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Jamaican Business News

Supreme optimism
Despite having to write off plans to expand into Trinidad and facing higher liabilities for its main revenue earner, Cash Pot, Supreme Ventures executives are projecting an 85 per cent increase in net profit for 2008. ...
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A respite from high gas prices
Jamaican consumers can expect a slight ease in gasoline prices over the next few months as concerns over a US recession will likely push the price of its main input - oil - downwards in the near future, believes Dr Raymond Wright, consultant and...
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Bookmakers once again seek amendments to licensing requirements
For years local bookmakers have been trying to get government to make amendments to regulations that they say would ease the stranglehold that bureaucratic red tape has on expansion of the business. At the forefront of the bookmakers' ire is the...
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International Business News

Canadian dollar stays at 8-month low; stocks rise
TORONTO -- Stock markets advanced Wednesday morning in the wake of data showing a strong resurgence in U.S. consumer spending in November. The Canadian dollar was at an eight-month low. U.S. retailers saw sales rise by one per cent last...
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Oil prices fall on rising supply from non-OPEC nations, mild US weather
NEW YORK (AP) - Crude oil prices slid yesterday, as the market gauged OPEC nations' commitment to cutting oil production and the effect of a mild US autumn on fuel supplies. Also deflating prices, Iraq resumed pumping oil out of a pipeline in the...
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French economic growth stagnates
Economic growth in France stagnated in the third quarter of the year, official figures show. Statistics agency Insee reported zero growth between July and September - after a 1.2% expansion in the previous three months. The abrupt slowdown has...
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Corporate Strategies Limited
Business News

Jamaica mum on China's offer to share in US$100m World Expo fund
Published by www.jamaicaobserver.com on May 16, 2007
May 16, 2007

Shanghai, China - Jamaica has not responded to an invitation to share in a US$100-million fund China has set up to help defray the cost of developing countries participating in the six-month long Shanghai World Expo, to be held in this Chinese port city in 2010.

Chinese authorities organising the world's oldest and possibly largest trade show said Monday that only three Caribbean Community (Caricom) countries - Trinidad and Tobago, Guyana and Dominica - had indicated they would participate since the invitation was extended a year ago. A total of 136 countries and organisations have so far said 'yes' to the Chinese.

"We are, of course, still hoping that others will come as this will be an opportunity to exhibit what each country has to offer in front of the world's great traders," said Zhu Yonglei, deputy director of the Bureau of Shanghai World Expo Co-ordination.

Chinese officials tried not to appear to be critical, but it was clear they wanted the missing countries to turn up. Jamaica, in particular, is apparently seen as key to Caricom participation, and relations with China have been growing in recent times.

As part of its bid to win the 130-year-old Expo, China offered to establish the US$100-million fund to assist all developing countries wanting to join an expected 200 countries and organisations to show off their wares to an estimated 70 million visitors during the expo, from May 1 to October 31, 2010.

Yonglei said the fund would cover the cost of air fares, building pavilions and staff for the various developing country participants, which would number 110 in total, if all of them responded.

Shanghai, China's most important commercial centre, is hoping to use the expo to show its growing might in social and economic development, its ability to host major world events, and as a tool for spreading new found wealth to other Chinese cities and to the rural areas which still have blinding poverty.

The city of 17 million people is currently a buzz of construction activities in preparation for staging the trade exhibition. Shanghai is building five subway lines with a total of 200 metro stations at the same time, to handle the humongous transportation needs of the expo. It has also relocated 17,900 families, with plans to demolish all old buildings on the exhibition site, which covers 5.28 kilometres.

Yonglei was confident China would meet the deadlines established for the expo, despite the fact that Beijing, the capital, is also hosting the 2008 Olympics.

"Yes, it is a great challenge for our country, but so far we have met all deadlines and have no doubt that Shanghai will be fully ready," he told journalists from Latin America and the Caribbean on an awareness tour.

Source:

http://www.jamaicaobserver.com/magazines/Business/html...

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