FOR IMMEDIATE RELEASE:
February 26, 2015
Dr. William Lawrence, Author of the Book- “Business Renewal & Performance”, Rings the JSE Opening Bell
(KINGSTON, February 26, 2015): On Thursday, February 26, 2015, Dr. William Lawrence author of the book-Business Renewal & Performance in Jamaica, and a member of the JSE e-Campus Board of Governor, participated in a Bell Ringing Ceremony at the Exchange. The occasion was to ring the Stock Exchange’s Bell, which signaled the ceremonial opening of the Stock Market for trading and to highlight his newly published book – Business Renewal & Performance in Jamaica.
Mrs. Street Forrest, General Manager of the JSE, speaking at the Bell Ringing Ceremony stated that, “this is an occasion when we take time out to ring the bell and congratulate Dr. William Lawrence on the launch of his book titled – Business Renewal & Performance in Jamaica. We thank him for giving to this market a book which can assist in providing an effective roadmap for firms to recover from organization decline.”
Mrs. Street Forrest went on to state that “with a book which chronicles many business operations and performance in Jamaica and the Caribbean, many of which are on the Exchange, this provides sound source of information for research and knowledge enrichment for companies, individuals and institutions across the Caribbean. The material is certainly of interest to this market and I have had feedback that the book is easy to read and interesting; a collector’s item. It will definitely be on the list of recommended books for participants of our own e-Campus”.
Dr. William Lawrence, speaking at the Bell Ringing Ceremony stated that “Debt capital is the main type of financing used by commerce in Jamaica. Yet, economic growth has eluded Jamaica despite reductions in interest rates over the past 15 years. In contrast, the 23 firms listed on the Junior Market of the JSE (including nine engaged in production) attracted more than J$5 Billion in equity capital from investors. Most of these firms have since accelerated their growth rates and employed more people with commensurate increases in GCT and payroll taxes paid to the GOJ. This evidence suggests that the country gets benefits when firms utilize the Jamaica Stock Exchange as a channel to obtain financing”. He went on to advocate for incentives to be also provided to stimulate the main market.
Speaking at the ceremony, Mr. Hugh Thompson, President of the Small Business Association told the audience that as the President of the Small Business Association he was appealing to the Government to keep the Junior Market incentive in place, as the record is there to show that majority of the businesses listed on the Junior Market are doing well, expanding and increasing employment. He stated that they could not have made the strides they did without the incentive in place. He noted that his organization was in the process of penning a letter to the Minister of Finance to keep the incentive in place as this will attract small businesses to list on the Exchange and have accesses to equity capital, which is a more patient capital than other form of financing.
