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

▪ PLIPDECO’s rating reaffirmed at CariA+

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

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

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

▪ Government of Barbados’ rating downgraded to CariD

▪ Massy Holdings Limited’s rating reaffirmed at CariAA+

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

▪ Eastern Credit Union’s rating downgraded to CariBBB-

▪ Government of the British Virgin Islands’ rating reaffirmed at CariAA-

▪ Republic Bank Limited’s rating reaffirmed at CariAA+

▪ The Pegasus Hotels of Guyana Limited’s initial rating assigned at CariBBB-

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REGIONAL

Trinidad and Tobago

NGL ends day higher at $29.75

Overall market activity resulted from trading in 11 securities of which two

advanced, one declined and eight traded firm.

Plipdeco gets ‘good’ ratings from CariCRIS

The Point Lisas Industrial Port Development Corporation Limited (Plipdeco)

has maintained its ratings of CariA+ on the regional scale and ttA+ on the

national scale, in its latest ratings by Caribbean Information and Credit

Rating Services Limited (CariCRIS)

$42m in fees for NIF bonds

Government has agreed to pay about $42 million in fees and expenses in

connection with the distribution and securing of the $4 billion in bonds to

be issued by the National Investment Fund Holdings Company, according

to the prospectus for the bond offering.

Barbados

Multi-sectorial approach recommended by WHO

Assistant Director General of the World Health Organisation (WHO), Dr Joy

St John, has urged Barbados to take a multi-sectorial approach to climate

change, health and other environmental issues.

Jamaica

JSEZA predicts US$5 billion in investments and 5,000 jobs

Chairman of the Jamaica Special Economic Zone Authority (JSEZA), Metry

Seaga, says that in just over a year of operation, the authority already has

on the ground more than US$500 million in investments in special

economic zones (SEZs) and over 5,000 jobs.

JMEA hanging on to former JEA headquarters

The Jamaica Manufacturers and Exporters Association is renting out the

building that previously served as the headquarters for exporters, but its

president is also mulling future plans to utilise it as a training hub.

Jamaica continued

Gov't allocates $1.69b for major infrastructure works

Minister of Education, Youth and Information Ruel Reid says several major

infrastructure development contracts valued at $1.69 billion have been

approved by Cabinet.

Gov't awards $722.5-m contract for redevelopment of Hampden Wharf

The Government says a contract valued at $722.5 million was awarded to

Surrey Paving and Aggregate Company Limited for the redevelopment of

Hampden Wharf phase one in Falmouth, Trelawny.

Guyana

Guyana, Brazil discuss strengthened relations

President David Granger on Thursday said the friendship and cooperation

between Guyana and Brazil, which has been characterised by peace,

respect for territorial integrity and mutual interests is set to be further

strengthened in the coming months as the two South American nations

work to build more solidly on 50 years of bilateral ties.

House passes Financial Institutions (Amendment) Bill to strengthen Central

Bank powers

The government’s one-seat majority in the National Assembly was able to

successfully pass yesterday, the Financial Institutions (Amendment) Bill.

Minister of Finance, Winston Jordan, spoke at length about the

importance of the Bill to the financial stability of the nation.

The Bahamas

Atlantis Enjoys 15% Cash Flow Jump by Disney/Vegas Tie

Atlantis is closer to marrying Disney World and Las Vegas than "any other

property in the world", with net cash flow having increased by 15 percent

since its current owner's 2012 takeover.

St. Kitts and Nevis

Deputy Prime Minister underscores key partnership with RUSVM

Deputy Prime Minister the Hon. Shawn Richards had underscored the

Team Unity Government’s key partnership with the Ross University School

of Veterinary Medicine at the Opening Ceremony of the new Research

and Pathology Building and the dedication of the Dr. Donald F. Smith

Learning Centre on Tuesday (July 10).

Antigua and Barbuda

“Efficient property tax collection system coming soon,” says Deputy

Commissioner

Jermaine Jarvis, deputy commissioner at the Inland Revenue Department

(IRD), says that a synchronised computerised system will make for the

efficient collection of property taxes.

Prince’s foundation to donate disaster-resistant homes in Barbuda

Twenty-two houses will be donated to families in Barbuda whose

properties were destroyed during the passage of hurricane Irma 10

months ago.

