Derrimon Trading Group earnings plummeted to $53 million in the first quarter ending March, a performance that reflected costs to operate the expanding business. The company, which has been in growth mode for some two years, reported a 120 per cent...
Income, profits and gains arising or accruing to any person or entity in Jamaica are captured within the ambit of the Income Tax Act, or ITA. This is not to say that income arising outside of Jamaica is beyond the purview of the Income Tax Act, but...
If the debt crisis roiling Washington were eventually to send the United States crashing into recession, America’s economy would hardly sink alone. The repercussions of a first-ever default on the federal debt would quickly reverberate around the...
Ford CEO Jim Farley says his company will stop competing in over-served market segments and instead will place big bets on connected vehicles and digital services. The days of Ford being all things to all people are over, Farley said at the company...
American oil giant ExxonMobil said it has appealed a recent Guyanese court ruling forcing it to set aside hundreds of millions of dollars in the event of a major oil spill off the coast of Guyana. The company said in a statement that the court had...
Jamaican Medical Cannabis Corporation, which has a presence in Jamaica and Toronto, has announced the acquisition of Materia Ventures, a supply and distribution company for cannabis and CBD products located in Malta. The new business is described...
Working with private partners, the Housing Agency of Jamaica, HAJ, is putting pricier developments on the market beyond the income segment it has served in past decades. The agency, which traditionally delivers starter housing units and provide...
Consolidated Bakeries Jamaica, which trades as Purity, will add a snack bar to its lineup, one of the new product innovations the company is attempting to reinforce its recent sales growth. By tapping into market preferences, the baked-goods...
The Jamaica Social Investment Fund, JSIF, will spend some $20 million on the renovation of a Hanover honey- bottling plant that is expected to aid more than 200 bee farmers in the western parishes. The project is being carried out under the Rural...
Barita Investments Limited expects affiliate MJR Real Estate to start developing its property holdings as early as 2024, and for the returns from sales to pour in beginning in three years’ time. “As we progress our local and international...
VMFG raises $11b in private pref share offer VM Financial Group, VMFG, has raised a targeted $11 billion from an offer of preference shares issued in three tranches on the private market. The coupon rates on the shares range from 10 per cent...
Nigerian President Muhammadu Buhari on Monday opened Africa’s biggest oil refinery, with hopes it would help the energy-rich country achieve self-sufficiency and become a net exporter of refined petroleum products. The US$19-billion facility built...
The Bank of Jamaica, BOJ, on Friday said that it foresees inflation rising above the four to six per cent target range over the months of June to September 2023, data which fed into its decision to hold key interest rate steady at 7.0 per cent for...
Brazil’s environmental regulator has rejected a licence for a controversial offshore oil drilling project near the mouth of the Amazon River that had drawn strong opposition from activists who warned of its potential for damaging the area. The...
On March 22, the Future of Life Institute published an open letter calling for a six-month moratorium on the development of generative artificial intelligence systems, citing the potential dangers to humanity. Since the publication of that letter,...
QUESTION: I didn’t see you post about it, so I am wondering if you are following what is happening with those huge government pay increases? Anyhow, there is a different angle I am asking you to look at it from, that is to say, if senior management...
A person who makes a will – a testator – is required to name at least one executor in the will. The executor is the personal representative of the deceased and is responsible for carrying out the wishes of the testator. The executor’s primary...
The outsourcing sector grew seven per cent and added ten new customer contact centres in the past year, according to investment promotion agency Jampro. Half of the 10 sites were set up by existing operators, and half by new market entrants during...
Over the past five years, the remittance market has seen the “steady adoption of new technologies”, and as more persons opt for the formal system to transfer money to family members, there is optimism that the record inflows reached under the...
ChatGPT is now a smartphone app, which could be good news for people who like to use the artificial intelligence chatbot and bad news for all the clone apps that have tried to profit off the technology. The free app became available on iPhones in...
The zero customs duty now applied to motor vehicles originating from within the European Union, is the culmination of a 10-year process to phase out the taxes, Finance Minister Nigel Clarke said on Wednesday in an exclusive interview with the...
Food distributor Everything Fresh Limited, EFresh, has shifted a sizeable portion of its inventory from its headquarters in Kingston to Bog Walk, St Catherine, in a restructuring exercise that’s aimed at driving down costs. Last August, the...
One of Guyana’s smallest Amerindian villages is waging a monumental battle that could decide the amount of control that thousands of indigenous people have over their land in remote parts of this South American country. The village of 225 residents...
Kingston Properties Limited is pulling back from a prime acquisition in the heart of the New Kingston business district. The real estate investor, also known as KPREIT, bought the 7 Dumfries Road property in early 2021 for just over US$1.25 million...
