Monday.

Chief Magistrate Maria Busby Earle-Caddle discharged them after upholding a no-case submission advanced by their attorneys Wayne Sturge, Mario Merritt and Karunaa Bisramsingh.

The three – Yaun Fu Wu, Du Feng Wu and Yanbin Huang Liam – were charged in October 2015 after they were arrested at a house on Allan Street, Diego Martin, where a little over $1 million in TT, US and Venezuelan currency was found.

The State contended the money – TT$482,337, US$7,724 and 44,012 Venezuelan bolivares – was from an illegal gambling ring.

In upholding the no-case submission, Earle-Caddle agreed with the defence attorneys that the police failed to do a proper investigation to determine the exact source of the money.

In their submission, the three attorneys argued the money was legitimate cash from businesses they had in Venezuela and they intended to open and register another business in Trinidad and Tobago.

In objection, prosecutors argued the money was obtained contrary to the Proceeds of Crime Act.

However, the defence contended the police failed to verify the information the men gave when they were arrested, although they told investigators their business plans.

In evidence, police said they went on the suspicion that the men were involved in illegal gambling and there were bar owners who told them Chinese nationals had approached them to instal roulette machines at their establishments to facilitate illegal gambling. However, no one ever identified the men.

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