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Jamaica National Building Society Votes to Convert into Jamaica’s Only Mutually Owned Commercial Bank

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BY JELANI GRANT

The Jamaica National Building Society (JNBS) will be reorganized following the overwhelmingly left vote by members of the organization to reorganize the JN Group into Jamaica’s only mutually owned commercial bank.

The 142-year-old building society will become the first commercial bank in Jamaica to be fully owned by its savers and borrowers. The bank will be led by current JNBS Executive, Maureen Hayden-Cater and will be launched early next year. The Society is converting to Jamaica National Bank based on the demand from the majority of the organization’s members for more banking services. Their current savings and loan portfolio will be carried over into JN Bank. “Since we made our application to the Bank of Jamaica, we have been busy preparing for our entry into the market, developing new products and services, which you have requested, such as our JN Auto Loans, our JN VISA credit cards, and JN Unsecured Loans,” said Cater, “when we convert to JN Bank, we will expand the suite of credit products, based on your demand.”

Nearly 25,000 Jamaica National members voted in person or by proxy at the Jamaica Conference Centre in Kingston on Monday, November 14th. Preliminary results from auditors, PricewaterhouseCoopers, tallied that more than 99 per cent of JN members who voted were in favor of the proposed changes.

Jamaica National General Manager Earl Jarrett expressed his appreciation to the members who voted in favor of the reorganization while thanking the Jamaica National Group employees and JNBS Board of Directors for their support. “JN members have moved our organization forward today and we look forward to expanding our products and services and offering them the best services of any financial institution,” said Jarrett.

He also expressed gratitude to PricewaterhouseCoopers, which observed the voting process to ensure transparency.

Founded by Westmoreland Building Society founder Reverend Henry Clarke, one of the founders of the Manchester Mutual Building Society Mr. Ernest Clarke, St. Ann Benefit Building Society founder Rev. Josias Cork, John Gerrard Marchalleck, one of two people who spearheaded the move from the St. Thomas Mutual Building Society, John E. Kerr, Chairman of the St. James Building Society, St. Mary’s Benefit Building Society founder Rev. Edwin James Touzalin, And Founder Of The Brown’s Town Benefit Building Society J.H. Allwood. The JNBS first became a concept in 1864 in an effort to assist lower and middle class people in Jamaica. A year after this concept came to life, enough Building Societies had been created to merit the passing of the Act for the Regulation and Encouragement of Benefit Building Societies. This act was created to encourage the development of even more Building Societies, with the added benefit of granting them various privileges like higher interest rates.

The Jamaica National Group will become the parent company for the JNBS subsidiaries, where mutuality will be preserved following the reorganization of the JN Group. The subsidiary companies in the Group will include: JN Small Business Loans Limited, JN General Insurance Company Limited, JN Fund Managers Limited, JN Life Insurance Company Limited, JN Money Services Limited, and Management Control Systems Limited; JN Cayman Limited in the Cayman Islands, as well as The Jamaica Automobile Association (Services) Limited.
One hundred and forty years of people of caliber who, over the years, were prepared to think outside of the box towards the creation of a society has led to the growth and success of JNBS. They continue to provide innovative, high value products and financial services.

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Almost Homeless – Eight years of Justin Trudeau; Canada’s housing is against the ropes, and Toronto renters suffer

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BY MICHAEL THOMAS

“After eight years of Trudeau, the average price of a home in Toronto is now over a million dollars and the average rent on a two-bedroom apartment has more than doubled to over $3,200 a month. Canadians can’t afford this and that is why in nearly every city, middle-class Canadians are forced to live in tent encampments.”

The above quote is an attempt to write Justin Trudeau’s biography, or part of his legacy by Scott Aitchison, Conservative Shadow Minister for Housing and Diversity and Inclusion.

According to Aitchison, “Justin Trudeau’s response has been to re-announce a failed loan program, which has only resulted in the completion of 11,000 homes over the course of seven years and create more bureaucracy, which will raise the cost of housing even more.”

What exactly is happening here in Canada? Canadians let us look at the numbers and see if they add up.

According to the RBC Housing Affordability Report, in Toronto, a household earning a median income needed to spend 84.8% of their income just to cover the costs of owning an average home at market price. This metric has “reached its worst level ever.”

It now requires 63.5% of income to buy an average-priced home compared to 2015 when the same measure was 39.3%.  The income required to purchase a home in Toronto rose by $11,100 in 2023, to $218,100, according to Ratehub.ca.

A home in Greater Toronto was $1,089,800 in February 2024, compared to $601,800 in October 2015. A rise of almost double the cost. Which working-class family can afford this in present-day Toronto? This information is from the Canadian Real Estate Association.

According to the  National Bank, it now takes 25 years to save for a down payment in Toronto. The mortgage payment as percentage of income is 87.8% in Toronto.

I hope that this information takes care of the question, why are so many Torontonians homeless or living in their cars? Maybe not. Here are some troubling homeless stats.

