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Court grants injunction in favour of Access Financial Services CEO

The court has granted Marcus James, CEO of Access Financial Services, an injunction barring his chairman Brian Goldson and directors, Chris Berry and Gary Peart from directly or indirectly acquiring any more shares in the company.The injunction prevents them from usurping Marcus James, who owns 46% of Access Financial, as the majority shareholder, at least [...]

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Patrick Hylton supports measures to broaden tax net

Patrick Hylton, Managing Director of NCB Group, has thrown his support behind the governments’ attempt to broaden the tax net.The government wanted to grant the tax authority powers to go directly after the assets of tax cheats, but has now said it will amend that provision for a court order to be sought first. Either [...]

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World Bank approves US450M “Competitiiveness” loan for Jamaica

The World Bank has approved a loan of US$50 million for Jamaica’s Foundations for Competitiveness and Growth Project.This will assist existing and new businesses to benefit from streamlined regulations and processes, public-private partnerships, as well as training and access to financing.     Finance Minister Dr. Peter Phillips says the project complements Jamaica’s fiscal and monetary measures [...]

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LIME Jamaica sees big jump in subscriber base

Cable and Wireless Communications (CWC) has announced that its Jamaican operation continues to record strong growth in its subscriber base. CWC said on Friday that its LIME subsidiary recorded a strong 37% increase in its subscriber numbers, in the April-June quarter, which helped its revenues grow by 34%. That was the best performance by a CWC subsidiary [...]

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Union wants to discuss merger concerns with Sagicor Life

The union representing workers at Sagicor Life Jamaica is seeking a meeting with the management to discuss the implications of  the merger of  the entity’s banking operations.Sagicor recently completed the acquisition of RBC Royal Bank, which it merged with Sagicor Bank.Senator Kavan Gayle, President General of the Bustamante Industrial Trade Union (BITU) told RJR News [...]

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Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower [...]

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NCB shareholders to get dividend next month

National Commercial Bank shareholders will receive an interim dividend next month.At a meeting on Thursday the Board declared a dividend of  35 cents. It will be paid to shareholders on August 25.Persons holding NCB shares, as at August 12, will benefit. View the original article here

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JMMB Group seeking to establish bank in Dom Rep

The JMMB group is seeking to establish a bank in the Dominican Republic, pending approval from the regulatory authorities in that country.       According to a news report from a respected source, Business News Americas, JMMB, is hoping to have the bank operational by year end. The Dominican Republic based bank, would add to JMMB’s presence in that [...]

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JN still in the banking hunt

General Manager of Jamaica National Building Society (JNBS) Earl Jarrett is expressing confidence that the company’s plan to operate as a commercial bank will soon be realised.Mr Jarrett, addressing the company’s 104th Annual General Meeting yesterday, said an application for a bank licence was made last November. If approved, the building society will become JN [...]

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Smirnoff – still number one

Diageo, the parent company of  Red Stripe, says while its brand, Smirnoff, saw a marginal decline in sales last year, it still remained the number one vodka in the world.Diageo said sales of  Smirnoff vodka fell by just under a percent in 2013 to 26 point 1 million cases.It however said that was more vodka [...]

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