Newswire April 10__2019
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OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: [email protected] Latest Rating Actions by CariCRIS ▪ Eastern Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Trinidad and Tobago Unit Trust Corporation’s initial rating assigned at CariAA ▪ Massy Holdings Ltd. rating reaffirmed at CariAA+ ▪ Sagicor Life Jamaica Limited’s rating reaffirmed at jmAAA ▪ National Flour Mills Limited’s rating reaffirmed at CariA- ▪ HMB Limited’s proposed collateralised mortgage obligation rating assigned at CariAA- (SO) ▪ NCB Capital Markets (Barbados) Limited’s initial rating assigned at CariBBB- ▪ Government of Barbados’s local currency rating upgraded to CariBB ▪ PanJam Investment Limited’s initial rating assigned at CariBBB+ ▪ Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB ▪ TSTT’s existing rating reaffirmed and new proposed bond issue rating assigned at CariA ▪ Jamaica Public Service Company Limited’s initial rating assigned at CariBBB+ ▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+ ▪ Island Car Rentals Limited’s initial rating assigned at jmBBB+ Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating to a Manufacturing Entity: • Access to an independent assessment of the Company which can lead to increased efficiencies as a result of improved business operations • Access to improved terms from suppliers • Access to improved terms for lines of credit CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago T&TEC raises fees for temp connections - In the Senate Trinidad and Tobago Electricity Commission (T& TEC) has increased its fees for temporary connections for residential properties. JMMB in front Overall stock market activity yesterday resulted from trading in 13 securities of which four advanced, five declined and four traded firm. IMF: T&T growth flat for 2019 Three days after the World Bank said the Trinidad and Tobago economy will contract further in 2019, the International Monetary Fund (IMF) also slashed its projections for this country's economic fortunes this year. World Bank: T&T economy will shrink this year Nothing that T& T has the largest fiscal deficit in Central America and the Caribbean, a group of World Bank economists are forecasting the T& T economy will contract this year by -0.5 per cent. T& T is one of only four countries that the World Bank estimates this year will have weaker economies by the end of 2019. Barbados NSC takes over Gymnasium Sporting fans need not fear. The operations of this country’s biggest multi- sports complex are continuing even with the dissolution of the Gymnasium Limited. Austerity ‘pays’ Officials of the International Monetary Fund (IMF) are banking on a return to growth for the Barbados economy as a result of Government’s austerity measures. June deadline Barbados has until June to meet 40 standards set out by the Financial Action Task Force (FATF), aimed at combatting money laundering and the funding of terrorism. Barbados continued New steps to register charities Setting up a charity in Barbados will not be as ‘simple’ as it has been for the past 40 years. Jamaica BOJ sells US$20 million to forex market The Bank of Jamaica (BOJ) is reporting that it intervened in the foreign exchange market yesterday by selling US$20 million to help ease the depreciation of the local currency. Global Canna Labs closes first medical cannabis sale in Jamaica Canadian company, Global Canna Labs (GCL) has received approval from the Jamaican Cannabis Licensing Authority (CLA) to commence commercial medical cannabis sales domestically to licensed dispensaries. Holness: Last-quarter growth was two per cent THE Jamaican economy grew a year-on-year two per cent in the fourth quarter of 2018, Prime Minister Andrew Holness has confirmed. Flow goes bold on mobile plans Telecoms giant Flow yesterday announced an overhaul of its customer mobile plans to provide unlimited calling on any network and increased connectivity. Both business and consumer confidence hit new peaks BUSINESS and consumer confidence in Jamaica continued on its upward trajectory to hit index points of 151.3 and 177.5 for the first quarter of 2019. Wigton IPO aims to raise $5.5 billion WIGTON Windfarm, the wholly owned subsidiary of Petroleum Corporation of Jamaica (PCJ), hopes to raise roughly $5.5 billion from its initial public offering which is set to open on April 17. CAC2000 losses grow more than tenfold due to roadwork The industrial air-conditioning supplier CAC2000 Limited reported that its sales dropped by one-third and its losses grew more than tenfold in the January quarter 2019 compared with the previous year, arising from roadwork disruptions adjacent to its head office on Marcus Garvey Drive in Kingston. Jamaica continued Everything Fresh hunts market share and growth Junior market-listed company Everything Fresh experienced a steep decline in year-end profits, but