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 […]
Asked to assume the task of fashioning a winning team from a motley crew what do you do with the clueless? The assumption here is that we have a talent deficit and an excess of misfits. A dangerous and disqualifying assumption, but since we cannot afford the luxury of alienating a single player, the task at hand presents an interesting […]
The COVID-19 pandemic is wreaking havoc in the airline business and speculation is rife that many of these companies must either merge or go out of business. American Airlines Group Inc (AAL.O) has now joined Delta Air Lines (DAL.N) in forecasting a 90% slump in second-quarter revenue. The company has cut $13.5 billion from its operating and capital budgets for […]
Over the past three months, the COVID-19 pandemic has forced countries into a lockdown mode, but today, more and more countries are now reopening to accommodate travelers for summer vacation. A handful of countries are letting in everyone while others are inviting only a select few. Some Caribbean countries are now welcoming travelers while others are tentative. The list includes […]
According to press reports, Western Union is in an acquisition bid to takeover MoneyGram, but the deal is yet to be finalized. If the offer is successful, it will join two of the largest remittance firms in the world. Western Union brought in US$4.4 billion in revenue from its consumer-to-consumer segment in 2019, while MoneyGram recorded over US$1.1 billion in […]
Treasury Secretary Steven Mnuchin said that shutting down the U.S. economy for a second time to combat the spread of Covid-19 isn’t a viable option and could cause even more headaches for Americans. “We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage,” said Mnuchin in […]
