Newswire July 19__2018
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WORKSHOP DATE COUNTRY Best Practice Financial Modeling (Intermediate) 27th & 28th September, 2018 Jamaica 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 ▪ Dominica AID Bank removed from rating watch and downgraded to CariBB- ▪ Bourse Securities Limited’s rating reaffirmed at CariA- ▪ Beacon Insurance Company Limited’s rating reaffirmed at CariA- ▪ PLIPDECO’s rating reaffirmed at CariA+ ▪ National Investment Fund Holding Company Limited’s rating assigned at CariAA ▪ Eastern Caribbean Home Mortgage Bank’s rating reaffirmed at CariBBB+ ▪ Development Bank of Jamaica Limited’s rating reaffirmed at CariBBB+ ▪ Rhand Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Government of Barbados’ rating downgraded to CariD ▪ Massy Holdings Limited’s rating reaffirmed at CariAA+ ▪ Venture Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Eastern Credit Union’s rating downgraded to CariBBB- ▪ Government of the British Virgin Islands’ rating reaffirmed at CariAA- Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating to an SME: • Access a loan or line of credit from a financial institution • Access credit from international suppliers • Improve your business operations for greater efficiency and profitability CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago Scotia shares advance to $65.10 Overall market activity resulted from trading in 11 securities of which six advanced, four declined and one traded firm. BHP Billiton finds new gas offshore T&T Australia's BHP Billiton found new gas offshore Trinidad, the company confirmed in a statement yesterday. 'In Trinidad and Tobago, following the gas discovery at LeClerc, we commenced Phase 2 of our deepwater exploration drilling campaign to further assess the commercial potential of the Magellan play. The Victoria- 1 exploration well was spud on June 12, 2018 and encountered gas. Following completion of the Victoria-1 well, we expect the Deepwater Invictus to drill the Bongos prospect in Northern Trinidad and Tobago,' BHP Billiton said in a news release. American Airlines hires 100 TT's newest business process outsourcing (BPO) office has provided jobs for more than 100 people. Barbados China MOU Medical professionals at the Queen Elizabeth Hospital (QEH) will have further opportunities to develop their skills in vascular and orthopaedic surgery and other specialized areas through collaboration with the Chongqing Medical University, one of the leading medical training facilities in China. PM: Bank talks a must Prime Minister Mia Mottley is to hold talks with the country’s banking sector on a wide range of issues of national concern. Moves to increase Panama flights to 4 Government is already looking to expand the arrangement with Copa Airlines to capitalise on the Latin and South American markets, as well as more destinations in the United States. Jamaica GraceKennedy cuts 70 jobs in restructuring exercise Conglomerate GraceKennedy Limited yesterday announced the separation of 70 employees as it embarks on a restructuring process aimed at improving the group's performance for its 100th birthday. PM charges local authorities to expedite granting of building permits Bemoaning the unacceptable rankings of the granting of building permits by the World Bank's Ease of Doing Business Report, Prime Minister Andrew Holness has mandated municipal corporations to prioritise the issue in their discussions at the inaugural Local Governance Conference now underway in Montego Bay. Guyana Rice exports up by 43% - new markets open, earnings pegged at $23.2B As the Guyana Rice Development Board (GRDB) wraps up its 2018 first crop, results from January to June show an export volume increase of 87,000 tonnes as compared to the same period last year. Antigua and Barbuda EU pledges more support for Barbuda recovery The European Union (EU), on Tuesday signalled its intent to support post- hurricane recovery and reconstructions efforts in Barbuda. Antigua shows strongest air arrivals in 15 years Antigua and Barbuda tourism officials say that for the first time in over 15 years, the country has seen the strongest overall visitor arrivals by air from January to June. Cuba Cuba seeks to drive Havana hotel investments The Cuban Ministry of Tourism (MINTUR) has named the capital city of Havana a priority destination for tourism investment. The Dominican Republic Central Bank to ease ‘critical’ dollar pinch The Central Bank of the Dominican Republic on Wed. decided to intervene in the exchange market to meet the demand for US dollars that has spiralled in recent days. Another natural gas plant or the Govt. spewing hot air A Chinese conglomerate has agreed to develop a 1,200MW natural gas power complex in what is poised to be Dominican Republic’s biggest power project. The Bahamas WSC Faces $17m Shortfall Over ‘First World’ Upgrades The Water & Sewerage Corporation (WSC) is exploring “ways and means” to bridge a $17m funding shortfall