OUR UPCOMING WORKSHOPS! WORKSHOP DATE COUNTRY Operational Risk Management in 16 & 17 November 2017 Trinidad Financial Institutions Please contact Prudence Charles ([email protected]) or Sita Sonnyram ([email protected]) to register 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 . 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 . The Government of the British Virgin Islands placed on Rating Watch – Developing . The Government of Anguilla placed on Rating Watch – Developing . NCB Capital Markets Limited’s rating upgraded to CariBBB . Trinidad and Tobago Mortgage Finance Limited’s rating reaffirmed at CariAA- . The National Gas Company of Trinidad and Tobago Limited’s rating reaffirmed at CariAA+ . The Government of the Republic of Trinidad and Tobago’s rating reaffirmed at CariAA+ . The Government of Saint Lucia’s ratings for its proposed bond issues assigned at CariBBB . Goddard Enterprises Limited’s rating reaffirmed at CariAA- . Development Bank of Jamaica Limited’s rating reaffirmed 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 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 . Know where the company stands and use it as a motivation for growth . CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago Cudjoe says expect bumper cruise season in 2018 Renewed efforts by the Ministry of Tourism to showcase T&T as an ideal travel destination is already reaping success as the 2017/2018 cruise season promises to be a bumper one with 71 calls scheduled to put into port. Scotiabank appoints new managing director Scotiabank has announced the appointment of Stephen Bagnarol as Managing Director of its operations in T&T, as well as Senior Vice-President and Head of the bank's Caribbean South and East operations. Unilever declines $4.07 Overall Market activity resulted from trading in 16 securities of which 2 advanced, 5 declined and 9 traded firm. Jamaica FHC, Oppenheimer facilitate access to global capital markets The Kingston-based FHC Investments Limited (FHCIL), a subsidiary of First Heritage Credit Union, has entered a partnership with New York-based Oppenheimer Asset Management Inc. which provides a range of services to banks and high net worth individuals. PCJ exploring offshore wind farm Petroleum Corporation of Jamaica (PCJ) has got foreign backing for a prefeasibility study on the prospect of setting up another wind farm, but one that would be anchored out at sea. Barbados IMF u-turn on economy Government’s most recent austerity measures have prompted the International Monetary Fund (IMF) to reverse its growth projections for the Barbados economy. Barbados cont’d. Carnival cruise liner drops out Hundreds of Barbadians booked to cruise on the Carnival Fascination for the next three months have had their plans smashed. Tourism arrivals, bookings up with US market key Barbados’ tourism officials are reporting a promising tourism performance for the first eight months of this year. The Bahamas Gov't Not Targeting IMF's $70m Slash The Government is not targeting the IMF's recommended $70 million wage bill slash, the Deputy Prime Minister said yesterday, but it must right the Bahamas' "upside down" economy. BDB Chair: 'Days of $50k Hand-Outs Over' The Bahamas Development Bank's (BDB) chairman yesterday pledged to tighten lending protocols, adding: "The days of giving someone $50,000 and saying: 'Go get it done' are gone". BDB: 'Everything Turns' on $64m Debt Restructure The Bahamas Development Bank's (BDB) chances of meeting the Government's three-year 'self-sufficiency' target depend entirely on its ability to restructure $64 million in long-term debt. Central Bank Back in Compliance on Gov't Debt Limits The Central Bank yesterday said its government debt holdings are back in compliance with its governing Act, with medium and long-term maturities equal to 12.52 per cent of its demand liabilities. Baha Mar Launches Hospitality Academy Baha Mar has launched its Hospitality Academy in a bid to equip Bahamians with the necessary skills and expertise for a career in the resort and tourism industries. BPL Develops Bahamian management Strategy Bahamas Power and Light's (BPL) Board has developed a plan that will place the monopoly electricity provider back under Bahamian management, its chairwoman revealed yesterday. Guyana GuySuCo to slash workforce by 7,000 Cash-strapped Guyana Sugar Corporation (GuySuCo) is already letting go of staffers from two estates that it will close before the year is out. Amidst worry by sugar workers, GuySuCo officials yesterday confirmed that 1,500 could be let go from Rose Hall and the East Demerara estates by the end of the crop. The industry has 17,000 