Final agreement for Air Jamaica/ CAL merger signed

first_imgLifestyleTravel Final agreement for Air Jamaica/ CAL merger signed by: – May 3, 2011 Share Jamaica’s Minister of Finance and the Public Service, Audley Shaw.KINGSTON, Jamaica (JIS) — As the transition period for the merger of Air Jamaica Limited (AJL) and Caribbean Airlines Limited (CAL) draws to a close, a shareholder’s agreement was expected to be signed on Saturday, Jamaica’s Minister of Finance and the Public Service, Audley Shaw disclosed.In his Budget Debate presentation in Parliament on Thursday, the finance minister noted that the one-year transition period, which began May 1, 2010, was necessary to ensure that control of AJL’s operations was successfully transferred to CAL, while allowing the time necessary for the Trinidad and Tobago-based company to secure the necessary licences and properly integrate the operations.“As of today, we have so far had a successful operation, and CAL has secured the rights to fly from Jamaica to North America, and has made significant progress in integrating both operations into one, while maintaining the strong Air Jamaica brand,” Shaw said.He noted that the impending merger has been beneficial to the country as there has not been any disruption to airlift capacity, and the government has avoided accruing additional losses from Air Jamaica.Shaw further noted that the government also received a refund of some US$2.4 million on external payables “based on the fact that we made efforts to liquidate expeditiously.”“It should be noted that last fiscal year, the government budgeted US$204.3 million (J$17.6 billion) to pay out certain external payables, and we paid out only US$163 million (J$14.1 billion). We were therefore able to apply the difference to pay off a long-term loan and thereby save hundreds of thousands of US dollars in interest payments,” he noted.Shaw added that, by the end of April 2011, the government would have returned four of the six leased aircraft, based on negotiated early returns, which has saved the country significant future liabilities.By Alecia SmithCaribbean News Now Share 23 Views   no discussionscenter_img Sharing is caring! Tweet Sharelast_img read more

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Canaan student makes semi-finals for State GeoBee contest

first_imgCaanan, IN—The National Geographic Society named Silas Eaton, a 5th grader at Canaan Community Academy as one of the semifinalists eligible to compete in the 2020 National Geographic GeoBee State Competition. The contest will be held at IUPUI lecture hall on Friday, March 27.  This is the second level of the National Geographic GeoBee competition, which is now in its 32nd year. To determine each school champion, GeoBee competitions were held in schools throughout the state with students in the fourth through eighth grades. This year, an estimated 2.4 million students competed in the GeoBee, with 8,661 students becoming school champions. School champions also took an online qualifying test, which they submitted to the National Geographic Society. Up to 100 of the top-scoring students in each of the 50 states, the District of Columbia, Department of Defense Dependents Schools and U.S. territories were invited to compete in the State GeoBees.State champions will receive a medal, $1,000 in cash, and other prizes, as well as a trip to Washington, D.C., to represent their state in the National Championship where they will compete for additional cash, awards and college scholarships. The second- and third-place State GeoBee winners will receive cash awards of $300 and $100, respectively.last_img read more

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