Tue | Jul 14, 2020

Stories by Steven Jackson/Senior Business Reporter

Published:Wednesday | July 8, 2020 | 12:08 AMSteven Jackson/Senior Business Reporter

The Jamaica Stock Exchange’s performance year to date ranks among the worst 10 in the world, reversing its stellar showing a year earlier. The Nasdaq in the United States now tops the world as the best-performing market, which local analysts say is...

Published:Wednesday | June 24, 2020 | 12:13 AMSteven Jackson/Senior Business Reporter

Money transfers to Jamaica have fallen by $1.3 billion over four months to April, the first such decline in years. The data aligns with predictions by experts that the remittance sector will experience a pull-back due to COVID-19. Jamaicans use...

Published:Wednesday | May 27, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

United Oil and Gas Limited, the minority partner in the hunt for oil in commercial quantities offshore Jamaica, wants to continue to find a drilling partner despite the exit of Tullow Oil, its major partner in the deal, latest statements reveal. “...

Published:Wednesday | May 27, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

Emanuel DaRosa, the outgoing president and CEO of Jamaica Public Service, JPS, will leave as the company starts setting up an islandwide electric vehicle-charging station network. DaRosa entered the position as CEO when the utility was...

Published:Wednesday | May 13, 2020 | 12:16 AMSteven Jackson/Senior Business Reporter

Liberty Latin America, the parent company of telecom FLOW, indicated that it will hold prices firm and generally not disconnect customers in arrears for the moment. The policy gives heed to the entreaties of governments for telecoms to be lenient...

Published:Sunday | May 17, 2020 | 8:22 AMSteven Jackson/Senior Business Reporter

The sale of two Jewel properties will inject US$60 million into loss-making Playa Resorts while reducing the hotel rooms it operates in Jamaica by more 40 per cent. Playa announced the sale of Jewel Runaway Bay Beach Resort...

Published:Sunday | May 17, 2020 | 8:16 AMSteven Jackson/Senior Business Reporter

THE SWITCH towards liquefied natural gas, LNG, as fuel to produce power supplies for Jamaica has a downside for electricity customers, who are largely missing out on the big oil savings. The near two-thirds plunge in oil prices will have limited...

Published:Friday | April 17, 2020 | 12:24 AMSteven Jackson/Senior Business Reporter

Jamaica intends to enter into a lending arrangement with the International Monetary Fund (IMF) as it admits that the Government will make significant adjustments to the 2021 Budget arising from the economic fallout from the COVID-19 pandemic. A...

Published:Wednesday | April 15, 2020 | 12:29 AMSteven Jackson/Senior Business Reporter

Air travel to Jamaica plunged by nearly 50 per cent through its largest and busiest airport in the month of March, equating to around 230,000 passengers. April is also expected to follow that trajectory amid the travel ban, and as persons shelter...

Published:Wednesday | April 15, 2020 | 12:00 AMSteven Jackson/Senior Business Reporter

The International Monetary Fund (IMF) projects the Jamaican economy to contract by 5.6 per cent in 2020 from its previous growth forecast of 1.0 per cent, arising from what the lending agency described as the ‘Great Lockdown’. Already, the economy...

Published:Wednesday | March 25, 2020 | 12:18 AMSteven Jackson/Senior Business Reporter

The proposed perimeter toll road in Montego Bay, projected to cost about US$140 million and deliver double-digit returns to the operators, could see traffic restrictions on Gloucester Avenue, the main existing road that runs through the tourism...

Published:Wednesday | March 18, 2020 | 12:25 AMSteven Jackson/Senior Business Reporter

Amid the national shutdown, the central bank is asking financial companies to hold back on issuing debt in foreign currency, but has otherwise assured them it has measures in place to ensure they have adequate supplies of foreign exchange and...

Published:Wednesday | March 11, 2020 | 12:20 AMSteven Jackson/Senior Business Reporter

MBJ Airports Limited, the operator of Sangster International Airport, will revise its passenger forecast for the remainder of 2020 due to travel concerns surrounding the outbreak of the coronavirus, especially the markets from which the most of...

