Tue | Nov 19, 2019

Stories by Steven Jackson/Senior Business Reporter

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 | 12:10 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 | 12:08 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...

Published:Wednesday | August 14, 2019 | 12:10 AMSteven Jackson/Senior Business Reporter

Pending shareholder approval next month, JMMB Group plans to increase its capital by 20 per cent via an offer of shares to the public. At the current trading price of the stock, the level of increase sought equates to around $17.5 billion, but JMMB...

Published:Wednesday | July 31, 2019 | 12:14 AMSteven Jackson/Senior Business Reporter

Jamaica’s large telecom providers have separately accused the Office of Utilities Regulation (OUR) of overreach and are warning that its new directives could be costly to implement, amid a push by the regulator for the sector to be more open with...

Published:Wednesday | July 31, 2019 | 12:07 AMSteven Jackson/Senior Business Reporter

Mining start-up Geophysx Jamaica plans to ramp up exploration activities in August, having spent $200 million to build out its operations. The company holds a dozen licences to explore for copper, zinc, gold and other minerals, said founder and...

Published:Wednesday | July 3, 2019 | 12:09 AMSteven Jackson/Senior Business Reporter

Key Insurance Company, known for its motor and property policies, has developed a turnaround plan for the business to achieve profitability and improve its capital ratios. It comes in the wake of a breach of Key’s minimum capital test for its full...

Published:Wednesday | July 3, 2019 | 12:08 AMSteven Jackson/Senior Business Reporter

Telecoms provider Digicel Group posted a nine per cent drop in its earnings for its fourth quarter ending March 2019, and is expecting its debt levels to rise. The company said its earnings were impacted by one-off costs. “We are fully committed to...

Published:Wednesday | June 26, 2019 | 12:22 AMSteven Jackson/Senior Business Reporter

Carube Copper Corporation has sold the exploration rights for six of 11 lots it holds in Jamaica, but will continue to prospect for copper and gold in the Main Ridge and other blocks for which it holds permits. The Canadian company sold the six...

Published:Wednesday | June 12, 2019 | 12:14 AMSteven Jackson/Senior Business Reporter

SSL Venture Capital Jamaica announced a new board at the weekend following three resignations, which was followed up with notice of two management changes. Separately, the company’s auditor, Baker Tilly Strachan Lafayette, avoided giving an opinion...

Published:Wednesday | June 12, 2019 | 12:11 AMSteven Jackson/Senior Business Reporter

Proven Investments Limited, PIL, is projecting significant profit growth this year when its investment in financial conglomerate JMMB Group would be fully factored into its financials. JMMB contributed US$1.3 million to Proven’s bottom line for the...

Published:Wednesday | June 5, 2019 | 12:41 AMSteven Jackson/Senior Business Reporter

PanJam’s naming of its waterfront development as the ROK Hotel, in partnership with the international brand Hilton, will aid in the revival of the downtown Kingston business district that has been afflicted by urban blight for decades, says...

Published:Wednesday | June 5, 2019 | 12:29 AMSteven Jackson/Senior Business Reporter

Flooring contractor Caribbean Industrial Systems (CIS) will seek to raise $65 million in a bond offering as part of a series of financing measures that will eventually see the company listing on the stock exchange. CIS plans to list within two...

Published:Wednesday | May 29, 2019 | 12:09 AMSteven Jackson/Senior Business Reporter

CHRISTCHURCH, Barbados: Tahseen Sayed, World Bank country director for the Caribbean, says more investment is needed to save lives in a region hit annually by storms. And Prime Minister of Barbados Mia Mottley wants Caribbean nations to create...

Published:Wednesday | May 15, 2019 | 12:19 AMSteven Jackson/Senior Business Reporter

The Loshusan family plans to build a shopping complex in Mandeville at Caledonia Drive on lands that currently house a Shoppers Fair supermarket, an inside source revealed. The Loshusans are indirectly connected to Shoppers Fair as members of the...

Published:Wednesday | May 8, 2019 | 12:16 AMSteven Jackson/Senior Business Reporter

JMMB Group, one of the largest financial service providers, advised its clients to consider cutting their losses and sell their Digicel bonds, which is now trading at around 33 cents on the dollar. It’s a sign that investors are losing patience...

Published:Wednesday | May 1, 2019 | 12:10 AMSteven Jackson/Senior Business Reporter

Caribbean Cement Company Limited beat expectations when it tripled first-quarter profit in results ­released on the weekend, and the market has ­rewarded the company with a record stock price near $80. Earnings per share at the cement maker...

Published:Wednesday | May 1, 2019 | 12:08 AMSteven Jackson/Senior Business Reporter

The Ministry of Finance in Trinidad and Tobago approved a licence for NCB Financial Group’s acquisition of Guardian Holdings Limited, GHL, with ‘best wishes’ for the parties to a transaction that has buy-in from shareholders but has been held up by...

Published:Wednesday | April 24, 2019 | 12:21 AMSteven Jackson/Senior Business Reporter

Proven Wealth Limited has launched a platform that allows Jamaican investors more options to live-trade US stocks at cheaper prices, becoming the second local broker known to offer such services. “Customers are demanding this,” said Johann Heaven...

Published:Wednesday | April 24, 2019 | 12:18 AMSteven Jackson/Senior Business Reporter

Jamaican households are servicing three times more debt than a decade ago. The Bank of Jamaica (BOJ) is reporting that $56.60 of every $100 of household income goes towards the servicing of personal loans, the highest level mapped by the central...

Published:Wednesday | April 24, 2019 | 12:16 AMSteven Jackson/Senior Business Reporter

The David Boxer auction held earlier this month provided a snapshot of the state-of-art investment in Jamaica, with just half the nearly $20 million worth of pieces on sale finding buyers. The auction saw the unlocking of 101 works by a series of...

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