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Newswire June 7__2018 OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Advanced Corporate Credit – Warning Signals 28th & 29th June 2018 Barbados 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 ▪ Government of Barbados’ rating downgraded to CariC- ▪ Massy Holdings Limited’s rating reaffirmed to CariAA+ ▪ Venture Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Eastern Credit Union’s rating downgraded to CariBBB- ▪ Government of the British Virgin Islands’ rating reaffirmed at CariAA- ▪ Republic Bank Limited’s rating reaffirmed at CariAA+ ▪ The Pegasus Hotels of Guyana Limited’s initial rating assigned at CariBBB- ▪ Sagicor Life Jamaica Limited’s rating reaffirmed at jmAAA ▪ NCB Capital Markets Limited’s initial issue rating assigned at CariBBB- ▪ Government of Barbados rating downgraded to CariBBB- ▪ Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB ▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+ ▪ Gulf City Limited’s rating reaffirmed at CariA+ Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating for a Bond Issue: • Widen the range of possible investors to ensure success of the issue • Help investors to determine if the bond issue is a wise investment • Provide a clear understanding of the creditworthiness of the issuing firm and the factors that will impact its performance • Utilise a standardised system in order to compare the credit quality of one bond issue relative to another CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago Advances in Composite and Cross Listed Indices Overall market activity resulted from trading in 14 securities of which two advanced, three declined and nine traded firm. Scotia income down by $24m Scotiabank T&T Limited reported income after tax of $309 million for the six months ended April 30. This is a decrease of $24 million or seven per cent over the comparative period last year. Petrotrin pays consultants $63m State-owned Petrotrin has paid $63.6 million to consultants for services from July 2017 to date. Barbados Senate to meet on Friday The newly appointed Senate of Barbados will meet for the first time on Friday. S&P downgrades Barbados Barbados has suffered another credit downgrade. 4.5% pay hike You can forget all about the National Union of Public Workers’ (NUPW) demands for a 23 per cent pay hike for its members. Those demands by this island’s largest public-sector union have apparently died with the last Government. Jamaica Holness To Make Historic Presentation at G7 Summit Prime Minister Andrew Holness has been specially invited to attend the G7 Summit, set for June 8 and 9 in La Malbaie, in the Charlevoix region of Quebec, Canada. Guyana $210M in contracts signed for countrywide development Six Regional Democratic Councils on Wednesday signed contracts to the value of $210M for the construction of new medical and educational facilities in their respective districts. 3000 acres of land for West Watooka farmers Over 3 000 acres of lands will soon be available for cultivation as the National Drainage and Irrigation Authority (NDIA) intensifies works within the West Watooka area. Antigua and Barbuda Gov’t releases PV Energy Contract The government has released a contract signed with the UK based renewable energy company, PV Energy Limited, as it promised. Costa Rica Taxation Closed 35 Businesses in The Last Week for Tax Irregularities Behind on your business taxes? The General Directorate of Taxation, of the Ministry of Finance (Ministerio de Hacienda), may be knocking on your door as it did this past week, yellow taping (closing down) 35 businesses for five calendar days in different parts of the country, for the breach of tax obligations. Dominica Gov’t pays all outstanding student fees at DSC The government on Wednesday presented a check to the Dominica State College (DSC) to settle all outstanding fees by students. The Bahamas $6m Tour Operator to Create 70 Jobs A $6m tour operation will create 70 jobs within its first year when it begins to expose Eleuthera to thousands of tourists from 2019 onwards. Gov't Financial Systems 80% Below Maximum The government's financial management systems remain "below global standard" and have seen "limited improvement", scoring 80 percent below maximum in their last assessment. The Bahamas continued Vat Hike to Shut 40% Of Construction Sector The VAT rate hike will force 30-40 percent of Bahamian contractors out of business, the government was warned yesterday, while reducing this nation to “a tourism-only economy”. St. Lucia Ministry of Agriculture to improve livestock development A new policy and strategic plan is being developed for the livestock sub- sector in Saint Lucia. Tourism Advisory Committee launched The recently-launched Tourism Advisory Committee (TAC), is expected to set the tone and new vision for the local tourism industry, in a thrust to ensure that tourism