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Caricom Business CARICOM BUSINESS A Weekly Business News Aggregation Service Vol. 2 No. 10 Foreign Exchange Summary Jamaicans get a $14 Billion stimulus package as at March 8, 2019 Jamaicans will be paying J$14.032 billion (US$110.3 million) Member State USD CAD GBP Euro less in taxes as the government reduces the tax burden as part of measures to stimulate greater business and econom- Bahamas (BSD) 1.00 0.75 1.30 1.12 ic activity and boost growth. Finance Minister Dr Nigel Clarke made the announcement on Thursday, fresh on the heels of Barbados 2.03 1.51 2.67 2.29 a reduction of the primary surplus target to 6.5% from 7.0% (BBD) under the IMF programme. The measures, which take effect Belize (BZD) 2.02 1.51 2.65 2.28 on April 1st, include abolishing the Minimum Business Tax, Guyana (GYD) 210.45 156.39 275.44 236.21 and increasing the General Consumption Tax (GCT) threshold Haiti (HTG) 84.16 62.53 108.47 94.18 to J$10 million (US$78,603), up from the current J$3 million Jamaica * 126.68 94.28 166.21 143.17 (JMD) (US$23,581). The Minister also tabled a proposal to supplant OECS (XCD) 2.71 2.00 3.53 3.03 all Ad Valorem Stamp Duty rates payable on any instrument Suriname 7.52 5.58 9.83 8.40 pursuant to the Stamp Duty Act, including the granting of (SRD) security as collateral for loans, with a specific (flat rate) T&T (TTD) 6.80 5.34 9.41 8.07 stamp duty of J$5,000 (US$39.30) per document. Other *Rates applicable for Customs & GCT purposes measures include a reduction of the transfer tax payable on Business News In Brief the transfer of real property and financial instruments to 2%, ExxonMobil increases estimates of oil find in Guyana down from 5%. There will also be an increase in the transfer tax (estate tax) threshold applicable to the estate of ExxonMobil is now estimating that t can now recover 5.5 deceased persons to J$10 million, (US$78,603), from the billion barrels. ExxonMobil and its partners are working in current J$100,000 (US$786). Other measures include a the giant Stabroek Block offshore Guyana. “There is poten- proposal to abolish the asset tax payable by non-financial tial for at least five floating, production storage and offload- institutions. The effective date for implementation is the ing vessels (FPSO) on the Stabroek Block producing more year of assessment 2019. (Caribbean 360) than 750,000 barrels of oil per day by 2025,” the company stated. The Liza Phase 1 development is on schedule & is Moody's affirms Belize's B3 rating; stable outlook expected to begin producing up to 120,000 barrels of oil per Moody's Investors Service has affirmed Government of day in early 2020, using the Liza Destiny FPSO. (NG) Belize's B3 long-term foreign and local-currency issuer LIAT to receive bail-out from Grenada ratings, and the government's B3 foreign and local-currency The Grenada Government says it intends to make a cash senior unsecured bond ratings. The outlook remains stable. contribution to financially strapped Leeward Islands Air According to Moody’s, the key drivers to Belize’s BA3 rating Transport (LIAT) by the end of this month, in the wake of have been a “forceful fiscal adjustment” enacted in 2017/18 plans to restructure the airline. In making the and 2018/19, supporting debt sustainability along with de- announcement Trade Minister Oliver Joseph said “The creased fiscal pressure, though it added that lingering credit amount of money that we will contribute will be based on challenges including structurally low growth and vulnerabil- the information submitted to us by the LIAT Board, which ity to climate shocks.. Moody’s says public debt stabilized at we hope to receive very shortly, so that by the end of the the end of 2017 at 95.4% and says fiscal performance month, we can make a cash contribution.” In addition to remained strong in fiscal year 2018/19 with a projected the cash payment this month, Grenada is also willing to pay primary surplus of 2%. Moody’s predicts that by the end of LIAT additional funds based on load factor, he added. LIAT the fiscal year, public debt will decrease marginally to is majority owned by Barbados, Antigua and Barbuda, St around 94%. However its short-term country ceilings for Vincent and the