Jamaica Business News

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Updated: 3 hours 52 min ago

The case for Greece: When it forgave Germany's debt

15 hours 16 min ago
Forgiving debt, if done right, can get an economy back on its feet. The International Monetary Fund certainly thinks so, according to a new report in which it argues Greece should get help. But Germany, another major creditor to Greece, is...

Scotiabank rolls out tech-driven strategy - Eyes chip cards, agency banking next year

15 hours 16 min ago
Scotia Group Jamaica will close another branch in a matter of weeks. The Premier Plaza location in Half-Way Tree will be the 10th to be closed within the past decade as the bank continues its rationalisation programme.Over the years, new branches...

Tomblin wants JPS to transform into gas and electric company - Power utility discussing potential stake in regional gas hub

15 hours 16 min ago
Kelly Tomblin, CEO of Jamaica Public Service Company Limited (JPS), said Wednesday that the company is weighing whether to invest in a gas terminal project mooted as a hub to supply the wider Caribbean.The terminal may cost between US$200 million...

MC Systems to roll out mobile card payment device

15 hours 16 min ago
Management Control Systems has launched a new electronic payment device, MPAY2, which will be distributed through local banks to small merchants.The full roll-out will be prefaced by a six-week pilot.The device is attachable to smartphones and...

Crichton fined for selling misdated car - Court says honest error no defence

15 hours 16 min ago
Car dealership Crichton Automotive Limited (CAL) has been fined $2 million for selling a 2005 car as a 2007 model, even though the court found that the company may have made an honest error.Justice Brian Sykes ruled that while Crichton provided...

Wray & Nephew launches bar school

15 hours 16 min ago
J. Wray...

WIHCON to develop townhouses in Portmore after Jacaranda

15 hours 16 min ago
West Indies Home Contractors Limited (WIHCON) wrapped up its Jacaranda project in St Catherine in just over two years, instead of the three years originally estimated, and is about to move on to its next project.On Monday, a project repre-sentative...

Robot kills man at Volkswagen plant in Germany

15 hours 16 min ago
A robot has killed a contractor at one of Volkswagen's production plants in Germany, the automaker said Wednesday.The man died Monday at the plant in Baunatal, about 100 kilometres (62 miles) north of Frankfurt, VW spokesman Heiko Hillwig said.The...

JMMB gets green - light for Banco Rio acquisition

15 hours 16 min ago
JMMB Holding Company Limited, the Dominican Republic subsidiary of JMMB Group Limited, has got regulatory approval for its 90 per cent acquisition of savings and loan institution Banco Ahorro y CrÈdito Rio.JMMB said the other 10 per cent is owned by...

TAJ woos grandfathered companies to new tax incentive regime

15 hours 16 min ago
Tax Administration Jamaica confirmed that it has been reaching out to companies that have been allowed to "live out" their waivers, even after tax reform, to give up those subsidies and migrate immediately to the new tax regime.The TAJ is especially...

Greece says IMF report justifies debt stance

15 hours 16 min ago
The International Monetary Fund's (IMF) report on Greece "completely justifies" Greece's position on debt sustainability, the Greek government has said.In a report released Thursday, the IMF said Greece needs both debt relief and €50 billion (...

Jamaica, Puerto Rico, Greece and Spain - United in debt

15 hours 16 min ago
There is an unflattering similarity among these four countries - Jamaica, Puerto Rico, Greece and Spain - that is extremely topical this week. It is the size and severe financial burden of each's national debt.While each country's debt, economic...

The Russian pivot

15 hours 16 min ago
A confluence of shocks delivereda devastating blow to the Russian economy. The conflict in the Ukraine, sanctions and the collapse in commodity prices left the country reeling.The central bank expects the economy to contract by 2.5 per cent y/y this...

Puerto Rico power company forced to sell bonds amid crisis

15 hours 16 min ago
Puerto Rico's troubled power company has been forced to sell bonds once again to obtain capital and avoid defaulting on a US$415-million debt payment that was due on Wednesday with a worsening economic crisis in the United States territory.The...

Economists say Peurto Rico needs right to bankruptcy option

15 hours 16 min ago
Puerto Rico's financial future hung in limbo Tuesday as economists and officials warned that the United States territory could head down Greece's path if it is not allowed to declare bankruptcy as it struggles with US$72 billion in public debt.The...

US probes possible collusion among airlines to keep fares up

15 hours 16 min ago
The United States government is investigating possible collusion among major airlines to limit available seats, which keeps airfares high, according to a document obtained by The Associated Press.The civil antitrust investigation by the Justice...

PayPal to buy Xoom for US$890m cash

15 hours 16 min ago
Ebay's PayPal unit is buying Xoom for US$890 million cash in a bid to expand into international money transfers.Xoom is a San Francisco-based digital money-transfer provider. The company's technology lets US customers send money to, and pay bills...

Tewani building shops at Cross Roads

July 2, 2015 - 11:02pm
Real estate investor and jeweller Gordon Tewani is developing four shops at Cross Roads, which he plans to place on the rental market.The site at the intersection of Half Way Tree Road and Old Hope Road originally housed shops that were destroyed by...

Petrotrin fires workers involved in ebola scare incident

July 2, 2015 - 11:02pm
State-owned oil company Petrotrin fired three employees and is to discipline another 37 for failing to do their jobs at the height of the ebola scare last year.The workers refused to carry out their duties for three vessels from Gabon, even though...

Petcom bids extended

July 2, 2015 - 11:02pm
Prospective investors in Jamaica's third-largest petroleum marketing company have more time to submit their bids.Development Bank of Jamaica has pushed back the date from June 30 to noon on August 18.Investors are bidding for state-owned Petroleum...