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Latest Rating Actions by CariCRIS

▪ Mystic Mountain Limited’s initial rating assigned at CariBBB- ▪ Government of Saint Lucia’s rating reaffirmed at CariBBB ▪ Government of the Commonwealth of Dominica’s rating downgraded to CariBB ▪ 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+

Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings

Benefits of a CariCRIS Rating to a Credit Union:

• Demonstrate to members the institution’s financial strength and

soundness • Demonstrate to members its investing capabilities • Employ it as a marketing tool to attract new members

• Know where the company stands and use it as a motivation for growth

CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service.

REGIONAL

Trinidad and Tobago

Griffith moves to curb exorbitant overtime claims Police Commissioner Gary Griffith is moving to arrest the massive annual $240 to $300m overtime bill incurred by members of the Police Service.

PM reminds Guyana about debt cancellation Prime Minister Dr Keith Rowley said he was disappointed by the sentiment expressed by some that Trinidad and Tobago wants to take over Guyana's good fortune as he reminded that T& T wrote off a billion-dollar debt Guyana had to this country.

Courts opens its 21st local store Unicomer Trinidad Limited yesterday opened its 21st Courts store in the local market, which was also the company's 100th store regionally.

Refinery has no chance of profits The Petrotrin refinery has as much chance of turning a profit as a snow ball has of surviving hell, Energy Minister Franklin Khan said on Tuesday, in response to a motion on the adjournment of the Senate moved by Opposition Senator Wade Mark.

Prestige drops 14.9% Overall market activity resulted from trading in 14 securities of which six advanced, four declined and four traded firm.

Western Union launches cash mobile app in TT Western Union has launched the Western Union® mobile app in Trinidad and Tobago, enabling customers to start a money transfer on the app and pay in cash at an agent location. Customers can also expedite cash pick-ups by completing the transaction’s details on the app to further expedite their cash payout at Western Union retail agent locations across the island.

JMMB launches unsecured lending business in Trinidad & Tobago JMMB Group has rolled out its first consumer financing solution business, JMMB Express Finance Limited, in Trinidad and Tobago, with hopes of increasing its market share through competitive pricing and quick response.

Barbados

B’dos almost broke! Scores of Barbadian investors holding Government debt, including more than 1 700 pensioners, are facing financial “pain” as Barbados seeks to complete its first debt restructuring by next month.

Government making strides towards going green “Government is promoting sustainable energy practices within the public sector.”

New bonds for old debt The Central Bank today drew a roadmap towards restructuring the Government’s six-billion-dollar debt, offering to swap the vast majority of loans for new debt instruments, suggesting a haircut to creditors and stretching the length of time over which they will be repaid.

NIS using investment cash to pay benefits The National Insurance Scheme has been forced to use its investment income to pay benefits owing to Government’s half-billion-dollar debt as employer and tenant, the long-time NIS director who is now the Government’s chief economic advisor has revealed.

Senate debates fuel tax abolition bill Senate debate on the Road Traffic (Amendment) Bill 2018, began today with some upper-chamber legislators questioning the route the Government has taken to repeal and replace the road tax with a fuel tax.

E-currency ‘a major foreign exchange saver’ If done correctly, digital payments systems could be a major lifesaver for Barbados’ dwindling foreign reserves, a respected economist has told Barbados TODAY.

Jamaica

Jamaica looks to Japanese market to grow visitor traffic EDMUND Bartlett departed the island Tuesday to attend the Tourism Expo Japan 2018 and VISIT JAPAN Travel & MICE Mart 2018, taking place in Tokyo from today to Sunday.

Jamaica continued

Jamaica Customs advances to repeal and replace Customs Act One of the key strategic priorities of the Government of Jamaica is to create an environment that facilitates trade and promotes greater ease of doing business. As part of this process, the Jamaica Customs Agency (JCA) has taken steps to repeal and replace the Customs Act, which will serve to further promote future business opportunities for Jamaica, especially in the areas of shipping, logistics and international trade.

Guyana

Govt signs US$20M loan agreement to improve power supply An agreement signed yesterday in Kuwait between Minister of Finance, Winston Jordan and the Islamic Development Bank’s (IsDB), Vice President of Sector Operations, Mansur Muhtar, will support the improvement of the country’s power supply through the Guyana Power and Light Incorporated (GPL Inc.).

Dominica

PWA calls for urgent action on insurance for police officers Chairman of the Police Welfare Association (PWA) Jefferson Drigo say they are feed up and need swift action and amendments to the Police Medical Insurance Act.

Panama

Panama public debt nears $25 billion The balance of public debt at the end of August was $24.721 billion, up by $1.667 billion from the previous year. In the last month, the debt grew by $334.8 million, reports the Finance Ministry.

St. Kitts and Nevis

PM Harris holds series of bilateral talks with visiting dignitaries as part of Independence Day activities Following what is being described as the largest Independence Day Parade at the Warner Park Cricket Stadium and the subsequent Toasts to the Nation today (September 19), St. Kitts and Nevis’ Prime Minister, Dr. the Honourable Timothy Harris, held important bilateral discussions with three visiting foreign diplomats, namely, from Japan, the United States of America and Switzerland, all with the aim of strengthening cooperation with these nations.

The Bahamas

Resort Developer in Q1 2019 IPO Target A Bahamian-led developer yesterday expressed hope its planned BISX listing in 2019's first quarter will "change attitudes" towards local investment in the country's largest industry.

IMF: Bahamas in 'Better Place' On Financial Crime An International Monetary Fund (IMF) yesterday praised The Bahamas' efforts to strengthen its financial crime defences as a necessary safeguard against further loss of correspondent banking ties.

Haiti

The new Minister of Commerce wants to be part of the continuity On Tuesday, Dr. Ronell Gilles, new Minister of Commerce and Industry (MCI), was installed in his new position by the Minister of Public Works, Transport and Communication, Mr. Fritz Caillot, representing the Prime Minister, Jean-Henry Ceant.

INTERNATIONAL

United States

Dollar slides to seven-week low as trade war fears ebb The dollar fell to a seven-week low against a basket of major currencies on Thursday as concerns about the impact of a trade row between China and the United States ebbed.

United States continued

Stocks Push Higher as Yields Climb, Dollar Slips Stocks climbed on Thursday as traders awaited the latest twists on global trade and digested Treasury yields approaching their highest level this year. The dollar remained under pressure.

United Kingdom

Sterling extends gains after forecast-beating retail sales Sterling rallied on Thursday after British retail sales data beat forecasts and on growing optimism that Britain and the European Union can make significant progress towards a Brexit deal at an EU leaders summit.

Europe

European shares add to gains as trade war fears fade into background European shares extended their rally on Thursday as investors set aside fears over a U.S.-China trade war and focused instead on bullish macroeconomic and corporate news.

China

China urges U.S. to show sincerity, correct behaviour in trade actions China hopes the United States will show sincerity and take steps to correct its behaviour, its commerce ministry said on Thursday, after both countries slapped new tariffs on each other’s goods this week in an escalating trade war.

China Plans Broad Import Tax Cut as Soon as October China is planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, two people familiar with the matter said, in a move that will lower costs for consumers as a trade war with the U.S. deepens.

Japan

Nikkei steady as financials rise, profit taking limits gains Japan’s Nikkei ended little changed on Thursday as an extended rally in financial shares were largely offset by profit taking after several days of big gains for the broader market.

Global

Gold steady as easing trade concerns hurt dollar Gold steadied on Thursday as the dollar slumped, its safe-haven appeal lessened by fading fears over Sino-U.S. trade tensions and as investors opted for assets perceived as riskier, like stocks.

Italian bond yields dip, risk sentiment offsets budget fears for now Italian government bond yields fell on Thursday as improved risk sentiment in global markets allowed the market to recover some ground from the previous day’s sharp sell-off.

B’dos almost broke! Wednesday 19th September, 2018 – Nation News

Scores of Barbadian investors holding Government debt, including more than 1 700 pensioners, are facing financial “pain” as Barbados seeks to complete its first debt restructuring by next month.

But while helping to fix the $6 billion problem might be too much for some individuals and institutions to bear, senior Government officials on Wednesday warned the island was virtually bankrupt.

Having defaulted on debt payments, there was therefore an urgent need to restore shattered confidence, they said.

The bad news was delivered by Central Bank Governor Cleviston Haynes, Government’s Director of Finance and Planning Ian Carrington, and economic advisor to Prime Minister Mia Mottley, Avinash Persaud.

<< Back to news headlines >>

Government making strides towards going green Wednesday 19th September, 2018 – Nation News

“Government is promoting sustainable energy practices within the public sector.”

Minister of Energy and Water Resources, Wilfred Abrahams, made the statement today, while on a site visit of the Forensic Sciences Centre and the Frank Walcott Building, where the solar photo-voltaic systems are installed.

Noting that today’s initiative was a tangible stepping stone in that direction, the Minister said he was pleased to be able to commission the first solar photo-voltaic (PV) system at the Forensic Sciences Centre.

The initiative is part of the Ministry’s Public Sector Smart Energy Programme (PSSEP), which seeks to make government buildings energy efficient by retrofitting offices with energy efficient technologies.

In 20 years, this programme is expected to yield an annual savings of US $2.4 million, and over US $24.8 million net financial savings, as well as a reduction of CO2 emissions of 130 617 tonnes.

Minister Abrahams highlighted that by the end of 2018, “2.6 megawatts of solar PV will be installed across 16 government buildings, including the Ministry of Education, Technological and Vocational Training; the Bridgetown Port, and Grantley Adams International Airport.

“Collectively, these solar PV systems are estimated to generate approximately 4.5 megawatt hours of electricity annually, and save 2 664 barrels of oil per year. To date, 12 of these installations are substantially completed,” he said.

Funding for the PSSEP is provided by the Inter-American Development Bank (IDB) and the European Union (EU).

Vice President of Countries for the IDB, Alexandre Meira da Rosa, expressed joy at seeing the project come to fruition and pledged his continued support of the venture.

EU’s Ambassador to Barbados, Daniela Tramacere, said she was energised to see the tangible side of the programme get off the ground.

She also mentioned that Government’s 2030 goal of being a 100 per cent green and carbon neutral island state is an ambitious one, but she believes that with “all hands on deck, that is, all the key stakeholders working closely together . . . the policy makers, the regulators, the private sector, and the donors/financial institution”, the goal will be achieved.

