Mon | Sep 20, 2021

Stories by Huntley Medley - Associate Business Editor

Published:Wednesday | September 15, 2021 | 12:06 AMHuntley Medley - Associate Business Editor

Brokerage firm Barita Investments Limited and its regulator, the Financial Services Commission, FSC, say last week’s release of an addendum to the prospectus for Barita’s current share offer seeking to raise at least $10 billion, is intended to...

Published:Saturday | September 4, 2021 | 2:26 AMHuntley Medley - Associate Business Editor

Sauce and spice maker Spur Tree says there is no firm date yet for its intended stock market listing, but its management continues to consolidate the business and is building capacity to meet what it says is growing demand for its products in...

Published:Friday | September 3, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

Brokerage firm Barita Investments Limited is again tapping the equities market to raise $10 billion, which it has earmarked essentially for working capital. Barita says the cash is needed to top up its investment portfolio, which includes taking...

Published:Saturday | August 28, 2021 | 12:07 AMHuntley Medley - Associate Business Editor

Private investors in a stalled private-public partnership to develop the town of Port Royal into a tourist attraction are fighting on in court despite a recent Supreme Court ruling that all but threw out the bid to sue the government and state...

Published:Friday | August 27, 2021 | 12:08 AMHuntley Medley - Associate Business Editor

A lthough Bank of Jamaica, BOJ, minted $230 million of its new digital currency earlier this month as part of a pilot that runs to year end, the sole approved wallet provider so far, National Commercial Bank Jamaica, NCB, is not expected to...

Published:Saturday | August 21, 2021 | 12:09 AMHuntley Medley - Associate Business Editor

On Thursday, the Bank of Jamaica left in place the record low 0.5 per cent policy rate that has been held consistently at that level for two years, but concerns about rising inflation and a potential breach of the 4-6 per cent inflation target...

Published:Friday | August 20, 2021 | 12:11 AMHuntley Medley - Associate Business Editor

With three years of operation under its belt, and an estimated US$210 million in annual transactions, payment facilitator WiPay Caribbean is expanding its footprint in Jamaica, with an eye on further market penetration, regionally, including...

Published:Wednesday | August 18, 2021 | 12:10 AMHuntley Medley - Associate Business Editor

Air travel is bouncing back, but some travel-related businesses are still in the throes of the adverse economic impacts of the ongoing COVID-19 pandemic. Airline logistics and support services company Flight Connections Limited, FCL, has gone to...

Published:Friday | August 13, 2021 | 12:11 AMHuntley Medley - Associate Business Editor

Minister of Finance Dr Nigel Clarke is bullish about the proposed central bank digital currency, CBDC, that is planned for roll-out around the start of the next financial year in April 2022, after a six-month pilot that is expected to get under...

Published:Friday | August 6, 2021 | 12:10 AMHuntley Medley - Associate Business Editor

Veterinary doctors Graham and Katalin Brown have been providing healthcare and nutrition of the highest standard to animals in Jamaica for the past 30 years, driven by a passion and love for nursing our sick, injured, or malnourished furry,...

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....

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