Without getting the opinions of YouTubers, popular video app YouTube, began testing an algorithm which changed the chronological order in which videos appear in user subscription feeds. This is done on the reasoning that users are shown videos they would most likely watch instead of scrolling or searching for those videos. Before, once a user subscribes to a channel, the video would appear in the sub box and the user is able to browse through the videos and see every video offered by that particular channel so they can choose which one to watch.

Many persons would think that having a personalized feed would be better but history has shown it is not. Look at every social media network that tried the approach and the responses they received from users. Facebook, Twitter and Instagram has tried personalizing news feeds before and the backlash they received was negative.

YouTube users are livid. Many creators have since complained that because of the optimization, they have received fewer views, less traffic and less revenue. Subscription feeds allow youtubers to connect directly with their subscribers and ensures they see when new videos are posted. This will make it difficult for creators to stay relevant on a platform that is constantly changing.

YouTube has since responded to say the ‘personalized’ feed is optional and only appears for a few people. They went on to further state that so far people with personalized feeds are watching videos for longer. The company’s focus has now shifted from the number of views on a video to how long someone watches the video. YouTube says it will allow its users to decide whether they prefer to view subscription feeds chronologically or by preference.

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As the business world becomes less rigid about Cannabis (Marijuana/Ganja), organisations and countries alike are investing in the herb that has both medical, and recreation uses.

When states and countries legalise cannabis, new businesses appear out of nowhere. California legalised recreational marijuana at the very beginning of 2018. Within two weeks, two dozen Los Angeles businesses got approval to sell recreational products.

Gives a whole new meaning to the phase, “growing like a weed”. It’s a growing industry, and people are starting to see that there’s money to be made here.

So where does that leave you, the investor?

Well, you have many options. Both directly and indirectly, there are many ways you can turn cannabis into one of the more intriguing investments in your portfolio.

Cannabis Companies

Cannabis stocks are such a new and unusual investment that even compared to your usual investments; there’s no such thing as a “safe bet.” But should you choose to take a chance, medical marijuana presents you with more options. Far more states have legalised for medical use than recreational, and Canada has had medical weed for nearly two decades.

Jamaica is playing catch up with decriminalising marijuana and allowing businesses such Medicanja and Lasco Pharmaceuticals the leeway to explore. What is disheartening is that Jamaica should have been leading the charge with investing in marijuana as much as bauxite and tourism. While no company has been listed on the Jamaica Stock Exchange as yet, we do expect to see a few soon, however, there are companies with direct or indirect exposure to marijuana on the major stock exchanges both in the U.S. and Canada – for example, GW Pharmaceuticals, whose CBD-based epilepsy drug Epidiolex was recently approved by the U.S. Food & Drug Administration (FDA).

Some Canadian companies have shown themselves to be intriguing players in the market. OrganiGram (OGRMF), a licensed producer and grower of medical marijuana, is coming off a strong Q2. As the number of medical cannabis patients in the country grows, so have OrganiGram’s sales, in no small part due to their production of cannabis oil.

Canopy Growth Corporation (TWMJF) is another popular option, a Canadian company that not only produces but researches and studies cannabis. It was recently valued at around $4.35 billion, and Bank of Montreal helps finance it, giving it a competitive advantage.

The first cannabis company to trade on a major U.S. exchange was a Canadian company, Cronos Group Inc. (CRON), which trades on the NASDAQ. What has drawn some people toward it is what has scared others away: volatility. Its overall decline this year hasn’t stopped it from having random days of jumping up 14%. Another Canadian company, Canopy Growth Corp. (CGC), recently began trading on NYSE.

Medicinal cannabis companies will undoubtedly benefit from the new customers, but it would also require more expenses to keep up with demand. That’s important to remember; there’s money to be made, but there’s money that must be spent too. Not every weed stock is going to spit out profits just because it gets legalised.

Some companies, though, have been preparing for the event where recreational marijuana is legal and distribution needs to expand, and they may be worth looking into. Scott’s Miracle-Gro, Co. has acquired multiple companies over the years like General Hydroponics and Sunlight Supply – producers of cannabis growing supplies.

Cannabis ETFs

As marijuana stocks become more of a common occurrence, so do marijuana exchange-traded funds (ETF). ETFs allow for trading many different securities in one fund, bringing a diverse portfolio. They’re tempting, but they are also even newer than cannabis stocks. Moreover, if banks are still wary of individual cannabis stocks, they’re going to be wary of a fund with multiple.

So stay cautious.

