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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 Corporate Entity: • Improve relationships with creditors with an independent, objective assessment of business • Strengthen your governance and hedge against business risk • Attract investors to raise money in capital markets • Detect credit deterioration early and focus your management on hedging risks CariCRIS’ credit ratings and daily Newswire can also be found on the Bloomberg Professional Service. REGIONAL Trinidad and Tobago T&T ranking improves on corruption index T&T has improved in its ranking on the Corruption Perception Index (CPI), moving from 101 in 2016, to 77 in 2017. Massy Holdings Ltd registers largest gain Overall Market activity resulted from trading in 14 securities of which three advanced, two declined and nine traded firm. Witco profit down 26 % for 2017 West Indian Tobacco (Witco) has reported a 26 per cent decrease in Profit after Tax for its financial year ended December 31, 2017. Bartercoin: TT joins digital coin revolution BarterCoin Exchange Ltd and Zip Coin, through Rentier Company Limited, will launch with a gala event at Hilton Trinidad and Conference Centre tomorrow. Rentier Company Limited has partnered with an international team to establish BarterCoin exchange. Barbados Stakeholders meet in Barbados to develop regional strategic plan for water sector Water specialists from across the region have been meeting in Barbados to continue work on the development of a regional strategic plan for the water sector. The plan will propose possible solutions for the challenges facing the industry in the Caribbean, and will be presented at the eighth World Water Forum to be held in Brasilia, Brazil, in March. Full of promise He has been here for little over two months, but already Argentina’s new ambassador to Barbados Gustavo Martinez Pandiani is confidently proclaiming the island as his home away from home. Jamaica Caribbean Cement to restart exports Caribbean Cement says it expects to restart cement exports following the completion of its US$50-m modernisation programme. SBA seeks new approach to meet needs of micro sector Would you invest in a microbusiness that is traded on a transparent platform in which the price of the shares showcases the value of the start- up? Gov't introduces to IBC Bill accelerate growth An International Business Companies (IBCs) Bill, which is being debated in the House of Representatives, has raised a glimmer of hope that despite the setbacks there are still encouraging signs for improved economic growth in the short term. Elite lists first for 2018 On Tuesday Elite Diagnostic Ltd, became the first company to list on the Jamaica Stock Exchange (JSE) for 2018, bringing the market value of the Junior Market to more than $121 billion. Guyana Gov’t will not renege on ExxonMobil Contract GOVERNMENT will not renege on the 2016 Petroleum Sharing Agreement (PSA) it signed with Esso Exploration and Production Guyana Limited – a subsidiary of U.S. oil giant ExxonMobil, Minister of State Joseph Harmon said. The Bahamas The Bahamas to Get US$4.5 Billion Oil Refinery and Storage Facility US-based Oban Energies is developing a US$4.5-billion oil refinery and oil storage facility off the southern tip of Grand Bahamas Island. $100m Bob Bail-Out Borrow Won't Hit Deficit THE Government's newly-announced $100 million borrowing to facilitate the Bank of the Bahamas bail-out will not add to this year's deficit, a top official said yesterday. St. Kitts and Nevis Saint Kitts-Nevis tourism industry continues to receive prestigious accolades, says Minister of Tourism The Ministry of Tourism has been buzzing with good news for the 2017 – 2018 tourism season. At a special sitting of National Assembly to commemorate the 3rd Anniversary of the Team Unity Government on February 21, Minister of Tourism, the Honourable Lindsay Grant, shared the good news of his ministry. Haiti IOM helps hundreds of Haitians back from DR to have a small business Providing 700 migrants and migrants of Haitian origin, returning from the Dominican Republic, the ability to carry out income-generating activities to promote their sustainable reintegration in Haiti, is one of the objectives of a project of the International Organization for Migration (IOM-Haiti). Other Regional interCaribbean to launch Dominica to Tortola and St Lucia services interCaribbean Airways, celebrating 26 years of continuous services, will launch new nonstop scheduled services from Dominica to St Lucia and Tortola, with one-stop easy connections via Tortola to St Thomas, St Croix, St Maarten, San Juan, Providenciales and Santo Domingo. INTERNATIONAL United States U.S. shale investors still waiting on payoff from oil boom U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. United States tells WTO of concerns over China's new web access rules The United States told the World Trade Organization on Friday that Chinese internet access rules coming into force next month appeared to create significant new restrictions for cross-border service suppliers and should be discussed at the WTO. United States Continued Oil slips to $66 a barrel as U.S. output offsets OPEC curbs Oil slipped to $66 a barrel on Friday, under pressure from concerns that rising U.S. oil output and exports will offset OPEC-led attempts to erode stockpiles with output curbs. United Kingdom Sterling edges up as soft data is offset by BoE hike expectations Sterling edged up against the dollar and euro on Friday but finished the week in much the same place as it had started, with weaker-than- expected economic data being offset by hawkish comments from Bank of England policymakers. Europe Euro set for second biggest weekly drop since October as risk looms The euro slipped on Friday and is set to post its second biggest weekly loss in nearly four months as investors trim positions before a big week for global currency markets from a European politics perspective. Japan Japan stocks gain in thin trade, defensive sector gets boost Tokyo stocks rose on Friday in light trade as receding fears of more aggressive U.S. interest rate hikes boosted sentiment, with defensive shares such as construction and utilities outperforming. Global Global stocks stay subdued as dollar edges higher A stronger dollar and slightly higher global borrowing costs kept world shares subdued on Friday and left gold limping toward its worst week since December. Royal Bank of Canada earnings beat market expectations Royal Bank of Canada (RY.TO) reported first-quarter earnings that were above market expectations helped by a strong performance in wealth management. Gov’t will not renege on ExxonMobil Contract Friday 23rd February, 2018 – Guyana Chronicle GOVERNMENT will not renege on the 2016 Petroleum Sharing Agreement (PSA) it signed with Esso Exploration and Production Guyana Limited – a subsidiary of U.S. oil giant ExxonMobil, Minister of State Joseph Harmon said. Since the release of the ExxonMobil Contract late December last year, Government has received fierce criticisms from both civil society and the political opposition over several aspects of the agreement – from the percentage of royalty to the signature bonus and on issues such as local- content provisions. On Thursday while responding to reporters at the Ministry of the Presidency, the Minister of State said the Government will uphold its commitment under the contract with ExxonMobil and will not back pedal. “The President has said that we have dealt with the ExxonMobil contract and that we are not going back on it. We are not back on it. It was dealt with at Cabinet and the President has pronounced on the matter and that is the final pronouncement as far as we are concerned,” Minister Harmon told reporters. Reminding reporters that Government and the country by extension have commitments under the contract, he said “we will work with what we have”. Under the present contract, which was reviewed by the A Partnership for National Unity + Alliance for Change (APNU+AFC) Administration, Guyana will receive 50 per cent of the profits as an equal partner, in addition to a two per cent Royalty. Additionally, Guyanese are expected to benefit from “preferential treatment” in the provision of goods, materials and sub-contractual arrangements with ExxonMobil’s petroleum operations here, in keeping with Article 18 of the Agreement. According to a section of the agreement, within a 60-day period prior to the commencement of a calendar year, Esso and its partners CNOOOC Nexen Petroleum Guyana and Hess Exploration Guyana Limited which hold interests in the Stabroek Block , and the subject minister shall provide a yearly plan for the utilisation of qualified Guyanese personnel for the upcoming year.