Jamaica Business News

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Ecuador now producing - oil at a loss

August 28, 2015 - 12:00am
Ecuadoreans are already contending with a rumbling, ash-spewing volcano and rising living costs because they use the appreciating US dollar as their currency.Now they've been told that Ecuador's oil - its principal export and a vital source of...

FG Cover Page

August 27, 2015 - 11:07pm
$120b plan for UWI campusesPages 4&5

Leader of the pack: The US economy’s second quarter went from solid to stellar

August 27, 2015 - 5:43pm
The United States economy staged a far bigger rebound last quarter than first thought, outpacing the rest of the developed world and bolstering confidence that it will remain sturdy in coming months despite global headwinds. The economy as measured...

Stocks rebound after six-day losing streak

August 27, 2015 - 12:00am
An afternoon surge on Wednesday gave the stock market its best day in close to four years, as stocks rebounded from a six-day slump.The three major US indices dropped six days in a row heading into Wednesday on concern that China's economy is...

BOJ cuts interest rates for banks

August 26, 2015 - 3:50pm
Effective Thursday, August 27, the interest rates at which the Bank of Jamaica (BOJ) provides liquidity to deposit taking institutions will be reduced by 50 basis points. BOJ governor Brian Wynter said, for example, that the rate on the standing...

Beijing appears to wind down share-buying. Now what?

August 26, 2015 - 10:24am
China's leaders are winding down a strategy of trying to push up slumping stock prices by spending billions of dollars to buy shares. After the Chinese market benchmark soared to a peak on June 12 and then reversed course and plunged 30 per...

UWI, CHEC to partner on $40b project

August 26, 2015 - 12:00am
The University of the West Indies is to sign an agreement with China Harbour Engineering Company (CHEC) today that is expected to lead to a $40-billion deal for a redevelopment plan that will double the hospital capacity and introduce a hotel to the...

JN Money limits transactions to US dollars in Cayman

August 26, 2015 - 12:00am
The Cayman Islands (CI) operation of JN Money Services (JNMS) has advised that, starting August 24, it will accept US dollars only for money transfer, MoneyGram and Quick Cash transactions.The action appears to be an accommodation of requests from...

JMMB prepping for another preference share issue

August 26, 2015 - 12:00am
In four to five months, JMMB Group will face a near-$3 billion payout to redeem two of its preference shares now trading on the stock exchange.The company appears to be planning a new fundraising effort, and will be asking shareholders to approve...

KLE restaurant business hangs tough, but company continues to bleed

August 26, 2015 - 12:00am
KLE group's nightclub revenue was down by half at midyear, resulting from the disposal of Fiction Marketplace, but the company's restaurant business increased sales in the same period.The entertainment company's turnover dipped from $116 million to...

Auto regulator probes Jeep SUV roll-away complaints

August 26, 2015 - 12:00am
United States auto safety regulators are investigating complaints that some newer Jeep SUVs can roll away unexpectedly after drivers put them in park.The probe covers 408,000 Grand Cherokees from the 2014 and 2015 model years. The National Highway...

Guyana rejects manufacturers' call to defy CCJ tax ruling

August 26, 2015 - 12:00am
Guyanese manufacturers have urged the government to re-examine its decision to pay millions of dollars to a Surinamese company in keeping with a ruling by the Caribbean Court of Justice (CCJ), but the Granger administration has immediately rejected...

Experts advise calm in turbulent market

August 26, 2015 - 12:00am
Don't do anything rash. Amid the scary slide on Wall Street, that's the advice from the professionals to ordinary investors.At times when the stock market's movements are almost nauseating, they say the best course of action is: Sit tight. Even the...

China cuts interest rates again to spur economic growth

August 26, 2015 - 12:00am
China cut interest rates for a fifth time in nine months on Tuesday in a new effort to shore up slowing economic growth, and its top economic official tried to dispel fears its yuan might fall further in value.US stocks rose on the news, but...

No reckless spending in run-up to election - Phillips

August 26, 2015 - 12:00am
Finance and Planning Minister Dr Peter Phillips said the Government will not be spending irresponsibly in the run-up to general election to benefit constituents in return for their political support."Too often, what has happened over many years is...

LIME-Flow shutters nine stores as merger advances

August 25, 2015 - 11:05pm
Cable...

Stocks pare losses after 1,000-point Dow plunge

August 25, 2015 - 12:00am
US investors got a serious jolt Monday when the Dow Jones Industrial Average tumbled 1,000 points minutes after the market opened in a wave of selling that circled the globe after a historic plunge in Chinese stocks.Though the declines eased...

Oil closes just above US$38

August 24, 2015 - 6:22pm
The price of US oil closed under US$40 a barrel on Monday for the first time since the days of the global economic crisis on fears of a slowdown in the world economy. Already trading at six-year lows on a prolonged slump, US crude fell US$2.21 to...

Public-sector wage target in jeopardy - Phillips

August 23, 2015 - 12:00am
Finance and Planning Minister Dr Peter Phillips said the wage target of nine per cent of GDP by fiscal year 2016-17 is in jeopardy and will depend on the settlement reached with public-sector groups which have not yet accepted the Government's offer...

Islandwide Construction developing warehouse space for small businesses

August 23, 2015 - 12:00am
Islandwide Construction Limited has broken ground for construction of 27 warehouse units at Marverly Avenue in Kingston under a joint venture with owners of the land.The units are intended to serve small businesses which need storage space and...