OUR UPCOMING WORKSHOPS!

WORKSHOP DATE COUNTRY

IFRS 9 for Banks & Other Financial Institutions 31st January 2018 Trinidad

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

. Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB . Endeavour Holdings Limited’s rating reaffirmed at CariA+ . Gulf City Limited’s rating reaffirmed at CariA+ . National Flour Mills Limited’s rating reaffirmed to CariA- . Telecommunications Services of Limited’s rating reaffirmed to CariA . 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

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

Colfire assigned robust credit rating Regional ratings agency CariCRIS has given Colonial Fire and General Insurance Limited (COLFIRE) a robust corporate credit rating of CariA (Foreign and Local Currency Ratings) on the regional rating scale, and ttA on the Trinidad and Tobago (T&T) national scale.

New tourism entity records loss The T&T Tourism Business Development Ltd has reported a loss of $487,000 for the six months ended June 30, 2017

Massy Holdings after-tax profit dips 23 per cent Massy Holdings Ltd and its subsidiaries is reporting profit after tax of $412 million for the year ended September 30, 2017.

Jamaica

With 4,300 new shareholders, VMIL aims for greater financial inclusion Having set out to achieve the financial independence and inclusion of it members and potential investors, the Victoria Mutual Group is now on a mission “to become the leading Caribbean-based provider of financial services”, according to Chief Investment Officer Devon Barrett.

Jamaica tops Caribbean in Forbes Magazine global report on doing business Jamaica is the highest ranked Caribbean Community country, while the French-speaking island of Haiti is ranked among the worst three countries in the world for doing business, according to the US-based Forbes Magazine .

Barbados

Details of Hilton sale coming soon Government will provide full details of the sale of the Barbados Hilton Resort “very soon”, Minister of Tourism Richard Sealy has promised.

The Bahamas

Hotel Room Revenue Down 7% As Tourism 'Stays Weak' TOURISM industry performance "remained weak" through October 2017, it was disclosed yesterday, with hotel room revenues off 7 per cent due to occupancy and rate declines.

Antigua and Barbuda

Barbuda may lose thirty percent of its population, says PM Antigua and Barbuda Prime Minister Gaston Browne anticipates that 30 percent of Barbudans will not return to the sister island after finding that life is “sweeter” in Antigua.

Guyana

Guyana to host Inter-American Congress of Tourism in March 2018 Guyana will host the 24th Inter-American Congress of Ministers and High- Level Authorities of Tourism of the on March 21-22, 2018. The government of Guyana and the OAS General Secretariat signed a cooperation agreement on Thursday for the organization of the event.

Guyana closer to Category 1 status, as aviation sector improves Guyana over the past year has seen a dramatic growth in its aviation sector, especially in areas of safety and building institutions to oversee implementation and evaluation. The US$150 million project to expand the runway and modernization of the terminal at the Cheddi Jagan International Airport (CJIA) will be completed by late-2018.

British Virgin Islands

CDB approves US$65.5mn in loans, grants to support disaster recovery efforts in BVI The board of directors of the Caribbean Development Bank (CDB) has approved US$65.5 million in loans and grants to the government of the British Virgin Islands to assist with the recovery, rehabilitation and reconstruction of social and economic infrastructure, resulting from the cumulative effects of recent severe weather events.

Montserrat

Grant funding of £14.4 million to develop port at Little Bay, Montserrat Marine access to the island of Montserrat is set to improve, as the board of directors of the Caribbean Development Bank (CDB) has approved a grant of £14.4 million (US$19.5 million) to develop the port at Little Bay.

INTERNATIONAL

United States

BP takes $1.5 billion charge over U.S tax changes, joining Shell BP (BP.L) will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new U.S. corporate income tax rules, joining rival Royal Dutch Shell.

Europe

New year jitters for bond markets as ECB cuts back stimulus Borrowing costs across the euro area shot higher on Tuesday as a cut in monthly ECB asset purchases became a reality, with hawkish comments from a top official and strong data hurting sentiment towards bonds on the first trading day of the year.

Euro zone factories ended 2017 with record high growth: PMI Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high.

China

China central bank injects more funds in December via liquidity tools China’s central bank injected a net 212.36 billion yuan ($32.7 billion) into the financial system via short- and medium-term liquidity tools in December, rising sharply from November as it sought to ease tight cash conditions before the year-end.

Japan

Japan's Nippon Life eyeing M&A for foreign boutique bond and alternative funds Japan’s Nippon Life Insurance Co [NPNLI.UL], which recently struck a deal to buy about a quarter of U.S. investment firm TCW Group, is scouting for opportunities to buy boutique managers of bonds and alternative assets, its president said.

India

Indian parliament bars defaulting firm owners from bidding to buy back assets India’s parliament on Tuesday approved amendments to the Insolvency and Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back assets when they are auctioned as part of bankruptcy proceedings.

India factory activity expands at fastest pace in five years in December: PMI India’s factory activity expanded at the fastest pace in five years in December, a private sector survey showed on Tuesday, buoyed by a rise in output and new orders, which allowed firms to raise prices.

Colfire assigned robust credit rating Tuesday 2nd January, 2018 – Trinidad and Tobago Guardian

Regional ratings agency CariCRIS has given Colonial Fire and General Insurance Limited (COLFIRE) a robust corporate credit rating of CariA (Foreign and Local Currency Ratings) on the regional rating scale, and ttA on the Trinidad and Tobago (T&T) national scale.

CariCRIS also assigned a financial strength rating of CariA, stating that "COLFIRE’s relative ability to meet all its ongoing insurance obligations is good."

CariCRIS said that this rating was a "feather in the hat" of COLFIRE as the company enters its 60th year of operation and noted that the insurance provider "continues to build on its strengths despite the country's challenging economic situation"

In awarding the rating, CariCRIS pointed to COLFIRE’s history of solid financial performance and its profitable underwriting operations.

"The outlook for the company is stable, attributed in part to its healthy liquidity position, underpinned by the good credit qulaity of its financial assets" CariCRIS said

The rating agency went on to add that COLFIRE's wide distribution network, with branches that operate in the major hubs of San Fernando, Chaguanas, Piarco and Tobago, as well as its "strong corporate governance and leadership" and "investments in information systems and risk management policies" contributed positivelyt o its high rating.

