http://www.sagicorjamaica.com/

16 app.titude: 3 apps to spark your creativity

18 dominic mcdowell is dam goodTired of stifling his creative spirit in the banking industry, Dominic McDowell made a bold step and is now enjoying sweet success with DAM Good Brownies.

[ i n s i g h t s ]

[ C O N T E N T S ]6 five predictions for the future from siri inventor adam cheyer“If you can predict the future and get the timing just right, you can change the world in significant ways.” Siri co-inventor, Adam Cheyer, shared his five predictions for the future of technology at a recent lecture at the University of the West Indies, Mona.

8 dbj to establish venture capital fundThe Development Bank of Jamaica is aiming to create a venture capital ecosystem for local entrepreneurs by 2016.

[ N e w s ]

[ c o v e r s t o ry ]

12 exploring the benefits of the creative economyCreativity has become the main requirement for business survival and success in today’s economy. Find out how right-brain thinkers will rule the world.

10 solve for ‘x’ with googleFor those ‘radicals’ amongst us, Google’s Solve for X problem-solving forum gives you the perfect outlet for your big ideas.

15 10 things: 10 thoughts on ideas, creativity and innovation

[ e d i t o r ’ s n o t e ]

D ue to the stories dominating our current daily news, it is no secret that the Jamaican economy is in trouble. With the constant reports of doom

and gloom, it would seem that the sky is falling. While we are cognizant of the situation our country faces, we won’t belabour the point here at Your Money eZine. Instead, we have chosen to explore the opportunities for economic revival amidst the despair by focusing on something just about every Jamaican can relate to - creativity.

Innovation and creativity are the primary engines of growth, already replacing raw materials, labour and capital in terms of importance. In this issue, we focus on creative thinking as the ultimate human resource. Regardless of the industry he/she operates in, every entrepreneur knows that creativity is pivotal to starting and most importantly, sustaining a business. Additionally, the emerging creative industries offer myriad opportunities for Jamaica to grow, as we are a talented people. However, there seems to be a breakdown between idea and execution as we have not yet been able to benefit in substantial ways from our talents. Therefore, proper management techniques must be employed to reverse this trend.

While we may be burdened by the present state of our economy, we must not lose sight of our goal to become a developed nation by 2030. We have to use the pressure to release our creative energy and make use of our considerable competitive advantage.

Tracey-Ann Wisdom

[ s ta rt u p s ]

[ d o g o o d ]22 primary education gets a ‘tune-up’Can music help children perform better in school? First Global Bank’s Music – Perfect Pitch for a Sound Education initiative has proven this to be a fact.

20 the ndx and hidden opportunities in a depreciated jamaican dollarCan any good come out of Jamaica’s current economic crisis? We consider the potential opportunities.

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tFIVE (5) WAYSKEEPING RECORDS CAN BENEFIT YOU

Visit the Tax Administration website for more information

Well-kept records may shorten the length of time that an audit takes to be completed.based on Jamaica’s self-assessment system, if a business is selected for an audit, the business operator would be asked to produce records to verify the information filed on the income tax return(s). once the business person has proper records, the tax auditor would be able to quickly examine the records produced in a timely manner and make a determination on the accuracy of the income tax return filed.

good records can help verify all income and business expenses for tax audit purposes. Without proper records, a tax auditor may have to make a determination based on his or her ‘best judgement” of what value income and expenses may be, according to the size, type and location of a business. also, in the absence of proper records, industry standards may have to be used as a guide in the audit.

the march 15 income tax filing deadline is approaching and business operators should be completing preparations to submit their final income tax returns for 2012 and estimated returns for 2013. While filing tax returns is important, business operators are also reminded that it is critical to keep records of their activities, such as sales receipts, purchases invoices, payroll records, utility bills, transportation expenses, rent receipts, bank statements and all other business and administrative expenses.

although businesspeople are not required to submit supporting records along with their income tax returns, it should be noted that, under the Income Tax Act, they are required to maintain proper records, in English, for a minimum of six (6) years. the records should then be made available to the tax authority, if the person’s income tax return is selected for an audit or if they are asked to verify their income or expenses. this is necessary as Jamaica, like many other tax jurisdictions, operate a self-assessment system. it is through periodic examination of records that a tax authority is able to verify the accuracy of a return filed by a taxpayer.