Antigua and Barbuda to implement GEF IWEco project

Antigua and Barbuda and other Eastern Caribbean countries will look to

implement the Global Environment Facility funded Integrating Water,

Land and Ecosystems Management in Caribbean Small Island Developing

States Project (GEF IWEco) over the next four years.

The Dominican Republic

Spanish mogul announces ambitious tourism projects

Spanish mogul Juan José Hidalgo on Wed. announced the construction

of apartments in Boca Chica, plans a 1,000-room hotel in Bayahibe and

aims to create a new tourism development in Cumayasa.

Building permits issued in just 60 days as of next Dec.

President Danilo Medina on Wed. issued three executive orders aimed at

developing Dominican Republic’s exports, trade, construction and

productivity by cutting red tape.

Dominican Republic launches US$1.3B 10-year bond amid concern: report

The specialized finance outlet International Financing Review, on Thur.

reported that the Dominican Republic launched a US$1.3B 10-year bond

with a 6% yield

Other Regional

US bolstering disaster preparedness in the Caribbean

On July 10 and 11, the United States William J. Perry Centre for

Hemispheric Defence Studies co-hosted a Humanitarian Assistance and

Disaster Response Seminar with United States Southern Command and the

Caribbean Disaster and Emergency Management Agency (CDEMA) at

the Hilton Barbados.

CE-Intelligence comes to the Caribbean

The Caribbean Export Development Agency (Caribbean Export) in

collaboration with the European Union officially launched their market

intelligence portal, known as CE-Intelligence.

INTERNATIONAL

United States

Stock futures flat as JP Morgan kicks off earnings season

U.S. stock index futures were little changed on Friday as robust results from

JP Morgan aided sentiment at a time of continuing fear over the trade

conflict between the United States and China.

United Kingdom

Sterling set for biggest weekly loss in nearly two months

Sterling weakened on Friday, putting it on track for its biggest weekly drop

in nearly two months as a resurgent dollar and comments by President

Donald Trump that a possible U.S.-British trade deal was probably dead

sapped demand for the pound.

Europe

European shares look set for second week of gains

European shares opened higher on Friday, and looked set for a second

week of gains as fears of a full-blown trade war were kept in check and

optimism about the next corporate earnings season grew.

China

China's trade surplus with U.S. hits record as exporters rush to beat tariffs

China’s trade surplus with the United States swelled to a record in June as

its overall exports grew at a solid pace, a result that could further inflame

a bitter trade dispute with Washington.

China June new loans jump to 1.84 trillion yuan, above forecasts

Chinese banks extended 1.84 trillion yuan ($274.91 billion) in net new yuan

loans in June, up considerably from the previous month and beating

analysts’ expectations, as policymakers step up support for the economy.

Japan

Nikkei posts best weekly gain since March; Fast Retailing jumps

Japan’s Nikkei surged to three-week highs on Friday, helped by a weaker

yen and gains from index-heavy stock Fast Retailing after it jumped on the

back of strong third-quarter results.

Global

Oil falls for second week as supply concerns ease

Oil prices fell on Friday and were set for a second straight week of decline

after Libyan ports reopened and on the view that Iran might still export

some crude despite U.S. sanctions.

Global stocks rally before earnings, trade war jolt boosts dollar

World stocks rose for a second consecutive week on Friday as investors

prepared for an expected run of strong earnings in the United States,

although fears about the U.S.-China trade conflict kept gains in check

and pushed the dollar higher.

Euro, yuan dip as U.S.-China trade fears boost dollar

The euro fell to a nine-day low on Friday and the Chinese yuan slid again

after data showing a record Chinese trade surplus stirred worries about

the U.S.-China trade row, encouraging investors to buy into the safety of

the dollar.

Gov't allocates $1.69b for major infrastructure works Thursday 12th July, 2018 – Jamaican Observer

Minister of Education, Youth and Information Ruel Reid says several major

infrastructure development contracts valued at $1.69 billion have been

approved by Cabinet.

Addressing a post-Cabinet press briefing at Jamaica House yesterday, the

minister said of the sum, $887.3 million was awarded to Ashtrom Building

Systems for infrastructure works, under phases three and four, for the

Colbeck Castle Development between the parishes of St Catherine and

Clarendon.

