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Hey Reader,

Here's What's Hot on the business scene right now 🔥🔥🔥

Hunt for new BOJ Governor

Change

The government has started the search for a new Bank of Jamaica governor.

Governor Richard Byles is set to leave office on August 18, after taking up the role in August 2019. That marks roughly seven years at the helm of the central bank.

Finance Minister Fayval Williams says the process will focus on finding a candidate to maintain monetary stability and continue modernising the financial system. That includes expanding digital payments and ensuring economic growth translates into jobs and investment.

A four-member search committee will shortlist candidates before a final recommendation goes to Cabinet.

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Tourism still feeling Hurricane Melissa impact

Sigh

Revenue from Jamaica’s two major airports is down, as the effects of Hurricane Melissa continue to impact tourism.

Operators of Norman Manley and Sangster airports reported an US$8 million drop in first quarter revenue. Passenger traffic also fell nearly 25%, mainly due to less hotel capacity along the north coast tourism belt.

Sangster Airport saw the sharpest decline, with international passengers down more than 30%. Norman Manley was more stable, with a smaller dip tied to its mix of business and diaspora travel.

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Contaminated sugar recall

Careful

The police are warning retailers that there are consequences for illegally importing and distributing food.

This comes after the Health Ministry ordered an immediate halt to the production and sale of sugar from Pan-Caribbean Sugar Company.

According to the ministry, preliminary tests revealed metal fragments in the product. Officials warn the contaminated sugar could pose a serious health risk. They’re urging Jamaicans not to consume it.

A recall is now in effect for specific batch codes. The public is being advised to discard the product while investigations continue.

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Big tech shakeups

Shakeup

The tech world is seeing some big CEO shake ups.

Apple CEO Tim Cook is stepping down from the role and will transition to Executive Chairman later this year. The company’s Head of Hardware, John Ternus, is set to take over as CEO after nearly two decades with the company.

Cook has led Apple since 2011, guiding its growth into a multi-trillion dollar business.

At the same time, Netflix co-founder Reed Hastings is stepping back after nearly 30 years, as he shifts focus to personal ventures.

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