Whether a business is operated as a company, self-employed entity, partnership or any other type of organisation, good record-keeping practices should be adopted for five main reasons:

proper books and records provide an accurate picture of your business operations.if this is the case, the tax auditor may not have to use an indirect method, such as your lifestyle or net worth, to estimate your income and expenses. your own books and records would be able to provide the auditor with a true picture of your business’ operations.

records Will give better information about the financial position of a business.With proper records, a business operator can identify areas for improvement and/or expansion. this will also aid business operators to secure financing for their business. in addition, an analysis of records could help business operators to make an informed decision that they may need to change their business focus.

more information on record keeping and other tax issues may be obtained by calling tax administration Jamaica’s customer care centre at 1-888-tax-help (1-888-829-4357) or visiting the website www.jamaicatax.gov.jm

Well-kept records can mean tax savings records can beused as a reminder of a person’s deductible expenses and credits.it is only by keeping proper records of business expenses that there will be proof of the expenses incurred in carrying out the business’ operations. by doing this, business operators will not have to rely on their memory. this means that they will only pay what is due – no more, no less – as their records would remind them of all the expenses that they are entitled to claim against their income.

alking ax

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tFIVE (5) WAYSKEEPING RECORDS CAN BENEFIT YOU

Visit the Tax Administration website for more information

Well-kept records may shorten the length of time that an audit takes to be completed.based on Jamaica’s self-assessment system, if a business is selected for an audit, the business operator would be asked to produce records to verify the information filed on the income tax return(s). once the business person has proper records, the tax auditor would be able to quickly examine the records produced in a timely manner and make a determination on the accuracy of the income tax return filed.

good records can help verify all income and business expenses for tax audit purposes. Without proper records, a tax auditor may have to make a determination based on his or her ‘best judgement” of what value income and expenses may be, according to the size, type and location of a business. also, in the absence of proper records, industry standards may have to be used as a guide in the audit.

the march 15 income tax filing deadline is approaching and business operators should be completing preparations to submit their final income tax returns for 2012 and estimated returns for 2013. While filing tax returns is important, business operators are also reminded that it is critical to keep records of their activities, such as sales receipts, purchases invoices, payroll records, utility bills, transportation expenses, rent receipts, bank statements and all other business and administrative expenses.

although businesspeople are not required to submit supporting records along with their income tax returns, it should be noted that, under the Income Tax Act, they are required to maintain proper records, in English, for a minimum of six (6) years. the records should then be made available to the tax authority, if the person’s income tax return is selected for an audit or if they are asked to verify their income or expenses. this is necessary as Jamaica, like many other tax jurisdictions, operate a self-assessment system. it is through periodic examination of records that a tax authority is able to verify the accuracy of a return filed by a taxpayer.

Whether a business is operated as a company, self-employed entity, partnership or any other type of organisation, good record-keeping practices should be adopted for five main reasons:

proper books and records provide an accurate picture of your business operations.if this is the case, the tax auditor may not have to use an indirect method, such as your lifestyle or net worth, to estimate your income and expenses. your own books and records would be able to provide the auditor with a true picture of your business’ operations.

records Will give better information about the financial position of a business.With proper records, a business operator can identify areas for improvement and/or expansion. this will also aid business operators to secure financing for their business. in addition, an analysis of records could help business operators to make an informed decision that they may need to change their business focus.

more information on record keeping and other tax issues may be obtained by calling tax administration Jamaica’s customer care centre at 1-888-tax-help (1-888-829-4357) or visiting the website www.jamaicatax.gov.jm

Well-kept records can mean tax savings records can beused as a reminder of a person’s deductible expenses and credits.it is only by keeping proper records of business expenses that there will be proof of the expenses incurred in carrying out the business’ operations. by doing this, business operators will not have to rely on their memory. this means that they will only pay what is due – no more, no less – as their records would remind them of all the expenses that they are entitled to claim against their income.

alking ax

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predictions for the \future

from siri inventor adam cheyer

“If you can predict the future and get the timing just right, you can change the world in significant ways.” This advice comes from Adam Cheyer, one of the inventors of Siri, Apple’s sassy personal voice assistant. He was speaking at a lecture hosted by tech company Transcel at the University of the West Indies, Mona on February 12. As a tech entrepreneur and inventor, Cheyer is actively involved in taking bets on what tools and applications people will use in the future. If the timing is wrong, an otherwise

brilliant invention will flop because it is either too far ahead of its time or too little, too late. Clearly, Cheyer hit the nail on the head with Siri – rather, he had a hand in shaping the future: in 2004, Cheyer made 10 predictions about the kinds of technology that would exist by 2014. He envisioned a world where all media was digital and social networking ran the world. A combination of other predictions – usable data access, social and collaborative ‘smart’ apps – led to the creation of Siri in 2007.

