...Industrial Relations Climate Working Conditions – Jamaica has established a declining unemployment rate, which does not necessarily means opportunities for workers are increasing. It is understood that those leaving the workforce to retire are older, more highly skilled workers, while those entering the workforce are younger and unskilled. In Jamaica, job training and secondary education is generally poor, hence the younger workforce cannot expect high paying jobs. Unemployment is particularly high among women and younger workforce. Trade Unions Labour unions existed in Jamaica before political parties came into being: the Bustamante Industrial Trade Union was formed in 1938 to protect the rights of workers. The government of Jamaica supports workers rights convention supported by the International Labour Organisation (ILO) and has set conditions governing industrial and human relations, established minimum wage standards, and protected low-wage workers from income tax. Additionally, these benefits are provided: social security benefits, which include a retirement pension, food stamps, employment injury, rehabilitation and training. Despite the protection offered by unions and government regulations, conditions for workers in Jamaica are not ideal. Labour actions, strikes, slowdowns and protest have frequently disturbed worked life. The education and training system is Jamaica is of such low quality that few workers have the skills to secure higher paying skilled...
Words: 658 - Pages: 3
...appreciated in 2009. The primary costs of the falling dollar are higher prices for imported goods and for Jamaicans traveling abroad. On the other hand, the benefit of a weaker domestic currency makes imports more expensive, but this could act as a barrier against imports, thus improving the country's trade balance. Domestic-currency depreciation helps attract more foreign domestic investment. This is so because international companies would find it more attractive to establish businesses in Jamaica (Seaga, 2014). The primary benefit therefore, is increased price competitiveness of Jamaican products, both for exports abroad as well as in the domestic market. The country currently has an enormous trade deficit (importing more than it exports), which represents a significant drag on efforts to spur economic growth and create jobs, and has led to an accumulation of foreign debt that will have to be repaid in the future. Given this trade deficit, the benefits of greater international competitiveness prompted by the falling dollar greatly outweigh the costs. This dollar decline was due to the Government’s decision on October 23, 1983 to devalue the Jamaican dollar to J$3.15 to the US dollar. The local currency reached J$8.12 by the end of 1990, plummeted to J$41.49 by January 4, 2000, and to J$67.15 by the close of 2006. By mid-2009, the currency had climbed to J$89 to the US dollar. Present Environment The Jamaican economy recorded growth of 0.4% in 2014. Positive...
Words: 766 - Pages: 4
...Table of Contents 1. Executive Summary…………………………………………………………………………………………………5 2. Introduction…………………………………………………………………………………………………………….6 3. Overview of the company and product……………………………………………………………………7 4. Compare & Contrast………………………………………………………………………………………………..8 4.1 Political economy issues…………………………………………………………………………………….8 4.2 Cultural Issues……………………………………………………………………………………………………9 4.3 Entry Strategy…………………………………………………………………………………………………….9 4.4 Strategic Alliance……………………………………………………………………………………………….9 5. Analysis……………………………………………………………………………………………………………………10 6. Conclusion……………………………………………………………………………………………………………….11 7. References……………………………………………………………………………………………………………….12 TITLE: A case of international expansion of two markets and one product. EXECUTIVE SUMMARY Over the years, the nature and dynamics of Guysuco Company’s engagement with the overseas markets have gone through a shift. Overseas expansion and competiveness are increasingly dependent on firm level capabilities rather on its national traditional products. The process of globalization at Guysuco has led to the development of competitive capabilities which has brought about intense partnership and interaction with global corporations. Additionally, the emergence of computer and internet has led to advanced information technology where the world of business has resulted in emergence of new types of businesses and new ways of organizing it...
Words: 1881 - Pages: 8
...Jamaica, a leading per capita export country known for its commitment to creativity, innovation and exceptional quality. April 2009 The National Export Strategy of Jamaica was developed on the basis of the process, methodology and technical assistance of the International Trade Centre (ITC). www.jamaicatradeandinvest.org/nes | 1-888-429-5NES (1-888-429-5637) 4 i n d u s t r y s e c t o r s t r at e g y Coffee Introduction Rationale The Jamaican brand of coffee, Blue Mountain, remains an iconic brand globally and stands as a symbol of a high-quality product from Jamaica. It is also an example of a protected mark, serving as inspiration and a viable model to several other products and product groups from Jamaica. In addition to this qualitative rationale for the industry, coffee contributes to the Jamaican economy, grown in a region with full employment, something very few geographical areas are able to boast. In addition to its social contribution there is significant export potential that may be realised from both increased production and export volume, increased value of export by expanding the percentage of value added production locally, as well as development of value-added products. It is argued that the sector has negatively impacted the natural environment and is likely to continue doing so, however, farm practices have improved with increased utilisation of natural fertilisers and pesticides. Further damage to the environment is not likely to...