development is in sync with national and socio- economic development. Venezuela CARICOM Countries Divided in OAS Vote on Suspending Venezuela Caribbean Community (CARICOM) countries were split yesterday, when the Organization of American States (OAS) voted to pass a resolution that can initiate the process of Venezuela’s suspension from the organization. Other Regional ECCB issues warning to OECS nationals The Eastern Caribbean Central Bank (ECCB) is warning customers in the sub-regional Organisation of Eastern Caribbean States (OECS) to be cautious against using non-traditional financial services saying that they could suffer “financial losses by getting involved in initiatives which they do not yet understand fully”. INTERNATIONAL United States Billions in U.S. solar projects shelved after Trump panel tariff President Donald Trump’s tariff on imported solar panels has led U.S. renewable energy companies to cancel or freeze investments of more than $2.5 billion in large installation projects, along with thousands of jobs, the developers told Reuters. Futures inch higher as Allergan, banks gain U.S. stock index futures edged higher on Thursday, with Allergan and banking shares setting Wall Street up for another round of gains. Fed on Track to Raise Rates Regardless of Emerging-Market Woes Emerging markets struggling with higher U.S. interest rates are likely to get little sympathy from the Federal Reserve. United Kingdom Sterling at two-week highs on broad dollar rout Sterling climbed to more than two-week highs on Thursday, helped by general dollar weakness thanks to a broadening rally in the euro currency, though concerns over Brexit negotiations capped gains. Europe Euro, bond yields extend gains on ECB while risk appetite grows World stocks hit a three-week high on Thursday and the euro and euro zone bond yields extended gains as investors priced in a potentially earlier-than-expected wind-down of ECB stimulus. Euro rebounds to three-week high on bets ECB will signal stimulus unwind The euro climbed to a three-week high on Thursday as investors raised their bets that the European Central Bank will next week signal a winding down of its vast bond-buying program by the end of this year. German bond yields march higher as markets wake up to ECB risk German government bond yields hit two-week highs on Thursday, leading top-rated bond yields in the euro area higher, a day after hawkish comments from top ECB policy makers turned investor focus to a looming central bank meeting. Japan Nikkei rises to more than 2-week high; non-ferrous metal stocks rally Japan’s Nikkei share average rose to more than two-week highs on Thursday morning to stay above a key technical level as it tracked Wall Street gains overnight, while non-ferrous metal stocks staged a rally after copper prices soared. Global South Africa's bonds still a favourite despite GDP setback South African bonds are set to outshine some of their emerging market peers even after the economy contracted in the first quarter, as investors bet the country’s new political leadership will adopt more business-friendly policies, analysts said. Oil rises as reality dawns over Venezuela's export crisis Oil rose on Thursday on concerns about a plunge in exports from Venezuela, although surging U.S. production kept gains in check. CARICOM Countries Divided in OAS Vote on Suspending Venezuela Wednesday 6th June, 2018 – Caribbean360 Caribbean Community (CARICOM) countries were split yesterday, when the Organization of American States (OAS) voted to pass a resolution that can initiate the process of Venezuela’s suspension from the organization. The General Assembly voted with 19 member states in favour – including The Bahamas, Barbados, Guyana and Jamaica; four against – including Dominica and St Vincent and the Grenadines; and Belize, Grenada, Haiti, St Kitts and Nevis, St Lucia, Suriname and Trinidad and Tobago among 11 abstaining. The resolution vote called for an extraordinary assembly to decide on whether or not to suspend Venezuela. Venezuela rejected the OAS Assembly’s decision, with Foreign Minister Jorge Arreaza saying it would enable the United States to continue its economic war against the socialist country. “Those that have supported this are supporting the possibility of a military intervention in Venezuela. Let that be on your conscious,” he said. The vote comes on the heels of President Nicolas Maduro’s widely condemned re-election last month. Maduro won a May 20 vote that the Venezuelan opposition, along with the United States and other Latin American nations, have decried as a sham cementing a dictatorship which has devastated a once-prosperous economy. “I’m glad we are recognizing that democracy matters. We will not recognize illegitimate governments,” Carlos Trujillo, the US representative to the OAS, told the assembly after the vote.
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