Wed | Nov 13, 2019

Stories by Steven Jackson - Senior Business Reporter

Published:Sunday | November 10, 2019 | 12:29 AMSteven Jackson - Senior Business Reporter

Jamaica’s top banking conglomerate, NCB Financial Group, plans to enter into new markets as part of its five-year growth aspirations. The bank, which has been growing through acquisition, racked up another year of record profit for the fiscal...

Published:Sunday | November 3, 2019 | 12:28 AMSteven Jackson - Senior Business Reporter

The Jamaican operations should have been the larger component of a US$240 million deal to sell Scotiabank’s life insurance operations in two regional markets to Sagicor Financial Group. But on Friday, Sagicor Financial announced the cancellation...

Published:Friday | October 18, 2019 | 12:18 AMSteven Jackson - Senior Business Reporter

Jobs are on the rise across Jamaica and unemployment is at a low 7.8 per cent, but the head of the Statistical Institute of Jamaica, Statin, fears the slowdown of the global economy might cut into the gains and reduce the pace of job growth in...

Published:Friday | October 11, 2019 | 12:20 AMSteven Jackson - Senior Business Reporter

The demerging of its lumber division from its soaps could lead to a dip in the Blue Power stock price initially, company directors told shareholders in the explanatory circular released this week. Blue Power Group directors have formally...

Published:Sunday | October 6, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

Flavocure LLC, a drug company founded by Jamaican scientist Dr Henry Lowe, received its second orphan drug approval from the United States Food and Drug Administration (FDA) in late September for Caflanone, which treats pancreatic cancer. The...

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

Telecom provider Flow raised its cable rates in September and plans to raise mobile data rates come next month, while Digicel hiked its internet and cable fees in July which, according to regulatory data, reflects a wider shift across the sector...

Published:Friday | September 27, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

Few local businesses in urban centres have ever accessed a business loan or even have internet connectivity, according to new findings from the Jamaica Survey of Establishments conducted by the Statistical Institute of Jamaica (Statin) and...

Published:Friday | September 27, 2019 | 12:23 AMSteven Jackson - Senior Business Reporter

Lasco Financial Services 50 per cent tax waiver comes to an end a year, from now but the company is already making plans to offset the expected impact on its bottom line by aggressively growing revenue. Its new LascoPay-branded Mastercard, RIA...

Published:Thursday | September 26, 2019 | 4:15 PMSteven Jackson - Senior Business Reporter

  The takeover of Gentry’s Poultry in the United States last week marks Jamaica Broilers Group’s entry into chicken production in that market. “This is the first that we are selling processed chicken in the USA. Prior to...

Published:Friday | September 20, 2019 | 12:18 AMSteven Jackson - Senior Business Reporter

Financial conglomerate JMMB Group Limited expects to more than double its annual profit by March 2022 to $9 billion, arising from the stake being acquired in Barbados-based regional insurance provider Sagicor Financial. The Jamaican company is...

Published:Sunday | September 15, 2019 | 12:10 AMSteven Jackson - Senior Business Reporter

Pharmaceutical distributor Indies Pharma Jamaica Limited opted to draw on internal resources for the build-out of new operating space and has been shedding debt in the process. The company nearly doubled its expenses in the July third quarter to $...

Published:Friday | September 13, 2019 | 12:30 AMSteven Jackson - Senior Business Reporter

  The Jamaican Government paid US$1.2 billion to repurchase a portion of its foreign debt this week, a transaction that is expected to lead to billions of dollars in  savings annually on interest payments. The take-up of the...

Published:Friday | September 6, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

Jamaican brokers will soon be able to buy stocks listed in Canada without using a Canadian broker as an intermediary under a reciprocal arrangement that will also see Canadians being able to trade stocks on the Jamaica Stock Exchange, JSE. It will...

Published:Sunday | July 28, 2019 | 12:25 AMSteven Jackson - Senior Business Reporter

Banking conglomerate NCB Financial Group Limited is weighing the possibility of raising additional capital as buffer for its enlarged Caribbean operation that has now surpassed a trillion dollars in assets. It’s the first listed Jamaican company...

Published:Friday | July 26, 2019 | 12:21 AMSteven Jackson - Senior Business Reporter

Jamaica Stock Exchange Limited, the JSE Group, grew its bottom line by more than a third in the second quarter, and the value of its shares are on the rise, but some brokers see the stock as pricey. JSE traded at $38.51 on Wednesday, but the...

Published:Saturday | July 20, 2019 | 12:09 AMSteven Jackson - Senior Business Reporter

  New Fortress Energy, which commissioned its natural gas floating terminal off the coast of Old Harbour on Friday, plans to increase its gas output fivefold at the facility by year-end. The American company started pumping gas at the Old...

Published:Sunday | July 14, 2019 | 12:23 AMSteven Jackson - Senior Business Reporter

After hitting a two-year low on July 5, the Sagicor X Fund stock has regained some of its momentum amid announcements that the company plans to hunt for real estate assets across the region. From its low of $8.30, X Fund traded as high as $11.50...

Published:Friday | June 28, 2019 | 12:27 AMSteven Jackson - Senior Business Reporter

Pirate tales, museums, shopping and crocodiles. That’s what will distinguish the Port Royal cruise experience. Jamaica can expect the spend from cruise passengers arriving at its fifth and latest port, the Port Royal Pier, to surpass US$40 million...

Published:Sunday | June 23, 2019 | 12:19 AMSteven Jackson - Senior Business Reporter

Food and logistics conglomerate Jamaica Producers Group is expanding its shipping business in the United Kingdom with new warehousing space to enable freight consolidation to the Caribbean. The expansion would increase warehousing capacity by 20,...

Published:Friday | June 21, 2019 | 12:33 AMSteven Jackson - Senior Business Reporter

SSL Venture Capital Jamaica Limited, which trades as SSL Ventures, disclosed a disagreement with its auditor, whose conclusions about the quantification of goodwill regarding three new acquisitions it questioned in a filing posted on the stock...

Published:Friday | June 21, 2019 | 12:29 AMSteven Jackson - Senior Business Reporter

Food and beverage trader Caribbean Producers Jamaica, CPJ, has listed a $500-million bond on the Jamaica Stock Exchange, after raising debt on the private market to refinance its borrowings. “We are retiring expensive debt which we had on the...

Published:Sunday | June 9, 2019 | 12:13 AMSteven Jackson - Senior Business Reporter

Shares in Sagicor X Fund ticked upwards after the release of its first-quarter results, but dipped following the announcement of a change of auditor. Richard Byles, chairman of the X Fund, indicated that the change in auditors from PwC St Lucia to...

Published:Friday | June 7, 2019 | 12:33 AMSteven Jackson - Senior Business Reporter

The price of patties remains in line with inflation throughout a 10-year period, which suggests that a key staple for Jamaicans remains within overall price movements. Inflation is measured by the overall movement in a basket of goods which are...

Published:Friday | June 7, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

Investors rallied junior market shares higher on the release of March-quarter results this week. Most are generating faster sales and profit than last year. This included Stationery and Office Supplies (SOS), which sells furniture and supplies,...

Published:Sunday | June 2, 2019 | 12:27 AMSteven Jackson - Senior Business Reporter

CHRISTCHURCH, Barbados: World Bank executives say storms in the Caribbean wreak damage of up to 2.0 per cent of output, annually, but they also see signs that large businesses are serious about preparedness. The current hurricane season started...

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