Wed | May 27, 2020

Stories by Steven Jackson - Senior Business Reporter

Published:Sunday | May 24, 2020 | 12:13 AMSteven Jackson - Senior Business Reporter

Aurora, a Canadian listed cannabis company, has sold its Jamaica asset for less than its CDN$4.5 million ­valuation in order to get cash. “The company also accepted an offer to sell its Jamaica property for gross proceeds of CDN$3.4 million,” said...

Published:Friday | May 15, 2020 | 12:13 AMSteven Jackson - Senior Business Reporter

PLAYA RESORTS, which operates hotels in Jamaica, Dominican Republic and Mexico, plans to reopen in July with the pitch of the resorts being a safe space away from the pandemic. The closure of the 23 hotels in its chain since late March will cost...

Published:Sunday | May 10, 2020 | 12:22 AMSteven Jackson - Senior Business Reporter

The operator Jamaica’s two largest airports wants to scrap or delay non-essential capital projects. It forms part of a wider halt of capital projects by the Grupo Aeroportuario del Pacífico – which translate to Pacific Airport Group, or GAP –...

Published:Tuesday | May 5, 2020 | 4:53 PMSteven Jackson - Senior Business Reporter

New Fortress Energy, NFE, is suggesting gas assets will remain competitive, notwithstanding the collapse in oil prices to levels that are comparatively cheaper than natural gas. That’s due to lower maintenance costs and also the expectation that...

Published:Sunday | May 3, 2020 | 12:00 AMSteven Jackson - Senior Business Reporter

king conglomerate NCB Financial Group Limited announced that it has taken a $9 billion hit from COVID-19 so far, with the writedown of investments and foreign currency losses in the March quarter, but it also doubled its provision for credit losses...

Published:Friday | April 24, 2020 | 12:00 AMSteven Jackson - Senior Business Reporter

TRAINING INSTITUTE iCreate Limited plans to slash costs by one-third to cope with the COVID-19 outbreak and reduce losses highlighted by its auditors. The company needs to shed costs, including $12.5 million in bank overdrafts as at December, to...

Published:Sunday | April 19, 2020 | 12:18 AMSteven Jackson - Senior Business Reporter

Digicel Group chairman Denis O’Brien has put up the telecoms regional headquarters on the Kingston waterfront as collateral under a debt deal with bondholders. The Digicel founder committed to putting up US$50 million – half in cash and the rest in...

Published:Friday | April 17, 2020 | 12:19 AMSteven Jackson - Senior Business Reporter

JAMAICA’S LARGEST insurance conglomerate, Sagicor Group, says it can weather a three-month shutdown of the country without too big a financial impact, but the longer the health crisis lasts, the more risks the company faces. Sagicor has gamed out...

Published:Friday | April 3, 2020 | 12:23 AMSteven Jackson - Senior Business Reporter

TELECOMMUNICATIONS COMPANY Digicel Group announced a halt to interest payments to bondholders for 30 days, which led the rating agency Fitch to downgrade its bonds to ‘C’. Digicel defended its move as an allowed measure, saying the delay comes...

Published:Friday | March 27, 2020 | 12:10 AMSteven Jackson - Senior Business Reporter

GUEST HOUSE operator Shelly-Ann Johnson is looking to stranded visitors to fill rooms that are being emptied by travel restrictions to stem the spread of the coronavirus. “We want to be a beacon of hope for travellers currently in the island,”...

Published:Friday | February 28, 2020 | 12:09 AMSteven Jackson - Senior Business Reporter

Michael Riley, who sells vape pens within the burgeoning cannabis trade in Negril, holds a cash card that provides him with flexibility, but only to a certain degree. He doesn’t have a bank account, but uses ePay, a Mastercard-branded cash card...

Published:Friday | February 21, 2020 | 12:30 AMSteven Jackson - Senior Business Reporter

J amaica’s central bank sealed over US$41.5 million ($5.8 billion) worth of currency swaps with banks and dealers, transactions that were introduced to address volatility in the foreign exchange market. The Bank of Jamaica’s, BOJ’s, overall...

