Investments in wind and solar power generation need to grow at least eightfold to hit and surpass the target of 50 per cent renewables, new documents from power utility Jamaica Public Service Company show. “In order to achieve this target, there...
The two largest airports in Jamaica generated combined revenue of 3.5 billion Mexican pesos in 2022 for the Mexico-based Pacific Airport Group, GAP, which manages them. The flows translated to about US$195 million in the greenback and $29.6 billion...
Technocrats expect the Jamaican economy to grow 3.0 per cent in 2023, or nearly double the pace of the region, as it benefits from recovery and sectors coming back online. The growth, however, ebbs slightly from initial projections of 3.3 per cent...
The Government on Tuesday formally increased the national Budget by $60 billion, or 6.6 per cent, in part to counter the shocks of inflation and fuel hikes largely caused by commodity disruptions in Eastern Europe. These effects of the Russian...
The Planning Institute of Jamaica (PIOJ) will review the Vision 2030 targets that have been projected as milestones on the journey to developed-country status. Currently, about two-thirds of the targets are on track or met, while one-third are...
Ocho Rios in Jamaica topped the list of global honeymoon destinations during the pandemic, but weddings and honeymoons are still down by half, according to large online travel platform Kayak and official government data. The size of the market is...
The Jamaican Government expects the value of mining exports from bauxite and alumina to improve to US$507 million ($77 billion), seven per cent higher than last year, with the pending reopening of the Jamalco plant but there’s still concern over...
Cigarette sales during Christmas and the wider third quarter have served up the highest profit in years for distributor Carreras Limited. The company said that it was able to claw back some market share from illicit cigarette sellers. “The absence...
Dr Nigel Clarke, the minister of finance and the public service, has described the upcoming 2022-23 Budget as a signal of the transition from crisis towards recovery. The medium-term outlook, however, sees lower growth over the next three years...
The Government piled an additional $25.8 billion on to its recurrent budget for this fiscal year, which ends in March. Finance Minister Dr Nigel Clarke tabled on Tuesday a second Supplementary Estimates showing plans to spend $893.05 billion for...
Baking Enterprises Limited, a company held by members of the Hendrickson family, has found a buyer for the nine-acre Bellencita estate in Irish Town that was once the home of National Hero Sir Alexander Bustamante and Lady Bustamante. The historic...
Shareholders of Caribbean Cement Company Limited, CCCL, approved a resolution allowing ultimate parent company Cemex to receive royalties equivalent to four per cent of sales or about $800 million to $1 billion annually, despite some opposition...
Soapmaker Blue Power Group Limited has acquired another property on Victoria Avenue in Kingston, which houses its operations. The property spans two acres and sits across from its main office on the same street. The company plans to use the...
MBJ Airports Limited, operator of the Sangster International Airport in Montego Bay, expects the long-awaited runway extension project there to start this year, and the major infrastructure work should cost about US$70 million, or $10.5 billion. “...
Fontana Limited, which operates the largest chain of pharmacies, thinks it can continue to adapt and grow earnings amid new variants of the coronavirus and related curfews. The key is to allow customers various methods to shop safely, said CEO Anne...
Alumina refinery Jamalco says that it benefited from higher commodity prices during the first half of the year, which served to double its revenue, while losses were reduced to a tenth of previous levels. Despite signs of a rebound from the fallout...
Cemex will be funding a US$30-million ($4.6 billion) upgrade of Caribbean Cement Company’s plant in Kingston, in 2022, to add 30 per cent more capacity at the Rockfort-based facility. “This we believe will be enough to comfortably supply all the...
Power utility Jamaica Public Service Company, JPS, is exploring the development of three solar plants with combined capacity of 100 megawatts of power. JPS is now doing an initial resource assessment and “rapid” environmental impact assessment for...
The Jamaican film industry has taken a hit during the pandemic, registering a two-thirds decline, equating to $2 billion, in the value of the business generated from local and overseas films. The film sector was negatively affected by health...
Consumers and businesses were more confident about economic prospects in the second quarter of 2021 when compared to the prior quarter, but optimism among both groups still lags pre-pandemic levels. The business confidence index increased to 130.8...
Mayberry Investments plans to raise up to $750 million to finance the acquisition of real estate lots for development. The company operates an investment banking and brokerage firm. It intends to raise the funds in three separate issues, the first...
Some $13.8 billion worth of NCB Financial Group shares traded on Monday, coinciding with top executives surrendering shares at the banking conglomerate. It was the largest traded volume of NCBFG shares in over two years on the Jamaican stock market...
Investment company Eppley Limited aims to raise a $1.2 billion from the issue of three classes of preference shares on the Jamaica Stock Exchange this month, which will refinance existing debt. The offer priced at $20 per share will be available...
Expect moderate inflation going forward due to low productivity and job losses, according to the staff working paper titled ‘Estimating Jamaica’s Potential Output’ from the Bank of Jamaica, BOJ. Even as employment numbers improve relative to 2020’s...
