CARIBBEAN TODAY


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B u s I n e s s


Jamaica embraces plans to increase


trade with U.S. 'City of Brotherly Love'


PHILADELPHIA,
Pennsylvania Jamaica's
Ambassador to the Unites
States Anthony Johnson has
announced that his govern-
ment is looking at ways of
increasing trade with the
United States city of
Philadelphia.
 "All efforts will be made to
increase export from Jamaica
to Philadelphia which now
stands at just under US$100
million to US$200 million,"
Johnson told the Philadelphia
City Council recently.
 "All efforts will be made
to fortify a stronger trade rela-
tion with Jamaica and
Philadelphia."

STRENGTHENING
 In the 18th century,
Jamaica and Philadelphia,


also known as
the "City of
Brotherly
Love", "had a
strong trading
relationship;
and there's no
reason why I
we cannot Johnson
strengthen
that relationship back, so both
Jamaica and Philadelphia can

"All efforts will be made to
fortify a stronger trade
relation with Jamaica and
Philadelphia"
 Ambassador Johnson

benefit economically," the
diplomat said.
 He said that trade could
be doubled by making


Philadelphia a port of entry
"for a wide range of Jamaican
products". In addition, the
new U.S. envoy called for the
enhancement of Jamaican
products in Philadelphia, stat-
ing that rum, sauces, pepper
products, liqueurs and beers
are some of the goods that
could be exported from
Jamaica to the large U.S city.
 Carol Brooks, manager of
International Trade for the City
of Philadelphia's Department of
Commerce, said in 2007 a total
of $67,538,013 in goods were
imported from Jamaica, a 39.36
percent increase over 2006.
 She said the top imports
were beverages, spirits, vine-
gar, vegetables, fruits, and
nuts.
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Small businesses to highlight


 Miami trade summit in July


MIAMI, Florida Medium-to-
small companies from a dozen
countries, including the
Caribbean, are expected to
participate in the Miami
International Trade Days
Summit 2008 next month.
 The two-day event will be
held July 11-12 at the
Sheraton Mart Plaza here.
 The showcase, sponsored
by the corporate members of
the Minority Chamber of
Commerce, will feature
exhibitors in businesses such
as beverages, food, construc-
tion, furniture and textiles.
 "We are excited about
bringing a new vision to our
expos here in Miami, Florida,"
Doug Mayorga, chair of the
chamber's committee, said in a


press release issued recently
to promote the event.
 "Miami International
Trade Days Summit will focus

"We are excited about bring-
ing a new vision to our
expos here in Miami,
Florida"
- Doug Mayorga, "Miami International
 Trade Days Summit will focus
 on all aspects of business."

on all aspects of business, such
as connecting with prominent
exporter and importer compa-
nies as well as providing visi-
tors with leading edge infor-
mation that can offer a true
competitive advantage for
small entrepreneurs."
 Among the activities


scheduled for the event are a
series of educational confer-
ence sessions featuring indus-
try insights and business devel-
opment ideas to help stream-
line costs, introduce new items
and grow businesses, and focus
issues about certification for
"nostalgic products".
 Registration is limited to
export-import industry profes-
sionals, including owners of
small businesses, supermar-
kets, restaurants, retail stores
and wholesale distributors. It
is not open to the general
public.
 For more information,
call Juan Maltes at 786-260-
1965.
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Protecting credit during divorce


 JOSE H. CARBALLO
When a marriage ends
 in divorce, the lives
 of those involved are
changed forever. During this
time of upheaval, one thing
that shouldn't have to change
is the credit status you've
worked so hard to achieve.
 Unfulfilled promises to
pay bills, the making out of
credit cards, and a total break-
down in communication fre-
quently lead to the annihila-
tion of at least one spouse's
credit. Depending upon how
finances are structured, it can
sometimes have a negative
impact on both parties.
 Yet by taking a proactive
approach and creating a specif-
ic plan to maintain one's credit
status, anyone can ensure that
"starting over" doesn't have to
mean rebuilding credit.
 The first step for anyone
going through a divorce is to
obtain copies of your credit
report from the three major
agencies: Equifax, Experian,
and TransUnion. It's impossi-
ble to formulate a plan without
having a complete understanding
of the situation. (Once a
year, you may obtain a free
credit report by visiting
www.AnnualCreditReport. com.)
 Then create a spreadsheet,
and list all of the accounts that
are currently open. For each
entry, fill in columns with the
following information: creditor
name, contact number, the
account number, type of
account (e.g. credit card, car
loan, etc.), account status (e.g.
current, past due), account
balance, minimum monthly
payment amount, and who is
vested in the account
(joint/individual/authorized
signer).

PLAN
 Now make a plan. There
are two types of credit
accounts, and each is handled
differently during a divorce.
The first type is a secured
account, meaning it's attached
to an asset. The most common
secured accounts are car loans
and home mortgages. The sec-
ond type is an unsecured
account. These accounts are
typically credit cards and
charge cards, and they have
no assets attached.
 For a secured account,
your best option is to sell the
asset. This way the loan is
paid off and your name is no
longer attached. Next best is
to refinance the loan. In other
words, one spouse buys out
the other. This only works,
however, if the purchasing
spouse can qualify for a loan
by hli mI, 1Ls and can assume
payments on their own.
 Your last option is to keep
your name on the loan. This is


the most risky option because
if you're not the one making
the payment, your credit is
truly vulnerable.
 In the case of a mortgage,
enlisting the aid of a qualified
mortgage professional is
extremely important. This
individual will review your
existing home loan along with
the equity you've built up and
help you to determine the best
course of action.

SPEED
 When it comes to unse-
cured accounts, you will need
to act quickly. It's important to
know which spouse (if not
both) is vested. If you are
merely a signer on the
account, have your name


removed immediately. If you
are the vested party and your
spouse is a signer, have their
name removed. Any joint
accounts (both parties vested)
that do not carry a balance
should be closed immediately.
 If there are jointly vested
accounts, which carry a bal-
ance, your best option is to
have them frozen. This will
ensure that no future charges
can be made to the accounts.
When an account is frozen,
however, it is frozen for both
parties. If you do not have any
credit cards in your name,
obtain one before freezing all
of your jointly vested accounts.
By having a card in your own
name, you now have the
option of transferring any joint
balances into your account,
guaranteeing they'll get paid.
 Ensuring payment on a
debt, which carries your name,
is paramount when it comes to
preserving credit. One 30-day
late payment can drop your
credit score as much as 75
points. It is also important to
know that a divorce decree
does not override any agree-
ment you have with a creditor.
So, regardless of which spouse
is ordered to pay by the judge,
not doing so will affect the
credit score of both parties.
Not only eliminate all joint
accounts, but do it quickly.

Jose H. Caraballo is branch
manager for the Coral Gables
office of Source One mort-
gage. You can contact him at
caraballol2345@comcast.net
or 305-968-1257.
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June 2008