CMP buyer in breach - Mandatory offer from Castelo Holdings still pending
Castelo Holdings BV, a Curaçao company which last year acquired 79.66 per cent of listed company CMP Industries Limited, has failed to make a mandatory offer to minority shareholders within the prescribed timeline. Myers Fletcher and Gordon, lawyers for CMP Holdings...
More brokers, analysts switch houses - Investment firms rebuilding teams
A number of shifts are occurring across brokerages, the Financial Gleaner has learned, as firms position at the top of the year to compete for business among a more alert investor community. But some local firms have been expanding further, beyond Jamaica's borders...
Crawford committee recruiting offshore centre consultants - For two-month study
The Eric Crawford-led team, created by Senator Don Wehby, to explore an offshore centre for Kingston, is in the process of commissioning a study to guide its deliberations and is hunting consultants. Wehby, a Minister without Portfolio in the Ministry of Finance...
SCJ predicts fall in sugar production - EU price remains €496.8 per tonne
Dr. Richard Harrison, president and chief executive officer at the Sugar Company of Jamaica (SCJ), is projecting a slight downturn in sugar this year, saying production will slide by about 3,000 tonnes, largely because of lasting effects from the storm winds and rains that buffeted...
Analysts applaud BoJ rate hike
In a pre-emptive move, the central bank this week adjusted interest rates, hoping to tease money from the market ahead of expected floods of cash from maturing debt. The one-point hike on all five Bank of Jamaica (BoJ) open-market tenors pushed rates as high as 13 per cent...
Bernanke determined to avoid recession - Says Fed, ready to cut rates as needed
Federal Reserve Chairman Ben Bernanke, pledged Thursday to slash interest rates yet again to prevent housing and credit problems from plunging the United States into a recession. The Fed chief made it clear that the central bank was prepared to act aggressively to rescue a weakening...
Understanding the EPA ...New leverage for cultural services
Perhaps the most innovative part of the whole 1,000-plus pages of the text of the Economic Partnership Agreement (EPA) that will be signed between Europe and the Caribbean in March in Barbados, is its protocol on cultural cooperation. In the closing days of the negotiations ...
Intervention an investment
Our Financial Services Commission has finally taken the decision to intervene in the fabled, almost magica investment scheme juggernaut.One wonders what analysis and thinking precluded regulatory action until now. Is it that the Commission was unaware of its responsibilities?...
Alcoa grosses record US$30.75b - 4Q earnings soar 76%
Alcoa set an all-time record for revenues in 2007, according to chairman and chief executive officer Alain Belda, which grew to US$30.75 billion at year end, December 31, from US$30.38 billion. Income from continuing operations and cash generation also reached record levels...
Market anticipates bounce from M&A deals - Rivalry for Barbados Farms continues
Trinidad and Tobago's largest brokerage house is anticipating that some of the pending merger and acquisition (M&A) deals will result in loss of market capitalisation on the local exchange. But West Indies Stockbrokers Limited (WISE), which is owned by the RBTT Financial Group...
New rules on presenting financial accounts - Balance sheet to be renamed
The International Accounting Standards Board (IASB) has revised its standard on the Presentation of Financial Statements, as part of its project to enhance the usefulness of financial information by addressing presentation and display issues....
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