Published:Wednesday | February 5, 2020 | 12:16 AMSteven Jackson/Senior Business Reporter

TransJamaican Highway Limited, TJH, which operates the East-West leg of Highway 2000, plans to raise up to $14 billion through an initial public offering on the market at $1.41 per share. The offer will open on February 17 and close March 9. But...

Published:Thursday | January 23, 2020 | 12:16 AMSteven Jackson/Senior Business Reporter

Investors can expect the release of the prospectus for TransJamaican Highway and its possible listing in February, according to Prime Minister Andrew Holness. TransJamaican is already projected to be the largest initial public offering of shares ,...

Published:Wednesday | January 8, 2020 | 12:23 AMSteven Jackson/Senior Business Reporter

Jamaica National Group, the largest mortgage lender in the local private market, has landed a banking licence in the United Kingdom that will both allow it do business there and provide cross-border banking services to group members. Not only is...

Published:Tuesday | January 7, 2020 | 12:12 AMSteven Jackson/Senior Business Reporter

Fewer Jamaicans think that business conditions will improve a year from now, according to the Survey of Businesses’ Inflation Expectations published by the Bank of Jamaica (BOJ). In fact, expectations are at the second lowest level in three years...

Published:Wednesday | January 1, 2020 | 12:07 AMSteven Jackson/Senior Business Reporter

The gap between male and female pay in Jamaica continues to shrink, but one should not expect gender parity in the island before the next 100 years, according to a new global report which ranks the island at 41 in the world. That’s little...

Published:Friday | November 1, 2019 | 12:24 AMSteven Jackson/Senior Business Reporter

Resellers are populating sites with Jamaican coat of arms merchandise that rapper Kanye West has pulled from his website. They mostly want ‘double or nothing’ for the merchandise, selling items for several hundred US dollars. It signals the latest...

Published:Wednesday | October 30, 2019 | 12:12 AMSteven Jackson/Senior Business Reporter

Kingston Properties Limited, KPREIT, which operates a listed real estate trust, expects to double its market capitalisation with a $2-billion rights issue. It would take the market capitalisation to $3.8 billion from the current $1.8 billion as at...

Published:Wednesday | October 16, 2019 | 1:33 AMSteven Jackson/Senior Business Reporter

Micro traders using Fast Track, a three-day delivery service to the United States (US) and other parts of the world, were hit with a fee hike by the Jamaica Postal Service this month ranging as high as 80 per cent, according to different sources....

Published:Wednesday | October 16, 2019 | 1:29 AMSteven Jackson/Senior Business Reporter

The foreign owners of Jamalco are activating a new holding company that could be used as a vehicle to list the alumina refinery on the Jamaica Stock Exchange, JSE. The new holding company “can be JSE-listed and engage in opportunistic upstream or...

Published:Wednesday | October 2, 2019 | 12:24 AMSteven Jackson/Senior Business Reporter

The rights issue planned by MPC Caribbean Clean Energy is targeted to raise more than two times the proceeds of its initial public offering, IPO, last December, the Financial Gleaner understands. MPC Caribbean’s board approved the rights issue a...

Published:Wednesday | October 2, 2019 | 12:00 AMSteven Jackson/Senior Business Reporter

Sugar and rum producer Worthy Park Estates has introduced a rum tour, which it sees, initially, as a way to raise awareness of the company’s brand but a revenue earner in the long run. Worthy Park invested just about $6 million to retrofit the...

Published:Wednesday | September 18, 2019 | 12:27 AMSteven Jackson/Senior Business Reporter

Wigton Windfarm head Earl Barrett has rebuffed the sell recommendation from large brokerage house NCB Capital Markets. NCB Cap, in a report released last Friday, described Wigton, a stock listed on the Jamaica Stock Exchange(JSE), as overpriced...

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