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▪ Saint Lucia Electricity Services Limited’s rating reaffirmed at CariBBB ▪ TSTT’s existing rating reaffirmed and new proposed bond issue rating assigned at CariA ▪ Jamaica Public Service Company Limited’s initial rating assigned at CariBBB+

▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+

▪ Island Car Rentals Limited’s initial rating assigned at jmBBB+

▪ The Pegasus Hotels of Guyana Limited’s rating upgraded to CariBBB

▪ The National Gas Company of Trinidad and Tobago’s rating reaffirmed at CariAA+

▪ Home Mortgage Bank’s rating reaffirmed at CariA

▪ NCB Cayman Limited’s rating reaffirmed at CariA

▪ NiQuan Energy Trinidad Limited’s initial rating assigned at CariA+

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Restructuring Problem Credits 6th & 7th February 2019 Jamaica

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REGIONAL

Trinidad and Tobago

Thousands come ashore as cruise ship docks

ALMOST 4,000 cruise ship passengers arrived in Trinidad as the MSC

Preziosa made its fourth call on the Port of Port of Spain yesterday.

Macro Fund falls $0.20

OVERALL market activity resulted from trading in 12 securities of which

three advanced, five declined and four traded firm.

Canadian oil company eyes Ortoire

CALGARY, Canada-based Touchstone Exploration Inc said it is the most

active onshore upstream company in Trinidad last week. Upstream is

where the oil or gas comes from, usually under the ground on land, or

under the sea floor offshore, but is also used to refer to general activity

related to that first stage of oil and/or gas extraction.

NGC’s global vision

The National Gas Company (NGC) is ready to go global.

Barbados

Another Caricom country places ban on single-use plastic products

Barbados has become the latest Caribbean Community (Caricom)

country to announce a ban on the importation, retail, sale and use of

petro-based single use plastic products.

Barbados judge joins CCJ bench

Justice Andrew Burgess, formerly a Justice of Appeal in Barbados' Court of

Appeal, was recently sworn in as a judge of the CCJ at a ceremony held

at Government House in Barbados

Jamaica

Search on For New BOJ Governor

The new governor will replace Brian Wynter whose contract is due to

come to an end in November.

Jamaica continued

Cuba Rejects Trump’s Threat to Tighten Embargo

Cuban ambassador to Jamaica, Ines Fors Fernandez, has vowed that

threats from the United States to further tighten the long-standing

embargo on the Caribbean island nation by activating Title Three of the

Helms-Burton Act will only make its people more resilient while praising

countries like Jamaica for their firm support over decades.

Jamaica says it's monitoring developments in Venezuela

THE Jamaican Government said last night that it was closely monitoring

the latest developments in Venezuela, where the Opposition leader

declared himself interim president, triggering a fresh round of bloodshed

in the troubled country.

Guyana

Against all odds… PPP Govt will reopen sugar estates–Jagdeo

The International Monetary Fund (IMF) is one of the many institutions that

has advocated for Guyana’s authorities to reduce the size of its sugar

industry since it was too costly to upkeep production at competitive rates.

Clamp down on illegal, unregulated pesticides

IMPORTERS who are caught with illegal and unregulated pesticides will

have to face the penalties which include legal charges.

The Bahamas

‘Hundreds of Acres’ for LPIA Expansion

Nassau airport’s managers are moving to secure “hundreds of acres” for

potential future expansion of its runway and terminal “footprint”, a

Cabinet Minister revealed yesterday.

Economy Faces ‘Real Climb’ To Dent Unemployment Rate

The Bahamas must see “a real climb in GDP growth” to at least 2.5

percent every year to break the cycle of double-digit unemployment

rates, a governance reformer warned yesterday.

St. Lucia

Saint Lucia businesses will soon be able to use “move-able assets” to

secure loans

The government of Saint Lucia is currently advancing an initiative that will

allow businesses to use non-traditional forms of collateral to secure

financing.

Antigua and Barbuda

Union says strike at ABS was sanctioned

The union that represents the interest of workers at the state-owned

Antigua and Barbuda Broadcasting Services (ABS) Radio and Television,

has explained that the rules of engagement have changed in relation to

who determines whether or not the workers are able to take industrial

action.

British Virgin Islands

FDL secures another gov’t contract | $800K consultancy for roads, coastal

defence restoration

St Lucia-based company, FDL Consult Incorporated, has been awarded

an $876,250 government contract to provide engineering, design, and

construction supervision services for the restoration of roads, slopes, and

coastal defences in the territory.

Goal post shift: Emergency amendment to new economic substance Act

disrupts HOA

A number of regulations governing the procedures of the House of

Assembly were yesterday suspended so legislators could make

unscheduled amendments to the Economic Substance Companies and

Limited Partnership (Amendment) Act of 2018 — a law only implemented

less than a month ago.

Dominica

Two business establishments welcome ban on Styrofoam and plastics

The ban on Styrofoam and plastic items has taken effect as of January

and two of the biggest importers of these products on the island have

welcomed the move.

Venezuela

Venezuela’s opposition leader declares himself president amid protests

Venezuelan Opposition Leader Juan Guaido declared himself interim

president in a defiant speech yesterday before masses of anti-

government demonstrators who took to the streets to demand President

Nicolas Maduro's resignation.

Crisis in Venezuela

THE row between Venezuela and the United States deepened yesterday

when Caracas gave US diplomats 72 hours to leave the country after

President Donald Trump said he recognised Opposition Leader Juan

Guiado as interim leader of the troubled nation.

INTERNATIONAL

United States

Futures edge higher, chip results soothe growth worries

U.S. stock index futures eked out some gains on Thursday after a string of

better-than-feared earnings from chipmakers helped calm concerns over

trade tensions and the longest U.S. government shutdown ever.

Senate stirs with votes on bills to end U.S. shutdown

The Republican-led U.S. Senate planned votes for Thursday on competing

proposals, one broadly backed by Democrats and the other by

Republicans, to end the partial government shutdown, both of which

seemed unlikely to resolve the month-long impasse.

United Kingdom

Sterling gnaws at key level on Brexit hopes

Sterling consolidated gains on Thursday after rocketing to a 11-week high

overnight on growing optimism that British lawmakers would be able to

avoid a no-deal Brexit.

Europe

ECB to acknowledge weak growth but keep policy unchanged

The European Central Bank is all but certain to keep policy unchanged on

Thursday but may acknowledge a sharp slowdown in economic growth,

raising the prospect of any further policy normalization being delayed.

Euro falls as markets prepare for cautious ECB

The euro fell on Thursday ahead of a European Central Bank meeting in

which policymakers may express caution about slowing economic

growth.

STMicro results trigger tech boost for European stocks

European shares climbed on Thursday as better-than-expected results

from chipmaker STMicro delivered a boost to the tech sector, shaking the

market out of a subdued mood caused by slowing global growth.

EU sues Britain over tax waivers for commodity markets

The European Commission said on Thursday it was suing Britain over tax

exemptions the country grants to some commodity markets, waivers that

Brussels considers in breach of European Union rules.

China

China says to have in-depth talks with U.S. on economic, trade issues

China and the United States will have in-depth discussions on economic

and trade issues during Chinese Vice Premier Liu He’s U.S. visit next week,

the Chinese commerce ministry said on Thursday.

Japan

Nikkei ends flat, but chip-related firms bolster market

Japan’s Nikkei ended almost flat on Thursday weighed down by a fall in

index heavyweight Fast Retailing, but strong earnings from Texas

Instruments boosted chip-related shares, supporting the broader market.

Global

Gloomy data shoves euro lower ahead of ECB meeting

The euro retreated while stocks and bonds rallied on Thursday, as painful

data from France and only modestly better readings from Germany set

the tone for the European Central Bank’s first meeting of the year.

Gloomy data shoves euro lower ahead of ECB meeting Thursday 24th January, 2019 – Reuters

The euro retreated while stocks and bonds rallied on Thursday, as painful

data from France and only modestly better readings from Germany set

the tone for the European Central Bank’s first meeting of the year.

Progress, or lack of it, in U.S.-China trade talks was also in focus, as were

signs of a Brexit delay. Emerging-market bulls were charging in Venezuela

after a U.S. move against the country’s president, Nicolas Maduro.

In France, a survey showed business activity pulled back at the fastest rate

in over four years in the face of weakening demand and the impact of

anti-government protests.

Germany’s services sector accelerated more than expected, but that

was largely offset by the first contraction in manufacturing in more than

four years.

The euro fell 0.2 percent to $1.1350, and while an upbeat tech sector

helped stocks, it meant there would be plenty of concerned questions for

European Central Bank President Mario Draghi later.

“At the moment their guidance (to raise interest rates later this year) isn’t

really on track,” said JPMorgan Asset Management fixed income portfolio

manager Seamus Mac Gorain, although he added it was probably still

too early to change them dramatically.

Traders were clearly expecting some comforting words. The ECB will keep

its sub-zero interest rates on hold at 1245 GMT and Draghi holds a news

conference at 1330 GMT.

Euro zone bond yields fell across the board and France’s gloomy data

pushed its 10-year yield down to a six-month low of 0.61 percent. The main

market gauge of euro zone inflation expectations dropped to a seven-

month low.

TRADE TALKS

Overnight in Asia, the mood was also cautious. MSCI’s broadest index of

Asia-Pacific shares outside Japan added 0.3 percent, helped by modest

gains in China. Japan’s Nikkei eased 0.1 percent.

China had taken positive cues from financial firms’ profits and the

approval for a new technology board in Shanghai. Wall Street had also

ended higher after upbeat earnings reports, including from IBM.

However, White House economic adviser Kevin Hassett said in a CNN

interview that the U.S. economy might see zero growth in the first quarter if

the partial government shutdown lasts the entire quarter.

Japan’s subdued day had also come its export orders fell at the fastest

pace in 2 1/2 years, confirming that slower growth is hitting another major

developed economy.

U.S. President Donald Trump said on Wednesday trade talks with China

were going well and China “very much wants to make a deal.”

But sources familiar with the talks say the two sides are still far apart on

structural elements critical for a deal.

Analysts at Capital Economics warned that China’s economic slowdown

looks set to be of a similar scale to 2015-16, though there are some

differences, notably less pressure on the yuan and no signs of major

capital outflows.

“Since China makes up 19 percent of the world economy, the slowdown

this year compared to last will knock 0.2 percentage points off global

growth,” they said.

In currency markets, the dollar rebounded in European trading. It was at

109.70 yen after reaching its high for the year, 110.00 yen against the

Japanese currency.

Sterling eased off its 11-week high of almost $1.31 amid growing signs that

Brexit was more likely to be delayed than the government risking leaving

the European Union without a deal on March 29.

The euro’s latest slide means it has now lost more than 1.5 percent against

the U.S. dollar since climbing to a three-month high of $1.1570 on Jan. 10.

The Australian dollar suffered a setback when one of the country’s major

banks raised mortgage rates, bolstering the case for a cut in official rates.

The yield on benchmark 10-year Treasury notes fell to 2.746 percent,

compared with its U.S. close of 2.755 percent on Wednesday. Oil prices

dropped amid concern over slowing global economic growth.

U.S. West Texas Intermediate (WTI) crude futures fell 0.5 percent to $52.38

a barrel. Brent crude futures were last down 0.4 percent at $60.87.

<< Back to news headlines >>

ECB to acknowledge weak growth but keep policy unchanged Thursday 24th January, 2019 – Reuters

The European Central Bank is all but certain to keep policy unchanged on

Thursday but may acknowledge a sharp slowdown in economic growth,

raising the prospect of any further policy normalization being delayed.

The ECB last month ended a landmark 2.6 trillion-euro ($2.96 trillion) bond

purchase scheme and maintained its guidance that an interest rate hike

is likely late this year.

But growth appears weaker than thought just a few weeks ago, with a

survey on Thursday showing business activity across the euro zone barely

expanded at the start of the year. The January reading for IHS Markit’s

Flash Composite Purchasing Managers’ Index was the weakest since July

2013.

This suggested that the ECB’s next move could even be an easing of

policy rather than a tightening.

Germany, France and Italy, the euro zone’s biggest economies, barely

grew in the fourth quarter and ECB President Mario Draghi has already

acknowledged that the slowdown could be longer than expected,

setting up the ECB for a dovish meeting.