“As of October, [Toronto] is sheltering 10,700 people and turning away approximately 275 others on a daily basis,” said Gord Tanner, the city’s Director of homelessness initiatives. “Growing number of homeless people turning to ERs for shelter and warmth in Ontario. In Toronto hospitals specifically, those cold-weather ER visits by homeless people skyrocketed by 68%.”

Let’s look at where our Canadian tax dollars are going and see if any meaningful progress is being made.

The Apartment Construction Loan Program is an existing program that was rebranded in the 2023 Fall Economic Statement. It was previously the Rental Construction Financing Initiative (RCFI) which was created in 2017. When the program was launched in April 2017, it promised $25.65 billion in loan financing and had an original goal of creating 71,000 new rental housing units by 2027/28. However, in the 7 years since the program launched it has committed $18.19 billion in loans, which has only resulted in the completion of 11,208 homes, as of the latest data from December 2023.

After re-announcing and rebranding the program in the 2023 Fall Economic Statement, Trudeau’s government topped up the program with funding for an additional $15 billion in loans, bringing the total available loans to over $40 billion.

Trudeau’s regime was promising Canadians that this additional funding would create 30,000 additional units, bringing the total units to 101,000 even though the program is not coming anywhere close to completing the original 71,000 homes promised to Canadians in 2017.

Now, the Liberals announced that in Budget 2024, they would fund an additional $15 billion in loans, bringing the total to $55 billion even though less than half of the loans already available under the program have been awarded. Once again Trudeau’s regime promised that this additional funding would support the creation of an additional 30,000 new apartment units, bringing the total to 131,000 units promised with only 11,208 or 8.5% completed. In layman’s terms, Canadians’ tax dollars were spent, and they were lied to.

I spoke to Sam Lilly who is the Press Secretary – shadow cabinet from the office of the leader of the Official Opposition. “From 2015 to now, what has happened,” I asked him?

“We’ve seen Justin Trudeau’s inflationary spending and taxes have put pressure on interest rates and cost of living after Trudeau printed 600 billion worth of money.”

“According to CMHC,” Lilly said, “We are short 5.8 million houses in Canada, and those houses have to be built in the next decade and we are way off target.”

“The next problem,” he said, “is that Justin Trudeau keeps giving money to these municipalities that are blocking the permitting of homes. There is a sort of ‘not in my backyard NIMBYism,’ and Justin just keeps feeding them money –no questions asked.”

The alarming rise of almost double the cost in present-day Toronto creates an insurmountable burden for working-class families, rendering housing increasingly unattainable. Such an escalation disproportionately affects marginalized communities, exacerbating the existing economic disparities. The profound impact of this surge extends beyond mere financial strain, as it amplifies societal inequalities, perpetuating cycles of poverty and exclusion. Urgent measures are imperative to address this crisis and safeguard the fundamental right to adequate housing for all residents, regardless of socioeconomic status.

The repercussions of Justin Trudeau’s inflationary spending and tax policies have become increasingly apparent, exerting significant pressure on interest rates and the cost of living. As citizens navigate these economic challenges, it becomes imperative for policymakers to prioritize measures that promote stability, fiscal responsibility, and sustainable economic growth to alleviate the burden on households and ensure long-term prosperity for all Canadians.

REFERENCES:

https://www.ratehub.ca/blog/2023-marks-a-terrible-year-for-home-affordability/

https://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/

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Tony Duran (Tony Tonez Tattoos) uses education to demystify and destigmatize the tattoo industry

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Photo Credit: Defy Films

BY SIMONE J. SMITH

In the not-so-distant past, having a tattoo was often viewed as a mark of rebellion, or deviance from societal norms. People with tattoos were frequently stigmatized and unfairly judged, their inked skin seen as a reflection of their character, or morality. Tattoos were associated with certain subcultures, or marginalized groups, leading to stereotypes and misconceptions about those who adorned themselves with ink. Thankfully (for me, and many others) as time has progressed, perceptions have shifted dramatically.

Tattoos are now celebrated as forms of self-expression, art, and personal storytelling. Society has become more open-minded and accepting, recognizing that tattoos do not define a person’s worth, or identity. From corporate professionals to creative artists, individuals from all walks of life proudly display their tattoos, embracing their uniqueness and diversity.

This transformation reflects a broader cultural shift towards inclusivity and respect for individual autonomy. In today’s society, tattoos serve as badges of honor, commemorating meaningful experiences, honoring loved ones, or simply showcasing one’s creativity. So, it was only a matter of time until we actually had our own day, a time to finally create an official holiday for the tattoo community! March 21st, 2024, was World Tattoo Day, a day of breaking down stereotypes, as well as demystifying and destigmatizing the tattoo industry and the ever-growing cultural phenomenon of the craft.

There is an artist amid Toronto’s buzzing tattoo scene that stands out as an industry leader, drawing passionate clients from across the globe who travel to his studio, Tony Tonez Tattoos. As a Toronto-based tattoo artist, Tony Duran pulls inspiration from his cultural roots in “The Chicano Style,” a vibrant fusion that contains varied influences, including the Mexican Revolution to LA’s low-rider culture.

