PAC Kingston Airport Limited, the Mexican-owned operator of the Norman Manley International Airport, wants assets valued at over $300 million belonging to Flight Connections Limited removed from the airport grounds despite an ongoing legal battle...
Short-term rental listings are on the rise, reflecting new housing stock and a desire to earn foreign currency. But rental rates are also still increasing due to the higher cost of mortgages and other debt. “Hosts in Jamaica are using the extra...
The Private Sector Organisation of Jamaica, PSOJ, plans to list its charity Project STAR on the Jamaica Social Stock Exchange via an initial public offering set to raise $100 million. The social shares will be offered at $1 before month-end. The...
Jamaica grew for eight consecutive quarters to pull itself out from under the coronavirus, but planners want a larger skilled workforce to guard against a return to low growth. The economy grew 2.7 per cent in the March quarter 2023 compared to the...
Power utility Jamaica Public Service Company Limited, JPS, will spend US$18.25 million ($2.83 billion) on specific projects designed to improve the reliability of the electricity grid following a spike in outages. On average, the number of outages...
New rules regarding insurance contracts that have been called the most radical in a decade have carved about $45 billion off the capital base of two of the largest insurance conglomerates that operate businesses in Jamaica. Collectively, Sagicor...
The 15 of 15 Alternative Fund managed by Portland Counsel has exited its holdings of Meta Platforms stock and reacquired shares in luxury brand LVMH, which owns Hennessy and Louis Vuitton. Meta Platforms Inc, which owns Facebook, Instagram and...
Cumax Wealth Management Limited will provide advisory services to American company Music Licensing Inc on its path towards a cross-listing on the Jamaica Stock Exchange by July. Music Licensing is a small music rights firm with a big catalogue. It...
The partners in Jamalco refinery in Clarendon want to refocus on incorporating the alumina company prior to approaching the capital markets for financing. The plan is to do so before starting new investment projects. Managing Director of Jamalco...
Roots Financial Group has acquired patty maker and food chain Mother's Enterprise Limited for an undisclosed sum. “We acquired 100 per cent of Mother’s Enterprises,” said Kevin Donaldson, a former investment banker and principal owner of Roots...
The focus on capital adequacy by large banking conglomerate NCB Financial Group resulted in it reclassifying certain investment assets to retain value. “We are living in uncomfortable times,” said President and CEO Patrick Hylton during an...
The Turtle River Falls and Gardens in St Ann, which was built on lands that formed part of the former Enchanted Gardens property, has been listed for sale on the real estate market for US$15 million, which converts to $2.3 billion in local currency...
The new majority owner of the Jamalco alumina refinery intends to pump up to US$20 million of capital into the operation, which it expects to return to profit by September. “With respect to Jamalco, we expect to break even, or better, for adjusted...
The National Water Commission, NWC, is projecting a $3.9 billion surplus this fiscal year, which would reverse losses recorded two years earlier, but a major plank of that growth will rest on increased revenue and cost containment, especially in...
Global shocks will make the raising of US$350 million in seed capital for Portland Caribbean Fund III more challenging this year. Consequently, the fund managers will extend the offer to new investors until 2024, according to Robert Almeida, the...
Century Aluminum Company, a United States-based associate of Glencore, will acquire the majority stake in Jamalco for US$1, stripping former owner Noble Group of the lossmaking alumina refinery. The deal is days away from completion. “A wholly...
Fitch rating agency has revised the outlook for National Commercial Bank Jamaica Limited, NCBJ, from stable to positive, reflecting an overall improvement in the economy. NCBJ is Jamaica’s largest commercial bank with assets of nearly $886 billion...
The rise in value of the Jamaican dollar last year cost Jamaica Producers Group Limited hundreds of millions of dollars. The bulk of Jamaica Producers’ $29 billion in annual revenue takes the form of foreign currency that’s converted to Jamaican...
Proven Group Limited is chasing new debt capital at around the same rate it did a year ago, notwithstanding the pressures that inflation and rate hikes have been putting on bond yields. The company placed a two-year bond on the market on January 10...
Power provider Jamaica Public Service Company Limited, JPS, wants to increase by sixfold this year, the number of customers who prepay for electricity, otherwise called pay-as-you-go. It’s a bit of a conundrum, why after eight years since the...
In what amounts to a nudge, the central bank is pointing out to the Jamaican Government that it can get better interest on the money it holds at commercial banks, which one official data set estimates would hit $84 billion by March. The upshot is...
E-commerce orders are being cancelled or redirected amid the slashing of country destinations offered by the Postal Corporation, operator of Jamaica Post. The postal service, which delivered to about 200 countries using surface and airmail shipping...
The main market of the Jamaica Stock Exchange will struggle in 2023 even after three straight lacklustre years, but less so for other indices, market investors say. Long-term investors may see the dip in the main market as a buying opportunity for...
A shortage of bottles and complaints of unfair treatment have seen beer maker Red Stripe Jamaica introducing a rule that forces retailers to return empty bottles to the brewery. The rule initially affected sections of the trade, mainly bars and...