Minister Abrahams thanked both the IDB and EU for their assistance, and assured those present that Government was 100 per cent committed to its 2030 goal.

Tramacere said: “The EU will continue to support the Government of Barbados in its attempt to promote and implement the use of Renewable Energy (RE) and Energy Efficient (EE) measures.... In addition to the grant for PSSEP, the EU is also providing support to transform the economy to a green economy, through the 11th European Development Fund Bilateral programme, in support of the RE and EE Sector in the amount of Barbados $7 million”.

Solar Watt Systems Inc. has retained the responsibility of installing solar PV systems across the government sector, and its Managing Director, Joshua Hunte, said that all of the work was being carried out by Barbadians. He said the systems are built to withstand Category 3 hurricanes.

<< Back to news headlines >>

New bonds for old debt Wednesday 19th September, 2018 – Barbados Today

The Central Bank today drew a roadmap towards restructuring the Government’s six-billion-dollar debt, offering to swap the vast majority of loans for new debt instruments, suggesting a haircut to creditors and stretching the length of time over which they will be repaid.

It’s the best the Government can do under the circumstances, the bank suggested. The alternative: the printing of money and the laying off of public servants in the short term, it said.

This is the first step by the Mia Mottley administration towards comprehensive restructuring of debt that is almost twice the size of the entire Barbados economy since signalling its intention within a week after coming to office by freezing sovereign debt repayments.

The move triggered yet another record round of credit downgrades by international rating agencies, tipping Barbados’s sovereign debt firmly into ‘junk’ territory.

Governor Cleviston Haynes said the Central Bank has already written bondholders setting out the terms of exchange, giving them a deadline of 5 p.m. on October 5 to accept or reject the offer.

Lawmakers will convert all debt instruments classified as “affected debt” into a single asset class for the purpose of voting on the comprehensive debt restructuring, he said.

Assuming that Parliament approves the legislation, as long as holders of more than half of the debt respond to the offer, and holders of at least 75 per cent of the debt accept the offer then it goes ahead and everyone will be automatically exchanged into the new instruments, Haynes said.

As at September 11, local individuals and firms held more than $6.246 billion in Government papers.

If the offer was rejected by the majority of creditors, this could throw the island’s overall macro-economic adjustment efforts into a limbo, Haynes warned.

“To the extent that Government is unable to service its existing debt then you end up neither receiving your interest payments or doing anything about getting your amortization payments and you slow the whole process,” said Haynes.

“We have structured the programme in such a way that there will be no further build-up of arrears in the system. That is going to be very important because that is the commitment you are getting from Government,” he said.

It is expected that the new debt instruments will be issued to participating holders by the end of October, he said, adding that creditors can expect to get a haircut on their returns, which the Central Bank Governor termed a “sacrifice”.

“Clearly the rates are lower than they would have been previously but that is part of the overall sacrifice which all bondholders extensively are asked to make as we go forward, because achieving our objective is not going to come without sacrifice. It is going to be sacrifice at all levels . . . so it is a shared sacrifice which everyone across the economy is being asked to make,” said Haynes.

He painted an alternative picture of a Government forced to make deep cuts in social services and engage in massive public sector layoffs if the measure were not taken.

“I think a decision had to be taken as to where could we get the balance such that it enables us to put the fiscal on a sustainable path. That fiscal on a sustainable path means that we have to be able to meet our obligations when they come due going forward and that is what this adjustment is all about,” he added.

Economic Advisor on the Barbados Economic Recovery team, Professor Avinash Persaud, said the country could not afford the refusal of the new bonds.

“If we don’t have 75 per cent [accepting the offer] then we remain in default. So you will have . . . an old bond which the Government has defaulted on,” said Persaud.

Pointing to Government’s inability to access international funding due to its overall debt, now in excess of 170 per cent of Gross Domestic Product, Persaud said the best option was for Government to default.

“The default is the way back to the path of sustainability. I think people see the default as people saying ‘you are finally going to get your act together’ and that therefore is the route to creditability,” he said.

Had this route not been taken, Government would be forced to print money and lay off public sector workers, said Persaud, one of the Government’s chief economic advisors.

“No wonder our reserve was cascading down and if we didn’t do anything our reserves would have hit zero within a matter of a few weeks. So then you wouldn’t have been able to import things very easily. Then you would have had to adjust not over the four years of the [International Monetary] Fund programme, we would have had to adjust the economy in the months,” he said.

“We would have had to send home a lot of people and adjust the economy in three months. That’s not a credible position I think for Barbados. So the default is the platform that puts us back to a sustainable position. I think that bondholders will ultimately view this as the credible path because where they were was just not credible,” said the economist.

Everyone, citizens and creditors alike, can expect to “suffer pain”, Persaud said, adding there was no easy option but to carry out debt restructuring in a manner “as fair as possible”.

“The bondholders will feel pain, they are taking about half the pain. The other half is being taken by taxpayers and people who are working for Government through Government expenditure cuts. All we can do is share that burden,” said Persaud.

<< Back to news headlines >>

NIS using investment cash to pay benefits Wednesday 19th September, 2018 – Barbados Today

The National Insurance Scheme has been forced to use its investment income to pay benefits owing to Government’s half-billion-dollar debt as employer and tenant, the long-time NIS director who is now the Government’s chief economic advisor has revealed.

The social security system is also holding in excess of $3.5 billion in Government paper as at September 11, said Director of Finance and Economic Affairs Ian Carrington.

For that reason, said Carrington, it was necessary for the NIS to join in the current Government’s debt restructuring exercise.

Government as employer had built up arrears to the NIS especially over the past five years, which was simply “beyond the capability of the Government of Barbados to service and to pay”.

This had resulted from Government not making its central Government and statutory corporation contributions, nor meeting other financial obligations including rent payments.

“That then forced NIS into a situation of utilizing, much sooner than NIS had anticipated, their investment income to sustain the payment of benefits. And on a monthly basis that average essentially [is] $70 million out of your investment income,” Carrington told a Central Bank of Barbados breakfast seminar on Wednesday, which was designed to explain Government’s debt exchange offer.

“This debt restructuring essentially puts a marker in the sand, and what we are seeking to do is pay off the arrears – which to date is $461 million – half of it in cash over a four-year period and the other half in bonds,” he said.

Suggesting that it was necessary for the debt restructuring to take place, the former NIS director said while it would be painful it would help to “put Government back into a position where it can pay Central Government’s contribution and the contribution of statutory corporations on time and in cash. What that does for NIS is put NIS back into balance in terms of its cash flow”.

Carrington gave the assurance that Government arrears to the NIS had not reached the point where it was impairing its ability to pay benefits.

“The reserves are significant to meet the commitment going forward over the next 30 years or so. What NIS faced was an issue of having enough cash flow readily available to pay those benefits when they fall due,” he explained.

Although the role of the NIS was to provide a social safety net, over the last three years especially it was being asked to perform roles that it should not have including that of being “a fiscal safety net and a monetary safety net”, Carrington said.

“This [debt restructuring] is essentially getting your house back in order in terms of your fiscal house, putting your monetary house back in order and allowing NIS to do what it was designed to do, which is to look after the needs of the persons in Barbados when they are at their most vulnerable, which is when they are unemployed, sick or when they retire. So this plan that we have devised has been devised taking those things into consideration,” he said.

<< Back to news headlines >>

Senate debates fuel tax abolition bill Thursday 20th September, 2018 – Barbados Today

Senate debate on the Road Traffic (Amendment) Bill 2018, began today with some upper-chamber legislators questioning the route the Government has taken to repeal and replace the road tax with a fuel tax.

Opposition Senator Crystal Drakes queried whether fuel taxes were still relevant today, given that more countries around the world were taxing other aspects of vehicle use such as carbon emissions.

She said: “I was disappointed when the fuel tax was introduced, because extra taxes are simply an easy way out in terms of collecting revenue. We have committed ourselves to reducing our carbon emissions by 2030 like many other countries in the world, and have already carried out some feasibility studies on this. I believe people would be willing to pay a tax that will contribute to the island’s overall wellbeing, and I hope there will be a tax credit regarding this fuel tax in the future.”

Senator Christopher Maynard warned that other sectors such as farming could be affected, since “the owners of anything with an engine, whether it is a tractor, irrigation pump, or fishing boat will have to pay this tax whenever they put fuel in them, and this could result in higher food prices owing to increased production costs”. He also agreed with Senator Drakes on a closer look at emissions testing and the increased use of hybrid and electric vehicles.

Senator Toni Moore, the general secretary of the Barbados Workers Union, brought two perspectives to the debate, one of them personal. She recalled that shortly after buying a truck ten years ago, “the cost of diesel fuel skyrocketed and the cost of road tax went up from just under $400 to $1600, and the careful analysis I had done nine months before making my decision to buy the truck went up in smoke. So on the one hand, you can say removal of the road tax is a good thing, when you consider that road tax is no longer a cost burden people have to bear on an annual basis.

“On the other hand,” she continued, “there are some people for whom the fuel tax may become an additional burden; for example, travelling officers in the public service. Their basic allowance has not changed for the last ten years and now they have to deal with a 40 cents-per-litre fuel tax, which may result in them having to pay out more on a monthly basis.”

She stated that her union had told its members to “give the tax about six months so we can see in real terms what it is doing so we can make the necessary representation.” Senator Moore also expressed hope that the revenue collected would indeed be used for Government’s stated purpose of road repairs across the island.

<< Back to news headlines >>

E-currency ‘a major foreign exchange saver’ Thursday 20th September, 2018 – Barbados Today

If done correctly, digital payments systems could be a major lifesaver for Barbados’ dwindling foreign reserves, a respected economist has told Barbados TODAY.

The former head of the Barbados Economic Society (BES) Jeremy Stephen said that should Government’s pilot project for a digital payment system go as planned, it could ease substantial pressure on the country’s scarce foreign reserves.

If the platform was to be extended across the region, there would be no need to use US currency to facilitate payments between Caribbean businesses, he argued.

“It definitely will save foreign because it allows for more cross-border transactions. With the exception of EC [East Caribbean] jurisdiction, in order to do a bank transfer to another Caribbean country we currently have convert local dollars to US dollars first, then to the currency of the destination country. With these types of platforms, you could easily exchange Barbados dollars directly for let’s say Jamaican,” Stephen said in an interview with Barbados TODAY this morning.

