Michael Lee-Chin, chairman of NCB Financial Group Limited, plans to help his workforce of over 5,560 become “exportable” to drive growth and double profits. It aligns with the investor’s broader philosophy for freer movement of labour and capital...
Global outsourcing company Ibex has scaled back its operations in Jamaica, closing two centres, and eliminating one-third of its contact desks, in the process. “We closed two sites during the year to optimise utilisation in our onshore and...
Consumers and investors should benefit from the dip in interest rates, arising from the first drop in the country’s benchmark interest rate policy in nearly three years. “This has to be carefully managed against the inflation targets,” said Don...
Urban Development Corporation, UDC, will be developing a two-storey restaurant and bar that seats over 150 persons at Dunn’s River Park in the resort town of Ocho Rios. “The building will overlook the cascading falls and give prime view of the...
Hurricane Beryl triggered insurance payouts for Flow’s operations in Jamaica and select islands, equating to an estimated US$44 million, the parent company of the regional telecommunications services provider has said. “The overall impact is...
The Pacific Airport Group, GAP, the operator of Jamaica’s two major airports, has renegotiated the terms of the concession agreements with the Government of Jamaica. The adjustments flowed from the financial challenges faced by the airports during...
Fed up with expensive drugs, Audley Reid, then an adolescent, co-founded RA Williams Distributors Limited during the 2009 recession. The company based in Spanish Town, St Catherine distributes medicines nationally. It started simply: trying to...
Flows of foreign direct investment into Jamaica, especially in the areas of tourism, and outsourcing and information technology, have grown to their highest level since the pandemic, when the flows were decimated amid a lockdown of economies around...
Women in Jamaica lost ground in all major categories on the path to parity with men, according to the Global Gender Gap 2024 report. Men gained ground in certain categories, while in other categories, other countries improved faster than Jamaica....
Main Event Entertainment Group Limited, MEEG, a provider of stage and lighting, indicated that some large parties and events, including carnival, have been scaling in size, resulting in lower margins for promoters like itself amid a changing...
Tropical Battery Company Limited acquired Silicon Valley, California-based Rose Rose Electronics for almost US$20 million. The deal closed on January 30, but financial details of the transaction were previously undisclosed. “Tropical Battery...
The Jamaican economy expanded by 1.9 per cent in the January-March quarter, stymied by slowing housing starts, according to preliminary estimates from the Planning Institute of Jamaica. Real estate, a star performer during the start of the pandemic...
Bank of Jamaica Governor Richard Byles says the untimely death of the Iranian president has added another layer of geopolitical tensions which could impact inflation and reductions in interest rates. “We are concerned about that particular...
Canopy Insurance Limited made a yearly profit for the first time since it started operations, its newly released financial results show. The health and life insurance company made $39 million profit at year ending December 2023, spinning from a...
Higher metal prices benefited Jamalco which returned to profit in the March quarter, parent company Century Aluminum has reported. “Production at Jamalco also improved through the first quarter, and I’m pleased to say the refinery returned to...
The Tourism Product Development Company, TPDCo, plans to spend just over $50 million to set up destination “jamiconic” signs at five destinations frequented by tourists. The locations are Falmouth, Ocho Rios, Holland Bamboo, Port Royal, and Hope...
MPC CARIBBEAN Clean Energy made US$1.6 million in net income for its December full year, despite weather messing with its power generation. Its energy production underperformed its forecast by about 5.0 per cent. That was still enough to make...
PERSONS BASED overseas sent US$3.13 billion in remittances to Jamaicans in 2023, which equated to a 2.0 per cent fall, or the largest slide in at least a decade, according to Bank of Jamaica (BOJ) data. The decline comes within the wider growth in...
‘Want to gain financial freedom – this opportunity is for you’, read a November advert to recruit new investors in the apparent failed ‘Warner’ scheme that the local financial regulator now aims to investigate. The Financial Services Commission (...
Two affiliated Lasco companies will graduate to the main market on the Jamaica Stock Exchange (JSE) next month after a decade of listings. “The effective date of the graduation is Wednesday, March 27, 2024,” stated the JSE in a notice. Both...
JAMAICA PLANS to develop an offshore company registry as its next step in the process to attract a portion of the funds that flow to International Financial Service Centres (IFSC) like the Cayman Islands, Switzerland, and others. “The Companies...
Jamaican influencers can average US$1,000 (J$155,000) per post online but retired sprinter Usain Bolt, with over 14 million followers, can generate 30 times that amount, according to estimates in a state-led publication. Influencers are turning...
Cargo Handlers Ltd (CHL) anticipates growth in 2024 arising from roadworks and the hotel boom in Montego Bay, St James. The revenue and profit at CHL, which operates a major wharf in the city, already hit record levels for its September 2023 year...
Stakeholders have expressed confusion over US-based Music Licensing Inc’s threat of legal action against the Jamaica Stock Exchange (JSE), Cumax Wealth Management Ltd which acted as its broker, along with attorneys and businessmen associated with...
United Oil and Gas Plc will seek funding of US$3 million ($460 million) to carry out final seafloor tests offshore Jamaica, after receiving a two-year extension of its licence, which was due to expire at month end. The company is packaging the...
