Newswire June 21 2019
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OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Enterprise Risk Management 26th & 27th June 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 Government of the British Virgin Islands’ rating reaffirmed at CariAA- ▪ Venture Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Eastern Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB- ▪ Trinidad and Tobago Unit Trust Corporation’s initial rating assigned at CariAA ▪ Massy Holdings Ltd. rating reaffirmed at CariAA+ ▪ Sagicor Life Jamaica Limited’s rating reaffirmed at jmAAA ▪ National Flour Mills Limited’s rating reaffirmed at CariA- ▪ HMB Limited’s proposed collateralised mortgage obligation rating assigned at CariAA- (SO) ▪ NCB Capital Markets (Barbados) Limited’s initial rating assigned at CariBBB- ▪ Government of Barbados’s local currency rating upgraded to CariBB ▪ PanJam Investment Limited’s initial rating assigned at CariBBB+ ▪ Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB ▪ TSTT’s existing rating reaffirmed and new proposed bond issue rating assigned at CariA ▪ Jamaica Public Service Company 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 an SME: • Access a loan or line of credit from a financial institution • Access credit from international suppliers • Improve your business operations for greater efficiency and profitability CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago CDB: T&T jobless rate 5 per cent in 2018 The Caribbean Development Bank (CDB) says in a new report that Trinidad and Tobago's unemployment rate stands at 5.0 per cent. CSO to begin household survey in September The Central Statistical Office (CSO) has been approved by Cabinet to conduct the Multiple Indicator Cluster Survey (MICS) which will provide data on the situation of children, adolescents, women and households in Trinidad and Tobago. New closing date for Petrotrin bond The Expiration date for the exchange of Petrotrin's August 2019 bond was again extended yesterday as the new holding company for the State's oil assets seeks to expand the number of bondholders participating, Trinidad Petroleum Holdings Ltd (TPHL) announced. Barbados OK for land tax payments in 4 parts THE PEOPLE VOICED THEIR CONCERNS about land tax payments, and the Government says it listened. Health sector to get boost from Cuba For the second time in a matter of days, the health sector is set to benefit from a bilateral arrangement. This time the help is to come in the form of access to medical training and technology from Cuba. Nurses nod Prime Minister Mia Mottley’s announcement that Barbados’ nursing complement would receive a boost of 400 from Ghana has garnered support from at least two local organisations. More ship berths coming Plans to develop several berthing areas off the south, west and north of the island are in motion. Jamaica C&WJ credit union sets up $500m loan fund for farmers Community & Workers of Jamaica Co-operative Credit Union Limited, C&WJCCU, has inked an agreement with state agency Rural Agricultural Development Authority, RADA, to create a loan product that is to finance crop yields. JSE to migrate to Nasdaq platform in November The Jamaica Stock Exchange will migrate to the Nasdaq trading platform in November. Caribbean Producers lists $500m bond Food and beverage trader Caribbean Producers Jamaica, CPJ, has listed a $500-million bond on the Jamaica Stock Exchange, after raising debt on the private market to refinance its borrowings. Thumbs Up The International Monetary Fund (IMF) says Jamaica's improved economic growth during the fiscal year 2018-19 was buoyed by construction and mining, and urged the authorities to put in place “strong institutions” to entrench the hard-earned gains from the economic reforms. IMF's Jamaica office staying open The International Monetary Fund (IMF) will be not be closing its Jamaican office this year, as previously planned when its current US$1.6-billion Precautionary Stand-By Arrangement (PSBA) with the Government comes to an end this September. Sagicor Select Funds Limited looks to raise $4.0-billion IPO IN an industry first for Jamaica and the Caribbean region, Sagicor Select Funds Limited (SSFL) Initial Public Offering (IPO) yesterday made its Prospectus available on the Jamaica Stock Exchange and Sagicor Jamaica websites — jamstockex.com and sagicorjamaica.com, respectively. US$50-million deal Sagicor Investments Jamaica (SIJ) is acquiring majority stake in Advantage General Insurance Company Limited (AGIC) from NCB Capital Markets Limited in a US$50.5-million deal. Guyana CCJ upholds no-confidence vote THE no-confidence motion, brought against the government last December, was properly passed as was declared by the Speaker of the National Assembly, Dr. Barton Scotland, the Caribbean Court of Justice (CCJ) said in a landmark ruling on Tuesday. Ghana, IMF to provide