Jamaica Business News

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Updated: 9 hours 48 min ago

Pfizer on buying spree with AstraZeneca antibiotics deal

August 26, 2016 - 12:00am
Drugmaker Pfizer Inc is continuing a shopping spree with its fourth acquisition since the April collapse of its planned US$160-billion megadeal to buy rival Allergan Plc and move its headquarters...

Kenya president signs law to cap bank interest rates

August 26, 2016 - 12:00am
Kenya's president on Wednesday said he signed into law a bill that caps interest rates for bank lending and deposits, saying it is clear that Kenyans are frustrated with the "lack of sensitivity"...

Nigeria central bank bans 9 local banks from trading forex

August 26, 2016 - 12:00am
Nigeria's central bank has banned nine local banks from trading in foreign exchange, accusing them of withholding US$2.1 billion in government funds and "round-tripping" to profit from a...

Rain bolsters August wheat harvest in parts of Texas

August 26, 2016 - 12:00am
As truckload after truckload of harvested wheat makes its way from smaller grain elevators in Hereford and Canyon to larger operations in Amarillo for loading on to trains and shipment by rail,...

Apple boosts iPhone security after Mideast spyware discovery

August 26, 2016 - 12:00am
A botched attempt to break into the iPhone of an Arab activist using hitherto unknown espionage software has triggered a global upgrade of Apple's mobile operating system, researchers said...

Final phase of Rousseff trial begins in Brazil

August 25, 2016 - 12:00am
The last medals have been handed out, the athletes have all gone home and the fireworks at Rio de Janeiro's Maracana Stadium are fading into memory. Now Brazil's real drama begins.Just days after the closing ceremony of the Rio Olympics, Brazilian...

Minority C&WJ shareholders press for Liberty buyout

August 24, 2016 - 12:00am
A group of shareholders has reached out to the Financial Services Commission seeking to force a buyout offer from Liberty Global for their Cable...

Salada aiming for elusive $1b sales club

August 24, 2016 - 12:00am
In the wake of the surprise resignation of its latest general manager, whose exit becomes official this month end, coffee processor Salada has tapped one of the company's executives to lead the operation.Jerome Miles' tenure lasted 20 months.His...

Popeyes to roll out another eight stores

August 24, 2016 - 12:00am
Fast-food franchise Popeyes Chicken is in expansion mode with the opening of a new outlet in Portmore this month, and plans for three more stores this year alone.Brand manager Richard Dunn also indicated that there is more to come next year."Before...

Dolphin Cove weighs alternate plan for first regional park

August 24, 2016 - 12:00am
Chairman and founder of Dolphin Cove, Stafford Burrowes, says the company will likely bump up plans for expansion to St Lucia as its first regional park over the Turks and Caicos Islands (TCI) for which it has been trying for some time to obtain...

Marley Coffee company up for sale

August 24, 2016 - 12:00am
Jammin Java Corp will seek to sell the coffee company if its countersuit against former chairman Rohan Marley and push to regain licensing control of the Marley Coffee name fail.Marley stepped down as chairman of Jammin Java last month amid a...

CCRIF makes payout to Belize for rain losses

August 24, 2016 - 12:00am
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has made a payout of US$261,073 to the Government of Belize, under its excess rainfall insurance policy.The payout stems from the damage caused by heavy rains that affected the country...

Recall job fallout in Venezuela

August 24, 2016 - 12:00am
President Nicolas Maduro is ordering retaliation against managers in government agencies who signed a petition to recall him from office.Socialist party leader Jorge Rodriguez said Monday that Maduro had set a 48-hour deadline for ministers to fire...

Bahamas PM says stalled mega-resort to be finished and sold

August 24, 2016 - 12:00am
The government of the Bahamas says it has reached an agreement that will lead to the completion of a stalled mega-resort financed and built by Chinese state-owned enterprises.Prime Minister Perry Christie announced late Monday that China...

Wheat farmers report big yield, low prices

August 24, 2016 - 12:00am
Though Montana's wheat farmers are reporting a large harvest this year, producers aren't reaping many profits due to low prices.Winter wheat values dropped as low as US$2.16 a bushel this year, meaning many Montana farmers will lose money on grain....

Beer mega-merger: What court ruling means for troubled deal

August 24, 2016 - 12:00am
A British court has ruled that two groups of shareholders in brewing company SABMiller should vote separately on the £79-billion (US$104-billion) takeover offer made by rival Anheuser-Busch InBev, effectively giving smaller investors an outside...

Spotlight on pharma companies after price hikes

August 24, 2016 - 12:00am
Valeant Pharmaceuticals replaced Robert Rosiello as chief financial officer as the embattled company attempts to normalise operations amid a host of investigations and class action lawsuits.The Canadian company named Paul Herendeen, former Zoetis...

Develop comprehensive liability management strategy - IMF

August 24, 2016 - 12:00am
The International Monetary Fund (IMF) is urging the Jamaican Government to develop a comprehensive strategy for liability management to reduce concentration and refinancing risks, as it endorses the second sovereign debt buyback in just over a year....

Pfizer buys cancer drug developer

August 23, 2016 - 12:00am
Pfizer will pay about US$14 billion to buy cancer drug developer Medivation in a cash deal aimed at fortifying its hold in one of the hottest and most lucrative areas of medicine.The New York drugmaker said on Monday that the acquisition will stock...

Start-up distributor takes on Spanish wines

August 21, 2016 - 12:00am
A new Jamaican company, Olive International Investments Limited, is attempting to corner a piece of the local wine market by specialising in the distribution of Spanish wines.Olive International's main business targets are local Spanish hotels, to...