In the realm of artistry, particularly in fields such as: makeup, tattooing, or portraiture, a profound understanding and skill in working with all skin types are indispensable, and it is a skill that Tony has mastered. This holds especially true for darker skin tones, which have historically been underrepresented and underserved in many artistic disciplines.

When Tony speaks to the nuances of darker skin. He explains that it is not merely a matter of technical proficiency; it’s a testament to an artist’s commitment to inclusivity and cultural sensitivity. From comprehending the subtleties of undertones to ensuring colors pop vibrantly, the ability to celebrate and enhance the beauty of darker skin requires both expertise and empathy. In today’s diverse world, where representation matters more than ever, Tony speaks to the fact that artists must equip themselves with the knowledge and techniques to cater to the full spectrum of skin tones, affirming the inherent beauty of every individual they encounter.

I had an opportunity to steal some of this artist’s time, and during our discussion, Tony shared with me the importance of spreading more knowledge about tattoos. “A lot of people are not educated on the process,” Tony shared. “It is a lot more than picking an image and putting it on your skin.”

“When someone comes into my shop, or makes an appointment, I make sure to do my research. I ask questions like, what type of work do you do? I look at their age, especially if they want to do a certain type of tattoo. I remind them that it is a lifetime commitment, not a decision that should be made on a whim.”

“I have tattooed: police officers, lawyers, and real estate agents. I have even had some famous people in my chair, most notably Cory Joseph. People admire great artwork, and with how tattoos are accepted now, you would be surprised at who ends up in my chair.”

“What advice would you give to individuals who may be hesitant to get tattoos due to concerns about societal judgments or stereotypes, especially those related to gender and professionalism,” I asked?

“Again, it’s about asking the right questions; what can you stare at in the mirror with confidence? Will you be excited 10 years down the line? What means the most to you? Depending on the answer, I lend my professional advice at that time. It is really up to the individual, but I take the time to work through the process with them before we get anything started.”

Artists like Tony Duran are important to the industry. Spreading knowledge about the process of getting tattoos is essential due to widespread misconceptions and a lack of education among many individuals. After speaking with Tony, I now understand why educating people about the tattooing process helps dispel myths and alleviate fears associated with it.

By understanding the intricacies involved, individuals can make informed decisions about whether tattooing is right for them and what to expect throughout the process. Moreover, raising awareness about the importance of choosing a reputable and licensed tattoo artist can contribute to safer practices within the industry. Through education, Tony empowers individuals to approach tattooing with confidence, respect, and a better understanding of its artistry and cultural significance.

As the stigma surrounding tattoos continues to fade, we move towards a more inclusive and accepting society where self-expression is celebrated rather than judged. If you are interested in learning more about tattoos and if this representation of artwork is right for you; take a trip down to Tony Tonez Tattoos and learn everything you need to know about entering this burgeoning art world. Make sure to check out his incredibly, impressive artwork style at https://tonytonez.com/tonez-tattoos.

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It’s time for a New United Regional Nation of the Caribbean

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Photo Credit: Freepik

BY STEVEN KASZAB

A new nation comprising all Caribbean nations which would become provinces/states of the greater whole. What an idea; a united powerful Caribbean nation that can work for itself, develop and protect itself.

There is a distinct and necessary moment in time when a group must unite and facilitate the Confederacy of itself for its own protection, management and policing. For the Caribbean that time is now. A United Caribbean, a New United Nation!

Most superpowers look upon the Caribbean nations as ports of call, places to hide their money and send their tourists too. China, America, Britain, France, and the Arab world manage to control much of the Islands; infrastructure, ports, hotels and have undue influence upon the Caribbean political realities.

Haiti is a perfect example. Abused by colonialists like France, their independence brought only oppression, tyranny and exploitation from the international community’s financial sector. Now their capital is overrun by gangsters and villains and Haiti’s Government had to go to international organizations to attempt to bring their Island under control. Kenyan Soldiers in Haiti? The Caribbean can outwit and overcome all its political-security needs as a united force.

The job of protecting a Caribbean nation’s security, protecting its citizens must fall into the hands of a United Caribbean Confederation, not foreign influenced. Combining the region’s: wealth, international influence, police and military capabilities, a United Caribbean can make do without the undue influences of: China, America and other political-financial vultures.

Like Quebec, the Caribbean must protect its: culture, natural resources, population and future development from the international manipulation that it has experienced for hundreds of years. Enslavement comes in many forms, and it does not matter who the slave traders are, be it: financial-political colonists, China expansionists, American capitalists or European adventurists. A united Caribbean stands a better chance working together for its own benefit, and not the benefit of old-time exploiters, abusers and building a wealthy and prosperous region lies in selfish determination.

Americans, China and others care firstly about their needs, not those of: Haiti, Jamaica, Guyana, or the Caribbean region.

The Caribbean comes first, second and last. A United Caribbean can survive and develop its future economic and political challenges.

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