The negative impact of the much vaunted Jamaica debt exchange initiative (JDX) is forcing the National Commercial Bank of Jamaica Group Limited (NCBJ) to fire between 150 and 200 of its over 2,400 workers despite posting over $10.2 billion in profits last year.
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The advent of the Jamaica Debt Exchange has put the spotlight once again on pensions and many employees contributing to a superannuation fund are anxious about the potential impact the JDX arrangement will have on their retirement plans.
The difference between the amount of revenues the government expected to collect and the amount it actually collected zipped to $29.0 billion during the period April to January of this fiscal year, despite the imposition of a massive $22.0 billion tax package on January 1.
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Jamaica is among the most highly indebted nations in the world, if indebtedness is measured against the nation’s Gross Domestic Product (GDP). Currently, our debt stands at somewhere in the order of 140 per cent of GDP.
One of the most compelling arguments for getting rid of Air Jamaica by any means is the distressing record of losses accumulated in excess of US $1.4 billion. This mountain of debt is the result of almost unbroken sequence of annual losses since its inception.
Is the internet story of a young woman claiming to being dated by Usain Bolt going to be first of the distracting stories leading to defamation and the ultimate destruction of the most popular man in the world at the moment?