With much of its firepower depleted, Draghi will use his few remaining tools

sparingly, suggesting Thursday’s meeting will be more about words than

action.

At most, Draghi could downgrade the bank’s economic assessment,

arguing that growth risks are now tilted to the downside. He could also

provide clues about new loans to banks, called Long-Term Refinancing

Operations or LTROs, likely to come in the spring.

“Even if the balance of risks does not formally change, we would expect

a sufficient shift in tone to signal the same thing,” Deutsche Bank said in a

note to clients.

The problem with downgrading the risk assessment is that such a change

in the bank’s guidance would naturally raise expectations of policy

action.

But the ECB is not yet ready to tweak its stance, so any change in the

guidance would risk creating an impression that policy is not in sync with

policymakers’ assessment of the economy.

Draghi could also opt to stick with the bank’s December formulation that

growth risks are still broadly balanced, even if they continue to shift to the

downside.

“President Draghi will have to pull off a balancing act - accounting for the

subdued cyclical trend in the euro zone... while accentuating the

underlying confidence of the monetary custodians in the economic

outlook,” economists at DZ Bank wrote.

The ECB announces its policy decision at 1245 GMT and Draghi will hold a

news conference at 1330 GMT.

TEMPORARY?

The problem is that a growth dip, seen as temporary just a few months

ago, shows no sign of going away.

Manufacturing contracted near the end of 2018, export growth slowed

and sentiment indicators are falling towards multi-year lows.

A predicted rise in underlying inflation has also failed to materialize and

employment growth is slowing, a worrying sign for wages and inflation.

All this suggests that the euro zone is now growing at or even below trend,

so inflationary pressures may take longer to build, testing the credibility of

the ECB, which has undershot its price growth target since early 2013.

Some of the weakness may be temporary, like the struggles of the

German auto industry to adjust to new emissions standards, investor

caution ahead of Brexit or the drag on sentiment from protests against

French President Emmanuel Macron.

But sluggish external demand is likely to be more persistent, with China’s

economic struggles likely to exacerbate the slowdown.

If such a drag on growth persists, the ECB will be pressed to signal record

low rates for even longer, providing more stimulus by delaying a hike.

It could also offer long-term loans to banks on more generous terms and

may tweak its guidance on how long it plans to invest cash from maturing

bonds back into the market.

Policymakers can afford to wait before taking more concrete steps,

hoping for growth to pick up in the coming months and letting markets do

its work for now by shifting rate hike expectations as data disappoint.

Investors now see a hike only in mid-2020, keeping borrowing costs low,

even without explicit commentary from the ECB.

“If, however, we move from a risk of a technical recession in some

countries, our baseline, to a protracted downturn with knock-on effects

on the labour market and possibly financial stability, then the ECB would

be forced into something more drastic,” Bank of America Merrill Lynch

said.

“We don’t think the ECB is there, especially not in the midst of a

succession debate for several board positions, which probably incentivises

a lot of candidates to take a centrist stance.”

($1 = 0.8798 euros)

<< Back to news headlines >>

Nikkei ends flat, but chip-related firms bolster market Thursday 24th January, 2019 – Caribbean News Now

Japan’s Nikkei ended almost flat on Thursday weighed down by a fall in

index heavyweight Fast Retailing, but strong earnings from Texas

Instruments boosted chip-related shares, supporting the broader market.

The Nikkei share average dipped 0.09 percent to 20,574.63, hit by a 3.1

percent fall in Fast Retailing, which accounts for more than 9 percent of

the Nikkei. But it managed to stay above its 25-day moving average at

20,451.

The broader Topix was up 0.36 percent at 1,552.60, with chip-related

shares and financials leading the gains.

Chip equipment makers enjoyed big relief rallies after Texas Instruments

Inc beat Wall Street’s profit estimates, easing investor fears sparked by

warnings of a slowing smartphone market from Apple Inc.

Advantest Corp surged 6.2 percent while Tokyo Electron jumped 4.5

percent and Screen Holdings gained 5.9 percent.

Financials also gained, with banks rising 1.1 percent and securities

brokerages 1.6 percent.

Kabu.com Securities jumped 20.9 percent, hitting limit-high, after the news

that telecom firm KDDI Corp was considering investing in Kabu.com.

KDDI shares ended down 0.4 percent.

Yet, turnover has been low recently as investors are on the sidelines,

analysts said. On the Tokyo Stock Exchange’s main board, turnover was

below 2 trillion yen for the past four days, compared with the average of

about 2.6 trillion yen over the past year.

“Basically, investors are in a wait-and-see mode ahead of earnings. It’s

becoming clear that the impact of U.S.-China trade frictions is not

negligible,” said Takaaki Yoshino, head of investment technology office at

Nissay Asset Management.

The earnings season will be in full swing next week in Japan.

Elsewhere, shares linked to the city of Nagasaki got a boost after Pope

Francis unveiled a plan to visit Japan, sparking expectations his visit would

be a big publicity boost and help attract tourists to the city.

<< Back to news headlines >>

Euro falls as markets prepare for cautious ECB Thursday 24th January, 2019 – Reuters

The euro fell on Thursday ahead of a European Central Bank meeting in

which policymakers may express caution about slowing economic

growth.

The ECB is expected to reaffirm its plan to raise interest rates by the end of

the year but traders will focus on how explicitly, if at all, the central bank

acknowledges the slow-down.

The euro has lost around 1.6 percent of its value over the last two weeks as

investors bet the ECB will keep monetary policy accommodative for an

extended period.

If recent weaker-than-expected economic activity in Germany and

France leads ECB President Mario Draghi to point to a potentially longer

lasting slowdown, that could hurt the euro.

“We see a risk of modest dovish bias from Draghi today given the long

stream of the soft euro zone data and look for the euro to test $1.1310,”

said ING FX strategist Petr Krpata.

At 0830 the euro was down 0.2 percent at $1.1355 EUR=EBS.

Germany, France and Italy, the euro zone’s biggest economies, barely

grew in the fourth quarter and French business activity fell unexpectedly

this month, a survey showed on Thursday.

The ECB holds its first meeting of the year at a time when concerns are

also growing about global trade tensions and Brexit.

Sterling traded marginally lower at $1.3043, hovering near highs last seen

in mid-November in a sign traders expect Britain to avoid a chaotic exit

from the European Union.

Some analysts expect limited upside for sterling. Philip Wee, currency

strategist at DBS says that most of the gains in the pound are due to the

unwinding of short positions. He sees sterling capped in the range of

$1.3170-1.3240.

Since Prime Minister Theresa May’s divorce deal with the EU was rejected

by lawmakers last week, lawmakers have been trying to plot a course out

of the crisis but no option has the majority support of parliament.

The dollar index .DXY, a gauge of its value versus six major peers, was

steady at 96.06.

The greenback remains hamstrung versus its rivals, restrained by concerns

over global growth, the U.S. government shutdown and a yet-unresolved

U.S.-Sino trade dispute.

The Aussie dollar AUD=D3 was a big mover in the Asian session, trading

half a percent lower at $0.7104 after National Australia Bank said it would

raise mortgage rates by 12 to 16 basis points. Earlier, the Aussie was in

positive terrain on the back of solid jobs data.

<< Back to news headlines >>

STMicro results trigger tech boost for European stocks Thursday 24th January, 2019 – Reuters

European shares climbed on Thursday as better-than-expected results

from chipmaker STMicro delivered a boost to the tech sector, shaking the

market out of a subdued mood caused by slowing global growth.

The pan-European STOXX 600 gained 0.4 percent by 0930 GMT, in line with

Germany's DAX .GDAXI while Italy's FTSE MIB .FTMIB climbed 1.1 percent.

The tech sector .SX8P led the way, jumping 1.8 percent as investors

pounced on a bit of good news from chipmaker STMicro, soothing fears

about a sector which has been bruised by slowing demand.

Chipmaker STMicroelectronics (STM.MI) jumped 7 percent after reporting

a fourth-quarter margin slightly above targets, though it predicted a sharp

fall in first-quarter sales.

Liberum analysts said such large estimate cuts are largely priced into

semiconductor stocks, adding: “We therefore regard current weakness as

a strong buying opportunity”.

AMS (AMS.S), Siltronic (WAFGn.DE), Infineon (IFXGn.DE), ASML (ASML.AS)

rose 3.7 percent to 73 percent.

Investors are watching results like hawks this season after earnings

expectations sank as a slowing global economy took its toll. Companies’

comments on both current trading and the future outlook will be critical.

“The earnings season has been reasonable so far, but when you’ve got

these macro headwinds it doesn’t give people confidence to place their

marginal pound in risk assets,” said Gary Waite, portfolio manager at

Walker Crips Investment Management.

Disappointing results dented some.

Shares in Danish pharmaceuticals company Novozymes (NZYMb.CO) fell

3.1 percent, the biggest STOXX faller, after the CFO said Middle East

markets were likely to remain weak in 2019.

Italian fashion brand Tod’s (TOD.MI) was also punished by the market,

falling 5.6 percent after it said like-for-like sales for 2018 fell 3 percent due

to a worsening of the performance in Italy and the rest of Europe.

“Despite it mentioning ‘visible’ results from recently launched initiatives,

we cannot ignore that it has been guiding for - and failing to deliver - an

H2-weighted rebound for more than two years,” wrote Berenberg

analysts.

“We believe a turnaround is unlikely to materialize anytime soon,” they

added.

Outside results, deal news drove some moves.

Denmark’s DSV (DSV.CO) rose 1.9 percent to a three-month high after

Kuehne & Nagel (KNIN.S) said Panalpina (PWTN.S) was too overvalued for

it to make a takeover bid.

Kuehne & Nagel’s comments cut the probability of a costly bidding war

for Panalpina, a positive for DSV which approached the Swiss logistics firm

with a $4.1 billion offer last week.

Broker notes moved some stocks.

Swiss chocolate maker Barry Callebaut (BARN.S) climbed 4.9 percent with

traders citing an upgrade from Goldman Sachs, while Fresenius climbed

3.6 percent after BAML upgraded it to “buy”.

Investors remained sceptical any market rally could last as long as the

U.S.-China trade war and Brexit negotiations remained unresolved.

“I still think the headwinds are still too strong, we see the market trading

sideways until some of these issues get resolved,” said Walker Crips’ Waite.

<< Back to news headlines >>

Sterling gnaws at key level on Brexit hopes Thursday 24th January, 2019 – Reuters

Sterling consolidated gains on Thursday after rocketing to a 11-week high

overnight on growing optimism that British lawmakers would be able to

avoid a no-deal Brexit.

While a firmer dollar prompted currency traders to book some profits after

a more than 2.3 percent rally in the pound so far this month, various

market position indicators and derivative market signals are indicating

more pound bullishness for now.

On Thursday, the British currency edged a fifth of a percent lower at

$1.3038 after briefly scaling a 2-1/2 month high of $1.3094 in the Asian

session.

It was trading just below a key market level of $1.3071, the 200-day

moving average for the pound, a level it hasn’t traded above since May

2018.

The pound has been the biggest gainer this month in the G10 currency

universe with its peers such as the dollar and the euro dogged by

concerns of a spreading slowdown in the global economy.

“The driver behind the latest recovery in the pound has been

expectations that a no-deal withdrawal can be avoided, and yesterday’s

headlines encouraged investors to add to those bets,” said Charalambos

Pissouros, a senior market analyst at JFD Brokers.

An attempt by British lawmakers to prevent a no-deal Brexit gained

momentum on Wednesday after the opposition Labour Party said it was

likely to throw its parliamentary weight behind that.

Data has also been briefly supportive of the pound this week after strong

employment data this week suggested Britain’s labour market remained

robust despite an economic slowdown before Brexit.

In the absence of weekly positions data, banks’ internal flows and data

compiled by some of the biggest institutions — BNP Paribas, Royal Bank of

Canada, Bank of America Merrill Lynch, Morgan Stanley and Scotiabank

— indicated pound positions have become more neutral in recent days

compared to big bearish bets in December.

Implied volatility gauges in the pound also extended their downward path

with one-month tenors falling to a two-month low on Thursday at around

10.5 “vol” and nearly half of levels seen in mid-November.