On Tuesday, the Prime Minister disclosed a planned Barbados mobile wallet pilot project, to be known as mMoney, between local fintech firm Bitt, the Central Bank and the Financial Services Commission, at Bitt’s second annual blockchain conference. This project would see Government providing a network for digital payments for Barbadians, the first of its kind for the Caribbean.

At the conference, Bitt CEO Senator Rawdon Adams complained of the reluctance of some unnamed commercial banks to embrace Bitt’s proposal to partner with them in introducing this form of artificial intelligence in moving money between clients.

Insisting that the mMoney was not a competitor but a complement to the financial services industry, Adams said there was a mixed reaction from commercial banks with some being “sympathetic”, others not knowing what to make of the mobile wallet and others being “hostile”.

“We are seeking to demonstrate what hundreds of merchants and now thousands of users know already, that digital currency is ready to be used as a complement to existing payment methods both in Barbados and across the region,” he said.

At least one banker had referred to the mMoney wallet as a “potential danger to the financial system”, Senator Adams said, which represented a anti-competitive stance.

But Stephen pointed out that for such a platform to expand, there would be opportunities for banks to get their share of the facilitation fees. The economist and University of the West Indies lecturer also argued that the platform has the potential to cut the transactional cost for commercial banks as well as help them to better manage their foreign exchange.

“Similarly to Carifs [the Barbados-based banking machine network provider], the commercial banks complained that they had no control over this thing but over time they realised that it allowed them to drop transactional cost between themselves for a number of reason.

“The same can happen with Bitt where you build a network, which allows them via the central banks to talk to each other directly. It therefore allows these commercial banks to reserve their foreign exchange for businesses that are importing from the United States,” Stephen explained.

<< Back to news headlines >>

Jamaica looks to Japanese market to grow visitor traffic Thursday 20th September, 2018 – Jamaica Observer

EDMUND Bartlett departed the island Tuesday to attend the Tourism Expo Japan 2018 and VISIT JAPAN Travel & MICE Mart 2018, taking place in Tokyo from today to Sunday.

A release from the Ministry of Tourism said yesterday that the trip is part of its efforts to re-engage the Japanese market, on what it described as a “more sustained basis” in order to grow visitor traffic to Jamaica.

“Two decades ago, Jamaica received upwards of 20,000 Japanese visitors per annum, but that has since declined to roughly 2,000 per annum, due in part to a long economic slowdown in Japan and other factors.

“Outbound connections that Jamaica has with Delta, through Naruto is significant. Delta has a number of rotations through Atlanta and they fly directly into Tokyo. That connection will help to re-engage this market,” Bartlett, minister of tourism, is quoted as saying in the release.

He said, too, that “with the world's fourth largest economy offering up 17 million overseas travellers every year, we want to take the opportunity to promote Jamaica as a premier vacation option for the Japanese traveller”.

According to the release, Tourism Expo Japan is a premier event for travel brands serious about capturing a share of the lucrative Japanese outbound market. It is one of the largest travel events in the world and provides opportunities for travel professionals from more than 130 countries to exchange travel information and conduct effective business meetings, while inspiring consumers through the power of travel, the release said.

The event was organised by Japan Travel and Tourism Association, Japan Association of Travel Agents and the Japan National Tourism Organization, under the theme 'Managing Sustainable Tourism for Community Development'.

It is expected to feature presentations by industry leaders such as Zurab Pololikashvili, secretary-general of the United Nations World Tourism Organization; and Gloria Guevara Manzo, president and CEO, World Travel and Tourism Council.

During his visit, the minister is also expected to engage in a series of meetings with Japanese tourism stakeholders such as Japan Association of Travel Agents and members of the Japanese Government. He is expected to return to the island on Sunday.

<< Back to news headlines >>

Jamaica Customs advances to repeal and replace Customs Act Thursday 19th September, 2018 – Jamaica Observer

• Did you know that the Government of Jamaica is in the process of repealing and replacing the Customs Act?

• What does it mean to repeal and replace the Customs Act?

• How will it benefit you?

One of the key strategic priorities of the Government of Jamaica is to create an environment that facilitates trade and promotes greater ease of doing business. As part of this process, the Jamaica Customs Agency (JCA) has taken steps to repeal and replace the Customs Act, which will serve to further promote future business opportunities for Jamaica, especially in the areas of shipping, logistics and international trade.

The proposed new Customs legislation will retain some of the substantive provisions of the current Act and will incorporate several new provisions geared towards trade facilitation and international best practices. Additionally, the area of risk-based compliance and selectivity in Customs processing or treatment will be part of the new Act.

The new Act will allow for the following: a) Improved transparency — use of modern terms, increasing the ease with which the legislation is read and understood; b) Improved dispute resolution — provision of administrative appeal processes for Customs decisions. c) Increased predictability — introduction of advance rulings; d) Increased facilitation for compliance with customs processes — people will benefit from added facilitation re processes and clearance times.

BENEFITS OF THE NEW LEGISLATION

The legislative proposals are intended to achieve the following:

• Promote socio-economic development and assist with the creation of the conditions for economic growth;

• Facilitate the efficient processing of Customs-related transactions;

• Aid in protecting local businesses and the international supply chain from unfair international trading practices, smuggling of goods, under- invoicing, fraud, and intellectual; property rights infringement

• Encourage voluntary compliance with Customs laws and procedures;

• Further support the implementation of ASYCUDA World;

• Strengthen the enforcement powers of the commissioner of Customs;

• Strengthen the ability of the JCA to effectively protect Jamaica's borders

• Assist the JCA in facilitating the processing of increased volumes of trade in an increasingly complex international trading environment; and

• Encourage new business models and requirements, including e- commerce.

The new terms and definitions in the proposed Customs Bill are consistent with the Revised Kyoto Convention (RKC), which has been adopted by several customs administrations worldwide. The use of internationally accepted terms and definitions will facilitate Jamaica's interaction with the international trading community and will assist carriers, agents, and all the industry professionals who operate in the global context.

SECURITY

It is proposed that the JCA will facilitate a broader range of types of security. Further, security may be specific — that is, relating to a specific consignment of goods, or general — that is, relating to any class/kind/category of goods during a specified or indefinite period.

SEEMLESS MOVEMENT

Express provisions are made for different Customs procedures in keeping with a logistics-focused economy. For example, the legislative framework will be established to facilitate the introduction of customs processing procedures, such as inward and outward processing. Such processing procedures will enable goods to be imported for the specific purpose of undergoing processing in Jamaica, on condition that the products that result from the processing will be exported. In addition, goods may be seamlessly moved from one Customs procedure to another, once all requirements are satisfied.

The proposed Bill seeks to clarify the regimes relating to transit and trans- shipment, to promote improved alignment with Asycuda World and international best practice.

ADVANCE ARRIVAL REPORTS

The agency has sought to revise the provisions concerning advance reports to be provided by carriers engaged in short-haul flights and voyages, as opposed to long-haul flights and voyages. The time frames in the proposed draft Bill will conform to the World Customs Organization's SAFE Framework of Standards. These time frames will facilitate further compliance by shipping agents.

SIMPLIFIED CLEARANCE

Simplified clearance and release processes are relevant to advancing logistics in Jamaica. Express provisions to this effect are contained in the draft Bill, which is expected to be tabled in the Houses of Parliament by March 31, 2019.

<< Back to news headlines >>

Govt signs US$20M loan agreement to improve power supply Thursday 20th September, 2018 – Kaieteur News

An agreement signed yesterday in Kuwait between Minister of Finance, Winston Jordan and the Islamic Development Bank’s (IsDB), Vice President of Sector Operations, Mansur Muhtar, will support the improvement of the country’s power supply through the Guyana Power and Light Incorporated (GPL Inc.).

The $4.2B (US$20M) loan is part of the utility company’s Upgrade Programme, a component of its development and Expansion Programme for 2014 to 2021.

Describing the historic occasion as a celebration of the first loan to be granted, Finance Minister Winston Jordan noted.

“It cemented our growing relationship and the proactive use of the indicative resource envelope for Guyana… [the loan agreement] incorporates necessary reforms and upgrades to reduce losses, and improve the quality and reliability of electricity supply and will, at the same time help to transform Guyana’s infrastructural landscape, boost our manufacturing sector and improve the quality of life of our citizens.”

He added that, “the United Nations 2030 Agenda espouses aspirations for human dignity. Undoubtedly, the objective is ‘to leave no one behind’. This laudable objective is in keeping with the principles of the Islamic Development Bank. It is also the cornerstone of my government’s approach to development. This is perhaps why we have been able to establish such a close working relationship, in such a short period.”

Adding that the agreement could not have come at a more opportune time, the Finance Minister said:

“This was especially since Guyana is on the cusp of a historic transformation with the recent discovery of over 4B barrels of oil.”

He further disclosed that the International Monetary Fund described Guyana’s medium-term economic prospects, as “very favourable” and predicted GDP will grow by 29.1 percent in 2020.

“The IMF has commended us on our “prudence and restraint towards borrowing in anticipation of future oil revenues”. As such, our public debt stood at a highly sustainable 52.2 percent of GDP at the end-2017.”

According to the Finance Minister, the government looks forward to working with the IsDB on projects in several sectors, including agriculture. “I wish to express gratitude to the Bank for the Reverse-Linkage Project, which will assist in updating Guyana’s expertise and technology in rice production as well as introduce innovative rice varieties in Guyana…This support will result in better care for the elderly,” as he also expressed gratitude for the Grant for the Modernisation and Upgrade of the Palms Geriatric Facility.

During the period 27-29 November 2017, the Islamic Development Bank’s (IsDB) mounted a mission to Guyana to develop a medium-term work plan for the period 2018-2022. That plan outlines a pipeline of projects that the bank can support over the next five years. The IsDB has a resource envelope of over $188B (US$900M) that is potentially available from which the government can source.

The potential areas of collaboration between the IsDB and the Government of Guyana cover several development sectors including agriculture, banking and finance, human development, energy and rural development.

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Resort Developer In Q1 2019 IPO Target Wednesday 19th September, 2018 – Tribune242

A Bahamian-led developer yesterday expressed hope its planned BISX listing in 2019's first quarter will "change attitudes" towards local investment in the country's largest industry.