Reid said $141 million has also been awarded to N F Barnes and Company

to undertake civil infrastructure works for the Jacksonville Housing Scheme

in Clarendon.

“Cabinet took particular note of the need to monitor the construction of

adequate draining systems, in light of the tendency for flooding in this

community,” the minister pointed out.

Additionally, $400 million has been awarded to Trevor Dunkley and

Company to undertake civil works for the Windsor Housing Development

project in Trelawny.

Another $100.8 million was awarded to Surrey Paving and Aggregates to

undertake infrastructure works in keeping with the Maxfield Park Housing

Development.

Also, $161.5 million was awarded to Ashtrom to carry out a design-and-

build contract for the build-out of Longville Park Housing Development,

Phase 3A.

<< Back to news headlines >>

Gov't awards $722.5-m contract for redevelopment of Hampden Wharf Thursday 12th July, 2018 – Jamaican Observer

The Government says a contract valued at $722.5 million was awarded to

Surrey Paving and Aggregate Company Limited for the redevelopment of

Hampden Wharf phase one in Falmouth, Trelawny.

Minister of Education, Youth and Information Ruel Reid made the

disclosure during yesterday's post-Cabinet press briefing at Jamaica

House.

The Hampden Wharf project, to be funded by the Tourism Enhancement

Fund, includes establishment of an artisan village that will accommodate

30 shops on 540 square metres of the land owned by the Port Authority of

Jamaica.

Other aspects of the project include extension of the port; paved surfaces

with mixed textures and defined paths; landscaped areas; storyboards

where applicable; adaptive reuse of historic buildings; and a rich mix of

retail and local eateries, craft and history.

<< Back to news headlines >>

JSEZA predicts US$5 billion in investments and 5,000 jobs Friday 13th July, 2018 – Jamaican Observer

Chairman of the Jamaica Special Economic Zone Authority (JSEZA), Metry

Seaga, says that in just over a year of operation, the authority already has

on the ground more than US$500 million in investments in special

economic zones (SEZs) and over 5,000 jobs.

“At last count we projected approximately US$5 billion in investments with

over 100,000 jobs being created in a range of sectors, including

manufacturing, logistics, business process outsourcing, just to name a

few,” he said at Wednesday's ribbon-cutting ceremony at the authority's

head office, Waterloo Road, Kingston.

Seaga said that there has been a significant growth in the BPO industry

segment of the free zone and indicated that the time was right to start

realising significant growth in other areas as well.

He said that the local investment landscape had transformed

considerably over the past decade and a half, and investors from across

the world were now setting up businesses on the island.

“Partners from countries that we had no relationship with are now

knocking at our doors. Our own Jamaicans are jumping on the

opportunity to play their part in the investment landscape,” he stated.

He noted that under the previous free zones system, there were no

incentives to purchase locally, but under the SEZ local purchases are

exempted from general consumption tax (GCT).

“So there is no payment of that 16.5 per cent on your electricity bill or

telephone bill. That is big savings, and there is a push to connect local

suppliers with SEZ investors,” he noted.

He said that the strategy that will be employed to realise success with the

SEZ regime included:

(1) a clear plan has been developed, outlining what is to be done and

how it will be done, which will be integrated into the larger economic

development strategy;

(2) establishing a sound legal and regulatory framework, in which

adaptability will be key and gaps that exist in the legislation will be

addressed; and

(3) a high-level leadership and inter-agency coordination.

He said that under the leadership of Prime Minister Andrew Holness, the

authority would develop a collaborative approach to this segment of

government business.

“I am using this opportunity to call on all agency heads, permanent

secretaries and ministers to put their weight behind us, to put their weight

behind a cause greater than you or I, a cause that is for our country

Jamaica,” he added.

Chief executive officer at the authority, Dr Eric Deans, said that being an

agency of the Ministry of Economic Growth and Job Creation, Prime

Minister Holness has led the speedy implementation of the legislation and

regulations.

He noted that JSEZA is an important part of the Government's mission to

transform Jamaica's economic fortunes.

“Not with fluffy narratives and empty promises, but with dedicated work

and coordinated effort to drive change,” he added.

He stated that the authority, in driving change, has not shifted direction to

full implementation mode.