Commenting on the first-rate grade, Director/CEO Sean Jack, who has been at the helm of the company for a year, said: “COLFIRE’s years of experience speak to the Company’s operational efficiency and ensures future operating excellence. Our prudent and conservative underwriting practices have increasingly focused on our serviceability. This benefits our shareholders, but more importantly, safeguards our valued policyholders.”

<< Back to news headlines >>

New tourism entity records loss Monday 1st January, 2018 – Trinidad and Tobago Guardian

The T&T Tourism Business Development Ltd has reported a loss of $487,000 for the six months ended June 30, 2017

Chairman, Jerry Hospedales in his statement accompanying the abridged financial statements to June 30, 2017, stated the company remained, “focused as a development fund whose core activity emboldens the revitalization and growth of the tourism sector in Tobago.”

Specifically commenting on the performance of the company, Hospedales said for the first six months, business fulfillment remained, “flat,” which was “reflective of the structural adjustment activity within the domestic environment and the renegotiation of tourims-based loan portfolios by local financial institutions.”

Total assets inclusive of its cash and cash equivalents amounted to $55,453,000 at the end of the six-month period.

Nonetheless, the board of directors and its management remained determined to improve “the client engagement and proposal strengthening initiatives which are, designed to intensify letters of undertaking issued, consistent with our client acquisition strategies.”

“The board expects this process to expand its client portfolio and increase the number of prospective businesses within the tourism value structure.”

<< Back to news headlines >>

Massy Holdings after-tax profit dips 23 per cent Saturday 30th December, 2017 – Trinidad and Tobago Guardian

Massy Holdings Ltd and its subsidiaries is reporting profit after tax of $412 million for the year ended September 30, 2017.

This represents a 23 per cent decline in after tax profit compared to the prior year.

Chairman, Robert Bermudez said the group performed "well" in the 2017 financial year despite the economic slowdown in its two key markets, T&T and Barbados.

In his statement accompanying the highlights of the audited consolidated financial statements he said, "the group remains financially strong with market-leading positions in its core industries."

The group's total asset position grew in 2017 compared to 2016.

In 2017 the group reported $13.3 billion in total assets compared to 2016 where it recorded $11 billion worth in assets.

Looking at its segmented revenue, the company's integrated retail business continues to be the highest revenue earner, registering $7 billion in revenue.

Its T&T market remains the most lucrative as compared to the other territories within which the conglomerate operates.

The company also continued on its expansion drive and deepened its footprint in .

According to Bermudez, "the acquisition of Grupo Automontana brought four car dealerships in Medellin and two car dealerships in Bogota to the group, and more than doubled the group's annual car sales in Colombia."

Guyana is another prospect for the company Bermudez said, because "the group also strengthened its relationships with ExxonMobil and international offshore infrastructure provider SBM Offshore, to best position the group of companies in Guyana to serve these international operators as they move into the development and production phases of their project."

The report added that: "For the future, the company plans to focus on its acquisition and investment activities on its core industries which it has competitive strengths such as integrated retail, automotive distributorships and dealerships, industrial gas and other plant operations."

<< Back to news headlines >>

With 4,300 new shareholders, VMIL aims for greater financial inclusion Sunday 31st December, 2017 – Jamaica Observer

Having set out to achieve the financial independence and inclusion of it members and potential investors, the Victoria Mutual Group is now on a mission “to become the leading Caribbean-based provider of financial services”, according to Chief Investment Officer Devon Barrett.

That journey started with the listing of Victoria Mutual Investments Limited (VMIL) on the Main Market, which took place on Friday at the office of the Jamaica Stock Exchange in downtown Kingston.

“Through this IPO (initial public offer), our mission of financial inclusion has been achieved. We have always said — you may remember our campaigning two years ago with financial independence — that we want our members, clients, investors to be financially independent,” Barrett said.

He continued: “So part of what we've done today is to help those members and potential clients, because we could have just injected capital internally, but we've decided to invite a new set of people, as Mrs Street Forrest said earlier, to invest in our business so that they can share in the benefits that will come from our business. So it is also about financial inclusion.”

On November 29, VMIL tendered a prospectus for the purchase of 300 million ordinary shares amounting to $698 million. The IPO was opened on December 11 and one day later, the company announced via press release on the JSE website that the IPO was oversubscribed three times the intended value.

Despite being oversubscribed before the IPO was officially opened, the company decided to float the IPO for another day.

“According to the applications that had been received up to the Friday before we officially opened on December 11, we were already 100 per cent oversubscribed. In other words, the applications received had amounted to twice the 300 million shares that were on offer,” explained Courtney Campell, president and CEO, Victoria Mutual Group, in his address.

“So the question is: why did we keep it open? We kept it open because by doing that for the extra two days, we allowed many of our members, many members of the public, who were not previously participants in this local stock exchange, to get involved in owning shares in a strong Jamaican company. That's why we did that, so now we have ended up with 4,300 new shareholders in the Victoria Mutual Group, many of whom will own shares in a Jamaican company for the very first time,” he added.

Of the shares on offer, 150 million shares were offered to the reserved group, with all investors in the class being allocated at least 200,000 units. Over 80 per cent received full allocation of shares, while others received 6.54 per cent more.

Some 2,000 public investors received at least 30,000 shares. The employee group was also fully allocated.

Over 50 per cent of all applicants were satisfied, Barrett said, explaining further the reason for the company's success.

“We heard a number of analysts in the marketplace saying that we were underpriced and undervalued, and we should have sold the shares for a higher price. But we don't see it that way,” the CEO of VMIL said.

Instead, Barrett said the VM Group views the move as adding value to its investors since “they're making an investment in the future of VM” and “they are the same persons that have helped us to get to this point”.

He also attributed the success of the IPO to current economic conditions being favourable. Making reference to the economic crisis which began circa 2008, Barrett noted that the group has weathered the storms of two debt exchanges, high tax packages and Government borrowing. He noted, however, that since the Government has reduced the securities it once offered to the financial marketplace, more space has been provided for raising equity.

“It's something [the global economic crisis] that I think we have leveraged. We have taken the opportunity to go to listing now, and we want to use the opportunity right here and now to say to those who have been thinking about this for a while to get going now. Market conditions are never always great and I think where they are now, it's the right time. That's why we had four listings into the last month,” Barrett reasoned.