Sir Franklyn Wilson, pictured, head of Eleuthera Properties, told Tribune Business that taking Jack's Bay Investments Ltd public via the Bahamas International Securities Exchange (BISX) was designed to showcase the developer's progress rather than any need for capital.

Jack's Bay is one of the south Eleuthera properties where build-out activities are accelerating, with Sir Franklyn disclosing that the developer is "close to finalising a Heads of Agreement" with the Minnis administration for development of its substantial landholdings.

"We are increasingly confident that this project we've been working on in south Eleuthera for a very long time is coming together very nicely," the Arawak Homes and Sunshine Holdings chairman said yesterday.

"We are more than cautiously optimistic about the future of South Eleuthera. The reasons are that the quality of people visiting us, investors and property buyers, are concluding this [Jack's Bay] is one of the most majestic sites in this part of the world. I think we're close to finalising a Heads of Agreement with the Government. We're very, very optimistic."

Jack's Bay, which Eleuthera Properties is developing in partnership with TGR Designs, a firm owned by world-renowned golfer, Tiger Woods, firm and Beacon Land Management, is just one of its landholdings in the south Eleuthera area.

They also include Cotton Bay and Davis Harbour, and Sir Franklyn said Eleuthera Properties' patience in holding on to its several thousand acres until development conditions were right now seemed set to pay off.

"We've owned the property for over three decades, and have been great stewards of it," he recalled. "We have resisted offers from third party developers and financiers to develop the property that we thought were not ideal for the community and the country.

"We turned down an offer from just before the last recession, where an investment bank from New York offered to build the next Atlantis. It was one of the top 50 global banks. We resisted that. We had the regional chief executive from one of the Canadian banks here the other day, and he thinks the country is going to be very well rewarded for the patience demonstrated."

With the likes of Albany and Baker's Bay showing that resort-style communities can succeed in the Bahamas, Sir Franklyn said Eleuthera Properties now had a timeline for fulfilling its previous pledge to stage an initial public offering (IPO) of shares in one of its subsidiaries.

"I can tell you it's our intention to hopefully have something listed on BISX before the end of the first quarter next year," he told Tribune Business. "It's not so much to raise money as we have no bank debt.

"We won't be going to the market to raise money in the first instance. We will be going to market to build and sustain capital markets awareness of what we are doing."

Sir Franklyn confirmed that "the company going to list" is Jack's Bay Investments. This newspaper reported earlier this year that the subsidiary under IPO consideration was the holding company for the Jack's Bay Club.

"We believe listing what we're doing on BISX will help to change attitudes towards our number one industry," he said. "We're focusing on that as part of the mission. Because of what is happening elsewhere we can expose the capital markets to what we're doing."

Sir Franklyn said Albany and Baker's Bay had taken away the "pioneering" element associated with developing resort-style communities in the Bahamas, with both showing they could attract sufficient volumes of high net-worth buyers and generate investor returns.

He argued that this followed Sir Sol Kerzner's achievement with Atlantis, which transformed investor attitudes towards the Bahamian hotel industry by proving it was possible to earn a profit from resort ownership.

"The problem this country had before Sol Kerzner came was that a lot of monied people did not have faith in the hotel industry here as they could not point to a model that worked," Sir Franklyn told Tribune Business.

"The Paradise Island hotels had been owned by a revolving door of owners that did not make any money. For a while before Sol Kerzner investors in the hotel industry could not make any money in The Bahamas. One of Sol Kerzner's contributions to The Bahamas, and he made many, was to convince people that, yes, you can make money in hotels here in the Bahamas.

"Before Sol Kerzner who would have believed that? In our case, the success of Albany and Baker's Bay has done a similar thing for resort communities," Sir Franklyn added. "We are no longer pioneering.

"Very few people want to invest in pioneering ventures, but the success of Albany and Baker's Bay has removed this sense of pioneering and I believe once we achieve this degree of success investors all over this country will have another example to point to."

Eleuthera Properties' current shareholders include Royal Bank of Canada (RBC), Sunshine Holdings, CFAL, BAF Financial and RoyalStar Assurance, plus the family of Sir Orville Turnquest and the estates of the late Billy Lowe and John Morley.

Jack's Bay, which is located just south of Rock Sound, is aiming to complete amenities such as 'The Pink House', Ocean Spray restaurant, tennis and pickle ball courts, water recreational activities and two private cays by November 2018. Lot sales have already begun.

Eleuthera Properties is also moving to further develop Davis Harbour Marina, which it owns and operates at the edge of the Waterfront community.

The developer, though, has had to contend with several challenges to its land ownership in Eleuthera's south, with judgment now awaited on one from the Bahamas' highest court, the UK-based Privy Council.

The Bannerman Town, and Millars and John Millars Eleuthera Association, have taken their case all the way through the Bahamian judicial system, with the Privy Council hearing the matter over a two-day period from July 17-18 this year.

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IMF: Bahamas In 'Better Place' On Financial Crime Wednesday 19th September, 2018 – Tribune242

An International Monetary Fund (IMF) yesterday praised The Bahamas' efforts to strengthen its financial crime defences as a necessary safeguard against further loss of correspondent banking ties.

Carolina Claver, a senior IMF financial sector expert with the IMF, addressing an anti-money laundering/counter terror financing conference, said correspondent bank "de-risking" has yet to reach a level where it can threaten the overall stability of the Bahamian financial services sector.

"That is important. We would be in a serious situation if the phenomenon reaches that level of impact," said Ms Claver. She noted that foreign banks have cited money laundering and terrorism financing concerns, and their overall risk appetite, as the main reason for terminating correspondent relationships.

Pointing out that ultimately it is a "business decision" banks make based on profitability and risk, Ms Claver said of the Caribbean: "You face the same challenges facing other small states, such as lack of economies of scale, but other challenges as well which have to be put into consideration.

"Most of the Caribbean countries have a strong reliance on tourism, trade, remittances and foreign direct investment flows. Unfortunately, you are highly exposed to natural disasters, which is another challenge. A disruption in correspondent banking relationships could negatively impact your economy through different channels."

Ms Claver suggested that reduced international trade, a negative impact on remittances and investments, a higher cost for doing business as well as a direct negative impact on key sectors such as the offshore financial industry, could be among the likely results of correspondent banking relationship disruption.

"Some correspondent banks have disclosed in their conversations at regional events that the IMF organised that they don't sometimes feel comfortable in the way that some respondent banks manage and mitigate their risk. We all know that risks are out there but the question is whether the mitigation measures and the risk assessment framework is in place to properly manage the risks identified," said Ms Claver.

The Caribbean Financial Action Task Force's (CFATF) July 2017 Mutual Evaluation Report (MER), an assessment of this nation's defences against financial crime, had identified numerous legal and practical deficiencies in the regime. In particular, The Bahamas' was found to have "low" effectiveness in six out of 11 anti-money laundering/counter terrorism financing categories.

Ms Claver said: "Since then, I have closely followed The Bahamas's case, and it has done a lot on many fronts. There were a lot of initiatives that placed you in a much better place now to deal with the new report that you will have to provide to the Caribbean Financial Action Task Force."

Correspondent banking is critical to the very survival of The Bahamas' economic model, as it enables local companies and residents to conduct commerce and settle transactions with clients and suppliers in overseas countries. Without such relationships with overseas institutions, The Bahamas' "wheels of commerce" would grind to a halt.

Correspondent relationships allow Bahamian financial institutions to use the physical and electronic infrastructure of foreign banks to conduct business in their countries, enabling transactions to clear and be settled on a timely basis, and foreign currency deposits to be taken.

Yet banks in major industrialised countries have frequently severed correspondent relationships in recent years, with the Caribbean region among most heavily impacted.

The move is being driven by the "risk/reward" analysis, with developed country banks perceiving correspondent relationships with their Caribbean counterparts as too "high risk" when compared to the financial rewards.

They are especially concerned that Caribbean banks are susceptible to financial abuses, such as money laundering and terror financing, which could lead to financial sanctions being imposed on themselves by home country regulators.

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The new Minister of Commerce wants to be part of the continuity Wednesday 19th September, 2018 – iciHaiti

On Tuesday, Dr. Ronell Gilles, new Minister of Commerce and Industry (MCI), was installed in his new position by the Minister of Public Works, Transport and Communication, Mr. Fritz Caillot, representing the Prime Minister, Jean-Henry Ceant.

In his words of circumstances, Dr. Ronell Gilles invited all executives and employees of the MCI to collaborate with him for the renewal of the said ministry. In addition, the new MCI holder wants to build on the continuity of projects already underway while ensuring that these and the new projects that will be implemented are in line with the general policy statement of the Prime Minister, Jean Henry-Céant.

For his part, Mr. Fritz Caillot, on behalf of Prime Minister Céant, reminded Dr. Gilles that it is his task to achieve the vision of the President of the Republic in terms of the commercial sector and industry, especially with regard to consumer protection.

While Patrice Garcia Brutus, chief of staff of the outgoing minister, while presenting the record of the 18 months of office of the latter assured the new holder that he will find in the ministry of employees and competent and dynamic executives.

The Director General of the Ministry, Daniel Denis, also praised the progress made during these 18 months, including the physical window, the Digital Professional Identity Card and the commercial and industrial policy of Haiti. He also took the opportunity to assure Dr. Gilles of his frank collaboration and the collaboration of all the executives and employees of the Ministry to face the challenges and dynamize the Haitian economic sector through the redefinition of a productive, commercial and industrial sector flourishing.

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China urges U.S. to show sincerity, correct behaviour in trade actions Thursday 20th September, 2018 – Reuters

China hopes the United States will show sincerity and take steps to correct its behaviour, its commerce ministry said on Thursday, after both countries slapped new tariffs on each other’s goods this week in an escalating trade war.

China added $60 billion of U.S. products to its import tariff list on Tuesday to hit back at U.S. duties on $200 billion of Chinese goods that go into effect from Sept. 24.

Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring U.S. companies operating in China.

Alibaba’s billionaire co-founder Jack Ma, a known advocate for globalization, this week expressed his growing pessimism over the dispute, saying it would be a “mess” for all parties involved.

U.S. President Donald Trump has threatened further retaliation if Beijing takes aim at U.S. agricultural or industrial workers as he accused China of trying to sway U.S. elections by targeting farmers.