Speech recognition finally worksCheyer predicts that speech recognition software will finally work without kinks within the next five years as Siri and its competitors are made to replicate how people speak, including different accents.

Collaborative coding and app marketplacesCurrent applications tend to be static, whereas users desire individuality. Cheyer expects that software will allow in-app purchasing with other vendors, which will make apps more collaborative.

Healthcare gets smartTop-down changes in regulation and bottom-up improvements in self-measurement (devices that monitor heart rate, blood pressure, etc.) have made it easier to gather structured health data. Continuing on this trend, it will become easier to create solutions for new forms of diagnosis, triage and personalised medicine.

Augmented reality goes mainstreamGoogle broke the mould with Google Glass, an augmented reality head-mounted display. Cheyer believes the ecosystem and technology are finally ready for this segment of the industry to take off.

Dynamic knowledge repositoriesOf all his predictions, this is the one Cheyer is most hopeful for, yet the least optimistic about. Online dynamic knowledge repositories would create places for people to discuss and work on important problems facing humanity, using the world of information at their fingertips.

Having seen five of his predictions come true, Cheyer has now turned his attention to the near future. Here are his five predictions for the next five years:

[news]

In developed countries, fledgling businesses can access financing from venture capital funds, but in Jamaica, very few such opportunities exist. The difficulty in accessing financial support to start or help grow businesses often deters the spirit of

entrepreneurship. The Development Bank of Jamaica is currently working on changing the situation by establishing two venture capital funds by 2016.

The project, entitled The Jamaica Venture Capital Program (JVCP), has already received backing from the Inter-American Development Bank (IDB) in the form of a non-reimbursable Technical Cooperation Agreement valued at US$150,000 to match the DBJ’s US$128,000. With this grant, the DBJ intends to develop a strategic

plan as well as activities geared at raising awareness for the execution of a local venture capital system.

Audrey Richards, the consultant overseeing the establishment of the funds, has explained that the strategic plan will highlight the gaps in the system that make the environment unfriendly towards venture capital development. The DBJ will be working on closing these gaps between now and 2016, when the project should be fully established.

Having already received government approval, the JVCP has also received positive feedback from SMEs and entrepreneurs as well as potential private sector investors concerning their plans.

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[news]

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[news]

Solve for with Google

If you’re tired of being told that your ground-breaking idea is too far-fetched by those ‘in the know,’ then Google’s Solve for X is for you. The universal problem-solving forum allows people with big ideas to come together and collaborate on how they can solve the big problems of the world.

Solve for X started in 2012 as a small face-to-face event that was held by Astro Teller, Megan Smith

and Eric Schmidt. The project is marketed as being “radical in the sense that the solutions could help millions or billions of people. Radical in the sense that audacity of the proposals makes them sound like science fiction. And radical in the sense that there is some real technology breakthrough on the horizon indicating that these ideas could really be brought to life.”

These seemingly far-fetched ideas are called ‘moonshots’ and Solve for X is all about encouraging these. At the inaugural session, entrepreneurs, innovators and scientists from various disciplines and countries came together to discuss solutions to some of the world’s biggest problems using technology breakthroughs.

The annual conference is held in February and encourages collaboration amongst innovative thinkers who are willing to think outside the constraints of the obvious. Solve for X also encourages others to replicate their format and host events in their own communities.

