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Our Upcoming Workshops! OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Operational Risk Management in 16 & 17 November 2017 Trinidad Financial Institutions Please contact Prudence Charles ([email protected]) or Sita Sonnyram ([email protected]) to register 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 . Colonial Fire and General Insurance Company Limited’s initial rating assigned at CariA . Home Mortgage Bank’s rating reaffirmed at CariA . NCB Financial Group Limited’s initial corporate credit rating assigned at CariA . National Commercial Bank Jamaica Limited’s rating upgraded to CariBBB+ . NCB (Cayman) Limited’s initial corporate credit rating assigned at CariA . The Government of the Commonwealth of Dominica placed on Rating Watch – Developing . Dominica AID Bank’s rating downgraded by 1-notch and placed on Rating Watch – Negative . The Government of the British Virgin Islands placed on Rating Watch – Developing . The Government of Anguilla placed on Rating Watch – Developing . NCB Capital Markets Limited’s rating upgraded to CariBBB . Trinidad and Tobago Mortgage Finance Limited’s rating reaffirmed at CariAA- . The National Gas Company of Trinidad and Tobago Limited’s rating reaffirmed at CariAA+ . The Government of the Republic of Trinidad and Tobago’s rating reaffirmed at CariAA+ . The Government of Saint Lucia’s ratings for its proposed bond issues assigned at CariBBB . Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating to a Bank: . Reduce your borrowing cost . Boost investor confidence by improving your corporate image . Support capital adequacy measures by providing forward-looking risk assessments . Facilitate the placement of debt issues to a wide investment base CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago EDAB chairman: Prioritise PSIP projects Chairman of Economic Development Advisory Board (EDAB) Terrence Farrell is calling for projects under the Public Sector Infrastructure Program (PSIP) to be prioritised in order to achieve T&T’s diversification goals at a faster rate. Unilever dips $1.26 Overall Market activity resulted from trading in 15 securities of which 4 advanced, 2 declined and 9 traded firm. Unicomer invests US$50m-plus in Freeport The limited supply of foreign exchange (forex) has led some contractors to seek payment in US dollars from Unicomer Group — parent company of Courts — during construction of the Unicomer Freeport Campus. Angostura profits tumble 21 per cent* Angostura Holdings Ltd yesterday reported a 21 per cent decline in its after-tax profit for the nine-month period ending September 30, 2017. Jamaica Gov't looking at stamp duty/transfer tax effect on NHT transactions Leader of Government Business in the Senate, Kamina Johnson Smith, assured members recently that the Ministry of Finance and the Public Service is actively reviewing the effect of stamp duty and transfer tax charges on National Housing trust (NHT) transactions. Southwest Airlines increases flights to MoBay Southwest Airlines, ranked as the world's largest low-cost carrier, has increased its service between its home base, Dallas, and Montego Bay to two flights daily. Gallimore going after all outstanding PC bank debt Errol Gallimore, Registrar of the Department of Cooperative and Friendly Societies, DCFS, says nearly half of the loan portfolio of the National People's Co-operative Bank is in arrears, but he plans to collect all the outstanding debt. Jamaica cont’d. IMF Praises Jamaica’s Performance The International Monetary Fund (IMF) has given high marks for Jamaica’s performance under the Stand-By Arrangement (SBA) with the Fund, saying “commitment to the economic reform programme remains strong”, with “economic indicators at historical highs, supported by a favourable macroeconomic environment”. Barbados On schedule – Sam Lords castle development remains on track - Layne Barbadians should be able to see physical structures going up on the site of the former Sam Lord’s Castle in St Philip by January next year. Insurance sector worried about number of road fatalities Insurance companies here are expressing concern over the increasing number of road fatalities, which they blame on “lawlessness”, “indiscipline” and intoxication. Tax amnesty to end on November 30 The Barbados Revenue Authority has reminded individuals and businesses that this year’s Tax Amnesty Programme ends on Thursday, November 30. Barbados Regulator Increases Pressure on Utility Providers to Improve Service The Fair Trading Commission (FTC) is bringing the hammer down on this country’s utility providers, Barbados Light & Power (BL&P), the Barbados Water Authority (BWA) and Cable & Wireless (C&W), which operates in the island as FLOW. The Bahamas Bahamas Eyes $8.1m Boost From New Airlift The Bahamas is expected to gain 19,000 room nights and $8.1 million in annual extra visitor spend through the start of weekly non-stop airlift from Germany. $4.5 