Education received the largest share of the 2023/24 Budget for recurrent programs outside of debt payments and compensation of employees. A sum of $142.9 billion is earmarked for the sector in the upcoming fiscal year, representing approximately 22 percent of the $657.2 billion for non-debt recurrent expenditure. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, provided […]
Jamaica’s tourism industry continues to figure consistently in Jamaica’s post-COVID-19 economic recovery. Data from the Planning Institute of Jamaica (PIOJ) shows that the ‘Hotels and Restaurants’ sub-group, which largely captures tourism-related activities, grew by an estimated 23.4 percent for the October to December 2022 quarter on the back of several positive outcomes. Speaking during the PIOJ’s quarterly media briefing on […]
According to press reports, WHO Director-General Tedros Adhanom Ghebreyesus said that discovering the origins of COVID-19 is a moral imperative, and all hypotheses must be explored. The head of the World Health Organization has indicated in the clearest possible term yet that the U.N. body remains committed to finding how the virus arose. The Wall Street Journal reported a U.S. agency had […]
The Chinese government set its 2023 growth target for its economy at around 5%, according to a government work report released at the opening of the country’s annual meeting of parliament on Sunday, as the world’s second-biggest economy began to emerge from three years of severe COVID-19 restrictions. That compares with its 2022 target of around 5.5%. The Chinese economy […]
The number of Americans filing new claims for unemployment benefits continue to show a decline. This shows sustained labor market strength and, by extension, adds to financial market fears that the Federal Reserve could keep hiking interest rates for longer. Those worries were further heightened by another report from the Labor Department that points to a falling trend. It showed […]
U.S. home prices are expected to decline modestly this year. U.S. analysts polled by media company Reuters say the decline is due to a drop in demand despite expectations of rising interest rates. The Federal Reserve is expected to raise rates at least two more times this year after already increasing rates by 450 basis points from near zero in […]
Video conferencing platform Zoom has sacked its president, Greg Tomb, a former Google executive. According to the company in a regulatory filing, Mr. Tomb’s contract was abruptly terminated without cause. The businessman had taken up the role in June 2022 and had been active on earnings calls and overseeing the company’s sales. A spokesperson for Zoom said the tech firm […]
The dining experience for persons transiting Jamaica’s biggest tourist gateway, the Sangster International Airport (SIA) in Montego Bay, is being touted to become an unforgettable one with the pending opening of the world’s first Bob Marley-branded restaurant, dubbed ‘Bob Marley – One Love’. An elated Tourism Minister, Hon. Edmund Bartlett, tells JIS News that travelers globally have been awaiting the […]
The Executive Board of the International Monetary Fund (IMF), on Thursday (March 2), approved funding of approximately US$1.7 billion for Jamaica under its Precautionary and Liquidity Line (PLL) and Resilience and Sustainability Facility (RSF). Under a 24-month arrangement, the country will receive US$968 million from the PLL, as insurance against risks from higher commodity prices, a global slowdown, tighter-than-envisaged global […]
Jamaica’s debt stock decreased over the 12-month period between March 2022 and February 2023. Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke, advised that total public debt fell from $2.18 trillion in March 2022 to $2.16 trillion last month. He provided the update during Wednesday’s (March 1) meeting of the Standing Finance Committee of the House […]
