Guyanese cagey on rice contracts - Won't agree to long-term deals
Already hit by steep increases in basic food prices, it appears that consumers could be further burdened by a spike in the price of rice - a popular staple in the diets of Jamaicans. The imminence of the price spike has emerged as Guyanese suppliers, who provide over 40 per cent ...
UFOs hit JPS credit union, but co-op enjoys robust return
The lure of astronomical returns by alternative investment schemes may have enticed members of the JPS Employees' Co-operative Credit Union to take a significant chunk of savings out of the institution last year, but the institution last year, but the co-op was still able to report...
National Commercial Bank backs 'Buy Jamaica' campaign
Jamaica's National Commercial Bank (NCB) has pledged its support for the Jamaica Manufacturers Association (JMA) buy-Jamaica campaign, saying that it will put $9 million behind the effort over the next three years.An agreement signed by the parties...
IFC has skills for Air Jamaica divestment, says Wehby... and they are cheaper
The government says it is using the International Finance Centre, a World Bank subsidiary, to guide its planned privatisation of Air Jamaica because of the IFC's proven skill in such ventures - and its cheaper. "Because of the uniqueness of an airline and the complexity of the operations...
Government draws down IDB funds
The Government has received the first tranche of a US$90 million loan from the Inter-American Development Bank (IDB) that it will use to improve the competitiveness of local businesses.Finance Minister, Audley Shaw on Sunday signed the agreement for the loan...
Government of Jamaica must improve tax compliance - tax expert
Finance Minister Audley Shaw has little choice but to aggressively drive for improved tax compliance if the government is to meet its fiscal target over the next few years, according to tax expert Ethlyn Norton-Coke.And like others, Norton-Coke argues...
Digicel to stick to core - Has no intention to own media, says Delves
Digicel, the Jamaica-based telecoms operator that has enjoyed galloping growth across the Caribbean since its launch seven years ago, says it will stay close to core business of service delivery rather than venture into the area of content...
Dyoll delisted from Jamaica Stock Exchange
The Dyoll Group Limited was automatically delisted from the Jamaica Stock Exchange (JSE) on Monday after the company failed to rectify a violation that resulted in a suspension of its shares from trading. The delisting, as executed by the JSE's Board of Directors...
PC Bank lost on Western Union, Bill Express operation - GM
The Peoples' Cooperative Bank (PC Bank) says heavy losses on the business - upwards of 40 per cent - forced it to end a long-standing arrangement with GraceKennedy to deliver the conglomerate's money transfer and bills payment services. GraceKennedy has the Caribbean franchise...
India pledges development projects for Africa at summit
NEW DELHI (AP): India pledged Tuesday to invest hundreds of millions of dollars (euros) in development projects in Africa in an attempt to bolster its presence on the continent, where economic rival China has already invested billions of dollars...
Intel Capital plans new US$500 million China tech fund
BEIJING (AP): Intel Corp's venture capital arm said on Tuesday that it has set up a new US$500 million (euro 320 million) fund to invest in Chinese technology start-ups. The new fund, Intel Capital China Technology II, will invest in Chinese companies involved in wireless broadband...
Venezuelan Gov't to take over cement businesses - but companies may keep minority shares
Venezuela said Monday that it would take control of three foreign-owned cement businesses, including one that is a partner in Jamaica's Caribbean Cement company limited.The Venezuelan Government will, however, allow current owners to keep minority shares.
Alcoa 1st-quarter profit plunges 54 per cent on higher costs, weaker dollar
PITTSBURGH (AP): Aluminum producer Alcoa Inc said on Monday that its first-quarter earnings plummeted 54 per cent, as higher raw material and energy costs and a weaker dollar cut into results. Net income dropped to US$303 million (€193 million), or 37 cents per share...
Efforts to boost oil supply plagued by insufficient investment
NEW ORLEANS (AP):Efforts to boost the supply of oil in the face of expanding world demand are being hampered by insufficient investment, despite surging crude prices, the head of a major petroleum services company said on Monday. The industry dedicated to searching and drilling...
Carlyle Group raises $1.35 billion to bail out distressed companies
WASHINGTON (AP): Private equity firm, the Carlyle Group, said Monday it had raised $1.35 billion (€860 million) for a new fund that it will invest in debt and equity issued by distressed companies. The new fund comes just weeks after a Carlyle Capital Corp...
Nissan to build and sell commercial vehicles in US starting in 2010
DETROIT (AP): Nissan Motor Co said Monday it would build and sell light commercial vehicles in the US, using its existing workforce and factories. The Japanese automaker said it will enter the US market with three vehicles starting in the first half of 2010, all built at its plant...
New York lawmakers nix plan for congestion pricing in Manhattan
ALBANY, New York (AP):Lawmakers rejected a proposal on Monday to charge Manhattan motorists an extra fee to drive in the city, a plan advocates hoped would reduce traffic and curb pollution. Assembly Speaker Sheldon Silver announced the decision after a survey of Democratic...
Working flexi hours out of a virtual office
The world is shrinking, and at a faster pace than we can imagine. As information technology (IT) is bringing continents closer, it has also brought down the physical barriers of the working space. In the modern paradigm, an office is no longer confined to a structure, nor does it...
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