Horizons ETFs has a cannabis fund, Horizons Marijuana Life Sciences ETF (HMMJ) is a popular choice that trades previously mentioned companies like Aurora and Canopy Growth. ETFMG Alternative Harvest ETF (MJ) is a fund that focuses exclusively on pot stocks, while the newer Evolve Marijuana ETF (TSX: SEED) is almost entirely Canadian stocks, trading on the Toronto Stock Exchange.

Marijuana stocks are more volatile than your average stock, and the legality of cannabis is always hard to define precisely. It’s a changing world for marijuana, and how you think it will continue to change will determine whether or not you want to invest.

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As we enter the sweltering temperatures that signal of summer, it is safe to say that the Jamaica Public Service (JPS) is anticipating a spike in revenue from an increase usage of appliances. Typically, during the months of June to August, Jamaicans brave the heat with the use of air conditioning units and fans. Additionally with children being home for the holidays, parents receive higher than normal utility bills when compared to months where children are at school for five days per week.

In recent times, JPS has submitted a request for a new rate review to The Office of Utilities Regulation (OUR) on May 3, 2018. They are seeking to refinance USD$179.1 million of its existing long-term debt that is based on an interest rate of 11 per cent per annum. This review, if approved, will translate to a 1 percent increase in charges to customers. The Jamaica Public Service possesses this power under the Electricity License, 2016, which makes provision for “extraordinary rate reviews owing to exceptional circumstances that have a significant impact on the electricity sector/ or JPS”.

Being a pure monopoly in its field, JPS has the power to dish out rates that Jamaicans must accept or choose the alternative of solar power. JPS has been plaguing the country with high rates since its inception and being safe from competition, is able to project high costs on customers.

With the improvement in Jamaica’s business environment, is it time for another company to show their competence and offer their services? There is always the possibility that the Jamaica Public Service will be forced not only to reduce rates but increase their level of efficiency if they fear losing market share. Perhaps it is time for more options to present themselves, especially in light of the new rate review.

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Many may think an 80 percent increase in profit and a 19 percent increase in revenue just halfway through the financial year would be reason to celebrate for a company, but that isn’t the case for Salada Foods Jamaica Limited.

The Company is anticipating a levy on coffee beans this year which may very well derail most of the gains the company has made so far. Salada is expecting a significant impact on operating revenue stemming from imminent  government taxation and while the company cannot predict what may happen in the coming months, they are preparing for possible pitfalls ahead.

Effective April 1, 2018, Salada is expected to pay USD$1.41 per kilogram for imported green beans and USD$2.40 for value added products. Currently Salada pays USD$1.52 per pound for imported coffee in addition to USD$2.52 per pound for Jamaican coffee blended with the imports. The company already finds it difficult to get the grade of coffee needed to meet the 20 percent quota for local beans for coffee blends.

Initially, the company did not suspect they would be subjected to the coffee tax as part of an ongoing effort to protect local farmers. The assumption was that the tax would be on roasted and ground coffee sold to hotels. On the contrary, their assumptions were incorrect and despite instant coffee being of a different grade, it was also targeted.

For the six month period ending March 31, 2018, Salada reported an increase of JMD$77.89 million in sales of JMD$404.37 million in 2017 for the same period to JMD$482.27 million in 2018. While net profit increased from JMD$44.9 million to JMD$80.2 million, Salada saved 22 percent on expenses in order to achieve this result but the tax on coffee may very well thwart their efforts.

Salada is the sole manufacturer of instant coffee in the Caribbean region and currently trades at JMD$13.00 on the Jamaica Stock Exchange.

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For years, privately owned companies have had many different channels through which they have access to much needed credit. Financial institutions have awarded eligible entities with loans to assist with several operational activities. Recently, with the evolution of how capital can be raised, many companies seek the help the public through the issuing of bonds or the help of an Initial Public Offering (IPO). These measures grant companies the opportunity to facilitate repayment of debt, infrastructure updates, expansions, among others.
The most recent, and second largest bond issue in Jamaica was done by the National Commercial Bank Capital Markets on behalf of The National Water Commission (NWC). Investopedia describes a bond as is a fixed income investment in which an investor loans money to an entity (corporate or governmental) which uses the funds for a defined period of time at a variable or fixed interest rate. Bonds are used to raise money and finance a variety of projects and activities. Owners of bonds are debtholders, or creditors, of the issuer.

The issue by NWC will be a total sum of $15 billion Jamaican Dollars. It will allow the company to finance the debt it has racked up attributed mostly to the depreciation of the foreign exchange rates, as their loans are foreign currency denominated. This will also assist with mitigating the currency risk they face without having to use most of their revenue (which is the case now) to finance debt. The bond will further be used to develop much needed infrastructure and network to regions across the island which don’t have access to consistent running water.

