Jamaica Business News

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Bank of England keeps rates steady, cuts growth forecast

February 5, 2016 - 12:00am
Bank of England cuts growth forecastThe Bank of England voted to keep interest rates at their record low of 0.5 per cent on Thursday and cut its forecasts as a slowdown in global growth and market volatility cast uncertainty over the country's...

Automakers to recall 5m vehicles for another air bag problem

February 5, 2016 - 12:00am
Automakers to recall 5m vehicles for another airbag problemAnother problem has developed with automotive airbags, this one resulting in recalls of up to five million vehicles worldwide.Continental Automotive Systems says in documents filed with the...

Redstone replaced as Viacom chair

February 5, 2016 - 12:00am
Redstone replaced as Viacom chairAgeing media mogul Sumner Redstone stepped down as executive chairman of Viacom on Thursday and was replaced by CEO Philippe Dauman, a move that immediately disappointed investors.Although the decision mimicked a...

Private companies join Dairy Board’s push to revive milk consumption

February 4, 2016 - 11:59pm
The Dairy Development Board has got private sector buy-in for its latest drive to revive the industry under a new campaign dubbed ‘Drink Real Milk.’ Its three partners — Seprod, the CB Group through its Nutramix subsidiary, and...

Jamaican Teas to consider stock split, rights issue

February 4, 2016 - 11:02pm
Jamaican Teas to consider stock split, rights issueCamilo ThameSenior Business WriterJamaican Teas' directors will next Monday decide on resolutions calling for a stock split and a renounceable rights issue to be considered at the company's annual...

Feb 4: JSE stocks continue winning streak

February 4, 2016 - 6:03pm
Jamaican stocks extended its winning streak on Thursday. The Combined Index of the Jamaica Stock Exchange maintained its record-setting pace for a third day, closing up by 1,216 points or 0.70% at 176,138.88 points. More than five million units...

GM reports record profit, gets punished by the market

February 4, 2016 - 12:00am
If you're an automaker, especially one from Detroit, conditions probably aren't going to be better for you to make a lot of cash. For General Motors, that's what happened last year as the company posted a record US$9.7 billion net profit.A good...

Feb 3: JMD holds steady at $121.37

February 3, 2016 - 7:46pm
The Jamaica dollar traded unchanged at an average rate of $121.37 against the US dollar on Tuesday. But in a day of mixed fortunes for the local currency, the JMD lost value against the pound sterling, closing down 69 cents at $173.21, while...

Feb 3: JSE stocks climb to fresh high for second day

February 3, 2016 - 7:31pm
The Combined Index of the Jamaica Stock Exchange maintained its record-setting pace for a second day, closing up by 984.41 points or 0.57 per cent at a new high of 174,922.90 points on Wednesday. Just over 636.5 million units traded valued at just...

Court denies cigar maker’s constitutional challenge of tobacco tax

February 3, 2016 - 4:10pm
*COVER STORY The case brought by a cigar maker, who argued that a tax on tobacco imported as raw material for the business amounted to a constitutional breach, was denied by the Supreme Court last month. The court ruled that the company — as...

Hotel import bill estimated at $70b - New tourism-demand study shows path to business for local companies

February 3, 2016 - 12:00am
Hotels import about one-third of their food and fixtures, on which they spend around $70 billion, which equates to opportunities for local business to explore, according to a new tourism-demand study released Tuesday by the Tourism Linkages Council....

Johnson's Petroleum buying Unipet

February 3, 2016 - 12:00am
Johnson's Petroleum emerged preferred buyer of rival United Petroleum - Unipet - on January 28 and the parties now say they expect to finalise the deal by the end of this month.The bid price was not disclosed, but Lynford Johnson, owner and chairman...

PSOJ backs oil hedge strategy

February 3, 2016 - 12:00am
The Private Sector Organisation of Jamaica (PSOJ) says it is in the country's best interest to further hedge against the upward movement in the price of oil, a strategy the Government first adopted in June last year.The hedge purchased by Jamaica...

Local animator deeper in the red, but Barita profit quadruples

February 3, 2016 - 12:00am
Local cartoon production house, GSW Animation, took a $27-million loss last year.Since start-up in 2012, the company has yet to turn a profit - it incurred losses of $7 million and $4 million in 2014 and 2013, respectively.It did manage to increase...

Seprod to - operate Bybrook condensary

February 3, 2016 - 12:00am
Seprod Limited has landed the contract to operate the former NestlÈ Jamaica condensary in Bybrook, St Catherine. It took over the operations on Monday, February 1.Musson Group acquired NestlÈ Jamaica's dairy operations through its wholly owned...

Khemlani banking on BPO to rent warehouse

February 3, 2016 - 12:00am
The Khemlani group wants to rent its large warehouse on Belmont Road in New Kingston to call centres."We have got a lot of interest, but I am hoping that the person with whom I am most comfortable surfaces," said Steve Khemlani on Monday.The...

Six brokers cleared of Libor-rigging in UK

February 3, 2016 - 12:00am
A British court on Thursday cleared six brokers of trying to fix the benchmark interest rate known as Libor, the London interbank offered rate.The six men had been accused of helping convicted banker Tom Hayes manipulate the Libor rate - the key...

UBS bank shares - slide as rich investors - withdraw money

February 3, 2016 - 12:00am
Swiss bank UBS saw its shares slide yesterday on news that investors had pulled billions out of its division serving wealthy clients - a token of the market turbulence that has shaken the world in the past few months.The Zurich-based bank, which...

T-bill rates hit highest level since 2008 crisis

February 3, 2016 - 12:00am
Interest rates on short-term Treasury bills rose in Monday's auction with rates on three-month bills rising to their highest level since the 2008 financial crisis.The Treasury Department auctioned US$37 billion in three-month bills at a discount...

Exxon profit plunges with oil prices

February 3, 2016 - 12:00am
The big plunge in oil prices is taking Big Oil's profits down.Exxon Mobil Corp said Tuesday that fourth-quarter profit fell 58 per cent to US$2.78 billion. It was the oil giant's smallest profit since the third quarter of 2002.Exxon's core...