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Sale of Oceana Hotel nearing completion – Phillips

The divestment of the property, formerly operated as the Oceana Hotel, in downtown Kingston is now in the final phase of completion. An agreement for the sale is before Cabinet.     Dr. Phillips said the sale will lead to the creation of new jobs, based on the development plans for the restoration of the property [...]

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Improved inflation figures for August

The Statistical Institute of Jamaica (STATIN) is reporting that the inflation rate for August  was 1.1%. This is 0.3% less than the 1.4% recorded in July.       STATIN says the rate for August was caused by a 2.7% increase in prices for food and non-alcoholic beverage. In its monthly Consumer Price Index, released on Monday, September [...]

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Businessman acquires substantial stake in KLE Group

Businessman Joseph Bagdanovich has acquired a substantial stake in the KLE Group, in keeping with the company’s strategy to grow the organisation.Some directors, who previously held significant volumes of  shares in the company, agreed to sell some of  them on the open market, so more would be available to the general public.Last week KLE Directors [...]

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McNeil off to regional tourism meeting

9:05 am, Tue September 16, 2014Tourism Minister Dr. Wykeham McNeill is heading to the U.S. Virgin Islands to attend the meeting of the Council of Tourism Ministers and Commissioners of  the Caribbean Tourism Organization (CTO) which begins on Wednesday.     This is one of  a series of  business meetings that will precede the CTO’s annual [...]

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JPS in arrears on payments to Petrojam

The Jamaica Public Service Company (JPS) has declined to divulge details on its arrears to the oil refinery Petrojam.     She said JPS has been paying Petrojam, in accordance with the payments it receives from the Government of Jamaica. The company remains at a disadvantage, however, she asserted, because while it is required to pay [...]

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Remittances up between January and May

10:36 pm, Sun September 14, 2014Jamaica recorded a 5.6% increase in remittances between January and May.Net remittances totalled US$795.3m which represented a growth of  US$42.1m or 5.6% compared to last year. The out-turn reflected an increase in gross inflows amid a reduction in  outflows. During the five months total remittance inflows amounted to US$886.8m, representing an increase [...]

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Utilities can now report on customers to credit bureaus

Utility service providers in Jamaica will now supply information on their customers to credit bureaus.   News has come that Finance Minister Dr Peter Phillips exercised his power under the Credit Reporting Act and signed an order to this effect on August 7.   The Jamaica Public Service Company, National Water Commission, licensees under the Telecommunications Act as [...]

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Financial institutions to boost loans this quarter

The Bank of Jamaica said financial institutions have indicated that they will boost loans in the current quarter, but unsecured loans are expected to decline.  The financial institutions made the disclosure to the central bank in its quarterly survey of credit conditions.  The survey found most lenders anticipating to lend mainly to businesses.  Most of [...]

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June personal loans exceed forecast

Financial institutions say personal loans made in the June quarter exceeded forecasts.  The financial institutions say they saw a 19 % increase in personal loans when compared to March. The increase in personal loans was due to stronger demand for credit cards, debt consolidation loans and mortgages. View the original article here

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Access Financial directors appear to bury the hatchet

Following months of a bitter feud which was shaping up to become a legal battle, the Directors of Access Financial appear to have buried the hatchet. In a statement last night, hours after the company’s annual general meeting, the Directors said they have committed to work in the best interest of the entity in unity [...]

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