NWC is a private company which provides a necessary utility to Jamaica, this therefore makes them one of the country’s biggest assets and therefore needs to be protected. Prime Minister Andrew Holness aired his pride for the company in a press conference held on May 15, 2018 where details of the bond were provided. He believes that this bond is the first step to making the entity a publicly traded one, which will further benefit customers, as well as the economy as a whole.

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On Monday, Nestle announced that it will pay US$7.2 billion in cash for the rights to sell Starbucks coffee products in grocery stores and restaurants worldwide. The deal will allow Nestle to market, sell and distribute Starbucks brand. Many may ask why Nestle would spend so much on a segment which only generated US$2 billion in revenue about 9 percent of Starbucks total revenue. The deal is priced three times more than sales.

Nestle is the world’s leading coffee brand, however, in the U.S. it only accounts for 3 percent of the coffee industry. The company’s coffee brand, Nescafe, is viewed as boring by the younger generation and its other high end brand, Nespresso, has not garnered the appeal of many consumers.

The deal was made in an effort to recapture their appeal to trendsetters. Furthermore, Nestle is facing heavy competition from JAB Holding Company who has spent over US$30 billion to build its coffee empire. JAB Holding includes coffee brands such as Keurig Green Mountain and Peets. But the deal should help Nestle keep JAB at a distance.

Starbucks accounts for 15 percent of the coffee market in the U.S. According to market research firm Mintel, a jar of Nescafe and a bag of Starbucks coffee bean cost the same, but Nescafe makes more than three times the cups of coffee Starbucks beans make but despite this calculation, consumers prefer to use the more costly brand.

Starbucks plans to use the US$7.2 billion from the deal to fund stock buybacks and the deal would give them access to more markets. Currently Starbucks sells its products in 28 countries compared to Nestle which is operational in 190 countries. This expansion is something Starbucks would not be able to do on its own without spending a massive amount. The deal is said to prove profitable in the long term.

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One of the most recent box office explosions, “Black Panther” has proven to be more than just excellent cinematic artistry, but a great profit boost for Walt Disney Co. [NYSE: DIS]. Their second quarter profits have soared past estimates predicted by Wall Street advancing to USD$1.84 in earnings per share, while sales rose to USD$14.5 billion, compared with predictions of USD$14.1 billion. The worldwide movie phenomenon boasted USD$1.3 billion in ticket sales since its release in February and is still playing in theatres across the globe. These numbers have caused a ripple effect for Walt Disney Co.  through an increase in theme park visits during a typically slow season as well as the boost to a television business that’s being negatively affected from an overall decline in pay-TV viewership.

Additionally, more movie releases, such as “Avengers: Infinity War” and the upcoming “Solo: A Star Wars”, can assure the company’s profits for the first half of the year in their studio segment. Up to May 6, 2018, Disney is responsible for a third of the domestic movie business, as reported by Box Office Mojo.

Regardless, Walt Disney Co. faces an uphill battle with their cable division, as it portrayed a 4 percent loss is profits year over year. They are currently taking steps to boost earnings in this segment through the acquisition of 21st Century Fox Inc., but they face significant competition as U.S. cable company Comcast Inc. is rumoured to also place a bid for said company. This among other factors has propelled the company’s stock price to remain largely stagnant in recent years. Strong competition from companies such as Amazon.com Inc. [NASDAQ: AMZN] and Netflix Inc. [NASDAQ: NFLX] has ignited investor uncertainty, which caused the stock price to average about USD$100. This price has caused SSL to recommend it as a buy for clients. The company has the potential to increase share value if their current investments are successful along with the benefits they are set to reap with the present movie releases and increased ticket prices and sales to theme parks.

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Supreme Ventures Limited (SVL) has reported that the company has made progress on its mobile betting app project but will not reveal all the details to the public until testing is complete. The company has partnered with Advanced Integrated Systems Limited to use its Quisk platform to roll out the app. The app is being tested with sports betting before any other game.

Advanced Systems Limited has however indicated that the patent is still pending and authorities have not yet implemented any legislation to regulate online gaming. Another ambiguity lies in the regulation for online payment in online gaming.

The Bank of Jamaica is responsible for the regulation, however, the bank’s oversight does not include online gaming on a mobile device. The Betting, Gaming and Lotteries Commission (BGLC) stated that they will accept any payment method the Bank of Jamaica approves.

