Tue | Aug 3, 2021

Stories by Huntley Medley - Associate Business Editor

Published:Friday | July 30, 2021 | 12:10 AMHuntley Medley - Associate Business Editor

K enneth Tomlinson of Business Recovery Services Limited has been appointed receiver and empowered by the Supreme Court to recover and distribute the Venezuelan assets in Jamaica — which are mainly monies owed to Caracas and state enterprises — to...

Published:Sunday | July 25, 2021 | 12:06 AMHuntley Medley - Associate Business Editor

Indebted tourism attraction Mystic Mountain Limited, MML, has proposed to settle its $1.2 billion debt to bondholders on or before August 27 with what it says is a loan now being negotiated with an unnamed financial institution even as official...

Published:Friday | July 23, 2021 | 12:07 AMHuntley Medley - Associate Business Editor

Declaring that Digicel is back, CEO of the telecom’s Jamaica operations, Jabbor Kayumov, says the company will be investing US$200 million, or nearly $31 billion, to accelerate the build-out of infrastructure and deployment of new technology over...

Published:Sunday | July 18, 2021 | 1:16 AMHuntley Medley - Associate Business Editor

Billy Joe ‘BJ’ Foster, a household name in the bauxite industry in Jamaica and around the world, is this year marking 50 years as a staffer and consultant in the sector. The Alabama-born chemical engineer, who has held line responsibilities and...

Published:Friday | July 16, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

F or the second time in five years, Noranda Jamaica Bauxite, an operation of American company New Day Aluminum Holdings LLC, has changed ownership. Concord Resources Holdings Limited, a former minority shareholder in New Day Aluminum, which itself...

Published:Friday | July 16, 2021 | 12:08 AMHuntley Medley - Associate Business Editor

Industry regulator Betting, Gaming and Lotteries Commission, BGLC, is smiling all the way to the bank, having taken a bigger haul of revenues, bettering its income from the gaming industry since the onset of the pandemic by just under $300 million...

Published:Friday | July 9, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

Wayne Gentles, the interim chief executive of medical company GWest Corporation Limited, is promising a financial turnaround for the loss-making firm, whose business is the sale and rental of units at its multistorey Fairview complex in Montego Bay...

Published:Friday | July 9, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

The ability of the Jamaican government to finance private-sector and public welfare stimulus packages without resorting to external borrowing, including the non-take-up of special drawing rights allocation from the International Monetary Fund, has...

Published:Friday | July 2, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

The central bank announced this week its decision to hold firm the policy interest rate offered to deposit-taking institutions, DTIs, on overnight placements at the Bank of Jamaica, BOJ. The rate remains unchanged at 0.50 per cent per annum in the...

Published:Friday | June 25, 2021 | 12:13 AMHuntley Medley - Associate Business Editor

F inancial conglomerate JMMB Group Limited is cash-rich coming out of the first year of the pandemic; deliberately so, according to CEO Keith Duncan and Chief Financial Officer Patrick Ellis. The group’s net profit rose 10 per cent from $7 billion...

Published:Friday | June 25, 2021 | 12:13 AMHuntley Medley - Associate Business Editor

N ot all businesses have been hammered by the pandemic. Citibank NA is reporting that its Jamaica business has so far come through the COVID-19 health crisis unscathed, and with growth in revenue and clientèle, even as Citi’s global operations...

Published:Sunday | June 20, 2021 | 12:06 AMHuntley Medley - Associate Business Editor

Pharmaceutical distributor Indies Pharma Jamaica Limited is reporting progress on the development of two new drugs earmarked for the United States market and says it has worked out kinks in its supplies as it looks to reverse the declines in profit...

Published:Friday | June 18, 2021 | 1:18 AMHuntley Medley - Associate Business Editor

Sagicor Group Jamaica Limited, SGJ, is putting up US$100 million ($15 billion) for a large stake in the LNG power plant that fuels the Jamalco refinery at Halse Hall in Clarendon and is owned by natural gas infrastructure developer and operator New...

Published:Sunday | June 13, 2021 | 12:10 AMHuntley Medley - Associate Business Editor

Regional soap producer Dominica Coconut Products Successors Limited, DCPS, has made good on a threat to head to court in a long-running feud with some Jamaican state agencies and Jamaican manufacturers and exporters of soap. In a suit filed in the...

Published:Sunday | June 13, 2021 | 12:07 AMHuntley Medley - Associate Business Editor

Seeking the best path to growth, the University of the Commonwealth Caribbean, UCC, has this year formally spun off several business activities into a number of subsidiary companies as part of a strategy it has been developing since last year....

Published:Friday | June 4, 2021 | 12:07 AMHuntley Medley - Associate Business Editor

Global pharma company Medimpex has had a relatively good year, growing revenues and profit from the Caribbean region, led by its 42-year-old Jamaican operation. At the height of the pandemic last year, revenues grew by 16 per cent to 3.8 billion...

Published:Friday | May 28, 2021 | 12:16 AMHuntley Medley - Associate Business Editor

Gordon Baldie’s plan to build out a car parts remanufacturing and recycling operation in western Jamaica at a cost of just over US$18 million, or about $2.7 billion, won him the Jamaica Stock Exchange pitch competition in 2018. Since then, the...

Published:Sunday | May 23, 2021 | 12:16 AMHuntley Medley - Associate Business Editor

A mere month into its new independent status and with its core mandate being inflation control, a clause in the newly amended Bank of Jamaica (BOJ) Act has been triggered, requiring the central bank governor to provide the Government with an...

Published:Sunday | May 23, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

Microlenders now have 14 months to put their affairs in order and register their businesses with the Bank of Jamaica (BOJ) under the Microcredit Act, which was passed in January. At least one entity representing the sector that is said to have $20...

Published:Friday | May 21, 2021 | 12:11 AMHuntley Medley - Associate Business Editor

A partnership is taking shape between the University of the West Indies and Bioprist that will see a section of the medical tourism resort complex the company is developing in Montego Bay becoming the home for the western Jamaica campus of the UWI...

Published:Friday | May 14, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

GraceKennedy Limited began stepping up its programme to digitally transform the group from last year, having poured US$25 million into its tech infrastructure in the past five, and now it’s gone further to bring an expert on board. But...

Published:Sunday | May 9, 2021 | 12:11 AMHuntley Medley - Associate Business Editor

Spirits company Campari Group has placed a new man in charge of sales for its Jamaican business, who will also oversee 26 other markets in the Caribbean. Cecil Smith Jr took up duties on May 3 as senior commercial director for J Wray...

Published:Friday | May 7, 2021 | 12:28 AMHuntley Medley - Associate Business Editor

Lagoons Management Limited, LML, has failed to secure a court injunction halting the construction of a home in the posh gated waterfront Lagoons community at Freeport in Montego Bay being built by businessman Dr Guna Muppuri and his wife Vishnu...

Published:Wednesday | May 5, 2021 | 12:27 AMHuntley Medley - Associate Business Editor

Jamaica-based directors of Mystic Mountain Rainforest Adventures have been dealt a further blow in their bid to retain management control of the eco-attraction, even as the business has been granted a second reprieve until next month to avoid being...

Published:Friday | April 30, 2021 | 12:13 AMHuntley Medley - Associate Business Editor

J amaica Broilers Group, JBG, wants its chickens to serve up fatter profits, and healthier diets. The company has eliminated antibiotics from its broiler meat operations, but with its year end approaching and financial results soon to come due,...

Pages

Subscribe to Huntley Medley - Associate Business Editor