Against the euro, the pound was slightly weaker at 87.05 pence.

<< Back to news headlines >>

China says to have in-depth talks with U.S. on economic, trade issues Thursday 24th January, 2019 – Reuters

China and the United States will have in-depth discussions on economic

and trade issues during Chinese Vice Premier Liu He’s U.S. visit next week,

the Chinese commerce ministry said on Thursday.

Both sides are currently in touch on the detailed arrangements

surrounding his visit on Jan. 30-31, Gao Feng, spokesman at the

commerce ministry, told reporters.

Reports the United States has cancelled consultations with China are

untrue, Gao said, adding that the two sides have maintained close

contact.

“During the upcoming high-level negotiations, both sides will continue to

hold in-depth talks on various economic and trade issues of mutual

concern,” Gao said.

U.S. President Donald Trump has vowed to increase tariffs to 25 percent

from 10 percent on $200 billion worth of Chinese imports on March 2 unless

China takes steps to protect U.S. intellectual property.

Trumps also wants China to end policies that force American companies

to turn over technology to a Chinese partner, allow more market access

for U.S. businesses, and reduce other non-tariff barriers to American

products.

China has repeatedly played down complaints about intellectual

property abuses, and has rejected accusations that foreign companies

face forced technology transfers.

Firms in both countries are feeling the sting of U.S. tariffs and retaliation

from China. Apple Inc (AAPL.O) earlier this month rattled markets by

cutting its sales outlook, blaming soft Chinese demand.

On Wednesday, White House economic adviser Kevin Hassett said he

believed the United States and China could reach a trade deal by March

1.

That view was backed by equally optimistic comments by Trump on

progress made in talks.

“I like where we are right now,” he said.

<< Back to news headlines >>

EU sues Britain over tax waivers for commodity markets Thursday 24th January, 2019 – Reuters

The European Commission said on Thursday it was suing Britain over tax

exemptions the country grants to some commodity markets, waivers that

Brussels considers in breach of European Union rules.

Under EU rules, countries need EU authorization not to charge sales tax on

products and services. In 1977, Britain obtained a waiver to charge a zero-

rate value-added tax (VAT) on some commodity markets, but has since

unlawfully extended its scope to other markets, the EU executive

Commission said.

Last July, Brussels sent a warning letter to Britain over the case. On

Thursday, it stepped up the legal battle by referring Britain to the EU Court

of Justice. The procedure could end up in fines if the court rules against

the UK.

Britain charges no VAT on marketplaces in which it is the global leader,

such as the London Metal Exchange and the London bullion market.

The Commission is requesting that Britain impose the tax. It said the waiver

“generates major distortions of competition to the detriment of other

financial markets within the EU”.

The legal battle has been going on since 2015, but the Commission

stepped it up after Britain decided to leave the EU. Britain has said the

waivers are legal.

EU legal procedures usually last years and only in rare cases have ended

up in fines against EU states that refuse to make the required changes.

As Britain is leaving the EU, it is unclear whether the country would change

its rules to abide by EU tax legislation. It is also unclear whether it would

agree to pay possible fines to Brussels after it quits the union.

<< Back to news headlines >>

Futures edge higher, chip results soothe growth worries Thursday 24th January, 2019 – Reuters

U.S. stock index futures eked out some gains on Thursday after a string of

better-than-feared earnings from chipmakers helped calm concerns over

trade tensions and the longest U.S. government shutdown ever.

Investors were expecting weak reports from semiconductor companies

amid warnings of a slowing smartphone market from Apple Inc. But Xilinx

Inc and Lam Research Corp reported better-than-expected quarterly

results.

Shares of Xilinx rose 9.8 percent and Lam Research 6.4 percent in

premarket trading. Texas Instruments Inc missed quarterly revenue

estimates but beat on profit, pushing its shares up 1 percent.

Gains in chip stocks helped Nasdaq futures gain 0.5 percent, while S&P

futures were up about 0.1 percent.

While earnings reports from U.S. chip companies soothed nerves about

the impact of the U.S.-China trade war on their businesses, sombre results

from Korean chipmaker SK Hynix Inc fed into the gloom amid China’s

economy slowing to its weakest in decades.

At 7:03 a.m. ET, Dow e-minis were up 31 points, or 0.13 percent. S&P 500 e-

minis were up 4.5 points, or 0.17 percent and Nasdaq 100 e-minis were up

32.5 points, or 0.49 percent.

After a steady start to 2019, in which the S&P 500 hit over one-month high,

stocks have lagged this week as fears of slowing growth hit risk appetite.

The benchmark index is trading about 10 percent below the record high it

hit in September.

International Monetary Fund Managing Director Christine Lagarde

reiterated that the major risk facing the global economy was the U.S.-

China trade tensions, which could precipitate the slowdown of the

Chinese economy.

More than three-fourth of the 76 S&P 500 companies have reported

fourth-quarter results have topped profit estimates, according to Refinitiv

data.

But the earnings growth estimates for last quarter have dropped to 14.2

percent from 20.1 percent at the start of October, while 2019 profit growth

estimates have come down to 5.9 percent from 10.2 percent in the same

period.

Southwest Airlines Co shares rose 3.8 percent after the carrier’s quarterly

profit beat estimates. However, the company said the government

shutdown had knocked off $10 million to $15 million from its revenue so far

in January.

Shares of American Airlines Group also rose 2.4 percent.

A slate of transport companies, including railroad operator Union Pacific

Corp, and airlines will report quarterly earnings.

Copper miner Freeport-McMoran and industrial company W W Grainger

Inc, whose results are watched for signs on the health of the economy, will

also release reports later in the day.

<< Back to news headlines >>

Senate stirs with votes on bills to end U.S. shutdown Thursday 24th January, 2019 – Reuters

The Republican-led U.S. Senate planned votes for Thursday on competing

proposals, one broadly backed by Democrats and the other by

Republicans, to end the partial government shutdown, both of which

seemed unlikely to resolve the month-long impasse.

Republican President Donald Trump last month triggered the shutdown,

now in its 34th day, by demanding $5.7 billion for a U.S.-Mexico border

wall, opposed by Democrats, as part of any legislation to fund about a

quarter of the government.

The longest such shutdown in U.S. history has left 800,000 federal workers

as well as private contractors without pay and struggling to make ends

meet, with the effects on government services and the economy

reverberating nationwide.

Senate Majority Leader Mitch McConnell plans a vote on a Democratic

proposal to fund the government for three weeks but does not include

the wall funding that Trump wants.

Its prospects looked dim in the Republican-controlled chamber, although

at least one conservative senator reportedly plans to back it. The

Democratic-controlled U.S. House of Representatives has passed similar

bills but Trump has rejected legislation that does not include the wall

funding.

McConnell has previously said he would not consider legislation that

Trump did not support. The mere fact that he is willing to allow for a vote

suggests he may be trying to persuade lawmakers of both parties to

compromise.

U.S. Senator Cory Gardner intends to vote for the bill, the Denver Post said,

citing the lawmaker’s spokesman. Representatives for the Colorado

Republican could not be immediately reached for comment.

McConnell also planned to hold a vote on a separate bill that includes

wall funding and a temporary extension of protections for “Dreamers,”

hundreds of thousands of people brought to the United States illegally as

children, to reflect an offer Trump made on Saturday.

Democrats have dismissed Trump’s offer, saying they would not negotiate

on border security before reopening the government and would not

trade a temporary extension of the immigrants’ protections in return for a

permanent border wall they have called ineffective, costly and immoral.

McConnell’s calculation may be that if both bills fail, that could convince

Republicans and Democrats to seek a compromise.

One possibility emerged on Wednesday when House Democratic leaders

floated the idea of giving Trump most or all of the money he seeks for

security along the Mexican border but that could not be used to build a

wall.

Representative James Clyburn, the No. 3 House Democrat, said

Democrats could fulfil Trump’s request for $5.7 billion for border security

with technological tools such as drones, X-rays and sensors, as well as

more border patrol agents.

On Wednesday, House Speaker Nancy Pelosi, the top U.S. Democrat,

essentially disinvited Trump from delivering the annual State of the Union

address in the House chamber until the government is fully open. Trump

initially called her move “a disgrace,” before acquiescing in a late-night

post on Twitter.

“I will do the Address when the Shutdown is over. I am not looking for an

alternative venue ... because there is no venue that can compete with

the history, tradition and importance of the House Chamber,” he wrote. “I

look forward to giving a ‘great’ State of the Union Address in the near

future!”

Pelosi responded on Twitter with a call to Trump to support House-passed

legislation to end the government shutdown. “Please accept this proposal

so we can re-open government, repay our federal workers and then

negotiate our differences,” she said.

A Reuters/Ipsos poll last week found more than half of Americans blamed

Trump for the shutdown even as he has sought to shift blame to

Democrats after saying last month he would be “proud” to close the

government for border security.

<< Back to news headlines >>

Against all odds… PPP Govt will reopen sugar estates–Jagdeo Thursday 24th January 2019 – Kaieteur News

The International Monetary Fund (IMF) is one of the many institutions that

has advocated for Guyana’s authorities to reduce the size of its sugar

industry since it was too costly to upkeep production at competitive rates.

Following this advice, the APNU+AFC administration closed four estates,

which displaced over 4,000 sugar workers, leaving them without a social

net or programme to fall back on.

But this state of affairs could all be temporary. According to Opposition

Leader, Bharrat Jagdeo, if the People’s Progressive Party (PPP) wins the

next elections, its members will find a way to reopen the estates.

Jagdeo said, “The PPP will find a way of reopening the estates that are

closed so as to put people back to work. We will explore all forms of

partnerships to get that done plus innovative financing and investments so

people can return to providing for their families.”

The PPP General Secretary said that through a series of investment

initiatives and support from the treasury, the workers from the Wales Estate

would benefit from the PPP Government.

He said, “We had said last year that we would also assist the sugar workers

directly, that is, through a stipend. But if we can find jobs for everyone

then we wouldn’t have to resort to that because they would be

employed.”

The Guyana Sugar Corporation (GuySuCo) is using three estates for

production – Blairmont and Albion in Berbice and Uitvlugt in West

Demerara.

The remaining four estates, Wales (West Bank Demerara); Enmore (East

Demerara) and Rose Hall and Skeldon (East Berbice), are up for offers of

divestment and privatization.

BUILDING A RESILIENT ECONOMY

Finance Minister, Winston Jordan, had warned that it is not likely that the

APNU+AFC administration would be able to build a resilient economy by

the next General and Regional Elections if radical changes are not made.

In this regard, the Finance Minister, “Unless we are prepared to move

away from sugar as we know it, into value added and take opportunities

available in Caricom markets but more particularly Brazil, once we can

get a road going there,” then the nation cannot expect a sudden

turnaround in the way the economy responds to external shocks.

The Finance Minister said that to get to resilience, which means the

economy can withstand shocks, Guyana would have to move away from

primary production into the next stage of the value chain. He said it would

also require that the Government put in place, climate resilient

infrastructure and practices.

The economist said, “We just won’t move from 50 years of doing the same

thing into resilience. It has to be diversified and it has to be green and

withstand shocks that are ever present when you are involved in primary

production.”

He continued, “Even if you were able to produce all the sugar you

desired, we would have trouble because we don’t have a captive

market anymore. We have to go out there and hustle like everyone else.

“At no time, certainly in the post-independence period, were we able to

produce sugar at a price that could have competed on the international

market.”

Jordan added, “We always had to have some form of protection along

the way. We had a long protection under the European Union artificial

price, which allowed us to stay in it for a very long time and perhaps it was

a good or a bad thing.

“It perhaps was a bad thing in the sense that, were we forced to adjust

using international prices as our benchmark then who knows; we might

have been a different sugar entity today.”

<< Back to news headlines >>

Clamp down on illegal, unregulated pesticides Thursday 24th January 2019 – Guyana Chronicle

IMPORTERS who are caught with illegal and unregulated pesticides will

have to face the penalties which include legal charges.

The Pesticides and Toxic Chemical Control Board (PTCCB) intends on

enforcing the law which allows the board to pursue legal charges against

persons who import illegal and unregulated pesticides.

