Your Money eZine

Every week Your Money is on the streets and the internet trying to find out what Jamaican’s shoppers love to buy, and this week it’s about household items.

This survey was conducted with the participation of 30 persons who were consulted on the streets of Jamaica. An additional 20 persons participated through the use of the internet.

1. You are in your local supermarket and someone asks you to recommend a powder

detergent, which of these brands would you recommend?

a) Breeze the more popular brand 40%b) Ariel- it smells the best 20%c) Sudsil- because I like the quality 16%d) Bulk detergents- they work just as great and are very cost effective. 24%

2. What chlorine bleach brand do you prefer to use in your home?

a) Clorox 44%b) Chloro-Do 24%c) Ajax 16%d) Shout 16%

3. To conserve time and more importantly energy, how often do you get the laundry

done?

a) At least once a week. 36%b) It depends on how much cloths is in the laundry basket. 32%c) Everyone in my household does their laundry at different times. 20%b) Every two weeks. 12%

by Shari Lyew

4. The most annoying food type is curry because it is know to stain dinner ware and food

containers. Which brand of dishwashing

liquid do you think is best to remove food stains from dinner ware?

a) Palmolive 36%b) Axion 20%b) Pal’s 20%c) Dawn 16%

5. You realise that there are insects of some kind living in your cupboards, so you decided

to clean it and spray it down with an insect repellent. Which of these brands do you trust

the most?

a) Baygon 44%b) Bop 24%c) Pyro 16%d) Raid 16%

6. What percentage of your supermarket budget goes to household cleaning agents?

a) Less than 25% of my supermarket budget. 52%b) I am unsure, it normally varies with each budget I make. 24%c) Over 25% but less than 50%. 16%d) A little over 50%. 8%

Gender: Male 24% Female 76% Age: 18-25 8% 26-45 68% 46 and over 24%

Survey Says

HouseholdItems

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Mr. Wilson Look Kin(centre), President of the Chinese Benevolent Association, is seen here with his guests Mr. Edward Wong Chew Onn(left) and His Excellency Ambassador of the Republic of China, Mr. Chen Jinghua.

Camera Crew Goes to Garden Party

The celebration of the Chinese New Year at the Chinese Benevolent Association is just one celebration that displays Jamaica’s rich cultural heritage. Here are pictures we took from the event:

Speaker of the House, Delroy Chuck M.P. engages in friendly conversation with Mrs. Deloris Look Kin.

Staff members from the Chinese Embassy Fei Gao(right) and Chen Wang(left) take time out to pose for our camera.

Mrs. Patricia Chuck and Mrs. Jenneth Wong Chew Onn show us their beautiful smiles.

4 YOUR MONEY • Business Lounge

How will local car dealers cope with the current plight of the US car industry?

In 2008, the world economy experienced enormous financial tur-moil. Many industries across the board faced several challenges just to stay afloat and the United States Car Industry was certainly not exempted.

With the collapse of the alternative financial schemes, fluctuation of oil prices and increasing government regulations, car dealers in Jamaica are certainly experiencing their share of challenges.

What impact will the crumbling US Car industry have on Jamaican Car dealers and their dealerships.

Ian Lyn Marketing Manager of Motor Sales & Service best highlights the situation when he stated “The impact of the financial clout has been great…should we begin pressing the panic button? We’ve been pressing that button for some time now!”

As a result, car sales according to Mr. Lyn have plum-meted significantly with a decline of 30%-40%. “Con-sumers at this time are living in uncertainty and facing financial strains, and this plays a part for the growing decline of car sales”. In spite of this fact, Mr. Lyn’s real concern was the role of the gov-ernment and the policies implemented. “The decline in my view has been based greatly on government taxation changes; for in-stance concessions for public service workers were removed in May 2008 on vehicles carrying 2500cc engines and higher, a 60% of potential clientele depended on such concessions are no longer interested to purchase as vehicle”.

