Business

Gov’t to tax cheques, ABM withdrawals and point of sale transactions

Audley Shaw

A tax rate of five to 10 cents for every $100 withdrawn from an ABM, swiped at a cash register or written on cheques may not seem so daunting, to some. But taken together, ABM, point-of-sale (POS) and cheque transactions, totalled over $2 trillion for the 12 months to the end of February this year. ... Read More

CHUNG... The
economy is moving
more towards exports Expect more local companies to adopt US dollars as functional currency, says ICAJ
EXPECT more local companies to adopt US dollars as a functional currency, reasoned the oversight acc ... Read More

Illegally residing in the
US without a passport? Illegally residing in the US without a passport?
Dear Claudienne, I need your help in figuring out how to help a friend. My friend left Jamaica to s ... Read More

Kremi workers package ice-cream cakes. Kremi undergoing $10-m packaging upgrade, headed for more store shelves
Kremi ice cream maker, Caribbean Cream, plans to spend $10 million on upgrading its packaging over t ... Read More

Target hackers may take years to find

Sunday, April 20, 2014    

A man walks through a hall at Secret Service offices in Washington. (PHOTO: AP)

WASHINGTON, USA SECRET Service investigators say they are close to gaining a full understanding of the methods hackers used to breach retailer Target's computer systems last December. But the agency says it could take years to identify the criminals who stole some 40 million debit and credit card numbers of Target shoppers and other personal information from as many as 70 million people in the pre-Christmas breach. And it may take even longer to bring the offenders to justice. The federal inv ... Read More

Facebook rolls out location-sharing feature

Sunday, April 20, 2014    

Using your smartphone’s GPS system, it will tell your Facebook friends — provided they have the
feature turned on — that you are nearby. (PHOTO: AP)

NEW YORK, USA FACEBOOK users in the US will soon be able to see which of their friends are nearby using a new feature the company launched last week. The "Nearby Friends" feature must be turned on by the user, so people shouldn't expect to broadcast their location unknowingly. It will use your smartphone's GPS system to tell your Facebook friends you are nearby -- provided they have the feature turned on as well. Rather than share your exact location, it will show only that you are nearby, say ... Read More

PepsiCo's profit rises on snack sales, price hikes

Sunday, April 20, 2014    

PepsiCo’s profit
rises on snack
sales, price
hikes

NEW YORK, USA PepsiCo reported a stronger-than-expected quarterly profit as the company sold more snacks around the world and hiked prices, including on its drinks. The company, which also makes Frito-Lay, Gatorade, Mountain Dew and Tropicana, said global snack volume rose two per cent in the period. Global beverage volume was unchanged from a year ago, including in its closely watched North American drinks unit. Coca-Cola also reported flat volume in the North America market earlier this wee ... Read More

‘There can be only one’

By Shamille Scott Business reporter scotts@jamaicaobserver.com | Thursday, April 17, 2014    

Access board appoints
co-CEO, strips power from
James as dispute continues

Marcus James says there can be only be one chief executive officer of Access Financial Services. He contends that company's Articles of Incorporation make no provision for the appointment of two CEOs or a co-CEO. This is on the heels of a disclosure made by the Jamaica Stock Exchange (JSE) on Tuesday evening about a board resolution on Monday to remove all powers of management from James. "Those powers will now vest in, and be exercised by, Mr Alexander Johnson, who was appointed, by resoluti ... Read More

BMR allows for JPS stake in planned wind farm

Thursday, April 17, 2014    

BMR allows for
JPS stake in
planned wind farm

JAMAICA Public Service Company (JPS) has the option to buy a 20 per cent in US-owned Blue Mountain Renewables (BMR) US$90 million ($9.9 billion) wind farm in St Elizabeth. The planned 34-megawatt (MW) wind farm, which received regulatory approval last year, should slash US$500 million in oil imports over 20 years. Discussions on the project were hitherto known but not plans to offer JPS a stake in the venture. "The proposed BMR Jamaica Wind Farm project had been previously studied by JPS who ... Read More

Juici reopens Port Henderson outlet

Thursday, April 17, 2014    

The former Juici Patties Duhaney Park Plaza restaurant. The owner of the property has expressed an interest in reopening a
restaurant under the Juici brand name.

JUICI Patties has reopened one of four Corporate Area outlets it closed last year after terminating a franchise agreement with the restaurants' operator. The Jamaican fast-food chain ended its partnership agreement with the franchise holder of the Juici restaurants at Duhaney Park Plaza; the intersection of Molynes Road and Washington Boulevard; Constant Spring Road (near Twin Gates Plaza); and on Port Henderson Road after constant complaints from customers about inadequate service standards at ... Read More

Intel reports lower net income

Thursday, April 17, 2014    

Mooly Eden, senior vice-president and perceptual computing general manager from Intel, talks to the media during the Intel news
conference at the International Consumer Electronics Show, in Las Vegas. (PHOTO: AP)

NEW YORK, USA - Intel's earnings fell in the first three months of the year amid a continued slump in the worldwide PC market, but revenue grew slightly because of solid demand for tablet processors and its data center services. Intel Corp. is the world's largest maker of microprocessors, which act as the "brains" of computers. Intel has historically been strong in selling chips for personal computers, but that business is declining as people buy smartphones and tablets instead. Intel has been ... Read More

Kingston Properties gains from Miami locations, but profit dips on Jamaica loss

Thursday, April 17, 2014    

Kingston Properties (KP) benefited somewhat from rising rentals and the revaluation of its Miami, Florida condominiums, but its after-tax profit dipped 70 per cent year on year to $52 million. The company, which is listed on the Jamaica Stock Exchange (JSE) and which is led by Fayval Williams, earned $84.3 million profit from its Miami properties, $5 million from investments in St Lucia, but recorded a $37 million loss on its Jamaican properties, audited financials indicated. The 2013 performa ... Read More

Spanish promise big solar savings

Thursday, April 17, 2014    

SPANISH PROMISE BIG SOLAR SAVINGS

The Grand Palladium Resort and Spa in Hanover stands to save US$730,000 ($80 million) a year on energy following the installation of a rooftop solar photovoltaic system. Barcelona, Spain-based Sofos is installing the system for US$34 million. With that kind of annual savings, Palladium should realise a return on investment, not accounting from interest rates or internal rates of return, in less than five years, explained, David Pijuan Sofos business development manager. The Sofos Group has execu ... Read More

Yellen: Fed stimulus still needed for job market

Thursday, April 17, 2014    

Federal Reserve Chair
Janet Yellen

NEW YORK, USA - Federal Reserve Chair Janet Yellen yesterday said that the US job market still needs help from the Fed and that the central bank must remain intent on adjusting its policy to respond to unforeseen challenges. In her first major speech on Fed policy, Yellen sought to explain the Fed's shifting guidance on its interest-rate policy, which at times has confused or jarred investors. She said the Fed's policies "must respond to significant unexpected twist and turns the economy may ma ... Read More



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