Kingston, Jamaica: The nation’s Financial Services Commission (FSC) has taken full control of the operations of Licensed Securities Dealer, Lorreston Bailey. However, the FSC said that its management of Lorreston Bailey will only be temporary.
The takeover comes almost a month after the FSC issued a Cease and Desist Order that required Lorreston Bailey to immediately stop conducting securities business as it has reason to suspect that an offence has been committed.
Among the reasons for the FSC action is that Lorreston Bailey has given false statements concerning its affairs and that the value of its assets is also substantially less than the amount of its liabilities.
According to the FSC, the securities dealer has also failed to provide clients with statements of accounts.
Furthermore, the Commission said, the institution is contravening directions issued by the FSC earlier this year, to provide specific information.
Ewarton, Jamaica: Workers who were rehired by the West Indies Alumina Company (WINDALCO) following last week’s re-opening of its alumina refinery in Ewarton, St. Catherine, could soon have union representation.
The National Workers Union (NWU), which represented the employees prior to the mass redundancy exercise earlier this year, is planning to file a bargaining rights claim.
The union has written to the management of WINDALCO seeking a meeting to discuss the matter.
NWU president Vincent Morrison says the union also wants an update on the status of the pension scheme which the workers of WINDALCO at the Kirkvine plant in Manchester, the ports and Ewarton, had contributed to prior to losing their jobs in March and April of this year.
“We’re hoping to get a response from the company as early as possible to start discussion on these issues,” Morrison said.
More than 600 persons are expected to get jobs with the resumption of mining operations at WINDALCO.
Georgetown, Guyana: The nation’s third parliamentary party, the Alliance For Change (AFC), has ended months of speculation about a possible pre-election alliance with either of the country’s two major political parties. The AFC now says it is firmly against any such alliance.
However, the party indicated that there is an internal split on the issue. It says that it respects the minority view not to shut the door to possibly forming an alliance with the main opposition People’s National Congress (PNC) or the governing People’s Progressive Party (PPP).
But the party says there’ll be no pre-election arrangement.
Georgetown, Guyana: Guyana’s opposition People’s National Congress (PNC) says there are several factors fuelling migration among Guyanese.
The party says among these are high unemployment, working conditions, low salaries and wages, high levels of taxation, racial and political discrimination and the cost of housing.
The PNC says the present administration of President Bharrat Jagdeo is not doing enough to encourage Guyanese to stay at home.
Its comments followed figures from the U.S. Embassy in Georgetown, which show that more than 20,000 Guyanese were granted visas to the U.S. over the last five years.