“Last year was a good year in terms of enforcement work and in terms of

addressing illegalities in the agriculture sector… some of the things in terms

of what is the next step for this year is pursuing what is provided for in the

Constitution,” said PTCCB Registrar, Trecia David, during an exclusive

interview with the Guyana Chronicle on Monday.

The board had its first court case on Tuesday but intends on pursuing more

legal options when dealing with delinquents.

“There needs to be a stronger message to limit the smuggling of illegal

pesticides… once we confiscate it, they suffer losses but some go back

and do the same thing, so we want to let the law be used as a deterrent

to this,” said David, adding that Guyana racks up a hefty cost to dispose

of illegal and unregulated pesticides which are seized.

The legal charges against persons will be used as a “polluter pay”

principle, said Senior PTCCB inspector, Suresh Amichand.

Disposal of confiscated items should not be a burden to the State and

Amichand believes that the delinquents should be paying for the disposal.

Despite employing various measures to deal with the smuggling of illegal

pesticides, Amichand said the authority would always encounter the

problem because of Guyana’s porous borders.

In order to improve vigilance at the borders, the PTCCB has entered into a

Memorandum of Understanding (MoU) with the Guyana Revenue

Authority (GRA) to effectively manage the ports.

“In terms of what is seized, we just do not want to do it in the context of

blocking business because we could always have the pesticides

registered, once they are tested and proven not to be harmful,” said

David.

<< Back to news headlines >>

‘Hundreds of Acres’ for LPIA Expansion Wednesday 23rd January 2019 – Tribune 242

Nassau airport’s managers are moving to secure “hundreds of acres” for

potential future expansion of its runway and terminal “footprint”, a

Cabinet Minister revealed yesterday.

Dionisio D’Aguilar, minister of tourism and aviation, told Tribune Business

that ensuring “the necessary land” is available to meet Lynden Pindling

International Airport’s (LPIA) future needs was an issue already “in play”.

He added that LPIA’s operator, the Nassau Airport Development

Company (NAD), needed to “consider everything to accommodate” the

steadily increasing passenger traffic that has resulted from Baha Mar’s

opening and 16 percent year-over-year stopover visitor growth for much

of the 2019 first quarter.

Mr D’Aguilar’s insight into NAD’s planning challenges came as he

revealed that the government has agreed on a ten-year extension to the

existing deal with Vantage Airport Group, the Canadian headquartered

firm, to provide management services to LPIA’s operator.

The minister said this, combined with the 20-year extension to NAD’s lease

to operate LPIA, would strengthen the airport manager’s relationship with

current and future business partners. He explained that both extensions

would boost confidence among investors that long-term deals with NAD

will not be impacted by expiring leases and subsequent political

interference.

With NAD looking to the future following its recent $139m debt

refinancing, Mr D’Aguilar told Tribune Business: “We’re considering

increasing the footprint of LPIA, and to secure the necessary land from the

Crown to allow for future expansion of the runways and terminals.

“It’s very important that we start to secure that real estate, so no

development takes place that impacts the natural expansion of the

footprint. It’s important that people don’t build buildings in the way of

future runways. They’re [NAD] thinking about all that now and getting it

started.’

“All that is in play. An additional runway is quite big and wide, and needs

additional real estate, so one can assume that this would be in the

hundreds of acres. It’s just to secure land for future expansion.”

Mr D’Aguilar said such longer-term planning was in addition to “the

infrastructure works NAD is contemplating on the airside sector”, which

include runway upgrades, new aircraft taxiways and parking spaces, and

further enhancements to LPIA’s terminals.

“Obviously the traffic going through that airport is growing quite

considerably,” he added, “and we now need to consider everything to

accommodate the increase in traffic. There are a lot of things we need to

rectify, and Vantage brings that expertise to the table. We want to keep

that relationship.”

LPIA remains arguably The Bahamas’ most important infrastructure asset,

as it is the main gateway through which around 1.5m higher-spending

stopover visitors access this nation’s tourism product and fuel the country’s

largest industry and wider economy. This role means it is absolutely critical

that the airport keep pace with economic and tourism growth.

NAD’s 2018 financial statements, which were disclosed to potential

investors as part of its recent $139m refinancing, also include a provision

for resurfacing the existing LPIA runways that is currently valued at $32m

with a 13 percent discount rate.

Mr D’Aguilar, meanwhile, said the extensions of the existing arrangements

with NAD and Vantage to March 31, 2057, and March 31, 2029,

respectively, simply made good business sense as it gave the airport

operator’s current and potential commercial partners certainty and

predictability in knowing their investments were secure for the long-term.

NAD’s initial 30-year lease was due to expire in less than 20 years from

now, at end-March 2037, and the minister said the Government had been

informed that the relatively short remaining duration was unnerving parties

talking to the LPIA operator.

“The Government has agreed to extend the lease,” Mr D’Aguilar

confirmed in response to Tribune Business’s revelation of the 2057

extension. “Here we are in 2019 with less than 20 years to go.

“It’s difficult for NAD to negotiate relationships with less than 20 years left

on its lease. The Government saw fit to extend it by another 20 years, the

lease from the Airport Authority to NAD, because anyone wanting to

enter into a relationship with NAD knows that agreement is in place for the

long-term.

“People were saying: ‘What happens after 2037? It’s not even 20 years. If

potential investors at NAD are mentioning this as a stumbling block, it’s

quick and easy to fix, so we’ve fixed that. The risk is very low from the

Government’s perspective because the Airport Authority is owned by the

Government, and NAD is owned by the Government.”

Mr D’Aguilar then revealed that the Minnis administration has extended

Vantage’s NAD management contract, which was due to expire at end-

March 2019, by a further 10 years to 2029.

“We were minded to do so because we were pleased with the

performance of NAD/Vantage, and Vernice Walkine and the team of

Bahamians she heads up that represent Vantage there,” he added.

“They’ve successfully had the ratings on NAD’s debt upgraded twice,

albeit the second time was a minor modification from a ‘BB+’ to a ‘BBB-’,

but it restored the investment grade rating and dropped the negative

outlook.”

Arguing that the combined effect of the two extensions would give LPIA

investors major reassurance, Mr D’Aguilar told Tribune Business: “It makes

persons considering entering into any relationship at the airport

comfortable with the fact that the status quo is going to remain, and that

NAD is going to be managing the airport and NAD will be managed by

Vantage.

“There are Bahamians in place managing NAD with the ability to draw on

the expertise of Vantage. This is a good set-up and we want to continue

that. Vernice Walkine and her team have done an excellent job to

improve operations and the debt.

“The recent refinancing of $139m of high interest debt took it to a more

reasonable 7.5 percent, and we’re projecting that NAD - which has

always been cash flow positive but suffered net losses - will still be cash

flow positive but move into a net profit from 2019.”

NAD is projecting that it will turn a comprehensive profit of $2.56m for its

current financial year to end-June 2019, driven by further increases in

passenger facility fees and other forms of revenue.

Its financial statements for the year to end-June 2018 revealed that its net

comprehensive loss fell by almost $10m year-over-year - dropping from

$14.153m to $4.371m - as its slashed losses by some 70 percent.

The improved financial performance was driven by increased passenger

traffic stemming from Baha Mar’s full opening, plus fee increases, both of

which contributed to significant hikes in passenger processing and

facilities fees.

Passenger facility charge revenue grew by 15.5 percent or over $7m, rising

from $45.464m to $52.508m, while processing fees were up by 51.4

percent from $7.525m to $11.396m. As a result, total operating revenue

jumped from $77.028m to $89.396m, a 16 percent rise that put NAD closer

than ever before to covering both operating expenses and $68.473m in

financing costs

<< Back to news headlines >>

Economy Faces ‘Real Climb’ To Dent Unemployment Rate Wednesday 23rd January 2019 – Tribune 242

The Bahamas must see “a real climb in GDP growth” to at least 2.5

percent every year to break the cycle of double-digit unemployment

rates, a governance reformer warned yesterday.

Robert Myers, a principal with the Organisation for Responsible

Governance (ORG), told Tribune Business that the slight uptick in the

national jobless rate to 10.7 percent in November 2018 was merely a

reflection of the continued “sluggish” economy.

Arguing that the latest Department of Statistics labour force data was of

little surprise, he recalled International Monetary Fund (IMF) projections

that The Bahamas needed to achieve an average annual economic

growth rate of 5.5 percent between 2013 to 2018 if it was to absorb all

new workforce entrants and dent existing unemployment by 50 percent -

a rate it had fallen well short of.

Expressing fears that The Bahamas faced “stagnation” if it did not snap

out of a decade-long low-to-no-growth trend soon, Mr Myers said “the big

question” yet to be answered by any government or the private sector

was why the economy has consistently under-performed.

He again blamed the ease and cost of doing business for The Bahamas’

losing its competitive edge, which has left the economy unable to

produce enough jobs to absorb the 3,000-6,000 annual high school

leavers or make major dents in the unemployment hangover from the

2008-2009 recession.

“They’re saying the same thing we’ve always said, which is you’ve got to

focus on the ease and cost of doing business and making it more

attractive and competitive for foreign direct investment (FDI) and local

investors to invest in the Bahamian economy,” Mr Myers told Tribune

Business of the latest unemployment data.

“What we’re seeing is a sign of the sluggish climbing momentum of the

economy. It’s just as we said. There has to be a 5.5 percent growth rate to

deal with the national debt and the unemployment rate. That number is

no surprise to anybody.

“It’s [5.5 percent] really aggressive, and we have to work very hard to get

to a trajectory of that type of growth otherwise we’re going to stagnate.

We need to see at least 2.5 percent growth year-over-year. We need to

see a real climb in GDP growth.”

The official unemployment data means that just over one in ten

Bahamians seeking work cannot find it, representing a material number

that suggests a significant segment of society is being left behind in the

21st century economy.

While the twice-yearly Department of Statistics survey represents a job

market “snapshot” at a point in time, the data is particularly useful when

compared with long-term trends over several years.

Such analysis reveals that the total number of Bahamians unemployed

has changed little over two years, representing much of the Minnis

administration’s first term in office. Some 25,135 Bahamians were deemed

unemployed in November 2018 compared to 25,365 in November 2016 - a

decline of just 230 persons.

“The big question is why is the economy not growing fast enough?” Mr

Myers told this newspaper. “In our view, that speaks to the ease and cost

of doing business in The Bahamas and regional competitiveness. We’ve

also got to focus on the cost of government and the cost that offloads on

the private sector.”

K P Turnquest, the deputy prime minister, acknowledged as much in

Tuesday’s interview with Tribune Business, where he said: “The reality is the

Government has been the major employer of record for too many years,

and the burden of that public sector puts tremendous demands on the

system for capital that should be employed in the private sector for more

productive use.”

He confirmed that the Government’s ultimate objective was to restructure

and reposition the Bahamian economy for sustainable growth through a

combination of strategies involving diversification beyond tourism and

financial services; improvements in the ease and cost of doing business;

deregulation; liberalisation; and a reduction in bureaucracy and red

tape.

Mr Turnquest, though, said it would take time to eliminate “structural

bottlenecks” that have been allowed to persist for decades, with the

intended benefits from the Government’s actions possibly not

materialising within the next two to five years.

The Government now has to execute on its talk and plans, an area where

many past administrations have been weak, with all political parties able

to take parts of the latest unemployment data to make their case and

support attacks on their opponents.

The Minnis administration can point to the private sector employment

gains, where numbers rose by 3.8 percent to 135,135 workers in the six

months to November 2018, as a sign that its strategies are starting to bear

fruit.

It has also taken comfort in the 10,400 “net new jobs” created over the

past 18 months since it was elected to office, including the 2,305 added

during the half-year prior to the latest survey, as another indication the

Bahamian economy is starting to turn.

The Opposition Progressive Liberal Party (PLP), though, can seize on the

increase in the national unemployment rate even though Baha Mar’s full

opening has taken place.

The Ministry of Finance itself admitted that “the rate of job growth is still not

adequate to absorb the number of school leavers entering the labour

market each year.” These new entrants, typically numbering anywhere

from 3,000 to 6,000, always show up in the November unemployment

survey if they are unable to find work, typically increasing the jobless rate

compared to the May figures.

The total Bahamian labour force, including both employed and

unemployed workers, has increased by over 6 percent or some 13,660

persons over that same May 2017 to November 2018 period. Translated,

this means there are 3,260 more persons seeking work than there were

jobs available, hence the rise in the unemployment rate since the last

general election.

