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Newswire December 10__2018

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Newswire December 10__2018 OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Restructuring Problem Credits 6th & 7th February 2019 Jamaica 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 ▪ The National Gas Company of Trinidad and Tobago’s rating reaffirmed at CariAA+ ▪ Home Mortgage Bank’s rating reaffirmed at CariA ▪ NCB Cayman Limited’s rating reaffirmed at CariA ▪ NiQuan Energy Trinidad Limited’s initial rating assigned at CariA+ ▪ Government of the Republic of Trinidad and Tobago’s rating reaffirmed at CariAA+ ▪ NCB Financial Group Limited’s rating reaffirmed at CariA- ▪ National Commercial Bank Jamaica Limited’s rating reaffirmed at CariBBB+ ▪ Trinidad and Tobago Mortgage Finance Company Limited’s rating reaffirmed at CariAA- ▪ TRINRE Insurance Company Limited’s initial rating assigned at CariA- ▪ NCB Capital Markets Limited’s rating reaffirmed at CariBBB ▪ Government of Anguilla removed from rating watch and reaffirmed at CariBBB+ ▪ Colonial Fire & General Insurance Limited’s rating reaffirmed at CariA ▪ Mystic Mountain Limited’s initial rating assigned at CariBBB- 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 Income Tax Bill a boost, says FIU chief THE Income Tax (Amendment) Bill 2018 as it stands now will allow the authorities to gain access to taxpayer information for a specific purpose when investigations are conducted. Audit: T&T's gas reserves have grown According to the Ryder Scott 2017 audit, which was handed over to the Ministry of Energy in July this year, there was a 152 per cent replacement of the reserves produced in 2017. NIF seeks two Republic directors THE GOVERNMENT has nominated two people to represent the interests of the National Investment Fund (NIF) on the board of Republic Financial Holdings Ltd, the largest commercial bank in T& T. NCB up by 12.2% LAST week saw 2,113,145 shares traded on the first-tier market a decrease of 16.27 per cent on the previous week's total of 2,523,811 shares crossing the floor. Excess liquidity up by $1.7b OMO maturities totalled $1,001 million last week compared to $530 million the previous week. Diane Hadad: Businesses in Tobago suffering seabridge woes TOBAGO'S business community is now convinced there is no end to their suffering, as troubles have hit the inter-island ferry service just ahead of Christmas and one of the island's busiest nights, Old Year's. Barbados Virgin launches first-ever Departure Beach location in Barbados The Barbados tourism product got a major boost with the opening of the Virgin Holidays Departure Beach lounge at the Copacabana, Bay Street location on Saturday. Barbados continued IMF ‘Happy’ Barbados got an ‘A’ grade as an International Monetary Fund team wrapped up a visit here today, just two months after the multilateral lender approved a $600-million loan under its Extended Fund Facility. Over 1000 gone so far JUST OVER 1 000 civil servants have been severed so far during Government’s retrenchment programme. Drug nod Barbados is on the verge of having medicinal marijuana added to the formulary of the Barbados Drug Service. Jamaica Grace Acquiring 49% Stake in US Patty Company Grace Foods (USA), Inc. a company owned by GraceKennedy Limited, said it will be acquiring a 49 per cent equity stake in a new joint venture company, Majesty Foods, a Florida-based manufacturer of patty and empanada products. Strategic plan for Scotia Ja in 2019 ...Buildout of multi-platform, 1 branch to go With eyes on the proposed sale of Scotiabank's banking asset in nine Caribbean countries, and plans to divest its life insurance business in Jamaica and Trinidad and Tobago to Sagicor, Chief Executive Officer David Noel says Scotiabank's local operations will see market penetration strategies being rolled out in 2019. Belize UHS debt haunting GoB Yesterday morning, attorneys representing the Belize Bank (Eamon Courtenay, S.C.) and the Government of Belize’s Queen’s Counsel, Doctor Ben Juratowitch, along with their assistants, filed into the courtroom of Chief Justice Kenneth Benjamin, where the bank submitted an application for an enforcement order that would allow it to collect over $95 million that the government of Belize was ordered to pay the bank in rulings by multiple high courts, which had ruled that a 2004 government guarantee for a $33.5 million loan to Universal Health Services (UHS) was a legal contract. British Virgin Islands Govt seeks contractors to redevelop ESHS The administration of the Virgin Islands (VI) is inviting tenders for the redevelopment of Elmore Stoutt High School, according to a press statement, issued by the