The Gilinski Group of Colombia will pay US$797 million for a two-thirds stake in CIBC FirstCaribbean, while Canadian bank CIBC will keep roughly one-quarter and the minority shareholders will hold the balance, according to statements from CIBC....
In May, after pulling out of a Chinese shipyard for repairs, a giant oil tanker set out on a perilous journey. Dialing in ‘Caribbean’ on a mandatory tracking system, the captain of the Liberia-flagged vessel headed west. Then, weeks later, as it...
In the months before last year’s presidential election in Brazil, Jair Bolsonaro described China as predatory and thumbed his nose at the Chinese government by visiting Taiwan, Beijing’s arch-rival. Now, as a more pragmatic president, Bolsonaro...
Emboldened by its recent successes in the mainland Chinese market, Rainforest Seafoods now has its eyes set on entering the United States and United Kingdom markets. Company officials did not disclose the timeline for entry, but said plans were in...
Manufacturing and distribution conglomerate Wisynco Group is making good on a promise to reserve a bloc of its issued shares for its employees and executive. In a disclosure in its third-quarter financial results, Wisynco announced a “long-term...
Gaming conglomerate Supreme Ventures Limited, SVL, will acquire additional shares in Jamaica’s largest sports bookmaker, Post to Post Betting, which would give it 80 per cent control of the business. Post to Post trades as AnyBet. SVL Chairman...
As the Pension Industry Association of Jamaica, PIAJ, pushes for the Government to hasten its pace on phase-two reforms of the pension system, the Financial Services Commission, FSC, is now signalling publicly that it’s looking to deliver by next...
The Court of Appeal has dismissed a claim brought by businessman Fitzroy Fagan challenging the withdrawal of $45.6 billion from the National Housing Trust, NHT, funds that were earmarked for budgetary support under a past Government administration...
General Manager of Trading and Treasury at JMMB Group, Kwame Brooks, says the US$240 million to be paid for Alignvest for a stake in regional insurer Sagicor Financial was not sourced from the capital market. With reference to last week’s...
Gasolene is supposed to be combustible. But why has it also become politically explosive, as the eruption of massive protests in Ecuador and Chile suggests? While the Ecuadorean case involved a significant increase in the price of gasolene, the...
Key Insurance Company is considering a rights issue to strengthen its capital base, which Managing Director Sandra Masterton said is in furtherance of the general insurer’s turnaround plan. Masterton and two other directors of the insurance...
United States Federal Reserve Chairman Jerome Powell expects the United States economy to continue growing at a solid pace, though it still faces risks from slower growth overseas and trade tensions. Powell also said the Fed is likely to keep its...
Published:Wednesday | November 13, 2019 | 12:31 AM
GraceKennedy Limited has won the first stage of its legal battle with the Guyana Revenue Authority, GRA, which wanted its remittance subsidiary in that market to pay taxes at a higher rate as a commercial company, which would have resulted in...
A vision by four brothers in 1958 to manage a local printing business today stands as the source of employment for more than 100 individuals and one of the top five players in Jamaica’s printing landscape. Their father, Gerald Duquesnay, took a...
GraceKennedy Pension Scheme is to do its first real estate development at 76 Molynes Road, Kingston, under a deal with electrical lighting company FosRich, which will lease the facility for use as a distribution centre. The pension fund plans to...
Armed with cash from the recent liquidation of an investment holding, and with the sale of at least one other subsidiary pending, the ICD Group is pumping more funds into overseas investments, where president and CEO Peter Melhado says an...
Published:Wednesday | November 13, 2019 | 12:12 AM
In the wake of lingering concerns about the depreciation of the Jamaica dollar, the International Monetary Fund, IMF, is encouraging development in hedging and forward instruments as well as the establishment of a trading platform to facilitate...
Published:Wednesday | November 13, 2019 | 12:11 AM
Huawei is paying its employees bonuses totalling more than US$285 million as thanks for helping the Chinese tech giant cope with United States sanctions that threaten its smartphone and other businesses. Huawei scrambled to remove US components...
Published:Wednesday | November 13, 2019 | 12:11 AM
Three new candidates for the European Commission have cleared a first hurdle in their nomination process after lawmakers scrutinising possible conflicts of interest gave the go-ahead on Tuesday. The new Commission – the powerful executive arm of...
Published:Wednesday | November 13, 2019 | 12:10 AM
President Jair Bolsonaro launched a jobs programme Monday largely based on tax reductions as Brazil struggles to put more than 12 million people back to work. The pension and labour secretary said the administration aims to create 1.8 million jobs...
In five years or less, Convenient Brands, the holding company for food franchises controlled by the Mahfood family, plans to build out a number of convenience stores across the Caribbean under the Circle K brand. It’s starting in Jamaica, where two...
Published:Wednesday | November 13, 2019 | 12:00 AM
QUESTION: I find your Gleaner columns very interesting and informative. I have a problem. About two weeks ago, I went out with some friends from work. I started drinking and one cocktail led to two and two led to three, and so on. I lost count of...
Published:Wednesday | November 13, 2019 | 12:07 AM
Documents released this week by a federal agency raise questions about whether a self-driving Uber SUV that ran down a pedestrian last year should have been allowed on public roads for test purposes. A National Transportation Safety Board (NTSB)...
Published:Wednesday | November 13, 2019 | 12:00 AM
Sales growth by Express Catering Limited, which operates airport food shops, is outpacing passenger growth, which the company uses as a benchmark for its performance. Revenues are up 11.7...
Canadian crude oil is once again moving through a pipeline nearly two weeks after the line leaked an estimated 383,000 gallons (1.4 million litres) of oil in North Dakota. Calgary, Alberta-based TC Energy, formerly known as TransCanada, said in a...