BN Oil Refinery for Grand Bahama The Government is said to be "embracing" a potential $4.5 billion oil storage terminal and refinery planned for east Grand Bahama, Tribune Business can reveal. The Bahamas cont’d. Gov't Causes GB Power 'Concern' Over Buy-Out GB Power and its majority investor have admitted to "concerns" over the Deputy Prime Minister's suggestion that the Government will further review the already-approved $35 million buy-out. Shipping line increases weekly services between Fort Lauderdale and Grand Bahama The shipping line Baleària Caribbean, which operates the fast ferry Jaume I, is adding a new weekly service starting on Monday, November 13, between the island of Grand Bahama and Fort Lauderdale. From then on, the company will offer the route daily except Wednesdays in order to provide its customers with more options. Guyana Jagdeo to seek verification of ExxonMobil ‘$20M signing bonus’ for Gov’t. While the coalition Government remains tight-lipped on its dealings with ExxonMobil, Opposition Leader Bharrat Jagdeo says he plans to verify with United States oil giant about the alleged US$20 million signing bonus. St. Lucia Saint Lucia Investment Migration Program first in the world for investment requirements Saint Lucia’s citizenship-by-investment program has secured the top spot in terms of Investment Requirements, Residence Requirements and Physical Visit Requirements in the Global Residence and Citizenship Programs 2017–2018 report. Belize WestJet begins direct flight to Belize from Calgary, Canada A brief inaugural ceremony was held at the Philip Goldson International Airport on Friday, November 3, to commemorate WestJet’s new non-stop weekly service between Calgary, Canada, and Belize. According to WestJet, the service is part of the airline’s seasonal schedule for the winter of 2017-18. British Virgin Islands Branson meets with IMF for BVI Billionaire Sir Richard Branson who owns two of the outer islands in the territory said he has held talks with the International Monetary Fund (IMF) on behalf of the British Virgin Islands. Venezuela Venezuela's PDVSA misses debt payments to India's top oil producer Venezuelan state oil-firm PDVSA has not made debt payments to India’s top oil producer ONGC (ONGC.NS) for six months, and has previously used a Russian state-owned bank and another Indian energy company as intermediaries to make payments, two sources familiar with the transactions said on Wednesday. Other Regional 44th COTED meeting opens here today Caribbean Community (CARICOM) Trade Ministers will today begin a two- day meeting at the Marriott Hotel to review the free movement of regional goods and services under the CARICOM Single Market and Economy (CSME) initiative. INTERNATIONAL United States Dollar slips vs yen on U.S. tax reform doubts The dollar slipped against the yen on Thursday, pressured by talk of possible delays to U.S. President Donald Trump’s tax reform plans and lower Treasury yields. Stock futures lower after Wall Street's record run U.S. stock index futures were slightly lower on Thursday, a day after Wall Street closed at a record high, as investors fretted about possible obstacles to a Republican tax bill that the lawmakers are debating. United Kingdom Sterling skirts Westminster turmoil, holds steady vs dollar Britain’s sterling inched up on Thursday as expectations for a gradual tightening of policy from the Bank of England protected the pound from the political turmoil engulfing Prime Minister Theresa May’s government. Europe European shares dip slightly as more third-quarter earnings announced European shares opened in negative territory on Thursday, as a flurry of corporate earnings for the third quarter triggered sharp price moves, many negative, across some sectors and bourses. China China plans pilot scheme easing foreign auto firms' ownership limits China will start a pilot scheme in the first half of next year, aiming to relax restrictions on foreign firms’ ownership of new energy and special use vehicles businesses set up in free trade zones, the foreign ministry said on Thursday. China blue-chips end at 2-yr high as inflation signals economy remains robust China stocks rose on Thursday, led by the blue-chip index scaling a fresh two-year high, as investors were encouraged by strong inflation data that showed economic momentum remains robust. Chinese firms set for best quarter in 4 years Corporate China is set to clock its best quarter in four years, according to results from two-thirds of the country’s listed firms with a market capitalisation of at least $500 million. Japan JGBs largely down, underpinned by volatile stocks Most Japanese government bonds edged down on Thursday, while super- long maturities came off their highs after a 30-year bond sale. Japan cont’d. Moody's: Japan megabanks can accumulate capital to support their credit profiles, despite weak core profitability Moody's Japan K.
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