Jamaica Gleaner
Published: Wednesday | December 12, 2012
Home : Business

Facey Group gets record $16.5b loan
The locally based Facey Group, one of the largest distribution companies in the Caribbean, has secured a landmark US$182 million (J$16.5 billion) loan for refinancing and working capital requirements within the 30 territories in which it operates.

No long-term benefits from forex slide, says JHTA
Senior lecturer in the Department of Economics at the University of West Indies, Mona, Dr Damien King, has suggested that sectors currently earning income in foreign exchange are likely to post net gains as the Jamaican dollar continues to lose value.

Campari gets 99% offer for Lascelles shares
The Italy-based producer of alcoholic and non-alcoholic beverages, Davide Campari-Milano Group, on Monday described as successful the 99 per cent acceptance of its tender offer for all issued and outstanding ordinary and preferred shares of Lascelles deMercado and Company.

Pan Caribbean shakes up sugar market, AIJCFA cries foul
Agriculture Minister Roger Clarke recently joined with cane farmers in bashing the business practices of Pan Caribbean Sugar Company (PCSC), whose operations appear to diverge from traditional commercial arrangements.

Barita's profit increases by 16%
Despite the challenging economic environment, stockbroking outfit Barita Investments Limited said it has increased its net profit for the financial year ended September 30, 2012 by 16 per cent to approximately $255 million.

Guyana, United States to sign air agreement
The Guyana government says it will sign a new air transport agreement with the United States that will stimulate competition and minimise government intervention.

St Kitts government postpones national budget
Prime Minister Dr Denzil Douglas has announced a postponement of the national budget after two members of Cabinet failed to attend meetings at which the fiscal package had been discussed.

HSBC to pay $1.9b to settle money-laundering case
HSBC avoided a legal battle that could further savage its reputation and undermine confidence in the global banking system by agreeing Tuesday to pay $1.9 billion to settle a United States (US) money-laundering probe.

UK authorities arrest 3 in LIBOR rate probe
British police arrested three people Tuesday as part of their investigation into the manipulation of a key benchmark interest rate, the first British arrests in a scandal that's had global ramifications.

Delta buys 49% stake in Virgin Atlantic
Delta Airlines said it will buy almost half of Virgin Atlantic for $360 million as it tries to catch up to rivals in the lucrative New York-to-London travel market.

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