Prime Minister Calls for More Support of MSMEs

first_imgStory Highlights “There is great liquidity in the system to invest. But sometimes it is also lack of information… about the quality (and) value of, for example, working capital. They do, however, have more information and well developed polices and regulations around motor vehicle ownership, which may explain why banks are more willing to take the risk on the consumer asset than on a commercial asset, such as working capital,” the Prime Minister said. Prime Minister, the Most Hon. Andrew Holness, says private financial institutions should provide more support for business development, particularly micro, small and medium-size enterprises (MSMEs). Mr. Holness’ comments come against the background of what he says is the seeming reluctance by some banks to provide access to credit and other resources for businesses which “are good (entities) in and of themselves.” Prime Minister, the Most Hon. Andrew Holness, says private financial institutions should provide more support for business development, particularly micro, small and medium-size enterprises (MSMEs).Mr. Holness’ comments come against the background of what he says is the seeming reluctance by some banks to provide access to credit and other resources for businesses which “are good (entities) in and of themselves.”“There is great liquidity in the system to invest. But sometimes it is also lack of information… about the quality (and) value of, for example, working capital. They do, however, have more information and well developed polices and regulations around motor vehicle ownership, which may explain why banks are more willing to take the risk on the consumer asset than on a commercial asset, such as working capital,” the Prime Minister said.He was speaking at Friday’s (April 27) closing ceremony for the Development Bank of Jamaica (DBJ) Innovation Grant from New Ideas to Entrepreneurship (IGNITE) Programme pilot, at the Spanish Court Hotel, in New Kingston.Mr. Holness pointed out that as a result of Government polices now in place, there has been an increase in financial institutions’ support for business development.“We are seeing a greater trend of banks supporting businesses. Commercial and industrial lending is increasing at a noticeably significant rate, and I am very happy for that,” he said, citing this as pivotal to spurring economic growth.The Prime Minister contended, however, that for sustainable growth to occur, “lending has to (further) increase to the medium-size, small and micro enterprises, in particular.”“One of the things that we have to do is to support informal businesses in becoming formalized (by helping them) to develop business plans and getting regularized with, for example, the tax authorities,” he said.Mr. Holness said doing so will bridge the information gap on businesses encountered by financial institutions in several instances, “because for banks to take the risk on your business, they need to know about you.”“When you are formalized, when you are registered and compliant, then banks are able to better assess the risk that they are taking,” he said.Mr. Holness emphasised that the key to generating economic growth is channelling support for the private sector.“The engine of growth is the private sector. But when we say private sector, we tend to believe that the private sector is only (the) big businesses. The truth is that the private sector is really the micro, small and medium-sized enterprises. They drive growth,” he added.The DBJ, through IGNITE, enables Jamaican entrepreneurs, particularly MSMEs with innovative business ideas, to access grant funds to develop and commercialize their products and services.The bank provided funding of between $1 million and $4 million to 27 entrepreneurs under IGNITE’s 18-month pilot phase, for which $75 million was budgeted.Phase two was also launched at the ceremony.last_img read more

Kejriwal warns pvt hospitals refusing to treat accident victims

first_imgNew Delhi: Delhi Chief Minister Arvind Kejriwal on Tuesday warned private hospitals against refusing to treat accident victims in the city. Kejriwal said despite a scheme launched by the AAP dispensation in February 2018, under which the Delhi government bears all expenses of treatment on such patients, some hospitals were refusing to treat them. Addressing a press conference here, Kejriwal said that he on Tuesday held a meeting with representatives of privates hospitals, which assured him of full cooperation in implementing the scheme. Also Read – After eight years, businessman arrested for kidnap & murder He said there is also a Supreme Court order according to which no hospital can refuse to treat accident victims. “After accident, there is a golden hour to save the life of accident victim… If they (private hospitals) refuse to treat accident victims, we will take a strict action, including cancellation of their license,” Kejriwal told reporters. He said that since the Delhi government’s scheme has been launched in February in 2018, 2501 people have been treated.last_img read more

