Newswire September 20__2018
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WORKSHOP DATE COUNTRY Best Practice Financial Modeling and Valuation (Intermediate) 27th & 28th September, 2018 Jamaica SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: [email protected] Latest Rating Actions by CariCRIS ▪ 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.