Wed | Jul 17, 2019

Stories by Steven Jackson - Senior Business Reporter

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...

Published:Friday | May 31, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

CHRISTCHURCH, Barbados: Regional insurance fund CCRIF Spc plans to implement new insurance products for utility providers and vulnerable professions. CEO Isaac Anthony argued that vulnerable groups, such as fishers and farmers, tend to be...

Published:Friday | May 31, 2019 | 12:25 AMSteven Jackson - Senior Business Reporter

CHRISTCHURCH, Barbados: Jamaican financial conglomerates NCB Financial Group and JMMB Group hold large stakes in the biggest insurance companies in the Caribbean, which represents a prominent symbol of recovery from the 1990s when an over-...

Published:Sunday | May 5, 2019 | 12:16 AMSteven Jackson - Senior Business Reporter

Jamaica’s banks experience nearly two cyberattacks per week on average, and in one extreme month, hackers made off with $10 million, according to the latest official data. The average losses, however, amount to just over $4 million per month. “For...

Published:Friday | May 3, 2019 | 12:19 AMSteven Jackson - Senior Business Reporter

Jamaican debt at nearly 57 per cent to disposable income appears high, but a top banker says the figure by itself is misleading. David Noel, who heads Jamaica’s No. 2 bank and is also the chief spokesman for the banking sector, says half of the...

Published:Sunday | April 28, 2019 | 12:18 AMSteven Jackson - Senior Business Reporter

NCB Financial Group, which operates Jamaica’s largest bank, expects the second half of its financial year to yield positive returns, with or without the closure of the Guardian deal. The banking group said on Friday that it is awaiting approval on...

Published:Sunday | April 14, 2019 | 12:25 AMSteven Jackson - Senior Business Reporter

Power utility Jamaica Public Service Company, JPS, will commission a US$25 million storage facility in phases this year as a safeguard against power outages. The 24.5 megawatt plant, the first of its kind for Jamaica, will be installed at the...

Published:Friday | April 12, 2019 | 12:38 AMSteven Jackson - Senior Business Reporter

Denning Growth Fund, based in Asia, has pumped US$1.5 million into Flavocure Biotech Inc for an undisclosed equity stake in the company founded by Jamaican businessman and scientist Dr Henry Lowe. The investment will allow the company to fund...

Published:Friday | April 5, 2019 | 12:19 AMSteven Jackson - Senior Business Reporter

Trinidadian businessman Arthur Lok Jack, a key shareholder in Guardian Holdings Limited, GHL, is giving consideration to adjusting a three-year loan arrangement with NCB Financial Group in a bid to appease the finance ministry in Trinidad and...

Published:Friday | April 5, 2019 | 12:17 AMSteven Jackson - Senior Business Reporter

J amaicans will, in a few weeks, be able to buy cryptocurrencies through their local brokers in the second trial of the Blockstation platform by the Jamaica Stock Exchange, JSE, which comes amid a 25 per cent rise in the value of Bitcoin since...

Published:Thursday | April 4, 2019 | 12:23 AMSteven Jackson - Senior Business Reporter

A financing deal struck between Jamaica’s NCB Financial Group and large shareholders of Guardian Holdings Limited, GHL, is turning out to be an impediment to the Jamaican banking conglomerate’s takeover of the regional insurance giant based in...

Published:Friday | March 15, 2019 | 12:36 AMSteven Jackson - Senior Business Reporter

Port company Kingston Wharves Limited plans to set up its third logistics warehouse this year at a cost of between $1 billion and $2 billion. The warehouse will cater to companies trading within the Caribbean, said Kingston Wharves Chairman Jeffrey...

Published:Friday | March 1, 2019 | 12:35 AMSteven Jackson - Senior Business Reporter

Sygnus Credit Invest-ments Limited, SCI, issued credit to an additional six companies in the December quarter, bringing its deals since inception to 16, and is signalling that it has more prospects lined up. But the two-year-old company, while...

Published:Wednesday | February 27, 2019 | 12:26 AMSteven Jackson - Senior Business Reporter

The probability of finding oil offshore Jamaica improved to a one-in-five chance of success, based on an independent report utilising 3D data. The 2019 report also upsized the 2017 baseline estimates of the quantity of possible oil reserves from...

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