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▪ Government of Saint Lucia’s rating reaffirmed at CariBBB

▪ Government of the Commonwealth of Dominica’s rating downgraded to CariBB

▪ Dominica AID Bank removed from rating watch and downgraded to CariBB-

▪ Bourse Securities Limited’s rating reaffirmed at CariA-

▪ Beacon Insurance Company Limited’s rating reaffirmed at CariA-

▪ PLIPDECO’s rating reaffirmed at CariA+

▪ National Investment Fund Holding Company Limited’s rating assigned at CariAA

▪ Eastern Caribbean Home Mortgage Bank’s rating reaffirmed at CariBBB+

▪ Development Bank of Jamaica Limited’s rating reaffirmed at CariBBB+ ▪ Rhand Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB-

▪ Government of Barbados’ rating downgraded to CariD

▪ Massy Holdings Limited’s rating reaffirmed at CariAA+

▪ Venture Credit Union Co-operative Society Limited’s rating reaffirmed at CariBBB-

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• Support capital adequacy measures by providing forward-looking risk

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REGIONAL

Trinidad and Tobago

$1.2m in NGL shares changes hands

Overall market activity resulted from trading in 15 securities of which three

advanced, three declined and nine traded firm.

Imbert: NIF oversubscribed by 50 per cent

In a series of tweets over the weekend, Finance Minister Colm Imbert

hailed the success of the Government’s $4 billion National Investment

Fund (NIF) which he said had been oversubscribed by more than 50 per

cent. The offer period for the bond ended on Thursday.

Maracas vendors protest: Newcomers getting keys to booths

Maracas Bay vendors, some of whom have been selling there for more

than 40 years, are calling on the intervention of the State to ensure that

they, too, are provided with new vending booths.

10% tax on NLCB winnings starts tomorrow

The ten per cent tax on winnings from National Lotteries Control Board

(NLCB) games crossing $1,000 will take effect tomorrow.

Barbados

Cruise crisis

The ship that is Barbados’ cruise sector has all but run out of steam.

Barbados moving towards e-filing system

Come September, Barbados will be embarking on an e-filing project in an

effort to reduce the amount of paper files presently in the judicial system.

National Cruise Development Commission established

A National Cruise Development Commission has been established to

probe issues affecting the island’s cruise sector which is said to be in “a

state of deep crisis”.

Jamaica

Copa, Go Jamaica Team Up to Boost Travel

WESTERN BUREAU:

Copa Airlines has named Go Jamaica Travel as its official travel agency in

Jamaica as part of a partnership to increase movement between

Jamaica and several destinations in the Spanish-speaking Caribbean and

Central and South America.

Guyana

Govt. initiates process to undertake crucial Public Expenditure and

Financial Accountability Assessment

The coalition administration has begun the process for undertaking the

next Public Expenditure and Financial Accountability (PEFA) Assessment,

which is regarded as the hallmark for assessing public financial

Venezuela

Canadian Firm Gets Go-Ahead to Grab Venezuela’s US Refineries

A Canadian gold mining company on Thursday won the right to go after

Venezuela's prized oil refineries in the United States and collect US$1.4

billion it lost in a decade-old takeover by the late president Hugo Chavez.

The Bahamas

Oil trader to close Bahamas operations

Oil and natural gas trader, Gunvor, with headquarters in Geneva,

Switzerland, will close its Bahamas office and move to London, Reuters

news agency reported.

New Funding Sources Vital for Fishing and Farming

The government over the next fiscal year will be "extremely aggressive" in

seeking to help fisherman and farmers access funding opportunities,

Agriculture and Marine Resources Minister Michael Pintard said yesterday

describing the effort as a "major plank in our thrust going forward".

CIBC Says - Make That A Double

For the second year running CIBC FirstCaribbean has been named "Best

Wealth Management Provider" in The Bahamas by World Finance

magazine.

Antigua and Barbuda

Laid off Lee Wind staff to get first priority in Harris deal

Tourism Minister Charles “Max” Fernandez has declared that workers sent

home by embattled paint company, Lee Wind Paints Ltd, may not be

without employment for long and will be given first preference for

employment with Harris Paints.

New Barbuda ferry suspended

The new ferry service between Antigua and Barbuda, which was

launched on July 21 has stopped operating as of Saturday August 11.

Rosewood Hotels to manage new resort in Antigua

Rosewood Hotels & Resorts has been appointed to manage a new 132-

acre oceanfront resort at Half Moon Bay, Antigua, set to open in 2021.

British Virgin Islands

‘Surprising success’ | Booth owners report strong sales this year

Despite experiencing a few challenges, booth owners inside the festival

village in Road Town are reporting a successful year.

Britain opens inquiry on future of BVI-UK relationship

The United Kingdom has opened up an inquiry concerning the future of its

constitutional relationship with the British Virgin Islands and other Overseas

Territories (OTs).

Virgin Gorda Gov’t Complex was not insured—Premier Smith -says repairs

will have to be funded using CDB loan

The Virgin Islands’ (VI) Government has received $11.4M, in insurance

claims for damages to the Central Administrative Complex in Road Town,

Tortola, the administration’s complex on the sister island of Virgin Gorda

however, is not insured, as such no claims could be submitted.

Opposition Leader takes up UK challenge in review of OT relations -

announces formation of domestic Committee to engage all citizens,

belongers

Opposition Leader Andrew A. Fahie (R1), has announced the formation of

a domestic Committee to conduct outreaches across the sister islands of

the Virgin Islands (VI), in order to solicit and document the views of citizens

throughout the territory, in response to the United Kingdom’s (UK)

establishment of a special body to review future relations with its Overseas

Territories (OT).

British Virgin Islands continued

‘FIA- no timely information; lacks trained IT personnel’- 2016 report

The Financial Investigation Agency (FIA) of the Virgin Islands (VI), a

Government Statutory body, complained in their 2016 Annual Report

about their inability to garner enough information from the requested

entitles in a timely manner.

Costa Rica

‘App’ Will Alert Tourists About Insecurity in Costa Rica

The government to invest US$ 1 million dollars annually in security for

tourists after the murder two tourists last weekend and will be ready in

December, at the start of the high tourist season

Dominica

Antigua PM offers to help Dominica deal with Ross issue

The Gaston Browne led administration in Antigua and Barbuda has said

that it is willing to assist Dominica as it grapples with the loss of the Ross

University School of Medicine.

Other Regional

C&W reports mobile decline

Regional telecommunications provider Cable & Wireless Communications

(CWC), which operates in T& T as Flow, last week reported a decline in its

mobile subscribers, but increases in its fixed-line and broadband Revenue

Generating Units (RGUs).

INTERNATIONAL

United States

Futures drop on worries about Turkey currency crisis

U.S. stock index futures fell on Monday as a meltdown in Turkish lira

weighed on shares of big U.S. lenders and triggered a widespread selloff

in global equities.

United Kingdom

Sterling stuck near 2018 low on dollar strength, Brexit woes

The pound languished near 13-month lows on Monday, as investors bet on

continued dollar strength and uncertainty over whether Britain would

secure a trade deal with the European Union before it exits the bloc.

Europe

European stocks hit three-week low as Turkey stress dents lenders

Banks dragged European shares down on Monday as a growing

economic crisis in Turkey shook investor confidence in lenders exposed to

the country, while pharmaceuticals group Bayer sank 11 percent after its

subsidiary Monsanto lost a key lawsuit.

China

China July new loans stronger than expected, M2 at five-month high

Chinese banks extended 1.45 trillion yuan ($210.69 billion) in net new yuan

loans in July, above analysts’ expectations, as a growing trade battle with

the United States threatens to pile more pressure on the slowing economy.

Japan

Nikkei tumbles 2 pct to 5-week low as emerging market rout hits sentiment

Japan’s Nikkei tumbled 2 percent to a five-week low on Monday as a sell-

off in emerging market currencies spooked stock investors, with the safe-

haven yen’s appreciation hurting sentiment and dragging down the

broader market.

Global

Turkish lira pulls back from record low, markets rattled

Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday

after the central bank pledged to provide liquidity and cut reserve

requirements for Turkish banks, but its meltdown continued to rattle global

markets.

Saudi cuts oil output as OPEC points to 2019 surplus

OPEC on Monday forecast lower demand for its crude next year as rivals

pump more and said top oil exporter Saudi Arabia, eager to avoid a

return of oversupply, had cut production.

Global continued

Euro, emerging markets wilt as Turkey rout drives investors to seek safety

The euro slid to a fresh 13-month low, emerging market currencies

slumped further and the yen surged to a six-week high on Monday as the

fallout from the Turkish lira’s crash sent investors into safe-haven currencies.

Cruise crisis Saturday 11th August, 2018 – Nation News

The ship that is Barbados’ cruise sector has all but run out of steam.

The problems affecting the sector are such that Minister of Tourism Kerrie

Symmonds is warning that if immediate action is not taken, that ship is

doomed to sink.

Symmonds, yesterday at a Press conference, revealed the findings of a

recent situational analysis and reports which found that despite seeing

increasing arrival numbers, the cruise tourism sector was floundering.

“The situational analysis having been completed, I am now in a position to

say to you that it reveals that the cruise sector in Barbados is in a state of

very deep crisis,” Symmonds said to the media.

“In my view, unless imminent and immediate and fundamental

alternatives are put in place, we are confronting ourselves with

catastrophic failure,” he added.

Port size constraints, inefficient passenger infrastructure, low interest on

onshore activities and undesirably poor customer service were all listed by

Symmonds as issues which could cripple the local cruise industry.

However, the matter of extremely low spending by cruise passengers was

an issue which Symmonds said needed to be immediately addressed.

<< Back to news headlines >>

Barbados moving towards e-filing system Saturday 11th August, 2018 – Nation News

Come September, Barbados will be embarking on an e-filing project in an

effort to reduce the amount of paper files presently in the judicial system.

This was announced by Attorney General and Minister of Legal Affairs,

Dale Marshall, during a recent courtesy call with Director of the JURIST

Project, Gloria Richards-Johnson and Regional Project Coordinator for

JURIST, John Furlonge. He was joined by Permanent Secretary in the

Ministry, Yvette Goddard and Deputy Permanent Secretary, Charles

Piggott, at the Ministry’s Wildey, St Michael office.

