Jamaica Business News

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Updated: 26 min ago

Small bank sees downside to repo auctions

August 30, 2015 - 12:00am
Josephine Bennett-Darmand, the chief financial officer of one of Jamaica's smallest commercial banks, has praised the move by the central bank to transition to a market-determined rate for repurchase agreements, or repos.But the First Global Bank...

On PetroCaribe, public wages and potholes

August 30, 2015 - 12:00am
Two weeks ago, an IMF team visited Jamaica to conduct discussions on the ninth review of the four-year Extended Fund Facility with the International Monetary Fund.In meetings with the Jamaican authorities, private sector, academics, and civil...

No, motor and household insurance not designed for drones

August 30, 2015 - 12:00am
QUESTION: Flying an aircraft has fascinated me since childhood. However, neither my parents nor I was able to pay for lessons. As a result, I gave up hope of flying an aircraft. My wife has recently revived my interest. She gave me a present of an...

Teen in a hurry to make millions

August 30, 2015 - 12:00am
QUESTION: I was reading The Sunday Gleaner when I stumbled across an article in the Business section written by you. I observed that your job is a personal financial adviser and so I was hoping that you could help me with my goal.I am a teenager...

No easy formula for best time to book airline tickets

August 30, 2015 - 12:00am
Travellers dream of the perfect trick to find the cheapest airfare every time, every trip.There are theories, some of them backed up by real number-crunching - shop on a Tuesday; or shop 57 days before your flight - but using a tidy formula to find...

Oil prices climb again after Thursday's big jump

August 30, 2015 - 12:00am
Crude oil prices surged again Friday, a day after recording their biggest gain in more than six years.US crude rose 6.3 per cent to finish at US$45.22 per barrel after climbing 10.3 per cent on Thursday. That was the biggest one-day jump for US oil...

Rescue low followership with advanced listening skills

August 30, 2015 - 12:00am
Executives are often amazed to discover how much they can accomplish with advanced listening skills.Unfortunately, the path to developing them is shrouded in mystery, resulting in a numbing mediocrity that undermines their best efforts.If you are an...

Mutual incomprehension marks Dom Rep-CARICOM relationship

August 30, 2015 - 12:00am
Mutual incomprehension perhaps best sums up the way in which the Anglophone Caribbean and the Dominican Republic presently regard one another.Although in recent months the focus has been on the complex concerns surrounding Haitian migration and...

Cuba tourism boom leaves some worrying they'll be left out

August 30, 2015 - 12:00am
AP:The 500-year-old city smells of fresh paint and varnish.Residents of Santiago de Cuba stroll along a recently completed harbour promenade under gleaming new street lights, enjoying sea breezes while relaxing on newly installed metal benches....

Puerto Rico power company drops Petrobras in new deal

August 28, 2015 - 12:00am
Puerto Rico's heavily indebted power company said Tuesday that it signed a contract to replace Brazilian oil giant Petrobras as the island's main fuel supplier in a bid to save money as a restructuring deadline looms. The Electric Power...

UWI to partner with second Chinese firm for western campus development - Student population to grow from 800 to 10,000

August 28, 2015 - 12:00am
The Mona campus of the University of the West Indies (UWI) is leveraging assets owned in the form of land to overhaul infrastructure that is more than 50 years old and build new facilities.Those projects are expected to help pay for themselves later...

Withholding tax on services takes effect Sept 1

August 28, 2015 - 12:00am
The new withholding tax on specified services will now take effect on September 1, the finance ministry said this week.The tax, which the ministry says targets non-compliant taxpayers as well as those outside of the tax net, will impose a three per...

Cambios weigh non-cash options for cash surrender to central bank

August 28, 2015 - 12:00am
The cambio market is exploring full migration to non-cash means of surrendering funds to the Bank of Jamaica in a bid to get around banking restrictions linked to an aversion to money laundering risk.Cambios, which are foreign exchange traders, are...

Hi-Lo gives up on Mandeville, for now

August 28, 2015 - 12:00am
At first, Hi-Lo was un-willing to give up on Mandeville. Perhaps chan-ging the venue might help.But the relocation of the super-market operation a dozen years ago from Manchester Shopping Centre to Ward Avenue failed to generate the type of business...

Annual inflation at 43-year low, data encouraging, says BOJ

August 28, 2015 - 12:00am
Inflation for the 12-month period ending July fell to 3.8 per cent, the lowest in more than 43 years and more than 200 per cent less than the nine per cent rate recorded in the comparative annual period ending July 2014, according to Bank of Jamaica...

Rights issue proceeds for new X Fund subsidiary

August 28, 2015 - 12:00am
Subscriptions to Sagicor Real Estate X Fund's rights offer have reportedly topped the initial 598 million of shares.As such, the offer was upsized on Monday by more than 149.5 million shares as a result of the demand. The price remains $6.95 per...

Oil jumps 10% for biggest one-day gain since 2009

August 28, 2015 - 12:00am
Oil soared more than 10 per cent Thursday, its biggest one-day gain in more than six years, lifted by resurgent global stock markets and a report showing the United States economy grew faster than previously reported in the second quarter.US oil...

Poor suffers, rich praises Government

August 28, 2015 - 12:00am
In the 'austerity will lead to growth' programme that the Jamaican Government has been selling and sticking to for the last three to four years, there have been clear winners and losers.One set of winners has been those individuals and businesses...

Venezuela: Promising signs amid the perils

August 28, 2015 - 12:00am
Venezuela's economic situation is dire, to say the least.The country is a classic monoproducer, in the midst of a severe terms of trade shock, and on its way to hyperinflation.It is difficult for any country to survive such conditions, no less one...

Digicel expands fibre network to MoBay resort corridor

August 28, 2015 - 12:00am
By the end of October 2015, hotels and other businesses along Montego Bay's so-called Elegant Corridor will have access to high-speed Internet from Digicel Business, powered by underground fibre.The project continues the expansion of the Digicel...