Dr Deans also noted that, for several decades, Jamaica has experienced

slow economic growth, and the change that was really needed was “big,

bold and disruptive action”.

He said that Jamaica is diversifying its industrial base through a strategy

that involves the creation of special economic zones to attract a wider

range of industries. These industries are being established in specific

industrial clutters and include transnational and local operations.

He said that the country is receiving support for its Global Logistics Hub

Initiative from the World Bank, the Inter-American Development Bank (IDB)

and other multilateral institutions.

The Jamaica Special Economic Zone Authority (JSEZA) is the agency of

the Government of Jamaica responsible for facilitating the development

of and promoting investments in special economic zones in Jamaica. The

JSEZA was established in 2016 under the Special Economic Zones Act.

The authority regulates and supervises SEZs through the administration,

issuance of guidelines and directions to developers, occupants and zone

users in relation to the SEZ Act. It also provides policy direction for the

development and sustainability of Jamaica's economy, through the

administration of Special Economic Zones and attract new and diverse

investments in the zones, as well as establish efficient investor and business

facilitation one-stop service.

<< Back to news headlines >>

JMEA hanging on to former JEA headquarters Friday 13th July, 2018 – Jamaica Gleaner

The Jamaica Manufacturers and Exporters Association is renting out the

building that previously served as the headquarters for exporters, but its

president is also mulling future plans to utilise it as a training hub.

It also emerged this week that Michelle Chong and Metry Seaga would

hold directorships in JMEA for life.

The building at Winchester Road was acquired by the exporters in 2005,

but the activities and staff were transferred to Duke Street, after the

merger of the Jamaica Exporters Association with the Jamaica

Manufacturers Association to create the JMEA in April of this year.

"We are renting it out to earn income for the association. We will keep it as

an asset for the future," said Metry Seaga, who was elected as the first

JMEA president two weeks ago on June 29.

"For my own part, I am looking at a big plan -- it can be used as a training

centre and things of that nature," he said.

On Monday, a single tenant, the University Council of Jamaica, was

making final preparations to move into the 6,000 square foot building.

"As at right now the board has decided that it is an asset worth keeping

and income worth having on a monthly basis. Personally I would not like to

see us sell it now," Seaga said.

The building is capable of housing several tenants, the JMEA Secretariat

advised, but said that for the time being only one tenant will occupy the

space. The projected rental income was not disclosed.

Both the Winchester property, located uptown, and the Duke Street

building downtown are the two largest assets held by the JMEA. Their

values were also not disclosed.

The Duke Street property, which was the home of the manufacturers, is

close to three times larger than Winchester, at 17,000 square feet. Its

choice as the secretariat for the merged association was based on a

'least-cost' decision, and the group's support of the redevelopment

initiative for downtown Kingston, said Executive Director Imega Breese-

McNab.

The JMEA operates from the upper floor, while the ground floor is

occupied by the Office of the Political Ombudsman.

The newly elected JMEA board will have its first meeting next Tuesday, July

17, which Seaga said would deal largely with housekeeping matters.

"We will also be using the opportunity to set the vision going forward and

putting the various committees together -- getting the right people into

the right positions," he said.

The JMEA president once again gave an assurance regarding continuity

of programmes, amid a change in the composition of the body.

"We did our own at the JMA and we intend to incorporate what the JEA

has done. The hand-holding is a critical component especially for the

smaller exporters and manufacturers," said Seaga.

"The only difference now is that we have members who are not

manufacturers that are service providers or straight agriculture persons,

but we do have expertise on the board that will guide us in that direction,"

he said.

The board comprises the president Metry Seaga, deputy president

Richard Pandohie, treasurer Richard Coe and 18 directors. A seat has also

been assigned to JMEA executive director McNab Breese.

The officeholders of the presidency of the associations that merged will

also hold directorships for life, according to Andrea Johnson, executive

assistant to the JMEA president.

This means Michelle Chong, who was the JEA president, is a member of

the JMEA board. Chong had vied unsuccessfully for the deputy

president's slot at the June meeting.

