Business

IMF warns Caribbean of PetroCaribe change amidst low oil prices

Venezuelan President Nicolas Maduro is under pressure to re-examine the PetroCaribe
arrangement.

Montego Bay, St James — JAMAICA and the Caribbean need to prepare stress tests that include the halt of the PetroCaribe oil arrangement with Venezuela, said the International Monetary Fund (IMF). Experts think that the dip in the price of oil from US$100 to its current US$82.70 a barrel can r ... Read More

Kingston Wharves Limited (KWL) CEO Grantley Stephenson (left), Industry Minister Anthony
Hylton (second left), Prime Minister Portia Simpson Miller and Professor Gordon Shirley, CEO of
the Port Authority of Jamaica (PAJ), break ground at the proposed site for KWL’s Total Logistics
Facility on Wednesday. (PHOTO: MICHAEL GORDON) Planned KWL logistics facility already needs more space to meet demand
KINGSTON Wharves Limited's (KWL's) planned Total Logistics Facility already has far more applicants ... Read More

Rural St James in particular, is being targeted for the cultivation
of banana for the export trade. Ministry targets more agro parks in western Jamaica
THE Ministry of Agriculture and Fisheries is looking to establish additional agro parks in western J ... Read More

LIME adds Kingston and St Andrew to 4G broadband coverage. LIME's 4G upgrade reaches Mandeville
LIME's 4G network expansion has reached Mandeville, the telecommunications provider said. "At the s ... Read More

Rapid True Value pumps $35m into Portmore store renovation

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, October 24, 2014    

RTV Portmore set to unveil its transformation today.

RAPID True Value (RTV) is pumping some $35 million into the renovation of one its largest stores -- Portmore RTV -- to boost its revenue and customer base. The company is set to unveil its recent transformation of Portmore RTV today, under the brand Destination Rapid True Value. Already, RTV has invested over $100 million in the renovation of seven of its fifteen stores islandwide. The renovations are expected to be completed over the next four years. "Our objective is to create a quality sho ... Read More

TGI Friday's seeks profit after $16-m loss last year

Friday, October 24, 2014    

THE local TGI Friday's restaurant aims to return to profit this year following its near $16 million (TT$1 million) loss recorded in 2013, management revealed. The eatery situated at the corner of Lady Musgrave and Hope Roads in Kingston remains a popular haunt of youngsters but currency depreciation and a stagnant economy slashed profit. "Revenue decreased by 15 per cent compared with prior year, of which the devaluation of the Jamaican currency accounted for 10 per cent," said chairman Christ ... Read More

Copperwood Farms wins top honours at National Quality Awards

Friday, October 24, 2014    

CB Group's representatives (from left) Joseph Small, Craig Plunkett, Dr Velton Gooden and
Micheal Gibbs celebrate after winning three awards at the recently concluded National Quality
Awards held in Kingston.

COPPERWOOD Farms in Hanover walked away with three awards at the recently concluded National Quality Awards organised by the Bureau of Standards Jamaica (BSJ). In conjunction with the celebration of international World Standards Day, the award seeks to recognise excellence in local companies who pay special attention to quality in their production processes and adhere to international standards such as those set by International Standard Organisation (ISO). The Lucea-based processing plant wo ... Read More

Brazil race hinges on appeal to lower middle class

Friday, October 24, 2014    

Dilma Rousseff, Brazil's president and Workers Party candidate, greets supporters as she campaigns for re-election at a rally in
Duque de Caxias on the outskirts of Rio de Janeiro, Brazil. (PHOTO: AP)

RIO DE JANEIRO, Brazil — THE debate boiled in Lena's Salon in Rio's Cantagalo slum, as patrons argued about who should win Sunday's presidential election. In one corner, owner Lucia Helena Silva was loudly arguing for President Dilma Rousseff and her Workers' Party, waving a hot straightening iron. A customer, primping her carefully coiffed hair, was having none of it, insisting that centre-right opposition candidate Aecio Neves would revitalise Brazil's pallid economy. "No way! You've g ... Read More