“China has been forced to take retaliatory measures, and they are entirely meant to protect China’s own interests,” commerce ministry spokesman Gao Feng said at a weekly news briefing in Beijing.

“They are also meant to protect global free trade order, and have nothing to do with domestic politics in the United States.”

He did not directly reply to questions asking if there will be a fresh round of trade talks between Beijing and Washington, which had appeared to be in the works prior to the latest tit-for-tat tariffs.

The deepening rift between China and the United States has stoked concerns about job losses on both sides of the Pacific as tariffs threaten to erode trade flows and economic growth.

“The current economic situation is indeed not good, and that could go on longer than people think,” said Jack Ma, the billionaire co-founder of Alibaba Group Holding Ltd (BABA.N).

“On China-U.S. frictions, people should make preparations for the next 20 years,” Ma reiterated at the World Economic Forum in the northern Chinese port city of Tianjin.

Ma met Trump two years ago and laid out Alibaba’s plan to bring small U.S. businesses onto its platform to sell to Chinese consumers. The Chinese billionaire also promised to create 1 million jobs in the United States.

Alibaba can no longer meet that promise, Ma told Chinese news agency Xinhua on Wednesday.

“The current situation has already destroyed the original premise. There is no way to deliver the promise,” he said.

Chinese firms with factories in the United States would also face higher costs as they ship U.S.-assembled products back home.

Chinese white goods firm Haier Group, which acquired General Electric’s home appliances businesses two years ago, has halted plans to sell products made in the United States by the GE Appliances brand in China, Financial Times cited the group’s chief executive Zhang Ruimin as saying.

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Gold steady as easing trade concerns hurt dollar Thursday 20th September, 2018 – Reuters

Gold steadied on Thursday as the dollar slumped, its safe-haven appeal lessened by fading fears over Sino-U.S. trade tensions and as investors opted for assets perceived as riskier, like stocks.

The dollar hit a fresh seven-week low against a basket of major currencies, while world stocks inched up amid continued relief that fresh U.S. and Chinese tariffs on reciprocal imports were less harsh than originally feared.

“America is killing itself with these trade tariffs. (They) actually hit America far harder than (they) hit China. The idea that the dollar is all mighty and going to continue to rise is not true,” said Alasdair Macleod, head of research at GoldMoney.com.

“Gold traders are sitting on short positions (but) if the dollar comes down another notch or two, shorts in gold will start to panic. When gold starts moving, it (could) start moving very sharply (higher).”

A weak dollar makes dollar-priced gold cheaper for non-U.S. investors.

Spot gold was flat at $1203.18 at 1045 GMT, after rising 0.5 percent in the previous session.

U.S. gold futures were flat at $1,202 an ounce.

Investors have been buying the dollar and selling gold in recent months believing the United States has less to lose from a trade dispute than China. But they may be losing faith in the ability of the U.S. economy to withstand a trade war with China.

A new Reuters poll showed unanimous agreement that a trade war with China was bad economic policy for the United States, predicting U.S. growth would slow to 2.0 percent in the fourth quarter, less than half the last reported rate of 4.2 percent.

Gold has declined around 12 percent from a peak in April amid the intensifying U.S.-China trade dispute, the dollar rally and rising U.S. interest rates.

Investors are waiting for what is expected to be a hawkish meeting of the U.S. Federal Reserve next week, where the central bank is widely expected to raise benchmark interest rates.

Spot silver was flat at $14.22 an ounce, after touching two-week highs at $14.35. Palladium climbed 0.7 percent to $1041.50, having hit a fresh five month high of $1,043.

Platinum gained 0.3 percent to $823.20, after hitting its highest since Aug. 13 at $826.40 in the previous session.

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Sterling extends gains after forecast-beating retail sales Thursday 20th September, 2018 – Reuters

Sterling rallied on Thursday after British retail sales data beat forecasts and on growing optimism that Britain and the European Union can make significant progress towards a Brexit deal at an EU leaders summit.

The pound was also helped by broad dollar weakness.

British retail sales jumped 3.3 percent in August compared with the same month a year earlier, better than all forecasts in a Reuters poll of economists, as shoppers maintained their strong summer spending spree.

In monthly terms, sales rose by 0.3 percent in August from July, the Office for National Statistics said, defying a median forecast for a fall of 0.2 percent.

The pound extended its gains to rise to $1.3207, up 0.4 percent on the day from around $1.3180 before the data. Sterling remains near the two- month high of $1.3215 hit on Wednesday.

Against the euro, the British currency rallied 0.2 percent after the sales data to hit 88.630 pence, close to its strongest level since early August.

“The UK continues to churn out solid economic indicators. Positive for $GBPUSD,” David Madden, an analyst at CMC Markets, said on Twitter.

UK consumer prices rose at their fastest in six months in August, data released on Wednesday showed, providing further support to the pound.

But the Brexit negotiations remain the dominant driver for the pound.

Investors have pushed up the pound to its highest since July this week as they grow confident that a Brexit trade deal - helping Britain to avoid a disorderly and messy exit from the EU - can be clinched in the coming months.

Cabinet Office minister David Lidington said on Thursday Britain was more than 85 percent of the way to agreeing a deal.

But there remains a way to go. Prime Minister Theresa May, speaking at the EU leaders summit in Salzburg in Austria on Wednesday, urged her EU counterparts to drop “unacceptable” Brexit demands that she said could rip Britain apart.

“On we go with Brexit talks as the EU summit in Salzburg tries both to be tough on the UK and get a deal onto the table,” said FX strategists at Societe Generale.

“The Irish border issue remains the chief stumbling block to a deal, while the EU prepares for a November summit where it hopes an agreement will be sealed. EUR/GBP is for now clinging onto the uptrend support line drawn from the April low.”

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Dollar slides to seven-week low as trade war fears ebb Thursday 20th September, 2018 – Reuters

The dollar fell to a seven-week low against a basket of major currencies on Thursday as concerns about the impact of a trade row between China and the United States ebbed.

Currency markets have become more settled since reacting strongly to new tariffs announced by Washington and Beijing on Tuesday.

Traders say they do not expect the dispute to produce a sharp global shock, at least for now, and foresee any fallout taking some time to filter through to corporate earnings.

U.S. economic data has remained strong, and the dollar has tended to act as a safe-haven trade, gaining as tensions between Washington and Beijing escalate. On Thursday it slid 0.3 percent to 94.217, its lowest since July 31.

Emerging market currencies strengthened, led by the Indian rupee after China said it would not retaliate with competitive devaluations.

For some market participants, the dollar retains underlying strength.

“It is the champion reserve currency and it has the risk-free Fed funds rate. So the currency with the lowest risk is offering the highest yield in G10,” said Andreas Koenig, global head of FX at asset manager Amundi.

The Federal Reserve is next week expected to raise benchmark borrowing costs and shed more light on the future rate path.

NORWEGIAN CROWN SLUMPS

Closer to home, European markets were watching events at an EU summit where UK Prime Minister Theresa May appealed to her counterparts on Wednesday to drop demands for a Brexit deal that she said could rip Britain apart.

Sterling has strengthened recently on optimism that Britain and the European Union can make significant progress towards a Brexit deal at the summit.

On Thursday it rallied 0.4 percent to a two-month high of $1.3236 after UK retail data beat forecasts.

The Norwegian crown meanwhile slumped more than 1 percent versus the euro after the country’s central bank raised interest rates for the first time in seven years, as expected, but trimmed its rate forecasts.

The crown fell to 9.6150 and dropped half a percent versus the dollar to 8.1970.

The safe-haven franc was little changed after the Swiss central bank kept its ultra-loose monetary policy in place on Thursday, citing a “fragile” exchange rate and rising international trade tensions and protectionism.

The SNB has sought to stem investor appetite for the franc over the last three and-a-half years.

“Short term, the SNB might be able to prevent franc appreciation with the help of interventions, but no doubt it would not manage to do so long term,” said Commerzbank currencies strategist Ulrich Leuchtmann.

The euro was 0.4 percent against the weaker dollar at $1.1721.

The Australian dollar, a proxy for China-related trades as well as a barometer of broader risk sentiment, held at three-week highs, having gained 1.5 percent so far this week. It stood at $0.7268.

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European shares add to gains as trade war fears fade into background Thursday 20th September, 2018 – Reuters

European shares extended their rally on Thursday as investors set aside fears over a U.S.-China trade war and focused instead on bullish macroeconomic and corporate news.

The pan-European STOXX 600 was up 0.3 percent while the leading euro zone stock index was on track for its ninth straight session of gains, also up 0.3 percent.

Autos, banking and mining sectors led gains as investors stayed resolutely focused on hopes that the latest escalation in the trade war would drive the dispute into endgame.

Autos gained 1.1 percent, also helped by Kepler Cheuvreux upgrading its recommendation on the sector.

Tyre maker Continental and car parts supplier Valeo were top of the DAX and the CAC 40 respectively.

“On autos, valuations have reached historically low levels, pricing in a lot of bad news already,” wrote Kepler Cheurvreux strategists.

Shares in Belgian telecoms company Proximus climbed 3 percent, with traders saying Citi had upgraded its recommendation on the stock.

Inmarsat shares rose 1.9 percent after the British satellite company said it would collaborate with Japan’s Panasonic Avionics to provide in-flight broadband for commercial airlines.

Lower levels of market volatility, meanwhile, hurt quarterly revenue at trading platform IG Group, sending the stock down 8 percent to the bottom of the STOXX.

Belgian biotech firm Argenx fell 4.2 percent in a second day of losses after a share offering.

Markets have shrugged off an escalation on Tuesday of the tariff war between the United States and China, focusing rather on the tariff levels being lower than expected and on hopes that the dispute may be nearing an end.

“Financial markets are likely to focus on the potential for an agreement between U.S. and Chinese officials that could reverse these tariffs,” wrote Goldman Sachs analysts.

An increase in U.S. and German borrowing costs also left stock markets unscathed.

“For now stock markets appear to be largely indifferent to this gradual rise in borrowing costs,” said Michael Hewson, chief market analyst at CMC Markets.

Some put the move down to market technicals.

“As the market goes up, those long cash and downside protection have to chase it,” said a trader.

Investors have been raising their cash buffers, Bank of America Merrill Lynch’s September fund manager survey showed on Tuesday.