<< Back to news headlines >>

Guyana, Brazil discuss strengthened relations Friday 13th July, 2018 – Guyana Chronicle

PRESIDENT David Granger on Thursday said the friendship and

cooperation between Guyana and Brazil, which has been characterised

by peace, respect for territorial integrity and mutual interests is set to be

further strengthened in the coming months as the two South American

nations work to build more solidly on 50 years of bilateral ties.

Speaking during an interview at the conclusion of a meeting with visiting

Brazilian Minister of Foreign Affairs, Aloysio Nunes Ferreira at State House,

the President said that this year marks 50 years of friendship and strong

bilateral ties between the Cooperative Republic of Guyana and the

Federative Republic of Brazil.

He noted that while the two countries have enjoyed cooperation in a

number of areas, they must now take the opportunity to build on the solid

foundation, which exists.

“The cooperation has been very wide. As I pointed out, I was one of the

first two (Army) Officers to be trained in Brazil 49 years ago, so we had

defence cooperation since 1969. It has gone into fields of education, the

fields of agriculture, infrastructure development, and you would be

surprised at the amount of interaction that has taken place at the level of

ordinary residents moving to and from the two countries. Many residents

from the Rupununi would go across to Brazil for medical treatment so

there are many areas of cooperation but what we are looking at now is

the future. We are not looking at the past and we feel that the relations

now between these two mature nations should be put on a sounder

footing,” the Head of State said.

President Granger noted that the visit comes at a time not only when the

two countries are celebrating this milestone but at a time when there is a

changing strategic scenario in Northern South America and the world,

particularly in the United States, United Kingdom and European Union.

In this regard, he noted that it is important that the two states renew their

relationship as well as seek to build on new ground while formulating a

coordinated approach where needed.

“We have not been able to fulfil our dreams of infrastructural integration

but there are several other areas of concern. One, of course, is the

situation of the Bolivarian Republic of Venezuela. As you know thousands

of refugees have gone south into Brazil, many more in Colombia, some

have come into Guyana and into Trinidad and Tobago. Therefore, we

need to have a common push to deal with this humanitarian crisis. The

situation was also changing in the hemisphere and the world. As you

know, the US Government, the UK Government, the EU have all been

affected by some economic changes and it will eventually have an

impact on Guyana and in that way, it is necessary for two neighbouring

states to coordinate their positions so that there is some convergence of

views. We have always had cordial relations with Brazil at a strategic

level,” he said.

ENVIRONMENTAL SECURITY

From an environmental point of view, President Granger noted that given

the fact that both Brazil and Guyana are part of the Amazonia river

system, the matter of environmental security and protection were

discussed, particularly in the light of the flooding in Upper Takutu-Upper

Essequibo (Region Nine).

“Sometimes Guyanese wonder that the rain is not falling but the water is

rising and some parts of Guyana particularly the Rupununi is being

subjected to flood waters over the last weeks or so. It is apparent that

flooding is not something that is generated in Guyana. So we need to look

across the borders because the water doesn’t stop at the borders,

animals do not stop at the borders, so Guyana and Brazil need to work

together to ensure that there is environmental security and environmental

protection of our flora and fauna. We are also looking at sustainable

development, looking at ensuring that on both sides of the border,

standards are applied,” the President said.

The Head of State also noted that the preservation of South America as a

‘zone of peace’ is essential to Guyana’s existence. Brazil, he said, has

remained resolute in its commitment to peace on the continent and

Guyana is grateful for Brazil’s consistent and unwavering support, over the

past 50 years, for the peaceful settlement of the territorial controversy with

Venezuela.

“Brazil is the largest state on the continent of South America and from the

start of the controversy, Brazil has made it clear that it had no interests in

redrawing the borders with any state. Brazil has borders with almost every

state on the continent except two, so once people start tinkering with

borders it will be an enormous headache for Brazil. Brazil put its foot down

from the start and I think that was an important factor in convincing our

neighbours that there will be no land grabbing on this continent. So, we

are very grateful to Brazil and the Brazilian Ministry of External Affairs has

always been known for taking a principled position and it has never

varied. They have been a guarantor of Guyana’s territorial integrity,” he

said.

Meanwhile, Minister Nunes Ferreira, in his remarks, noted that the

relationship between Guyana and Brazil is as a result of shared goals

including peace, stability and prosperity. He noted that as the two

countries celebrate 50 years of friendship it is the intention to have more

meetings and high-level interactions to discuss issues such as health,

infrastructure, security, defence and other matters with a view of

increasing collaboration and cooperation.

