Business

Consumer spending in the US rose by less than expected in November, according to official figures. Spending rose by 0.1 per cent from October, according to the data from the US Commerce Department. Incomes also rose by just 0.1 per cent, the smallest rise in personal incomes since August and also worse than predicted. The disappointing data comes after some positive news for the US economy. Orders for durable goods, from cars to planes, ...

The US Congress has approved a short-term renewal of a payroll tax cut, a day after House Republicans caved in to overwhelming pressure on the issue. The bill extends the tax cut as well as unemployment insurance for two months. Lawmakers held voice votes on the deal, requiring only a few members to be present. A joint conference committee will work on a year-long deal after the holiday recess. Mr Barack Obama signed the ...

China and Japan have unveiled plans to promote direct exchange of their currencies in a bid to cut costs for companies and boost bilateral trade. The deal will allow firms to convert the Chinese and Japanese currencies directly into each other. Currently businesses in both countries need to buy US dollars before converting them into the desired currency, adding extra costs. It is the latest step by China as it seeks a more global role ...

Brazil has overtaken the UK as the world’s sixth largest economy, an economic research group has said. The Centre for Economics and Business Research (CEBR) said its latest World Economic League Table showed Asian countries moving up and European countries falling back. The CEBR also predicted that the UK economy would overtake France by 2016. It also said the eurozone economy would shrink 0.6 per cent in 2012 “if the euro problem is solved,” ...

WEEKLY BULLETIN for week ended december 23, 2011

GraceKennedy Limited (GKC) – 20.12.11
GraceKennedy Limited has informed the Stock Exchange that the Board of Directors of GraceKennedy Limited has approved the holding of an Extraordinary General Meeting of the Company on Wednesday, February 8, 2012 at 3:00pm at 73 Harbour Street Kingston, for the purpose of the consideration of a special resolution for the amendment of the company’s articles. The proposed changes will allow the Company ...

SAO PAULO—Brazil’s environmental protection agency has slapped a new fine on Chevron for what it says was the US oil company’s poor handling of a spill last month off the coast of Rio de Janeiro state. Chevron was fined 10 million reals (US$5.4 million) due to an alleged “breach of its environmental license” — It did not have the necessary equipment and was slow to respond when the leak was detected, the agency announced ...

Hackers with the loose-knit movement “Anonymous” claimed on Sunday to have stolen a raft of e-mails and credit card data from US-based security think tank Stratfor, promising it was just the start of a weeklong, Christmas-inspired assault on a long list of targets. Anonymous boasted of stealing Stratfor's confidential client list and mining it for more than 4,000 credit card numbers, passwords and addresses. The real threat appeared posed to individual employees of government ...

 The shareholders of Tortuga CRC Jamaica Ltd, Tortuga Rum Company Ltd of the Cayman Islands, Tortuga Imports Inc, of Miami, Florida, and Tortuga Barbados/Baker’s Choice have consolidated their regional interests into a new international food group — Tortuga International Holdings, Limited. At the same time, Jamaica Producers Group Ltd (JP), an established international specialty foods group, has made a strategic investment in Tortuga International which is expected to make Tortuga a truly global brand. The founders of ...

Mark Raymond, president of the T&T Institute of Architects (TTIA), has told his members to stay clear of public bickering over procurement processes between contractors and lawmakers. He said the role of architects was to positively impact the environment by creating better and friendlier spaces in which man and nature coincided.

Speaking at the TTIA, Yuletide cocktail reception held at Tamnak Thai Restaurant, Port-of-Spain, on December 12, Raymond said: “In the midst of all the ...

Profits at Angostura Ltd have been increasing every year since the restructuring of the company, through a First Citizens loan, says newly appointed chief executive officer Robert Gary Wong. He made the statement while delivering welcome remarks to the media, at the company’s annual media lime held at its Laventille headquarters on Wednesday. Angostura was exposed with the near collapse of its parent company CL Financial, which had to seek a government bailout to ...

Overall market activity resulted from trading in seven securities, of which five advanced, zero declined and two traded firm. Trading activity on the First Tier Market registered a volume of 81,149 shares crossing the floor of the stock exchange valued at $3,015,523.44. ANSA Merchant Bank Ltd was the volume leader with 67,814 shares changing hands for a value of $2,374,168.14, followed by Scotiabank T&T Ltd  with a volume of 9,887 shares being traded for ...

VIENNA—The foreign ministry says that Austria has unfrozen more than €1 billion of Libyan state funds parked in the nation’s banks. The move is in line with decisions by the UN Security Council and the European Union. The council ended all sanctions on Libya’s central bank last week, while the EU unblocked all accounts of that bank and the Libyan Arab Foreign bank on Wednesday.

Foreign Ministry official Peter Launsky-Tieffenthal confirmed the Austrian decision ...

LISBON—Portugal is selling the state’s 21.35 per cent stake in national utility Energias de Portugal to China Three Gorges Corporation for euro 2.7 billion (US$3.5 billion), officials said Thursday. Three Gorges Corporation beat rival bids from German gas and electricity company E On AG and Brazilian utilities Eletrobras and Cemig SA in what was Portugal’s biggest-ever privatisation. The deal announced was the first in a raft of sell-offs that aim to earn at least ...

Republic Bank senior economist Dr Ronald Ramkissoon has described the second half of 2011 as the worst period for the economy of T&T in the last three years. “We have had three years of consecutive decline of the economy. The latter half of 2011 has been the worse so far because of the state of emergency and curfew, and it negatively impacted on business operations,” said Ramkissoon, in a telephone interview with the Guardian yesterday. ...

HAVANA, Cuba: Cuba’s march toward private sector reform continues, its new business environment is proving increasingly attracting to foreign investment. According to reports coming out of Canada, the Bank of Nova Scotia has reportedly applied to Cuban authorities to set up a representative office in the capital while Royal Bank is also considering opening an office in Havana. Both banks already have extensive operations across South America and the Caribbean.

While the Montreal-based National ...

ST GEORGE’S—A national strike on the eve of the Christmas holidays has been averted following the intervention of Prime Minister Tillman Thomas. A statement issued from the Office of the Prime Minister late on Thursday night said a deal had been brokered in the simmering dispute between the Grenada Breweries Limited (GBL), a member of the Trinidad-based regional conglomerate ANSA Mc AL, and its workers represented by the Technical and Allied Workers Union (TAWU). ...

For the second day yesterday workers on the Port of Point Lisas failed to turn up crippling operations. Workers are protesting the company’s five per cent wage offer. They have also complained of victimisation and other issues with management. Point Lisas Industrial Port Development Corporation Limited (Plipdeco) chairman Ian Atherly confirmed the workers no show.

Atherly said a meeting was scheduled with the port’s management and president of the Seamen and Waterfront Workers Trade Union ...