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Newswire February 9__2018 OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Credit Risk Analysis of Corporates & SMEs 27th & 28th February, 2018 Suriname 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 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 ▪ Home Mortgage Bank’s rating reaffirmed at CariA ▪ NCB Financial Group Limited’s initial corporate credit rating assigned at CariA ▪ National Commercial Bank Jamaica Limited’s rating upgraded to CariBBB+ ▪ NCB (Cayman) Limited’s initial corporate credit rating assigned at CariA ▪ The Government of the Commonwealth of Dominica placed on Rating Watch – Developing ▪ Dominica AID Bank’s rating downgraded by 1-notch and placed on Rating Watch – Negative 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 CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago GraceKennedy leads shares traded Overall Market activity resulted from trading in 15 securities of which five advanced, five declined and five traded firm. Massy registers dip in first quarter profit Massy Holdings Ltd and its Subsidiaries is reporting an 8.1 per cent decrease in profit after tax for its first quarter ended December 31, 2017. Another Republic Bank employee on fraud charges A second bank employee charged with defrauding her employer, Republic Bank Limited (RBL), of $.25 million will face a Port-of-Spain magistrate later today. Barbados Barbados ratifies WTO agreement on trade facilitation Barbados has ratified the World Trade Organization’s (WTO) on Trade Facilitation Agreement (TFA). CDB tells Government to cap its wage bill With the Freundel Stuart administration currently under pressure from trade unions to grant a double-digit pay hike to public sector workers, one of the island’s key regional development partners is suggesting that Government acts otherwise. Jamaica Caricel sells LTE network to South African firm Jamaican LTE broadband network Caricel has announced the acquisition of its majority shares by a South African company, Involution Limited, under a sale agreement negotiated last October. Jamaica Continued Rewards programme to push Margaritaville sales Margaritaville (Turks) Limited (MTL) is one of only seven US dollar- denominated stocks on the Jamaica Stock Exchange (JSE), and investors appear to be holding on to the stock. Wisynco reports $1.2b half-year profit despite weather effects In its first financial report as a listed company, Wisynco Group Limited reported half-year profit of $1.22 billion for the period ending December 2017, or 34 cents per share, after a period of restructuring in which the company hived off its non-core businesses as it prepared to go public. FSC widens collateral pool for repos, breathes life into contracting trade The Financial Services Commission (FSC), in December, moved to widen the pool of allowable assets used as collateral for retail repos, a development that securities dealers say would be beneficial to companies seeking financing from the capital market. Guyana Completion of Exxon Shore-base on schedule First shipment of equipment for operation in 2020 here The Bahamas Chamber Urges 'Safeguards' For Gov'ts Tax-Free Zone Plan THE Chamber of Commerce's chief executive yesterday urged the Government to "put in safeguards" to prevent abuse of its promised Over- the-Hill 'tax free zones'. Small Business Development Centre To Be Launched in The Bahamas The Cabinet of The Bahamas has approved the launch of a Small Business Development Centre later this year. Dominica Guadeloupe-based NGO raises funds for school repairs in Dominica The Guadeloupe-based NGO CORECA has raised over half a million dollars (€150,000) for the repair of schools in Dominica in the wake of Hurricane Maria. Dominican Republic Dominican Govt. issues US$1.82B bond The Dominican government issued US$1.0 billion of debt at 30 years and, for the first time, a bond in Dominican pesos for RD$40.0 billion (US$822.0 million), the Finance Ministry announced Thurs. Grenada Pure Grenada wins Expedia award Announced on Jan. 31, 2018 at the Caribbean Hotel & Tourism Association’s Travel Marketplace in Puerto Rico, Expedia named Pure Grenada, the Spice of the Caribbean, as the Caribbean Destination of the Year 2017. St. Lucia St Lucia Adopts Climate-Smart Cassava Cultivation The Food and Agricultural Organization (FAO) is spearheading a project which will not only increase the cultivation of cassava throughout the region but also encourages the production of cassava blended bread as a healthier alternative to the traditional white bread. Other