Published:Friday | February 21, 2020 | 12:13 AMSteven Jackson - Senior Business Reporter

Key Insurance Company directors voted to accept the takeover offer from the GraceKennedy conglomerate to acquire majority stake in the entity, albeit at a steep discount on the stock’s trading price. The GK offer, priced at $2.01 per share, was set...

Published:Friday | February 14, 2020 | 12:14 AMSteven Jackson - Senior Business Reporter

Brokerage firms rate the TransJamaican Highway, TJH, initial public offering of shares as a buy, with expectations that the stock price will rise in the short term. That’s despite disclosures in the IPO prospectus indicating the toll operator was...

Published:Wednesday | February 12, 2020 | 12:15 AMSteven Jackson - Senior Business Reporter

Proven Investments Limited will now be going after US$50 million, in its pending offer of new shares in the company, saying the recalibrated target was set after feedback from the market. Sagicor Investments Jamaica Limited will co-arrange and...

Published:Friday | February 7, 2020 | 12:17 AMSteven Jackson - Senior Business Reporter

S tarbucks plans to introduce Jamaica high mountain coffee in local stores, a less pricey bean grown in a key region outside the famous Blue Mountains. Experts say it will nudge coffee exports and raise the profile of high mountain coffee, but is...

Published:Sunday | February 2, 2020 | 12:28 AMSteven Jackson - Senior Business Reporter

NCB Financial Group Limited, NCBFG, is taking steps to enter Guyana, likely through its ­investment banking unit. The Jamaican banking conglomerate has been eyeing a deal to finance oil development in Guyana, just as the South American country and...

Published:Sunday | January 19, 2020 | 12:45 AMSteven Jackson - Senior Business Reporter

Women are entering the formal job market at nearly twice the pace of men, the latest Statistical Institute of Jamaica data indicates. “It is a trend that we are seeing,” said Dr Natalee Simpson, the director of surveys at Statin, during the...

Published:Friday | January 17, 2020 | 7:57 AMSteven Jackson - Senior Business Reporter

J amaican bunkering company West Indies Petroleum, WIP, which holds the rights to sell Castrol lubricant oil to five Caribbean countries, has appointed a local distributor in Guyana. WIP has held the distributorship for the marine and energy...

Published:Sunday | January 12, 2020 | 12:45 AMSteven Jackson - Senior Business Reporter

First Rock Capital feted investors at one of its development sites in the upscale ‘Golden Triangle’ in Kingston on Thursday, where the start-up private equity company, which is preparing to go public and list on the stock market, also announced...

Published:Sunday | December 15, 2019 | 12:14 AMSteven Jackson - Senior Business Reporter

Key Insurance directors continue to mull options for raising capital, after placing plans for a rights issue on hold. CEO Sandra Masterton confirmed to the Financial Gleaner that “the resolution to vote for the rights issue was withdrawn” and that...

Published:Friday | December 13, 2019 | 12:00 AMSteven Jackson - Senior Business Reporter

Investors in Proven Investments Limited on Wednesday morning witnessed an apparent hundredfold rise in the share price, which would have rocketed the company’s market capitalisation to US$25 billion, or nearly twice the GDP output of Jamaica, based...

Published:Sunday | December 8, 2019 | 12:30 AMSteven Jackson - Senior Business Reporter

Banking conglomer-ate Scotia Group Jamaica, SGJ, says the deal to sell its insurance arm to Sagicor soured because both parties could not find a sweet spot in the follow-on distribution deal that would have emerged. “The sale would not make sense...

Published:Friday | November 29, 2019 | 12:27 AMSteven Jackson - Senior Business Reporter

Shares in Sagicor Financial Corporation, SFC, were suspended in three markets this week to fast-track two deals and the insurance company’s shares trading on the Toronto Stock Exchange, TSX. Small shareholders in SFC will get their holdings...

Published:Friday | November 22, 2019 | 12:00 AMSteven Jackson - Senior Business Reporter

Brokers expect the Mailpac stock to increase by around 40 per cent in price in the short run, once the shares list on the market. The initial public offering for Mailpac Group Limited, a courier company, comes to market today, Friday, at $1 per...

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