Jamaica Business News

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Updated: 7 hours 44 min ago

Greece says IMF report justifies debt stance

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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

July 3, 2015 - 12:00am
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...

Cemented at the top: Caribbean Cement is champion exporter

July 2, 2015 - 11:45am
Caribbean Cement Company Limited is Jamaica’s Champion Exporter for 2014, for which it was awarded the Governor General’s Trophy on Wednesday night by the Jamaica Exporters Association. Caribbean Cement also copped the Category III...

Obama: US embassy in Havana marks 'new chapter' in Cuba ties

July 2, 2015 - 12:00am
United States President Barack Obama announced Wednesday that the US and Cuba will reopen their embassies in Havana and Washington, heralding a "new chapter" in relations after a half-century of hostility.The embassy agreement marks the biggest...

Whispering Seas - condos hit the market

July 1, 2015 - 12:00am
Lance Belcher's vacation condominiums, Whispering Seas, have hit the market with 24 of the 32 luxury units already sold.The beachfront property, located in Tower Isle, St Mary, broke ground in 2010 under a US$11-million investment by Belcher's UK-...

Content Solar to connect with grid before year end

July 1, 2015 - 12:00am
Robert Blenker, vice-president of the Florida-based WRB Enterprises Inc and director of Content Solar Limited, said Monday that the company is likely to require the entire lifetime of its current power supply agreement with the Jamaica Public...

Greece hits new low as bailout expires

July 1, 2015 - 12:00am
Greece slipped deeper into its financial abyss last night as the bailout programme it has relied on for five years was set to expire and eurozone finance chiefs decided not to extend it a new financial lifeline.Denied a last-minute bailout extension...

Grenada to get funds from IMF

July 1, 2015 - 12:00am
The International Monetary Fund (IMF) on Monday announced that Grenada would receive US$2.8 million after the island successfully completed the second review of its economic performance under a three-year programme supported by the Extended Fund...

Relying on cold-pressed technology ... - JP sets to unravel fresh juice market in Europe

July 1, 2015 - 12:00am
Jamaica Producers Group (JP) is betting on cold-pressed juice technology that will extend the shelf life of its fresh juices from a week to nearly two months.Within the next three months, the company's Holland-based juice-manufacturing business, A.L...

Net billing arrangement to resume in weeks

July 1, 2015 - 12:00am
The net billing programme is to resume within another two to three weeks following its suspension earlier this year, Minister of Science, Technology, Energy and Mining Phillip Paulwell says.Net billing allows customers of the Jamaica Public Service...

Greek crisis - of 'substantial - concern' for Europe - Obama

July 1, 2015 - 12:00am
President Barack Obama says the Greek financial crisis is of "substantial concern" but should not prompt "overreactions".Obama says he doesn't believe the crisis will deal a "major shock" to the American financial system, but adds that it's painful...

OECS leaders criticise - EU over tax haven blacklist

July 1, 2015 - 12:00am
Leaders of the Organisation of Eastern Caribbean States (OECS) have ended a meeting in Grenada criticising the European Union over its decision to blacklist several Caribbean countries as tax havens.In addition, the leaders of Antigua and Barbuda,...