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Newswire March 1__2019 OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Fundamentals of Financial Analysis 28th & 29th March 2019 Trinidad 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 ▪ 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+ ▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+ ▪ Island Car Rentals Limited’s initial rating assigned at jmBBB+ ▪ The Pegasus Hotels of Guyana Limited’s rating upgraded to CariBBB ▪ 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 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 JMMB leads trading OVERALL stock market activity yesterday resulted from trading in 17 securities of which three advanced, seven declined and seven traded firm. Deyalsingh: Value for money 'BY ANY stretch of the imagination' the country is getting value for $1.1 billion being spent on the construction of the Port of Spain General Hospital Central Block, Health Minister Terrence Deyalsingh said yesterday. PM signs intra-regional travel agreement The Prime Minister on Wednesday signed TT on to the Caricom Multilateral Air Services Agreement, intended to boost the regional transportation. Minister: ‘We are managing water problems’ PUBLIC Utilities Minister Robert Le Hunte said steps are being taken to ensure the population has an adequate water supply during the current drought conditions. Barbados Cane cut Cane farmers will be in for a $9.7 million payday at the end of next week. Jamaica JSIF Signs $43.9m MOU The Ministry of National Security (MNS) has signed a memorandum of understanding (MOU) with the Jamaica Social Investment Fund (JSIF) for a further $43.9 million in financial support for the Jamaica Crime Observatory Enhancement Project. Sygnus Weighs Fundraising Options In Hunt For US$15m SYGNUS CREDIT Investments Limited, SCI, issued credit to an additional six companies in the December quarter, bringing its deals since inception to 16, and is signalling that it has more prospects lined up. Guyana Monitoring Metered Oil … Guyana should require Exxon, others to use independent certifying firms, standards – Int’l Consultant With a plethora of capacity issues facing the country in its bid to prepare for oil, there is still a chance that it can ensure transparency and accountability when it comes to monitoring metered oil. This came to the fore when Kaieteur News conducted an interview with International Oil and Gas Consultant, Anthony Paul. Guyana Goldfields announces mill expansion Guyana Goldfields Inc. has announced that the second phase of its mill expansion is mechanically complete and was fully commissioned as of February 25, 2019. The Bahamas Underspend Helps Hit Deficit Target The government yesterday forecast it will narrowly beat this year’s fiscal deficit target despite a $185m revenue shortfall caused by VAT, gaming and enforcement underperformance. Govt Targets ‘Value’ For Its $400m Soes The government yesterday unveiled plans to ensure it gets “value for money” from the near-$400m in annual subsidies it pumps into state- owned enterprises (SOEs). Antigua and Barbuda ABTA expects increased tourist arrivals during the summer The Antigua and Barbuda Tourism Authority (ABTA) is projecting a five percent growth in tourist arrivals by air during the upcoming summer months. UPP protests GPH agreement, calls for gov’t to scrap deal Leaders of the main opposition United Progressive Party (UPP) and approximately 60 of their supporters staged a protest yesterday against the agreement that the Government of Antigua and Barbuda entered into recently with international cruise port developers, Global Ports Holding LLC. Antigua and Barbuda Continued PM blasts Dundas over Global Ports comments Prime Minister Gaston Browne has criticized the President of the Antigua and Barbuda Cruise Tourism Association over comments he made on OBSERVER AM yesterday. British Virgin Islands Public-private partnership being considered for Palm Grove development City Manager Janice Braithwaite-Edwards has said a public-private partnership with investors is to be employed to undertake a development at the now-demolished Palm Grove Shopping Centre in Road Town. Hon Marlon A. Penn to be appointed Opposition Leader Following a crushing and devastating defeat from the Virgin Islands Party (VIP) in the February 25, 2019, General Elections, National Democratic Party (NDP 1) Deputy Chairman, Hon Marlon A. Penn (R8) will become the new Opposition Leader in the new House of Assembly (HoA). Grenada Prime Minister signs two agreements at Caricom meeting in St.Kitts Grenada has become signatory to the CARICOM Multilateral Air Services Agreement which is intended to make the Caribbean Community a more liberalised environment for CARICOM airlines. Dominican Republic Social Security redo cuts AFP’s profits, saves workers US$800M Amid applause from the audience in the National Assembly, president Danilo Medina said he sent to Congress a bill to amend the Social Security Law which would significantly cut the profits of the Pension Fund Administrators. (AFP), whose commissions will drop from 30 percent to 0.85%. St. Kitts and Nevis Integration movement momentum continues with renewed interest says CARICOM Chairman, Dr Harris A renewed interest was generated in the integration movement during the successful 30th Inter-Sessional Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM) held over a two- day period (February 26-27) in St. Kitts and Nevis. Venezuela IMF Says Venezuela Crisis Worse Than Expected as Sanctions Burn The worst economic crisis in modern Latin American history has gotten "even worse" than expected as new U.S. sanctions exacerbate pain on Venezuela, according to the International Monetary Fund. INTERNATIONAL United States Tesla debuts $35,000 Model 3, sees loss in first quarter Tesla Inc said on Thursday it would not be profitable in the first quarter, as it offered for the first time a $35,000 version of its Model 3 sedan and said its global sales would now be online-only, steps designed to increase demand and cut overhead costs for the electric vehicle maker. JPMorgan keeps Venezuela in emerging bond indexes JPMorgan has retained dollar-denominated debt issued by Venezuela and its state-run oil company PDVSA in a key emerging market bond index as part of its monthly rebalancing, according to two fund managers. United Kingdom UK factories slash jobs, stockpile at record pace before Brexit British factories slashed jobs in February and braced for Brexit by stockpiling goods at the fastest pace seen in any Group of Seven country since records started in the early 1990s, a survey showed on Friday. United Kingdom Continued UK pays Eurotunnel 33 million pounds over 'secretive' no-deal Brexit ferry contracts Britain has paid out 33 million pounds ($43.7 million) to settle a claim with Eurotunnel which runs the Channel Tunnel between Britain and France after the firm took legal action over the process to award ferry contracts to cope with a no-deal Brexit. Europe EU banks watchdog urges protection of deposits in case of no deal Brexit The EU banking watchdog has urged member states to offer deposit account protection for customers of branches of British banks in the rest of the European Union in case Britain crashes out of the bloc this month with no deal. Euro zone inflation's rise is a mixed bag for ECB Euro zone inflation inched up last month, Eurostat said on Friday, mild comfort for the European Central Bank as it prepares fresh measures to mitigate an unexpectedly deep and long economic slowdown. European shares start March on a high as Moncler, WPP shine European shares rose to five-month highs in the morning of the first trading day of March as a fresh batch of corporate updates helped drive a risk- on mood after U.S. President Donald Trump earlier fueled some concerns over trade talks with China. German jobless drop, retail sales rise bode well for household spending Germany’s jobless total fell far more than expected in February and retail sales surged in January, data showed on Friday, boosting expectations that private consumption will prop up growth in Europe’s largest economy in the first quarter. Euro zone February factory growth slammed into reverse Euro zone manufacturing activity went into reverse for the first time in over five years last month as trade war worries, slowing global growth and Britain’s imminent departure from the European Union hit demand, a survey found. China China says Canada has questions to answer on judicial independence China’s Foreign Ministry grabbed a chance to question the state of judicial independence in Canada on Friday, as Prime Minister Justin Trudeau’s government faced accusations at home that it had tried to intervene to stop a corruption trial. India India approves $1.4 billion electric vehicle incentive scheme India’s cabinet has approved a scheme to spend $1.4 billion to subsidize sales of electric and hybrid vehicles as part of efforts to curb pollution and reduce dependency on fossil fuels.
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