SCJ sold for US$25m - But Jamaica to pump funds back into Brazil company, give up Petrojam Ethanol Limited
The Jamaican Government will apparently receive no cash, but instead get a 25 per cent stake valued at US$25 million (J$1.8 billion) in the vehicle being used by Infinity Bio-Energy, the Brazil-based ethanol manufacturer, to acquire the state-owned sugar company.
C&WJ turns to Ericsson for high-speed mobile network
Aiming for a 'transformation' of its mobile market, Cable and Wireless Jamaica (C&WJ) has sealed a US$30 million (J$2.1 billion) deal with Ericsson to expand its network and upgrade to 3G technology capable of deploying a wider range of broadband services, and at faster speeds.
100% tax waiver extended
Finance Minister Audley Shaw has said yes to requests for the tax amnesty to be amended, giving businesses and the self-employed another month to qualify for full waiver of penalties and interest.They now have until July 31 to pay off their principal...
Equity transfers across stock markets a multimillion-dollar business
The movement of stock units across regional stock markets has emerged into a multimillion dollar activity, with Jamaica, based on the volume of reported transactions, emerging as the preferred market for Caribbean investors to redistribute their equity holdings.
Jamaican companies pull back on investment plans
Jamaican firms have pulled back sharply from near-term investment plans in the face expectations of weak profits and a deepening pessimism about the state of the economy, the latest survey of business confidence shows. The quarterly survey for the...
Within the embers of the garment
In the days when garment was king, the textile/apparel sector's value was priced above US$500 million per annum based on export earnings, while the number of jobs crested 30,000.But in the 1990s, the sector hit its crescendo...
October opening for Spanish Court Hotel
Spanish Court, the uptown business complex that is being converted into a 108-room hotel by Christopher Issa, should be ready to welcome paying guests by October, Issa has told the Financial Gleaner.Issa is a scion of one of...
PDVSA sends less oil to US, more to China
United States imports of Venezuelan oil and oil products fell by 11.7 per cent to a five-year low in the first four months of the year, the US government said this week, while Venezuela boosted oil shipments to its budding ally, China, instead.The US...
ANSA McAL hunting partners - Wants to grow business in Jamaica, willing to be propositioned
Trinidad conglomerate ANSA McAL Group has operated peripherally in Jamaica for a number of years, but wants to take a bigger and more direct position in this market."We have an interest in...
Digicel awaits IFC decision on two new loans
Denis O'Brien's Digicel Group has gone back to the International Finance Corporation with a request for at least two new loans of up to US$145 million combined.But while the IFC had signalled that its decision would be made on separate dates in June,...
Deep job cuts, outsourcing and more asset sales coming - Newspaper industry retrenches
Even for an industry awash in bad news, the US newspaper business went through one of its most severe retrenchments in recent memory last week.Half a dozen newspapers said they would slash payrolls, one said it would...
Risky Jamaican farming under probe - World Bank assessing feasibility of agri insurance scheme
Work isbeginning in Jamaica to find ways of specifically broadening to the agricultural sector a World Bank-facilitated disaster insurance scheme, which farmers say does not adequately address their needs.
Fed leaves analysts guessing new direction
The Federal Reserve's aggressive period of cutting interest rates to keep the United States from falling into a recession is over.That point is in general agreement.The trouble starts when one tries to figure out what period the Fed has now...
CaribCan negotiations set for September
CARICOM and Canada have now settled on late summer to kick off the first round of negotiations on a new trade deal to replace CaribCan, with the Caribbean already signalling its plans to push for concessions for low-skilled workers under the pact on...
As import prices soar, Cuba pushes to produce more rice
Soaring world rice prices have Cubans worried about keeping the national dish of beans and rice on the table - and officials are scrambling to increase local production.Raul Castro's government hopes to halve rice imports over the next five years,...
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