Jamaica Business News

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Updated: 2 hours 21 min ago

Before you say 'I quit'

May 24, 2015 - 12:00am
'A winner never quits; a quitter never wins'.So goes the inspirational saying which you're, no doubt, familiar with. It's famous, for sure. The question is: Is it true? At best, it's only partly so, if you think about it.People quit smoking. They...

Selling the authentic Caribbean

May 24, 2015 - 12:00am
After years idling in the doldrums,visitor arrivals to some parts of the region are increasing rapidly, travellers are spending more, and the yield for hoteliers is improving. Moreover, as demand soars it is getting much harder for visitors to find...

Yellen: First rate hike likely by year end if economy improves

May 24, 2015 - 12:00am
United States federal Reserve Chair Janet Yellen said Friday she expects to begin raising interest rates later this year, if the job market improves and the Fed is confident inflation will climb closer toward its target rate.She described the US...

Businesses slightly less optimistic in April

May 24, 2015 - 12:00am
Last month, companies became less optimistic about future business conditions than they were at the start of the year.But they were less moody about the current state of affairs, according to the latest survey of inflation expectations published by...

Currency tumbles as Venezuelans look to unload bolivars

May 24, 2015 - 12:00am
A staggering plunge in the free-market value of Venezuelan currency sent people scrambling to sell off their depreciating bolivars Friday.DolarToday, a widely followed website that tracks exchanges made near the Colombian border, reported that the...

Inflation expectations improve in new survey

May 22, 2015 - 12:00am
Businesses expect inflation of 5.1 per cent in the year ahead, a 50 per cent decline in the expected rate since the last two surveys conducted by the Statistical Institute of Jamaica for the Bank of Jamaica, according to central bank Governor Brian...

No ban for banks guilty of market rigging

May 22, 2015 - 12:00am
Four of the world's biggest banks agreed Wednesday to pay more than US$5 billion in penalties and plead guilty to rigging the currency markets, a rare instance in which federal prosecutors have wrung an admission of criminal wrongdoing from a...

J Wray & Nephew re-enters beer market with Trinidadian lager

May 22, 2015 - 12:00am
The domestic beer market is now at least 50 per cent larger than it was when J. Wray...

J Wray & Nephew re-enters domestic beer market with Trinidadian lager

May 22, 2015 - 12:00am
The domestic beer market is now at least 50 per cent larger than it was when J. Wray...

Local group, EDJ Acquisition, formed to launch Petcom bid - Plans to float gas company on the stock market

May 22, 2015 - 12:00am
A LOCAL group of gas station owners calling themselves EDJ Acquisition Company Limited are to bid for the assets of Jamaica's fourth largest petroleum marketing company, Petcom, the Financial Gleaner has confirmed.The consortium includes Trevor...

PIOJ now sees growth as 'an imperative', economy too fragile

May 22, 2015 - 12:00am
The continued lagged impact of the drought which prevailed last summer has been blamed for the poor performance of the Jamaican economy during fiscal year 2014-15, with the Planning Institute of Jamaica (PIOJ) estimating expansion of a mere 0.1 per...

GK Capital targeting media, energy, BPO for investment

May 22, 2015 - 12:00am
GraceKennedy Limited plans to tap into new areas of business previously unexplored by the conglomerate, but will mostly do so as an investor through its private equity/ investment advisory arm, GK Capital, and not as an operating partner.GracKennedy...

NCB raises US$250m in debt backed by future credit card receipts

May 22, 2015 - 12:00am
National Commercial Bank Jamaica (NCB) has raised US$250 million ($29 billion) in debt financing, which was backed by future receipts of credit card payments from Visa and MasterCard.The successful issue, which was completed on Monday, marks the...

PayPal facing sanction for illegal credit sign-ups

May 22, 2015 - 12:00am
United States' federal regulators are proposing that PayPal Inc pay US$25 million to resolve allegations that it illegally signed up customers for its online credit product, used misleading advertising and mishandled billing disputes.The Consumer...

Beware that 'specified services' withholding tax

May 22, 2015 - 12:00am
WITH TAX reform in overdrive, there has been enough paperwork in amendments and secondary legislation to make a dent in a tropical rainforest.The changes have been coming fast and furious, and now we now have another piece of legislation which...

Civil servants deserve more, but first the economy must grow

May 22, 2015 - 12:00am
Jamaica's civil servants have endured an almost palpable set of economic hardships in a composite package, which included a close to 40 per cent depreciation of the Jamaican dollar since they agreed to a wage cap going on six years ago; wealth-...

Top US regulators warn of new threats to financial system

May 22, 2015 - 12:00am
The panel created to prevent a repeat of the 2008 financial crisis says banks and other financial institutions are stronger now but regulators must remain alert to new risks, including the danger posed from cyberattack.In its annual report to...

Exxon Mobil says oil discovery off Guyana is 'significant'

May 22, 2015 - 12:00am
Exxon Mobil Corp confirmed Wednesday that it has made what it calls a "significant" oil discovery off Guyana, in waters also claimed by Venezuela as part of a long-running border dispute between the South American countries.The company and Guyana's...

BOJ Currency Rates

May 21, 2015 - 11:06pm
Bank of Jamaica foreign exchange rates for May 21, 2015:CURRENCY BUY SELLARGENTINE PESO 12.91339 12.95778ARUBA GUILDER 64.64631 64.86855AUSTRALIA DOLLAR 91.15020 91.46354BAHAMAS DOLLAR 115.71690 116.11470BARBADOS DOLLAR 57.85845 58.05735BELIZE...

No more Mr Nice Guy. FSC moving to full enforcement of financial laws

May 21, 2015 - 11:00pm
would be taking a firmer approach to supervision. The FSC itself is headed by Executive Director Janice Holness."Effective August 1, 2015, the FSC will implement a zero-tolerance approach to breaches of the legislation which it administers. This...