Noting that there were 12 000 civil cases filed in the court between 2011

and present, the Attorney General pointed out that the number of civil

cases filed for last year alone stood at 2000.

Marshall noted that the temporary relocation of the court to its present

Manor Lodge, White Hill, St Michael location highlighted the need to

convert the files to electronic documents as soon as possible.

He explained that the e-filing project was expected to digitise existing files

and eliminate the need for paper.

Meanwhile, the officials from the JURIST project highlighted matters

pertaining to the Operational Review of the High and Civil Court Registry

and a Disaster Recovery Plan which was formulated for the court with a

focus on business continuity in the event of a disaster.

Richards-Johnson explained that the five-year JURIST project was

scheduled to conclude next year and they were seeking to implement

the recommendations made under the Operational Review of the High

and Civil Court Registries.

In addition, she said they were also seeking to lend support in the areas of

court connected mediation, disaster planning and the launch of the

Criminal Benchmark books.

Furlonge pointed out that some of the key outcomes of the Operational

Review were opportunities for performance measurement, training

opportunities and the optimisation of limited resources.

He stressed that the issue of a Disaster Recovery Plan for the judicial

system also needed to be dealt with urgently to cover not only disasters,

but also other calamities such as power surges.

The JURIST project has been working with Barbados since 2014, and

played an integral role in the establishment of Barbados’ Civil Procedure

Rules, the launch of the Model Sexual Guidelines and the drafting of

Gender Protocols.

<< Back to news headlines >>

National Cruise Development Commission established Saturday 11th August, 2018 – Nation News

A National Cruise Development Commission has been established to

probe issues affecting the island’s cruise sector which is said to be in “a

state of deep crisis”.

Minister of Tourism and International Transport Kerrie Symmonds

announced the 15-member commission this morning, during a press

conference, at its offices located at the Lloyd Erskine Sandiford Centre.

“The reality is that we have to look seriously at new attractions and

involving people in culture, entertainment and sports to create things

which are refreshing, exciting and interesting for people visiting Barbados

to do,” Symmonds said.

The members of the commission are Errol Humphrey, Dean Straker,

Senator Lisa Cummins, Vic Fernandes, Kevin Harewood, Jeffery Roach,

Roseanne Myers, Alfredo Weatherhead, Natalie Burke, Kerri Gooding,

Adrian Bayley, Patrick Estwick, Andre Miller, Amanda Reifer and Carol

Roberts.

The minister said the commission would meet at the beginning of

September and hold talks with stakeholders, over a 12-week period,

before handing a report on its findings to Cabinet.

<< Back to news headlines >>

Canadian Firm Gets Go-Ahead To Grab Venezuela’s US Refineries Sunday 12th August, 2018 – Jamaica Gleaner

A Canadian gold mining company on Thursday won the right to go after

Venezuela's prized oil refineries in the United States and collect US$1.4

billion it lost in a decade-old takeover by the late president Hugo Chavez.

Chief Judge Leonard P. Stark of the US Federal District Court in Delaware

made the ruling in favour of Crystallex, striking a blow to crisis-wracked

Venezuela, which stands to lose its most valuable asset outside of the

country - Citgo.

Chavez took over the gold mining firm and many other international

companies as part of his Bolivarian revolution that's left the country

spiralling into deepening economic and political turmoil.

Venezuelans struggle to afford scarce food and medicine as masses flee

across the border. In a sign of rising political tensions, current President

Nicolas Maduro threw an opposition lawmaker in jail this week, charged in

a failed assassination plot using two drones loaded with explosives.

The latest order by the US judge could set off a scramble by a long list of

creditors owed US$65 billion from bonds that cash-strapped Venezuela

has stopped paying within the last year, said Russ Dallen, a Miami-based

partner at the brokerage firm Caracas Capital Markets.

"This was the most vulnerable low hanging fruit for debtholders to go

after," Dallen said. "It looks like Crystallex is the lucky lottery winner

because they got there first."

Chavez in early 2009 announced Venezuela's takeover of the Canadian

mining operations in Bolivar state, a mineral rich region with one of the

continent's largest gold deposits. He accused mining companies of

damaging the environment and violating workers' rights.

YEARS NEGOTIATING

Crystallex spent years trying to negotiate a deal with Venezuela before

making its case in 2011 to a World Bank arbitration panel, which sided with

the Canadian firm, despite Venezuela's vigorous fight.

US-based Citgo, part of the state-run oil company PDVSA, has three

refineries in Louisiana, Texas and Illinois in addition to a network of

pipelines. If the order is carried out, Crystallex won't get all of Citgo -

valued at US$8 billion - but Venezuela could be forced to liquidate it to

make good on the court order.

Today, the gold mining region once operated by Crystallex is largely

lawless and dangerous, run by rogue miners who blast the earth with

water and mercury to expose gold nuggets and sell them to government

forces, often leading to deadly conflicts.

The judge's ruling is unique, because government assets, like PDVSA, are

normally protected from lawsuits against a sovereign nation. But the judge

found that Crystallex can attach Citgo's parent because Venezuela has

erased the lines between the government and its oil firm, now run by a

military general.

Upon issuing the order, the judge delayed enforcing it for a week, which

Dallen said could be a move to give Crystallex and Venezuela time to

reach an agreement, such as returning to payment terms of an earlier

resolution, Dallen said.

"This gives Venezuela the chance to honour its settlement agreement,"

Dallen said. "Or they'll lose Citgo."

<< Back to news headlines >>

Copa, Go Jamaica Team Up To Boost Travel Monday 13th August, 2018 – Jamaica Gleaner

WESTERN BUREAU:

Copa Airlines has named Go Jamaica Travel as its official travel agency in

Jamaica as part of a partnership to increase movement between

Jamaica and several destinations in the Spanish-speaking Caribbean and

Central and South America.

The announcement was made by Copa representatives during a product

launch at The Jamaica Pegasus hotel last Thursday.

"We are partnering with Go Jamaica Travel, which will be our wholesale

provider offering packages to inbound and outbound travellers to and in

Jamaica," said Nicole Cunningham, Copa Airlines sales executive.

DETAILS OF AGREEMENT

Under the arrangement, Go Jamaica Travel will handle inbound and

outbound packages for Copa, offering special packages that include

airfare, travel insurance, ground transfers, hotel accommodation, and

tours.

The destinations include Montego Bay and Kingston, Jamaica; Cancun

and Mexico City, Mexico; Havana, Cuba; Lima, Peru; Rio de Janiero,

Brazil; San Jose, Costa Rica; and Santiago, Chile.

Dave Chin Tung, chief executive officer of Go Jamaica Travel, said that

the partnership was reflective of a significant growth in travel between

Jamaica and destinations, particularly in Central and South America. He

noted that the Jamaican tourism authorities have been paying keen

attention to bringing more visitors from South America, and the

partnership between his company and Copa would assist in those efforts.

In addition to increased travel out of South America into Jamaica, the Go

Jamaica CEO pointed to growing travel into and out of Europe to

Jamaica as a growing trend as North American travel tapers off

somewhat. He said that Jamaica is set to receive more visitors out of

Colombia, in particular, as growing disposable income and many holidays

per year there have combined to boost travel by Colombians to various

destinations around the world.

The tour company is also facilitating education and sightseeing tours to

South America by Jamaicans looking for new and exciting vacation

experiences.

Go Jamaica Travel, in 2017, was designated the best destination

management company by The Gleaner's Hospitality Jamaica Awards.

<< Back to news headlines >>

Govt. initiates process to undertake crucial Public Expenditure and

Financial Accountability Assessment Monday 13th August, 2018 – Kaieteur News

The coalition administration has begun the process for undertaking the

next Public Expenditure and Financial Accountability (PEFA) Assessment,

which is regarded as the hallmark for assessing public financial

management (PFM). While the existing PEFA Action Plan continues to be

implemented, the next assessment will be conducted in 2019 and will feed

into the development of a new PEFA Action Plan.

According to the Ministry of Finance, while public investments are

captured in the PEFA Assessment, the more specific Public Investment

Management Assessment (PIMA), which was completed in 2017, serves as

the backbone for systemic reforms to the way Government undertakes

capital investments.

Having successfully developed a draft PIMA Action Plan that seeks to

address the areas of deficiency within the Public Sector Investment

Programme (PSIP), preliminary work on overhauling public investment

management has begun.

For Budget 2019, the Government has instituted a pre-appraisal

mechanism that allows for proposed new investments to be screened for

vital markers such as readiness, strategic alignment, articulation of

intended outcomes and impacts and adequate justifications. The

intention is to ensure that Budget Agencies are undertaking the required

conceptual processes when developing future interventions, so that

investments, going forward, are well thought-out. This would reduce

implementation delays and maximise value for money and social

outcomes for Guyanese.

Another key area, where significant work is ongoing, is procurement.

According to the Finance Ministry, the terms of reference for training on

procurement planning has been completed and training is anticipated to

commence, in the second half of 2018. The Ministry said that the National

Procurement and Tender Administration will partner with the Public

Procurement Commission (PPC) to strengthen the regulatory framework

for procurement. The drafting of recommendations, stemming from this

exercise, is expected to be completed by end 2018, and will include a

requirement that all suppliers must be registered on the suppliers‟ register.

Further, draft debarment procedures have been submitted to the PPC for

review and operationalization. Also, the Ministry revealed that the central

list of evaluators will continue to undergo upgrading. All of these initiatives

will serve to improve the efficiency of public procurement and reinforce

the concept of value for money.

In an effort to improve the supporting foundation for government

operations, the Government has said that it continues to engage

technical expertise to guide the formulation of a roadmap for the

implementation of the Treasury Single Account, as well as the adoption of

the International Public Sector Accounting Standards and the review of

the government chart of accounts. In concert, work on the National

Payments System, such as procurement of key components, including the

ICT infrastructure, will be advanced.

