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Newswire June 13__2018

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Newswire June 13__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 downgrade to CariD ▪ 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 to a Corporate Entity: • Improve relationships with creditors with an independent, objective assessment of business • Strengthen your governance and hedge against business risk • Attract investors to raise money in capital markets CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago $3 increase for ANSA McAL Overall market activity resulted from trading in 15 securities of which six advanced, nine declined and none traded firm. CEO: 1Q results sustainable Last month, publicly listed Angostura Holdings Ltd surprised the market when it announced that its after-tax profit for its first quarter ended March 31, 2018 had skyrocketed by 76.4 per cent to $28.4 million from $16.1 million. Barbados Key points from Mini Budget i. Effective July 1, 2018 the National Social Responsibility Levy (NSRL) will be repealed. The Fair Trading Commission will be asked to monitor developments to ensure that retailers reduce their prices appropriately; Jamaica Opposition Concerned About Depreciation Of JA Dollar Against US The Opposition People’s National Party (PNP) is calling for the Government to be more open and transparent in its current strategy for the Jamaican currency. PAJ Signs Agreement To Improve Towage Services In Port Of Kingston The Port Authority of Jamaica (PAJ) and Canada-based maritime company, Ocean, have signed a 10-year concession agreement, which will result in an improvement in towage services in the Port of Kingston. Unicomer $8-billion bond offer a success Lifestyle conglomerate Unicomer, which trades as Courts, has successfully closed an $8-billion bond offer. Jamaica Continued JSE Main Market currently trading in record territory This recently concluded week on the stock market seems to bears witness to the two experts' viewpoints as the main market closed the week of June 9th with record highs. Guyana Road to first-oil closer - as development drilling commences, facility construction under way UNITED States oil giant ExxonMobil on Tuesday said its Liza Phase 1 development continues to rapidly progress, with the commencement of development drilling offshore Guyana. Higher yields for rice in first crop AS GOVERNMENT continues to push for research and development in the rice sector, local rice farmers continue to do their part by pushing the national production average closer to 40 bags of paddy per acre, for the first crop of 2018. Hand-in-Hand records $62M surplus revenue for 2017 THE Hand-in-Hand Mutual Fire Insurance Company Limited and subsidiaries recorded $62M surplus of revenue over expenditure for the year ended December 2017, compared to the $39M registered for 2016. The Bahamas Crawfish Export Limit Faces 29% Reduction THE government will reduce the annual crawfish export limit from seven million to five million pounds, a Cabinet Minister told Parliament yesterday. ‘At Least’ 25% Of Vat Hike Not New Monies The Bahamas’ chief WTO negotiator yesterday warned that “at least” 25 percent of the extra VAT revenue is “replacement” income rather than new money. St. Kitts and Nevis Canada’s Largest Airline Expands Service to St Kitts – And it’s Historic For the first time in St Kitts’ history, Air Canada will serve the island for a full six months for the 2018-2019 peak season. The non-stop Saturday flights from Toronto will operate from November 3, 2018 all the way through April 27, 2019. British Virgin Islands NHI hopes to limit health coverage of select beneficiaries Authorities responsible for the National Health Insurance (NHI) scheme are hoping to effect policy changes to reduce revenue losses; some of which are projected to affect the scheme this year. Dominica Contracts worth nearly 7 million dollars signed for social and development projects Contracts amounting to nearly seven million dollars have been signed for the construction of seven infrastructural projects under the Basic Needs Trust Fund (BNTF). Haiti Electricity, Taiwanese experts in Haiti Monday at the National Palace, President Jovenel Moïse received in audience, a delegation of 21 Taiwanese high-level technicians, responsible for conducting studies prior to the construction of the national electrical network on behalf of the "Taiwan Power Company" also known under the name of "Taipower", a major public electricity production and distribution company, which the Head of State visited during his stay in Asia. Source Puante, a mystical, therapeutic and tourist site The Haitian artist Erol Josué, Hougan and Director General of the National Bureau of Ethnology (BNE), accompanied by his technical team made an exploratory visit to Source Puante in the commune of Cabaret (West Dept), which is part of a project to safeguard and enhance this mystical, therapeutic and tourist site. Venezuela Venezuela suspends oil delivery to Antigua and Barbuda and others Antigua and Barbuda is among countries to be affected as Venezuela’s PDVSA says it is suspending petroleum deliveries to about half of the Caribbean countries in its Petrocaribe agreement. INTERNATIONAL United States U.S. monthly consumer prices increase moderately in May U.S. monthly consumer inflation rose moderately in May as gasoline price increases slowed, suggesting the Federal Reserve could continue to gradually raise interest rates this year. Dollar holds breath before Fed outcome The dollar held firm on Wednesday and hit a three-week high against the Japanese yen before a U.S. Federal Reserve policy announcement that investors will scan for clues on how many more rate hikes there will be this year. United Kingdom Sterling at one-week lows as inflation below forecasts Sterling slipped to a one-week low on Wednesday as inflation data failed to bolster chances of an interest rate increase in August with markets wary about headlines on Brexit negotiations. Europe Inditex, Just Eat and tech stocks spice up European trading ahead of Fed Trading in European shares was hesitant early on Wednesday as investors awaited guidance from the Federal Reserve on future U.S. rate rises, while Zara owner Inditex fell after results and Just Eat was bruised by intensifying competition. China China may raise money market rates after Fed China’s central bank could opt for small interest rate increases in its open market operations if the U.S. Federal Reserve raises rates, a central bank adviser said in remarks published on Wednesday. Japan Nikkei edges higher ahead of Fed decision; Toshiba jumps Japanese stocks edged higher on Wednesday but gains were limited as many investors awaited the U.S. Federal Reserve’s policy decision later in the day, while Toshiba jumped after announcing a major share buyback. Global World stocks capped by trade war concerns, central banks World stocks hovered near one-month highs on Wednesday as an expected U.S. interest rate rise and risks of a fresh outbreak of trade tensions between China and the United States overshadowed a generally benign political and economic backdrop. Oil steady as higher output balances demand Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts. Canada’s Largest Airline Expands Service to St Kitts – And it’s Historic Tuesday 12th June, 2018 – Caribbean 360 For the first time in St Kitts’ history, Air Canada will serve the island for a full six months for the 2018-2019 peak season. The non-stop Saturday flights from Toronto will operate from November 3, 2018 all the way through April 27, 2019. “This is an unprecedented air service expansion by Air Canada that marks yet another historic first for St. Kitts,” said Minister of Tourism Lindsay Grant. “I could not be more pleased to welcome this additional flying, which expands the options for visitors and Diaspora from our key Canadian source market to get to island.” From November 3 through December 10, Air Canada will operate a 136- seat Airbus A319-100 Rouge aircraft with 124 economy class and 12 business class seats for the non-stop Saturday flights. From December 15, 2018 through April 27, 2019, Air Canada will operate a 200-seat Airbus A321-200 Rouge aircraft with 184 economy class and 16 business class seats for these flights. “Air Canada’s decision to expand service into St. Kitts is a testament to the strength of our growing tourism sector,” said Racquel Brown, CEO of the St. Kitts Tourism Authority. “As our airlift from North America expands to accommodate our recently announced new hotel developments and upgrades to existing hotel product which include all-inclusive options, Canadians now have a full range of vacation choices available. This is truly is a complement to our existing North American airlift and gives us significantly increased capacity for this season and beyond.” Air Canada, Canada’s largest domestic and international airline, began serving St Kitts non-stop on Fridays in peak season from Toronto Pearson International Airport (YYZ) in 2011, and subsequently shifted to Saturday service.
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