The pattern was repeated between the six months from May 2018 to

November 2018, with 2,305 net new jobs created but the labour force,

over the same period, expanding by 4,250 persons - meaning there were

almost 2,000 more people than jobs created.

<< Back to news headlines >>

Saint Lucia businesses will soon be able to use “move-able assets” to

secure loans Wednesday 23rd January 2019 – St. Lucia News

The government of Saint Lucia is currently advancing an initiative that will

allow businesses to use non-traditional forms of collateral to secure

financing.

With this new venture, businesses will be able to use their movable assets

such as their inventory, equipment, accounts receivables, vehicles or

anything that is of value to the business as security for a loan.

In an effort to improve the ease of doing business in Saint Lucia,

government is undertaking a number of interventions in the business

environment as it relates to improving access to finance.

The National Competitiveness and Productivity Council, a member of the

Doing Business Task Force, is coordinating the legislative framework that

will facilitate the use of movable properties to secure loan financing.

Access to finance is but one of the eleven parameters used to determine

the ease of doing business within a country.

Fiona Hinkson, director of the National Competitiveness and Productivity

Unit (NCPU), explains how this proposed legislation under the rubric

“secure transactions in movable properties” will transform the business

environment.

“Right now, the common form of collateral used is house and land. With

this new venture businesses will be able to use their move-able assets such

as their inventory, accounts receivable, equipment, vehicles and anything

that is valuable to the business in order to secure loan financing.”

According to the statistics from International Finance Corporation, a

member of the World Bank Group, approximately 70 percent of a firm’s

wealth is concentrated in its movable assets. Hinkson highlighted that

Jamaica has already enacted similar legislation and she is hopeful that

the secure transactions legislation would be finalized and approved

before the end of 2019.

“As you know St. Lucia was number one in the region in doing business

and with this new implementation in Jamaica, they have now moved to

the number one position, which meant that they are now able to provide

more financing to locals who want to be able to expand their business.”

The secure transaction legislation would be accompanied by an online

securities registry which would be established within the registry of the High

Court. It will provide financial information on security interest on move-

able properties to financial institutions or persons who provide credit to

businesses or individuals.

“It also gives the financial institution the comfort in knowing that there is a

legal framework for them to on-lend using movable properties. Also, when

you look at the business environment, we expect to see an improvement

in the business environment. We expect to see these types of initiatives

impacting the countries overall competitiveness.”

Thirty-five percent of local firms consider the lack of access to finance a

major to sever barrier to their growth and competitiveness.

<< Back to news headlines >>

Another Caricom country places ban on single-use plastic products Thursday 24th January, 2019 – Jamaica Observer

Barbados has become the latest Caribbean Community (Caricom)

country to announce a ban on the importation, retail, sale and use of

petro-based single use plastic products.

It said that products such as single-use plastic cups; cutlery, including

plastic knives, forks and spoons; stirrers; straws; plates; egg trays — both

plastic and Styrofoam — and Styrofoam containers used in the culinary

retail industry will be banned from April 1.

Jamaica, St Lucia, Grenada, Dominica, Antigua and Barbuda are among

Caricom countries that have already instituted or announced plans to

ban the use of these plastic products.

Maritime Affairs and the Blue Economy Minister Kirk Humphrey, and

Minister of the Environment and National Beautification Trevor Prescod,

made the announcement regarding the ban.

Humphrey said that with effect from January 1, 2020, there will be a ban

on all petro-based plastic bags, with the exemption of those used for the

packaging of pharmaceuticals/medicines, hygiene and the preservation

of food.

In addition, a moratorium has been extended on the use of tetra pack

straws, while poultry producers have been given more time to find

alternatives to the Styrofoam trays used to package chicken.

“Barbados has to be a value-driven country. We have large expectations

for ourselves. We have said that we want to be fossil fuel free by 2030; we

want to have a renewable platform; we want to be a country that when

we speak to the world we speak as an environmentally friendly country

and destination.

“[Therefore] these are the things that we must do if our words and our

actions are to be aligned. And so, we have made ourselves clear as to

where we stand on single-use plastic,” Humphrey said.

He said the decision came after months of consultation with stakeholders,

including plastic bag manufacturers, persons in the poultry industry, the

Barbados Manufacturers' Association, the Barbados Chamber of

Commerce and Industry, the Customs Department, and importers.

Humphrey said that the ban on petro-based plastic bags was extended

until January 1, 2020, to allow manufacturers to come up with alternative

ways of making plastic bags from a bio-based material that was

environmentally healthy and friendly.

“We do not wish to come to an established industry that employs

Barbadians and deprive them of opportunity, but we also know that the

cost of continuing to use these things in Barbados will outweigh any

potential benefits,” he said.

Prescod said that plastic bottles used in the production of juices will not be

subjected to the ban. He added that the required legislation needed to

be in place to allow consumers to take the bottles back to the suppliers to

be part of a recycling process.

<< Back to news headlines >>

Barbados judge joins CCJ bench Thursday 24th January, 2019 – Jamaica Observer

Justice Andrew Burgess, formerly a Justice of Appeal in Barbados' Court of

Appeal, was recently sworn in as a judge of the CCJ at a ceremony held

at Government House in Barbados.

Justice Andrew Burgess was sworn in by Dame Sandra Mason, governor

general of Barbados.

President of the Caribbean Court of Justice (CCJ), Justice Adrian

Saunders, also gave remarks welcoming the newest CCJ judge to the

bench.

Justice Saunders, speaking of Justice Burgess' appointment, noted that

from “rigorous, competitive, merit-based process that Justice Burgess

emerged as a successful candidate.

“His appointment is richly deserved. He has been, over the last eight years,

a judge of the Barbados Court of Appeal [and] throughout those eight

years I have had occasion to study his judgements,” said Justice

Saunders.

“I have always been impressed by Andrew's breadth of knowledge, by

the high quality of his writing skills and by his attention to detail. He will be

a most welcome addition to the CCJ bench as he brings with him a

tremendous amount of experience both as an eminent member of the

academic community and as an appellate judge,” the CCJ president

added.

Justice Burgess was selected from a field of 18 applicants by the Regional

Judicial and Legal Services Commission (RJLSC), an independent 10-

member commission, comprised of a group of distinguished people from

all over the region. Six commissioners are selected by bar associations and

law institutions in the region. Two others are, respectively, a chairperson of

the Judicial Service Commission and a head of judiciary of a Caribbean

Community (CARICOM) member state, each on a triennial rotating basis.

Finally, there are two people from civil society nominated jointly by the

secretary general of Caricom and the director general of the

Organisation of Eastern Caribbean States.

In his remarks to the gathering, Justice Burgess stated that he is aware that

the CCJ is perhaps the most important post-independence regional

initiative.

“In my view, the CCJ has so far established itself as an exemplary

Caribbean institution. I am also aware that to protect and build upon this

is not for the faint-hearted,” he said. He said that he will also rely upon the

support of this family and extended network to ensure that he undertakes

the demands with diligence.

Justice Burgess became a Court of Appeal Judge in 2010 in Barbados. He

was previously a dean of the Faculty of Law at the University of the West

Indies' Cave Hill campus and a professor of corporate and commercial

law. He also had a distinguished career internationally as a judge of the

Inter-American Development Bank's Administrative Tribunal in Washington,

DC, USA. Justice Burgess was the body's vice-president in 2007 and 2009

and served as president from 2009-2010. He is also a judge on the World

Bank Administrative Tribunal, having been appointed in 2013. In 2017, he

was elected by his fellow judges to be the vice-president of the tribunal.

Justice Burgess' appointment will fill the vacancy left by the elevation of

the CCJ president to that post in July 2018.

The RJLSC, said the CCJ, will shortly announce the appointment of

another judge selected during the same process, to succeed Justice

David Hayton, who will be retiring in July 2019 after a distinguished tenure

at the court.

<< Back to news headlines >>

Search on For New BOJ Governor Wednesday 23rd January, 2019 – Jamaica Gleaner

The new governor will replace Brian Wynter whose contract is due to

come to an end in November.

In a statement issued Wednesday afternoon, Finance Minister Dr Nigel

Clarke said in 2017 Wynter was asked to extend his appointment for two

years to advance specific reforms and to play a central role in the

formulation and consideration of the reform of the Bank of Jamaica Act.

The extension would bring to 10 years Wynter’s tenure at the Central Bank.

“He has successfully achieved the goals agreed at that time. With these

achievements and the expectation of timely parliamentary approval of

the legislative amendments to modernise the Bank of Jamaica Act, it is

time to shift to the next phase in the leadership and governance of the

BOJ,” the minister said.

Clarke said the search for a new Central Bank Governor will be in keeping

with the principles of transparency and good governance.

He also announced that David Marston, a former Bank of Jamaica

employee and former staffer at the International Monetary Fund will lead

the search committee comprising.

Other committee members:

Tony Lewars

Heleen Davis-Whyte

Gary ‘Butch’ Hendrickson

Clarke said the committee members will help him to identify a shortlist of

suitable candidates for the position from which he will make a submission

to the Cabinet.

The Cabinet will then recommend to the Governor General the individual

to be appointment.

“The process will seek to identify the best-suited candidate to lead the

newly modernised Bank of Jamaica in achieving its mandate to serve the

interests of the people of Jamaica,” Clarke said.

<< Back to news headlines >>

Cuba Rejects Trump’s Threat To Tighten Embargo Thursday 24th January, 2019 – Jamaica Gleaner

Cuban ambassador to Jamaica, Ines Fors Fernandez, has vowed that

threats from the United States to further tighten the long-standing

embargo on the Caribbean island nation by activating Title Three of the

Helms-Burton Act will only make its people more resilient while praising

countries like Jamaica for their firm support over decades.

Her statement comes a day after the Cuban Foreign Affairs Minister Bruno

Rodriguez Parrilla poured scorn on President Donald Trump’s threat of

activation of the law. Title III of the Helms-Burton Act of 1996 allows Cuban

Americans to sue for property seized by the Castro regime. It is said to be

worth US$9 billion.

Fernandez reasoned that the European Union and several other countries

supported a United Nations resolution last year in a stand with Cuba, with

the exception of the United States and Israel.

“European countries condemn this ongoing US embargo towards Cuba

because they are directly affected by this section (Title III). So Title III of the

Helms-Burton Act goes against the interest of third countries in Cuba,”

explained Fernandez.

She said that the embargo has had a withering impact on the Cuban

people.

“There are a lot of Cubans affected by this policy, including children and

senior people. I am talking about people who cannot feel good about

this lifelong blockade of a country by another. We cannot do anything

but to criticise and condemn this move by the US. This embargo has not

subjugated the Cuban minds. It has made us stronger and more resilient,

and we will get even stronger for this,” she said.

Rodriguez, meanwhile, noted in his letter that the US administration’s

threat to tighten the blockade against Cuba would be a flagrant violation

of international law and a direct attack on the sovereignty and interests of

third countries.

“Cuba strongly, firmly, and categorically rejects such a threat, which is

construed as an extremely arrogant and irresponsible hostile action, and

repudiates the disrespectful and slanderous language used in the public

announcement made by the State Department,” Rodriguez said.

On January 16, 2019, the US State Department announced a decision to

suspend for only 45 days the implementation of Title Three of the Helms-

Burton Act, “in order to conduct a careful review … in light of the national

interests of the United States and the efforts to expedite a transition to

democracy in Cuba, and include factors such as the Cuba’s brutal

oppression of human rights and fundamental freedoms and its

indefensible support for increasingly authoritarian and corrupt regimes in

Venezuela and Nicaragua”.

<< Back to news headlines >>

Jamaica says it's monitoring developments in Venezuela Thursday 24th January, 2019 – Jamaica Observer

THE Jamaican Government said last night that it was closely monitoring

the latest developments in Venezuela, where the Opposition leader

declared himself interim president, triggering a fresh round of bloodshed

in the troubled country.

“The situation is dynamic and we are cognisant of the reactions from

various other governments across the hemisphere.

“We wish to make clear that our primary concern remains for the well-

being of the people of Venezuela, the maintenance of democracy,

respect for human rights and the rule of law,” the Ministry of Foreign Affairs

and Foreign Trade said in a statement last night.