Chairman Gregory Pullen says he is not fazed since he expects revenue growth and other real benefits to flow from an aggressive expansion. Guyana Govt. will have to engage with ExxonMobil, private sector to renegotiate oil deal- US ambassador The US government will play no role in any possible renegotiation of the oil deal with ExxonMobil. The Bahamas Storms Cost Bahamas $828m in 2015-2017 The Bahamas suffered $828m in damage, losses and costs between 2015 and 2017 as a result of being struck by major hurricanes, the Prime Minister revealed yesterday. DPM: ‘We’re as Competitive as Anyone’ On Financial Services The Bahamas “is as competitive as anyone else” in financial services, the deputy prime minister asserted yesterday, despite its latest fall in an annual survey of global financial hubs. The Dominican Republic US$103M wind farm in NW to save 250K barrels of oil yearly President Danilo Medina on Tues. inaugurated the first phase of the Agua Clara wind farm, whose annual electricity production will save the country around 250,000 barrels of oil per year. IMF walks back Dominican Republic growth from 5.5% to 5.1% The International Monetary Fund (IMF) estimates that the Dominican Republic will grow 5.1% this year and that consumer prices will climb 1.4% by yearend 2019, according to its latest report from the World Economic Outlook presented on Tuesday. Anguilla Minister Looks at Improving Health Services in Anguilla Tax Off Drugs and National Health Insurance Coming Anguilla’s Minister of Health, Mr. Evans Rogers, told listeners at the Government’s public meeting on March 30 that his Ministry and the Health Authority are working diligently to provide improved services for the people of the island. British Virgin Islands Big benefits as HLSCC inks MoU with UVI -VI students can now access reduced tuition, more learning resources Paraquita Bay, Tortola, VI - Persons seeking to further their education at the University of the Virgin Islands (UVI), can now secure an almost $6,000 reduction in tuition fees from the USVI university as part of a Memorandum of Understanding signed between the UVI and the H. Lavity Stoutt Community College (HLSCC). Other Regional Forecasters predict below normal 2019 hurricane season With the start of the Atlantic Hurricane season in June not too far away, forecasters are predicting a below average season. The region’s border is its major threat, says RSS executive director The region’s porous border is the biggest threat facing member states of the Regional Security System (RSS), says executive director, Captain Errington Shurland. Ecommerce in the Caribbean: A future dream or near reality? The Caribbean is known for beautiful beaches, low taxes and for its laid- back lifestyle. But now it aims to gain a new perception: A great location to start an eCommerce. INTERNATIONAL United States U.S. firm's plan for Australia-China internet cable leaves Huawei trailing U.S. submarine cable company SubCom said on Thursday it would lay an internet link from Australia to Hong Kong through Papua New Guinea, deepening its involvement in a region where China’s Huawei Technologies Co Ltd has sought to expand. Uber plans to sell around $10 billion worth of stock in IPO Uber Technologies Inc has decided it will seek to sell around $10 billion worth of stock in its initial public offering, and will make public the registration of the offering on Thursday, people familiar with the matter said on Tuesday. U.S. bank CEOs face off with Congress for the first time since financial crisis Chief executives of some of the largest U.S. banks will testify before Congress on Wednesday, giving lawmakers their first opportunity to grill the lenders since the 2007-2009 financial crisis. United Kingdom UK economy grows as pre-Brexit stockpiling lifts factories Britain’s Brexit-bound economy unexpectedly grew in February, helped by manufacturers rushing to meet orders from clients who are stockpiling goods ahead of the country’s break from the European Union, official data showed. UK PM May says view on second Brexit referendum has not changed British Prime Minister Theresa May said on Wednesday her opposition to holding a second Brexit referendum had not changed, but she expected some lawmakers may try to push for one during the process of ratifying her EU exit deal. Merkel ready to grant UK reasonable amount of time to resolve Brexit Britain should be given a reasonable amount of time to work out its exit from the European Union, though the delay to Brexit could be longer than British Prime Minister Theresa May has requested, German Chancellor Angela Merkel said on Wednesday. Europe EU to grant May a Brexit delay, with conditions The European Union will grant Prime Minister Theresa May a second delay to Brexit at an emergency summit on Wednesday but leaders will debate a longer extension with conditions to prevent any future British leader jeopardizing the bloc.