Sat | Jan 19, 2019

Business in Brief

Published:Friday | June 5, 2015 | 12:00 AM

Acropolis Barbican gets $20m makeover

Supreme Ventures Limited has pumped $20 million into refurbishing its flagship gaming lounge.

Acropolis Barbican now has a more spacious lounge with added games, refurbished interior and has increased payouts to players, among other things.

The upgrades to the flagship gaming operation was announced back in December under a restructuring of the business segment. Odyssey Gaming Lounge at Market Place in Kingston and the Castle Gaming Lounge and video lottery terminal operations in Portmore were shuttered last year.

The lottery and sports betting unit at the facility in Portmore remain open.

OPEC ministers will likely keep output target on hold

The price of crude remains too low for most OPEC member nations. But with the 12-nation cartel's control of supply and demand slipping, its oil ministers may have little choice this week but to sit back and do nothing.

Ministers of the Organization of the Petroleum Exporting Countries meet in Vienna today, Friday, against a backdrop of oil prices that are off the lows of January but still nearly 50 per cent less than peaks of US$115 a barrel a year ago for some grades.

OPEC will likely opt to keep its target at 30 million barrels a day.

Puerto Rico governor supports privatising power production

Puerto Rico's governor said Wednesday that he supports privatising electricity production in the US territory as officials seek to restructure the island's troubled public power company.

Governor Alejandro Garcia Padilla told reporters that he is fine with the idea of privatisation as long as there will be no layoffs at the publicly owned Electric Energy Authority and if it will help lower electricity bills.

"These are measures that have never been ruled out," he said. "The authority's transformation has to be a profound one."

Garcia stressed that he still opposes complete privatisation of the island's power company.

He spoke just days after officials submitted a restructuring plan to creditors with proposals including public-private partnerships to help rescue the state company, which has more than US$9 billion in debts.

Creditors and government officials are negotiating over the plan as a deadline looms for Puerto Rico to make a roughly US$400 million payment to the utility's investors in July.