“We reiterate our wish for a return to dialogue in the hope for a peaceful

and amicable resolution to the situation in Venezuela. Jamaica remains

ready, as we have previously stated, to be part of any process geared at

a solution at the earliest,” added the statement.

Jamaica recently voted against recognising the Nicolas Maduro regime in

Venezuela at the Organisation of American States (OAS) which Foreign

Minister Kamina Johnson Smith said was not a break with its foreign policy.

“It was in fact not. We always vote on the side of human rights,

democracy and the rule of law, which is what we did at the OAS,” she

said recently.

<< Back to news headlines >>

Venezuela’s opposition leader declares himself president amid protests Thursday 24th January, 2019 – Jamaica Observer

Venezuelan Opposition Leader Juan Guaido declared himself interim

president in a defiant speech yesterday before masses of anti-

government demonstrators who took to the streets to demand President

Nicolas Maduro's resignation.

Guaido immediately drew recognition from the Trump Administration,

which said it would use the “full weight” of US economic and diplomatic

power to push for the restoration of Venezuela's democracy.

Raising his right hand in union with tens of thousands of supporters, the

head of the Opposition-controlled congress took a symbolic oath before

God to assume executive powers he says are his right under Venezuela's

constitution and take over the presidency until new elections can be

called.

Guaido said he was taking the politically risky step just two weeks after

Maduro took his own oath to a second six-year term confident that it was

the only way to rescue Venezuela from “dictatorship” and restore

constitutional order

“We know that this will have consequences,” Guaido, 35, told the

cheering crowd standing before a lectern emblazoned with Venezuela's

national coat of arms.

“To be able to achieve this task and to re-establish the constitution we

need the agreement of all Venezuelans,” he shouted.

The declaration came as tens of thousands of anti-government

demonstrators poured into the streets accusing embattled Maduro of

usurping power and demanding he step down as the country reels from a

crushing economic crisis forcing millions to flee or go hungry.

Large crowds of protesters gathered in Caracas waving flags and

chanting “Get out Maduro!” in what was the largest demonstration since

a wave of unrest that left more than 120 dead in 2017.

Pro-government demonstrators dressed in red in support of Maduro were

also marching in the capital, at times crossing paths with opposition

protesters and shouting “sell outs” and “traitors”. National guardsmen

launched tear gas at anti-government protesters in the middle-class

neighbourhood of El Paraiso but for the most part the marches continued

without conflict.

“Join us!” the protesters cried out to a line of officers wearing helmets and

carrying shields. “You are also living this crisis!”

The protest is considered a crucial test for the reinvigorated opposition as

it seeks to send a forceful message that Maduro no longer has the

people's backing and appeals to the military and the poor to shift loyalties

that until recently looked solidly behind the president. The protests were

called to coincide with an historic date for Venezuelans — the anniversary

of the 1958 coup that overthrew military dictator Marcos Perez Jimenez.

“The democratic forces are here advancing,” Opposition Leader Maria

Corina Machado said as she marched. “Not so that Maduro changes but

so that he leaves.”

President Donald J Trump in a statement called on other Western

hemisphere governments to join him in recognising Guaido.

“The people of Venezuela have courageously spoken out against Maduro

and his regime and demanded freedom and the rule of law,” Trump said.

The demonstration comes after a whirlwind week that saw an uprising by

a tiny military unit put down by government forces, fires set during protests

in poor neighbourhoods and the brief detention by security forces of

Guaido, the newly installed head of the opposition-controlled congress.

Guaido, who took the reins from a long list of better-known predecessors

who have been exiled, outlawed or jailed, was dragged from an SUV just

over a week ago by intelligence agents but was quickly released amid an

international outcry.

Driving the crisis was Maduro's decision to ignore international opposition

and take the presidential oath on January 10 for a second term widely

considered illegitimate after his main opponents were banned from

running against him.

Over the last two nights, Venezuelans angry over their country's spiralling

hyperinflation, and food and medical shortages have gathered in the

streets banging pots and pans and setting up barricades in protest. In the

city of San Felix, residents set fire to a statue of Maduro's mentor and

predecessor, the late Hugo Chavez.

In the southern city of Ciudad Bolivar, a 30-year-old worker, Carlos

Olivares, was killed when four unidentified men descended from a beige

Jeep and fired upon a crowd that was looting a store. Two more

unidentified people were also killed, according to a police report of the

incident, while two were injured.

For much of the past two years, following a deadly crackdown on the

2017 protests and the failure of negotiations ahead of last May's

boycotted presidential election, the coalition of opposition parties has

been badly divided over strategy and other differences as millions of

desperate Venezuelans fled the country's hyperinflation and widespread

food shortages. But buoyed by unprecedented international criticism of

Maduro, anti-government forces have put aside their infighting and are

projecting a united front.

In the run-up to Wednesday's protests, Guaido crisscrossed Caracas

attending outdoor assemblies known as “open cobildos” — for the

revolutionary citizen councils held against Spanish colonial rule —

pumping up crowds by arguing that Maduro must go for democracy to

be restored.

“We are tired of this disaster,” he said Monday from the roof of a college

building. “We know this isn't a fight of a single day but one that requires

lots of resistance.”

An enthusiastic crowd of students answered with shouts of “Freedom!”

Guaido has been targeting his message to Venezuela's military, the

traditional arbiter of political disputes.

Maduro, who lacks the military pedigree of his mentor, Chavez, has

sought to shore up support from the armed forces by doling out key posts

to top generals, including heading the PDVSA oil monopoly that is the

source of virtually all of Venezuela's export earnings. He has also been

playing commander in chief, appearing last week at a military command

meeting wearing camouflage fatigues and receiving the blessing of the

defence minister, Gen Vladimir Padrino Lopez.

But beyond the public displays of loyalty from the top brass, a number of

cracks have started to appear.

On Monday, Venezuelans awoke to news that a few dozen national

guardsmen had taken captive a loyalist officer and seized a stockpile of

assault rifles in a pre-dawn raid. The government quickly quelled the

uprising, but residents in a nearby slum took to the streets to show their

support for the mutineers by burning cars and throwing stones at security

forces, who fired back with tear gas.

Disturbances continued into Tuesday, with small pockets of unrest in a few

working-class neighbourhoods where the government has traditionally

enjoyed strong support.

“People are tired of so much misery,” said Carmen Marcano, holding up

her shirt to show seven buckshot wounds suffered during the clashes in the

Cotiza slum next to where the rebellious guardsmen were captured.

Retired Major General Cliver Alcala, a one-time aide to Chavez and now

in exile, said the opposition's newfound momentum has reverberated with

the military's lower ranks, many of whom are suffering the same hardships

as regular Venezuelan families.

“I am absolutely certain that right now, especially younger troops are

asking themselves whether Maduro is their commander in chief or a

usurper,” Alcala said. “As we say in the barracks, hunger is the only thing

that can devour fear of the government.”

Maduro has accused the opposition of inciting violence with the aim of

provoking a bloodbath.

“I demand the full rigour of the law against the fascists,” Maduro said

Tuesday night, blaming what he called “terrorists” allegedly linked to

Guaido's Popular Will party for a fire at a cultural centre named for a pro-

government lawmaker murdered in 2014.

Though intimidation has worked for the government in the past, it may not

this time, said Dimitris Pantoulas, a Caracas-based political analyst.

Discontent now appears to be more widespread and the ranks of security

forces and government-allied groups have been thinned by the mass

exodus of mostly young Venezuelans, he said.

“The government is resorting to its old tricks, but the people no longer

believe them,” Pantoulas said.

<< Back to news headlines >>

Crisis in Venezuela Thursday 24th January, 2019 – Jamaica Observer

THE row between Venezuela and the United States deepened yesterday

when Caracas gave US diplomats 72 hours to leave the country after

President Donald Trump said he recognised Opposition Leader Juan

Guiado as interim leader of the troubled nation.

“Before the people and nations of the world, and as constitutional

president... I've decided to break diplomatic and political relations with

the imperialist US Government,” Venezuelan President Nicolas Maduro

told a crowd of red-shirted supporters gathered at the presidential

palace.

Maduro was sworn into a contested second term two weeks ago in a

move condemned by dozens of nations.

The US president threw his support behind the Venezuela Opposition

leader after he declared himself as the legitimate president in a defiant

speech yesterday before masses of anti-government demonstrators who

took to the streets to demand President Nicolas Maduro's resignation.

Trump, when asked yesterday whether the US would use military action in

Venezuela to support the ouster of President Maduro his response was

ambiguous.

“We are not considering anything, but all options are on the table,” Trump

told reporters following a roundtable discussion at the White House on

medical costs.

Trump did not clarify what he meant by “all options”.

His administration has imposed several rounds of sanctions aimed at

pressuring the government of the South American country.

In a statement, Juan Guaido urged all foreign embassies in the country to

disobey Maduro's orders and not remove their diplomats. Although the

message didn't name the US, it seemed to be issued in response to

Maduro's late afternoon announcement that he was severing relations

with the United States.

The 35-year-old opposition leader says it was his right under Venezuela's

constitution to take over the presidency until new elections can be called.

He and his supporters accused Maduro of usurping power after being

sworn into a contested new term.

Canada also said it was recognising Guaido as the interim president of

Venezuela.

Two officials familiar with the matter confirmed the Canadian position, but

spoke on the condition of anonymity because they were not authorised

to speak publicly.

Analysts said last night that recognition of the Opposition leader by the US

and Canada will increase international pressure on Maduro and could

result in severe economic consequences for his government.

Three South American nations are recognising the Venezuela Opposition

leader as interim president.

The leaders of Brazil, Colombia and Paraguay all quickly expressed their

support after Guaido took a symbolic oath before thousands of

supporters.

Colombia President Ivan Duque said his nation would accompany

Guaido “in this process of transition toward democracy”.

Brazilian President Jair Bolsonaro also said that he would support the 35-

year-old lawmaker “so that peace and democracy return to Venezuela”.

Paraguayan President Mario Abdo Benitez said on Twitter that his country

supported Venezuela's interim President Juan Guaido. “Count on us to

embrace freedom and democracy again,” Abdo Benitez said.

Russia, which has long supported Venezuela's socialist regime, was sharply

critical of US President Donald Trump's recognition of an Opposition

politician who has declared himself the country's legitimate interim

president.

“I think that in this developing situation the United States is trying to carry

out an operation to organise the next colour revolution in Venezuela,” the

deputy chairman of the foreign affairs committee of the upper house of

parliament, Andrei Klimov, told state news agency RIA-Novosti. “Colour

revolution” is a Russian term for the popular uprisings that unseated

leaders in Georgia, Ukraine and Kyrgyzstan.

“I do not think that we can recognise this; it is, in essence, a coup,”

another committee member, Vladimir Dzhabrailov, was quoted as saying

by the Interfax agency.

Russia is a major political ally of Venezuela, and Russia's largest oil

company, Rosneft, is heavily invested in the South American nation's oil

fields, which produce less crude each month.

And at least two Latin American governments are standing behind

Venezuelan President Nicolas Maduro.

Bolivian President Evo Morales has expressed his “solidarity” with the

Venezuelan people and condemned what he called an “imperialist

attack”.

On Twitter he said: “Our solidarity with the Venezuelan people and

@Nicolas Maduro, in these decisive hours when the claws of imperialism

are once again trying to deal a death blow on democracy and self-

determination on the peoples of South America. We will not be the

backyard of the US again.”

A spokesman for Mexican President Andres Manuel Lopez Obrador also

said that Mexico would continue recognising Maduro as Venezuela's

president.

Jesus Ramirez Cuevas told Milenio television: “We maintain our position of

neutrality in the Venezuelan conflict.”

He also said: “The Mexican Government is analysing the situation in

Venezuela. Until now, there is no change in its diplomatic relations with

that country nor with its government.”

Meanwhile, the political standoff has resulted in more bloodshed in

Venezuela. Authorities said two protesters were killed and five others

injured in anti-government demonstrations in the city of San Cristobal.

A spokeswoman for the state of Tachira's health agency said the two

demonstrators were shot to death but provided no further details. At least

one other person has been killed in this week's unrest.