Since then the company has changed its business model from earning 70 per cent of income from interest-bearing instruments to earning the same from diversifying its activities.

Over the past five years, Barrett said, VMIL has earned return on equity of 20 per cent, from which it paid the VM Group 55 per cent in dividends, “...so they've gotten a really good deal over the years and we want our current and future shareholders to benefit from the same thing”.

Still, Barrett believes the group can do even better and even more. For this reason, VMIL will be committing $1 billion — including from the $698 million raised to the IPO — to the productive sector.

“And when we say we're investing in the productive sector, we're not just going to go and give you a loan. We're making equity investment into the productive sector, so small and medium-sized enterprises (SMES) will definitely benefit from what we're offering,” he asserted, referring to SMEs as “the engine of growth” that should get going.

Like Barrett, Campbell believes that “financial inclusion goes a little further” than raising capital, but also addressing economic inequalities.

“As a nation, we have done a lot of good work in the last five or six years to manage our economy with greater discipline and we're seeing the benefits of that now. But we're all struggling for growth, and now that we're pushing for growth we need to ensure that this growth is inclusive growth,” Campbell said.

<< Back to news headlines >>

Jamaica tops Caribbean in Forbes Magazine global report on doing business Saturday 30th December, 2017 – Jamaica Observer

Jamaica is the highest ranked Caribbean Community country, while the French-speaking island of Haiti is ranked among the worst three countries in the world for doing business, according to the US-based Forbes Magazine .

In its 12th edition of the annual report “Best Countries for Business”, Forbes Magazine has named the United Kingdom as the top of the 153 countries surveyed.

The magazine determines the Best Countries for Business by rating 153 nations on 15 different factors including property rights, innovation, taxes, technology, corruption, infrastructure, market size, political risk, quality of life, workforce, freedom, red tape and investor protection.

It said the data is based on published reports from several reputable organisations, including the United Nations, Transparency International, World Bank Group and World Economic Forum.

According to Forbes, Jamaica was ranked at number 72, followed by Trinidad and Tobago at 75 and Belize at 111.

Guyana was listed at 113 with Suriname at 135 and Haiti at 151.

The magazine said Haiti is the worst performer among non-African countries, after indicating that African nations populate the worst countries for business with six of the bottom 10.

Most of these countries fare poorly on innovation, trade freedom and investor protection, it noted.

<< Back to news headlines >>

Details of Hilton sale coming soon Saturday 30th December, 2017 – Barbados Today

Government will provide full details of the sale of the Barbados Hilton Resort “very soon”, Minister of Tourism Richard Sealy has promised.

There has been mounting pressure on the Freundel Stuart administration to make public, the details of the announced deal, following reports that the hotel had been sold for less than expected.

Pressed today for an update, Sealy would only say that talks were ongoing with a buyer “and there will be more to say when it is appropriate to do so”.

“Numerous parties have displayed an interest and the process by which the partner was selected was completely transparent. There is someone who we have been talking to, yes,” Sealy told Barbados TODAY.

“It is at an advanced stage and we continue to advance those discussion and we will be, of course, discussing publicly exactly where we are going in that regard,” he added.

The opposition Barbados Labour Party (BLP) has been calling on Government to reveal the full details and process for the sale of the Needham’s Point property.

Shadow Minister of Tourism Ronald Toppin said in Parliament this month that reports suggesting that the recently refurbished hotel had been sold for US$80 million, US$20 million less than Minister of Finance Chris Sinckler’s stated price, was reason enough for the administration to be transparent with the transaction.

“The Government has previously indicated that it intends to sell the Barbados Hilton for US$100 million. What is the process informing this sale? Who is doing the independent valuations? Where is it being advertised for sale? We need to be told by Minister of Finance Chris Sinckler before any further action is taken,” Toppin had said.

“The BLP would like to ensure that this hotel, one of the most valuable jewels in the Barbados economic crown since it was originally opened in 1966, is not sold at a cut-rate price like Blue Horizon Hotel appears to have been.”

He added that there should be no doubt in any Barbadian’s mind that the accepted international criteria and standards were being followed in securing the best deal for the country and its citizens at all times.

It was at the same sitting of Parliament that Minister of Housing Denis Kellman had accused the BLP of using two of its political candidates who sit on the board of the National Insurance Scheme to block the Hilton sale, although he provided no evidence to support his claim. .

In his Budget presentation on May 30, Sinckler had said Government would only accept offers in line with the hotel’s real value and expected “no less than BDS$100 million as the net proceeds from the sale, taking into account the liquidation of existing debt liabilities attached to the property”.

<< Back to news headlines >>

Barbuda may lose thirty percent of its population, says PM Friday 29th December, 2017 – Caribbean News Now

Antigua and Barbuda Prime Minister Gaston Browne anticipates that 30 percent of Barbudans will not return to the sister island after finding that life is “sweeter” in Antigua.

He told a parliamentary debate on amendments to the Barbuda Land Act that Barbudans are needed on the island to help in its reconstruction, Antigua News Room reported.

The prime minister told parliament that even though 50 homes have already been repaired “unfortunately the Barbudans are still here, they are not moving back home.”

“I suspect, Mr Speaker, that we are going to lose 30 percent of the Barbuda population because they are not going back home. Many of them have said to me that they are not going back to Barbuda,” he noted.

Browne said some Barbudans have found jobs here “and are still being paid by the council.”

“Personally I have signed no less than 40 duty-free waivers for brand new vehicles from Harney Motors for Barbudans,” Browne who is also minister of finance told the Lower House.

He said some of the government’s critics have also benefited from duty- free waivers and are staying at luxury resorts.

“Some of them who were cursing us they were staying at Jolly Beach drinking their cocktails and relaxing,” Browne added.

“They are living better in Antigua than they did in Barbuda. They have no interest to go back to Barbuda because if things are so bad here then go back home nah.”

The government said the lone secondary school on the island will be repaired in two months, the airport has been fenced and the terminal building repaired. The Barbuda council building has reportedly been repaired while work continues on the main hospital on the island. Water has also been restored.

