Big brokers disclose their foreign risk - FSC says $720b securities industry sound, defends JMMB's strength
Regulators yesterday gave unequivocal endorsement to the strength of Jamaica Money Market Brokers (JMMB) as part of a broader, robust defence of the health of the island's securities firms in face of fears among investors of contagion from America's...
GraceKennedy buys Turks insurance firm
GraceKennedy Limited yesterday used a Turks and Caiços Islands-based subsidiary to acquire the insurance portfolio of the northern Caribbean territory's major insurance brokers, United Reliance International (URI).
Jamaican banks hold big foreign assets, heavy debts... But American turmoil won't affect local business, says NCB
Jamaica's seven commercial banks hold assets amounting to some $57 billion in cash and investments in foreign financial institutions, accounting for just over a tenth of the half a trillion dollars of total assets commanded by the sector. Close to half...
Lawmakers to vote on financial rescue plan today
United States Senate leaders have scheduled a vote for today on the US$700 billion Wall Street financial rescue plan rejected by the House of Representatives on Monday. Majority Leader Harry Reid and Senator Mitch McConnell, leader of the minority Republicans...
Digicel commercial director quits - Linehan retires post
Digicel Jamaica's new commercial director, Junaid Munshi, who in May replaced Harry Smith, has quit his job at the mobile phone company. Wednesday Business understands that Munshi left two months ago, after being with the company for less than three months...
Shaw promises restitution on $7b withholding tax debt
Finance Minster Audley Shaw disclosed Tuesday that government owes private pension funds some $7 billion in unpaid withholding taxes, but said some of the debt would be paid down this financial year. Yesterday, pension fund managers said the freed-up...
Lawyer takes over presidency of JCC
Milton Samuda, managing partner in the law firm of Samuda & Johnson, was given the nod Tuesday as new president of the Jamaica Chamber of Commerce, making history as the first lawyer to head the business grouping. Samuda took over the presidency from Mark Myers...
Cuba freezes prices
Cuba announced price freezes at all farmers markets on Monday, promising to punish any vendors charging more for hard-to-find fruits and vegetables as food reserves dwindle due to the destruction caused by hurricanes Gustav and Ike.A decree occupying...
Banks tighten credit, borrowing rates soar
Bank-to-bank lending rates jumped Tuesday and Treasury bill demand eased only slightly, a day after Congress' rejection of the bank bailout plan cast an even deeper freeze over the barely operational credit markets. After the House's vote against ...
Global markets turn volatile
Stocks were volatile across the world on Tuesday, after United States lawmakers rejected a US$700 billion bank rescue plan late on Monday. European stocks bounced up and down, Asian stocks fell, and the Dow Jones industrial average rose 1.76 per cent...
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