Sat | Sep 18, 2021

Stories by Steven Jackson - Senior Business Reporter

Published:Friday | September 17, 2021 | 12:08 AMSteven Jackson - Senior Business Reporter

Rating agency Fitch has put a price tag of a whopping US$1.3 billion or some $194 billion on potential damage from a major, above-normal hurricane that could affect Jamaica, but says storm insurance from the recently activated catastrophe bond...

Published:Friday | September 17, 2021 | 12:07 AMSteven Jackson - Senior Business Reporter

Brokerage firm Proven Wealth Limited says it is weighing the possibility of adding cryptocurrency trading for clients to its suite of products, signalling a major shift for the company and the wealth management industry in Jamaica. Proven’s...

Published:Wednesday | September 15, 2021 | 12:06 AMSteven Jackson - Senior Business Reporter

The volume of airline passengers in Jamaica hovers at one-quarter below record levels, which signals some recovery at least during summer months, according to traffic data released on Monday by the Pacific Airport Group, GAP, which controls Jamaica...

Published:Saturday | September 4, 2021 | 2:25 AMSteven Jackson - Senior Business Reporter

Productive Business Solutions Limited (PBS), which operates the Xerox franchise for the Caribbean and parts of Latin America, announced that it will acquire a third-party technology company branded as PBS Technology Group Limited (PBSTG) for cash...

Published:Friday | September 3, 2021 | 12:09 AMSteven Jackson - Senior Business Reporter

Michael Lee-Chin’s Portland Private Equity firm and affiliates have poured more funds into Merqueo, the Latin American online grocery business that has been widening its scope since the pandemic-related lockdowns. Portland views e-commerce as a...

Published:Friday | August 27, 2021 | 12:09 AMSteven Jackson - Senior Business Reporter

Chukka Caribbean Adventures and owners of the lands surrounding the Old Spanish Bridge in St Ann have barred unauthorised entrance to the iconic White River, citing unauthorised vending and garbage pile-ups in the area. Chukka said it’s held the...

Published:Friday | August 20, 2021 | 12:10 AMSteven Jackson - Senior Business Reporter

Jamaica Producers Group, JP, is already generating profit from its recent acquisition, Geest Line Limited, amid rising demand for shipping services. “Everyone is making money on shipping now,” said JP Managing Director Jeffrey Hall, adding in an...

Published:Sunday | August 8, 2021 | 12:09 AMSteven Jackson - Senior Business Reporter

Two craft beer makers are in different stages of rolling out operations, including one led by a former head of Red Stripe Jamaica, the Financial Gleaner understands. But little is known of the two microbreweries, which are separately owned and...

Published:Sunday | August 1, 2021 | 1:33 AMSteven Jackson - Senior Business Reporter

NCB Financial Group Limited, Jamaica’s top banking conglomerate, announced plans Friday to release a cash app for money transfers, called Link, its latest digital initiative. Vernon James, the former head of NCB Insurance, will head the venture. “...

Published:Friday | July 30, 2021 | 12:09 AMSteven Jackson - Senior Business Reporter

The Jamaica Stock Exchange, JSE, announced that two companies have gained broker licences, upping the network to 15. The JSE also expects by next year to start allowing investors to make money from the fall in prices of certain stocks, otherwise...

Published:Friday | July 23, 2021 | 12:07 AMSteven Jackson - Senior Business Reporter

Canadian start-up Field Trip Health Limited is investing US$1.1 million in a research facility for psychedelic mushrooms at the Mona campus of The University of the West Indies, UWI. The partnership was struck in April 2020, but the financial...

Published:Sunday | July 18, 2021 | 1:16 AMSteven Jackson - Senior Business Reporter

The Fair Trading Commission (FTC), in an expanded study published this month, found that commercial banks were at times twice as likely to charge customers for early repayment of loans, compared with other lending institutions. The banks, however,...

Published:Friday | June 25, 2021 | 12:13 AMSteven Jackson - Senior Business Reporter

The Jamaica Public Service Company system used to track power outages is vulnerable to cyberattacks, and needs to be upgraded, the power utility said in its annual filing for a tariff review of electricity rates. It’s one of several items on the...

Published:Wednesday | June 16, 2021 | 2:56 PMSteven Jackson - Senior Business Reporter

More than half of the stock market companies in Jamaica utilise the ‘Big2’ accounting firms – Pricewaterhouse Coopers and KPMG – which the Fair Trading Commission (FTC) said reflects their large market power. Between 2013 and 2018, some 353 audits...

Published:Sunday | June 13, 2021 | 12:07 AMSteven Jackson - Senior Business Reporter

MPC Caribbean Clean Energy Limited and its partners plan to double the power generating capacity at its solar plant in Dominican Republic, a new asset for which the acquisition deal is expected to close by next quarter. The Monte Plata solar plant...

Published:Friday | June 11, 2021 | 12:13 AMSteven Jackson - Senior Business Reporter

Airport food service provider Express Catering Limited, ECL, will open a series of new restaurants at Sangster International Airport in Montego Bay, for which US$4 million ($600 million) of financing was secured towards the end of last year. ECL’s...

Published:Sunday | June 6, 2021 | 12:06 AMSteven Jackson - Senior Business Reporter

The cost of owning electric vehicles, or EVs, hovers at about 10 per cent higher than petrol-powered cars, which creates a barrier for their adoption in Jamaica, according to a recent document published by power utility watchdog Office of Utilities...

Published:Friday | May 28, 2021 | 12:16 AMSteven Jackson - Senior Business Reporter

The pandemic-induced shift towards digital transactions has resulted in a dramatic decline in the usage of cheque to pay for goods and services for the first two months of this year, to nearly half the levels of previous periods. The decline...

Published:Friday | May 28, 2021 | 12:15 AMSteven Jackson - Senior Business Reporter

Jamaica dropped to third spot in the Playa group, having been overtaken by Dominican Republic in the first quarter of 2021. After disposing of two resorts in Jamaica amid the pandemic, revenue from that market for Playa Hotels...

Published:Sunday | May 23, 2021 | 12:08 AMSteven Jackson - Senior Business Reporter

Poultry prices are up due to higher commodity grain prices, says Jamaica Broilers Group President and CEO Christopher Levy. “We have seen a run-up in price of corn and soy to seven-year highs, and that’s a straight pass-through,” said Levy at the...

Published:Friday | May 21, 2021 | 12:10 AMSteven Jackson - Senior Business Reporter

Remittance inflows to Jamaica for the first two months of this year were up nearly 30 per cent, outpacing the growth among some of its regional peers. Inflows in January were estimated at $241 million, and were slightly lower at $235.9 million in...

Published:Friday | May 7, 2021 | 12:28 AMSteven Jackson - Senior Business Reporter

Investors are queuing up for shares in Guardian Holding Limited, GHL, now relisted on the Jamaica Stock Exchange after a near eight-year hiatus, and although no trades were successful, the stock is already trending one-third higher than the price...

Published:Sunday | April 25, 2021 | 12:14 AMSteven Jackson - Senior Business Reporter

British shoe company Clarks has launched a dancehall campaign aimed in part at reconnecting with “cult” consumers, as a way to regain lost sales. “We have lost connection with the main customers and accounts in our key wholesale markets,” said now...

Published:Wednesday | April 21, 2021 | 12:05 AMSteven Jackson - Senior Business Reporter

Marigold Jamaica, which operates a herb house in Kingston, has bought out its Canadian partner Aphria for an undisclosed sum, market filings show. “We parted ways with Aphria,” Lloyd Tomlinson, principal owner of Marigold, confirmed in an interview...

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