On the small-cap front, German fashion retailer Tom Tailor issued a profit warning, sending its shares down 12 percent. The firm blamed Europe’s exceptionally hot and long summer for slower growth.

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Nikkei steady as financials rise, profit taking limits gains Thursday 20th September, 2018 – Reuters

Japan’s Nikkei ended little changed on Thursday as an extended rally in financial shares were largely offset by profit taking after several days of big gains for the broader market.

The Nikkei inched up 0.01 percent to 23,674.93, just about staying in the positive for the fifth day.

The stock market barely blinked after a well-anticipated win by Japanese Prime Minister Shinzo Abe in a ruling party leadership vote.

“The margin of Prime Minister Abe’s leadership vote win was largely in line with expectations. The vote result is not something that looks to have a strong market impact,” said Yoshinori Ogawa, senior strategist at Okasan Securities.

“The market is now looking a little over extended and it is quite natural for profit taking to emerge under such circumstances.”

The Nikkei has risen 2.5 percent this week, having climbed to an eight- month high on Wednesday in line with a bounce in global equities.

Banks were strong performers with the recent spike in U.S. Treasury yields boosting their Wall Street financial sector peers.

Sumitomo Mitsui Financial Group rose 1.4 percent, Mitsubishi UFJ Financial Group added 1.6 percent and Mizuho Financial Group 8411.T climbed 1.26 percent.

Insurers also rose, with Tokio Marine Holdings advancing 0.5 percent, Sompo Holdings gaining 1.2 percent and Dai-ichi Life Holdings rising 1.7 percent.

Daiwa Securities Group was up 1.3 percent and Nomura Holdings added 1.7 percent.

Other gainers included Nintendo Co, which rose 4.8 percent after launching its paid Nintendo Switch Online gaming platform on Wednesday.

Nishimatsuya Chain Co sank 4 percent after the retailer of child and maternity clothing and goods cut its net profit forecast for the six months through August to 2.06 billion yen ($18.37 million) from 2.82 billion yen.

The broader Topix added 0.11 percent to 1,787.60. ($1 = 112.1500 yen)

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Italian bond yields dip, risk sentiment offsets budget fears for now Thursday 20th September, 2018 – Reuters

Italian government bond yields fell on Thursday as improved risk sentiment in global markets allowed the market to recover some ground from the previous day’s sharp sell-off.

Italy’s government bond yields fell as much as five basis points across the curve, having jumped by up to 12 basis points in late trade on Wednesday, after wrangles over the 2019 budget.

Italy should aim at a 2019 deficit of more than two percent of output to spur growth, the cabinet undersecretary said on Thursday.

Italy’s 10-year fell on Thursday morning five basis points to 2.80 percent, before rising to 2.82 percent with markets continuing to digest headlines on the 2019 budget.

The move lower reflects a broader appetite for risk, which also helped to push Spanish and Greek yields down by as much as six basis points, and fuelled demand for two large bond auctions.,.

Spain sold 4.5 billion euros of new bonds, the middle of its projected size range, but with a decent bid-to-cover ratio . France also sold almost 7.5 billion euros of bonds.

Rabobank’s head of rates strategy Richard McGuire said the increased demand for debt in the euro zone’s periphery matched a broader market backdrop that saw European and Asian stocks move higher despite an escalation of the trade war between China and the United States.

“Investors are taking a sanguine view on risk,” he said. “There is a higher hurdle to buying BTPs than to selling them.”

Italy’s Deputy Prime Minister Luigi Di Maio reiterated on Thursday that the government’s priority was to make life better for Italians, not to reassure markets. The government is considering increasing the budget deficit to spur growth, he said.

Elsewhere, Germany’s 10-year government bond passed the key 0.5 percent mark on Wednesday to reach a three-month high but receded on Thursday to 0.48 percent.

“Yields yesterday tried to go above 50 bps, but it seems the bears are not yet ready to take this level. That is why we see, for technical reasons, the move to the downside,” said DZ Bank rates strategist Daniel Lenz.

Five-year U.S. Treasury yields hit decade highs on Wednesday as investors continued to price in more interest rate increases by the Federal Reserve this year and next. Ten-year Treasury yields rose to 3.09 pct, the highest level in four months.

Expectations of U.S. growth pushed the spread of 10-year U.S. government bonds over Germany to 260 basis points on Wednesday, its highest since the end of May. The so-called transatlantic spread stood at 259 bps on Thursday.

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Stocks Push Higher as Yields Climb, Dollar Slips Thursday 20th September, 2018 – Bloomberg

Stocks climbed on Thursday as traders awaited the latest twists on global trade and digested Treasury yields approaching their highest level this year. The dollar remained under pressure.

U.S. equity futures pointed to a higher open while most European and Asian shares gained after China was said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. The yield on 10-year Treasuries climbed, trading well above the 3 percent mark after approaching its highs for the year on Wednesday. The greenback weakened after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week, while the pound strengthened after August retail sales came in higher than expected.

Stocks climbed on Thursday as traders awaited the latest twists on global trade and digested Treasury yields approaching their highest level this year. The dollar remained under pressure.

U.S. equity futures pointed to a higher open while most European and Asian shares gained after China was said to be planning to cut the average tariff rate it charges on imports from the majority of its trading partners as soon as next month. The yield on 10-year Treasuries climbed, trading well above the 3 percent mark after approaching its highs for the year on Wednesday. The greenback weakened after a report said the U.S. and Canada are unlikely to reach a deal on Nafta in Washington this week, while the pound strengthened after August retail sales came in higher than expected.

Equity markets have so far remained resilient in the face of rising bond yields, suggesting investors are comfortable with the outlook for corporate earnings and global growth even as borrowing costs rise along with trade tensions. Ahead of the Fed meeting next week some other central banks topped the agenda on Thursday, with Norway’s policymakers raising interest rates for the first time in seven years as the SNB kept deposit rates unchanged. The ECB’s Peter Praet speaks later in New York.

Elsewhere, emerging-market assets continued to rally off the lows seen earlier this month, with the rand leading developing-world currencies after South Africa eased rules in a new mining law. The krone slumped as investors saw the central bank’s rate trajectory as dovish, while the Swiss franc strengthened. Oil held above $71 a barrel on declining stockpiles.

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China Plans Broad Import Tax Cut as Soon as October Thursday 20th September, 2018 – Reuters

China is planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, two people familiar with the matter said, in a move that will lower costs for consumers as a trade war with the U.S. deepens.

Premier Li Keqiang said Wednesday that China would further reduce the tariffs, without elaborating. The two people who spoke on the new reduction asked not to be named as the matter isn’t public yet.

By cutting duties on goods even as it retaliates against President Donald Trump’s trade war with higher charges on some U.S. goods, China is following through on long-stated goals to boost imports. The move comes as the nation is trying to stimulate domestic consumption to support a slowing economy, and follows similar cuts to tariffs in July on a wide range of consumer goods.

The offshore yuan pared loss to rise briefly following the news, and then weakened to trade 0.07 percent lower at 6.8562 per dollar as of 1:02 p.m. in Hong Kong. The onshore rate was little changed at 6.8505.

“By further cutting import taxes, China is sending a message that it will keep opening up and reform no matter how the trade war goes. It’s more like a commitment to both domestic and international audience. It’s a gesture," said Tommy Xie, an economist at Oversea-Chinese Banking Corp Ltd in Singapore.

The Ministry of Finance didn’t immediately respond to a request for comment on the matter. China’s most-favoured nation average tariff currently stands at 9.8 percent. The MFN rule requires all countries to be treated equally unless specific exceptions are agreed, and the U.S. is also covered by MFN status.

China still has a higher average tariff rate than many developed economies. The U.S.’ average applied MFN rate was 3.4 percent in 2017, and in general the Trump administration has accused China of being a protectionist economy. On Wednesday, Premier Li said that his government wouldn’t devalue the currency in order to boost its exports amid the trade war.

We “must uphold multilateralism, the rules of free trade,” he said. “No matter what changes are needed to the rules, it brings benefits. If there are problems, negotiation is needed to solve them.”

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Griffith moves to curb exorbitant overtime claims Thursday 20th September, 2018 – Trinidad Express Newspapers

Police Commissioner Gary Griffith is moving to arrest the massive annual $240 to $300m overtime bill incurred by members of the Police Service.

Speaking to the Express yesterday, Griffith said he has issued instructions that 'exorbitant' overtime claims should be sent directly to him. Griffith said he has no issue with officers earning overtime and he appreciates that the officers at times have to work outside of the 40-hour work week. He said however he discovered 'red flags' where certain officers were getting excessive amounts. He said one officer received over $510,000 in overtime over an eight-month period while another racked up payments of over $160,000 in three months. He said this situation could not be permitted to continue. Noting that all overtime payments are signed off by senior officers, Griffith said: 'I have decided that any overtime that is an exorbitant figure must come directly to me until an audit in the Service is completed. If I could cut the overtime by half, because I think some of it is not for the right reason, if I could cut it by half , I am talking about over $12 million every month for good resources that the police require tasers, pepper sprays, new uniforms, vehicles, an air support unit, better technology, laptops in police vehicles, drones, new uniform, body cameras, cameras on the dash board (of vehicles). There is a lot we could do with that extra $12 million a month. But this money is not being used properly by this wild situation of everybody signing off on overtime payments,' he said.

He said within a year the police could probably have all of the tools they require to deal with law enforcement if expenditure on this item is curbed.

'It is a situation that I think has gone overboard and I am trying to pull it back. So I am directing that a proper audit takes place so as to come to a practical solution to avoid this scenario where people have been getting over $60,000 a month in overtime,' he said. He said he was still working out the specific figure over which overtime payments would trigger his intervention 'because it would be hard for me to sign overtime for one to two thousand police officers a month...But we cannot reach a point where police officers are getting over $60,000 per month. I have seen reports of a police officer working 22 hours a day for six consecutive days. Some of them are working constantly throughout the month. So obviously something is going wrong. A police officer cannot be getting more in overtime than the Minister of National Security's salary. When you have an overtime bill of $25 million a month, something is obviously wrong here. It means that I have to put in place a proper process to ensure that the overtime is only given to officers who actually work and that it is based on a specific reason'.

He said he expects that some of the specialised units may have to work a 24-hour duty, but what he had seen in overtime payments suggests that there are a number of irregularities.