To support PFM reform, the Finance Ministry said that an IFMIS (Integrated

Financial Management Information System) Committee has been set up

and tasked with oversight and leadership of the process. The Committee is

attempting to coordinate the ICT solutions necessary to move

Government PFM operations into 21st century PFM/IFMIS best practices. In

addition, to reinforce a results-based management framework into the

process, the Ministry said that annual training in key concepts of

monitoring and evaluation will take place, in the second half of 2018, for

Budget Agencies.

<< Back to news headlines >>

Oil trader to close Bahamas operations Monday 10th August, 2018 – Caribbean News Now

Oil and natural gas trader, Gunvor, with headquarters in Geneva,

Switzerland, will close its Bahamas office and move to London, Reuters

news agency reported.

The move is said to be in line with the company’s new management

changes, as several top executives are being re-aligned, retiring or

leaving the firm in search of other opportunities.

Some of the company’s Nassau staff, which included five traders, will be

reallocated to other offices, particularly to Houston in addition to London,

sources said.

The firm grew its North American presence last year and now has two US

offices in Houston and Stamford, Connecticut, as well as a representative

office in Calgary, Canada.

The move is also said to make Gunvor more efficient and reduce costs as

it would have been redundant to have both offices in Houston and

Nassau doing the same work.

The Bahamas office first opened in February 2011 and made its first oil

investment by August of the same year.

Calls to the Nassau office were unsuccessful, as the phone attendant

could not provide anyone with information on the matter.

It is unsure how many Bahamian jobs are to be affected.

Gunvor’s Bahamas operation was the only commodities trading financial

services operation in the country, according to the Bahamas Financial

Services website.

<< Back to news headlines >>

New Funding Sources Vital For Fishing And Farming Monday 10th August, 2018 – Tribune 242

THE government over the next fiscal year will be "extremely aggressive" in

seeking to help fisherman and farmers access funding opportunities,

Agriculture and Marine Resources Minister Michael Pintard said yesterday

describing the effort as a "major plank in our thrust going forward".

In an interview with Tribune Business Mr Pintard noted agriculture and

marine resources are key areas where there is economic leakage.

"The government is committed to growing the economy and reducing the

amount of funds that go out of the country in order to purchase those

items we consume on a regular basis," he said.

"Agriculture and marine resources is one of the primary areas where there

is economic leakage. We are importing 80 percent of what we consume.

In terms of the food bill that is approximately $1.4bn annually. Our

commitment is to dramatically reduce the amount we are spending for

what is a necessity not just for the local population but the more than $5m

tourists that visit."

He also noted there are other Bahamian made products which are 'prime

items' for import substitution.

"There are non-food agriculture and marine resources products in excess

of $1 billion in value, including handcraft, souvenirs, mattresses, candles

etc which are prime items for import substitution. A part of our mandate is

to fix these age-old problems that have spanned multiple administrations,"

said Pintard.

"In this regard there are several things we are committed to doing. We

know there are a number of agriculture and marine products which

science tells us are viable when converted to business enterprise. The

major constraint is financing. One of the major things we are doing over

the next fiscal year is to match fishermen and agriculturalists with funding

possibilities. Through the department of Agriculture and Marine Resources,

BAIC and BAMSI we are going to be extremely aggressive in helping those

entrepreneurs to properly prepare their business proposals and match

them with funding possibilities."

Mr Pintard explained this could be made possible via the Venture Capital

Fund, the Bahamas Development Bank, the Small and Medium Sized

Business Enterprise as well as connecting entrepreneurs with venture

capitalists.

"That is one major plank in our thrust going forward, matching potentially

viable start-ups and medium sized businesses with funding opportunities,"

he said.

<< Back to news headlines >>

CIBC Says - Make That A Double Monday 10th August, 2018 – Tribune 242

For the second year running CIBC FirstCaribbean has been named "Best

Wealth Management Provider" in The Bahamas by World Finance

magazine.

"We're absolutely thrilled," said Brent Haines, centre manager, private

wealth management.

He stressed that client service was the real secret to their success. "The

thing that differentiates us from most other people is our service to our

clients.

"We've got some of the best software currently available. The clients that

are using it are thrilled. It allows online access, so they can log in and see

their account whenever they please from wherever they are on the

planet as long as they have internet access. The experience is very

transparent for clients - they see their portfolios, prices and net worth

updated in real-time as the market moves. So, they love the software, but

they also love my guys - our team is arguably second to none."

Haines also praised his colleagues who work behind the scenes to support

the work of his section.

"While we're the face of the bank and the asset management side, many

of our colleagues bring their skills, effort and hard work to bear to make us

look as good as we do. Truly, it's a team effort," he said.

The World Finance Banking Awards recognizes sector-leading expertise for

the banking industry globally. The selection panel uses a wide range of

quantitative and qualitative criteria to select the award winners.

Having already set the mark for themselves, Haines said CIBC

FirstCaribbean's Private Wealth Management team has a new feature in

store that will hopefully help the bank replicate the win next year.

"We've got world-class software and plan to install a new development

that will give clients less variability in their portfolios, so they wind up with a

smoother, more consistent return. It offers true multi-currency capabilities

and global custodianship," said Haines.

"We'll be the first installation of this software anywhere on the planet, and

we'll be able to offer clients portfolios designed by some of the brightest

minds in the investment arena. So, we're hoping that will help us replicate

the award in the coming year."

The bank's Bahamas business was also recently named "Most Innovative

Bank" by World Finance magazine.

<< Back to news headlines >>

Futures drop on worries about Turkey currency crisis Monday 13th August, 2018 – Reuters

U.S. stock index futures fell on Monday as a meltdown in Turkish lira

weighed on shares of big U.S. lenders and triggered a widespread selloff

in global equities.

Worries about President Tayyip Erdogan’s influence over the economy

and worsening ties with the United States have sent the currency down

more than 40 percent against the dollar this year.

The latest crash persuaded investors to dump equities and flee to safer

assets such as government bonds and the dollar.

The downbeat mood in the markets was a continuation from Friday, when

U.S. bank stocks took a beating as investors fretted over their exposure to

Turkey.

Wells Fargo (WFC.N) dropped 0.9 percent in premarket trading on

Monday, Citigroup (C.N) slipped 0.7 percent, Bank of America (BAC.N) fell

0.7 percent.

At 7:22 a.m. ET, Dow e-minis 1YMc1 were down 76 points, or 0.3 percent.

S&P 500 e-minis ESc1 were down 7.75 points, or 0.27 percent and Nasdaq

100 e-minis NQc1 were down 19.5 points, or 0.26 percent.

If the losses hold, the S&P 500 is set to post its fourth straight session of

declines, the first time since mid-March. Still, the index is just 1.34 percent

away from a record high hit in late January.

Nielsen Holdings (NLSN.N) jumped 10.4 percent after the Wall Street

Journal reported that activist investor Elliott Management took a large

stake in the TV-ratings company.

Mylan (MYL.O) climbed 0.9 percent after RBC upgraded the stock to

“outperform”.

Goodyear Tire & Rubber (GT.O) fell 2.8 percent in low volumes after

brokerage Morgan Stanley downgraded the stock to “equal-weight”.

<< Back to news headlines >>

Turkish lira pulls back from record low, markets rattled Monday 13th August, 2018 – Reuters

Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday

after the central bank pledged to provide liquidity and cut reserve

requirements for Turkish banks, but its meltdown continued to rattle global

markets.

The currency has lost more than 40 percent against the dollar this year,

largely over worries about President Tayyip Erdogan’s influence over the

economy, his repeated calls for lower interest rates, and worsening ties

with the United States.

On Friday that relentless slide turned into a crash: the lira dropped as

much as 18 percent, hitting U.S. and European stocks as investors took

fright over banks’ exposure to Turkey.

The fresh lira collapse on Sunday night hit Asian shares, weakened South

Africa’s rand and drove demand in global markets for safe currencies

including the dollar, Swiss franc and yen. Shares in Europe’s major banks

also lost ground.

The central bank, which surprised markets last month when it left interest

rates unchanged despite double-digit inflation and the tumbling lira,

announced the moves on liquidity and reserves after Finance Minister

Berat Albayrak said authorities would start implementing an economic

action plan on Monday.

Bankers also said the central bank would meet banks’ lira liquidity needs

at the overnight rate of 19.25 percent — 150 basis points above the

benchmark weekly repo rate — though it might not use the overnight

funding on Monday because lira liquidity needs were low.

They said the bank’s decision could be the first step towards tightening

policy through the use of an interest rate corridor, an instrument used in

previous years, rather than an increase in the benchmark rate.

The bank said it cut the lira reserve requirement ratio, a cash buffer held

by banks, by 250 basis points for all maturity brackets and lowered reserve

requirement ratios for non-core FX liabilities by 400 bps for maturities up to

three years.

The moves will free up 10 billion lira, $6 billion (4.7 billion pounds), and $3

billion (2.4 billion pounds) equivalent of gold liquidity in the financial

system, the bank said. It also pledged to provide “all the liquidity banks

need”.

While the measures should ease worries over financial stability, they will

have no direct impact on the lira because they do not affect banks’

foreign exchange positions, BNP Paribas strategist Erkin Isik said in a note.

Isik said the lira’s current levels would add between 4 and 5 percentage

points to headline inflation in coming months, pushing it up to around 21

percent in September from nearly 16 percent last month.

On Sunday night Turkey’s banking watchdog BBDK said it was limiting

banks’ foreign exchange swap transactions.

RECORD LOW

The lira, which hit a record low of 7.24 against the dollar in Asian trading,

pared losses after Albayrak’s comments and the central bank

announcement, strengthening briefly to 6.4. It was trading at 6.8700 per

dollar at 1024 GMT.

Turkish bank shares fell to their lowest level in dollar terms since November

2003 and their dollar bonds and Turkey’s sovereign dollar debt tumbled.

Stocks dropped 4 percent, with the BIST index of blue-chip stocks down

around 50 percent in dollar terms this year.

Albayrak said in an interview published on Sunday that Turkey will start

implementing an economic plan to ease investor concerns, stressing

budget discipline and pledging that fiscal rules would be implemented for

targeted indicators if necessary.