Browne said, “We need people back on Barbuda. The biggest problem undermining the recovery is that we do not have sufficient people on Barbuda. They need to go back home.”

<< Back to news headlines >>

Guyana to host Inter-American Congress of Tourism in March 2018 Friday 29th December, 2017 – Caribbean News Now

Guyana will host the 24th Inter-American Congress of Ministers and High- Level Authorities of Tourism of the Americas on March 21-22, 2018. The government of Guyana and the OAS General Secretariat signed a cooperation agreement on Thursday for the organization of the event.

It will be the first ever high level OAS meeting in that country. The meeting’s theme will be “Connecting the Americas through Sustainable Tourism”.

Permanent representative of Guyana to the OAS, Riyad Insanally, said, “It’s a historic occasion for Guyana. We look forward with pleasure and anticipation to welcome you all to Guyana. For us, sustainable tourism is critical for our development as a nation.”

OAS Secretary General Luis Almagro added, “Tourism can significantly expand economic opportunities for our citizens. It should be sustainable, ensuring that the economic, social, cultural and environmental elements are fully respected.”

The 23rd Inter-American Congress of Tourism was held in Lima, , in 2015.

<< Back to news headlines >>

CDB approves US$65.5mn in loans, grants to support disaster recovery efforts in BVI Friday 29th December, 2017 – Caribbean News Now

The board of directors of the Caribbean Development Bank (CDB) has approved US$65.5 million in loans and grants to the government of the British Virgin Islands to assist with the recovery, rehabilitation and reconstruction of social and economic infrastructure, resulting from the cumulative effects of recent severe weather events.

Daniel Best, director, Projects Department, CDB noted, “The government of the British Virgin Islands’ preliminary assessment report estimates US$3 billion in damage and losses — the equivalent of three times the annual gross domestic product, from the passage of Hurricane Irma.”

“This project is a reflection of our commitment to providing and mobilising resources for recovery and reconstruction, and to improve climate resilience and socially inclusive infrastructure and institutions in our borrowing member countries,” Best added.

The rehabilitation and reconstruction project aims to strengthen the socio- cultural and economic preparedness and resilience of the population of the British Virgin Islands to future climate-related hazards, while supporting the population in re-establishing sustainable livelihoods. This will be achieved through:

The rehabilitation and reconstruction of critical social and economic infrastructure in the country’s transport, water and sewerage, governance, education and national security sectors; The provision of technical assistance in design and construction supervision services; and Institutional strengthening for psychosocial support and disaster mitigation. The project will be supported through a US$65.2 million loan and a US$300,000 grant.

It comprises several components, including:

Rehabilitation and reconstruction of critical climate-resilient social and economic infrastructure; Enhancement of institutional capacity for: psychosocial support and disaster risk reduction; Upgrade/reconstruction of 3.9 kilometres of roads; Construction of approximately 900 metres of coastal defences; Construction/upgrade of 12 educational institutions and recreation facilities; Rehabilitation of nine public infrastructures; Rehabilitation of ten water and sewerage facilities; Provision of information and communication technology equipment and other resources for 29 institutions; and Training of 80 persons in providing psychosocial support services. In October and November 2017, CDB approved three immediate response loans on highly concessionary terms, totalling US$2.25 million and an emergency relief grant of US$200,000 to the British Virgin Islands after the passage of Hurricanes Irma and Maria, and Tropical Storm José. These funds assisted the government in the provision of emergency relief supplies and humanitarian assistance, cleaning and clearing debris, as well as restoring critical infrastructure and essential public services.

The project is consistent with the bank’s strategic objective of promoting environmental sustainability and disaster risk management in its borrowing member countries, and its corporate priority of promoting disaster risk management and climate change mitigation and adaptation.

<< Back to news headlines >>

Grant funding of £14.4 million to develop port at Little Bay, Montserrat Friday 29th December, 2017 – Caribbean News Now

Marine access to the island of Montserrat is set to improve, as the board of directors of the Caribbean Development Bank (CDB) has approved a grant of £14.4 million (US$19.5 million) to develop the port at Little Bay.

The funds are being provided through the United Kingdom Caribbean Infrastructure Partnership Fund (UKCIF), and will assist in financing the construction of an offshore breakwater and quay.

Head of infrastructure partnerships at CDB, Andrew Dupigny, noted that the development of the port is critical to providing a safe harbour and accessibility for vessels up to 150 metres in length.

“The current jetty at Little Bay is exposed to rough seas intermittently, as there is no offshore breakwater. This makes it unsafe for vessels to dock at times, and means that Montserrat is unable to provide a continuous safe harbour for cruise ships, ferries, yachts, cargo and other vessels, which impacts economic activities on the island. The development of the port is seen as vital for Montserrat’s economic recovery and sustainability,” said Dupigny.

Currently, rough seas cause significant downtime at the existing port, and 58 out of 475 ships were unable to berth in 2016. Climate change is likely to exasperate the situation, with increased and more frequent storm conditions and sea level rise expected. The construction of an offshore breakwater is therefore particularly important. It will help to create a safe harbour that is climate resilient and adequately protected. Port development will also support the growth of Montserrat’s tourism sector, improving access and connectivity to the island.

In addition, sections of the harbour will be dredged to allow larger vessels to berth along the jetty. This will allow for larger rescue ships to be positioned appropriately, should there be a mass evacuation event caused by the eruption of the Soufriere volcano.

It is expected that phase one development of the port development works will be completed by 2021. Counterpart financing of £7 million will be provided by the government of Montserrat.

UKCIF provides grant financing to eight Caribbean countries eligible for Overseas Development Assistance, and UK Overseas Territory, Montserrat. The project is consistent with CDB’s strategic objective of supporting inclusive and sustainable growth and development, as well as its corporate priority of strengthening and modernising social and economic infrastructure.

<< Back to news headlines >>

Guyana closer to Category 1 status, as aviation sector improves Friday 29th December, 2017 – Caribbean News Now

Guyana over the past year has seen a dramatic growth in its aviation sector, especially in areas of safety and building institutions to oversee implementation and evaluation. The US$150 million project to expand the runway and modernization of the terminal at the Cheddi Jagan International Airport (CJIA) will be completed by late-2018.