He noted that of particular interest is the construction of the Linden-

Lethem Highway, which will not only deepen relations but also provide a

vehicle for enhanced trade between the two countries.

Following the meeting with the Head of State, the Brazilian Foreign Minister

met with Minister of Foreign Affairs, Carl Greenidge and his team to discuss

and iron out the technical details and agreements with regard to the

areas of cooperation between the two nations.

<< Back to news headlines >>

House passes Financial Institutions (Amendment) Bill to strengthen Central

Bank powers Friday 13th July, 2018 – Kaieteur News

The government’s one-seat majority in the National Assembly was able to

successfully pass yesterday, the Financial Institutions (Amendment) Bill.

Minister of Finance, Winston Jordan, spoke at length about the

importance of the Bill to the financial stability of the nation.

He said that the Financial Institutions Bill, together with four others on the

Order Paper, is designed to modernize the nation’s financial architecture

and anchor the financial stability of the country so that those in the system

can be resilient and are able to withstand unexpected shocks or

unwinding imbalances.

The Finance Minister explained that the Bill was a necessary

recommendation of the International Monetary Fund (IMF) and the World

Bank which conducted a Financial Sector Assessment Programme (FSAP)

two years ago.

This programme was established by the two international bodies in 1999. It

is done to help countries analyse the resilience of their financial sector, the

quality of its regulatory and supervisory framework, and to understand

and strengthen its capacity to manage and resolve financial crises.

Based on its findings, FSAPs produce recommendations of a micro- and

macro-prudential nature, tailored to country-specific circumstances.

Jordan noted that prior to 2016; such a test was done on Guyana in 2004.

He pointed out that during that time; an FSAP report recommended that

there be substantial changes to Guyana’s Financial Institutions Act.

Jordan said that the FSAP’s suggestions to improve the Act were instituted

by the Jagdeo administration and the Bill, signed into law on November

30, 2004.

Jordan noted that the 2004 changes limited financial institutions to

making loans or extending credit to any parent company or subsidiary;

prescribed penalties to directors and officers for giving false information,

allowed Bank of Guyana to help banks in financial distress etc. The

Finance Minister said that these changes made the system revolutionary.

The Finance Minister bemoaned the fact that it was until a decade before

another FSAP was done. He then gave a snippet of the findings of the

2016 FSAP report. Jordan said that the financial system is doing

“reasonably well” but significant vulnerabilities remained.

According to the 2016 FSAP report, Guyana’s crisis management

framework needs improving along with its deposit scheme. It also stressed

the need for the Banks to engage in proactive responses to sectoral

issues.

Jordan said that these are significant observations. To underscore the

importance of the Bill, Jordan reminded of the Globe Trust and

Investments Company fiasco.

Globe Trust began operating in April 1991 and was licensed in 1999 to

conduct depository financial business with authority to engage in Trust

business. However, in 2000 and again in 2001, a series of inspections by the

Bank of Guyana found the institution to be in breach of the Financial

Institutions Act.

Central Bank, with the intention to liquidate, seized the institution in

September 2001. The Finance Minister noted however that the process to

close Globe Trust was a lengthy one.

The economist noted that the Financial Institutions Act, which was

amended with the help of the IMF and the World Bank, would remove

such problems in the future.

While members of the political opposition are in favour of the

modernization of the financial sector, they did not lend support for the Bill.

This was reflected in statements made by Opposition Members, Irfaan Ali,

Joe Hamilton, Juan Edghill and Anil Nandlall.

Edghill during his presentation said, “We accept and have high regard for

international consultants that give us help but we must never seed out our

sovereignty.

“We must never be slavish that we must do whatever is being told to us.

We must decide in this House what is best for us. We agree that the

financial architecture of this country, it must be modernized. But let us

take the time to discuss these amendments so that we are not made to

come back again and do more amendments. Don’t let us rush it.”

Former Attorney General, Anil Nandlall, remains convinced that the Bill

would only seek to impose political will on those in the banking sector. He

reminded of the issue where cambios were “threatened” to use

government-imposed rates of buying and selling, the failure of which

would lead to the revocation of their licences.

