Although restrictions have been imposed on Russia and several businesses have exited the market in the country, the ruble is still holding its own against the U.S. dollar, according to press reports. Last week the currency was trading upwards, and the report noted it was up more than 11% against the U.S. dollar since the start of the year, surpassing […]
Amazon has reported a first-quarter loss of $3.8 billion due to lower online sales and a fall in the value of its shares in electric vehicle firm Rivian. This is the company’s first quarterly loss since 2015. The multinational technology company sees its sales slip three percent in the first three months of the year, as the boom in its […]
The U.S. economy contracted in the first three months of the year partly due to a resurgence in coronavirus cases disrupting businesses. Figures from the Commerce Department showed that gross domestic product fell at an annualized rate of 1.4%. Slower economic growth was expected in the first quarter of the year, but the figure was worse than forecast. It is […]
Photo credit: JIS The Government is looking to leverage Jamaica’s participation in EXPO2020 Dubai to attract investments from business interests in the United Arab Emirates (UAE), among other countries. Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith, who heads Jamaica’s delegation attending the global event, said that “shovel-ready” projects are available at the country’s pavilion, […]
In this business of living and living well, we are often confronted and conflicted with the urgency of choice. Oops! I meant presented. For in the ideal world, or if “time were on our side” and the ducks were neatly lined up, then living well would be embraced without murmur and with alacrity. Ordinarily, our jaws would hit the floor, […]
Finance Minister Dr. Nigel Clarke is encouraging businesses to prepare for digital currency, which is expected to be launched by the Bank of Jamaica in 2022. He says enterprises should be among the first to be equipped with the ability to accept the new form of payment. The Finance Minister is urging local firms to invest in the platforms that […]
Cuba has announced it will allow private businesses to operate in most sectors, in what is a major reform to its state-controlled economy. Labor Minister Marta Elena Feito said the list of authorized activities had expanded from 127 to more than 2,000. Only a minority of sectors would be reserved for the state, she said.The communist country’s economy has been […]
The hotel sector in the U.S. is taking a beating because of the COVID-19 pandemic. It has put most business activities on pause, and one of the hardest-hit sectors is tourism. The U.S. hotel industry said it faces a default disaster, in which 25% of hotels are at risk of foreclosure. The report, sent to the Congress this week and […]
Brooks Brothers, the oldest men’s clothier in the United States and headquartered on Madison Avenue in Manhattan, New York City, has filed for Chapter 11 bankruptcy protection. Founded in 1818 as a family business, the privately-owned company is owned by the Italian billionaire Claudio Del Vecchio. The brand also produces clothing for women, and Zac Posen has been its creative […]
The U.S. Commerce Department has recently placed new restrictions on 33 Chinese firms and institutions. The agency has added the companies and institutions to an economic blacklist, accusing them of helping China spy on its minority Muslim Uighur population in Xinjiang or because of alleged ties to weapons of mass destruction and China’s military. The move will restrict the sales […]