Griffith said as he grapples with excessive expenditure, he is attempting to introduce a system of checks and balances. ' I am optimistic that I could cut this overtime bill in half and with $12 million extra every month for a year, that could pay for a lot of things we need in the police service', Griffith said.

Seales supports Griffith's move

President of the Police Social and Welfare Association, Insp Michael Seales, told the Express yesterday that the Association fully supported the Minister's move to address the abuse of overtime. 'The Association welcomes any audit into the overtime facility. Overtime is privilege and not a right but what has happened is that overtime has been institutionalised, so it is not associated with performance. It is really a situation where persons find creative ways to abuse the process,' Seales said.

He said the Association has raised the issue not only with the Police Commissioner, but with the Manpower Audit Committee headed by Prof Ramesh Deosaran.

He said the Association was able to demonstrate to the Committee that a constable made overtime in a year that amounted to twice his annual salary. More than that, his overtime amounted to more than what an Assistant Commissioner of Police is paid in the year, Seales said.

He said the Association understood there are implications to this situation. 'How does an ASP speak to such a person? It has caused a breakdown in the system of management in the Police Service and the joke on the ground is 'there is no rank in bank', Seales said. That statement means that no matter what the rank, the senior officer may be under the junior when it comes to compensation (because of the overtime payments).

And this, Seales said, affects the supervisory capacity of the senior officer. He added that because the overtime facility was not necessarily connected to performance it was being abused. 'This is why the Association maintains that you pay for performance and if you paying for non-performance, it damages the Association's ability to go to the table and negotiate for more pay, he said.

Working in cahoots

Conceding it is the senior officers who sign off on the overtime, Seales said the system as it currently operates, 'damages one of the pillars that the Commissioner is speaking about, that is the question of accountability. If accountability is one of the pillars of performance, then what gets rewarded should be what gets done. In the case of overtime this principle has been destroyed. Many senior officers are not using measures to ensure that the system of overtime is purged of the corrupt practices,' he said.

One retired officer commenting on the issue, agreed that there was an element of corruption involved in overtime claims.

'It has been going on for a long time with everyone just sitting on it. The senior officers cannot claim overtime so sometimes they work in cahoots with the juniors, signing off on the overtime with the 'profit' being shared between the two of them,' the officer stated.

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PM reminds Guyana about debt cancellation Thursday 20th September, 2018 – Trinidad Express Newspapers

Prime Minister Dr Keith Rowley said he was disappointed by the sentiment expressed by some that Trinidad and Tobago wants to take over Guyana's good fortune as he reminded that T& T wrote off a billion-dollar debt Guyana had to this country.

He made the comment yesterday in Guyana where he and Guyana's President, Brigadier David Granger, signed a Memorandum of Understanding on Energy Sector Cooperation.

According to a release from the Office of the Prime Minister, Rowley said yesterday's meeting represented a documentation of T& T's commitment to do more in its neighbourly relations with Guyana with respect to the generation of economic activity.

He said both governments were laying the ground work and providing the encouragement for the private sector to seize opportunities which are available to both countries at this time and that this was a good thing for the people of Trinidad and Tobago and Guyana.

'It is my expectation that any and all investment in Trinidad and Tobago from Guyana and vice versa will be something that will be welcomed and encouraged and that participation in our economies will be good for all of us.' said Rowley.

'We in Trinidad and Tobago are proud to have the record show that as a small developing country, which was not a member of the Paris Club, when Guyana sought debt forgiveness we in Trinidad and Tobago wrote off billions of dollars of Guyana's debt,' he added. 'We are not holding that as any quid pro quo but it is circumstantial in our position that we are a friendly cooperating neighbour of Guyana,' said the Prime Minister.

The release stated that Granger said he was confident the combination Guyana's natural resources with the entrepreneurial expertise, capital and investment from Trinidad and Tobago would result in a win-win situation for both countries.

Granger noted that there were unjustified fears that the signing of this agreement was tantamount to giving away the family jewels.

'This is not true, it is simply a means of collaborating, not only in production but in marketing, in gas, in treating with oil spills and multi-national corporations.'

'The MoU is a means of benefiting from Trinidad and Tobago's advice, their experience and expertise that they have built up over a long time. So the fears that this is some give away are completely unjustified,' Granger said.

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Courts opens its 21st local store Thursday 20th September, 2018 – Trinidad Express Newspapers

Unicomer Trinidad Limited yesterday opened its 21st Courts store in the local market, which was also the company's 100th store regionally.

The $25 million building is located at South Park, San Fernando, comprising over 31,000 square feet of retail space that took a year to complete.

Government ministers and several members of the business community were in attendance on Wednesday for the formal opening ceremony at its latest South Park location.

With many businesses either forced to downsize or close their doors indefinitely due to a sluggish economy, Unicomer Trinidad Limited says it has persevered and implemented new technology for customers to have a more enjoyable shopping experience.

Despite a challenging economy, managing director of Unicomer Trinidad Ltd, Clive Fletcher, says the company remains focused on sustainability, developing local content and the transformation of the local retail sector.

Minister of Trade and Industry Paula Gopee-Scoon praised the efforts of Unicomer, and its choices of design and layout.

'I think San Fernando has the best retail spaces in the country,' she said.

Gopee-Scoon said that Government has come up with a plan specifically for the development of San Fernando.

More details will be revealed in the coming months.

However, with the opening of Courts newest South Park Store, the future of San Fernando looks bright, she said.

'South is becoming an important commercial hub for exciting business opportunities and we are happy that Unicomer is part of this new landscape for development,' Fletcher said.

The company has expanded its range of products and services, so customers can now access these options from one location.

Unicomer Trinidad aims to revolutionise the shopping experience for customers with a new integrated approach to interface with some of their premium brands and products across Courts, Courts Optical and the Ashley Furniture HomeStore portfolio.

'The successes of this approach is also yielding very positive results throughout our other locations across the Unicomer Group,' Fletcher said.

'In alignment with world-class standards and global retail customer services practices, we have empowered our CSRs with the ability to manage the complete sales and services transaction from product selection to checkout,' he said.

'In Trinidad and Tobago, there are 21 Courts stores, 14 Courts Optical stores and two Ashley Furniture HomeStores. Regionally we have maintained 100 Courts locations, 41 Courts Optical stores and five Ashley HomeStores to date,' said managing director of Unicomer Caribbean South Sub Region Errol Le Blanc.

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Refinery has no chance of profits Thursday 20th September, 2018 – Trinidad Express Newspapers

The Petrotrin refinery has as much chance of turning a profit as a snow ball has of surviving hell, Energy Minister Franklin Khan said on Tuesday, in response to a motion on the adjournment of the Senate moved by Opposition Senator Wade Mark.

But he gave the assurance that the closure of the refinery will not affect the supply of cooking gas, bitumen and fuels.

'There is money in refining, you know, if you have an efficient, well run and optimised refinery. We do not have that and there was no chance like a snowball in hell for that to ever happen. That is why we had to take the decision that we have,' said Khan.

'The whole issue of the Petrotrin refinery shutting down has nothing to do with the supply of the fuel market to Caricom, the bitumen market locally nor the LPG market.

'It is far more fundamental than that Madame President, but I just want to put the nation in a comfort zone that, there will be absolutely no shortage, no lack of supply, no break in supply for LPG, bitumen and the Caricom market,' said Khan.

He said he was aware of the consequences of this action to close the re-n finery but leaders sometimes have to take difficult decisions.

The Opposition, he said, is trying to spread panic by saying gas prices will increase and that there will be a shortage of gas.

Khan said the demand for LPG is 2,400 barrels per day and it peaks around Christmas time when it reaches 2,800 barrels per day. Some 100 per cent of this market is supplied by the Petrotrin's refinery.

He said there are two other producers of LPG and that Phoenix Park and Atlantic LNG produce a total of 12,700 barrels per day. He said there is a transition plan in place for PPGPL to supply the local market of 2,400 barrels and the rest to be supplied to the Caricom and the rest of the Americas.

Khan said Petrotrin will become a trader and a facility for crude supplies for onward shipment to markets.

He said the only difference is that the barrels will now be filled with imported products.

Khan said the average consumption of bitumen is 9,000 barrels a day and now this will be imported by Lake Asphalt and there is also a seamless transition in place for this.

Mark, in raising the motion said the 'anti-union' Government was peddling false information to the public.

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Prestige drops 14.9% Thursday 20th September, 2018 – Trinidad Express Newspapers

Overall market activity resulted from trading in 14 securities of which six advanced, four declined and four traded firm.

Trading activity on the first-tier market registered a volume of 163,972 shares crossing the floor of the Exchange valued at $1,751,760.43.

The Composite Index advanced by 1.90 points (0.16 per cent) to close at 1,221.58. The All T& T Index declined by 1.36 points (0.08 per cent) to close at 1,688.34.

The Cross Listed Index advanced by 0.72 points (0.71 per cent) to close at 101.51.

Prestige Holdings Ltd was the volume leader with 109,290 shares changing hands for a value of $874,320, followed by Guardian Holdings Ltd with a volume of 31,686 shares being traded for $538,662. Sagicor Financial Corporation contributed 6,776 shares with a value of $51,843.16, while National Flour Mills added 6,754 shares valued at $11,414.26.

GraceKennedy registered the day's largest gain, increasing $0.29 to end the day at $3.00. Conversely, Prestige Holdings Ltd registered the day's largest decline, falling $1.40 to close at $8.00.

CLICO Investment Fund was the only active security on the mutual fund market, posting a volume of 100 shares valued at $2,000. CLICO Investment Fund advanced by $0.02 to end at $20. Calypso Macro Index Fund remained at $15.82.

The second-tier market did not witness any activity.

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Western Union launches cash mobile app in TT Thursday 20th September, 2018 – Trinidad and Tobago Newsday

Western Union has launched the Western Union® mobile app in Trinidad and Tobago, enabling customers to start a money transfer on the app and pay in cash at an agent location. Customers can also expedite cash pick-ups by completing the transaction’s details on the app to further expedite their cash payout at Western Union retail agent locations across the island.

In a release Western Union said the mobile app – available on iOS and Android – speeds money movement from Trinidad and Tobago to more than 200 countries and territories, including top sending destinations such as the United States, Jamaica, Guyana, Cuba and Colombia. The app keeps a record of the transaction, allowing senders to make easier transactions afterwards. It also allows users to check the status of a transaction and find a nearby Western Union agent location.