on works critical to bringing its waste systems “in line with the first world”. WTO Push Poultry Farmers to Eye Product Diversification An Abaco poultry producer yesterday said "uncertainty" surrounding the World Trade Organisation (WTO) accession has forced it to explore diversification, adding: "You don't know what field you're playing on." Chamber Facilitates Tax Reform Meetings The Chamber of Commerce's chief executive yesterday said the private sector will continue to discuss tax reform options with the Government even as it adjusts to the VAT rate increase. St. Kitts and Nevis Government making moves to implement $500 initiative Three years after being elected and making a promise, the Team Unity government is now moving forward with the initiative to give $500 per month to households making less than $3000 per month. Haiti Sunrise Airways new non-stop flights Santo-Domingo - Curacao The private Haitian airline Sunrise Airways based in Port-au-Prince, whose head office is located in Haiti announced Monday, July 16, that nonstop flights are made from Santo Domingo to Curaçao, from the international airports "La Isabela" and "Las Americas", in the Dominican Republic Rates. Other Regional St Vincent joins with Venezuela in opposition to OAS resolution condemning violence in Nicaragua The Organization of American States (OAS) on Wednesday condemned the acts of violence in Nicaragua, called on all parts to participate “actively and in good faith” in a national dialogue and urged the government “to support an electoral calendar,” in a resolution approved by the Permanent Council with 21 votes in favour. interCaribbean opens up flight options for the Caribbean interCaribbean Airways is introducing new routes from Santo Domingo (Dominican Republic) to Aruba, Curacao, and Kingston (Jamaica). The services will be in addition to its nonstop services to Tortola (BVI), St Maarten, and Providenciales in the Turks and Caicos Islands (TCI). The new destinations of Aruba and Curacao will also serve as new routes for the British Virgin Islands with connections from Tortola via Santo Domingo. INTERNATIONAL United States Stock futures drop on disappointing earnings, trade tensions Disappointing earnings from eBay and American Express pushed U.S. stock index futures lower on Thursday, while trade tensions rose on news the European Union is preparing to retaliate if United States slaps tariffs on EU cars. U.S. weekly jobless claims drop to more than 48-and-a-half-year low The number of Americans filing for unemployment benefits unexpectedly fell last week, hitting its lowest level in more than 48-1/2 years, as the labour market continues to strengthen. United Kingdom Sterling dives to 10-month low below $1.30, more weakness seen Sterling fell below $1.30 for the first time in 10 months on Thursday as the combination of weak economic data and a resurgent dollar sapped appetite for the British currency. Europe Earnings disappointments pull European stocks back from month highs A rally in European stocks fizzled out on Thursday as poor results drove down advertising agency Publicis and a slide in metals prices dragged on the market. China China boosts liquidity, set for more policy easing as trade war threatens economy Chinese policymakers are pumping more liquidity into the financial system and channelling credit to small and medium-sized firms, and Beijing looks set to further loosen monetary conditions to mitigate threats to growth from a heated Sino-U.S. trade war. Japan Nikkei snaps 4-day winning streak; weak cosmetics cos offset oil, machinery stocks Japan’s Nikkei share average snapped a four-day winning streak in choppy trade on Thursday as investors took profits, with weakness in inbound-tourism related stocks offsetting gains in oil names and machinery makers. Global Dollar stays strong as China grabs for stimulus levers The dollar stayed strong but stocks wobbled and metal markets buckled badly on Thursday, as signs that China was resorting to credit-fuelled stimulus again helped drive its currency to a one-year low. GraceKennedy cuts 70 jobs in restructuring exercise Thursday 19th July, 2018 – Jamaican Observer Conglomerate GraceKennedy Limited yesterday announced the separation of 70 employees as it embarks on a restructuring process aimed at improving the group's performance for its 100th birthday. In a statement to shareholders on the Jamaica Stock Exchange, GraceKennedy also disclosed that it has engaged change management partner Prosci to provide the company with a “structured process and the necessary tools to successfully manage the people side of these major changes”. The food and financial services conglomerate began a round of restructuring activities earlier this month after contracting the Mexico- based consultants to address overall organisational design, cost structure, and business processes. Ultimately the company wants to hit $100-billion in annual revenue before 2020 from growth in both its local and overseas markets.