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Newswire April 16__2018

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Newswire April 16__2018 OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Liquidity Risk Management in Banks 17th & 18th May 2018 Trinidad and Tobago 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 ▪ 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+ ▪ National Flour Mills Limited’s rating reaffirmed to CariA- ▪ Telecommunications Services of Trinidad and Tobago Limited’s rating reaffirmed to CariA ▪ Colonial Fire and General Insurance Company Limited’s initial rating assigned at CariA Please visit our website at www.caricris.com for the detailed Rationales on these and other ratings Benefits of a CariCRIS Rating to a Corporate Entity: • Strengthen your governance and hedge against business risk • Attract investors to raise money in capital markets • Detect credit deterioration early and focus your management on hedging risks • Improve relationships with creditors with an independent, objective assessment of business CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago TTSE Indices end week lower Overall market activity resulted from trading in 12 securities of which four advanced, four declined and four traded firm. NIB officials tell JSC: Higher retirement age by 2060 National Insurance Board (NIB) officials have been taken to task for the length of time they are projecting to increase the retirement age to 65. Before a Parliamentary Joint Select Committee (JSC) on Finance yesterday, they projected an incremental increase starting in 2025 and spanning a 35-year period to 2060. Barbados Expert Says Blockchain Technology Could Help Barbados Out of Foreign Reserves Slump A regional technology industry expert is suggesting that Barbados’ dwindling foreign exchange reserves could receive a much needed boost if the island were to increase its use of blockchain technology. Jamaica JSIF spearheads national risk information platform The Jamaica Social Investment Fund (JSIF) is spearheading the development of a National Risk Information Platform (NRIP), which will allow all risk data to be located and updated in a centralised platform that is available to government agencies and the public. Stakeholders working to ready labour force for BPO demand ATTORNEY General Marlene Malahoo Forte says the Government is projecting 200,000 jobs in the business process outsourcing (BPO) sector over the next three years. Jamaica close to signing air service agreement with Chile Jamaica and the Republic of Chile are close to signing an air services agreement. Jamaica Continued Household debt on the rise - Personal loans climb to $308b Jamaican households are increasingly living beyond their means as more than half of their disposable income goes towards paying back loans, a trend that concerns the financial stability committee enough for it to consider studying its drivers. JMMB Securities arranges iPrint acquisition of outdoor sign company Large print advertising firm, iPrint Digital has acquired billboard advertising agency National Outdoor Agency with the assistance of JMMB Securities as financial advisors to the deal. Guyana GuySuCo under Holder’s control, Jordan clarifies THE Guyana Sugar Corporation (GuySuCo) does not fall under the remit of the Ministry of Finance but under that of Agriculture Minister Noel Holder, Finance Minister Winston Jordan has said. Guyana guarding against Dutch disease AS Guyana prepares for oil production in 2020, Finance Minister Winston Jordan has said it would have to guard against the Dutch disease by using economic and financial policies to prevent any major appreciation of the local currency. Safe, efficient payment system launched GUYANESE will soon be expected to adopt more modern, safe and efficient means of monetary transactions following the launching of the National Payment System (NPS) development plan. Guyana lacks laws to govern electronic payment services - Bank of Guyana Report While there are specific legal provisions for international remittance services, there are no statutory or regulatory provisions to govern a range of other payment services and payment mechanisms in Guyana. The Bahamas Bahamas First's 'Banner Year' As Profits Up 548% BAHAMAS First's chief executive yesterday hailed 2017 as "a banner year" where profits increased almost seven-fold, adding: "Everything we needed to go in our favour did." Bpl Urged: ‘Ramp Up Quickly’ To Get $500m Shell Saving BAHAMAS Power & Light (BPL) was yesterday urged to “ramp up very quickly” on its generation deal with Shell, amid hopes it could result in $500 million of annual economic savings. Antigua and Barbuda Possible sale of Tranquillity Bay The operators of financially-troubled Tranquillity Bay, a timeshare property located at Jolly Beach, are exploring their