According to SVL having a mobile online gaming app will make it easier for persons to place bets. The use of Quisk will allow for faster payouts and access for the funds to be used to place more bets throughout the day. Mobile money will provide automatic audit trail for each bet and the banking sector will still be able to monitor KYC data or know your customer data.

For the quarter ending March 31, 2018, Supreme Ventures Ltd (SVL) reported a 14 per cent increase in revenue from JMD$13.39 billion in 2017 for the same period to JMD$15.29 billion. Profits increased by an impressive 49 percent from JMD$418.3 million to JMD$618.4 million. Lottery games continue to show increased growth in profit compared to the previous year, from JMD$556 million to JMD$796 million, a 30 percent increase in growth. However, horse racing continued to lose even more than it did in 2017 form JMD$19 million to JMD$40 million this quarter.

Nevertheless, Supreme Ventures  Ltd (SVL) continues to soar with an earnings per share increase of 49 per cent from $15.77 to $23.45 and we at SSL recommend our clients to include this stock in their portfolios. The stock is trading on the JSE at $12.20.

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For the half year period ending March 31, 2018, NCB has reported record profit of JMD$11 billion. Patrick Hylton, Chief Executive Officer of NCB, lauded the bank for being the first listed institution on the Jamaica Stock Exchange to exceed JMD$10 billion in earnings in six months. Hylton is optimistic that this will not be the last record profit set by NCB as he further boasted about the sustainability of the company’s business model which will push the bank to continue on this path.

NCB reported an increase in revenue of 25.2 per cent from JMD$36.8 billion in 2017 to JMD$46.1 billion for the same period in March 2018. JMD$1.5 billion has been attributed to the company’s acquisition of the Clarien Group. Net profit increased by 17 per cent from JMD$9.46 billion in 2017 to a record of JMD$11.04 billion in 2018. It has been reported that this is because of an increase in demand for investment securities as there is a reduced availability of government paper.

Wealth, Asset Management and Investment Banking performed exceptionally well and have proven to be the main contributor to the company’s operating profit with JMD$4 billion, an increase of 6 per cent from the previous year. Treasury and Correspondent banking is now the second largest contributor after only achieving JMD$3.96 billion in profit despite a 10 per cent increase from the same period in 2017.

NCB utilises advanced digital technology in order to provide enhanced solutions for customer experience. This has been well received by customers as is evidenced in its financial statements.

We at SSL continue to recommend NCB to our clients as we look forward to another stellar performance form the company in the coming quarter.

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Allergan Plc [NYSE: AGN] is a multinational pharmaceutical company that produces both drugs and conducts research and development within the same industry.

It is no secret that AGN specializes in ophthalmology, women’s health and aesthetics products, one of which includes a well-known product and their best-seller, called Botox.

Botulinum Toxin, most commonly known as Botox, is a non-surgical cosmetic treatment which is used worldwide. It is a wrinkle treatment that cripples repressed muscles that is administered by injection through the skin at the site of fine lines and wrinkles.

Generally used by women, Allergan has started advertising a Botox treatment specific to men. This proves that men are starting to be more conscious about their physical appearances, just like women.

Botox’s reported sales has exceeded, fell just below or breaks even with estimated sales. The last two quarters however, sales reported exceeded that of estimated sales, with Q1 generating $817.3 million globally. The company usually has competitive advantage with the fact that Botox is hard to replicate, however, in recent times, Revance Therapeutics Inc announced that they were developing a carbon copy of the same product that research shows the possibility of it lasting longer than Botox.

This news of course places some concern of the longevity of the company and how much longer it would be able to be on top. However, competition is something that also drives growth, it pushes a company to ensure there is maintenance of quality and that research and development is invested in, to add more products and services which allows for the company to maintain and acquire more market share.

SSL posits that it was a good move for Allergan Plc to provide a product for men. Women too long have been looked down upon for trying to enhance what they were born with; times have changed and now men are looking for cosmetic enhancements too.

In recent times we have even realized that men don’t only wear toupees but are now gravitating to wearing wigs just like women. This is a way that Allergan has now not only grabbed the attention of women, but also that of men, broadening their market share and keeping their name above all others.

Additionally, the company has a new drug that analysts say could be a game-changer for depression. In Jamaica and many other Caribbean islands, mental health is something that is still taken lightly by many people; however, it is wide-spread and prevalent.

Information on both products are in the pipeline, so we will see where these products will take the company and continue to watch its growth.

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Chukka Caribbean Adventures recently disclosed its intention to list on the Jamaica Stock Exchange. The news came just as the company reported it will be expanding into two more regional markets as well as improving its service offerings in Jamaica.