Grenadines, and Dominica which foreign -currency bonds and bank deposits remain collectively own 97.4 % of the airline. (Caribbean 360) unchanged at Not Prime (NP). (Moody’s) Compiled and Edited by the Directorate of Trade & Economic Integration at the CARICOM Secretariat CARICOM BUSINESS A Weekly Business News Aggregation Service Vol.2 No. 10 Stock Market Summary Business News In Brief as at March 8, 2019 Cayman maintains top spot for offshore deal-making The Cayman Islands recorded 31% of all offshore M&A Jamaica Stock Exchange transactions and 26% of total deal value in 2018, Overall Market activity resulted from trading in 34 stocks of maintaining its spot as the top jurisdiction for offshore deal which 14 advanced, 17 declined and 3 traded firm. Market making last year. That's according to the latest edition of volume amounted to 4,603,011 units valued at over Offshore-i, an Appleby report that provides data & insight J$150,633,830.04. Scotia Group Jamaica Ltd was the volume on merger and acquisition activity in the major offshore leader with 1,270,613 units (27.60%) traded, JSE Index financial centres. While the total number of deals dipped declined by 399.02 points (0.10 %) to close at 387,003.02. when compared to 2017, value was up significantly. The Barbados Stock Exchange Cayman Islands recorded a cumulative deal value of USD89.7 billion in 2018, including 3 of the offshore region’s 2 securities traded firm as 3,518 shares valued at 10 biggest transactions. With 867 deals, Cayman was the BDS$11,205.80 traded on the Regular Market. BICO Limited busiest jurisdiction for deal making, followed by Hong Kong was the volume leader trading 2,268 shares at BDS$3.10. (709 deals), the British Virgin Islands (504 deals) and Index closed at 3,414.88. Bermuda (307 deals). The total value of all offshore deals in Trinidad & Tobago Stock Exchange 2018 was US$344 billion, over US$100 billion more than 2017. (Loop Cayman) Overall Market activity resulted from trading in 17 Corporate Movements securities of which 8 advanced, 3 declined and 6 traded firm. Trading activity on the First Tier Market registered a Guardian Holdings Limited has appointed David Maraj volume of 328,435 shares crossing the floor of the Exchange as Group Chief Financial Officer effective March 1, valued at TT$5,140,999.67 . Trinidad and Tobago NGL Lim- 2019. ited was the volume leader with 112,608 shares changing hands for a value of TT $3,378,310.59. The All T&T Index Grenada targets huge trade deficit Grenada’s import bill hit an all-time high of $1.5B in 2018 advanced by 0.25 points (0.01%) to close at 1,762.85. The while exports remained relatively low. Leaving a trade defi- Composite Index advanced by 1.06 points (0.08%) to close cit of $1.05B This has prompted the government to tackle at 1,331.27 and the Cross Listed Index advanced by 0.26 this negative trade balance head on through the develop- points (0.21%) to close at 121.43. ment of an updated National Export Strategy (NES) Guyana Stock Exchange launched in 2017 targeting 6 priority sectors identified with Market activity resulted from trading in 5 stocks of which 3 potential to increase exports in regional and international advanced and 2 declined. Market volume amounted to markets to be implemented by 2020. In 2017, Grenada’s 321,129 units with Banks DIH (DIH) being volume leader food import bill was EC$211.2 m. The Grenadian govern- with 290,505 shares traded. The LSI closed at 528.05. ment solicited the assistance of the Commonwealth Secre- tariat which has identified 19 new products & new market Eastern Caribbean Securities Exchange (ECSE) opportunities. Some of these products include yellowfin There were no trades on the Eastern Caribbean Securities tuna and other fish products, and edible fruits. (NOW) Market this week. Index closed at 150.34. International Oil Prices as at March 8, 2019 Futures Price US$ Change % Change WTI Crude US$56.07 -0.59 -1.04% Brent Crude US$65.74 -0.56 -0.84% This newsletter is compiled & edited by the Directorate of Trade & Economic Integration at the CARICOM Secretariat OPEC US$65.57 +0.53 +0.81% Basket only as a convenience for the Member States. Natural Gas US$2.865 -0.001 -0.03% .
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