Mon | Nov 18, 2019

Stories by McPherse Thompson - Assistant Editor-Business

Published:Sunday | November 17, 2019 | 12:34 AMMcPherse Thompson - Assistant Editor-Business

A construction company engaged by the Ministry of Education to build a school in Annotto Bay, St Mary, almost 21 years, ago is suing the Attorney General of Jamaica for $10.6 billion over the aborted contract. The value of the claim equates to more...

Published:Friday | November 8, 2019 | 12:28 AMMcPherse Thompson - Assistant Editor-Business

Jitters in the foreign exchange market, especially over the past three weeks, have pushed the value of the Jamaican dollar to a new low, with Jamaicans now having to shell out nearly $142 on average to buy one US dollar. But the Bank of Jamaica,...

Published:Sunday | November 3, 2019 | 12:37 AMMcPherse Thompson - Assistant Editor-Business

Spirit company J. Wray & Nephew Limited, JWN, a subsidiary of the Campari Group, has entered the retail sugar market under a 50:50 partnership with Worthy Park Estate to package and market the sweetener under the Jamaica Gold brand...

Published:Sunday | October 27, 2019 | 12:16 AMMcPherse Thompson - Assistant Editor-Business

The Court of Appeal has again declared as unconstitutional a section of the Judicature (Rules of Court) Act that bars defendants in civil proceedings from actively participating in hearings during assessment of damages. Rule 12.13 of the Civil...

Published:Friday | October 11, 2019 | 12:10 AMMcPherse Thompson - Assistant Editor-Business

There is no firm undertaking whether Heineken Sweden will still acquire outstanding shareholdings in brewery and beverage company Desnoes...

Published:Sunday | September 22, 2019 | 12:33 AMMcPherse Thompson - Assistant Editor-Business

The Jamaican Government’s repurchase of a portion of its external debt last week will result in annual interest savings of about US$18 million, or just over $2.5 billion, Finance Minister Dr Nigel Clarke said on Friday. The transactions, in which...

Published:Friday | September 20, 2019 | 10:15 AMMcPherse Thompson - Assistant Editor-Business

  The Bank of Jamaica, BOJ, is projecting that the increased use of liquefied natural gas in electricity generation in the December 2019 quarter is expected to translate into relatively lower electricity rates. International oil prices are...

Published:Friday | August 30, 2019 | 12:31 AMMcPherse Thompson - Assistant Editor-Business

Credit extended by deposit-taking institutions to private-sector businesses as well as households has accelerated in recent months, growing to 16.8 per cent over the 12 months to June 2019, compared with the 12.3 per cent a year earlier. However,...

Published:Friday | August 23, 2019 | 12:28 AMMcPherse Thompson - Assistant Editor-Business

Minister of Finance and the Public Service Dr Nigel Clarke says that in the event that there is a significant downturn in the global economy that has a large enough effect on Jamaica, the fiscal responsibility laws will provide room for a policy...

Published:Friday | August 2, 2019 | 12:16 AMMcPherse Thompson - Assistant Editor-Business

The Fair Trading Commission, FTC, has initiated an investigation into whether the acquisition of Post to Post Betting Limited by Supreme Ventures Limited, SVL, is likely to adversely affect competition in the bookmaking market. Supreme Ventures...

Published:Friday | July 12, 2019 | 12:30 AMMcPherse Thompson - Assistant Editor-Business

UC Rusal Alumina Jamaica Limited has lost in its bid to quash a 2018 decision of the Financial Services Commission (FSC) regarding the distribution of billions in surplus in a pension fund for its former employees. The Russian-owned mining company...

Published:Friday | July 5, 2019 | 12:14 AMMcPherse Thompson - Assistant Editor-Business

Fifteen years after selling out his gas station network to French-owned Total Jamaica Limited, Roylton DeCambre’s company National Fuels and Lubricants has filed a lawsuit that claims seven of the properties taken over by Total were never...

Published:Friday | June 14, 2019 | 12:29 AMMcPherse Thompson - Assistant Editor-Business

The Jamaica Used Car Dealers’ Association, JUCDA, says it is strongly opposed to a new directive by the Trade Board for importers of used motor vehicles to pay a Jamaica government agent based in Japan to sanitise each auto at a cost of up to US$...

Published:Sunday | May 19, 2019 | 12:12 AMMcPherse Thompson - Assistant Editor-Business

With Old Harbour in St Catherine experiencing one of the highest population growth rates in Jamaica, Victoria Mutual Money Transfer Services perceives it an opportune time to expand its footprint with the opening of a branch in that area. “Our...

Published:Friday | May 10, 2019 | 12:14 AMMcPherse Thompson - Assistant Editor-Business

A section of the law governing court procedures has been declared unconstitutional by the Court of Appeal, a decision that likely sets the stage for new challenges to past default judgments issued by the Supreme Court. A default judgment is entered...

Published:Sunday | May 5, 2019 | 12:17 AMMcPherse Thompson - Assistant Editor-Business

The Bank of Jamaica (BOJ) is again pointing to plans to introduce a trading platform that is meant to ensure that Jamaica has a liquid foreign exchange market by facilitating transactions among authorised dealers and large cambios. It reaffirmed...

Published:Thursday | April 18, 2019 | 12:29 AMMcPherse Thompson - Assistant Editor-Business

The Caribbean Court of Justice, CCJ, on Wednesday ruled that the regional tax payable on ‘other hydraulic cement’ – a product used to stop water and leaks in concrete and masonry structures – should be set at five per cent. The ruling endorses a...

Published:Sunday | March 17, 2019 | 12:10 AMMcPherse Thompson - Assistant Editor-Business

The Court of Appeal has upheld a $35 million award to a labourer whose legs were amputated nearly 13 years ago as a result of an accident, described as catastrophic, while cleaning a concrete mixer at the marl quarry where he worked. President of...

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