Nandlall said, “This is the political control we are talking about because if

they didn’t do it then their licences would be revoked. These bills are toxic,

filled with political control and interference. There is no independence of

Central Bank here…”

The Opposition Members also criticized the fact that the government was

cutting and pasting the IMF’s and World Bank’s recommendations without

giving careful thought to the effects it will have on the banking sector.

But in his wrap up on the Bill, the Finance Minister categorically disagreed

with the points proffered by his colleagues. He stressed that there is no

shame in receiving help from international institutions so that the banking

sector can be on par with the rest of the region. He said that this was

necessary since the Chambers of the Attorney General is overburdened.

Jordan said, “We don’t have the skill set needed to do the drafting of

some of these Bills and this is no disrespect to the AG Chambers. They are

doing a fantastic job too…But there is no shame in asking for help.”

The Members of the House then went through the various amendments to

Sections of the Bill. It was put to a vote and subsequently passed.

<< Back to news headlines >>

Atlantis Enjoys 15% Cash Flow Jump by Disney/Vegas Tie Thursday 12th July, 2018 – Tribune 242

Atlantis is closer to marrying Disney World and Las Vegas than "any other

property in the world", with net cash flow having increased by 15 percent

since its current owner's 2012 takeover.

Morningstar Credit Ratings, the investment analysis firm, in a July 9

assessment of the Paradise Island resort's $1.85bn debt refinancing,

described it as "a unique asset" that no other Caribbean resort can match

because of the breadth of amenities it offers.

"While there are numerous properties in the Caribbean that offer similar

amenities as the Atlantis Paradise Island Resort, none offer everything that

Atlantis does," Morningstar said. "The property is essentially a 'theme park'

for adults and children and could be considered as a cross between Walt

Disney World and Las Vegas.

"While Atlantis obviously does not offer the extensive attractions [of a]

Walt Disney World, or the size and lavishness of the newer casino hotels in

Las Vegas, it comes closer to any other property in the world to offering

both. The uniqueness of Atlantis makes it difficult to determine

comparable properties."

Baha Mar may emerge as a rival to this uniqueness, but Morningstar's

report argued that the Paradise Island property's historically strong

operating performance and diversified revenue streams would enable it

to withstand any market 'cannibalisation' by its Cable Beach rival.

"Net cash flow has increased by 28.1 percent (adjusted for rooms down

for renovation)/14.9 per cent (unadjusted for rooms down for renovation)

from 2013 through the trailing 12 months ended March 31, 2018,"

Morningstar said of Atlantis.

"Under the prior ownership, the property exhibited strong operations with a

peak-to-trough decline in net cash flow of 31.3 percent. Since 2013,

average annual occupancy has consistently been in the low to mid 70s

with an average ADR (average daily room rate) of $281."

Atlantis's restaurants and bars generated a collective $203 million in

revenue for the 12 months to end-March 2018, accounting for 26.8 per

cent of the resort's top-line - a share only bettered by room revenues.

Breaking down Atlantis's other income streams, the Morningstar report

noted that 60 per cent of the revenues generated by its marine and

water attractions - which account for 7.8 per cent of total income - came

from cruise passengers visiting the resort on day excursion passes.

The Atlantis marina generated some $8.2 million, or 1.1 per cent, of total

revenues for the year to end-March 2018, while 'The Dig' saltwater

aquarium added a further $1.3 million in 2017. The resort's retail offerings

provided another source of income.

"Income from leased retail outlets for the [12-month] period ended March

31, 2018, was $9.2 million or 1.2 percent of total revenue," the Morningstar

report revealed. "In addition, the resort generated $12.9 million of 1.7

percent of [12-month] total revenue from Atlantis owned and operated

outlets.

"In addition to the above amenities, Atlantis generates revenue from

additional sources including a water plant and captive tour operator,

Atlantis Paradise Vacations. The water plant manufactures and supplies

water to the Atlantis resort, the Reef Atlantis and the Harborside Resort.

Additionally, the Atlantis water plant sells water to other property owners

on Paradise Island. Previously owned by a third-party (an affiliate of

General Electric), the sponsor [Brookfield Asset Management] acquired

the water plant in 2015."

