Newswire July 30 2019.01
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WORKSHOP DATE COUNTRY 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 ▪ Sagicor Financial Corporation Limited’s proposed bond issue initial rating assigned at CariAA ▪ Dominica Agriculture, Industrial and Development Bank’s rating reaffirmed at CariBB- ▪ Beacon Insurance Company Limited’s rating reaffirmed at CariA- ▪ The Government of the Commonwealth of Dominica rating reaffirmed at CariBB ▪ The Government of the Republic of Trinidad and Tobago rating reaffirmed at CariAA+ ▪ Eastern Caribbean Home Mortgage Bank’s rating reaffirmed at CariBBB+ ▪ Sagicor Group Jamaica Limited’s initial rating assigned at CariA ▪ NIF Holding Company Limited’s TT$4 billion issue rating reaffirmed CariAA ▪ Goddard Enterprises Limited’s rating reaffirmed at CariAA- ▪ NCB Global Finance Limited’s initial rating assigned at CariA ▪ RHAND Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Development Bank of Jamaica Limited’s rating upgraded to CariA- ▪ Bourse Securities Limited rating reaffirmed at CariA- ▪ PLIPDECO’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 to a Manufacturing Entity: • Access to an independent assessment of the Company which can lead to increased efficiencies as a result of improved business operations • Access to improved terms from suppliers • Access to improved terms for lines of credit CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago CariCRIS gives Sagicor bond AA The Caribbean credit rating agency, CariCRIS yesterday assigned an initial credit ratings of CariAA (Foreign and Local Currency Ratings) on its regional rating scale and jmAAA on the Jamaica national scale, to the proposed debt issue of Sagicor Financial Corporation Ltd (SFC) of up to US$76 million or the Jamaican Dollar equivalent. Unilever gains $0.78 Overall market activity resulted from trading in 15 securities of which eight advanced, four declined and four traded firm. Guyana Qatar Petroleum enters Guyana’s oil market QATAR Petroleum, a state-owned public corporation responsible for the oil and gas industry in Qatar, has entered into an agreement with Total for a share of exploration and production rights in two blocks offshore Guyana. Justice Singh sworn-in as GECOM Chair Justice (Ret’d) Claudette Singh, SC, CCH was moments ago sworn-in as Chairman of the Guyana Elections Commission (GECOM) by President David Granger. The Bahamas Cut 'Terrifying' Bad Loan Rate by Over 50% The Central Bank's governor wants to further cut the "terrifying" 8.7 percent loan delinquency rate by more than half despite it having fallen to its lowest level in a decade. Business Optimism Up but Profits Fall For 57% Despite 57 percent of businesses suffering a decline in first-half profits, a Central Bank survey has found that nearly-two-thirds believe the economy will improve during 2019’s final months. St. Lucia St Lucia lost Virgin Atlantic to Antigua and Havana Virgin Atlantic has announced a review to its global flying programme that will cease flying to Saint Lucia from June 8, 2020 ‘for the foreseeable future’. Anguilla Marketing Anguilla For the Next Tourism Season With the current tourism season now receding, the Anguilla Tourist Board has brought its international representatives to the island for what has been dubbed “The ATB 2019 Marketing Week”. Anguilla Wins #1 Island in The Caribbean At Travel+Leisure World’s Best Awards The Hon. Victor F. Banks, Premier of Anguilla, joined Parliamentary Secretary, Cardigan Connor, and ATB Chairperson, Donna Banks, to receive the island’s latest accolade, as the #1 Island in the Caribbean, Bermuda and Bahamas in the 2019 Travel + Leisure World’s Best Awards, for a truly unprecedented third year in a row. Dominica CBI has been a lifeline for Dominica, says PM Skerrit Citizenship by Investment (CBI) has been a lifeline for Dominica, a sentiment that prime minister Roosevelt Skerrit expresses frequently. The Dominican Republic They finance US $ 69.6 million for several projects in the North The General Director of Multilateral Cooperation, Ambassador Antonio Vargas Hernández, informed that the Ministry of Public Works and Communications (MOPC) and the National Housing Institute (Invi), will execute a project “Improving Public Works to Reduce Disaster Risk,” for an amount of US $ 69.6 million. The Dominican Republic continued US$674.5M from bank reserve boosts credit: Central Bank The Central Bank on Thurs. told the economic agents and the public that its recently adopted monetary policy measures, which include the release of RD$34.4 billion (US$674.5 million) from the bank reserve and the reduction of 50 base points of the monetary policy rate, have “positively impacted the evolution of credit to the private sector in national currency.” JMMB Financial Group country CEO reports positive results The new country CEO of the JMMB