“We will be taking the necessary steps with our banks and banking

watchdog in a speedy manner,” he said, ruling out any seizure or

conversion of dollar-denominated bank deposits into lira.

Market analysts broadly welcomed his comments but said investors

wanted to see action.

“It’s purely technical and Turkey needs a complete rebalancing of its

economic business plan, and very sharp rate hikes and a strong

commitment that the central bank will be independent,” Credit Agricole’s

senior emerging markets strategist Guillaume Tresca said.

But a drastic rate hike was unlikely because of the damage it would do to

Turkey’s corporate sector, while any capital controls would close off

access to foreign exchange for companies already short of dollars, Tresca

said.

Turkey would also be reluctant to seek assistance from the International

Monetary Fund after clearing billions of dollars of debt to the fund under

Erdogan.

In the interview with Hurriyet newspaper, Albayrak described the lira’s

weakness as “an attack” — echoing Erdogan, who is his father-in-law.

Erdogan, a self-styled “enemy of interest rates,” wants cheap credit from

banks to fuel growth, but investors fear the economy is overheating and

could be set for a hard landing.

On Sunday Erdogan said the lira’s free-fall was the result of a plot and did

not reflect economic fundamentals.

“What is the reason for all this storm in a tea cup? There is no economic

reason... This is called carrying out an operation against Turkey,” he said.

The interior ministry said on Monday it was taking legal action against 346

social media accounts that had posted comments about the weakening

of the lira “in a provocative way”.

<< Back to news headlines >>

Saudi cuts oil output as OPEC points to 2019 surplus Monday 13th August, 2018 – Reuters

OPEC on Monday forecast lower demand for its crude next year as rivals

pump more and said top oil exporter Saudi Arabia, eager to avoid a

return of oversupply, had cut production.

In a monthly report, the Organization of the Petroleum Exporting Countries

said the world will need 32.05 million barrels per day (bpd) of crude from

its 15 members in 2019, down 130,000 bpd from last month’s forecast.

The drop in demand for OPEC crude means there will be less strain on

other producers in making up for supply losses in Venezuela and Libya,

and potentially in Iran as renewed U.S. sanctions kick in.

Crude LCOc1 edged lower after the OPEC report was released, trading

below $73 a barrel. Prices have slipped since topping $80 this year for the

first time since 2014 on expectations of more supply after OPEC agreed to

relax a supply-cutting deal and economic worries.

OPEC in the report said concern about global trade tensions had

weighed on crude prices in July, although it expected support for the

market from refined products.

“Healthy global economic developments and increased industrial activity

should support the demand for distillate fuels in the coming months,

leading to a further drawdown in diesel inventories,” it said.

OPEC and a group of non-OPEC countries agreed on June 22-23 to return

to 100 percent compliance with oil output cuts that began in January

2017, after months of underproduction by Venezuela and others pushed

adherence above 160 percent.

In the report, OPEC said its oil output in July rose to 32.32 million bpd.

Although higher than the 2019 demand forecast, this is up a mere 41,000

bpd from June as the Saudi cut offset increases elsewhere.

In June, Saudi Arabia had pumped more as it heeded calls from the

United States and other consumers to make up for shortfalls elsewhere

and cool prices, and sources had said July output would be even higher.

But the kingdom said last month it did not want an oversupplied market

and it would not try to push oil into the market beyond customers’ needs.

DEMAND SLOWING

Rapid oil demand that helped OPEC balance the market is expected to

moderate next year. OPEC expects world oil demand to grow by 1.43

million bpd, 20,000 bpd less than forecast last month, and a slowdown

from 1.64 million bpd in 2018.

In July, Saudi Arabia told OPEC it cut production by 200,000 bpd to 10.288

million bpd. Figures OPEC collects from secondary sources published in

the report also showed a Saudi cut, which offset increases in other nations

such as Kuwait and Nigeria.

This means compliance with the original supply-cutting deal has slipped to

126 percent, according to a Reuters calculation, meaning members are

still cutting more than promised. The original figure for June was 130

percent.

OPEC’s July output is 270,000 bpd more than OPEC expects the demand

for its oil to average next year, suggesting a small surplus in the market

should OPEC keep pumping the same amount and other things remain

equal.

And the higher prices that have followed the OPEC-led deal have

prompted growth in rival supply and a surge of U.S. shale. OPEC expects

non-OPEC supply to expand by 2.13 million bpd next year, 30,000 bpd

more than forecast last month.

<< Back to news headlines >>

China July new loans stronger than expected, M2 at five-month high Monday 13th August, 2018 – Reuters

Chinese banks extended 1.45 trillion yuan ($210.69 billion) in net new yuan

loans in July, above analysts’ expectations, as a growing trade battle with

the United States threatens to pile more pressure on the slowing economy.

China’s policymakers have been pumping in more cash to encourage

banks to lend to struggling firms, but there are signs that lenders are

turning cautious as defaults rise, complicating efforts to channel money to

sectors that need it.

Moreover, some China watchers fear Beijing’s shift in focus to supporting

growth may spell a return to its credit-fuelled spending binges of the past,

undercutting a multi-year campaign to reduce risks in the financial system

and a mountain of debt.

The stronger-than-expected lending data was released by China’s

banking and insurance regulator, as the central bank pumps out more

liquidity into a slowing economy.

Analysts polled by Reuters had predicted new yuan loans of 1.2 trillion

yuan, down sharply from June’s 1.84 trillion yuan.

China’s banks extended a record 13.53 trillion yuan in new loans last year,

and lent 9.03 trillion yuan in the first half of this year, a jump of 13 percent

from the same period of 2017.

Household loans, mostly mortgages, fell to 634.4 billion yuan in July from

707.3 billion yuan in June, according to the central bank’s data.

Household loans accounted for 43.8 percent of total new loans in July,

versus 38.4 percent in June.

Corporate loans fell to 650.1 billion yuan in July from 981.9 billion yuan a

month earlier.

Chinese banks usually make few loans in July after traditionally ramping

up lending in June.

Broad M2 money supply grew 8.5 percent in July from a year earlier - the

highest in five months, data from the People’s Bank of China showed on

Monday, beating forecasts for an expansion of 8.2 percent and

compared with a record low of 8.0 percent in June.

Outstanding yuan loans grew 13.2 percent from a year earlier, faster than

an expected 12.8 percent rise and compared with an increase of 12.7

percent in June.

China’s total social financing (TSF), a broad measure of credit and liquidity

in the economy, dropped to 1.04 trillion yuan in July from 1.18 trillion yuan

in June, data from the central bank showed on Monday.

TSF includes off-balance sheet forms of financing that exist outside the

conventional bank lending system, such as initial public offerings, loans

from trust companies and bond sales.

That can provide hints of activity in China’s vast and unregulated shadow

banking sector, which authorities have also been targeting in their

campaign to reduce systemic risks.

Combined trust loans, entrusted loans and undiscounted bankers’

acceptances, which are common forms of shadow banking finance,

shrank by 1.26 trillion yuan in the first six months.

<< Back to news headlines >>

Euro, emerging markets wilt as Turkey rout drives investors to seek safety Monday 13th August, 2018 – Reuters

The euro slid to a fresh 13-month low, emerging market currencies

slumped further and the yen surged to a six-week high on Monday as the

fallout from the Turkish lira’s crash sent investors into safe-haven currencies.

As investors dumped riskier assets and worried about contagion, emerging

markets reeled. South Africa’s rand was down 2.7 percent after falling

more than 10 percent in earlier trading, Mexico’s peso was 2 percent

lower and the Russian rouble was down a more modest 0.8 percent.

Turkey’s lira rebounded on Monday from record lows after the central

bank pledged to provide liquidity and cut reserve requirements for banks,

but the currency was still down around 10 percent on the day. It has shed

more than two-fifths of its value in 2018.

“The big fear in the market is that we are headed for a full-blown

emerging market crisis,” said Ulrich Leuchtmann, a Frankfurt-based

strategist at Commerzbank, citing the 1997 Asian financial crisis when

even countries with a sound macroeconomic position were sucked into a

deep sell-off.

Leuchtmann said he believed the market was “fundamentally in a

different position” today because many emerging market central banks

retained the confidence of investors after hiking interest rates over the

past year.

But a scramble into currencies deemed safer, such as the yen, underlined

investor nervousness.

The euro fell to as low as $1.1365, a 13-month low, before recovering

slightly.

Analysts said most of the euro weakness was down to dollar strength but

worries about the impact on European banks of the Turkish slump, despite

the relatively limited exposure of most big lenders, had also played a role.

Investor nervousness over political uncertainty in Italy is also weighing on

the euro.

The dollar, which has rallied since the lira crisis exploded, gained 0.1

percent to 96.463 against a basket of major currencies, just below its 13-

month high of 96.522.

The Swiss franc jumped to 1.1288 to the euro, within a whisker of a one-

year high against the currency, but was little changed versus the dollar.

The franc is typically bought by investors in times of market flux but Societe

Generale strategist Kit Juckes said the market would need to see “pretty

serious risk aversion” to boost the franc against a rallying dollar.

The yen surged half a percent against the dollar to 110.35 after earlier

hitting a six-week high of 110.11.

The euro slipped 0.8 percent against the yen to 125.55, close to a 2-1/2-

month low of 125.15.

CONTAGION FEARS

The most striking moves were in emerging markets as the Turkish lira’s rout

rippled outwards.

Investors have grown increasingly concerned about President Tayyip

Erdogan’s growing control over the economy and a deepening

diplomatic rift with the United States, with those concerns snowballing into

a market panic last week.

The lira hovered at around 7 lira per dollar on Monday, down nearly 10

percent on the day.

China’s yuan dropped 0.4 percent in offshore markets to 6.8942 yuan per

dollar.

The Indian rupee and Indonesian rupiah also weakened, down by 1.5 and

0.8 percent respectively.

BNY Mellon’s chief currency strategist Simon Derrick said that without more

meaningful action from Turkish authorities, there would be renewed

pressure on the lira.