At the same time, demonstrators in Caracas were facing off against

security forces firing rubber bullets and tear gas as they marched through

the capital.

Thousands of Maduro's followers gathered outside the presidential palace,

heeding socialist leader Diosdado Cabello's call to protect the embattled

leader.

Last night, a US senator from Florida called for designating Venezuela a

“terrorist state” and imposing additional sanctions in order to pressure

President Nicolas Maduro to resign.

Senator Rick Scott, the junior senator from Florida, told reporters in

Washington that Maduro “is clearly a terrorist”.

Scott added: “The way Maduro has treated his citizens is disgusting.”

The senator urged US President Donald Trump to “look at every sanction

he can have” and impose penalties on anybody doing business with or

supporting Maduro. He said he expects Guiado, who has declared himself

interim president, will call elections “as quickly as possible”.

Florida is home to tens of thousands of Venezuelans who have fled the

chaos in their country in recent years.

And head of the Organization of American States (OAS) says that the

two-year process initiated by Venezuela to leave the organisation was

interrupted after Guaido declared himself president of the South

American nation.

Luis Almagro said Wednesday: “Obviously the clock is stopped from

today.”

Guaido presides over the opposition-controlled National Assembly, which

adopted a document Tuesday expressing its intention to remain in the

OAS and appoint ex-legislator Gustavo Tarre Briceno as special

representative.

Maduro had begun the process of leaving the entity in April 2017, alleging

that Almagro exceeded his duties by criticising a member state.

Venezuelans were yesterday holding rallies across Spain against the

government of Nicolas Maduro and in support of an opposition leader

who has declared himself interim president of the country.

The rallies were staged in many provincial capitals, with major protests in

Tenerife, Barcelona and Madrid. They were timed to coincide with

marches in the streets of Venezuela.

Organisers said that around 7,000 protesters gathered in a central square

of the Spanish capital, where there is a large Venezuelan community.

The protesters cheered when exiled members of the Venezuelan

opposition announced that the US Government had recognised the

interim leadership of Juan Guaido.

They called on Spain's Socialist Prime Minister Pedro Sanchez to follow the

administration of US President Donald Trump in endorsing Guaido.

Last night, the Inter-American Commission on Human Rights told the

administration of President Nicolas Maduro that social protest and

freedom of expression were “fundamental values” in any democratic

society.

The human rights body of the OAS States said repression of

demonstrations through excessive use of force may be a grave violation

to fundamental rights.

The commission said in a press release that the Venezuelan crisis has

deteriorated since Maduro took office on January 10 for a second six

year-term.

<< Back to news headlines >>

Thousands come ashore as cruise ship docks Thursday 24th January, 2019 – Trinidad Express Newspapers

ALMOST 4,000 cruise ship passengers arrived in Trinidad as the MSC

Preziosa made its fourth call on the Port of Port of Spain yesterday.

Many of the passengers, who came from Europe, Guadeloupe,

Martinique and other places, entered the Cruise Ship Complex dancing to

soca songs played by a DJ.

Preziosa captain Corrado Iaconis also came off the ship to relax for a few

minutes in the Cruise Ship Complex, the Ministry of Tourism said in a

statement yesterday.

Four students of French from St George's College, Barataria, provided

translation services as about 712 of the 3,595 visitors went on pre-booked

tours to popular places of interest, while there were an estimated 500

privately arranged tours.

Last year, Trinidad's Carvalho's Cruise Services won the bid to be the port

of change for the MSC's crew.

On Tuesday night 25 rooms were booked

<< Back to news headlines >>

Macro Fund falls $0.20 Thursday 24th January, 2019 – Trinidad Express Newspapers

OVERALL market activity resulted from trading in 12 securities of which

three advanced, five declined and four traded firm.

The Composite Index declined by 0.25 points (0.02 per cent) to close at

1,305.90. The All T& T Index declined by 0.19 points (0.01 per cent) to close

at 1,706.57.

The Cross Listed Index declined by 0.04 points (0.03 per cent) to close at

122.33. The SME Index remained at 99.50.

Trading activity on the first-tier market registered a volume of 108,854

shares crossing the floor of the Exchange valued at $2,062,745.02.

GraceKennedy was the volume leader with 53,774 shares changing hands

for a value of $164,548.44, followed by First Citizens Bank with a volume of

24,624 shares being traded for $837,234.70. Guardian Holdings Ltd

contributed 10,020 shares with a value of $185,364, while TTNGL LIMITED

added 7,525 shares valued at $219,379.40. CLICO Investment Fund

registered the day's largest gain, increasing $0.09 to end the day at

$20.49. Conversely Calypso Macro Index Fund registered the day's largest

decline, falling $0.20 to close at $14. On the mutual fund market 11,373

shares changed hands for a value of $232,567.54. CLICO Investment Fund

was the most active security, with a volume of 11,293 shares valued at

$231,447.54. CLICO Investment Fund advanced by $0.09 to end at $20.49.

Calypso Macro Index Fund declined by $0.20 to end at $14.00.

The Second Tier Market did not witness any activity.

The SME Market did not witness any activity. CinemaOne remained at

$9.95.

The USD Equity Market did not witness any activity. MPC Caribbean Clean

Energy remained at US$1.00.

<< Back to news headlines >>

Canadian oil company eyes Ortoire Wednesday 23rd January, 2019 – Trinidad Express Newspapers

CALGARY, Canada-based Touchstone Exploration Inc said it is the most

active onshore upstream company in Trinidad last week. Upstream is

where the oil or gas comes from, usually under the ground on land, or

under the sea floor offshore, but is also used to refer to general activity

related to that first stage of oil and/or gas extraction.

Touchstone told the Toronto Stock Exchange (TSX) where it is listed that it

delivered an average of 1,900 barrels per day (bbls/d) of field estimated

crude oil production through the first 13 days of January 2019. That

compares favourably to the Consolidated Monthly Bulletin of the Ministry

of Energy and Energy Industries latest data which said that up to

November, 2018, Touchstone was producing 1,098 bbls/d.

'We are very pleased to continue to deliver positive production results, as

evidenced by our 25 per cent year over year oil sales growth. As we move

into 2019, we are seeking to prioritise the exciting exploration opportunities

we have identified at Ortoire together with the predictable development

drilling inventory we have amassed to date,' Paul R Baay, Touchstone

president and chief executive officer, told investors.

Ortoire is the area just before the village of Mayaro in south east Trinidad.

Touchstone said it has already received a Certificate of Environmental

Compliance (CEC) from the Environmental Management Authority for

four drilling locations on its Ortoire exploration property.

"The company has received significant interest from industry partners to

participate in the exploration and development of our Ortoire exploration

property. With minor development work obligations and our identified

Ortoire exploratory prospects, Touchstone is currently considering the best

allocation of capital to deploy in 2019 to our development drilling and

exploration programme,' Touchstone said in a statement.

The company explained to investors: 'Touchstone has been proceeding

with regulatory approvals required to drill on our Ortoire exploration

property. To drill a well, the company must initially obtain a well location

CEC and then proceed to apply for a standard well drilling licence.'

Touchstone added: 'The company has submitted all required

documentation for four CECs, which represent a total of 14 drilling

locations. One CEC covering four drilling locations has been approved to

date, and the company anticipates that a second CEC for four additional

locations will be approved within the next 30 days. In addition, the

company has also identified two rigs that may be used for future drilling

operations.'

Touchstone said: 'We have commissioned our independent external

reserve evaluators to conduct evaluation reports for three internally

identified prospects on the property. The reports will assist the company in

validating the technical data associated with the prospects, and a

summary of the results will be published when finalised."

Crude oil sales up 25 per cent in 2018 vs 2017

Touchstone said it achieved average fourth quarter 2018 crude oil sales of

1,851 bbls/d, a 28 per cent increase relative to the 1,448 bbls/d produced

in the prior year's comparative quarter. Touchstone realised average 2018

annual crude oil sales of 1,718 bbls/d, representing an increase of 25 per

cent from 2017 annual sales.

Touchstone also told the market it 'drilled three wells in the fourth quarter

of 2018, bringing the aggregate number of development wells drilled in

2018 to 11, which made Touchstone the most active onshore upstream

company in Trinidad.'

Touchstone also told the TSX: "Effective December 1, 2018, Petrotrin

transferred its upstream assets to the newly formed Heritage Petroleum

Company Limited. Although the transition impacted sales volumes in the

last week of November, the company has not encountered further sales

interruptions to date. From an operations perspective, the transition has

been seamless, with only minor delays noted for existing well workover

approvals.'

Target: 2,000 barrels per day in January

Touchstone said it performed seven and 28 well re-completions during the

three months, and year ended December 31, 2018, respectively.

Turning to drilling, Touchstone told investors: 'In 2018, Touchstone drilled a

total of 11 of our budgeted 14 development wells. As previously

announced, two of the budgeted shallow locations at our South Palo

Seco property were deferred indefinitely due to external surface lease

issues. We voluntarily postponed drilling the remaining WD-8 well in late

December due to the decline in crude oil prices. Despite the reduced

development programme, we expect to reach our near-term average

production target of 2,000 bbls/d in January 2019.'

To put into perspective, that would be about double what Touchstone

produced in T& T last year (1,098 bbls/d up to November 2018) and more

than what the USA's EOG Resources produces in crude oil on average

(1,385 bbls/d), though not as much as Australia's BHP Billiton (4,679 bbls/d)

or the UK's BP plc (6,804 bbls/d). Outside of state-owned oil companies

(formerly Petrotrin), France's Perenco is the country's top crude oil

producer, putting out 10,476 bbls/d up to November 2018, according to

Energy Ministry data.

During the fourth quarter of 2018, Touchstone said it successfully drilled

two wells on the WD-8 block and one well on its WD-4 property.

Drilling over 2.2km into the ground

The FR-1800 well was spud on November 1, 2018 and reached a total

depth of 4,700 feet. Wireline logs indicated the presence of approximately

588 feet of net oil pay, 456 feet in the Forest formation and 132 feet in the

Cruse formation. The well was completed on December 21, 2018,

Touchstone said.

The FR-1801 well was spud on December 10, 2018 and reached a total

depth of 4,564 feet on December 23, 2018. Wireline logs indicated the

presence of approximately 306 feet of net oil pay, with 188 feet in the

Forest formation and 118 feet in the Cruse formation. The well was

completed on January 4, 2019, the company said.

Both wells are currently flowing up casing at a combined average field

estimated production rate of approximately 242 bbls/d (based on the

previous seven days to January 13, 2019). The company anticipates that

initial flush production rates will likely decrease, with the wells being

placed on pump during the first quarter of 2019.

Touchstone said: 'PS-605 was spud on our WD-4 block on December 4,

2018, reaching a total depth of 7,250 feet (over 2.2 kilometres) on

December 27, 2018.

Wireline logs indicated the presence of approximately 608 feet of net oil

pay, with 461 feet in the Forest formation and 147 feet noted in the Cruse

formation. Completion operations have commenced on PS-605 and are

expected to be concluded by early February.'

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NGC’s global vision Monday 4th January, 2019 – Caribbean News Now

The National Gas Company (NGC) is ready to go global.

“Our vision at NGC is not to be a domestic player. There is no room for

domestic companies operating in today’s world in energy. You’ve got to

be an integrated player across the value chain but you also have to be

operating in multiple jurisdictions to reduce risk and improve the richness

and consistency of earnings,” chairman on the State gas company, Gerry

Brooks, said Tuesday.

Brooks presented an economic outlook for TT and the NGC at a breakfast

meeting hosted by the American Chamber of Commerce of TT at the

Hyatt Regency, Port of Spain.

Gas and energy-related business will be the catalyst for sustained growth

in the country and the company to be sure, he said, but the NGC’s

intention is to be able to sustain that growth.

Part of that is exploring opportunities beyond TT’s borders. The group has

long considered options in Africa, and last year, it signed a term sheet

with Venezuela to start processing natural gas from the across-border

Dragon field, as well as a gas agreement with Grenada.

Its first overseas office, however, will be in Guyana, scheduled to open

later this year, Brooks said.

The South American nation, also part of Caricom, is on the cusp of an oil

boom, with the first commercial oil production expected next year of up

to 100,000 barrels of oil per day, gradually increasing to 500,000 barrels per

day by 2023, catapulting Guyana into to the top 30 oil producing

countries in the world.

