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  • California now world's 5th-largest economy, surpassing UK

    May 9, 2018 5:36 AM 7

    SACRAMENTO, United States (AP) — California's economy has surpassed that of the United Kingdom to become the world's fifth largest, according to new federal data made public Friday. California's gross domestic (GDP) product rose by US$127 billion from 2016 to 2017, surpassing US$2.7 trillion, the data said. Meanwhile, the UK's economic output slightly

  • New York's Plaza Hotel to go global after US$600M sale

    May 9, 2018 5:36 AM 7

    DUBAI, United Arab Emirates (AFP) — A Dubai-based investor said Sunday he has teamed up with a US real estate heavyweight to purchase New York's Plaza Hotel, and plans to turn the icon into a global brand. Shahal Khan, whose Dubai-based White City Ventures partnered with Kamran Hakim to make the US$600 million purchase, said they aim to expand to the United

  • JCC prepares for 36th annual awards ceremony

    May 9, 2018 5:36 AM 5

    The Jamaica Chamber of Commerce (JCC) will host its 36th Annual Awards Ceremony at the Jamaica Pegasus hotel on June 26, 2018 under the theme 'People, Purpose & Passion'. The awards, divided into the categories Best of Chamber extra large, large, medium, and small, recognises corporate companies that have excelled in meeting their corporate goals and objectives

  • Nestle takes over sales of Starbucks in the grocery aisle

    May 9, 2018 5:00 AM 3

    Nestle is paying more than US$7 billion to buy the rights to sell Starbucks coffee and tea in supermarkets and other stores outside its coffee shops. The deal comes with a huge price tag for Nestle, but it could pay off big for the Swiss company. Its Nescafe and Nespresso don't carry anywhere near the heft in America that the Starbucks brand does, with its US$2 billion

  • ConocoPhillips moves to take key Venezuelan oil operations

    May 8, 2018 5:00 AM 6

    United States oil giant ConocoPhillips is pressing for control of Venezuela's key offshore operations in the Caribbean, seeking to recoup US$2 billion from a decade-old dispute with the nation struggling to feed its people, a source confirmed Monday. The Houston-based Conoco-Phillips is asking a court in the Dutch Antilles for control of facilities that Venezuela's

  • Reduced mortgages at today's VM Mortgage Expo

    May 7, 2018 9:15 PM 6

    The Victoria Mutual Building Society (VMBS) will today host day two of the VM Mortgage Expo, where registered attendees will be able to access a special-offer reduced mortgage rate of 7.99 per cent. The event will allow attendees to benefit from a 50 per cent discount on valuations and processing fees, if their mortgage application is received and approved

  • Increase in property tax insurance attributed to 2017 hurricane season

    May 7, 2018 4:39 PM 9

    President of the Insurance Association of Jamaica, Peter Levy says rates on property insurance went up after major hurricanes ravaged sections of the Caribbean last year. The cost of proprety insruance has definately increased since last year due to the storms in the Caribbean. On average we are seein about a 15 per cent increase year on year.” He also said property

  • Canada firm aims to tap into pot beverage market with ganja beer

    May 6, 2018 5:12 AM 5

    OTTAWA, Canada (AFP) — An upstart cannabis company has partnered with a Canadian university to produce — with g overnment financial backing — what it says will be the world's first beer made from the mind-altering drug. Toronto-based Province Brands of Canada was awarded Can$300,000 from the Ontario government to create a “highly intoxicating” brew that is safer

  • New packaging for St Mary's

    May 4, 2018 10:30 AM 7

    Jamaica Producers (JP) has improved and repackaged its line of St Mary's tropical snacks to better appeal to the international market. Yesterday, the company launched the products at Hope Gardens in Kingston. JP St Mary's tropical product line includes banana chips, plantain chips, breadfruit chips and cassava chips. “The changing of our packaging signifies

  • IMF to Venezuela: Show us your financials

    May 4, 2018 5:00 AM 9

    The International Monetary Fund, censured Venezuela on Wednesday for failing to share updated figures on its troubled economy. The action carried no immediate penalties, but it could end with Venezuela's expulsion from the international coalition of nations created to promote economic stability. The IMF said the socialist administration of President