Thu | Oct 29, 2020

Stories by Steven Jackson/Senior Business Reporter

Published:Wednesday | October 21, 2020 | 12:15 AMSteven Jackson/Senior Business Reporter

Two brokerage firms have placed higher valuations on the NCB Financial Group stock, NCBFG, above its current trading price, notwithstanding differing expectations of the banking conglomerate’s performance under recessionary conditions. The stock...

Published:Wednesday | October 21, 2020 | 12:07 AMSteven Jackson/Senior Business Reporter

People are still using cheques but since the onset of the COVID-19 pandemic usage has dropped by one-third, according to data from the Bank of Jamaica, BOJ. In an era of physical distancing the use of cheques seems less efficacious. Just over $100...

Published:Wednesday | October 21, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

DHL Jamaica holds the bulk of the US$53.5-million ($7.8 billion) import parcel market, inclusive of the movement of business bulk online orders and even friendly care packages, according to the Fair Trading Commission, FTC. “DHL is the market...

Published:Wednesday | October 14, 2020 | 12:10 AMSteven Jackson/Senior Business Reporter

Proven Investments Limited has two deals in the pipeline that it plans to finance in part through an additional public offering, APO, of shares on the market. The APO would be its second attempt at an equity raise, having pulled back an offer...

Published:Wednesday | October 7, 2020 | 12:08 AMSteven Jackson/Senior Business Reporter

Bondholders will likely lose the principal on their investment, worth US$84 million ($12 billion), arising from the September maturation of two Digicel bonds that were refinanced. Digicel said the bondholders were previously offered opportunities...

Published:Wednesday | September 30, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

MPC Caribbean Clean Energy Limited, an investor in renewable projects, recently released financials with an unusual profit and loss statement that contained no income despite generating nearly four times more cash from its energy holdings. The lack...

Published:Wednesday | September 23, 2020 | 12:11 AMSteven Jackson/Senior Business Reporter

Port container volumes in Kingston have fallen during the pandemic. The contraction still resulted in Kingston ports outperforming more than half of the other city ports in the Americas, regional shipping data shows. Cargo shipments into Kingston...

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

Noble Group, the operating partner for Jamalco, says the alumina refinery will possibly list next year. In the meantime, the refinery’s reorganisation and energy initiatives continue. “Jamalco is targeting 2021 for a possible initial public offer...

Published:Wednesday | September 2, 2020 | 12:10 AMSteven Jackson/Senior Business Reporter

Brokerage house JN Fund Managers Limited last week recommended that its clients participate in the Barita Investments Limited additional public offering of new shares, or APO, but controversy brewed online when a series of tweets implied that the...

Published:Wednesday | August 19, 2020 | 12:20 AMSteven Jackson/Senior Business Reporter

Kingston Properties Limited expects buying opportunities to emerge from the real estate market in the United States, arising from the fallout in that economy. But the real estate investment trust which trades on the stock market as KPREIT is on the...

Published:Wednesday | August 12, 2020 | 12:33 AMSteven Jackson/Senior Business Reporter

The tourism holdings of Sagicor Group Jamaica Limited weighed on the company in the June quarter, resulting in a rare net loss. The financial conglomerate maintained profitability, however, when the non-controlling stake in a loss-making subsidiary...

Published:Wednesday | July 29, 2020 | 12:18 AMSteven Jackson/Senior Business Reporter

MBJ Airports Limited, the operator of Sangster International Airport in Montego Bay, posted a $900-million operating loss over three months ending June, which reflects an unprecedented decline in revenue. In terms of recovery, management expects...

Published:Wednesday | July 15, 2020 | 12:16 AMSteven Jackson/Senior Business Reporter

MPC Caribbean Clean Energy Limited, a management company for renewable projects across the region, reclassified two items of income in its audited accounts, resulting in substantial losses. The year-end December 2019 unaudited report showed an...

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...

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