Dr Nigel Clarke, the minister of finance and the public service, has described the upcoming 2022-23 Budget as a signal of the transition from crisis towards recovery. The medium-term outlook, however, sees lower growth over the next three years...
The Government piled an additional $25.8 billion on to its recurrent budget for this fiscal year, which ends in March. Finance Minister Dr Nigel Clarke tabled on Tuesday a second Supplementary Estimates showing plans to spend $893.05 billion for...
Baking Enterprises Limited, a company held by members of the Hendrickson family, has found a buyer for the nine-acre Bellencita estate in Irish Town that was once the home of National Hero Sir Alexander Bustamante and Lady Bustamante. The historic...
Shareholders of Caribbean Cement Company Limited, CCCL, approved a resolution allowing ultimate parent company Cemex to receive royalties equivalent to four per cent of sales or about $800 million to $1 billion annually, despite some opposition...
Soapmaker Blue Power Group Limited has acquired another property on Victoria Avenue in Kingston, which houses its operations. The property spans two acres and sits across from its main office on the same street. The company plans to use the...
MBJ Airports Limited, operator of the Sangster International Airport in Montego Bay, expects the long-awaited runway extension project there to start this year, and the major infrastructure work should cost about US$70 million, or $10.5 billion. “...
Fontana Limited, which operates the largest chain of pharmacies, thinks it can continue to adapt and grow earnings amid new variants of the coronavirus and related curfews. The key is to allow customers various methods to shop safely, said CEO Anne...
Alumina refinery Jamalco says that it benefited from higher commodity prices during the first half of the year, which served to double its revenue, while losses were reduced to a tenth of previous levels. Despite signs of a rebound from the fallout...
Cemex will be funding a US$30-million ($4.6 billion) upgrade of Caribbean Cement Company’s plant in Kingston, in 2022, to add 30 per cent more capacity at the Rockfort-based facility. “This we believe will be enough to comfortably supply all the...
Power utility Jamaica Public Service Company, JPS, is exploring the development of three solar plants with combined capacity of 100 megawatts of power. JPS is now doing an initial resource assessment and “rapid” environmental impact assessment for...
The Jamaican film industry has taken a hit during the pandemic, registering a two-thirds decline, equating to $2 billion, in the value of the business generated from local and overseas films. The film sector was negatively affected by health...
Consumers and businesses were more confident about economic prospects in the second quarter of 2021 when compared to the prior quarter, but optimism among both groups still lags pre-pandemic levels. The business confidence index increased to 130.8...
Mayberry Investments plans to raise up to $750 million to finance the acquisition of real estate lots for development. The company operates an investment banking and brokerage firm. It intends to raise the funds in three separate issues, the first...
Some $13.8 billion worth of NCB Financial Group shares traded on Monday, coinciding with top executives surrendering shares at the banking conglomerate. It was the largest traded volume of NCBFG shares in over two years on the Jamaican stock market...
Investment company Eppley Limited aims to raise a $1.2 billion from the issue of three classes of preference shares on the Jamaica Stock Exchange this month, which will refinance existing debt. The offer priced at $20 per share will be available...
Expect moderate inflation going forward due to low productivity and job losses, according to the staff working paper titled ‘Estimating Jamaica’s Potential Output’ from the Bank of Jamaica, BOJ. Even as employment numbers improve relative to 2020’s...
The Jamaican economy is expected to grow by between 7.0 per cent and 9.0 per cent for the April-June 2021 quarter, the Planning Institute of Jamaica (PIOJ) has projected. The positive outlook reflects recovery from heavy declines a year ago when...
Port company Kingston Wharves Limited, KW, invested $800 million in its terminal operations between January and March, four times more than the funds spent in the similar period a year ago. The expenditure included the acquisition of a new crane...
Kingston Properties Limited, KPREIT, has invested US$1 million in a real estate fund based in the United States, which gives the real estate investment trust measured exposure to the American market. “We invested the sum in a real estate private...
Supreme Ventures Limited, SVL, announced the purchase of a 10-per cent stake in Main Event Entertainment Group Limited, an events production company valued at $1.05 billion on the stock market. The stake bought by SVL Group would be valued around $...
Silicon Valley-based Uber Technologies has announced plans to enter Kingston with its services. Uber sent out notifications to potential operators on Monday for persons to register as drivers. The company operates what it describes as a ride-...
The Government has crafted a lean Budget for the upcoming fiscal year, focusing on an ambitious vaccination programme and jobs as linchpins to spark economic recovery. Both the recurrent and capital budgets are flat year on year, but the Government...
It’s been a slippery slide for the local stock market over the past two years and the pandemic has made matters that much worse. From the best performing exchange in the world in 2018 repeating a spectacular feat it first accomplished in 2015, to...
Caribbean retail investors have tendered millions of dollars’ worth of old US dollar-denoted bonds from Digicel, as part of a regional deal to give them a final chance to join other bondholders from around the world in a global debt exchange....