Huge Problem

Radical Solution Breakthrough Technology

Breakthrough Technology

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“Adequately nurtured, creativity fuels culture, infuses a human-centred development and constitutes the key ingredient for job creation, innovation and trade while contributing to social inclusion, cultural diversity and environmental sustainability.” – Creative Economy Report 2010, United Nations Conference on Trade and Development (UNCTAD)

he UNCTAD introduced the term ‘creative economy’ into the world economic and development agenda as “an emerging concept dealing with the interface between creativity, culture, economics and technology in a contemporary world dominated by images, sounds, texts and symbols.” The aim was to focus on the development of the creative industries

for economic gain. These industries include the visual and performing arts, media, ‘functional creations’ such as design and creative services, in addition to heritage sites.

According to the UNCTAD, the creative industries are among

the most dynamic sectors in the world economy and provide new opportunities for developing countries, such as Jamaica, to advance. The Creative Economy Report went on to state, “creative industries are at the crossroads of the arts, culture, business and technology. All these activities are intensive in creative skills and can generate income through trade and intellectual property rights.” If this is the case, then ‘creatives’ - right-brain thinkers traditionally found in ‘artsy’ professions are the new workforce. Surely, Jamaica possesses the abundance and depth of talent necessary to take advantage of the opportunities in this emerging sector.

The Future Belongs to the ‘Right-brainers’The Information Age heralded a shift in the composition of

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the workforce: the world economy was no longer built by ‘suits’ and ‘yuppies’, but by ‘thinkers’ – technological engineers who created the devices that most of us find it hard to live without today. In his book A Whole New Mind: Why Right-Brainers Will Rule the Future, bestselling writer Daniel Pink argues that another shift is imminent as industries grow more reliant on right-brainers. He calls this the ‘Conceptual Age,’ where business success and survival will require six ‘senses’ – design, story, symphony, empathy, play and meaning. See Apple’s Marketing Philosophy.

Pink’s book was written in 2006 and in the ensuing years, it appears his predictions have materialised. The importance of developing and using these ‘senses’ in today’s technology-driven, commercial environment, where devices have come to rule the world and traditional fields such as housing construction are in limbo. Whether in the development of devices or applications for communication, medicine, engineering, construction or any other industry, creativity is required right alongside technical and scientific knowledge to make them functional, appealing and successful on the market. For example, significant creative thought was put into the design, look and feel of the devices we use everyday, from smartphones to tablets, personal computers and the apps on

these devices. Every unit of the devices, no matter how small, was intricately fashioned by a creative. The ‘techies’ made it function.

Creativity As a Tool Against the RecessionMost Jamaicans know the proverb “tun yu han’ mek fashion.” The essence of this statement is that in hard times or situations of lack, we have to turn to our creative spirits to find a solution. That has never been truer than in the current recovering global economy. Many companies, both local and international, have had to employ Pink’s six senses in order to re-energize their brands and reposition themselves in a super-competitive environment. One prime example of this is General Motors, which went from needing a US$50 million government bailout in 2008 to re-emerging as the world’s number one automaker last year. See GM Cuts the Red Tape.

Another field that has found it imperative to innovate or die is media. This field has always been driven by creativity as it involves writers, graphic artists and designers, but the sector has also become more technology-driven over the years. This became especially evident with the introduction of the iPad in January 2010. Tablets have changed and pushed traditional media, mostly print, to what many experts believe is the brink of extinction. As more newspapers and magazines continue to bow out or go digital and new electronic magazines are developed, the sector will not only require more technical

Apple’s Marketing PhilosophyIf you’ve ever wondered what drove late co-founder and CEO Steve Jobs to place such great emphasis on the design of a product, look no further than his father, who told him: “When you’re a carpenter making a beautiful chest of drawers, you’re not going to use a piece of plywood on the back, even though it faces the wall and nobody will ever see it. You’ll know it’s there, so you’re going to use a beautiful piece of wood in the back. For you to sleep well at night, the aesthetic, the quality, has to be carried all the way through.”

This insistence on getting the look just right ties in with the philosophy of Mike Markkula, one of the first investors in Apple, who wrote the company’s Marketing Philosophy. He wrote that people do judge a book by its cover, so the onus is on Apple to present its devices and software in a “creative, professional manner.” It is little wonder that Apple remains so successful.

GM Cuts the Red TapeGeneral Motors was mired in so much red tape that an engineer who wanted to change the keyboard in its vehicles’ navigation systems from alphabetical order to the traditional QWERTY format, spent several months waiting on a response from upper management. New head of vehicle development, Mary Barra, was appointed in 2011 and she immediately tore up the road map. She instituted a ‘team’ dynamic, doing away with the top-down approach and worked to strike a balance between innovation and giving customers what they want and need. She also employed new design strategies, such as engaging international studios to compete with their sketches of ‘next generation’ vehicles.

