US President Donald Trump has asked the Securities Exchange Commission (SEC) to look into getting American companies to switch to making financial statements every six months. The President of the United States tweeted: “In speaking with some of the world’s top business leaders I asked what it is that would make business ( jobs) work even better in the US. “Stop quarterly reporting and go to a six month system said one. That would allow greater flexibility and save money. I have asked the SEC to study.” The head of JP Morgan Jamie Dimon and Berkshire Hathaway boss, Warren Buffett agree with this view believing it would allow for more long term strategic planning and growing companies successfully. They both put out a statement on the matter which read : “We are encouraging all public companies to consider moving from providing quarterly earnings per share guidance. “In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability.” Should Jamaica follow suit and switch to having publicly listed companies report bi-annually rather than quarterly? A leading Jamaican corporate executive speaking with Loop News said : “In Jamaica, publicly listed companies put out quarterly statements which are not audited. The annual report is audited but quarterly statements are numbers put out by the company to give shareholders a sense of its performance to date. “Quarterly statements require greater levels of transparency and are good for governance. It keeps companies on their toes and allows shareholders to regularly check in. To go every six months would reduce oversight in my view.” CFO of Supreme Ventures and economic columnist Dennis Chung said : “it would be a bad idea for Jamaican listed companies to decide to report earnings just twice a year. To do so would create uncertainty in investors’ minds . "The public should be regularly updated on a company’s performance and companies should embrace better governance practices and transparency . This suggestion would spell a move away from international standards. Both the public and shareholders should be regularly updated as to what a listed company is doing, how it is performing and is it on track to meet its targets. I don’t think quarterly reporting is taking a short –term view which impacts profits and long term revenues," Chung said. CEO of Mayberry Investments Gary Peart said : “Personally I thinkturning to reporting every six months is a retrograde step and is not good for governance. Sure, it would reduce the cost sustained in regular reporting. Quarterly reporting allows the public to gauge how the economy is performing and allows the shareholder to make better informed decisions. “Perhaps we should look at monthly reporting as it will create better transparency and encourage companies to perform at a higher level,” Peart said. CEO OF Proven Management Christopher Williams agreed with both Jamie Dimon and Warren Buffett. “I thing reporting every six months is more practical and allows for a more fulsome insight into performance. While I wholeheartedly agree that both the public and shareholders need to be kept informed at all times, the performance of a well-run company is unlikely to change significantly between quarterly and six months. Reporting bi-annually puts less pressure on a listed company and is less costly. “When evaluating a listed company, shareholders should not be overly concerned with the trading of shares but as shareholders should be looking to see improvement in the company’s business operations. What should be of paramount concern is noting whether the business shareholders have investing in is improving and this can be better determined over six months rather than on a quarterly basis.” Managing Director for Deals, Southern Cluster (Caribbean) for PwC Tax and Advisory Services, Wilfred Baghaloo sees the merit in reporting financials every six months. “I do think as it pertains to well run-companies, reporting every six months will help in reducing compliance costs. You can get a fuller picture as to performance from audited annual reports. Quarterly reporting perhaps should apply to greenfield companies in an effort to gauge compliance and performance. This should also be the case for brownfield corporations that have committed infractions and breached compliance rules to better ensure they stay in check and things are kept above board. “However blue chip companies with a long history of good governance should not have to go through reporting on a quarterly basis. It is time consuming, expensive and doesn’t tell the full story. Filing financial reports every six months will suffice adequately and allows these companies to focus more on long term strategy and putting them into effect,”Baghaloo said. For the latest news, download our app athttp://bit.ly/GetALoopJMfor Android; and athttp://bit.ly/GetiLoopJMfor IoS.