Chukka recently issued a $2 billion dual currency bond in order to refinance its debt and fund its expansion. The bond was arranged by Sygnus Capital, who on Wednesday opened its own IPO, and Sagicor Investments Jamaica. The Jamaican dollar portion of the bond has a fixed coupon of 8.50 percent while the U.S. dollar portion has a fixed coupon of 6.50 percent and will mature in five years. There will be a quarterly interest payout on the bond. Chukka currently has a debt of just over 10 per cent and the company is hoping the bond will yield savings of 25 to 30 percent on interest costs.

Chukka is looking to expand its partnership with Carnival Cruise Line whose bigger ports will serve as an advantage to Chukka. Locally, Chukka has been improving its offerings at different locations. The company has adventure tours in St. Lucia, Belize, Turks and Caicos and Jamaica. Chukka Jamaica has seven locations across Jamaica’s North Coast including Negril. In recent times, there has been expansion of a water park, bar and restaurant at its Trelawny location late last year and the addition of a zip line at the Dunn’s River location costing USD$2 million and USD$1 million respectively.

Chukka expressed satisfaction stating that the demand for the bond on the market was high and the interest rate was even more competitive. The company hopes to forge meaningful and beneficial relationships with institutional investors as they continue to explore financing options for growth.

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Amazon.com, Inc (NASDAQ: AMZN) has been rolling out new efficient measures, which have been threating to areas such as delivery affecting FedEx and UPS sales. In addition, Amazon intends to rollout a new payment system to offer retailers discounts from credit card fees, which could affect big names such as Paypal Holdings Inc., JP Morgan Chase & Co., Citi Group Inc., Mastercard Inc. and Visa Inc. to name a few.

Swipe fees are a USD$90 billion a year business for companies such as JPMorgan Chase & Co. , Citigroup Inc., and networks such as Mastercard Inc. and Visa Inc. and payment processors like First Data Corp. and Stripe Inc., who earn a portion when customer swipe their cards or click “buy now”. Furthermore, credit card transaction fees amount to about 2 percent and .24 cents for debit cards, but big stores such as Amazon and Walmart have negotiated for lower rates based on their large sales volume daily. However, Amazon is willing to forfeit profitability for a long-term gain acting as a so-called payments facilitator like Paypal by exporting or offering to pass this discount to its merchants who agree to take on the Amazon Pay service.

As a result, this means Amazon will group its smaller merchants to help them reduce the cost of accepting electronic payments. Furthermore, since Amazon’s announcement, Paypal shares dropped 4.1 percent on Wednesday, erasing most of its gains of 3.7 earlier in the year. Visa also fell 0.9 per cent.

Moreover, The drawback to this is that many small merchants are sceptical about divulging certain information with Amazon, which may compete with them to sell similar products on its own site. Amazon operations’ main intention is to get a piece of other retailer’s e-commerce revenue to becoming the ultimate one-stop shop.

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Cambridge Analytica has finally stepped out to deny allegations made against them in the case of widespread misuse of data from millions of Facebook accounts. Cambridge Analytica held its first news conference since allegations surfaced that the Facebook data was used in the aiding of Donald Trump win in the 2016 presidential election, which was represented by Clarence Mitchell, the company’s publicist.

After months of allegations resulting in salacious scandals, Cambridge Analytica’s reputation is still being dragged through the dirt. This has resulted in even the CEO of Facebook Mark Zuckerberg, having to publicly apologise for his company’s wrongdoing especially where privacy policies being questioned.

Furthermore, Mitchell went on to say The company has been portrayed in some quarters as almost some Bond villain, in which he said, Cambridge Analytica is no Bond villain. Also, in denying the claims of having nothing to do with Facebook’s Data aiding Trump’s campaign and even Brexit campaigns, Mitchell stated that the data collected from Facebook was gathered by another company, who had contractual obligations but, deleted such data when the uproar started.

Facebook’s share price had been taking a head-on blow having gone down to as low as USD$150.00 per share and the losing almost USD$50 billion in value for its shareholders.

On the contrary, a former employee of Cambridge Analytica, Christopher Wylie also made claims that the company has connections to the successful campaign such as taking Britain out of the European Union.

Moreover, Mitchell is adamant that Cambridge Analytica did not break any laws, but has admitted to ordering an independent investigation because, he insists the company is being victimised with wild speculation based on misinformation, misunderstanding, or in some cases, frankly, an overtly political position.

Also, Mitchell stated that to think political consultancies can use data to influence votes is “frankly insulting to the electorates. Data science in modern campaigning helps those campaigns, but it is still and always will be the candidates who win the races”.

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