For these reasons, the country is close to achieving Category 1 status, which means that Guyana-based carriers and others in the region can fly non-stop from Georgetown to any point in the United States, the Guyana Civil Aviation Authority (GCAA) said recently. However, the country is still finding it hard to attract legacy airlines from North America and Europe.

Air traffic continues to increase and the country is better able to monitor its airspace. It has acquired air navigation and communication equipment and infrastructure has been upgraded at the Timehri and Ogle control towers to ensure that adequate air navigation services are provided to the industry, GCAA said.

Guyana was recognized for the dramatic improvement after a recent ICAO Coordinated Validation Mission (ICVM) audit. Guyana moved from 44.24 percent to 64.66 percent effective implementation of ICAO Standards and Recommended Practices (SARPs). That figure is expected to increase when the next audit is completed and GCAA expects Guyana to regain its Category 1 status.

“The award signifies that Guyana is closer to implementing ICAO’s SARPs, as well as achieving the United States Federal Aviation Administration’s (FAA) Category One status. The attainment of Category One status would mean that air operators from Guyana can once again initiate service to the United States, and take part in reciprocal code-sharing arrangements with US carriers,” GCAA said.

Currently, because of the lack of the Category 1 classification, all flights have to go through another country, which is why Guyana cannot designate a national carrier or solicit a foreign airline to make CJIA its hub and ply GEO/NYC/MIA routes. However, if Category 1 status is achieved soon, the Guyana aviation sector could become more attractive to investors.

Security at the airport and many drug trafficking rings and their elements in the government, the police and the armed forces are being rooted out. There seems to be less cocaine getting onto planes to North America from monitoring media reports. Yet with all these improvements, the government is finding it difficult to bring legacy airlines to Guyana.

However, with the expansion and upgrade of the Cheddi Jagan Airport before the end of 2018, and with the country’s future oil boom, it’s only a matter of time before some big names enter the Guyana airspace.

Yet the government has touted the idea of making CJIA a hub; however, there is no indication of any plans to base an airline in Guyana to create a hub. And again, not having Category 1 status makes the reality of CJIA becoming a hub more farfetched. This is the only way that a hub can be built, Tomas Chlumecky, an aviation expert very familiar with Guyana, said.

At least a few planes need to be stationed at CJIA for this to happen, he said. Also, there are no applications or negotiation with any major airline from North America in any serious stage according to an insider affiliated with the aviation industry of Guyana. Air Canada/Rouge, GOL, JetBlue, Delta, Turkish Airlines, Surinam Airways (SLM) and Guyana Airways 2018 are said to be interested in the Guyana market.

There is much talk about Guyana Airways 2018, a new start up airline that will be based in Guyana. The airline and its partner, Fly Jamaica, plan to operate flights to New York, , Toronto, and . Guyana Airways 2018 plans to use the Boeing 757 on the route and two A340-300s on the North American routes. Yet with so much uncertainty in the aviation industry, the likelihood of Guyana Airways surviving beyond a few years is questionable. They are striving to be named as the official Guyana , and are encouraging the government to take a stake in the company. The airline has government support.

However, Guyana needs a national carrier that is dedicated to develop the economic growth of the country by opening the frontiers to settlements, markets and tourists. This is very feasible because EXXONMobil will soon market Guyana oil, and all the money that Guyana will receive should be spent heavily on infrastructure. According to ExxonMobil’s country manager, Rod Henson, Guyana will earn about US$1.5 billion from the Liza 1 well after a period of five years, and by 20 years US$7 billion, and those figures are guaranteed “based on price assumptions”.

The government plans to pump a lot of money into regional airports and airstrips across the country. There is already talk about building a third international airport in the frontier town of Lethem, which borders . There is no air connectivity between Guyana and Brazil.

In 2017, the newest entrant to the Guyana market was Airlines, which is linking Georgetown/CJIA to Aruba and Cuba. Yet, there is no direct air connectivity between Guyana, Brazil and Colombia. This is due to long historical and political reasons that isolated the Guianas from Latin America. However, CJIA is looking to make direct connectivity to Bogota, which is now a global hub that connects South America to Africa, Europe, Asia and the Middle East. For this reason, the government of Guyana has been courting Avianca to enter the Guyana market.

However, to date, there is no single, simple air itinerary connecting Guyana directly to Addis Ababa, Dubai, London, Paris, Vienna, Geneva, Istanbul, New Delhi or Beijing. This is because Guyana has yet to conclude necessary agreements with many countries to utilize COPA’s global network and partners. For example, to utilize the COPA/Turkish Airlines alliance to open Guyana to the global market, many agreements have to be concluded.

Nevertheless, once Guyana is connected with Havana, this becomes another new hub, already connected to Istanbul, Addis Ababa, Beijing, London, Paris, Rome, Moscow and Madrid. Caribbean Airlines (CAL), which dominates the Guyana market, will begin Havana flights from January 2018; however, fares are exorbitant. Then there is the question as to how long the Cuba flights will last. CAL has no agreements with any airlines flying from Havana to other cities. CAL refused to cooperate and sign a code sharing agreement with SLM.

The situation requires more synergy between stakeholders such the foreign ministry, the tourism board, airlines, experts, the private sector and diplomatic mission around the world. Guyana should now be talking to countries like Ethiopia and Turkey about how to develop its aviation industry.

<< Back to news headlines >>

Hotel Room Revenue Down 7% As Tourism 'Stays Weak' Friday 29th December, 2017 – Tribune 242

TOURISM industry performance "remained weak" through October 2017, it was disclosed yesterday, with hotel room revenues off 7 per cent due to occupancy and rate declines.

The Central Bank of the Bahamas' monthly economic report for November, which disclosed significant October arrivals jumps due to the weak Hurricane Matthew-related comparisons of the year before, noted that key hotel industry indicators for the first 10 months of 2017 were all down.

Using data from the Bahamas Hotel and Tourism Association (BHTA), the Central Bank said: "Total room revenue fell by 7 per cent over the 10- month period, due to declines in both the average occupancy rate, by 4.5 percentage points to 64.8 per cent, and the ADR (average daily room rate), by 2.4 per cent to $234.76.