The Social Enterprise Boost Initiative (SEBI) of the JN Foundation held its second of aseries ofBiz Mixnetworking sessionson Thursday, August 16,at the Opa Restaurant in St Andrew. These networking sessions were specially designed to encourage greater peer-to-peer collaboration between social enterprises and traditional entrepreneurs, which are in the start-up and accelerator phases of their business development. The highlightof the evening was a 'Buy Social Auction'featuring products such as Deaf Can! Coffee mugs; Blue Mountain House Blend Coffee; JAD Binders - Gratitude Journal; Eco -Farms; Bartley’s Allin Wood; Inzzpire 365 jewellery; Bresheh bags; and 360 Recycle planters. [image_gallery] The objective of SEBI is to stimulate the social enterprise sector to achieve leaps and bounds in growth.It encourages Jamaicans to purchaseproducts and services being marketed by an increasing number of companies in the social enterprise sector. For the latest news, download our app athttp://bit.ly/GetALoopJMfor Android; and athttp://bit.ly/GetiLoopJMfor IoS.


Do you feel likeenjoying an adrenaline rush while racing a motor vehicle this weekend? There is no need to do it illegally on the road while putting yourself and other motorists at risk. Rather, you and friends can race in a safe environment at the Palisadoes Go Kart Track in Kingston to satisfy your need for speed. It's among a number of entertainment options we recommend this weekend. Watch an all-new Loop Weekends show in the video below, For the latest news, download our app athttp://bit.ly/GetALoopJMfor Android; and athttp://bit.ly/GetiLoopJMfor IoS.

American singer Aretha Franklin lost her battle withpancreatic cancer on Thursday. Known as the 'Queen Of Soul', she was loved all over the world with her performances attracting large crowds at major venues. Franklin is also a favourite in Jamaica, where she performed in the early 1980s at the Jamaica World Music Festival. Loop News took to the streets of New Kingston and downtown Kingston on Thursday to get the views on the passing of the legendary singer. Watch the video below. For the latest news, download our app athttp://bit.ly/GetALoopJMfor Android; and athttp://bit.ly/GetiLoopJMfor IoS.


Neymar playing for Brazil.

Brazil coach Tite insists Neymar should be hailed for his on-field attitude, despite the star striker inviting criticism for his antics during the World Cup. The Paris Saint-Germain forward was on the receiving end of some rough treatment at times during the tournament in Russia, where the Selecao lost 2-1 to Belgium in the quarter-finals. Yet while Neymar certainly hadcause for complaint, the 26-year-old risked undermining his position through some theatrical behaviour that was widely mocked by many supporters. Tite, though, addressing a news conference after naming his squad for the friendlies against United States and El Salvador, defended the actions of his prized asset. "Neymar deserves to be praised for his behaviour, his recovery, his discipline," Tite said. "I've never had any problem with Neymar. It's so easy to work with him. Including when it came to the issue of complaining about the referees, when Neymar and [Philippe]Coutinho were fouled. From this moment on, he stopped complaining about this. "For me, Neymar is in the top three [players in the world]." Asked for his star of the tournament, won by France after they defeated Croatia 4-2 in the final, Tite said: "The best player at the World Cup was [Luka] Modric, in my opinion. The second... [Eden] Hazard. No... [Mohamed] Salah, sorry. And the third was Cristiano Ronaldo. "I mentioned Hazard... I got a bit angry with him because he played too well," he added, referring to the Chelsea and Belgiumplaymaker, who helped seal the Selecao's demise. "And [Thibaut] Courtois was also good and ended up as the best goalkeeper in the world and now is at Real Madrid. Don't tell me that this isn't the case because he was brilliant against Brazil."

Usain Bolt is mobbed upon arrival at Sydney airport.

Athletics great Usain Bolt has arrived in Australia ahead of his attempt to earn a professional football contract with A-League club Central Coast Mariners. The winner of eight Olympic gold medals, the retired Jamaican sprinter is attempting to fulfil his dream of being paid to play the beautiful game. Bolt, who has previously trained with Borussia Dortmund, is set to be afforded an "indefinite" period to impress Mariners coach Mike Mulvey and the club's hierarchy. "I've said all along this is for real and I'm here to show what I can do," Bolt told journalists at Sydney airport on Saturday. "I know what I'm capable of and I know what I can do, so this is the opportunity." For the latest news, download our app athttp://bit.ly/GetALoopJMfor Android; and athttp://bit.ly/GetiLoopJMfor IoS.