Tue | Jun 2, 2020

Business

Published:Wednesday | May 27, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

United Oil and Gas Limited, the minority partner in the hunt for oil in commercial quantities offshore Jamaica, wants to continue to find a drilling partner despite the exit of Tullow Oil, its major partner in the deal, latest statements reveal. “...

Published:Wednesday | May 27, 2020 | 12:06 AMSteven Jackson/Senior Business Reporter

Emanuel DaRosa, the outgoing president and CEO of Jamaica Public Service, JPS, will leave as the company starts setting up an islandwide electric vehicle-charging station network. DaRosa entered the position as CEO when the utility was...

Published:Wednesday | May 27, 2020 | 12:05 AM

New Wave Holdings Limited, a Canadian-listed mushroom company, said that it has acquired a 50 per cent stake in Anahit Therapeutics Limited, a mushroom enterprise in Jamaica with assets of over CDN$2.5 million (J$260 million). It is the latest...

Published:Sunday | May 24, 2020 | 12:23 AM

Palace Amusement found itself in the red for the three-month period ending March, due to a fallout in revenue from ­shuttered cinemas. The cinema operator posted a loss of $49.2 million against a profit $43.7 million for the similar quarter of 2019...

Published:Sunday | May 24, 2020 | 12:23 AMNeville Graham - Business Reporter

A picture of mixed fortunes in manufacturing is emerging from the full onset of the COVID-19 pandemic in Jamaica. Amid the layoffs, cost-cuttings and supply chain challenges, and issues with the availability of foreign exchange, President of the...

Published:Sunday | May 24, 2020 | 12:22 AM

ADVISORY COLUMN: SMALL BUSINESS As Jamaica grapples with the severe economic fallout triggered by the COVID-19 pandemic, many small businesses are struggling to find firm footing in these challenging and uncertain times. In my last column, I...

Published:Sunday | May 24, 2020 | 12:00 AM

There are two basic types of approved pension arrangements: employer-sponsored pension plans, called superannuation funds, which are group plans, and approved retirement schemes for individuals. Generally, the contributions of the members of the...

Published:Sunday | May 24, 2020 | 12:21 AM

The 2020 Atlantic hurricane season begins in less than two weeks. Colorado State University, CSU, researchers have predicted that the season will be “above-average”. They cited the likely absence of El Niño as the primary factor, saying: “El Niño...

Published:Sunday | May 24, 2020 | 12:19 AM

Efforts to forecast the United States economy’s path to recovery from the current deep downturn face “a whole new level of uncertainty,” US Federal Reserve Chairman Jerome Powell said on Thursday. Not only is there the difficulty predicting how the...

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 22, 2020 | 9:42 AM

The Jamaica Stock Exchange Combined Index on Thursday declined by 365.53 points or 0.10 per cent with an advance/decline ratio of 32/28. Overall activity 72 stocks traded 32 advanced 28 declined 12 traded firm Winners...

Published:Friday | May 22, 2020 | 12:23 AM

US stock indexes veered broadly lower in afternoon trading Thursday, giving back some of their gains after a solid rally a day earlier. The S...

Published:Friday | May 22, 2020 | 12:22 AMKarena Bennett - Business Reporter

HAVING FOUND work-from-home arrangements to be beneficial to their operations, BPO firms are now lobbying for the creation of what they call a virtual special economic zone, which would ­require the Jamaican Government to amend the laws around SEZs...

Published:Friday | May 22, 2020 | 12:21 AMNeville Graham - Business Reporter

CARIBBEAN PRODUCERS Jamaica, CPJ, racked up over half-million in losses in the March quarter due to the lockdown of tourism businesses, a sector from which much of its income flows. The COVID-19 pandemic derailed the earnings of the company, coming...

Published:Friday | May 22, 2020 | 12:20 AM

PANJAM INVESTMENT Limited, whose quarterly earnings are usually counted in hundreds of millions, even billions, reported one of its most dramatic quarters in March with a profit of what for that company can be described as a measly $12 million,...

Published:Friday | May 22, 2020 | 12:13 AM

Before the pandemic, Jamaica’s tourism and travel receipts were tracking above US$3 billion. Remittances were fairly close behind at around US$2.3 billion. But projections in the International Monetary Fund’s, IMF, newly released country report on...

Published:Thursday | May 21, 2020 | 12:17 AM

Online sales at Target more than doubled as the pandemic put millions in lockdown during the first quarter, revealing further the critical role big box stores played in getting supplies to an immobilised population. The Minneapolis company...

Published:Wednesday | May 20, 2020 | 10:02 AM

The Jamaica Stock Exchange Combined Index on Tuesday declined by 3,847.95 points or 1.03 per cent with an advance/decline ratio of 36/31. Overall activity 80 stocks traded 36 advanced 31 declined 13 traded firm Winners 138...

Published:Wednesday | May 20, 2020 | 12:29 AMKarena Bennett/Business Reporter

Red Stripe Jamaica and Pepsi Jamaica will be giving away 6,000 cases of beverages, a move that serves not only to give the sellers of liquor the stock to bring back life to their businesses, but also positions the brewery to ramp up sales as...

Published:Wednesday | May 20, 2020 | 12:28 AMKarena Bennett/Business Reporter

Hard hit by the slowdown in the economy, and with some in the sector facing bankruptcy, microlenders are seeking a lifeline from Government in the form of $8 billion of cheap credit. Blossom O’Meally-Nelson, chairman of the Jamaica Association for...

Published:Wednesday | May 20, 2020 | 12:26 AM

Jamaica Producers Group, JP, holds more than $6 billion in liquid assets that it can deploy for acquisitions. Few companies are in acquisitive mode with the downturn in the Jamaican and global economy, but the food and logistics conglomerate...

Published:Wednesday | May 20, 2020 | 12:26 AM

OP-ED CONTRIBUTION: EMERGING MARKET ADVISER With less than a week to go until the grace period on the sovereign coupon payments elapses, there are signs that the government is entering into more serious negotiations with bondholders. Economy...

Published:Wednesday | May 20, 2020 | 12:24 AM

Sagicor Group Jamaica Limited took a $5-billion hit on its investment securities, which led to lower profit in the March quarter. Revenue also declined from $20 billion to $16.8 billion due to the COVID-related impairments. “The revenue dipped...

Published:Wednesday | May 20, 2020 | 12:15 AM

UDC capital projects ongoing Urban Development Corporation, UDC, says its capital projects are ongoing amid the pandemic, inclusive of the development of Closed Harbour Beach Park in Montego Bay on which it is spending $1.3 billion. The 16-acre...

Published:Wednesday | May 20, 2020 | 12:11 AM

Nicaraguan President Daniel Ortega blamed new coronavirus-related health monitoring measures taken by neighbouring Costa Rica for his country’s decision Monday to close their two border crossings. In a nationally televised address, Ortega said more...

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