BUSINESSlounge

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knowledge from its players, but even more right-brain thinking to capture readers’ attentions long enough to make the efforts worth the advertising dollars.

Mobile devices have also enabled the development of a booming app industry, which is seemingly the domain of young techies with ideas to spare. Several of these developers have even become millionaires. Not to be outdone, a number of local developers have waded into the market with apps such as Tump! and the upcoming SKORA. Several companies have also jumped into the action, such as Scotiabank and Cable and Wireless, whose Jamaica Yellow Pages app has made listing in the telephone book ‘cool’ again.

Where the jobs AreMany traditional sectors continue to falter, but that just means that new ones are on the rise. Here is a list of strong and emerging areas for entrepreneurship and job creation where right-brain thinkers will flourish:• Mobile application development – This needs no

explanation.• Digital media – More traditional companies will make

the switch and new companies will join the sector• Renewable/green energy – New methods will need

to be developed to preserve the environment and combat climate change.

• Medicine – Face it, we will always need doctors. There is wide scope for innovation in terms of monitoring systems and devices, as well as treatments.

• Education – As the world grows more ‘conceptual,’ new programs and methods of teaching will be required to help students prepare.

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1. Steve Jobs, late co-founder of Apple“Creativity is just connecting things. When you ask creative people how they did something, they feel a little guilty because they didn’t really do it, they just saw something. It seemed obvious to them after a while. That’s because they were able to connect experiences they’ve had and synthesize new things.”

2. Richard Branson, founder and chairman of Virgin Group“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”

3. Jeff Bezos, founder and CEO of Amazon.com “I believe you have to be willing to be misunderstood if you’re going to innovate.”

4. Sarah Blakely, founder of Spanx“It’s important to be willing to make mistakes. The worst thing that can happen is you become memorable.”

5. Barbara Corcoran, businesswoman and television personality“Don’t you dare underestimate the power of your own instinct.”

6. Pete Cashmore, founder of Mashable.com“I’m very much a creative person, but you’ve got to do the follow-through. A lot of people start out with an exciting thing and they want to take over the world, but really the people who do take over the world have a good plan of how to get there and the steps along the way.”

7. Oscar Wilde, late Irish writer“An idea that is not dangerous is unworthy of being called an idea at all.”

8. Paula Scher, Partner at Pentagram, the world’s largest independent design consultancy“The work needs to get out of your head and on the the table, and it needs to be done from the heart.”

9. Erich Fromm, late German social psychologist“Creativity requires the courage to let go of certainties.”

10. Theodor Seuss Geisel, Dr Seuss“Think left and think right and think low and think high. Oh, the thinks you can think up if only you try.”

[10 things]

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TypeDrawingIf you love typography, this is the perfect app to get your creative juices flowing. It’s easy to use: type a sentence or random words and letters for each drawing, select the font, size, color and opacity as well as your background paper or photo and use your fingers to create whatever you want. Here’s a video showing how it works.

Apple: US$1.99 (iPhone) and US$2.99 (iPad)

TED Sometimes, nothing sparks creativity like hearing some of the most brilliant and passionate individuals talk about the things that inspire them. Get your fill of inspiration with the free TED app, which gives you access to more than 1,000 videos with insightful presentations from leaders in just about every field imaginable, from business and technology to music and art.

Apple Android Windows Store

You have just landed a major client – one you’ve been pursuing for months – and the first project that lands on your desk requires significant creative input and ‘out-of-the-box’ thinking. Before you embark on your grand plans, check out these three apps that can help to boost your creativity and help you wow your client.

Idea Sketch Some people like visual stimulation to help spark ideas. Idea Sketch allows you to ‘sketch’ out your thoughts as mind maps, concept maps and flow charts. Just enter your text or copy from emails, documents or web pages, no drawing required. Your diagrams and outlines can be shared via email and viewed offline. The iOS version also supports Box.com, Dropbox and uploading to Facebook.