“With signs of contagion already starting to emerge elsewhere ... in a

fragile August market, the worry must be that risk aversion returns very

rapidly,” Derrick said.

<< Back to news headlines >>

European stocks hit three-week low as Turkey stress dents lenders Monday 13th August, 2018 – Reuters

Banks dragged European shares down on Monday as a growing

economic crisis in Turkey shook investor confidence in lenders exposed to

the country, while pharmaceuticals group Bayer sank 11 percent after its

subsidiary Monsanto lost a key lawsuit.

The pan-European STOXX 600 fell 0.3 percent to a three-week low, with

Germany's DAX .GDAXI down 0.4 percent as pharmaceuticals group

Bayer weighed.

Bayer (BAYGn.DE) was the worst performer, sinking 10.8 percent after

Monsanto, the U.S. agriculture giant it acquired in June, was ordered to

pay damages in a lawsuit alleging its glyphosate weedkiller caused a

man’s cancer.

“With several other similar cases up for hearing, we expect this to be an

overhang on the stock,” said Goldman Sachs analysts.

Bayer’s shares were set for their biggest one-day fall in more than nine

years.

Euro zone bank stocks .SX7E tumbled 1.3 percent to a six-week low as

Turkey-exposed banks BBVA (BBVA.MC), Unicredit (CRDI.MI) and BNP

Paribas (BNPP.PA) fell 0.9 to 2.6 percent.

“Should rates be increased by 10 percent with a stabilization of EUR/TRY at

7, we would still see some earnings downside of 10% for BBVA and 8% for

UCG,” said JP Morgan analysts, cutting their earnings estimates for the

exposed banks.

A growing economic crisis in Turkey which took the lira to a new record

low of 7.24 to the dollar overnight has spurred selling across global markets

with some contagion to other emerging markets.

“The fears that all this will end in tears eventually are strong, more so with

populist economic thinking at the helm, from the U.S. to Turkey, and the

UK to Italy,” said Societe Generale analysts.

The lira pulled back from its record low after the central bank pledged to

provide liquidity and cut lira and foreign currency reserve requirements for

Turkish banks.

South African financials stocks Investec (INVP.L) and Old Mutual OML.L fell

2.9 percent and 2.3 percent as Turkey worries took the rand down to a

new two-year low ZAR=.

Air France KLM (AIRF.PA) shares tumbled 5.6 percent after its biggest

pilots’ union said over the weekend further strikes were possible if pay talks

with management did not resume.

Travel and leisure stocks .SXTP fell 0.8 percent as Air France weighed and

the deepening crisis in Turkey sapped investors’ appetite for companies

involved in tourism in the country.

Tour operator TUI (TUIT.L) fell 4.1 percent, while budget airline easyJet

(EZJ.L) lost 1.4 percent and cruise operator Carnival (CCL.L) declined 1.1

percent.

A rare gainer, United Internet (UTDI.DE) shares jumped 6.2 percent to the

top of the STOXX.

The internet provider and virtual mobile network operator reported a 32.4

percent rise in profits and said it was considering bidding for 5G licenses

next year.

Shares in asset manager GAM (GAMH.S) fell 2.9 percent after it said it

would liquidate nine funds whose trading it halted last month after

suspending the investment director who ran them.

Broker notes also spurred some stock falls.

Deutsche Bank (DBKGn.DE) shares fell 1.6 percent after Bank of America

Merrill Lynch downgraded the stock to “underperform”. Ingenico

(INGC.PA) shares also suffered a 3.8 percent fall after a BAML downgrade

to “underperform”.

Overall MSCI Europe companies have delivered 11.9 percent year-on-

year earnings growth in their second-quarter results, in euro terms, and

analysts were revising up their earnings estimates despite investors

growing increasingly risk-averse.

<< Back to news headlines >>

Nikkei tumbles 2 pct to 5-week low as emerging market rout hits sentiment Monday 13th August, 2018 – Reuters

Japan’s Nikkei tumbled 2 percent to a five-week low on Monday as a sell-

off in emerging market currencies spooked stock investors, with the safe-

haven yen’s appreciation hurting sentiment and dragging down the

broader market.

Commodity stocks underperformed on worries about emerging market

economies after the South African rand fell more than 10 percent versus

the U.S. dollar as massive falls in the Turkish lira triggered sell-offs in other

currencies.

The Nikkei share average dropped 440.65 points to 21,857.43, the lowest

close since July 6.

All sectors except for services fell, with shippers, metal and iron stocks and

construction machinery firms and financials stumbling.

“As long as the Turkey woes continue, there are worries that investors will

keep unloading risky assets which include Japanese stocks,” said Chihiro

Ohta, general manager at SMBC Nikko Securities.

The Mothers market, an index for start-up companies, tumbled 4.1 percent

to 962.48, its worst closing level since January 2017 and the biggest one-

day drop in five months.

“Since risk sentiment was dampened by the strong yen and worries in

emerging market currencies, growth stocks are the last place investors are

looking,” said Hikaru Sato, a senior technical analyst at Daiwa Securities.

“Even defensive stocks were sold because there is too much uncertainty

in the global market now,” he said.

The euro touched a 13-month low against the dollar on Monday as

investors bid up safe havens such as the greenback and the yen on

worries about the exposure of European banks to Turkey.

After hitting a record low 7.24 against the dollar early on Monday, Turkey’s

lira found some support when Finance Minister Berat Albayrak said the

government has drafted an economic action plan and the banking

watchdog said it limited swap transactions.

The dollar fell 0.7 percent against the yen to 110.15 yen, the lowest level in

six weeks.

Index-heavyweight Fast Retailing dropped 1.7 percent and knocked a

hefty 30 points from the Nikkei, while technology stocks TDK Corp tumbled

5.3 percent and Tokyo Electron shed 3.1 percent.

Construction machinery stock Komatsu slid 4.0 percent and Hitachi

Construction Machinery declined 4.2 percent.

Commodity stocks were hard hit. Nippon Steel & Sumitomo Metal Corp fell

2.5 percent. Shippers Mitsui OSK Lines lost 3.4 percent and Kawasaki Kisen

tanked 5.2 percent.

Banking stocks also lost ground. Mitsubishi UFJ Financial Group dropped

2.8 percent and Sumitomo Mitsui Financial Group 2.1 percent.

Discount goods chain operator Don Quijote bucked the trend and soared

5.6 percent after saying it expects a 6.2 percent rise in sales to 1 trillion yen

for the year ending June 2019, moving forward its goal for that volume by

one year.

The broader Topix dropped 2.1 percent to 1,683.50.

<< Back to news headlines >>

Sterling stuck near 2018 low on dollar strength, Brexit woes Monday 15th August, 2018 – Reuters

The pound languished near 13-month lows on Monday, as investors bet on

continued dollar strength and uncertainty over whether Britain would

secure a trade deal with the European Union before it exits the bloc.

Sterling lost 2 percent of its value last week because of growing unease

among investors that Britain was headed for a future where it lacked an

established relationship with its largest trading partner, the EU.

On Monday, the British currency dropped 0.3 percent to a low of $1.2735,

a fraction higher than Friday’s 13-month low.

That move was roughly in line with the dollar’s rise against a basket of

major currencies, fuelled by investors rushing into safer assets on fears of

market contagion from a dramatic slide in the Turkish lira.

Strong employment or inflation data — both reports are due this week —

are unlikely to help the pound significantly, analysts said.

That is because of political uncertainty over Brexit and the fact markets

are not pricing in another Bank of England interest rate increase until at

least next year.

“The uncertainly of a ‘no-deal Brexit’ is likely to weigh on the pound, and

traders could remain cautious until there is more clarity around the UK’s

plans post leaving the EU,” said Societe Generale analyst Guy Stear.

Against the euro, the pound has held up better as demand for dollars has

held back the euro.

The pound traded up 0.1 percent to 89.28 pence per euro, above its

recent 2018 lows of 90.30 pence.

Sterling has been pushed lower as investors rush to protect themselves

from further weakness in the run-up to Britain’s exit from the EU next

March. Most investors still expect Britain to secure a trade deal with the EU,

but the risk of no deal is rising.

Warnings this month from Bank of England Governor Mark Carney and

trade minister Liam Fox, that the prospect of a no-deal Brexit was growing,

triggered the recent slide.

<< Back to news headlines >>

$1.2m in NGL shares changes hands Saturday 11th August, 2018 – Trinidad and Tobago Guardian

Overall market activity resulted from trading in 15 securities of which three

advanced, three declined and nine traded firm.

Trading activity on the First Tier Market registered a volume of 363,733

shares crossing the floor of the Exchange valued at $2,646,426.64.

GraceKennedy Limited was the volume leader with 253,750 shares

changing hands for a value of $735,872, followed by T&T NGL Limited with

a volume of 40,150 shares being traded for $1,204,893.06.

JMMB Group Limited contributed 31,000 shares with a value of $54,250,

while One Caribbean Media Limited added 20,831 shares valued at

$256,152.37.

Clico Investment Fund registered the day’s largest gain, increasing $0.13

to end the day at $20.

Conversely, One Caribbean Media Limited registered the day’s largest

decline, falling $0.06 to close at $12.30.

Clico Investment Fund was the only active security on the Mutual Fund

Market, posting a volume of 2,381 shares valued at $47,620.

In Friday’s trading session the following reflect the movement of the TTSE

Indices:

° The Composite Index declined by 0.20 points (0.02 per cent) to close at

1,230.92.

° The All T&T Index declined by 0.40 points (0.02 per cent) to close at

1,711.74.

° The Cross Listed Index remained at 100.83.

<< Back to news headlines >>

Imbert: NIF oversubscribed by 50 per cent Sunday 12th August, 2018 – Trinidad and Tobago Guardian

In a series of tweets over the weekend, Finance Minister Colm Imbert

hailed the success of the Government’s $4 billion National Investment

Fund (NIF) which he said had been oversubscribed by more than 50 per

cent. The offer period for the bond ended on Thursday.

In one of the three messages via his Twitter account, Imbert wrote:

“Overwhelming vote of confidence from the public in the NIF Bonds.

