Business

NDX US$550-million payout made on schedule

The Government of Jamaica was expected yesterday to have paid out US$550 million to bondholders of the restructured securities affected by the National Debt Exchange (NDX) programme. Minister of Finance Dr Peter Phillips announced the pending payment while speaking during an interview aired online ... Read More

Alpart in Nain, St Elizabeth Rusal to sell Alpart to Chinese company
Owners of UC Rusal have signed an agreement with a Chinese firm for the purchase of Alumina Partners ... Read More

More chicken is coming to the market Jamaica Broilers will spend $1.5 billion on expansion
Jamaica Broilers Group Limited said this week that approximately $1.5 billion out of new financing ... Read More

The UK headquarters of Fitch Ratings in London Fitch upgrades Jamaican debt to B, revises outlook to stable
Jamaica on February 11 received a ratings upgrade from Fitch Ratings, with the company stating that ... Read More

JBDC signs US$150,000 deal

Friday, February 12, 2016    

TURNER-JONES... improvement is needed in the way we train our entrepreneur

The Inter-American Development Bank (IDB) and the Jamaica Business Development Corporation (JBDC) have signed a US$150,000 ($18 million) agreement as part-funding for a US$236,974 project aimed at identifying and implementing the most suitable training method for entrepreneurs. The programme — dubbed Testing the Viability of an Innovative Business Training Method for Entrepreneurs in Jamaica – is the first of its kind in the country and will target 1,050 entrepreneurs in the devel ... Read More

Jamaica Gold secures $1.2 billion in financing

BY KARENA BENNETT Business reporter bennettk@jamaicaobserver.com | Friday, February 12, 2016    

A cane truck getting loaded with machine-cut cane at Caymanas Estate

Jamaica Cane Products Sales Limited (JCPS) has secured another $1.2 billion in financing for sugar cane reaping from short-term fixed-rate notes through Scotia Investments Jamaica Limited (Scotia Investments). JCPS is the leading entity authorised to export Jamaican raw sugar and is also the producers of the ‘Jamaica Gold’ brand of sugar. As arranger and broker to the transaction, Scotia Investments structured the deal to utilise proceeds from the sale of the sugar as security fo ... Read More

Shaw says JLP’s tax threshold proposal will benefit 120,000 workers

BY BALFORD HENRY Senior staff reporter balfordh@jamaicaobserver.com | Friday, February 12, 2016    

Opposition Leader Andrew Holness shakes hands with Audley Shaw, opposition spokesman on finance at yesterday’s JLP press conference.

Opposition spokesman on finance, Audley Shaw, says that the Jamaica Labour Party (JLP) is committed to raise the Pay As You Earn (PAYE) tax threshold from the current level of approximately $593,000 to a new high of $1.5 million. Speaking at a press conference held by the JLP leadership at the Spanish Court Hotel in New Kingston yesterday, Shaw explained the proposal that was included in the 10-point plan announced by Leader of the Opposition Andrew Holness in a public broadcast last week. &ld ... Read More

About JISCO

Friday, February 12, 2016    

JIAYUGUAN, China — The walled fort city of Jiayuguan at the western terminus of the Great Wall in China, where JISCO is based.

JISCO was founded in China in 1958 and operates three manufacturing sites, according to Hoovers, producing about eight million tons of crude and rolled steel annually. The company, headed by Zang Qiuhua, is based near to the western end of the Great Wall near the small city of Jiayuguan (population about 240,000) in Gangsu province. JISCO has total assets of about US$1.6 billion and a total annual capacity of 2.2 million tons of pig iron, 2.2 million tons of crude steel and 2.6 million tons ... Read More

Preferred bidder for Caymanas Track not yet approved

Friday, February 12, 2016    

The two-horse race for the Caymanas prize still has no declared winner

The Development Bank of Jamaica (DBJ) said Monday that it expects Cabinet approvals of the selected bidder for Caymanas Track Limited (CTL) on or before the end of February. The bank stated in response to requests for an update by the Jamaica Observer that the Development Bank of Jamaica Secretariat and the Caymanas Track Limited Enterprise Team have completed the bid evaluation activities for the bids received for the Caymanas Track Limited opportunity, “however, the preferred bidder fo ... Read More

Profit surges at Caribbean Producers

BY AVIA COLLINDER Business reporter collindera@jamaicaobserver.com | Friday, February 12, 2016    

Mark Hart, executive chairman of CPJ, stands outside his company headquarters in the Montego Bay Freeport, St James

Caribbean Producers Jamaica (CPJ) Ltd said this week that growth in business within the tourism sector drove an increase in revenue for the second quarter ended December 31, 2015. Revenue for the quarter climbed nine per cent to US$24.9 million. For the six-month period to December, revenue reflected 8.5 per cent growth to US$45.41 million. Net profit for the company surged 73 per cent to US$1.76 million for the six-month period, compared to US$1.01 million earned at December 2014. Contributi ... Read More

Digicel talks Internet safety with Kingston High students

Friday, February 12, 2016    

Students of Kingston High School ask questions during a presentation by Digicel’s Director of Legal and Regulatory Gail Moss-Solomon which was mainly about Internet  security at the recent workshop at the school.

TELECOMMUNICATIONS and entertainment provider Digicel joined millions of people across the world Tuesday to celebrate Safer Internet Day, which sought to promote the safe and responsible use of technology, especially among young people. Digicel, in a release, said it was able to raise awareness via its social media pages and held a discussion with students at the Kingston High School about the importance of safe and responsible behaviour online. Digicel’s director of legal and regulator ... Read More

France’s Total slashes investment amid oil price collapse

Friday, February 12, 2016    

PARIS, France (AFP) — French oil company Total said yesterday it had cut its investment target this year as it steps up efforts to drastically cut costs to counter a global collapse in oil prices. Total said it would invest up to US$2 billion less in 2016 than originally planned, as it — like other oil giants — grapples with weak oil prices that have slumped around 70 per cent since mid-2014 due to chronic oversupply and yesterday got close to 13-year lows. It will now inve ... Read More

World tourism map redrawn since attacks, epidemics, migrants

Friday, February 12, 2016    

Revellers perform during the 2016 National Carnival Parade on Tuesday in Port-au-Prince, Haiti. The name in Haitian creole of the carnival for this year is “Ayiti Toutan” (Haiti Always). The launch of the carnival the previous day was suspended due to the political situation affecting Haiti.

PARIS, France (AFP) — The world’s tourism map is being redrawn at lightning speed as holidaymakers switch preferences prompted by terror attacks, epidemics and migrant crises. Jihadist attacks on tourists in Tunisia last year and the October 31 crash of a Russian plane which took off from its Egyptian Red Sea resort of Sharm el-Sheikh have devastated the tourism sectors in both countries. But Muslim countries everywhere are the main losers of the shift in tastes, sector professiona ... Read More

Puerto Rico pushes tax incentives for wealthy amid crisis

Friday, February 12, 2016    

An aerial view of San Juan, Puerto Rico

SAN JUAN, Puerto Rico (AP) — Puerto Rico’s Government is trying to convince hundreds of wealthy investors to move to the US territory, hoping they could help lift it out of a deepening economic crisis. Officials hosted a meeting for investors yesterday to promote local tax incentives aimed at luring the wealthy. Speakers include former New York City Mayor Rudy Giuliani and New York hedge fund billionaire John Paulson, who recently bought several upscale resorts in Puerto Rico as the ... Read More



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