Tablets, cars drive AT&T wireless gains — not phones

Friday, October 24, 2014    

People pass an AT&T store, in
New York's Times Square.
(PHOTO: AP)

NEW YORK, USA — AT&T said it gained two million wireless subscribers in the latest quarter, but most were from cheaper non-phone services such as tablets and Internet-connected cars. The nation's second-largest wireless carrier is facing pricing pressure from smaller rivals T-Mobile and Sprint in a competitive environment in which most Americans already have a cellphone. The company's third-quarter earnings and revenue slightly missed expectations, and it cut its revenue outlook for t ... Read More

India picks up pace on economic overhaul

Friday, October 24, 2014    

A cart driver unloads fresh dung to be made into cow dung
cakes, used popularly as fuel in rural India, on the outskirts of
Allahabad, India. (PHOTO: AP)

NEW DELHI, India — AFTER months of criticism for not moving aggressively enough on promises of an economic overhaul, India's new prime minister has announced a string of policies designed to kick-start Asia's third-largest economy. Over the past week, Prime Minister Narendra Modi has unveiled an overhaul of India's archaic labour laws, freed diesel prices from state control and signed an executive order promising to open India's coal industry to private companies. He also appointed Arvin ... Read More

Brazilian companies raise Chiquita offer to US$681m

Friday, October 24, 2014    

Shoppers looking at bananas.

NEW YORK, USA — BRAZILIAN companies Cutrale and Safra said they are again raising their bid for banana producer Chiquita, to US$681 million -- a day before Chiquita shareholders are expected to vote on a combination with Irish fruit importer Fyffes. Chiquita Brands International Inc. said Thursday that it will review the latest offer. It has repeatedly rejected offers from investment firm Safra Group and juice company Cutrale Group, preferring to merge with Fyffes in an all-stock deal. C ... Read More

Nokia quadruples profit

Friday, October 24, 2014    

The window of Nokia's flagship store displays an
advertisement of the Nokia Lumia mobile phone in Helsinki.

HELSINKI, FINLAND — FINNISH telecom equipment group Nokia yesterday said its third quarter profits more than quadrupled from a year ago, helped mostly by a one-off tax-related gain. Between July and September, net profit jumped more than four times to (euro) 757 million (US$959 million) compared to a year earlier, said the group, which sold its struggling mobile phone business to Microsoft last year. The group took a charge for its navigation application business HERE, raising a previous ... Read More

Southwest Airlines profit rises 27%

Friday, October 24, 2014    

Southwest Airlines

DALLAS, USA — MORE passengers and lower fuel prices are pushing Southwest Airlines to record profits, and the airline expects an even bigger break at the gas pump this winter. CEO Gary Kelly says the trend toward higher revenue has continued into October, and bookings for November and December look good. Southwest Airlines Co yesterday that net income rose 27 per cent to US$329 million , or 48 cents per share, in the July-to-September quarter. Excluding one-time items such as the fallin ... Read More

Trelawny Credit Union rolling out consolidation loans

BY HORACE HINES Observer West reporter | Thursday, October 23, 2014    

Manager of the Trelawny Credit Union Winston Tomlinson (right) and Chidi Baker, manager of the
Albert Town branch, going through leaflets containing information on the proposed Loan
Maximizer last week during Credit Union Week observation at the Falmouth branch.

FALMOUTH, Trelawny — The Trelawny Credit Union (TCU) has revealed that plans are in the making to introduce a product dubbed Loan Maximizer, which seeks to consolidate the loans members may have with other financial institutions. According to General Manager of the TCU, Winston Tomlinson, the proposed loans will be offered at an attractive interest rate which will ease the debt burden of some of its members. "The Loan Maximiser Account is a product that is geared towards turning around s ... Read More



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