"Over the first 10 months of the year, tourism inflows remained weak, as visitor arrivals contracted by 3 per cent vis-à-vis a 2.8 per cent uptick in the comparable period of 2016. This reflected declines in both the air and sea segments, by 6.9 per cent and 1.8 per cent, a reversal from gains of 0.9 per cent and 3.4 per cent, respectively, recorded in the prior year."

Much of the decline related to the Grand Lucayan's continued closure, with the Central Bank revealing: "In Grand Bahama, arrivals plunged by 29.9 per cent, amid contractions in both the air and sea segments by 48.6 per cent and 26.5 per cent, respectively.

"Comparatively, visitors to the Family Islands fell by 2.4 per cent, reflecting a fall-off in the dominant cruise segment by 4.8 per cent, overshadowing the 11.7 per cent gain in air arrivals. Further, in New Providence, total visitors firmed by 3.7 per cent, as the 7.7 per cent increase in sea visitors eclipsed the 5.9 per cent fall-off in air tourists." The Central Bank report provided some modest encouragement, disclosing that November data from the Nassau Airport Development Company (NAD) revealed a 4.9 per cent year-over-year increase in international departures from Lynden Pindling International Airport (LPIA).

This compared to the prior year's 0.9 per cent decline, and the regulator added: "In terms of the components, non-US international traffic rebounded by 5.1 per cent from an 8.8 per cent contraction last year, while the growth in US departures quickened to 4.9 per cent from a mere 0.6 per cent in 2016."

October's tourist arrivals data, not surprisingly, showed a 30.2 per cent total increase compared to the prior year's 10.8 per cent decline, with both figures stemming entirely from Hurricane Matthew's impact.

However, the Central Bank added that arrivals were also up by 16.1 per cent when compared to October 2015 numbers, and it suggested there "was the potential for some quickening in the pace of expansion" for the Bahamian economy as a result of this and Baha Mar's full opening.

"Indications are that the domestic economy should maintain its mildly positive growth trajectory over the near-term, with the potential for some quickening in the pace of expansion," it said.

"Notably, tourism output is projected to be supported by the conclusion of the phased opening of the Baha Mar resort in the first half of 2018, while a number of varied-scale foreign investment projects should sustain activity in the construction sector. In this environment, labour market conditions (job creation) are expected to continue to gradually improve."

Turning to the Ministry of Tourism's arrivals data, the Central Bank said: "In terms of the major markets, traffic to Grand Bahama - which was severely impacted by the storm in 2016 - nearly doubled on a yearly basis. This outturn reflected gains in sea and air visitors of 116.8 per cent and 26.8 per cent, compared to reductions of 84.1 per cent and 72.3 per cent, respectively, in the prior year.

"Similarly, Family Island markets firmed by 67.7 per cent, buoyed by gains in cruise and air arrivals, by 72.2 per cent and 32.3 per cent, reversing respective contractions of 30.6 per cent and 14.7 per cent in the previous period.

"In a modest offset, the growth in total visitors to New Providence slowed to 17 per cent, from 21.5 per cent a year earlier, as the gains in sea traffic eased to 16.6 per cent from 40.3 per cent in 2016. However, the air component firmed by 18.9 per cent, a reversal from the 24.7 per cent decline a year earlier."

As for the hotel industry, its October performance also saw a year-over- year improvement in contrast with that for the first 10 months. "Preliminary data from the Bahamas Hotel and Tourism Association showed a 13 per cent increase in estimated room revenues for October, relative to the prior year, supported by a 6.1 percentage point rise in hotel occupancy to 47.9 per cent," the Central Bank said, "although the average daily room rate (ADR) softened by 0.8 per cent to $171.06."

Elsewhere, the Central Bank's outlook for the Bahamian economy, monetary and banking system, and fiscal position was little changed from prior months and the rest of 2017.

"In the fiscal sector, potential improvements in the deficit will continue to hinge on the success of measures to strengthen revenue administration and constrain expenditure growth," it added.

"Modest improvements in banks' credit quality indicators are expected, as institutions ratchet-up efforts to address the high level of non-performing mortgages on their balance sheets. Banks are expected to remain well capitalised, thereby mitigating any financial stability concerns."

<< Back to news headlines >>

Indian parliament bars defaulting firm owners from bidding to buy back assets Tuesday 2nd January, 2018 – Reuters

India’s parliament on Tuesday approved amendments to the Insolvency and Bankruptcy Code Bill to bar owners of defaulting firms from bidding to buy back assets when they are auctioned as part of bankruptcy proceedings.

The government had earlier passed an executive order aiming to “keep out such persons who have wilfully defaulted, are associated with non- performing assets, or are habitually non-compliant and, therefore, are likely to be a risk to successful resolution of insolvency of a company.”

Replying to the debate in the upper house of parliament, Finance Minister Arun Jaitley said the proposed changes in rules were expected to help streamline the process of selecting buyers for stressed assets.

The aim was to exclude wilful defaulters from taking over the management of companies after banks had taken losses on loans.

Several opposition lawmakers expressed concern the new rules could reduce competition for stressed assets and result in lower recoveries for creditors.

In June, India’s central bank ordered 12 of the country’s biggest loan defaulters to be forced into bankruptcy courts as it tries to cut a record $147 billion of soured loans that have accumulated in the country’s banking sector.

Reporting by Manoj Kumar; Editing by Mark Potter

<< Back to news headlines >>

India factory activity expands at fastest pace in five years in December: PMI Tuesday 2nd January, 2018 – Reuters

India’s factory activity expanded at the fastest pace in five years in December, a private sector survey showed on Tuesday, buoyed by a rise in output and new orders, which allowed firms to raise prices.

Tuesday’s data firms up views that business in Asia’s third-largest economy continues to recover but also highlights risks that rising price pressures will keep the Reserve Bank of India (RBI) from slashing interest rates further.

The Nikkei Manufacturing Purchasing Managers’ Index INPMI=ECI, compiled by IHS Markit, rose to 54.7 in December from November’s 52.6, marking its fifth straight month above the 50 level that separates expansion from contraction.

“India’s goods-producing economy advanced on its recovery path, with operating conditions improving at the strongest pace since December 2012,” said Aashna Dodhia, an economist at IHS Markit.

“Strong business performance was underpinned by the fastest expansions in output and new orders since December 2012 and October 2016, respectively. Anecdotal evidence pointed to stronger market demand from home and international markets.”