Apple: FREE Windows Phone: US$0.99 Windows Store: US$4.99

[App.titude]

http://www.johnsonbenjamin.com/

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Dominic McDowell is

DAM Good

One of the last places you would expect to find someone who describes himself as ‘creative’ is working in the banking sector. However, Dominic McDowell worked at CitiBank for three years before saying goodbye last December. “Banking looked very attractive – you dress nicely to go to work and everybody that works in the bank seems to drive a nice

car,” reflects the University of Technology, Jamaica Banking and Finance graduate. “But little did I know that not everything is as it seems.”

After a year on the teller line, McDowell was promoted to the money market desk where he would regularly clock 12-hour days, often without breaks. Drained, he had no time to pursue creative endeavours, although he had started a “side hustle,” baking DAM Good Brownies in 2010. This ‘sweet’ idea came about via a Dairy Queen commercial, which sparked an ‘aha!’ moment: “Brownies are in Jamaica, but there is no variety, they’re expensive and you have to go to the pastry store to get them. So I came up with the idea of flavoured, packaged brownies.”

Today, the products are available at seven locations, including Azmart in Barbican (now Fontana Pharmacy) and the most recent location, Truly Fruitragious at the UTech Barn. There are currently eight flavours: Black Forest, Mocha, Coco Loco, White Mint Chocolate Chip, Marshmallow and Nature’s Best (vegan), M&M and Cookies n’ Cream.

Leaving the banking sector behind gave McDowell the time to properly establish his business, DAM Good Enterprises, the parent company for the brownies operation as well as several other endeavours. In the last two months, he has redesigned the packaging, worked on securing new outlets and put effort into on-the-ground promotion work to build the brand’s identity.

Part of that identity revolves around the clever pun of the name. McDowell was searching for a catchy title for his products and his mother, who sometimes helps him bake, suggested he use his initials – D.R.A.M. “I decided to drop the R and arrived at DAM Good,” he explains. While the similarity to a certain curse word raises some eyebrows, most would-be critics are easily converted: “They taste the product and they’re like, yes, it is damn good. It’s a perfect representation of the quality of the product.”

McDowell has been sowing the seeds for his entrepreneurial endeavours for the past three years, completing both a Diploma in Business Administration at the Mona School of Business and an MBA in Entrepreneurship at UTech. Now, he is going full speed ahead with his plans for DAM Good Enterprises, which also involves an event planning arm and marketing services. McDowell is also aiming to wade into the production and artiste management pool as a music business consultant. Currently, he is president of Pusha Yute, a record production company based in Jamaica and UK.

McDowell is also part of the fourth cohort of entrepreneurs at the Branson Centre of Entrepreneurship – Caribbean, although he was surprisingly reluctant: “I had other plans. I wanted to go abroad because I wanted to try to establish the brand in some parts of the Jamaican Diaspora and try to build a little customer base there. The timelines for both were crossing paths.” Although he waited until the last minute to apply, McDowell has no regrets: “I’m looking forward to learning more and training to position my business the right way, getting some exposure and building strategic alliances with my cohorts.”

Of course, there is also the lure of possibly meeting Sir Richard Branson. “I would love to have a full day talk with him and hearing what motivates him,” McDowell says earnestly. But what if there was only the opportunity for one question? “I would try to squeeze in more than one, to be honest, but I would ask what do I need to do to get to his level. What does it take – is it the mindset, attitude, finding the right people? How did he move from being an ordinary man to being the Sir Richard Branson?”

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[startups]

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The NDX andOpportunities in a Depreciated Jamaican DollarEver since the government announced a slate of new revenue measures in early February, Jamaicans have watched with dejection as the dollar took a dangerous downward slide. Before we know it, the exchange rate will be 100:1.

The undeniable truth is that the Jamaican economy has been hampered by considerably low economic growth, declining productivity and reduced international competitiveness for as long as we can remember. Jamaica’s high debt obligations have limited the government’s ability to stabilize the economy and spur growth.

These new measures, expected to yield a total of US$15.9 billion dollars include:

GCT Tax Measures• Application of a telephone call tax (TCT) as part of the GCT base.• All fees paid at our ports will be included in the taxable base of

calculating the GCT.• Telecom providers will account for GCT on the face value of

prepaid calling vouchers/airtime.