assistance to operationalise NRF GUYANA’S Natural Resource Fund (NRF) will be operationalised well in advance of ‘first oil’ in 2020, as the Ministry of Finance is in the process of engaging international experts to assist in this regard. Gold price surges towards US$1,400 mark There appears to be good news for gold miners and Guyana. The gold price has been steadily rising in recent weeks and is likely to surpass the US$1,400 per ounce mark on the world market. GuySuCo eyes 50,000 tonnes of white sugar by 2021 THE Guyana Sugar Corporation Inc. (GuySuCo) in collaboration with Belize Sugar Industries Limited (BSIL) and the Sugar Association of the Caribbean (SAC), has commenced a Joint-Work Programme to engage critical stakeholders on both brown and white sugars, as well as related trade matters in the Caribbean Region. Anguilla Government of Anguilla Launches Two New Residency Programmes The Government of Anguilla has launched two new residence-by- investment programmes designed to attract high value residents and foreign investment to the island. The Bahamas DPM Hails 42% Rise in Fdi Equity Inflows The deputy prime minister yesterday hailed a 42 percent year-over-year increase in foreign investors’ equity investments as confirmation that “The Bahamas’ economic turnaround has begun”. The Bahamas continued IDB: Bahamas Economy Has ‘Turned Corner’ The Inter-American Development Bank (IDB) yesterday gave the Government a further boost with its analysis that “the Bahamian economy has turned the corner”, while warning “major challenges” remain. INTERNATIONAL United States Futures slip after strong rally as Iran tensions rise U.S. stock index futures dipped on Friday, after a strong rally in the prior session that helped the S&P 500 hit a record high, as rising tensions between the United States and Iran kept investors on edge. United Kingdom UK deficit widens, underscoring Brexit constraints on next finance minister Britain posted a larger-than-expected budget deficit last month as government spending rose, a reminder that the next finance minister may have limited options to cushion any Brexit blow to the economy. Cool weather hits UK retail sales in May in gloomy sign for economy Cold weather in May prompted the biggest drop in British retail sales this year as shoppers delayed buying summer clothes, adding to signs that the economy, struggling for momentum ahead of Brexit, is set for a weak second quarter. UK employers stick to 2.5% pay deals - XpertHR British employers offered staff pay rises averaging 2.5% as part of wage settlements in the three months to May, industry data showed on Thursday, matching the trend seen for most of this year. UK inflation falls to Bank of England target, underlying pressure weak Britain’s inflation rate cooled in May and cost pressures in factories fell to a three-year low, according to data that might reassure the Bank of England there is no urgency to pursue its stated policy of gradually raising interest rates. Europe European shares pause after 5% surge, Iran tensions weigh Rising tensions between the United States and Iran helped halt European stock market gains on Friday after a strong run driven by signals from major central banks that they are on the verge of more action to prop up a slowing global economy. European shares hit six-week highs as BoE bolsters Fed-fuelled rally European stocks surged to six-week highs on Thursday, as dovish signals from the Bank of England and Federal Reserve, allied to optimism around the resumption U.S.-China trade talks, saw investors piling into riskier assets. European central bankers claim oversight over Facebook’s cryptocurrency Three European central bankers are claiming oversight over Facebook’s planned virtual currency to ensure it will not jeopardize the financial system or be used to launder money. China China overnight repo rate falls to 4-year low as PBOC tries to calm funding jitters China’s benchmark overnight repo rate fell to a four-year low of nearly 1 percent on Friday as the central bank continued to inject funds into money markets to ensure ample liquidity ahead of a seasonal surge in cash demand at the end of June. Japan Nomura shares surge most since Nov 2016 on $1.4 billion buyback Shares of Nomura Holdings Inc surged more than 10% on Wednesday after Japan’s top brokerage announced a $1.4 billion buyback a day earlier. Nissan grants Renault execs boardroom seats, ending dispute Japan’s Nissan said on Friday it would grant alliance member Renault’s representatives seats on key committees of its board, ending a dispute between the two automakers. Global MONEY MARKETS-Dollar LIBOR edges up from nine-month low The interest rate that banks charge each other to borrow dollars for three months ticked up from a nine-month low on Friday, after posting its steepest one-day drop in a decade prompted by the Federal Reserve’s signal it was ready to lower interest rates.