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Jamaica Gleaner Business
published: Friday | May 18, 2007

Petrojam sale next week - Cabinet approves 49% transfer to Venezuelan oil company
The Jamaican Cabinet has formally approved the US$63.7 million sale of 49 per cent of the Petrojam oil refinery to Venezuela's national oil company, Petrolos de Venezuela SA (PDVSA) and Caracas is expected to pay over the cash to Kingston within days, Energy Minister...

PIOJ outlook positive

The Jamaican economy is expected to record second-quarter growth of just over two per cent, maintaining essentially the same momentum as in the first three months of the year, the Planning Institute of Jamaica (PIOJ) has projected....

Jamaica considers LPG for Alcoa refinery

Jamaica and Venezuela are considering the use of propane gas, normally used here for cooking, to fire an expanded Alcoa alumina refinery in Clarendon, as an interim solution to Caracas' inability to deliver LNG by the end of the decade.

Harmony Cove development could cost US$4 billion

Tavistock Group could spend the next decade and as much as US$4 billion (J$272 billion) building out the luxury resort town originally dreamed-up by Kingsley Thomas for Harmony Cove, a more than 2400-acre property in Trelawny on Jamaica's north shore...

Worthy Park enters branded rums market - Selects Red Stripe as distributor

Two years after it entered the rum market by establishing a distillery and exporting bulk rums mainly to Europe, the McConnell family-owned Worthy Park Estate is entering the Jamaica's notoriously tough market for branded rums with an over-proof white spirit...

Nokia projects 43% market growth - Major sales in Latin America

BOGOTA, Colombia: Finnish mobile phone manufacturer, Nokia is projecting 43 per cent market growth for its handsets over the next three years, saying its sales are likely to be most vibrant in emerging economies. "There are 2.8 billion users of Nokia products worldwide...

Pension fees - Faulty applications slow approvals, says Wynter

The Financial Services Commission has managed to reverse the bleeding suffered by his agency, resulting from its regulation of the pensions industry, according to its executive director, Brian Wynter. "Licensing fees paid by the new licensees amounted to $119 million...

Revive, commercialise agriculture

It puzzled many how a group of islands with such small land area as the West Indies could become, for their agriculture, so economically important to 19th Century Britain and the world. Some explain it as a matter of accident and choice.

Guyana bans scrap metal exports

Guyana has banned scrap metal exports to close the market for thieves who have stripped copper and other valuable metals being stolen from traffic lights and other installations. Prime Minister Samuel Hinds announced the measure late Tuesday, saying...

FSC says legal action not ruled out against Cash Plus

The Financial Services Commission (FSC) has confirmed it is in dialogue with Cash Plus, an investment entity which it said was in breach of the country's financial regulations, but advised Wednesday that it had not ruled out legal action against the company...

Rusal to list in November

United Company Rusal, the world's biggest aluminum producer, plans to hold an initial public offering of its shares in November, a Russian news agency cited the company's board chairman as saying Tuesday. UC Rusal was formed this year in a three-way merger....

CCMB Q1 profit plunges

Capital and Credit Merchant Bank's net profit for the first quarter ending March 2007 plunged to $153.9 million, a more than 100 per cent drop, the financial house has reported. Chief Executive Officer Curtis Martin said the sharp decline in profit...

H&L rebounds in first quarter

Hardware and Lumber Limited (H&L), a subsidiary of Grace-Kennedy Limited, realised net profit of $24.6 million for the first quarter ending March 31, eightfold its earnings for the matching period last year. Earnings per stock unit rose from four cents per share...





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