Words: 6556 - Pages: 27
...JAMAICA TRANSPORT HORACE M. WHITE AMERICAN MILITARY UNIVERSITY HRMT600 Human Resource Management Overall planning context Like all Organizations, Jamaica Transport (KIN) constantly has to adapt to external and internal changes. External changes such as economic situations, increased global commerce, new security threats or emerging environmental priorities impact directly on the organization’s business and HR plans. Internal changes, such as the need to carry out the organization’s business differently through risk management systems or a shrinking pool of skilled employees in our workforce, have equally important impacts on KIN’s business and HR plans. KIN must ensure that its current and future work, workforce and workplace are properly aligned and integrated with its goals and priorities. It has become clear that the organization’s most critical challenge is to recruit and retain the skilled workforce required to keep pace with change. This is further complicated by retirements, which bring loss of expertise, particularly among managers, as well as professional and technical employees. However, it is important to note that given the recent shift in the economic situation, the risk associated with these challenges might be diminished. Living in a changing environment brings new opportunities that might be reflected in the need to adjust and realign KIN’s focus and strategies. This reality requires strategic responses through a rigorous and...
Words: 2921 - Pages: 12
...THE APPLICATION OF INNOVATIVE MANAGEMENT ACCOUNTING PRINCIPLES FOR ENHANCING PROFITABILITY AND COMPETITIVENESS: AN EXPLORATORY STUDY OF JAMAICAN MANUFACTURERS Phillip C. James University of Technology, Jamaica College of Business and Management School of Business Administration ABSTRACT This study represents the first in management accounting research in Jamaica which seeks to determine the extent to which innovative management accounting principles (IMAPs) are applied in the manufacturing sector. The aim is to determine if manufacturers in Jamaica are using IMAPs to improve export competitiveness and enhance profitability .The study also seek to determine the factors that prevent manufacturers from adopting these management accounting principles. Five manufacturing organizations were examined using an exploratory case study approach. Results indicate that companies adopting IMAPs have more reliable information for decision making, higher levels of profitability and competitiveness when compared with non- adopting companies. Key Words: Innovative Management Accounting Principles, Profitability, Competitiveness 1. INTRODUCTION The manufacturing environment of the twenty-first century has changed considerably when compared with what existed decades ago. Arising from this development and with the increase in global competition, the need for accurate cost information has become an imperative. Manufacturers worldwide have suddenly realized that the continued...
Words: 7284 - Pages: 30
...HND Hospitality Management UNIT 39 - TOURIST DESTINATIONS LO3 -Understand how the characteristics of destinations affect their appeal to tourists. LO4 –Understand issues likely to affect the popularity of tourist destinations. [pic] [pic] Name: Carole Lewis TABLES OF CONTENTS PAGES Details of the topic 1 Name ID number Date of submission Contents page 2 3.1) Compare the appeal of current leading tourist destinations with that 3 of currently developing tourist destinations. 3.2) Evaluate how characteristics of a tourist destination affect its appeal 4 4.1) Analyse issues that affect the popularity of tourist destination 4 4.1) Analyse issues that affect the popularity of tourist destination (cont’d) 5 4.2) Discuss the potential for responsible tourism to enhance the host community at 5 worldwide tourist destinations 4.2) Discuss the potential for responsible tourism to enhance the host community at 6 worldwide tourist destinations (cont’d) References ...
Words: 2391 - Pages: 10
...THE MANUFACTURING INDUSTRY ANALYSIS On top of almost every economy usually stands the Manufacturing industry and has always been the source of growth of most economy. However, for Jamaica this sector's has been impeded by a number of factors including crime, high energy costs, reduced access to affordable raw materials and thereby resulted in a decline in the industry. THE FOUNDATION Jamaica possesses a highly diversified manufacturing industry whose development has been based on continuous investment from other countries, which has produced high-quality products and dominated the country’s export over the last 50 years. A primary force behind the increase in the manufacturing industry resulted from the shortage of goods after World War 11, therefore a lot of the international goods were produced locally. In its early stages of development of the manufacturing industry was overwhelmed with opportunities. With the support of Government, an entrepreneurial class, a local market that could facilitate over 1 million individuals, and labour in abundance, the manufacturing industry was unstoppable. The company was moving so rapid that sectors quickly diversified from sugar and rum into producing a wide range of manufactured products such as garments, processed foods, machinery, and electrical equipment, and this resulted in an impressive growth. Real value increased for the sector increased at an average of 7% annually between 1938 and 1950, and its contribution to GDP increased...