Rodrigo Garcia Estebarena, Western Union’s vice president for Mexico, Caribbean and Central America said, “We know our customers live in both the physical and digital world. The cash-pay mobile app option enhances customer experience with increased smartphone usage, while further speeding up the delivery of services across our Western Union retail agents in Trinidad and Tobago.”

In alliance with its agent, GraceKennedy Money Services, Western Union offers domestic and international money transfers in Trinidad and Tobago from more than 50 agent locations throughout the country.

As an introductory offer, Western Union will charge a US$10 transfer fee to send up to US$250 to virtually anywhere in the world using the cash-pay option within Western Union’s mobile app.

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JMMB launches unsecured lending business in Trinidad & Tobago Thursday 20th September, 2018 – Jamaica Observer

JMMB Group has rolled out its first consumer financing solution business, JMMB Express Finance Limited, in Trinidad and Tobago, with hopes of increasing its market share through competitive pricing and quick response.

The business was launched last Wednesday at 86 Ramsaran Street, Chaguanas. What's more, JMMB is already eyeing the establishment of another location in Port of Spain and/or San Fernando, and also hopes to launch the JMMB Express Finance model elsewhere in the region over the next financial year.

CEO of JMMB Express Finance Elson James, in delivering his inaugural remarks, reasoned that the financial institution is keen on breaking the cycle of debt in Trinidad and Tobago. He reckons that JMMB Express Finance (T&T) Limited, will deliver on that goal from its ability to provide unsecured loans at competitive interest rates.

According to James, JMMB will drive greater financial inclusion in the country by encouraging clients to refinance higher interest rate debts while concurrently saving towards short-and long-term goals.

“At the end of your loan term, you would not only have paid off your loan, but you would also have a little savings,” the company said in press release. “Additionally, through JMMB Express Finance you will have the opportunity to build your credit score, thereby allowing you to not only get a lower cost loan, but easier access to the JMMB business lines.”

The financial institution has made available loans of up to TT$40,000 with a repayment period of three years through JMMB Express Finance. According to World Bank statistics, while approximately 75 per cent of that (T&T) population, over the age of 15, have a bank account; only an estimated 34 per cent of the population, over the age of 18, are considered to be financially literate.

Additionally, approximately 58 per cent of persons, over the age of 15, have indicated that they have been unable to save any money over the past year; and only 8.4 per cent of the over-15 populace has ever borrowed from a licensed financial institution.

“Coming out of those statistics the conclusion to us was clear, more persons need to be both brought into and included in the formal financial sector,” said JMMB Group's chairman Archibald Campbell. He concluded that more people are in need of being personally empowered, through financial education.

“Guided by the ambitious dream of our co-founders, Dr Noel Lyon and the late Joan Duncan, JMMB has taken on the mandate of broadening the net of financial inclusion in Trinidad and Tobago,” he said.

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PWA calls for urgent action on insurance for police officers Wednesday 19th September, 2018 – Dominica News Online

Chairman of the Police Welfare Association (PWA) Jefferson Drigo say they are feed up and need swift action and amendments to the Police Medical Insurance Act.

Speaking at a press conference and flanked by other members of his executive, Drigo said the organization is deeply concerned as it relates to medical insurance for police officers.

“We have written and have had meetings with the Minister of National Security with a view to changing our medical insurance,” he stated. “To date, we have done all that is expected of us and have even identified the best medical insurance yet no steps have been taken to address the problems. We are calling on the necessary authorities to please amend the Act to facilitate the change.”

He indicated that by an act of parliament, CLICO is the medical insurance for the police and it takes months for a claim to be refunded.

“It takes up to eight months for a refund and when that happens we only get part of the refund, we can no longer take and tolerate that, they (CLICO) have been in the CLICO/BICO fiasco hence the issue,” Drigo said. “We have families of police officers who are waiting for monies from the insurance almost a year after the death of police officer…this is not acceptable.”

He also slammed the authorities for not doing enough to assist in medical air ambulance for police officers.

“We have had to get advances from the government to help us, whereas they can make the necessary amendment to the Act,” Drigo stated.

The PWA is also expressing concerned about alleged threats made against police officers on social media.

“On Tuesday, August 14, 2018, certain male individuals posted threats on social media directed to police officers and their families. The executive and members of the PWA takes this opportunity to condemn the threats posted on social media at the police and in particular their families. We are extremely concerned about the situation and we are calling on those individuals to desist from posting threats directed at the police and to avoid a repeat in the future,” Drigo said.

He continued, “The executive has had a meeting with the Chief of Police and his gazette officers where we discussed at length the threats posted on social media at the police and their families and at that meeting certain decisions were taken in light of the threats.”

Drigo said that the PWA is also concerned about the question of accommodation for Police Officers.

“The accommodation is most areas are not the best. We know that the government has taken a decision to increase and improve accommodation in Roseau and have done some work on some police stations but we are calling on them to look urgently into the commencement of the accommodation promised for the Roseau area,” he said.

He also revealed that over the last five years, the PWA has also advocated in writing and at meetings with the government and the police administration to provide more training for police officers in order to prepare them for the future.

“It appears that our efforts have fallen on deaf ears. We are again appealing to the authorities concerned to make available more training for police officers. The police have always and will continue to do their jobs within the law and we will continue to work hard to protect life and property. We would like to thank the public for their support over the years and we are encouraged by your support,” he said.

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Panama public debt nears $25 billion Thursday 20th September, 2018 – Newsroom Panama

The balance of public debt at the end of August was $24.721 billion, up by $1.667 billion from the previous year. In the last month, the debt grew by $334.8 million, reports the Finance Ministry.

The increase in the balance of the debt means that every year the Government has to reserve more funds to pay interest. In the first half of this year, interest and commissions amounted to $566.6 million

Most of the debt is contracted in dollars, but there is a yen issue of $500 million from 2011 Therefore, the price of the dollar and the yen affects the balance of the debt. In the month of August, the yen gained 0.7% in relation to the dollar.

Since the administration of Juan Carlos Varela began, the public debt has grown by $7,082 billion, from $17,639.5 billion in June 2014 to the current $24.721.5 billion.

The figure of the debt does not include the commitments acquired by the National Company de Autopistas (ENA), the Tocumen International Airport and the Empresa de Electric Transmission entities, which have contracted debts to pay different investment projects and have their own income.

Since Panama obtained an investment grade in 2010, it had more access to international financing. In addition, the government’s debt capacity is greater because the growth of the economy generates more income to make against the expenses associated with the debt.

The risk rating agencies consider that the country’s debt capacity is greater. The outlook for the rating of sovereign debt has improved. In the five years of Ricardo Martinelli’s administration, the debt grew $6.837 billion, going from $10.802 billion in June 2009 to $ 17.639 billion in June 2014.

Therefore, the current administration has already surpassed of its predecessor with 9 months to go.

The president of the College of Economists, Olmedo Estrada, said that for this year a deficit is expected in the budget that will have to be financed with debt, and the first half of 2019, so the debt “can easily go up a billion more dollars “.

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PM Harris holds series of bilateral talks with visiting dignitaries as part of Independence Day activities Wednesday 19th September, 2018 – SKN Vibes

Following what is being described as the largest Independence Day Parade at the Warner Park Cricket Stadium and the subsequent Toasts to the Nation today (September 19), St. Kitts and Nevis’ Prime Minister, Dr. the Honourable Timothy Harris, held important bilateral discussions with three visiting foreign diplomats, namely, from Japan, the United States of America and Switzerland, all with the aim of strengthening cooperation with these nations.

The cordial and highly productive meetings were held with Ambassador of Japan, His Excellency Mitsuhiko Okada; Ambassador of the United States of America; Her Excellency, Linda S. Taglialatela, and Ambassador of Switzerland, His Excellency Urs Schnider, who, along with diplomats and representatives from more than 17 other countries, are in the Federation to attend the 35th Independence anniversary events.

During their meeting, Ambassador Okada updated Prime Minister Harris on his country’s development cooperation agenda with St. Kitts and Nevis, which includes the donation of disaster reduction equipment such as tarpaulins, generator and fire extinguishing pumps to the National Emergency Management Agency (NEMA). With respect to technical assistance, His Excellency Okada noted that Japan can assist the Federation in areas of coastal fishing, energy saving and renewable energy development, as well as providing training opportunities for residents of St. Kitts and Nevis in the fields of climate change, disaster risk reduction and environmental management.

While meeting with His Excellency Schnider, the St. Kitts and Nevis Prime Minister stressed the need for greater levels of cooperation with Switzerland in the area of safety and security and the need for reform of the country’s prison system. This includes rendering assistance in establishing workable rehabilitation programmes to help criminal offenders reintegrate into society and become productive citizens, as well as to offer technical assistance in the use of ankle monitoring bracelets as part of the country’s legal system.

Another area of discussion during Wednesday’s bilateral meetings was the waiver of the visa interview process for qualified holders of St. Kitts and Nevis passports wanting to renew their United States visas.

Prime Minister Harris expressed profound gratitude on behalf of the people of St. Kitts and Nevis to US Ambassador, Her Excellency Linda Taglialatela, as the twin island Federation is one of just a few countries to have been granted this waiver privilege.

Prime Minister Harris also thanked the foreign diplomats for making themselves available to join St. Kitts and Nevis in the celebration of the Federation’s 35 years of Independence.

The series of meetings were held at the St. Kitts and Nevis Defence Force (SKNDF) Headquarters at Camp Springfield following the celebratory toasts to the nation.

Other foreign dignitaries participating in the 35th Independence anniversary celebrations include High Commissioner of the Bahamas, H.E. Reuben Rahming; H.E. Anton Ojala, New Zealand’s High Commissioner; Deputy Head of Mission for Morocco, Mr. Mohammed Ali Elkamlichi; H.E. Kim Byung-yun, Ambassador of South Korea and Apostolic Nuncio His Excellency Most Reverend Fortunatus Nwachukwu.

Also present at the different events were foreign diplomats residing in St. Kitts and Nevis including Cuban Ambassador to the Federation, His Excellency Abelardo Fabio Hernández Ferrer; Resident Ambassador of the Republic of China (Taiwan) to the Federation, His Excellency Tom Lee, and Mr. Jose Olavarria Rivas, Charge d’affaires of the Venezuelan Embassy.

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