The country’s manufacturing sector witnessed higher payroll figures in December while the rate of job creation rose to its highest since August 2012.

A worker cuts iron rods outside a workshop at an iron and steel market in an industrial area in New Delhi, India, December 12, 2017. REUTERS/Adnan Abidi The latest survey showed the new orders sub-index, a proxy for domestic demand, also rose to 56.8 in December, the highest since October 2016.

Foreign demand also expanded at its quickest pace since June.

“Challenges remain as the economy adjusts to recent shocks, but the overall upturn was robust compared to the trend observed for the survey history. This outlook was shared by the manufacturing community as sentiment picked-up to the strongest in three months amid expected improvements in market conditions over the next 12 months,” Dodhia added.

At the same time, stronger demand allowed firms to raise prices at the fastest pace in 10 months to make up for rising input costs, suggesting overall inflation could remain above the central bank’s medium-term target of 4.0 percent in the coming month.

India’s retail inflation in November breached the central bank’s medium- term target of 4 percent, which could put pressure on it to raise policy rates in the coming months.

Minutes from the RBI’s December meeting show bank members are becoming increasingly concerned about inflation.

Reporting by Vivek Mishra; Editing by Sam Holmes

<< Back to news headlines >>

Japan's Nippon Life eyeing M&A for foreign boutique bond and alternative funds Sunday 31st December, 2017 – Reuters

Japan’s Nippon Life Insurance Co [NPNLI.UL], which recently struck a deal to buy about a quarter of U.S. investment firm TCW Group, is scouting for opportunities to buy boutique managers of bonds and alternative assets, its president said.

Nippon Life Insurance Co's President Yoshinobu Tsutsui speaks during an interview with Reuters in Tokyo, Japan, December 27, 2017. REUTERS/Toru Hanai “Asset management is a business that can generate synergy with life insurance and it needs to be operated globally. We have been looking widely for potential partners,” Yoshinobu Tsutsui told Reuters in an interview.

The bulking up of asset management overseas by Japan’s largest private- sector life insurer comes as the nation’s insurers are increasingly shifting money away from Japanese government bonds (JGBs), their main investment, into riskier but higher-yielding ones such as foreign corporate bonds to diversify their returns.

Insurers in Japan have been hurt by diminishing investment returns after the Bank of Japan launched aggressive monetary easing in April 2013.

In December, Nippon Life announced a deal to acquire 24.75 percent of TCW from private equity firm Carlyle Group LP (CG.O). Nippon Life has about 74 trillion yen ($653.25 billion) in assets.

Tsutsui said potential targets are likely to be asset management companies with bond investment expertise, as the insurer’s portfolio has been traditionally made up of fixed-income products.

He also said the company is looking for specialists in alternative investments, whose real estate and other portfolios offer diversification from conventional bond and stock investments.

Nippon Life Insurance Co's President Yoshinobu Tsutsui speaks during an interview with Reuters in Tokyo, Japan, December 27, 2017. REUTERS/Toru Hanai

“As we have to diversify investment assets globally, alternative is a very important field,” he said. “The United States has a very big and deep market for asset management. There are huge companies but there are also small but unique boutiques. We would like to keep looking there,” he said.

Tsutsui said while his company will curb fresh investment in JGBs further, U.S. interest rate rises pose a challenge to its effort to increase foreign bond holdings.

“Hedging costs will rise with U.S. rate increases, that will diminish returns (from U.S. Treasuries),” he said. Japanese insurers usually hedge against currency swings when they buy foreign assets to protect their yen- denominated value.

“There is an issue of how to build foreign bond portfolios and French government bonds are in the spotlight now,” said Tsutsui, 63, who took over the helm of the company in 2011.

Sources with the direct knowledge have said Nippon Life is in talks to buy a majority stake in the Japanese unit of U.S.-based MassMutual Financial Group in an attempt to boost its bancassurance sales.

Tsutsui declined to confirm the MassMutual talks but said his company has been searching for ways to build up domestic sales channels in addition to traditional door-to-door sales representatives.

“For bank branch sales channel, we are thinking about mergers and acquisitions,” he said.

($1 = 113.2800 yen)

Reporting by Taiga Uranaka and Taro Fuse; Editing by Muralikumar Anantharaman

<< Back to news headlines >>

China central bank injects more funds in December via liquidity tools Tuesday 2nd January, 2018 – Reuters

China’s central bank injected a net 212.36 billion yuan ($32.7 billion) into the financial system via short- and medium-term liquidity tools in December, rising sharply from November as it sought to ease tight cash conditions before the year-end.

In November, the People’s Bank of China only injected 4.74 billion yuan of funds into the financial system, amid a sustained crackdown on riskier lending to reduce financial risks.

On Dec. 14, the PBOC nudged money market interest rates upward just hours after the Federal Reserve raised the U.S. benchmark, as Beijing sought to prevent destabilizing capital outflows without hurting economic growth.

The PBOC said in a statement published on Tuesday that it lent 476 billion yuan to financial institutions via its medium-term lending facility (MLF) in December.

Outstanding MLF was 4.5215 trillion yuan at the end of December compared with 4.4205 trillion yuan at the end of November, implying a net injection of 101 billion yuan last month.

The PBOC also extended 134.06 billion yuan of loans to local financial institutions in December via its standing lending facility (SLF), it said.

The total outstanding amount of SLF loans was 130.42 billion yuan at the end of December, compared with 19.06 billion yuan a month earlier, implying a net injection of 111.36 billion yuan.

The PBOC uses the MLF and the SLF as tools for managing short- and medium-term liquidity in China’s banking system.

The central bank said on the last trading day of 2017 that it would let some commercial banks temporarily keep fewer required reserves to help them cope with the heavy demand for cash ahead of the Lunar New Year holiday, a step that analysts say does not signal any policy shift.

“The set-up of new liquidity facility is likely to add more than 2 trillion yuan into the banking system ahead of the upcoming Chinese New Year,” economists at OCBC Bank wrote in their research note.

“Together with the impact of targeted forward reserve ratio cut announced back in late September, which will take effect from 2018, we expect China’s liquidity situation is likely to improve in early 2018.”