Financial Group, Juan José Melo Pimentel, said Tues. that all of its companies posted satisfactory results in 2018 and expects similar performance by yearend 2019. Central Bank makes changes in bills of RD $ 2,000.00 and RD $ 200.00, and the RD $ 25.00 coin The Central Bank of the Dominican Republic (BCRD) reported that there will be changes in the RD $ 2,000.00 and RD $ 200.00 bills, of the series 2017, as well as in the RD $ 25 peso coins, also of the series 2017 , which will circulate successively from July 15, noting that both the indicated banknotes and the currency will coexist with the denominations of previous years. Dominican Republic to tender potential gas and oil sites Today begins in Houston, Texas, a round with investors in which the Dominican Government expects to tender 14 blocks of gas and oil in three locations across the country, a process that will conclude in December. Minimum wage climbs 14% in Dominican Republic The minimum wage for the private sector -currently around RD$10,000 (US$200) monthly- will climb 14% retroactive to July 1, according to the agreement reached Tues. between labour and management in the National Wages Committee. Venezuela Venezuela's PDVSA says Petropiar has started operations as blending facility Venezuelan state-run oil company PDVSA said on Monday the Petropiar extra-heavy crude upgrader, part-owned by U.S. oil company Chevron Corp (CVX.N), had begun operations as a blending facility. INTERNATIONAL United States Futures drop as eyes shift to Fed meeting, Apple earnings U.S. stock index futures dropped on Tuesday, as worries about the scale of consensus at the Federal Reserve in favour of deeper cuts in interest rates ate into the positive sentiment that drove indexes to record highs last week. Goldman Sachs says S&P 500 bull-run has legs but cuts earnings outlook Goldman Sachs said on Tuesday it has raised its 2019 target for the U.S. benchmark S&P 500 index .SPX by 3% to 3,100, implying a 24% gain for the year, but has lowered its earnings estimates citing weakness in economic activity and margin outlook. Procter & Gamble sales, profit beat expectations; shares rise Procter & Gamble Co’s (PG.N) quarterly revenue and profit beat Wall Street expectations on Tuesday, boosted by price hikes and strong demand for its beauty products such as SK-II and Olay, sending its shares up about 4% before the opening bell. ConocoPhillips adjusted profit falls on lower crude prices Independent oil and gas producer ConocoPhillips (COP.N) reported an 11.6% drop in quarterly profit on Tuesday, as fears of slowing global economy weighed on crude prices. Higher consumer spending helps Mastercard beat quarterly profit estimates Mastercard Inc on Tuesday beat Wall Street estimates for quarterly profit, as a robust economy encouraged customers to spend more, boosting fee income for the world’s second-largest payment processor. Under Armour cuts North America revenue forecast; shares fall 10% Sportswear maker Under Armour Inc (UA.N) (UAA.N) on Tuesday cut its full- year revenue forecast for North America, its biggest market, in the face of stiff competition from bigger rivals Nike Inc (NKE.N) and Adidas AG, sending its share down 10%. United States continued Exxon Mobil's second-quarter results expected to sag, spotlighting need for asset sales Exxon Mobil Corp’s plan to accelerate asset sales, a way of delivering needed cash to finance shareholder returns and major projects, is getting off to a slow start as oil companies pull back on big deals. United Kingdom BP profit again outstrips forecasts, lifted by higher oil output A strong rise in oil and gas production helped BP (BP.L) offset weaker crude prices and refining profit to again beat profit expectations on Tuesday, boosting its shares. UK company insolvencies hit five-year high in second quarter The number of insolvent companies in England and Wales hit its highest in more than five years in the second quarter of 2019, according to data on Tuesday that showed businesses under rising financial pressure as Brexit nears. Boris Johnson's no-deal Brexit gamble hits sterling The British pound GBP tumbled on Tuesday as investors bet Prime Minister Boris Johnson's Brexit brinkmanship with the European Union could trigger a messy divorce that would sow chaos through the world economy and financial markets. Europe Weak euro zone data backs Draghi's plan for more stimulus French growth slowed unexpectedly in the second quarter on weaker household spending and German consumer morale worsened for the third month in a row heading into August, adding to signs that the euro zone economy as a whole is cooling. European shares hit by Bayer, Lufthansa; FTSE shines European shares slipped on Tuesday as grim forecasts from German giants Bayer and Lufthansa soured sentiment, while a battered pound helped London’s blue-chip index outperform for a second day.