options after closing for almost a year with no re-opening date scheduled. St. Lucia First Taiwan-Saint Lucia joint venture company to be launched H.E. Douglas Shen, Ambassador of the Republic of China (Taiwan) to Saint Lucia, accompanied by officials from the Taiwanese Embassy visited the Paradise Foods Ltd. in Fond Assau on April 12, 2018. Other Regional USVI open for business, says tourism commissioner US Virgin Islands Commissioner of Tourism Beverly Nicholson-Doty continues to make audiences across the US mainland and the globe aware that the territory is open for business. ECLAC Wants Region to Reinvigorate Integration and Bolster Intraregional Trade The Executive Secretary of the Economic Commission for Latin America and the Caribbean (ECLAC), Alicia Bárcena, has called on the region’s countries to reinvigorate the process of integration and bolster intraregional trade to confront new global challenges. Other Regional Continued Commission says Caribbean economies will grow by average 1.4 per cent in 2018 The Economic Commission for Latin America and the Caribbean (ECLAC) has updated its economic activity growth projections for the region this year, keeping its estimate for average regional expansion at 2.2 per cent, after growing 1.2 per cent last year. INTERNATIONAL United States BofA's profit rises on higher interest rates, loan growth Bank of America (BAC.N) reported a 34 percent rise in first-quarter profit on Monday as it benefited from higher interest rates and loan growth. Futures rise on hope Syria conflict will not escalate U.S. stock index futures rose on Monday as investors bet the weekend’s U.S.-led missile attack on Syria would not escalate into a broader conflict. Dollar heads towards two-week lows as short bets hit seven-year highs The dollar weakened on Monday and headed towards a two-week low against a basket of rivals on growing signs of relief that a U.S.-led strike on Syria would not escalate further at a time when concerns over a trade war has rattled global markets. United Kingdom Sterling rises despite Syria intervention as investors eye data+ The pound rose on Monday despite Britain’s military intervention in Syria, as investors focused on data that could help shore up expectations of a May interest rate hike. China Hong Kong plows $1.7 Billion into Defending Currency to Little Effect The Hong Kong dollar remains stuck at the weak end of its currency band, even after the monetary authority plowed $1.7 billion into defending the peg. China Continued China first-quarter GDP growth seen easing only slightly as trade tensions mount China likely carried most of its strong economic momentum from last year into the first quarter of 2018, with government crackdowns on financial risks and industrial pollution dragging less on activity than earlier expected, a Reuters poll showed. Japan Nikkei up slightly, defensive shares shine as trade war worries, Syria in focus Japanese stocks rose modestly on Monday on relief that U.S.-led strikes on Syria appeared to be a one-off event though lingering concerns about a trade war had investors flocking to defensive shares. Global Bond yields rise, oil prices drop after Syria strikes Oil prices fell sharply and government bond yields rose on Monday on expectations that the weekend’s missile attacks on Syria would not mark the start of greater Western involvement in the conflict. Sanctions threat keeps rouble cautious, China stocks tumble Nervousness about new Western sanctions on Russia kept the rouble and Moscow stocks on the back foot on Monday, while emerging markets were weak generally after the latest clamp-down on risky lending in China hit its markets. GuySuCo under Holder’s control, Jordan clarifies Monday 16th April, 2018 – Guyana Chronicle THE Guyana Sugar Corporation (GuySuCo) does not fall under the remit of the Ministry of Finance but under that of Agriculture Minister Noel Holder, Finance Minister Winston Jordan has said. “At no time did you hear the President or anybody say Minister of Finance will be responsible for GuySuCo or the agricultural sector. The official gazette clearly outlines my responsibilities and the Ministry of Agriculture’s responsibilities,” Jordan told reporters on Friday. Jordan’s statement follows a letter to the editor dated April 12, 2018 from GAWU’s General-Secretary Seepaul Narine headlined, “Stop playing musical chairs with sugar”. The letter suggested that Jordan has taken over responsibility for the sugar industry. But the finance minister explained that since the government decided to close the operations earlier this year, the National Industrial and Commercial Investments Limited’s (NICIL) Special Purpose Unit (SPU) took control of the Skeldon, Rose Hall, Enmore and Wales estates to maintain viability of the sugar industry.
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