Regional Bermuda records highest-ever number of visitors in 2017 2017 “brought the highest number of visitors to the island in recorded history,” the Bermuda Tourism Authority (BTA) said, adding that “the 692,947 total arrivals is the best statistical performance dating back to 1965.” Bermuda-Based Business to Acquire Leading Italian Agriculture Insurance Specialty Company Bermuda-based specialty provider of property and casualty insurance and reinsurance, Sompo International, today announced that it has reached an agreement to purchase A&A srl, a leader in the Italian agriculture insurance market since 1996. INTERNATIONAL United States Congress votes to end brief government shutdown The U.S. House of Representatives joined the Senate early on Friday morning in approving a bill to end an overnight federal shutdown, sparing Republicans further embarrassment and averting serious interruption of the government’s business. Investors brace for more swings as U.S. inflation specter rises The inflation bogeyman has reared its ugly head and sent U.S. stock investors racing for the hills in recent days. Wall Street on course for worst week in six years U.S. stock markets were set to open flat to lower on Friday, on course for their worst week in more than six years. United Kingdom Sterling rises further on BoE rate hike expectations Sterling climbed against the dollar and euro on Friday, extending the previous day’s gains, after the Bank of England said interest rates would probably need to rise sooner and by more than it had previously thought. Europe EU-Mercosur trade talks close with key gaps remaining Negotiators for the European Union and Latin American bloc Mercosur have concluded two weeks of talks in Brussels on a free trade deal with no clear breakthrough and no formal offers made. European share declines limited after another Wall Street sell-off European shares posted limited losses on Friday morning after a fresh sell- off on Wall Street, which has now entered a correction with the benchmark S&P 500 and Dow industrials falling more than 10 percent from their Jan. 26 record highs. China China plans to launch crude oil futures on March 26: securities regulator China plans to launch its long-awaited crude oil futures contract on March 26, the country’s securities regulator said on Friday, a move that could potentially shake up pricing of the world’s largest commodity market. Japan Nikkei slides in broad global selloff; Nissan hit by lower profit Japan’s Nikkei share average tumbled on Friday after another torrid day for Wall Street, with oil-related stocks leading the broad declines as crude prices slumped. Global Savaged global stocks head for worst week since 2011 A 4 percent drop in Chinese shares dealt reeling world stock markets a fresh blow on Friday, as nerves about rising borrowing costs and soaring volatility put them on course for their worst week since the height of euro zone crisis. Oil slides towards steep weekly loss as supply fears mount Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly losses in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. Completion of Exxon Shore-base on schedule Friday 9th February, 2018 – Guyana Chronicle First shipment of equipment for operation in 2020 here CONSTRUCTION of the ExxonMobil warehouse and onshore logistics base is expected to be completed before the scheduled time, said Chief Executive Officer (CEO) of TotalTec Oilfield Services, Lars Mangal after a tour of the facility on Thursday. ExxonMobil – the company currently drilling for oil in Guyana along with joint venture partners HESS and CNOOC Nexen – had awarded the contract to Guyana Shore Base Inc. (GYSBI) which is a Guyanese joint venture made up of Muneshwers Ltd., Pacific Rim Constructors, TotalTec Oilfield Services and LED Offshore. The area being developed by GYSBI is 28 acres, with a waterfront of 900ft by 1600ft. The company is aiming to build a wharf of 600ft. “We are ahead of schedule, below budget and on track to exceed Exxon’s expectation and partners with Exxon,” said Mangal. He gave the completion date as March 2018. General Manager of GYBSI, Glenn Lockwood, who was also a part of the tour, said the facility was constructed in “record time” and they are only finishing off a pipe wash and the 2000 square meters warehouse. The infrastructure of the base also includes a large yard with pipe racks and staging places which they intend to use to put tubular (pipes) prior to sending them to the Floating Production, Storage and Offloading vessel (FPSO).
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