PIOJ Reveals Top Growth Earners for September Quarter

first_imgRelatedBOJ Reports just under one per cent Growth for July to September Photo: Melroy Sterling Director General, Planning Institute of Jamaica (PIOJ), Collin Bullock (centre), responds to a question posed at the quarterly media briefing at the institute’s New Kingston offices, on November 20. Flanking him are: PIOJ executives – Director, Economic Planning , Research and Policy Logistics Division, James Stewart (left); and Programme Director, Plan Development Unit, Richard Lumsden. The Planning Institute of Jamaica (PIOJ) says agriculture, forestry and fishing, mining and quarrying; and construction, topped the industries recording growth during the July to September quarter of the 2013/14 fiscal year, which grew by 0.6 per cent.Director General of the PIOJ, Collin Bullock, who made the disclosure at a quarterly media briefing at the institute’s New Kingston offices, on November 20, said agriculture, forestry and fishing, and mining and quarrying both recorded second quarter growth of five per cent each, while construction grew by 2.5 per cent.He noted that the agriculture, forestry and fishing industry’s growth reflected the impact of improved weather conditions and growth inducing initiatives implemented by the Government.Mr. Bullock attributed the growth in mining and quarrying to increased output of the “heavier weighted alumina component”, and pointed out that crude bauxite production declined.“Alumina production increased by 10.2 per cent, reflecting increased production by JAMALCO, up by 3.1 per cent, and at WINDALCO, up by 27.8 per cent. Crude bauxite production declined by 11.5 per cent due to a reduction in the planned production to facilitate dredging activities to expand capacity at the main bauxite port(s),” he explained.The Director General indicated that growth in the construction sector reflected increased building development activities “due, largely, to an expansion in residential construction.” Additionally, he informed that the volume and value of mortgages increased by 71.7 per cent and 68.8 per cent respectively, relative to the corresponding quarter of 2012.He added that growth in other construction activities resulted from increased capital expenditure by government and various government agencies. “There was an estimated increase in the building installation category, in line with the expansion in building construction,’” he  said.Also recording relative growth was the hotels and restaurants sector, up 0.8 per cent. This, Mr. Bullock said, resulted from an estimated 0.7 per cent growth in stopover tourist arrivals consequent on an increase in the number of visitors coming from Canada, Europe, and Latin America.Correspondingly, he added, airport activities were estimated to have increased due to a 3.5 per cent increase in total air passenger movements. Preliminary tourism data for October show that airport arrivals grew by 12.5 per cent and cruise passenger arrivals increased by 30.4 per cent.The finance and insurance industry, which the Director General said grew by 0.4 per cent, reflected net interest income at deposit taking institutions as well as total assets, fees and commission income, and gains from foreign exchange transactions.Additionally, he said the stock of loans and advances outstanding at commercial banks increased by 19.1 per cent, while noting that credit to the private sector accounted for approximately 92 per cent.At the end of June 2013, non-performing loans, as a share of loans, was 5.9 per cent. This, Mr. Bullock pointed out, “compares favourably” with 7.4 per cent in June 2012.Other industries recording growth include: transport , storage and communication; and wholesale, retail trade, repair and installation of machinery. Sectors recording declines include: manufacturing, and electricity and water supply.Mr. Bullock said the short-term economic outlook and prospects for the October to December quarter are “positive,” with growth expected to be in the range of 0.5 to 1.0 per cent.This, he explained, is based on an expectation of continued strengthening of productive activities in most industries which are expected to grow, with agriculture and construction projected to record the strongest growth.Mr. Bullock said the PIOJ anticipates “strengthening” of confidence levels consequent on the successful completion of the second International Monetary Fund’s (IMF) quarterly review, for July to September.“The PIOJ welcomes the indication of a return to economic growth following six quarters of economic contraction. We are (also) encouraged by indicators and reasonable projections of a continuation of economic recovery in the current quarter and to the end of the financial year,” he added.Mr. Bullock, however, cautioned that the turnaround is of “modest proportions” and the growth being looked at “is still not where we want it to be.”“This means that until the tendency to grow strengthens, it remains susceptible to reversal if there are any sufficiently adverse social or economic shocks,” he said. RelatedBOJ Projects Moderate Inflation for Last Quarter Story HighlightsAgriculture, forestry and fishing, mining and quarrying; and construction, topped the industries recording growth during the July to September quarter.Agriculture, forestry and fishing, and mining and quarrying both recorded second quarter growth of five per cent each.Mr. Bullock attributed the growth in mining and quarrying to increased output of the “heavier weighted alumina component”. PIOJ Reveals Top Growth Earners for September QuarterJIS News | Presented by: PausePlay% buffered00:0000:00UnmuteMuteDisable captionsEnable captionsSettingsCaptionsDisabledQualityundefinedSpeedNormalCaptionsGo back to previous menuQualityGo back to previous menuSpeedGo back to previous menu0.5×0.75×Normal1.25×1.5×1.75×2×Exit fullscreenEnter fullscreenPlaycenter_img FacebookTwitterWhatsAppEmail RelatedBOJ Reports Just Under One Per Cent Growth Third Quarter PIOJ Reveals Top Growth Earners for September Quarter Finance & Public ServiceNovember 21, 2013Written by: Douglas McIntosh Advertisementslast_img read more

Telenor Norway faces record competition authority fine

first_imgHome Telenor Norway faces record competition authority fine Telenor mulls options in competition lawsuit Operators divided on 5G strategies Author Related Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved… Read more Telenor seizes domestic 5G initiative AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 21 JUN 2018 Previous ArticleAltice continues disposal with €2.5B tower saleNext ArticleMEF chief details operator data opportunity The Norwegian Competition Authority slapped a record NOK788 million ($96.4 million) fine on Telenor Norway for using its dominant market position to hamper the rollout of a third network.Its action dates back to 2010, when Telenor amended wholesale terms with Network Norway, the company building the third network, which had leased Telenor infrastructure when it began its rollout in 2007 to cover areas where it was yet to install its own equipment.The authority said changes to the original terms enforced by Telenor dropped the basic access price, but introduced an additional fee which increased in line with growth in the number of users. This, it added, reduced Network Norway’s incentive to build its own nationwide network.Handing down the fine, the authority said Telenor had “introduced the amendments to the network access agreement with the intention of limiting further investments in the third network.”Norwegian Competition Authority director general Lars Sorgard (pictured) added: “The mobile market is a large and important market for Norwegian consumers. Telenor has a considerable turnover in this market and the infringement is a serious breach of the Norwegian Competition Act.”Network Norway is now part of operator Ice, which GSMA Intelligence connection figures show held a 6 per cent market share at end Q1 2018.AppealTelenor Norway CEO Berit Svendsen said the company disagreed with the regulator’s decision and would likely lodge and appeal to the Competition Appeals Board.“The deadline for complaint is six months,” she said, adding the company “will use this time to go through all sides of the case. We expect that we will appeal against the decision.”In a statement, the operator noted in November 2016 the competition authority had filed a separate complaint about four of Telenor’s wholesale agreements, which were later dropped. Chris Donkin Tags ICENetwork NorwayTelenor Norwaylast_img read more