Congratulations to all who worked on putting together the NIF prospectus;

on the market research; on the advertising and marketing campaign; on

the investor outreach programme. Largest single bond offer in T&T ever.”

In another he stated: “NIF Bonds offer oversubscribed by over 50 per cent.

As per prospectus, priority will be given to individuals.”

This was followed by another tweet: “$4B NIF bond issue has been very

successful. All targets have been met. Special thanks to the hard-working

teams at the MOF, FCB, EY.”

Notification of allotments is expected on August 30, and refunds will be

given on September 3. The bonds will be listed on the T&T Stock Exchange

from September 4.

Because they have been oversubscribed, individual investors will be given

priority and everyone else will receive a pro-rated allotment.

The bond issue was rated as investment grade quality with a high level of

creditworthiness by regional rating agency Caribbean Information and

Credit Ratings Services Ltd (Caricris). It was available from July 12 priced

at $1,000 per unit and comprises assets transferred to the Government

from CL Financial (CLF) and its subsidiaries.

Government issued the high interest tax-free bonds to recover funds owed

from its $23 billion bailout of Clico after the insurance giant’s 2009

collapse.

The bonds were available in three tranches: five years (4.5 per cent), 12

years (5.7 per cent) and 20 years (6.6 per cent)

<< Back to news headlines >>

Maracas vendors protest: Newcomers getting keys to booths Monday 13th August, 2018 – Trinidad Express Newspapers

Maracas Bay vendors, some of whom have been selling there for more

than 40 years, are calling on the intervention of the State to ensure that

they, too, are provided with new vending booths.

Just over two weeks ago, in what was described as the first phase of the

Maracas Beach Facility Improvement Project (MBFIP), several vendors

were given keys to the recently-constructed booths on the eastern side of

the bay.

However, several persons who have been selling on the beach since the

1960s have been cast aside and booths have been given to relative

'newcomers' over them, they claim.

Speaking to the Express yesterday at Maracas Bay, a group of these

disenfranchised persons disagreed with how the keys to the 18 booths

which have been completed were given out.

And while the State, through Tourism Minister Randall Mitchell, has

indicated that there will be a second phase of construction during which

other vendors will be provided with booths, this process was still far too

slow for those who are currently being affected.

'The whole issue we have, honestly, is that the State has given the new

booths to persons who have not even remotely worked here as long as

some others, nor have even paid any sort of rent,' said Cheryl Ann John,

who spoke on behalf of the vendors present.

'You have persons who have been here for 40 years and 50 years-plus,

such as Daphnie Singh, and Angnie Sankar, among several others, who

have followed all procedures. Who made the appropriate applications,

who have paid their rent, who have done all they could...yet they never

got any preference to get a booth in this first phase as they call it.

'Meanwhile you have persons who have only been on the beach for

what, two years, five years, and they have received a booth. There is an

individual who operates on this beach, who has secured keys to three

booths already, and is still gunning for a fourth booth, all for his own

franchise. Meanwhile, other persons are waiting and suffering and can't

provide for their families, because they are not even being considered,'

said John.

She noted that, from her own experience, she has been waiting since

1996 for a formal booth on the beach.

She recalled that she has been contacted twice over the past three years

and informed that she would be receiving a booth.

Yet when the keys were delivered to vendors at the end of July, John was

not among the group chosen.

'Under the previous administration, I was assured in 2015 that I would get a

booth. When the government changed, there was a brief waiting period,

and then in 2017 I got a response indicating that I was still in line to be

among those to receive a booth, and that I would get it.

'I had to come in and sign various documents and what have you, and I

have these as evidence. So then, imagine my surprise last month, when I

am seeing the Tourism Minister handing out keys and I was not among

those who were being called. That persons I know who have been on this

beach for over 20 years have not been called.

'Meanwhile, you are seeing booths and spots being given out to persons

who, if I say have been on this beach for a year, I may be lying.

'Please, tell me, in what world is that fair? Some of these persons who have

received keys to a booth, dare I say, have never even sold a thing on this

beach before. Yet, they were given priority and preference over persons

who have been here for ages. And don't tell us about phase two.

'How this was done is not fair, and it reeks. So we want Mr Mitchell to look

into this. We cannot be waiting on phase two, because in this phase, we

have mouths to feed and bills to pay. These obligations don't care about

time, and don't care about who knows who, these obligations have to be

handled now, so we are asking the minister to step in and rectify this,'

John said.

<< Back to news headlines >>

C&W reports mobile decline Monday 13th August, 2018 – Trinidad Express Newspapers

Regional telecommunications provider Cable & Wireless Communications

(CWC), which operates in T& T as Flow, last week reported a decline in its

mobile subscribers, but increases in its fixed-line and broadband Revenue

Generating Units (RGUs).

In operating highlights for its second quarter of 2018, issued on Thursday,

CWC reported that its mobile subscribers declined by 89,000, which was

'primarily driven by prepaid losses in Panama (51,000) and Jamaica

(16,000) and mainly the result of competitive factors and a more targeted

approach to promotional activity'.

CWC, which was acquired by US cable giant Liberty Global in May 2016,

reported that in the Bahamas, competitive intensity continued to drive

subscriber declines, totalling 10,000 in Q2, as compared to a loss of 24,000

in Q2 2017.

The company reported organic fixed-line RGU additions of 29,000 in Q2

2018, driven by product and service enhancements and continued

network upgrade and expansion.

It also added 11,000 broadband RGUs, which was 'significantly higher

than prior-year period driven by (i) improved performance in Jamaica,

where we added 4,000 RGUs through increased penetration in our

upgraded network and (ii) Panama, where we continued to promote our

Mast3r packages supporting 4,000 additions.'

It said it was rolling out enhanced in-home connectivity for subscribers

through its Wi-Fi 'Connect Box', now installed across over 20 per cent of its

broadband subscribers.

CWC also boasted that it had added 8,000 Video RGUs, which it said was

its best quarterly performance since Q2 2016.

It said: 'Momentum building as network expansion/upgrades and product

enhancements, such as Flow Evo, drove quarterly additions. Jamaica had

a particularly strong quarter, adding 5,000 video RGUs.

'Following the launch of Flow Evo in January and other platform

improvements, we have seen NPS gains (a measure of customer

satisfaction) across C& W's largest video markets including Trinidad,

Jamaica and Barbados.'

Fixed-line telephony RGU additions of 10,000, driven by our successful

bundling strategy.

• reported that its mobile

subscribers declined by 89,000, which was 'primarily driven by prepaid

losses in Panama (51,000) and Jamaica (16,000) and mainly the result of

competitive factors and a more targeted approach to promotional

activity.'

CWC mainly operates in consumer markets, which are predominantly

located in the Caribbean and Latin America, providing entertainment,

information and communication services to 3.3 million mobile, 600,000

internet, 600,000 fixed-line telephony and 400,000 video subscribers.

In addition, C& W delivers B2B services and provides wholesale services

over its sub-sea and terrestrial networks that connect over 40 markets

across the region.

CWC is still the official owner of 49 per cent of majority State-owned

Telecommunications Services of T& T.

<< Back to news headlines >>

10% tax on NLCB winnings starts tomorrow Sunday 12th August, 2018 – Trinidad Express Newspapers

The ten per cent tax on winnings from National Lotteries Control Board

(NLCB) games crossing $1,000 will take effect tomorrow.

The Sunday Express understands that President Paula-Mae Weekes on

Friday signed the proclamation of Section 9(A) of the Finance Act, making

it legal for Government to tax winning gamblers.

Two weeks ago, the NLCB started the tax process.

The NLCB, according to chairman Eustace Nancis, was unaware of the

non-proclamation of the section prior to an extensive advertising

campaign announcing the ten per cent tax from July 30.

The NLCB had to rescind collection of the tax until it was legal to tax and

refund affected gamblers.

Among those receiving a refund was the country's recent $19 million Lotto

Plus winner.

In a statement on August 3, acting NLCB director Michael Jogee assured

that those taxed from July 30 to the present would receive refunds.

Jogee had explained for the implementation of Finance Act No 15 of

2017, the NLCB had employed technical resources to develop, test and

launch the required process for the collection of the new tax.

'Section 9 (A) of the Act states that the application of the tax to earnings

in excess of one thousand dollars, comes into operation on such a day as

is fixed by the President by Proclamation'.

'While the 'lottery winnings tax' was provided for in Act No 15, of 2017, the

date for the operationalisation of the 'lottery winnings tax' has not yet

been proclaimed by the President. 'In short, the technology came on-

stream before the proclamation.

'In light of the fact that the date for the operationalisation of the new tax

has not yet been proclaimed, the NLCB will revert to its regular operations

on the payout of winnings until further notice,' the NLCB's notice had said.

'The NLCB will also refund all tax deducted for the period July 30th to

August 4th (the period during which the tax will be automatically

deducted from all winnings over $1,000.00). Winners will be further guided

by the NLCB as to the refund process.' 'Dishonest' agents and employees

As players have sought refunds, NLCB sources say they have observed

'several dishonest' agents attempting to cash in refunds, which according

to the NLCB, stands at $998,016.00.

This figure was generated from withheld taxes during the period July 30 to

August 4 on winnings over $1,000.

Sources told the Sunday Express, 'Many of our agents came Friday

claiming they wanted a refund and even produced receipts. At one

point, we indicated that police are investigating the matter and several of

the agents or their employees left the office.

'One employee told us her employer sent her to collect the winnings since

he did not want to get into trouble and she left empty-handed.'

The source said, 'But we are paying persons who ought not to be paid.

When the tax was announced, once you won $1,000 and over, two

identical receipts came from the machine, one for the agent, the other

for customer. However, the majority of times, the customer will not take

their receipt which validates their winnings. They just take the cash.

'The agents know full well the customer does not have a receipt, so they

come into the NLCB for the cash. We are going on a verification of a slip

which comes out a machine. We do not know who we are paying so it is

easy money for the agents and they are doing it. They are seeing it as a

way of making fast and quick money. Other agents say they are not

doing such a dishonest act,' the source said.