Words: 3464 - Pages: 14
...Regional integration can be described as the union of a geological area, the main theme running through the efforts is that of cooperation. Hence regional integration is the interaction and cooperation of various countries in a specific region working together in order to foster their own well being, the idea of integration suggests unity and teamwork. On the other hand, regional integration also refers to an outcome, occurring when pre set criteria are met. Regional integration involves some compromise on the part of nation states, but should enhance the general quality of life for the citizens of those states. Regional integration can be described as a dynamic process that entails a country’s willingness to share or unify into a larger whole. The degree to which it shares and what it shares determines the level of integration. Exploration of the factors promoting regional integration within the Caribbean * Common language - The language of the Caribbean people is English, and this facilitates easy communication. * Close Proximity - The Caribbean countries are relatively close to each other, hence, travel by air or sea from one country to another can be done in a relatively short space of time. * Caribbean countries share a common history - Most of the Caribbean people are descendants of people who had been subjected to slavery and indentureship. This makes it possible for the Caribbean people to embrace each other. * Common Cultural Heritage - The Caribbean...
Words: 2411 - Pages: 10
...several aspects of our social life (e.g. economic growth, health, educational opportunity etc.) This paper will focus on one of the most important aspect that is economic growth. Firstly, good effects of income inequality on economic growth (e.g. higher standard of living, higher authority of the country) of US will be discussed. Secondly, bad effects of income inequality on economic growth (e.g. high unemployment rate, decrease in workforce competitiveness) of the US will be presented. The paper will support the point that the income inequality does not help to economic growth in contrast it is killing the US economy. It is argued that the income inequality is not hurting the economy of the US. In the country where income inequality is higher the standard of living is better. America’s poor have higher living standards than poor of countries in Europe (Pethokoukis, 2014). In America people from middle-class earn three times higher than Venezuelan and Iranian middle-class earners, in comparison to other countries such as Philippines, Jamaica, Guyana, Yemen, and Nicaragua more than ten times and 40 times greater than Ugandan middle-class. American earners at the bottom earn 4.5 to 34 times more than bottom earners of its peers in these countries that were mentioned above (Winship, 2014). It means that America has higher standard of living than countries with lower income inequality. Pethokoukis (2014) argues that, “… income inequality doesn’t seem to correlate with lower living...
Words: 1096 - Pages: 5
...Globalisation can be defined as the process by which regional economies, societies and cultures have become integrated through a global network of communication, transportation and trade. However, in this study, the focus will be on the economic dimensions of globalisation whether positive or negative. According to, Kendall 2008, “Soros, who has a more limited but very important perspective nevertheless, equates globalisation with “the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations.” Accordingly, globalisation here is defined simply as the integration of markets for goods and services, capital and labour. Globalisation has had great impacts on increased trade and corporate outsourcing, cash flows and the implementation of fiscal policy reforms in the Caribbean region. Firstly, with the increase of trade through globalisation it provides a notable opportunity for increased exports because of the dynamism of trade. Secondly, corporate outsourcing with the increase of trade volumes enhances the income flow into a region. Thirdly, structural reforms facilitated significant increase cash flow in the Caribbean. Fourthly, the implementation of fiscal policy reforms were designed to reduce expenditures and increase revenues. Firstly, with the increase of trade through globalisation it provided a notable opportunity for increased exports because of the dynamism of trade. According to, Shelah, 2006...
