Jamaica Business News

Syndicate content
Updated: 5 hours 4 min ago

Jamaica lags in beer consumption - Red Stripe brewery plans to convert rum drinkers

12 hours 25 min ago
Desnoes & Geddes Limited, which trades as Red Stripe Jamaica, will strive to "responsibly" increase the "frequency" of drinking among adults, which the brewery says is pretty low relative to markets in the hemisphere...

Famous nightclub sold, KLE annual losses double

12 hours 25 min ago
KLE Group completed the sale of Famous Nightclub in January.The price was undisclosed, but the company had $35 million net assets held for sale on its balance sheet due to the divestment of the entertainment venue in Portmore, St Catherine.This...

Chris Issa to spend US$12.5m on Spanish Court Montego Bay

12 hours 25 min ago
The Crissa Group, led by Christopher Issa, plans to spend US$12.5 million to redevelop the seaside Montego Bay hotel acquired last year, which will be rebranded as the Spanish Court Hotel.Issa, a lawyer-turned-hotelier, disclosed the capital spend...

Dolphin Cove plans US$2m upgrade in Jamaica

12 hours 25 min ago
Dolphin Cove plans to pump US$2 million ($246 million) into upgrading its marine parks this year."(This is) part of our plan to make Dolphin Cove the signature attraction in this country, which will contribute to the economic success of Jamaica,"...

Jamaica National to issue Visa credit card

12 hours 25 min ago
Jamaica National, which is now transitioning from a building society to a commercial bank, has developed a credit card that it is discretely issuing to select clients.The card, co-branded with Visa, was unveiled at the Racers Mini-Museum at Jamaica...

GKMS offering Western Union transfers to Cuba

12 hours 25 min ago
Persons in Jamaica can now send money directly to Cuba, using Western Union, franchise-holder GraceKennedy Money Services (GKMS) officially announced on Monday.Funds may be remitted for daily living and family care, student support, and health-care...

Eppley to raise $317m from rights issue

12 hours 25 min ago
Eppley Limited, a member of the Musson Group, will seek to raise some $317 million in its rights issue for shareholders this month.It will be Eppley's third fundraising effort through the stock market, not counting its initial public offering via...

Venezuela opposition delivers petitions to remove President Maduro

12 hours 25 min ago
The opposition turned in petitions to Venezuelan electoral authorities Monday that it said carried signatures of 1.8 million voters seeking President Nicolas Maduro's removal in a nationwide referendum.An opposition statement said leaders decided to...

Prosecutor seeks probe of Argentina ex-president and son

12 hours 25 min ago
A federal prosecutor asked on Monday that former president, Cristina Fernandez, and her son be investigated for possible illegal enrichment in connection to two businessmen accused of money laundering and tax evasion....

Johnson & Johnson loses second talcum-powder lawsuit

12 hours 25 min ago
For the second time in three months, a St Louis jury has ordered Johnson...

Pfizer beats profit forecasts on higher sales, lower taxes

12 hours 25 min ago
Pfizer easily beat Wall Street expectations as the biggest United States drugmaker's first-quarter net income jumped 27 per cent due to higher sales, a lower tax bill and some one-time gains.The company raised its 2016 financial forecasts, citing...

'Society now understands Government has to be frugal'

12 hours 25 min ago
It has taken the International Monetary Fund (IMF) to get the Jamaican society to understand that Government has to be economical rather than recklessly extravagant or wasteful in the use of resources, according to Prime Minister Andrew Holness."It...

JMMB rebrands commercial bank in Trinidad

May 3, 2016 - 6:15pm
Financial conglomerate JMMB Group has renamed its Trinidad banking subsidiary to align with the identity of the group. Intercommercial Bank Limited (IBL) officially became JMMB Bank on May 2. JMMB first invested in IBL in 2004, when it bought half...

Oil explorers abandon merger

May 3, 2016 - 12:00am
Two companies crucial to the business of United States energy exploration, Halliburton and Baker Hughes, have abandoned their planned merger in the face of opposition by regulators who said it would hurt competition.Prospects for the merger, which...

DBJ sells Petcom for J$2.3 billion

May 2, 2016 - 8:05pm
Over the next 90 days, Petroleum Marketing outfit Phoenix Fuels and Accessories has to come up with US$19 million (J$2.3 billion) to close the deal on the sale of the Petroleum Company of Jamaica (PETCOM). The development comes after Phoenix...

DBJ finalises sale of Petcom

May 2, 2016 - 6:50pm
Development Bank of Jamaica said Monday that the sale of the Petroleum Company of Jamaica (Petcom) to Phoenix Fuels & Accessories has been finalised but the transaction is still subject to closure. The sale agreement was signed Friday, April 29...

DBJ finales sale of Petcom

May 2, 2016 - 6:50pm
Development Bank of Jamaica said Monday that the sale of the Petroleum Company of Jamaica (Petcom) to Phoenix Fuels & Accessories has been finalised but the transaction is still subject to closure. The sale agreement was signed Friday, April 29...

Sunday Business Snapshots

May 1, 2016 - 12:12am

CHEC land deal excluded from toll - 1,200 acres still unidentified for transfer

May 1, 2016 - 12:02am
The land that Government agreed to give China Harbour Engineering Company (CHEC) as offset for the cost of developing the North-South Highway appears to have not been a factor in the calculation of the toll, which motorists have bashed as being...

NCB hints at further investments overseas

May 1, 2016 - 12:00am
National Commercial Bank Jamaica (NCB) hinted on Friday at preliminary plans to make additional investments in the region, but was silent on the specifics.The bank also remains bullish for the remainder of its financial year after posting a $3.6...