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Business in Brief

Published:Friday | June 26, 2015 | 6:00 AM

Jamaica FDI flows

dip to US$551m

Jamaica attracted US$551 million of foreign direct investments in 2014.

The figure reflects a seven per cent annual decline from US$593 million but was better than the regional and global FDI flows, which shrank 14 per cent and 16 per cent, respectively.

The 2015 World Investment Report released in Jamaica on Wednesday estimated global FDI flows at US$1.2 trillion and flows into Latin America and the Caribbean at US$159 billion.

The regional decline was attributed to lingering effects of the global economic crisis of seven years ago and reduced cross-border acquisitions.

The investment report is compiled annually by the United Nations Conference on Trade and Development.

Head of troubled Puerto Rico power company quits

The executive director of Puerto Rico's heavily indebted public power company has stepped down.

Juan Alicea Flores resigned Tuesday after spending two years overseeing the Electric Energy Authority.

Governor Alejandro Garcia Padilla said in a statement that his administration will continue to pursue changes within the Electric Energy Authority to help boost the island's economy. He provided no other details.

The announcement comes as the power company faces a restructuring amid negotiations with creditors over its more than $9-billion debt. Investors have become increasingly worried the company will default as it continues to seek and obtain extensions on its debt payment.

Russia extends ban on Western food imports for a year

President Vladimir Putin has extended Russia's ban on the import of many agricultural products for another year.

The ban was Russia's response to Western sanctions imposed last year over the Ukraine conflict. The extension was expected after the European Union agreed this week to keep its sanctions in place through January.

Putin said Wednesday that Russia's ban on dairy products, meat, seafood, vegetables and fruit would remain in effect until June 24, 2016. It affects not only the EU and United States but also Australia, Canada and Norway.

He expressed confidence that the import ban would give a boost to Russia's troubled agricultural sector.

The EU sanctions include limits to access on some financial markets as well as a ban on certain technologies and exchanges in the energy and defence sectors.