Cameron Bailey Appointed CoHead of TIFF

first_imgImage courtesy of TIFF, Photo by Matt Barnes Advertisement Facebook “Piers has done a remarkable job during his tenure as Director & CEO and Artistic Director before that,” continued Tory.  “We are indebted to him for the vision and strategy – and the elegance he brought to the role.”“I have tremendous respect for Cameron and his longstanding contribution to TIFF’s success,” said Piers Handling. “His passion and vision for the future of the organization underlines his deep leadership skills. It gives me great comfort to know TIFF is in such good hands.”“I’ve been fortunate to work alongside Piers for so many years. We programmed Canadian films together, we made our first programming trip to Burkina Faso together and we’ve spent countless hours working out how best to engage audiences with the power of film,” said Cameron Bailey. “I am honoured to be entrusted with guiding the future of TIFF.”A search committee of the Board of Directors has been working with Caldwell Partners to identify candidates for the Managing Director & Co-Head role.  The search is international in scope and is expected to result in an announcement prior to this September’s Festival.Social Media:Twitter:  @TIFF_NETFacebook:  Facebook.com/TIFF Advertisement Twittercenter_img TORONTO — The Board of Directors of TIFF announced today the appointment of Cameron Bailey to the newly created position of Artistic Director & Co-Head of TIFF.  The role is a promotion and expansion of Bailey’s current position of Artistic Director, which he has held since 2012. Prior to that, Bailey held the role of Festival Co-Director from 2008-2012. Bailey will report directly to the Board of Directors effective October 1, 2018.Since CEO Piers Handling’s announcement last July that the 2018 Toronto International Film Festival would be his last, the TIFF Board engaged in a process for CEO transition, including a review of the organization’s current structure. After their assessment, the Board decided on a two-headed structure for TIFF, with one position (Bailey’s) focused on the artistic direction of the organization, and the other, Managing Director & Co-Head, focused on the business and revenue optimization. These two positions will work closely together to set the tone and lead the organization, bringing the new strategic plan to life.  They will both report directly to the Board of Directors.“With a five year strategic plan for TIFF launched this year, and more changes on the horizon for our industry, we believe a two-headed structure is right for the future success of TIFF,” explained Jennifer Tory.  “Cameron is a film industry veteran who has earned a reputation for discerning, expansive curation since joining TIFF as a programmer in 1990. Combined with his accomplishments as TIFF’s Artistic Director,  we have full confidence in his vision for the direction of the organization.” Login/Register With: Advertisement LEAVE A REPLY Cancel replyLog in to leave a comment last_img read more

Strengthening IndiaVietnam ties

Strengthening IndiaVietnam ties

first_imgParallel paths met when an event showcasing the similar approach towards strengthening cultural bonds was held in the national Capital recently. Indian Council for Cultural Relations’ two-day bilateral seminar on ‘Indo-Vietnam Cultural Relations: Retrospect and Prospect’ was inaugurated at Azad Bhavan on Saturday.Prof. Lokesh Chandra, President, ICCR addressed the crowd by saying: “History shapes a nation’s future. The Indian traders and monks who had once migrated from India to Vietnam, had established their Champa (Hindu) kingdoms in central Vietnam without any violence or invasion.  Also Read – ‘Playing Jojo was emotionally exhausting’“The Indian approach was sharing, which gave them scripts for language while cotton fabrics and sugar were major exports at the highest point in Vietnam. In the past 2000 years Vietnam has maintained its identity while we have a problem in India. International Mother Language Day, accepted by UNESCO India and Vietnam, must change terminology as language is power.”Guest of Honour, HE Ton Sinh Thanh, Ambassador, Socialist Republic of Vietnam, said: “Cultural Cooperation is one of the pillars in the strategic partnerships between our two countries.  Also Read – Leslie doing new comedy special with Netflix“Vietnam and India have many cultural similarities which have been accumulated by the interactions between our countries over the last 2000 years. Besides enhancing the exchange of artists, cultural troops, students and think tanks, we should try new areas such as exchange of movies and promoting film shooting in other countries.” The Chief Guest, Shri Anil Wadhwa, Secretary (East), Ministry of External Affairs said: “Buddhism has a long history which dates back to the 3rd Century BC in Vietnam. Furthermore, some historians also feel that the first oldest Hindu kingdom, Funan ruled from Vyadhapura was established in the lower valley of the Mekong.  “The carvings of Cham period depicted events of Ramayana and Indian mythology such as Marriage ceremony of Ram–Sita, Krishna playing flute, Indra and Dancing apsaras, Vishnu and Sheshnag and the Shivling. The depiction of musical instruments such as Pakhawaj, Mridangam, Drums etc. are reflective influence of Indian music. Vietnam’s famous LakhonBassac dance drama is based on the epic of the Ramayana (Ramleela).”As cultural relations play an important role in building people to people contacts, future areas of cooperation could make film production in Vietnam which will help in increasing tourism between the two countries as Bollywood has been attracting tourism all around the world. Commenting on the relevance of the seminar, Ambassador C Rajasekhar, Director General, ICCR said: “The Seminar is an effort to unearth the contacts between these two ancient civilisations and would cover the centuries-old cultural bonding between India and Vietnam: role of Hinduism and Buddhism, relevance of culture and literature in today’s geopolitical scenario in the context.”last_img read more