Kenneth Shaw President of the Used Car Dealership AssociationMr. Shaw shared similar views to that of Mr. Lyn. However, he further added that reasons for the current slump in car sales is also as a result of the revaluation of the Yen to the U.S dollars, devalu-ation of the J$ to U.S$ and the continuous hike in interest rates by banks. In accessing the situation, he shared strategies that are being employed by car dealers who want to remain in business. “With recent government laws on bigger engine size vehicles, dealerships have begun to import smaller vehicles that carry lower

duties and other taxes to clear; additionally one may recognize that more car dealers have diversi-fied the services they offer, whether it is car cleaning, servicing parts, trading cars etc in an attempt to offset their cost. Proposals according to Mr. Shaw have been made for govern-ment to reduce duties amongst other restrictions that would make the industry viable.

MR. Richard Pryce Loan Manager RBTT Bank Jamaica Limited. Mr. Pryce believes that the current downturn in car sales is due to ‘economic uncertainty.’ “Individuals and companies alike are just waiting and seeing, trying their best to keep hold of cash as the dollar continues to depreciate and the world economy tries to repair”.

Mr. Pryce also noted the growth of delinquency car loan payments. “Because of loss of jobs, drop in standard of living, rising prices, delayed salary payments amongst other issues there has been an estimate of 10% increase of delinquency payments.” Subsequently, the bank has increased its efforts in securing the repayment of these loans via telephone calls or mails. Potential loan seekers may also find it more difficult to secure any loan agreement given the current economic climate but Mr., Pryce was op-timistic that the situation will change for the better as confidence begin to flourish.

By: Kenarthur Alexander Mitchell

BusinessLoungeWhy are Jamaican Auto dealers worried? (Part 2)

Poll QuestionA poll was conducted with persons within the workforce about things they would say to a co-worker who was recently made redundant. The results are shown below:

1.Your friend has recently been laid off from his/her job. What is

the first thing they should do before looking for a job?

a) Take the holiday he/she has always wanted. When you get re-hired the opportunity to relax will not come very quickly 50%b) Further studies 30%c) Utilize his/her skills (baking, sewing painting etc) 20%

2.Your friend’s company has recently downsized and they are placed

on the redundancy list after giving 10 years of service. The best way you can help them find another job is:

a) Help them to plan a job hunting strategy 70%b) Tell them to write a letter expressing their personal financial obligations, with the hope that the company will re-hire them.0%c) Try to get your company to hire them 30%

Being laid off from a job is never something easy to deal with. It is especially painful when you have put in years of service and commitment into your assigned duties. Hence, the topic of conversation with a friend who’s position has been recently made redundant is a rather delicate issue. You must first consider the direction you want to take the conversation, secondly your comments must be guided by how deeply this has affected your friend and the nature of your friendship.

Offer a shoulder to lean onPerhaps the first and most important thing you can offer is yourself as a friend. Try to give your friend an opportunity to voice how this may or will affect them and their family. Sometimes the greatest therapy we can offer our friends is an outlet to express how they feel. It is also wise to empathize and offer words of comfort without seeming to pity the individual.

Advantages• Yourfriendwillknowthatyouhavehis/herbestinterestat heart. • Yourfrienddoesnothavetointernalizehowtheyfeelabout the situation. Talking about problems is often the healthiest way of overcoming them.

Offer Business and career advice Many persons who have been laid off from their jobs often feel a bit disoriented career wise. It is okay for you to share your advice on how best you feel they can bounce back from this. If you are aware of business opportunities, job openings or have any small business ideas, feel free to share this with them.

Advantages• Theywillknowthatthisisnottheendoftheroadbutan opportunity to create a new beginning.• Preventsthemfrombeingjoblessfortoolong.

Offer Financial Advice or Methods of Investing The redundancy money can be used to help them move on from the career setback. It isn’t wise for you to tell you friend how to spend their money but you could provide beneficial suggestions on:

1. Different ways to invest. 2. Methods of saving that will provide interest on their money after time.3. Using the money to create a new business. You perhaps know a cheaper supplier, architect etc.

Things to offer a friend who has been made redundant3

6 YOUR MONEY - Life Style

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eZines Limited

Managing Director

Tyrone Wilson

Your Money Reporters

Shari Lyew

Kenarthur Alexander Mitchell

Kimberly Taffe

Columnist

Cherryl Hanson Simpson

Design and Layout

Omar Phinn

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