Contacted for comment yesterday, president of the Electronic Lotto

Agents Association of Trinidad and Tobago Allen Campbelle admitted

there were a few dishonest agents in the market.

'We call them double agents. Some of them are also illegal operators,' he

said.

Campbelle said since July 30, the Association had been advising agents

to give receipts to punters so they will see how the ten per cent tax was

deducted from their winnings.

'It's quite possible that some lotto agents kept the receipt. I know we have

one or two dishonest Lotto agents,' he said.

<< Back to news headlines >>

Laid off Lee Wind staff to get first priority in Harris deal Saturday 11th August, 2018 – The Antigua Observer

Tourism Minister Charles “Max” Fernandez has declared that workers sent

home by embattled paint company, Lee Wind Paints Ltd, may not be

without employment for long and will be given first preference for

employment with Harris Paints.

“One of the things that we have asked them (Harris Paints) and they have

agreed to is that those people (laid off Lee Wind Paints Ltd. workers)

would be interviewed first. I can’t guarantee that everyone will be taken

but they have given us an undertaking that those people will be

interviewed first for positions here,” Fernandez said in an exclusive

interview with OBSERVER media on Wednesday.

Fernandez said that he was unable to say that the continuation of the Lee

Wind brand will be a part of the new deal but he can assure the general

public that manufacturing of paint will continue in Antigua once all

parties are able to complete the agreement.

The minister expressed the hope that initiative will be off the ground as

early as the first quarter of next year.

The staff of Lee Wind Paints was put on notice by management that the

company was unable to pay salaries for May and June.

The company also said in a letter dated June 29, that it would be

temporarily closings its doors as of that date. The letter issued to the

employees was signed by the Managing Director Hugh Marshall Sr. It also

informed the workers that the company had no idea where it will obtain

funds to pay salaries.

The letter also pointed out that in the months of February and April, the

government, a shareholder, assisted in meeting those salary payments.

The letter further indicated that it was unacceptable to continue to seek

the government’s assistance because of an agreement signed October

30, 2014, between the majority shareholder, Renee Phillips and Cosmos

Phillips Jr., to transfer shares to the government in exchange for tax

arrears.

But, the transfer which would have made the government the majority

shareholder, never occurred.

<< Back to news headlines >>

New Barbuda ferry suspended Monday 13th August, 2018 – The Antigua Observer

The new ferry service between Antigua and Barbuda, which was

launched on July 21 has stopped operating as of Saturday August 11.

On Friday, a notice on the Facebook page of the Lady Carolina ferry

service informed customers that due to unforeseen circumstance the

service will be continued from Saturday.

Several customers have responded to the notice expressing shock and

disappointment.

The termination of the service is meant to be temporary, a source has

confirmed.

No further detail was provided for the sudden closure of the service, the

company only cited unforeseen circumstances.

This newspaper has since been informed that the move is to allow the

company to handle housekeeping matters.

According to our source, the ferry must also be reregistered in the British

Virgin Islands in short order, However, patrons can look forward to the

service restarting for the upcoming tourist season.

The company, which is marketed as luxurious and affordable, provided

daily trips to Barbuda, complementing the Barbuda Express which is used

as the primary source of travel to the sister island.

The owners of the Barbuda Express have indicated they will operating as

normal to accommodate Barbudans wishing to travel between both

islands.

<< Back to news headlines >>

Rosewood Hotels to manage new resort in Antigua Friday 10th August, 2018 – Caribbean News Now

Rosewood Hotels & Resorts has been appointed to manage a new 132-

acre oceanfront resort at Half Moon Bay, Antigua, set to open in 2021.

Rosewood Half Moon Bay will accommodate guests in 47 pavilion-style

suites which include an ultra-luxurious three-bedroom presidential suite.

The hotel’s innovative architecture is guided by an Eastern Caribbean

aesthetic and is finely tuned to meet the desires of today’s affluent

explorer.

The resort will also feature an exclusive residential component comprised

of branded oceanfront and ocean view residences, and just ten

exceptional estate home parcels. Amenities will include beachfront pools,

tennis courts, Sense, A Rosewood Spa, and a biodynamic farm – all on

8,000 feet of oceanfront.

“We are honoured to be the stewards responsible for re-imagining this

legendary property,” said Michael Coyle, chief executive officer of

developer, Vancouver-based property development company, Replay

Destinations. “Together [with Rosewood Hotels & Resorts], we believe that

what we will create at Half Moon Bay Antigua will be the finest resort in

the Caribbean and one of the finest in the world.”

Replay has appointed global financial advisory firm, Arton Capital as its

strategic advisor for Antigua’s citizenship by investment programme and

exclusive sales agent in the Middle East and North Africa (MENA) region

for its affluent clientele.

“I fell in love with Half Moon Bay in Antigua the first time I walked on its

beach. At that point, I knew it had the potential to become a breath-

taking resort. I am thrilled that Replay and Rosewood saw the same

opportunity and they are making it happen,” said Armand Arton, founder

and president of Arton Capital.

<< Back to news headlines >>

‘Surprising success’ | Booth owners report strong sales this year Friday 10th August, 2018 – BVI News Online

Despite experiencing a few challenges, booth owners inside the festival

village in Road Town are reporting a successful year.

Many booth owners had to purchase new building materials to construct

their temporary space at the village since previously-purchased materials

were either destroyed in the hurricanes or looted. They were also faced

with a shorter festival period this year due to the territory’s financial

constraints.

However, several business owners told BVI News the 2018 festivities has still

been a surprisingly profitable year.

“I’ve been here for six years and this was the best carnival I’ve seen here.

Sales, everything [is good],” Jerome Hopkins said.

“The place is smaller and it’s just nicer and better. The shortness of the

village and the fewer booths make every booth make money this year.”

Hopkins said he believes, going forward, the number of booths should be

kept at a minimum, similar to this year.

Like many others, he also had to purchase new materials. However,

Hopkins happily said, “the first night cover the cost of everything”.

He said last night’s sales were not as high as previous days partly because

it was a day before many persons got paid, which, for most, is usually on a

Friday.

Hopkins also believed the price to enter the village could have been

made cheaper to enable more persons to enter the village.

Ticket prices on paid nights were about $25, BVI News understands.

Also satisfied

Owner of the Strong Black Woman bar Corinne McFarlley also said she

was satisfied with her profits, so far this year.

“It (festival) was short but one of the best. The line of profit was good, it

was very good,” she told BVI News.

She also said she incurred additional expenses having to purchase new

materials this year. She said roughly $2,000 was spent for her to be at the

village this year and three-quarters of that sum went towards purchasing

building materials.

Mcfarlley, in the meantime, commended the persons who came out

nightly and patronised the respective businesses.

Things fairly ok

BVI News also spoke to Alister Gumbs of Stone’s booth, who gave a

modest rating for his business’ success at festival this year.

Stone’s – a family-owned business – have been operating for more than

25 years at the festival village, Gumbs told BVI News.

He said the family brought back the business to the village to service their

loyal customers and not necessarily to make a profit; though they remain

hopeful.

Taking into consideration everything the territory went through over the

past year, Gumbs said: “We were surprised at how things went.”

“I wouldn’t say that this was a profitable year but at least things turned out

ok to give us encouragement to come back next year.”

He said it was difficult to rate this year with other years.

Their booth will remain open 24/7 until Sunday.

<< Back to news headlines >>

Britain opens inquiry on future of BVI-UK relationship Monday 13th August, 2018 – BVI News Online

The United Kingdom has opened up an inquiry concerning the future of its

constitutional relationship with the British Virgin Islands and other Overseas

Territories (OTs).

The UK launched the inquiry claiming they are struggling to find a balance

between ‘respecting OT self-governance’ and ‘ensuring the security and

stability of OTs’.

“As our place in the world changes, we need to think about the effect on

them (Overseas Territories) and whether the structure of our relationships

still works,” explained Tom Tugendhat, who is Chairman of the UK’s Foreign

Affairs Committee — the group leading the inquiry.

The committee said the inquiry will consider how effectively the UK

manages its responsibilities towards OTs, and “how it envisages their

future”.

As part of the inquiry, the committee is inviting written submissions about

the governance of OTs, financing of OTs, and how the relationship

between the UK and its OTs benefit each party.

Stakeholders are also being asked to submit their thoughts about the

representation of the OTs in the UK, the Commonwealth, and other

international fora. They are further invited to submit thoughts about ‘assets

and liabilities’ such as natural resources in OTs, and the effects of extreme

weather events on them.

Stakeholders have until September 3 to make their submissions.

In response to news of the UK’s inquiry, Leader of Opposition Andrew

Fahie said he intends to form a committee and hold community meetings

to gather the views of BVI residents in relation to what the territory’s

relationship with Britain should look like, going forward.

Inquiry the result of bad blood between UK and OTs

The UK’s Foreign Affairs Committee suggested it was prompted to launch

the inquiry because of the growing ‘strain’ in the relationship between the

UK and Overseas Territories such as the BVI.

This strain became more evident since the UK passed the controversial

amendment to its Sanctions and Anti-Money Laundering Act. The

amendment is forcing the BVI to implement what are known as public

registers of company beneficial ownership.

These registers are feared to cause massive blows to the BVI’s main

revenue-earner — the financial services.

The UK’s lower parliament known as the House of Commons — which is

responsible for the Foreign Affairs Committee — is the body that pushed to

implement public registers in the BVI.

<< Back to news headlines >>

Virgin Gorda Gov’t Complex was not insured—Premier Smith -says repairs

will have to be funded using CDB loan Friday 10th August, 2018 – Virgin Islands News Online

The Virgin Islands’ (VI) Government has received $11.4M, in insurance

claims for damages to the Central Administrative Complex in Road Town,

Tortola, the administration’s complex on the sister island of Virgin Gorda

however, is not insured, as such no claims could be submitted.

The disclosure was made during the July 24, 2018, sitting of the House of

Assembly (HoA), when members were informed by Premier and Minister of

Finance, Dr the Honourable D. Orlando Smith (AL) that, “the Government

Administration Complex on Virgin Gorda is not insured.”