Reporting by Stella Qiu and Kevin Yao; Editing by Jacqueline Wong

<< Back to news headlines >>

New year jitters for bond markets as ECB cuts back stimulus Tuesday 2nd January, 2018 – Reuters

Borrowing costs across the euro area shot higher on Tuesday as a cut in monthly ECB asset purchases became a reality, with hawkish comments from a top official and strong data hurting sentiment towards bonds on the first trading day of the year.

Peripheral bonds markets, the biggest beneficiaries of European Central Bank stimulus, bore the brunt of the selling. Yields in Italy, Spain and Portugal rose 6-7 basis points each, widening the gap over German peers.

But even “core” or top-rated bond markets were left unscathed from the selling pressure, with Germany’s 10-year bond yield hitting two-month highs.

Benoit Coeure, the Frenchman in charge of carrying out the ECB’s bond purchases, sees “a reasonable chance” the 2.55 trillion euro stimulus program will not be extended again when it expires in September, he told a Chinese financial magazine at the weekend.

The comments highlight that the days of extraordinary monetary stimulus are nearing an end given stronger economic conditions and signs of a pick-up in inflation.

Data on Friday showed inflation in Germany, Europe’s biggest economy, hit its highest level in five years in 2017. A survey on Tuesday showed euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades.

ECB monthly bond purchases, which have long underpinned bond yields, have fallen to 30 billion euros from 60 billion euros.

That cut in purchases from the start of January, unveiled in October, comes just as investors brace for a hefty month of supply -- a potentially powerful headwind for bond markets.

“While the cut in ECB asset purchases is not a surprise, there is some uncertainty as to how the markets will adjust to this in an unusually heavy month for supply,” said Rainer Guntermann, a rates strategist at Commerzbank in Frankfurt.

“The more hawkish commentary from the ECB is also weighing on markets.”

Germany’s 10-year bond yields rose 2.5 basis points to 0.46 percent DE10YT=TWEB, the highest since late October. German 30-year bond yields jumped almost 5 bps to 1.31 percent DE30YT=RR, their highest since mid-November.

In Italy, where borrowing costs rose last week after the president called a general election for March 4, 10-year bond yields IT10YT=TWEB extended their rise to a two-month high just above 2 percent.

That pushed that gap over German equivalents to around 163 bps, its widest in more than two months. Spanish and Portuguese bond spreads also widened against Germany in a sign that investors were reducing their exposure to southern European bond markets.

“The widening in peripheral spreads shows that the market is concluding that the recent spread tightening is inconsistent with a more hawkish ECB,” said Peter Chatwell, head of rates strategy at Mizuho.

Analysts said Portuguese five-year bonds were also coming under pressure from expectations of a syndicated bond deal of this maturity next week.

Most other euro zone bond yields were up 2-3 basis points, with trade subdued after Monday’s New Year’s holiday. There was also some caution ahead of the implementation on Jan. 3 of the wide-ranging EU financial markets directive known as MiFID II.

To view a graphic on Peripheral bond spreads widening, click: reut.rs/2CGwOXW

Reporting by Dhara Ranasinghe; Additional reporting by Fanny Potkin; Editing by Catherine Evans

<< Back to news headlines >>

Euro zone factories ended 2017 with record high growth: PMI Tuesday 2nd January, 2018 – Reuters

Euro zone manufacturers ended 2017 by ramping up activity at the fastest pace in more than two decades, a survey showed on Tuesday, and rising demand suggests they will start the new year on a high.

The bloc’s economy outpaced its peers last year, and the European Central Bank plans to scale back its stimulus program from this month.

IHS Markit’s December final manufacturing Purchasing Managers’ Index for the bloc was 60.6, matching an earlier preliminary reading and above November’s 60.1. That was the highest since the survey began in June 1997.

An index measuring output, which feeds into a composite PMI due on Thursday and seen as a good guide to economic health, rose to 62.2 from November’s 61.0 - its highest in over 17 years and has only been above that once in the survey’s history.

“The euro zone manufacturing boom gained further momentum in December, rounding off the best year on record and setting the scene for a strong start to 2018,” said Chris Williamson, chief business economist at IHS Markit.

”Forward-looking indicators bode well for the new year: new orders rose at a near-record pace, while purchasing growth hit a new peak as firms readied themselves for higher production.

Meanwhile, job creation was maintained at November’s record pace.”

Despite factories raising prices again last month, albeit at a slightly weaker rate than in November, an index measuring new orders nudged up to 61.5 from 61.4, a level not seen since around the start of the century.

Inflation was 1.5 percent in November, below the ECB’s 2 percent target ceiling, but the central bank announced in October it will halve its monthly asset purchases to 30 billion euros from January.

A majority of economists in a Reuters poll last year said they thought the ECB should shut the door on the program in September, but they were split on whether it actually would.

Editing by Hugh Lawson

<< Back to news headlines >>

BP takes $1.5 billion charge over U.S tax changes, joining Shell Tuesday 2nd January, 2018 – Reuters

BP (BP.L) will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new U.S. corporate income tax rules, joining rival Royal Dutch Shell.

The British oil and gas company said on Tuesday the cut in U.S. corporate income tax from 35 percent to 21 percent was expected to positively impact its U.S. earnings in the long run.

But in the short term, lower tax rates would affect its deferred tax assets and liabilities, resulting in a one-off, non-cash charge of $1.5 billion to its fourth quarter results which are due to be announced on Feb. 8, it said.

“The ultimate impact of the change in the U.S. corporate income tax rate is subject to a number of complex provisions in the legislation which BP is reviewing,” BP said in a statement.

Deferred tax assets refer in some cases to a company overpaying taxes in advance and then getting them back in the form of tax relief.

BP has large operations in oil and gas production in the Gulf of and onshore shale operations as well as refineries that can process up to 746,000 barrels per day of crude oil, according to its website.

Shell (RDSa.L) said last week it would incur a one-off charge of $2-$2.5 billion, although the new legislation would have a “favorable” impact on earnings.

On Dec. 22, President Donald Trump signed the $1.5 trillion tax overhaul into law, cutting tax rates for businesses and offering some temporary cuts for some individuals and families.

Additional reporting by Arathy S Nair in Bengaluru; Editing by David Goodman and Mark Potter

<< Back to news headlines >>