Income Tax Measures• Increase of the tax on dividends payable to residents to 15 per cent• Application of a surtax on the taxable income of large unregulated

companies• Increase in the education tax rate by 0.5 per cent for employers

and 0.25 per cent for employees

TRADE TAX MEASURES• Application of a Customs Administration Fee (CAF) on all imports

(excepting for charitable organizations and the bauxite sector)

Other Tax Initiatives• Increase in the local Stamp Duty Rate and Transfer Tax by one per

cent each• Increase in the fee and gross profit structure for betting, gaming

and lotteries • Reform of the property tax rate and initiation of measures to

improve compliance.

• Introduction of ‘Transfer Pricing’ and ‘Thin Capitalization Rules’ (which speaks to how companies are capitalized, i.e. the debt to equity ratio)

The NDX, however big of a pill to swallow, is an important factor in helping to decrease public debt and providing the government the fiscal room to implement other initiatives. In fact, there is scope for optimism as a number of opportunities lie amidst the despair:

• A cheaper Jamaican dollar has the power to attract investors.

• It will become increasingly cheaper for tourists to visit Jamaica, and as such, increase the revenue in the industry that is one of our main foreign exchange earners.

• We will (hopefully) import less and increase local production and consumption – buy Jamaican, build Jamaica.

• Local goods and services will be come more competitive in foreign markets as they become cheaper.

It is imperative that we explore and embrace these opportunities and look to increase our production, exports and services offered globally in order to improve Jamaica’s competitive edge. We listen to hear as the government explores policy options with the IMF to achieve a reduction in our debt while promoting growth and external sustainability.

It is a not a lose/lose situation – it is an opportunity.

[insights]

M a r c h 1 6 , 2 0 1 3

1 0 a M a t J a M P r O

Intelligent Multimedia Limited (IML) and eMedia Interactive have struck a digital media advertising partnership. IML’s network of digital screens across Jamaica that reaches 1.5M Jamaicans, combined with the 36,000+ strong subscription base offered by eMedia’s the wkndr and Your Money ezines, the synergy will provide advertisers with a formidable avenue for maximum eyes on brand.

IML and eMedia will now offer a range of packages (inclusive of a 25% discount) that bundles advertising space from both platforms. Your products and/or services will now reach a much wider audience in a more measurable and targeted medium.

This package will enable advertisers to engage customers and/or audiences beyond what traditional advertising packages can offer.

introductory session with advertisers

1 8 t r a f a l g a r r O a d

K i n g s t O n 1 0

TRANSFORM YOUR MARKETING STRATEGY FOR DIGITAL ADVERTISING

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R.S.V.P: Kendra@joinemedia.com/970-5657

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[DO GOOD]

Several corporate entities have been doing their part to help improve the literacy and numeracy performances of Jamaica’s primary school students and one of the most innovative programmes has been First Global Bank, through its ‘Music – Perfect Pitch for a Sound Education initiative.’

“Research has shown that students who are exposed to music, who learn how to read and play music, have better numeracy and literacy skills,” said Courtney Campbell, CEO of the Grace Kennedy Financial Group. “In addition, Jamaican culture is resplendent with musical and creative expression, and so we thought – what better way is there to stimulate interest in learning than exposing children to a medium that they already are very familiar with?”

First Global is a member of the GraceKennedy Group of Companies, which has a strong track record in supporting Jamaica’s students, including an annual education run that provides scholarships for inner-city children. The Pitch Perfect pilot programme started in 2011, operating in six schools with a total of 480 students.

Initially, the programme focused on Grade Three students in the six schools. First Global provided the musical instruments as well as the financial support required to train the teachers. Of the six schools, one was not able to adequately complete the programme, but the results from the other five schools were pleasing. The programme is now expanded to include four other schools as well students in Grade Four.

These students are being targeted because this is the beginning of their primary school performance assessment, with the Grade Four Literacy and Numeracy Tests. The Grade Four Literacy and Numeracy tests ensure that students will be ready to take the GSAT, which is used to determine their secondary school placements.

The benefits of the Pitch Perfect initiative are twofold, according to Campbell: “At the end of the year, 90 per cent of the students in five of the six schools had seen a marked improvement in their literacy and numeracy skills. In addition, each of these students is now able to play at least one musical instrument.”

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Conent ManagerCamille Campbell

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