Brazil courting Jamaica as ethanol hub
Brazil's Petrobras is in talks with Petrojam on the possibility of using the refinery's Kingston port as a hub for the distribution of ethanol to other Caribbean and Central American countries. Refinery boss Winston Watson said Petrojam was open to the partnership with Petrobras...
JCC proposes creation of a board to monitor Customs Department
The Jamaica Chamber of Commerce (JCC) is proposing that the Customs Department be overseen by a board of directors, saying the current reporting structure was ineffective. The board, said the chamber on Tuesday, should comprise both public and private sector players...
Carib Cement to explain shortage - Merchants limit sales per customer
Some hardware merchants report that they are still out of cement while others have been limiting sales to customers. Meantime, monopoly cement producer, whose capacity has been curtailed by damage from Hurricane Dean, said it would provide answers today on the shortfalls....
Did Omar Davies 'run wid it' again? - Off-budget spending busts deficit target in four months
Sources close to the Ministry of Finance say that the eventual central government budget overrun, meaning expenditures that were not included in Budget, could reach $18 billion or more. It wasn't immediately clear how much of this figure reflects past arrears that are only now....
New Jamaica Manufacturers' Association (JMA) director appointed
The Jamaica Manufacturers' Association has appointed project consultant Karen Adair as its new executive director effective, September 3. Adair is said to have strong experience in shipping, port operations and manpower development, as well as trade facilitation and customs...
Big taxes cut into Red Stripe profits - Export segment declines
Beverage company Desnoes and Geddes Limited, trading as Red Stripe, has reported net profit of $1.4 billion, but it's the worst the company has performed in four years. Red Stripe's profits peaked at $2.35 billion in 2005, helped by a tax break granted by government for the company...
Industrial expansion pressures electricity supply
Trinidad and Tobago's state power provider is investing a billion dollars over the next three years to build generating capacity, to keep pace with demand largely resulting from industrial expansion in the energy sector. Currently, electricity demand is 1,189 megawatts...
PetroCaribe oil for Grenada in October -
Replaces Texaco contract
The first shipment of oil to Grenada under the PetroCaribe agreement with Venezuela is expected in St. George's towards the end of next month. The Grenada Electricity Company Limited (GRENLEC), will be the first local customer to receive the fuel under a three-year agreement....
Fed rate cut spurs market rally
The Federal Reserve cut a key interest rate for the first time in four years, starting with an aggressive half-point move to prevent a steep housing slump and turbulent financial markets from triggering a recession. The action provoked a huge rally on Wall Street....
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