Jamaica Gleaner Business
Published: Monday Friday | May 15, 2009
UDC lays out J$267b Caymanas plan
With tens of hundreds of acres to play with, the Urban Development Corporation (UDC) has a master plan for the Caymanas Estate that now is being seen as a natural expansion of the congested capital just three minute to five away. The investment to be made is as much as US$3 billion... Read More...
Back to the drawing board
Rejected by minority shareholders of Pegasus Hotels of Jamaica, the team charged with selling the company's main asset has been forced back into a huddle to redefine and refine its strategy for getting the majority shares sold... Read More...
Doomsday NIR prediction rattles financial sector
A doomsday comment by Senator Don Wehby that Jamaica's net international reserves (NIR) could be spliced by half this year is raising hackles across financial circles whose members say the speculation is pointless and could cause panic. Analysts were not... Read More...
Broilers to refinance debt - Turns to IIC for US$10m
In one year, Jamaica Broilers Group's debts have more than tripled to $3 billion, forcing the company to give over more of its profits to paying off its financiers.At January 2008, Broilers had long term debts of $933 million, but since then it has... Read More...
NIR expected to fall to US$800m - Wehby signals gravity of Jamaica's economic decline
On Tuesday, the Bruce Golding administration sent its clearest signals yet on the gravity of the economic situation facing the Jamaican economy. Speaking at the Scotia DBG Investments inaugural Corporate Investment Seminar, held at the Hilton Kingston hotel... Read More...
PetroChina, PDVSA establish joint venture
China's biggest oil firm and Venezuela's national oil company have established a joint venture for exploration and development, state media reported. PetroChina Ltd and the state-run Petroleos de Venezuela SA, or PDVSA, will also work together on a joint... Read More...
Spirits company to hold liquor prices steady
J Wray and Nephew Limited says the company will suck up the additional tax on alcoholic beverages, and that its customers will not face a price increase. Instead, the spirits company, which is now majority owned by troubled Trinidad conglomerate CL... Read More...
Jamaican busted in Cayman for hedge fund failure - Regulators allege 'irregularities' in trading activities
An investment manager in the Cayman Islands has been charged in the collapse of four hedge funds based in the Caribbean offshore financial centre, police said Wednesday. Robert Christopher Girvan was charged with forgery, obtaining a money transfer ... Read More...
Ex-Im mollified, Walkerswood rescuers head to court
Lawyers for the Walkerswood Partners Limited rescue consortium were hunting a hearing date this week for the court to bless the scheme that is meant to put the spice company back in operation under new ownership and management.... Read More...
Commentary - Strategic policy versus ad hoc antidepressants for the economy
Is Jamaican effort at fashioning strategic economic policy defunct?Think of the Pioneer Industries Act 1949 implemented based on the Eric Williams-commissioned, Lightbourne piloted Arthur Lewis industrialisation model. Denatured before execution... Read More...
Mobile firms divided on number portability - OUR not ready to take on issue
Mobile telephone users in Jamaica should not hold their breath for an early introduction of mobile number portability (MNP) allowing them to keep one phone number even when they switch service providers. While the issue is now being championed by Cable and Wireless Jamaica/LIME... Read More...
Churches' loan impairment triples - Expects challenging year ahead
Churches Cooperative Credit Union posted a net surplus of $117 million at the end of its financial year in 2008, a near seven per cent decline over the previous period, brought on by a larger portfolio of non-performing loans... Read More...
Movements
Diana replaces Audrey at AmCham - The American Chamber of Commerce of Jamaica, or AmCham, changed presidents on April 22, with the election of Diana Stewart of Stewart's Auto Sales. Stewart, managing director of Stewart's Auto, takes over from Audrey Marks... Read More...
Africa seeks out Trinidad for energy tips
Over half dozen African energy ministers and senior officials were in Trinidad and Tobago this week to get guidance on developing and diversifying their energy sector.The two-day high-level meeting with Prime Patrick Manning and his energy experts... Read More...
Guard services in decline - Electronics saving security sector
Faced with a sharp fall-off in demand for security guards, worsened by shuttered bauxite plants and contracting hotel operations, the sector of some 221 firms, save for marginal growth in the sale of electronics, including surveillance cameras, car trackers and panic buttons... Read More...
Four Seasons resort closing
A luxury Four Seasons resort in the Bahamas will shut its doors this month, the government announced Wednesday, continuing a rough year for tourism in the vast archipelago off Florida.The cabinet office said in a statement that the Four Seasons Resort... Read More...