workers. It wants to reduce that by at least 5,500 more, a total of 7,000 – to finish at 10,000. Antigua & Barbuda New agreement to access development assistance Prime Minister Gaston Browne has signed the Agreement for Encouragement and Protection of Investment with the Director General of OPEC Fund for International Development (OFID), Suleiman Jasir Al- Herbish. Hello new Barbuda A Chinese firm has shown interest in establishing a new town on Barbuda, the government has announced. Cost of citizenship cut in half – Visa-free loss coming back to haunt? The loss of visa-free access to Canada continues to haunt Antigua and Barbuda, according to the Citizenship by Investment Unit (CIU). This is what eventually led to the need to slash the cost of citizenship by half. St. Lucia Increase in tourist arrivals and accommodation expansion – Saint Lucia growing from strength to strength in 2017 Saint Lucia has recorded strong and steady growth in its tourism sector, so far for 2017. Saint Lucia receives almost US$3 million from CDB’s poverty reduction programme BNTF 9 The BNTF Programme, CDB’s flagship programme for poverty reduction, has contributed significantly to national development in St. Lucia since it commenced operations on the island in 1979. St. Kitts and Nevis More Cruise Ships are coming to St. Kitts While the passing of Hurricane Irma and Maria respectively did not have serious negative impact on St. Kitts, the devastation to major ports of call in the Northern Leeward Islands has impacted itineraries for cruise calls to St. Kitts since September 7. British Virgin Islands BVI seeks loans, investors after some $3.3B damage While noting that damage to the territory as a result of recent natural disasters is estimated at some $3.3 billion across all sectors, Premier Dr D Orlando Smith said his administration will use an appropriate mix of financing including grants and affordable borrowing to fund reconstruction. No import duties on vehicles, food, clothing Food, clothing, vehicles and other non-luxury items have been added to the list of goods on which Government is waiving customs duties, Premier and Minister of Finance Dr D Orlando Smith announced yesterday, October 12. Haiti Haiti seeks funding with its partners On Thursday, a delegation of the Government of Haiti (GdH) led by Jude Alix Patrick Salomon, Minister of Economy, accompanied by Aviol Fleurant, Minister of Planning and Jean Baden Dubois Governor of the Central Bank held discussions with leaders of multilateral and bilateral institutions (henceforth development partners) involved in development efforts in Haiti. The meeting was convened by the International Monetary Fund (IMF) as a follow-up to conversations between the the President of Haiti Jovenel Moïse and Christine Lagarde, Managing Director of the IMF, in the margin of the recent United Nations General Assembly in New York. INTERNATIONAL United States White House pitches corporate tax cut as win for workers The Trump administration said in an analysis released on Monday that middle-class Americans would see incomes eventually rise more than $4,000 if President Donald Trump’s corporate tax cuts were enacted, seeking to counter Democratic criticisms that its tax proposals overwhelmingly benefit the rich. Fed's Yellen says watching inflation closely but economy is strong The U.S economy remains strong and the strength of the labor market calls for continued gradual increases in interest rates despite subdued inflation, Federal Reserve Chair Janet Yellen said on Sunday. United Kingdom Sterling strengthens as investors bet on data boost The pound edged up on Monday, as investors bet that economic data this week would put the Bank of England on track for a rate rise by the end of the year and - at least for the time being - overshadow Brexit. Europe Stronger currency shrinks euro zone trade surplus in August Euro zone’s trade surplus shrank in August as the stronger euro fueled an import boom that was only partly offset by a rise in exports, official estimates released on Monday showed. Euro falters after biggest weekly rise in month as ECB eyed The euro edged lower on Monday after posting its biggest weekly loss in a month though prices clung to well-worn trading ranges before a central bank meeting next week where policymakers are set to unveil a plan to roll back its record stimulus policies. China China data boosts world stocks and commodities, oil jumps World stocks and commodities rose on Monday, boosted by upbeat Chinese data, while U.S. oil futures jumped to a near six-month high as an escalation in fighting between the Iraqi government and Kurdish forces threatened supply.