Words: 1638 - Pages: 7
...September 13, 2011 BUY Price at Sept 13, 2011 Price Target 52-Week Range $9.00 $10.50 $2.50 – $9.55 Lasco Manufacturing Limited Strong revenue growth, improved margins & tax break Mario Ahjahorie Financial Analyst mahjahorie@scotiadbg.com Company Overview Lasco Manufacturing (LASM) is a company which was formed over a year ago and is the product of two long standing subsidiaries Lasco Food Proccessor’s Limited and Lasco Food’s Limited which together produce Soy and Milk based products. The amalgamation of the entities was in anticipation of their initial public offering and their combined product lines include: 1. 2. 3. 4. 5. 6. Lasco Whole Milk Lasco Readi Milk Lasco Food Drink Lasco Lasoy Lactose Free Lasco Oats Porridge Lasco Milky Soy Key Metrics Gross Margin Operating Margin Net Margin Debt-to-Equity Current Ratio ROE ROA Book Value EPS (Last 4Q) Trailing PE PBV Q1 2010 Q1 2011 29% 19% 12% 0% 95% 8% 29% $0.86 $0.73 8.48X N/A 31% 19% 19% 0% 62% 18% 31% $2.54 $1.22 7.37X 3.55X Company’s Board and Management The company’s board and management have both its strengths and weaknesses. Amongst the good are the qualifications and experience of the board and management in the sector they operate. The allegiance (marriage) between the Chairman (Lascelles Chin) and Managing Director (Dr. Eileen Chin) are key weaknesses of the board and management structure. Potentially the board could make strategic decisions in favour of management instead of all shareholders...
Words: 4153 - Pages: 17
............................ 6 Economic Instruments for EMS .................................................................................................. 10 Strategy ..................................................................................................................................... 13 Conclusions and Recommendations .......................................................................................... 19 References ................................................................................................................................. 20 Prepared by: Dr. Michael Witter Economist Economic Incentives for Implementing Environmental Management Systems in Jamaica 1 Economic Incentives for Implementing Environmental Management Systems in Jamaica 2 INTRODUCTION The Jamaican economy at the dawn of the twenty-first (21st) century is a very open extensively liberalized marketplace in which Jamaican enterprises are being outcompeted by imported goods and services and by foreign owned businesses established here. Historically, the incentive system, essentially, the structure of prices, favoured environmentally unfriendly activity. Subsidized chemicals for farming, no user charges for the environment and public recreation facilities, poor waste management systems and practices and low fines for unenforced...
Words: 8919 - Pages: 36
...Investigating the Market-Structure - Performance Relationship in the Commercial Banking Sector: Evidence from Jamaica Sherene A. Bailey1 Financial Stability Department Bank of Jamaica January 2007 Abstract This paper employs a two-stage estimation procedure to evaluate the impact of bank concentration on performance. In the first stage of the estimation process, a stochastic cost frontier is estimated for the dominant commercial banks in Jamaica over the period 1989 – 2005, using both translog and Cobb-Douglas cost functions. The translog cost frontier model was found to be a more appropriate fit for the data. As such, efficiency estimates from this cost frontier model served as endogenous inputs in the second stage of the estimation procedure, where a VAR framework was employed to investigate the relationship between efficiency, concentration, and performance in the industry. The findings from the paper suggest that, on average, dominant banks in the industry would only need to reduce costs by 7.0 per cent in order to operate as efficiently as possible. Results from the VAR framework reject the structure-market-performance hypothesis. Rather, improvements in efficiency contribute to increased profitability for the dominant banks. However, improvements in efficiency for these dominant banks may not be reflected in their pricing policies due to the absence of strong competition in the sector. As such, there is further scope for initiatives geared at lowering interest...
Words: 7322 - Pages: 30
...The impact of globalization on Trinidad and Tobago’s TVET programmes has been drastic. Globalization has increased the liberalization of trade policies and reduced barriers to trade. It has also increased the migration of persons between countries, outsourced and displaced jobs while at the same time creating new ones among other things. The need for a more highly skilled and technical workforce is a direct result of this globalization process and developing countries such as Trinidad and Tobago have turned to TVET to overcome the challenges they now face. However, these challenges created by globalization are transferred to the design and application of effective TVET facilities, thereby making it even more difficult to conquer these globalization issues. Technical and Vocational Education and Training (TVET) has many soubriquets depending on the area of the world in which you reside. In various parts of the world it is also known as vocational education, workforce education, technical education, apprenticeship training or Career and Technical Education (CTE), as it is more commonly referred to presently. TVET “comprises all more or less organized or structured activities, whether or not they lead to recognized qualification, which aim to provide people with knowledge, skills and competencies that are necessary and sufficient in order to perform a job or set of jobs” (Özsoy, 2007).In today’s rapidly changing technological environment, new disciplines are constantly being created...
Words: 3418 - Pages: 14
