Jamaica Business News

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Updated: 42 min ago

AB InBev says it has US approval for SABMiller merger

July 22, 2016 - 12:00am
Anheuser-Busch InBev, the world's largest beer maker, announced on Wednesday that it has reached an agreement with the United States Justice Department that clears the way for US approval of its...

US court reverses record forfeiture order over Iran assets

July 22, 2016 - 12:00am
A record terrorism-related forfeiture order benefiting families of some September 11 victims and others was reversed on appeal Wednesday, leaving in doubt what will happen to a US$1-billion...

RJR records growth in core profits; bottom line depleted by merger costs

July 22, 2016 - 12:00am
The RJR Communications Group yesterday published its audited financial results for the year ended March 31, 2016.A release from directors disclosed a loss of $225 million,...

Feds challenge health insurer combos, see threat to consumer

July 22, 2016 - 12:00am
Federal regulators are suing to stop two major health insurance mergers because they say the deals will increase health-care costs for Americans and lower the quality of care they get.The...

Dow Chemical and DuPont say shareholders approved merger

July 21, 2016 - 12:00am
Shareholders for agriculture and chemicals companies DuPont and Dow Chemical have approved their merger. After it's complete, the century-old companies plan to break up into three parts.The companies held meetings where shareholders voted on the...

NCB acquisition of Guardian stake creates conflict for BOJ deputy governor

July 20, 2016 - 1:43pm
The Bank of Jamaica has opted not to renew the contract of deputy governor Gayon Hosin, saying the recent acquisition of a stake in Guardian Holdings by National Commercial Bank Jamaica creates a conflict of interest in the execution of her duties...

Institutionalise EPOC, says Byles

July 20, 2016 - 12:25am
Jamaica needs institutionalise the Economic Programmed Oversight Committee (EPOC) to continue scrutinising the Government’s economic and financial policies beyond the current four-year programme with the International Monetary Fund (IMF...

Alpart sold for US$300m - UC Rusal seals deal with JISCO in Beijing

July 20, 2016 - 12:00am
Russian mining company UC Rusal formally signed a deal Tuesday for the US$300-million sale of its 1.6-million-tonne Alpart alumina refinery in Jamaica to China's Jinquan Iron and Steel Company (JISCO).In a separate pact with the Jamaican Government...

NEPA releases hold on LNG project after weekend stop order

July 20, 2016 - 12:00am
New Fortress Energy was issued at the weekend with a stop order by the National Environment and Planning Agency (NEPA) on pipe-laying works to link its LNG terminal to the Jamaica Public Service Company's (JPS) Bogue plant in Montego Bay....

Joe Bogdanovich not stretched thin by recent investments

July 20, 2016 - 12:00am
Joe Bogdanovich, an American investor resident in Jamaica, is investing in The Renfrew hotel alongside business partner Evan Williams, but he is not inclined to disclose his level of interest in the project.At the launch of the project on Monday,...

New financial centre out west for NCB

July 20, 2016 - 12:00am
National Commercial Bank Jamaica (NCB) will be developing a second financial centre, this time at Fairview in Montego Bay.NCB signed a contract with Frontier Development Limited for acquisition of a 20,400-square foot property - about one acre of...

AMG Packaging reports rocky Tishoo roll-out

July 20, 2016 - 12:00am
AMG Packaging & Paper Company Limited started selling its first line of toilet tissues, Tishoo, in the third quarter ending May, but its distributor suffered a major setback...

Middle-class Venezuelans liquidating savings to stockpile food

July 20, 2016 - 12:00am
Tebie Gonzalez and Ramiro Ramirez still have their sleek apartment, a fridge covered with souvenir magnets from vacations abroad, and closets full of name-brand clothes.But they feel hunger drawing near.So when the Venezuelan government opened the...

IMF says Brexit will drag down world economy

July 20, 2016 - 12:00am
Britain's decision to leave the European Union will reduce global economic growth this year and next, the International Monetary Fund (IMF) says.The IMF said Tuesday that it is shaving its estimate for worldwide growth to 3.1 per cent this year and...

Goldman earnings jump, helped by lower legal expenses

July 20, 2016 - 12:00am
Goldman Sachs' earnings jumped 78 per cent from a year ago as the bank's legal expenses declined and some of its trading desks saw a surge of activity during Britain's vote to leave the European Union.The bank was not immune to the volatility and...

Andre Burnett | How Pokemon grew up - The value of growing a brand instead of changing

July 20, 2016 - 12:00am
To some of us, it might seem strange that the word Pokemon has suddenly popped back in conversations we overhear, social media posts we scroll past or even in the news.If it is strange, then you're probably late to a new-old-new fad that has somehow...

Aurora gold mine production on track

July 20, 2016 - 12:00am
Canadian-owned Guyana Goldfields Inc, operators of Aurora Gold Mines, has produced over 75,000 ounces of gold for the first half of this year, earning the company a commendation from Prime Minister of Guyana Moses Nagamootoo.Guyana Goldfields began...

New IMF resident representative takes office

July 20, 2016 - 12:00am
Dr Constant Lonkeng Ngouana took office in Kingston on Monday as the new resident representative of the International Monetary Fund (IMF) in Jamaica.He replaces Dr Bert van Selm who ended his assignment as resident representative and has just...

Sprint owner Softbank to buy ARM in big post-Brexit deal

July 19, 2016 - 12:00am
Japanese technology company SoftBank Group Corp is buying Britain's ARM Holdings for £24.3 billion (US$32 billion) in a deal the British government hailed as a vote of confidence in the country, following last month's vote to leave the European...

Herbalife escapes pyramid scheme label

July 17, 2016 - 12:49am
Federal regulators closed an investigation of the multinational, nutritional supplements company Herbalife, which has for years been dogged by accusations that it was run as an elaborate pyramid scheme. Though Herbalife was ordered to restructure...