While Brooks acknowledged it was more of an oil push, with natural gas

there mainly used for reinjection, TT cannot afford to ignore Guyana,

especially since so many of the major energy multinationals have already

started setting up a presence, most notably ExxonMobil, who were the first

to strike oil.

“Guyana has been described as the sweetest deep spot in the world so

we want to deepen our approach. We want to provide infrastructure

assistance, ship to shore services, logistical support, as well as

collaborations with the UWI and UTT and liaising with local (TT)

companies,” Brooks said.

Notwithstanding, he did acknowledge that there were political tensions in

the country that needed to be handled with care.

The NGC also last year signed a commercial agreement with Global

Petroleum Group, a Russian company that found gas in Grenada. The

agreement will allow NGC first dibs to access, process and sell Grenada’s

gas. Brooks said an appraisal well will be drilled later this year. “That will tell

us what the prospects are and allow that gas to flow through to Trinidad,

which will give Grenada income and TT content,” he said.

It’s not just about TT participating regionally, he said, but NGC will be using

its capabilities and infrastructural access to market and leverage natural

gas in the region for the benefit of the territories it works in, he said.

Staying on trend

Brooks, who was appointed chairman in 2015, said the company’s mantra

was “to become an international player with an integrated value chain.”

As part of its trajectory, the company has refocused and re-engineered its

strategy and what its role is as a transporter, aggregator, merchant and

marketer of natural gas across the gas value chain.

“We are ruthlessly focused on profitability and ruthlessly focused on value

added. We are not spending time on recreation parks, playgrounds, fete

tickets, et cetera. Our business is to focus on gas and gas-based

developments,” Brooks said.

When he took over the business, he said, the situation was dire. “We met

$4.6 billion in claims, and gas production was 3.2 billion cubic feet (bcf).

Negotiations had not started and many were outstanding. (Commodity

gas) prices and production collapsed. It was very frightening,” he said.

Since them, the company has managed to turn double digit increases.

Profits in 2015 were $515 million. In 2017, they were $2.2 billion, he said. Gas

production increased to 3.6 bcf with a hope for 3.8 bcf to 3.9 bcf in 2019-

2020.

The company’s targeted growth trajectory in 2018 and 2019 is 12.5 per

cent annual compounded growth, and a further 12 per cent increase in

profits in 2018, a trend Brooks is confident the company will maintain.

NGC’s asset base is $43 billion, and the company has already identified

areas it can target for inorganic growth.

Over the last year, negotiations have been completed with EOG

Resources, BPTT, Caribbean Nitrogen Company, Nitrogen 2000 and

Nutrien. For 2019, the company hopes to conclude negotiations with MHTL

Complex, Methanex, and local content with BP, as well as further

discussions on Atlantic’s train one.

“The energy sector expanded by eight per cent in 2018 and we are

hoping for nine per cent in 2019. The economy will pick up. One of our

objectives is getting to growth and maintaining it,” Brooks said.

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Union says strike at ABS was sanctioned Thursday 24th January, 2019 – The Antigua Observer

The union that represents the interest of workers at the state-owned

Antigua and Barbuda Broadcasting Services (ABS) Radio and Television,

has explained that the rules of engagement have changed in relation to

who determines whether or not the workers are able to take industrial

action.

The clarification from general secretary of the Antigua Trades and Labour

Union (AT&LU) Hugh Joseph follows a remark made on Tuesday by

Information & Broadcasting Minister Melford Nicholas, the minister

responsible for the state-owned entity.

During an interview on Pointe FM, the minister stated that the strike action

taken by workers in December was not sanctioned by their union.

“I know ordinarily when there is going to be a strike action that it is a

matter that is sanctioned by the executive and I specifically asked Mr.

Joseph whether or not the AT&LU has sanctioned the strike and he

indicated to me ‘no’.

“Mr. Potter would have had a meeting with the employees on the

Monday before the action took place and I know they were encouraged

to do so. But the executive never sanctioned the strike that took place at

ABS,” Nicholas said.

However, in an interview with our newsroom, Joseph explained that there

was a time, as laid out in the union’s constitution, where it would require

an executive decision to call a strike action with the concurrence of the

majority.

He said the constitution was updated to reflect certain changes, and

industrial relations officers are in constant communication with the general

secretary for guidance.

Joseph said this does not stop workers from taking matters into their own

hands, once they are not satisfied with the advice of their bargaining

agent.

“If the workers are saying we are not working, what can the general

secretary, or any other officer for that matter, do?” Joseph questioned.

As it relates to protest at ABS, Joseph stated the officer was in constant

dialogue with him and the officer informed him that he had tried without

success to reach Minister Nicholas, and they got to a point where they felt

they had no other choice but to protest.

The AT&LU General Secretary stated further that he was satisfied with that

explanation.

“The union officer was with the members; the president and [I] had

discussions with the officer and we were all aware of what was

happening,” the general secretary said.

In late December, the employees at the state-owned entity walked off

the job to protest several matters they said needed to be addressed.

These included, they alleged, poor treatment meted out to them by

management, deplorable working conditions, and outstanding overtime

payment.

The staff have since returned to work and the matter was referred to the

Labour Department, which is yet to issue a final report on the way

forward.

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FDL secures another gov’t contract | $800K consultancy for roads, coastal

defence restoration Wednesday 23rd January, 2019 – BVI News Online

St Lucia-based company, FDL Consult Incorporated, has been awarded

an $876,250 government contract to provide engineering, design, and

construction supervision services for the restoration of roads, slopes, and

coastal defences in the territory.

Cabinet decided to approve FDL on December 19 last year after the

Central Tender Board recommended the company for the job.

This contract represents one of many the company has been awarded in

the last several years.

Some of their notable contracts include a $408,000 consultancy for

National Sewerage Programme last year as well as the $499,500

engineering consultancy for the Caribbean Development Bank loan-

funded programme for damaged roads caused by Tropical Storm Otto in

2010.

Meanwhile, this latest consultancy will be done through the Recovery and

Development Agency.

Former legislators get transportation allowance

During the same December 19 sitting, Cabinet had also approved for

$7,106 to be paid yearly for transportation services for two of the territory’s

former legislators – Ralph T O’Neal and Eileen Parsons.

O’Neal who is a former Chief Minister (premier) created history as the

longest-serving elected representative in the British Virgin Islands.

Parsons is a well-known former government minister and cultural icon.

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Goal post shift: Emergency amendment to new economic substance Act

disrupts HOA Wednesday 23rd January, 2019 – BVI News Online

A number of regulations governing the procedures of the House of

Assembly were yesterday suspended so legislators could make

unscheduled amendments to the Economic Substance Companies and

Limited Partnership (Amendment) Act of 2018 — a law only implemented

less than a month ago.

The emergency amendments were brought and passed to continue the

BVI’s campaign to keep off the European Union’s blacklist of ‘tax haven’

jurisdictions.

In explaining why there came to be amendments only weeks after the

initial law was passed, Premier Dr D Orlando Smith said: “The EU — which is

the author of the whole substance argument — was changing and

introducing new requirements even up until late in the game.”

Premier Smith also said there were some typographical errors in the initial

law. These errors were made because of the ‘haste’ in which legislators

had passed the law in the first place, Dr Smith said.

No room for legal loopholes

The premier further said there were changes made to the phraseology in

sections of the legislation so as to avoid any legal loopholes. These

phraseological changes include adding certain words to the legislation.

“The addition of these words makes clear that the legislation is satisfying

the fundamental requirements … it is simply clarifying what has been

intended.”

The intended purpose of the law, as mandated by the EU, is for financial

services companies registered in the BVI to set up physical, appropriately-

staffed office spaces in the territory, if they are to continue doing business

with/through the BVI.

BOSSs Act also amended

Since financial services companies registered in the BVI before January 1

have until June 30 to start complying with the economic substance

requirements, one key amendment to the legislation provides for it (the

law) to work in conjunction with the territory’s Beneficial Ownership Secure

Search system (BOSSs) Act. Amendments, therefore, also had to be made

to this BOSSs Act in Tuesday’s sitting of the House.

For both laws to work hand-in-hand, amendments to the BOSSs Act will

not be made come into effect until June 30 — the required deadline for

companies to start showing compliance.

Under the BOSSs Act, companies are required to report who is the

beneficial owner (the ultimate owner) of that company.

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Two business establishments welcome ban on Styrofoam and plastics Wednesday 23rd January, 2019 – Dominica News Online

The ban on Styrofoam and plastic items has taken effect as of January

and two of the biggest importers of these products on the island have

welcomed the move.

General Manager of the Solid Waste Management Corporation, Florian

Mitchel, told DNO that the ban, in keeping with Prime Minister Roosevelt

Skerrit’s 2018-2019 budget announcement, is now in effect and the

importation of any Styrofoam based or plastic packaging products is not

allowed.

Mitchel said the decrease of these non-biodegradable materials in the

country will result in less harm to the environment.

“Plastic based materials do not decompose that easily, so it will take

hundreds of years before any plastic based material goes back into the

environment from the same element that it came from,” he said. “From a

solid waste stand point any alternative that can be broken down back

into the environment is something that we’ll appreciate from an

environmental perspective because of the hazards of plastic and

Styrofoam on the environment. It’s something of great benefit to us as a

reduction.”

He said apart from the Solid Waste Management Corporation, other

organisations have important roles to play in carrying out this initiative

adding that if action is being taken responsibly, this ban will have a

positive impact on the lives of Dominicans.

Dominica News Online (DNO) spoke to two major companies that

previously imported the banned items to find out how they were adapting

to the change.

J. Astaphan and Co. Ltd started to prepare for the ban since the

government first announced its intention in 2015, to impose the new

policy.

“This decision prompted us to look for an alternative line of tableware

products. In 2017, we sourced and started the distribution of our very own

line of biodegradable tableware products so we can safely say we had

been very much prepared. Additionally, we plan to introduce more

biodegradable products in early February at very attractive prices,”

Jamal Francis of Astaphan’s Marketing department told DNO.

“Our company has always been one which cared for the environment as

we have in the past included in our offering to our customers Eco-friendly

products and have been on the fore front on moving into the use of

Reusable shopper bags instead of plastic shopping bags,” he added.

Francis said that Styrofoam & plastic products accounted for a sizable

portion of the company’s overall sales, “but we are optimistic that the

sales on our current & future offerings of biodegradable products will

compensate for this loss.”

He said the main challenge of importing biodegradable replacements for

single-use Styrofoam & plastic products is the noticeable price difference

between the two line of products.

“One contributing factor to the difference in price was the fact that

biodegradable products attracted 20% import duties. Our company and

others alike met with the key stake holders in recent times, where we

presented our recommendations & concerns,” Francis stated.

The government subsequently announced that it had given the green

light to remove the 20% import duties on these products, as of January

2019.

“We want to thank the Government of Dominica and other key officials

for taking this decision,” Francis stated.

Marketing Manager of H.H.V Whitchurch and Company, Michelle Joseph,

said the company is complying with the laws and rules and regulations

that the government has put in place and are trying to source the best

bio degradable products.

Joseph says it is something that the company has tried to pursue in the

past and although the response from the public wasn’t too positive at first,

H.H.V Whitchurch is happy to be getting support from the Dominican

government.

“It’s something we have been looking at from a business standpoint,

where we have looked at it a few years back and the response wasn’t

too promising from the public, so we are actually enthusiastic that we

have the support from the Government of Dominica; that you must

comply to it,” she noted.

She said some of the replacement products are a bit difficult to source at

this time but all efforts are being made to proceed with this initiative.

“We have already sourced some products but some of the materials are

a bit difficult in getting such as packing trays, but this is a task that we

welcome because it is helping the environment which is something that

needs to be done.”

“This is going to impact our health and from an environmental

perspective, the ban on that material is going to help improve litter

management and our landfill capabilities to have less of those materials

coming to our landfill.” said Dorian Mitchell.

He called on all Dominicans to be aware of these changes and

cooperate with the government in order to keep our environment and

surroundings clean and safe.

He said that there’s a phasing out period for the sale and use of the

banned items until July 1st after which any establishment found importing

or using single-use Styrofoam and plastic items will be fined.

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