CDB Loan

He said, “repairs to the Government Building on Virgin Gorda, is a project

for which funding has been allocated under the CDB (Caribbean

Development Bank) Rehabilitation and Reconstruction Loan.”

Dr Smith was at the time responding to questions posed in the HoA, by First

District Representative and Leader of the Opposition, Honourable,

Andrew A Fahie (R1).

Hon Fahie had additionally asked of Dr Smith, “When the repairs, as a

result of the damages incurred from hurricanes Irma and Maria to the

(Virgin Gorda) Complex, will commence”

Hon had queried too of Dr Smith, the insurance details, when the

members were told that the complex was in fact not insured.

Speaking to the repairs to be had by tapping the CDB loan, Dr Smith told

HoA members, “…the process of engaging a third-party consultant for

independent verification, as required by the Bank, is well underway…This

consultant is expected to be on board in August 2018, to prepare

specifications and designs, and where necessary, to engage a contractor

to perform the required repair works.”

<< Back to news headlines >>

Opposition Leader takes up UK challenge in review of OT relations -

announces formation of domestic Committee to engage all citizens,

belongers Saturday 11th August, 2018 – Virgin Islands News Online

Opposition Leader Andrew A. Fahie (R1), has announced the formation of

a domestic Committee to conduct outreaches across the sister islands of

the Virgin Islands (VI), in order to solicit and document the views of citizens

throughout the territory, in response to the United Kingdom’s (UK)

establishment of a special body to review future relations with its Overseas

Territories (OT).

The Chairman of the Virgin Islands Party (VIP), in a statement released on

August 10, 2018, said the move is in response to the UK’s House of

Commons’ Select Committee on Foreign Affairs’ decision, to conduct a

formal inquiry on future of UK OTs.

The UK decision comes after the protestations that erupted following its

earlier decision to have territories such as the VI, establish public registers

for companies with beneficial ownership.

September Deadline

Honourable Fahie has since observed that while the Special Select

Committee has invited submissions from affected stakeholders, “in view of

the September 3rddeadline and given the far-reaching consequences of

this inquiry, I as Leader of the Opposition (LOTO) have deemed it

appropriate and critical to gather the views of VI citizens and Belongers,

from the widest corners of the territory and in various locations throughout

the United States and the UK.”

He said, “In this regard, I hereby announce that I shall form select

committees and shall conduct Town Hall meetings in Tortola; Virgin

Gorda; Anegada; Jost Van Dyke and St. Thomas.”

According to the Opposition Leader, “the aim of the meetings shall be to

solicit and document the views of citizens throughout the territory…All

attempts would also be made to receive and submit the views of Virgin

Islands citizens living or studying in the USA, UK or further afield.”

Concerns

Hon Fahie reminded that of late, a number of concerns have been

“voiced in regards to our Constitution, the protocol document, the British

Nationality Act, human rights, the role of the Governor, the rule of Law,

adherence to the concept of transparency and accountability, the British

response to Natural Disasters, freedom of information and many other

pertinent topics affecting the lives of our people and the stability of our

territory.”

The Opposition Leader was adamant, “all citizens and belongers of the VI

must be prepared to share their views and be represented.”

He said, once compiled, all views would be catalogued and presented to

the Foreign Affairs Committee before the September 3, 2018 deadline.

“In so doing the concerns cited by our people would be incorporated

with those of the remaining 13 Overseas Territories…Again, the invitation

for Virgin Islanders to share your thoughts and views on the future of the

relationship between the British Virgin Islands and the United Kingdom will

be extended and your participation shall be most welcomed.”

UK Reviews

The UK’s Foreign Relations Committee of the House of Commons, in

announcing the inquiry noted that, “in recent years, the OTs have been

exposed to shocks, from the Panama Papers in 2015, to the Brexit vote in

2016, and Hurricanes Irma and Maria in 2017…This led some OTs to

question the Government’s willingness to support them. Relations have

been put under further strain due to high-profile instances of divergence

between the UK and some of the OTs on issues such as civil rights and

financial transparency.”

The Committee has since advised it would be inviting submissions on: The

governance of the OTs, including their adherence to human rights

frameworks; The benefits to the UK and the OTs of the relationship

between them; The financing of the OTs; Representation of the OTs in the

UK and in the Commonwealth and other international fora and; Assets

and liabilities (including but not limited to ecological richness and the

effects of extreme weather, and natural resources such as minerals and

fish).”

<< Back to news headlines >>

‘FIA- no timely information; lacks trained IT personnel’- 2016 report Saturday 11th August, 2018 – Virgin Islands News Online

The Financial Investigation Agency (FIA) of the Virgin Islands (VI), a

Government Statutory body, complained in their 2016 Annual Report

about their inability to garner enough information from the requested

entitles in a timely manner.

The 2016 Report was tabled in the House of Assembly (HoA) at the 4th

Sitting of the 3rd session of the 3rd HoA.

The report did not say what was contributing to the “inability to garner

enough information”.

No IT Staff

The FIA also saw as a challenge, “its databases especially, since there are

no in-house personnel trained in IT procedures from a Financial

Intelligence Unit (FIU) perspective, as it relates to securing an FIU,” the

report stated.

The FIA’s mission is to provide an effective, professional and transparent

international cooperation and financial investigation service that fosters

public confidence and promotes the reputation of the Territory of the VI

as a centre of financial law enforcement excellence.

<< Back to news headlines >>

‘App’ Will Alert Tourists About Insecurity in Costa Rica Sunday 12th August, 2018 – Qcostarica

The government to invest US$ 1 million dollars annually in security for

tourists after the murder two tourists last weekend and will be ready in

December, at the start of the high tourist season

An app(lication) with warnings and safety tips for tourists would be ready

in December, at the beginning of the peak tourist season, reported Friday

the Tourism Board – the Instituto Costarricense de Turismo (ICT)

The application will have geolocation to alert the user about the dangers

according to where they are, explained the Minister of Tourism, María

Amalia Revelo.

Revelo said that it will also work to provide tourists with tips on renting a

car and “how to safely leave their valuables in the hotel.”

Once active, the app can be used to receive warnings of security risks,

including dangerous currents on the beaches, information from embassies

and links to applications on earthquakes and websites such as the

national weather service.

“The updates and improvements will be implemented throughout the

current administration,” said the minister.

This application will be part of the investment of US$1 million dollars per

year for the next four years of the Comisión Nacional de Seguridad

Turística (Consetur) – National Commission of Tourist Security.

The announcement came after the murder of two tourists last weekend,

Spanish tourist Arancha Gutiérrez López, on August 4 in Tortuguero de

Pococí, in the Caribbean, and of the Mexican María Trinidad Mathus, a

day later in Cóbano de Puntarenas, on the Pacific coast.

In addition, last Thursday two Spaniards were assaulted in the Rincon de la

Vieja National Park, in Liberia, Guanacaste.

The commission is made up of ICT, the Ministry of Security, the Judicial

Investigation Agency (OIJ), the Attorney General, and representatives of

the United States Embassy, the National Chamber of Tourism (Canatur)

and the Chamber of Tourism. of Guanacaste (Caturga).

The project will include training for 2,000 tourist entrepreneurs in the next

six months to protect their businesses and communities against possible

crimes. The goal of ICT is to double the figure by the end of 2019.

A Tourism Security Congress will also be organized, which will bring

together national and foreign experts to share success stories on the

subject.

Likewise, the Ministry of Security and the ICT will launch a campaign to

raise awareness among the population about gender violence, together

with the National Institute for Women (Inamu).

For his part, the Deputy Minister of Security, Eduardo Solano, announced

that the staff of the tourist police will be reinforced and mega-operatives

will be made in places with the greatest tourist visitation.

“We have operational groups for certain areas, the idea is that their range

of action reaches tourist areas. Also, students of the Police Academy will

be located in the areas that most require police,” said the vice minister.

These were the responses of the authorities to the murders of the In

addition, this Thursday two Spaniards were assaulted in the Rincon de la

Vieja National Park, in Liberia.

<< Back to news headlines >>

Antigua PM offers to help Dominica deal with Ross issue Friday 10th August, 2018 – Dominica News Online

The Gaston Browne led administration in Antigua and Barbuda has said

that it is willing to assist Dominica as it grapples with the loss of the Ross

University School of Medicine.

The medical school, which operated in the north of the island for forty

years, announced last week that it is leaving for good and will be

relocating to Barbados.

Browne, in a statement last night, said his government was willing to

provide incentives that would enable Dominica to remain attractive to

Ross University.

“Antigua and Barbuda recognises the monumental role played by Ross

University in the economy of Dominica and the move will impact; even in

the short-term, employment, foreign exchange earnings and air arrivals,”

Browne said.

One of the incentives outlined by Browne is the lowering or complete

elimination of transit taxes.

Browne was referring to the Ross University students heading to Dominica

from the United Kingdom, the United States and Canada who would have

to pay transit fees in Antigua.

He said his government is willing to forego these fees to assist Dominica.

Another suggestion from Browne is that Ross University and the

government of Dominica to enter into an agreement so that the university

can remain on the nature island.

“There is every responsibility owed by Ross to engage in a win-win

outcome by maintaining operations in Dominica while expanding and

diversifying its market operations to an additional CARICOM state,” he

said.

But, if the University should remain true to its latest pronouncements,

Browne said his government is willing to keep its borders opened to

welcome Dominicans who are severely impacted by the university’s

departure.

He said “Antigua and Barbuda knows the pain which the workers and

other breadwinners in Dominica will feel…especially the business owners

which offer goods and services”.

Additionally, Browne believes that another downturn in the country’s

economy coupled with the freedom of movement cannot be helpful to

the cause of regional integration.

And because of that, Browne said his country will do its part to assist

Dominicans who may want to make Antigua and Barbuda their home.

He ended his statement by saying that Antigua and Barbuda has never

shirked its responsibility to extend assistance to Dominica in times of

distress.

In September last year, Dominica was severely affected by Hurricane

Maria.

That category 5 hurricane destroyed infrastructure forcing the closure of

several businesses in an around the island, including Portsmouth, where

Ross University was based.

<< Back to news headlines >>