Jamaica Gleaner Business
Published: Monday Wednesday | September 30, 2009
Wray a casualty of trader's excess - Campbell named interim head of First Global Bank
GraceKennedy Limited, majority owner of First Global Bank, on Tuesday announced the resignation of Wayne Wray, the bank's president, who appears to be the latest and possibly ultimate casualty of the rogue trading debacle that recently racked up losses... Read More...
Samuda reduces cement import quota
Karl Samuda, minister of industry and commerce has, in an apparent concession to Caribbean Cement Limited, pulled back on his late August decision to allow cement importers duty-free access to 20 per cent of the market, offering them 15 per cent... Read More...
FirstCaribbean to clip lending rate - Bank cuts will stimulate investment, consumption, says BOJ
FirstCaribbean International Bank Jamaica Limited (FCIBJ) said that it would clip 150 basis points off its prime lending rates, accepting the cue from the central bank which has already cut signal rates five times this year... Read More...
CREIT exits Trinidad investment - Market awaits new strategy
Carlton Savannah REIT Jamaica Limited (CREIT) has sold off the sole investment used to woo stock-market investors in the company - seven-apartment units in a newly built hotel in Trinidad and Tobago - but says it is on the hunt for opportunities... Read More...
Access Financial announces public offering - Junior stock placed at $18.34 per share
Access Financial Services Limited, provider of micro, small and medium-size business loans and personal loans, will be seeking to raise $100 million in its initial public offering of 5,490,199 ordinary shares set for October 14... Read More...
Road Maintenance Fund allocations don't add up
The revision to the capital budget of the Ministry of Transport and Works has been marked by savage cuts across the board for Capital A projects that are wholly financed by Government and Capital B projects that are co-financed by Jamaica and external partners... Read More...
Letter - Clearing up a few misconceptions
The Editor, Sir: We noted in your lead Wednesday Business story of September 23, 2009 titled 'NHT has cash to back new benefits' a few errors of fact that may leave misconceptions in the minds of your readers.... Read More...
Xerox buys E-Services parent, ACS - US$6B deal to expand tech services business
Xerox Corp said Monday it will buy Affiliated Computer Services Inc for about US$6.4 billion in cash and stock, joining the expensive race among technology companies to broaden their offerings. Xerox said the deal will create a US$22-billion business ... Read More...
Manulife closes AIC acquisition in share swap deal
Manulife Financial Corporation closed the deal Friday on its purchase of AIC's Canadian retail fund business, and will assume management control of the new assets on a phased basis, between October and January next year. Michael Lee Chin's Portland... Read More...
Barbados companies buy CLICO assets
Two Barbadian firms have won bids to take over the operations of two companies of the beleaguered insurance firm, CLICO, according to local media reports.The Nation newspaper said Tuesday that Consumers Guarantee Insurance (CGI) Limited was successful... Read More...
Property tax uproar
Trinidad and Tobago is consi-dering a reduction in the property tax less than a month after it was announced as part of the fiscal measures in the 2009-2010 national budget.Trade and Industry Minister Mariano Browne, speaking to reporters at the end... Read More...
Puerto Rico to lay off another 16,000 - Unemployment at 15%, deficit hits US$3.2b
Puerto Rico's government announced Friday that it will lay off more than 16,000 public workers in the US Caribbean territory, adding to an unemployment rate higher than that of any US state.The government hopes... Read More...
Twelve taken off the tax haven 'grey list' - 5 regional countries among them
Switzerland was promoted Friday to a 'white list' of countries that have signed up to international tax information exchange rules, taking a further step towards shedding its stigma as an uncooperative tax haven.... Read More...
BNP Paribas closing offices in tax havens - Panama, Bahamas affected
French bank BNP Paribas will stop operating in countries considered tax havens, CEO Baudouin Prot said Monday.In an interview with French radio station Europe 1, Prot said BNP "will have no more activity" in countries on the "grey list"... Read More...
