Lee Chin triumphs
Following what sources say was a somewhat stormy meeting with bondholders in Kingston last Friday, billionaire Michael Lee Chin's Caribbean holding company, AIC Barbados (AICB), seems set to get the nod from the Jamaican investors, separate sources...
Scotiabank setting up $360m Caribbean contact centre
Scotiabank will be pumping CDN$4.7 million (J$362 million) into an expanded customer centre operations in Kingston that will handle queries from Jamaican and Trinidadian banking clients. The contact centre will operate from 31-33 Trafalgar Road...
Walkerswood takeover gets green light
The rescue syndicate for the Walkerswood Partners Limited has got the court's approval on the offer to be made to creditors of the indebted company, clearing away for consumation of the takeover deal. Creditors have been offered 25 cents...
Capital and Credit signs two new remittance partners, drops three - Aims to turnaround loss-making business
Capital and Credit Financial Group Limited's (CCFG) remittance business has, at least for the last two years, been a drag on profits, so far unchecked by last year's rebranding of the money transfer arm to Reggae Money Express (RME)...
Energen/GEM to inject US$125-200m into sugar factories - Makes down payment on Bernard Lodge, Monymusk
The alliance that Jamaica's Energen Development Limited has with Global Emerging Market (GEM) will give the New York-based private equity firm a majority share in the sugar factories the two have partnered to acquire. The Energen/GEM partnership - one of four priority...
Cuba central bank head replaced
The head of Cuba's central bank has resigned as President Raul Castro pushes ahead with a government reorganisation amid signs of a cash crunch, state television has reported. Francisco Soberon, 64, has been replaced by Ernesto Medina...
Cuba rejects offer to rejoin OAS
Cuba is formally rejecting an offer to rejoin the Organisation of American States (OAS), echoing the sentiments of Fidel Castro who has long maintained his island has no use for the group.The OAS voted last week to lift...
IDB takes equity stake in CariCRIS
The Inter-American Development Bank is pumping US$300,000 into ratings agency CariCRIS, under a deal that gives the multilateral 8.4 per cent ownership of the Trinidad-based firm.The IDB is injecting the capital, which amounts to TT$1.9 million...
Eastern Caribbean awaits Libyan embassy, bank
A Libyan official said the country plans to open an embassy and a bank on an eastern Caribbean island that has not yet been identified.The announcement signed by envoy Mokhtar Ghenas comes as the North African country seeks to strengthen ties with the...
Royal Caribbean income hurt by swine flu
Cruise operator Royal Caribbean Cruises Limited said Tuesday that the recent swine flu outbreak will lower its earnings by about 22 cents per share."The flu outbreak had a short, but highly disruptive impact to our operations," Chairman and Chief...
Ten big banks get OK to repay US$68B
The United States Treasury Department has approved 10 of the nation's largest banks to repay US$68 billion in government bailout money. The department on Tuesday said the banks, which were not named, will be allowed to repay the money ...