Business

‘There can be only one’

Access board appoints
co-CEO, strips power from
James as dispute continues

Marcus James says there can be only be one chief executive officer of Access Financial Services. He contends that company's Articles of Incorporation make no provision for the appointment of two CEOs or a co-CEO. This is on the heels of a disclosure made by the Jamaica Stock Exchange (JSE) on Tues ... Read More

BMR allows for
JPS stake in
planned wind farm BMR allows for JPS stake in planned wind farm
JAMAICA Public Service Company (JPS) has the option to buy a 20 per cent in US-owned Blue Mountain R ... Read More

The former Juici Patties Duhaney Park Plaza restaurant. The owner of the property has expressed an interest in reopening a
restaurant under the Juici brand name. Juici reopens Port Henderson outlet
JUICI Patties has reopened one of four Corporate Area outlets it closed last year after terminating ... Read More

Mooly Eden, senior vice-president and perceptual computing general manager from Intel, talks to the media during the Intel news
conference at the International Consumer Electronics Show, in Las Vegas. (PHOTO: AP) Intel reports lower net income
NEW YORK, USA - Intel's earnings fell in the first three months of the year amid a continued slump i ... Read More

Kingston Properties gains from Miami locations, but profit dips on Jamaica loss

Thursday, April 17, 2014    

Kingston Properties (KP) benefited somewhat from rising rentals and the revaluation of its Miami, Florida condominiums, but its after-tax profit dipped 70 per cent year on year to $52 million. The company, which is listed on the Jamaica Stock Exchange (JSE) and which is led by Fayval Williams, earned $84.3 million profit from its Miami properties, $5 million from investments in St Lucia, but recorded a $37 million loss on its Jamaican properties, audited financials indicated. The 2013 performa ... Read More

Spanish promise big solar savings

Thursday, April 17, 2014    

SPANISH PROMISE BIG SOLAR SAVINGS

The Grand Palladium Resort and Spa in Hanover stands to save US$730,000 ($80 million) a year on energy following the installation of a rooftop solar photovoltaic system. Barcelona, Spain-based Sofos is installing the system for US$34 million. With that kind of annual savings, Palladium should realise a return on investment, not accounting from interest rates or internal rates of return, in less than five years, explained, David Pijuan Sofos business development manager. The Sofos Group has execu ... Read More

Yellen: Fed stimulus still needed for job market

Thursday, April 17, 2014    

Federal Reserve Chair
Janet Yellen

NEW YORK, USA - Federal Reserve Chair Janet Yellen yesterday said that the US job market still needs help from the Fed and that the central bank must remain intent on adjusting its policy to respond to unforeseen challenges. In her first major speech on Fed policy, Yellen sought to explain the Fed's shifting guidance on its interest-rate policy, which at times has confused or jarred investors. She said the Fed's policies "must respond to significant unexpected twist and turns the economy may ma ... Read More

China’s growth slows to 7.4%

Thursday, April 17, 2014    

BEIJING, China - CHINA'S economic growth slowed further in the latest quarter, but appeared strong enough to satisfy Chinese leaders who are trying to put the country on a more sustainable path without politically dangerous job losses. The world's second-largest economy grew 7.4 per cent from a year earlier in the January-March quarter, down from the previous quarter's 7.7 per cent, government data showed Wednesday. It matched a mini-slump in late 2012 for the weakest growth since the 2008-09 g ... Read More

US factory output extended solid gains in March

Thursday, April 17, 2014    

Workers man the
Motorola smartphone
plant in Fort Worth,
Texas. (PHOTO: AP

WASHINGTON, USA US factory output rose further last month, extending strong growth from February after harsh weather had caused production to tumble in January. Manufacturers produced more furniture, clothing, chemicals and aerospace products. The Federal Reserve said Wednesday that factory production rose 0.5 per cent in March after a revised 1.4 per cent surge in February. Manufacturing output has climbed a solid 2.8 per cent over the past 12 months. Higher factory output is a sign of great ... Read More

Growth picks up across most of US

Thursday, April 17, 2014    

Growth picks up
across most of US

WASHINGTON, USA A Federal Reserve survey shows economic growth picking up across most of the United States over the past two months as bitter winter weather subsided. Ten of the Fed's 12 regions reported an increase in economic activity, according to the Beige Book survey released Wednesday. In most places, the Fed described the improvement as "modest or moderate". Only Cleveland and St Louis reported slower growth. In March and early April, consumers took advantage of better weather to go sh ... Read More

US home building up in March

Thursday, April 17, 2014    

Roofers install a roof on a new construction home in Pepper
Pike, Ohio. (PHOTO: AP)

WASHINGTON, USA US home construction rose moderately in March as builders resumed work at the end of a frigid winter. But applications for building permits slid, clouding the outlook for future construction. Builders started work on 946,000 homes at a seasonally adjusted annual rate in March, up 2.8 per cent from 920,000 in February, the Commerce Department said Wednesday. Construction of single-family homes rose six per cent, more than offsetting a 3.1 per cent drop in the construction of apa ... Read More

Court rejects bankruptcy protection for bitcoin exchange

Thursday, April 17, 2014    

Bitcoin tokens. The Mt Gox bitcoin exchange in Tokyo is headed for liquidation after a court
rejected its bankruptcy protection application. (PHOTO: AP)

TOKYO, Japan The Mt Gox bitcoin exchange in Tokyo is headed for liquidation after a court rejected its bankruptcy protection application. Mt Gox said Wednesday the Tokyo District Court decided the company, which was a trading platform and storehouse for the bitcoin virtual currency, would not be able to resurrect itself under a business rehabilitation process filed for in February. An administrator will try to sell the company's assets, and many creditors, including those who had bitcoins wit ... Read More

JPS goes after $10-b annual return

Wednesday, April 16, 2014    

JPS goes
after $10-b
annual return

JAMAICA Public Service Company (JPS) is hoping to clear US$94-million ($10.3 billion) profit a year should its proposed rate hike be approved. The light and power company applied to the Office of Utilities Regulations (OUR) for a raft of changes to its non-fuel tariff (the rate that recovers cost associated with transmitting and distributing electricity rather than generating it). Residential customers will see the monthly charge for network access (which up to now has been called the customer ... Read More

Avoid charlatan accountants, says ICAJ

BY STEVEN JACKSON Business reporter jacksons@jamaicaobserver.com | Wednesday, April 16, 2014    

Dennis
Chung

THE Institute of Chartered Accountants of Jamaica (ICAJ) warned businesses to avoid charlatan chartered accountants that offer cheaper but materially inferior service. The institute concurrently warns charlatans to desist or face sanctions. "We are warning them to cease and any instance of such activity will be reported to the Public Accountancy Board, (PAB)" indicated ICAJ President Dennis Chung at the Jamaica Observer Monday Exchange held at the newspaper's head office in Kingston. The inst ... Read More



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