Travel and tourism interests expect a reduction in tourist arrivals in 2024 but say the flows will still outperform the pre-pandemic benchmark. The sector’s fortunes were affected by Hurricane Beryl in July and a previous travel advisory from the...
Jamaica only has a single correspondent bank that’s willing to provide it with cash services, and that is partly why consumers are subjected to such large spreads on the foreign currency they buy and sell in transactions with local banks, the...
The Bank of Jamaica, BOJ, expects negative growth this fiscal year, due to the passage of Hurricane Beryl last month. The central bank projected that the Jamaican economy would decline within a range of negative 1.5 per cent and 0.5 per cent on the...
Jamaica’s largest pharmacy chain, Fontana, is now selling magic mushroom products but remains silent on whether it will also be expanding into medical marijuana, or cannabis. Psychedelic mushrooms are unregulated but not prohibited in Jamaica,...
Jamalco has resumed full production despite its declaration of force majeure due to damage caused by Hurricane Beryl at its Rocky Point port facility in Clarendon. “Jamalco produced at its targeted 1.2 million tonnes per annum production rate in...
One in four members of the financial sector are bracing for a potential rate hike amid economic uncertainty, central bank data on inflation expectations shows. As to whether those sentiments are prescient, that remains to be seen. The Bank of...
Key Insurance Company Limited earned profit of $16 million in the June second quarter, a seven per cent improvement that was driven by higher core revenue and investments. The company’s outlook remains positive despite external risks. “Despite a...
The Jamaica Stock Exchange, JSE, expects the first green bond listing this year. The JSE expects to become the first stock exchange in the English-speaking region to facilitate the issuance of green and other sustainable bonds. The exchange,...
Proven Properties Limited, a subsidiary of Proven Group Limited, announced that it paid US$6.5 million to acquire half of the ownership in a company that owns a five-storey building called ‘One Barbados Place’. Barbados-based Caribbean Consultants...
The Fair Trading Commission, FTC, plans to conduct a market survey to assess the adequacy of current regulations governing taxi apps. This move is in response to the emergence of ridesharing services like Uber, InDrive, and 876 On The Go, which...
Investment fund Portland JSX Limited expects capital recovery within 18 months. Its capital has dipped by one-quarter in the past year. “We anticipate that there will be recovery in the equity as the value of the investment portfolio increases in...
Cement maker Caribbean Cement Company Limited expects to spend over US$51 million ($8 billion) this year as capital expenditure to complete its plant expansion while embarking on new projects. It would equate to the largest annual investment in...
Some 80,700 persons were out of work in January, or about one-third more than three months prior, according to the latest Labour Force Survey, which reflected new standards for tracking jobs in the economy. The jobless number was up from 57,300...
Business and consumer confidence declined in the June second-quarter 2024 period due to crime and the cost of living. “The macro situation looks good, but in terms of [consumers] own situation, they are concerned,” said pollster and Chairman of...
Digicel Limited, which owns Paymaster Jamaica Limited, plans to work with the regulator to restore remittance services after uncovering a breach in its record keeping. Its licence was suspended by the central bank this week. “Paymaster can confirm...
RA Williams Distributors Limited, which sells medicines, plans to raise $400 million this month through an initial public offering of shares on the junior market of the Jamaica Stock Exchange, JSE, priced at $1 per share. The Spanish Town, St...
Kingston Wharves Limited, KWL, and Norman Manley International Airport, two of the prime ports that handle cargo, were getting back to normal on Friday, following the passage of Hurricane Beryl. That said, Kingston Wharves already started...
Customers seeking car or home valuations are often limited to choosing from a pre-approved list of valuators provided by insurance firms or banks. The Fair Trading Commission, FTC, believes this restriction reduces consumer choice and stifles...
Barita Investments Limited isn’t ready yet with a date on when it plans to start developing the large property holdings it controls. “We are doing market studies and getting the market information to put forward the right inventory into the market...
Key Insurance Company Limited wants to grow its travel insurance business to offset rising costs related to its core motor segment. The company launched a travel insurance portal on its website this year, ahead of the summer Olympic Games being...
The planned addition of a 300-metre safety zone to the runway at Norman Manley International Airport, NMIA, will cost US$66 million ($10.2 billion), funded by PAC Kingston Airport Limited, the entity that manages the airport. The project is still...
The Urban Development Corporation, UDC, wants a test the viability of building low, middle and high-end homes in seven areas across five parishes, with low-end prices capped at $20 million. The developments can include studios, villas, town houses...
Lasco Distributors Limited and Lasco Manufacturing Limited are thinking of merging to combine their cash and grow their business. It could position them to buy large companies and improve how they operate. “It is something that we have talked...
Petrojam Limited will replace obsolete and unsafe equipment in the first major upgrade of its power distribution facility since the refinery was established six decades ago. Jamaica’s sole petroleum refinery aims to develop “a new power facility,...
The UK company exploring for oil offshore Jamaica has now put a US$70-billion estimate on the value of petroleum reserves likely lying under Jamaica’s waters waiting to be tapped. Were those numbers to be proved through further exploration and...
