Sat | Dec 3, 2022

Business

Published:Friday | December 2, 2022 | 12:10 AM

The Jamalco alumina plant in Clarendon resumed exports during the September quarter, but also wrote off US$25 million ($3.8 billion) worth of inventory. “Jamalco [went] back to production progressively in the third-quarter since the fire at Jamalco...

Published:Friday | December 2, 2022 | 12:09 AM

The former CEO of the failed cryptocurrency exchange FTX said on Wednesday that he did not “knowingly” misuse customers’ funds, and that he believes his millions of angry customers will eventually be made whole. The comments from Sam Bankman-Fried...

Published:Friday | December 2, 2022 | 12:09 AM

El Salvador’s government announced on Tuesday that it will make a second buyback of its sovereign bonds maturing in 2023 and 2025 as it tries to calm market concerns that it could default on its debt. The government set the maximum for the...

Published:Friday | December 2, 2022 | 12:08 AM

The failure of the cryptocurrency exchange FTX, the latest in a long history of American financial shenanigans, was a doozy. “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy...

Published:Friday | December 2, 2022 | 12:08 AM

A follow-up trade mission to Guyana is planned for January, the size of which is expected to surpass the 22 companies that visited in October as part of a government-led junket in search of business opportunities. This time, the focus will be on...

Published:Friday | December 2, 2022 | 12:08 AM

The large bond offer from Mayberry Investments will allow the investment bank to dramatically increase its loan activity. Mayberry plans to raise $5 billion in a bond offer that opens today, December 2, with the option to upsize to $7 billion....

Published:Friday | December 2, 2022 | 12:07 AM

The end of France’s coal era seemed so certain last year that the operator of one of the country’s last coal-burning plants posted an upbeat educational video on YouTube titled ‘Let’s visit a coal plant that’s going to be destroyed!’ The plant in...

Published:Friday | December 2, 2022 | 12:07 AM

A heavily criticised private company that operates the transmission and distribution of power in Puerto Rico secured a last-minute extension on its contract on Wednesday, despite widespread objections. Luma Energy obtained the extension following a...

Published:Friday | December 2, 2022 | 12:07 AMKarena Bennett - Business Reporter

MFS Capital Partners, formerly known as SSL Venture Capital Jamaica Limited, SSLVC, is finalising the takeover of another business, a connected company known as Micro Financing Solutions Limited. The agreement to acquire 100 per cent of the...

Published:Friday | December 2, 2022 | 12:07 AM

The financing deal struck by iCreate Limited to shore up the business will end up pushing the company beyond the regulatory limit for listed junior market companies, but it’s banking on a proposal now under consideration by the Ministry of Finance...

Published:Friday | December 2, 2022 | 1:32 PMKarena Bennett - Business Reporter

It took more than a decade for Amazing Concrete Finishes Jamaica to expand beyond Kingston to its second outlook in Montego Bay, but it’s already looking to extend its footprint beyond Jamaica to six Caribbean markets in three years, bolstered by...

Published:Thursday | December 1, 2022 | 12:09 AM

The United States House of Representatives moved urgently to head off the looming nationwide rail strike on Wednesday, passing a bill that would bind companies and workers to a proposed settlement that was reached in September but rejected by some...

Published:Wednesday | November 30, 2022 | 12:07 AM

Mayberry Investments Limited is seeking to raise $5 billion from a bond that will be issued in four equal tranches and tradable via the stock exchange. The tranches of $1.25 billion each span 13 months at an annual interest rate of 9.25 per cent,...

Published:Wednesday | November 30, 2022 | 12:07 AM

Cryptocurrency lender BlockFi filed for Chapter 11 bankruptcy protection Monday, the latest casualty of the collapse of crypto exchange FTX. New Jersey-based BlockFi had been struggling for much of this year but was given a lifeline this summer in...

Published:Wednesday | November 30, 2022 | 12:06 AM

The Bahamas government has dismissed as “inaccurate allegations” international criticism of the country’s digital asset regulations following the collapse of FTX. The crypto company is under investigation by the Securities Commission of The Bahamas...

Published:Wednesday | November 30, 2022 | 12:06 AM

Forgive the appalling cash management that caught FTX with less than US$1 billion on hand at a time when short-term liabilities were US$9 billion. That sort of thing has also been known to happen to banks. Forgive the opaque accounting, the...

Published:Wednesday | November 30, 2022 | 12:06 AMHuntley Medley - Associate Business Editor

The central bank is not joining the emerging school of economic thought that has floated the adjustment lowering of inflation targets as a realistic response to the current prolonged period of higher inflation. The Jamaican monetary authority has...

Published:Wednesday | November 30, 2022 | 12:06 AM

TransJamaican Highway Limited, TJH, will pay US$16.1 million for the acquisition of all the shares in Jamaican Infrastructure Operator, JIO, a French-owned company that manages and operates the East-West toll network on TJH’s behalf, under contract...

Published:Wednesday | November 30, 2022 | 12:06 AM

Microlender ISP Finance Services Limited has raised $470 million through the bond market, $200 million of which the company says it will set aside for the acquisition of a loan portfolio that’s been pending for more than a year. The portfolio...

Published:Wednesday | November 30, 2022 | 12:06 AM

Paramount Trading Jamaica, PTL, set a new record for annual sales revenue this year and followed up with its best ever turnover in a quarter for the three-month period ending August. Now the lubricants trading and chemical manufacturing company...

Published:Wednesday | November 30, 2022 | 12:05 AM

In the Telegram group chat, the messages roll in like waves. “I need liquid ibuprofen and acetaminophen, please,” wrote one user. “It’s urgent, it’s for my 10-month-old baby.” Others offer medicine brought from outside of Cuba, adding, “Write to me...

Published:Tuesday | November 29, 2022 | 12:08 AM

Chinese authorities eased some antivirus rules, but affirmed their severe ‘zero COVID’ strategy on Monday after protesters demanded President Xi Jinping resign in the biggest show of opposition to the ruling Communist Party in decades. The...

Published:Sunday | November 27, 2022 | 12:09 AM

Mexico’s domestic airline industry is in shambles, plagued by safety problems, a ratings downgrade by the US Federal Aviation Administration, and vandalism. Last week alone, passengers missed connections because thieves cut the fibre-optic cables...

Published:Sunday | November 27, 2022 | 12:08 AM

A week ago, COP27, the twenty-seventh UN conference on climate change, ended. Seen from a Caribbean perspective, the primary objective was to deliver with other vulnerable nations an agreement on ‘loss and damage’ through the creation of a...

Published:Sunday | November 27, 2022 | 12:08 AM

Portfolio management companies may not be as prominent as stockbroking companies, but they play an important complementary role in the investment market place although they seem to be competing against them in some ways. They go under several...

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