Government Information Service (GIS), on Friday, December 7, 2018. Two Charged in Panama Papers Investigations in the US Used the British Virgin Islands in their Scheme Four people have been charged in an indictment unsealed this week in the United States, with wire fraud, tax fraud, money laundering and other offences in connection with the so-called Panama Papers scandal. Dominica Major changes coming to telecoms sector in Dominica Telecommunications Minister, Kelver Darroux, has expressed confidence in the work that has been done by the ECTEL Council of Ministers in moving forward the telecommunications sector in ECTEL member states. Dominica and Airbnb sign agreement to promote tourism and home sharing on the island The Discover Dominica Authority and Airbnb (a home sharing platform), have signed a Memorandum of Understanding (MOU) to cooperate on areas of common interest. By promoting the destination to a wide range of travellers through the platform, the agreement will ensure home sharing continues to thrive as a healthy addition to the local tourism sector, helping support economic growth and benefit Dominicans. First 38 homes handed over in Petite Savanne Resettlement Prime Minister, Roosevelt Skerrit, has said that the resettlement project at Bellevue Chopin for Petite Savanne residents who were displaced by Tropical Storm Erika in 2015, was built with a sense of community in mind. St. Kitts and Nevis Healthy fiscal position leads to payment of unprecedented third consecutive “double salary” The strong fiscal position of the Government of St. Kitts and Nevis has led to the decision by the Team Unity administration to give an extra month’s pay, popularly known as a “double salary,” in December to all civil servants for an unprecedented third consecutive year. With the first-time arrival of the MSC Preziosa, St. Kitts adds another ship to its packed cruise itinerary in the 2018/2019 cruise season The MSC Preziosa, today, December 06, made its inaugural visit to the shores of St. Kitts and Nevis, making this the 4th first-time call for the 2018/2019 cruise season, which started in October. $500 monthly stipend for households earning less than $3,000 commences December 21, 2018 The payout of the $500 monthly stipend for households earning less than $3,000 per month in St. Kitts and Nevis, under the Team Unity Government’s historic Poverty Alleviation Programme commences on Friday, December 21, 2018. NIA signs agreement with Northern Pointe Development Ltd for construction of Wyndham Grand resort Hon. Mark Brantley, Premier of Nevis, believes the people of Nevis are looking forward to the start of construction works with great anticipation for a major hotel development at Potworks in the Parish of St. James'. 230 Farmers and Fishers benefit from Agriculture Support Fund Two hundred and thirty farmers and fishers in St. Kitts and Nevis have benefited from the Government's Agriculture Support Fund, which made available $1.5 million in loan funds at a five percent interest rate and $1 million in grant funds through the Development Bank. Other Regional CARICOM to open up government procurement to regional companies Regional businesses will soon have the opportunity to bid on millions of dollars’ worth of government contracts across the Caribbean Community (CARICOM), according to minister in the ministry of foreign trade of Barbados, Sandra Husbands, who was speaking at an ISO 20700 Standard in Management Consultancy Services workshop on Tuesday. INTERNATIONAL United States About 250,000 without power in U.S. southeast after storm About 250,000 people in the U.S. southeast were without power on Monday and hundreds of flights were cancelled after a storm dumped 20 inches of snow and left one motorist dead. United Kingdom May is said to withdraw parliamentary vote on her Brexit deal British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on her Brexit deal, throwing Britain’s plan to leave the European Union up in the air on the eve of the vote, after repeated warnings from members of parliament she faced a rout. China China says it has never heard of any country having security problem with Huawei China’s foreign ministry on Monday said it had never heard of any country having a security problem with Huawei Technologies Co Ltd [HWT.UL], after a top executive of the telecoms giant was arrested in Canada. Japan Japan's top three telcos to exclude Huawei, ZTE network equipment: Kyodo Japan’s big three telecom operators plan not to use current equipment and upcoming fifth-generation (5G) gear from China’s Huawei Technologies Co Ltd [HWT.UL] and ZTE Corp (0763.HK) (000063.SZ), Kyodo News reported on Monday.
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