Financials provided in the Morningstar report showed a consistent

financial performance by Atlantis through 2016 and 2017, into the 12

months leading up to end-March 2018. Occupancy levels remained

above 72 percent throughout this period, with occupied room nights

staying in the range between 768,000 to 776,495 per annum.

Average daily room rate (ADR) and revenue per available room (RevPAR)

were similarly consistent, with total revenues inching up from $767.655

million in 2016 to $777.398 million for the 12 months to end-March 2018.

Operating expenses over the same period were held either side of the

$360 million mark, producing gross operating income ranging from $403

million to $413 million.

Annual net operating income for the three periods included in the report

ranged from $201 million to $210.705 million, with Atlantis appraised as

having a $2.49 billion appraised value as at May 7 this year.

Morningstar added that market fundamentals, as measured by the

increase in stopover arrivals through Lynden Pindling International Airport

(LPIA), would provide a further boost to Atlantis's business - which Baha

Mar's Chinese ownership improving airlift prospects from that nation.

"According to Lynden Pindling International Airport, over 151,500

passengers landed at the airport in December 2017 and over 140,000

landed in January 2018, the largest holiday season numbers since the pre-

recession holidays of 2007-2008," the report said.

"From January 2018 through April 2018, the number of passengers at the

airport increased by 9.8 percent over the number of passengers from

January 2017 through April 2017, putting it on track to reach its all-time

highest number of passengers. This also represents a 5.9 percent increase

in comparison to its prior peak from January 2008 through April 2008.

"March and April arrivals of approximately 182,000 and 171,000,

respectively, also represented the highest amount of passenger arrivals in

the airport's history.... In addition, with the recent opening of the Baha Mar

resort and China's investment in funding its construction, Chinese airlines

are expected to begin direct-service to Lynden Pindling, which opens the

Bahamas to a new market of leisure and gaming travellers."

<< Back to news headlines >>

Deputy Prime Minister underscores key partnership with RUSVM Thursday 12th July, 2018 – SKN Vibes

Deputy Prime Minister the Hon. Shawn Richards had underscored the

Team Unity Government’s key partnership with the Ross University School

of Veterinary Medicine at the Opening Ceremony of the new Research

and Pathology Building and the dedication of the Dr. Donald F. Smith

Learning Centre on Tuesday (July 10).

Richards, in congratulating the RUSVM on behalf of the Team Unity

government, Richards noted that it was both and honour and a privilege

to witness the expansion of the school’s footprint in the twin island

federation.

“I am confident that the official opening of this USD $10.5 million-dollar

Biosafety Level 2 (BSL-2) Research and Pathology building will further

enhance Ross University’s academic reputation, as well as its already high

standards.

“Significantly, the new building represents the next phase of RUSVM’s

important research into the study, diagnosis and control of veterinary

diseases,” Richards stated.

He informed that the new building features 13,000 square feet of research

space and comprises a pathology viewing area to enhance student

learning. He added that the facility would also have animal cadavers

that would be given post-mortem examinations to determine cause of

death.

He noted that this new feature would further strengthen the food and

agriculture sector in St. Kitts and Nevis.

“In particular, the research and pathology building will revitalize animal

agricultural research by strengthening best practices in monitoring and

protecting our herd health, our public health system, and our food supply

– from the farm to the dinner table.

“My Government is therefore excited about today’s opening because of

the critical role that animal science research plays in food security,” the

Deputy Prime Minister said.

Richards further said that the new facility will surely build on the

collaboration that RUSVM, the government and local stakeholders have

fostered for 35 years by helping to protect the economic vitality of the

local food industry and ensuring the resilient, secure and sustainable local

production of food.

He enlightened that RUSVM and the Team Unity Government through the

Department of Agriculture already have a longstanding relationship in

respect to pathology services.

He added: “RUSVM performs autopsies on livestock animals that die at the

Basseterre abattoir, and the university provides this service free of charge.

This partnership allows students to obtain the educational exposure in a

manner that is socially acceptable, while at the same time allowing the

Agriculture Department to make informed, science-based decisions

relating to animal health and food safety.

“Our strong history of collaborating with Ross University in the control,

prevention, surveillance and treatment of disease is further cemented

with this new research phase, not only in the area of food security.”

<< Back to news headlines >>

US bolstering disaster preparedness in the Caribbean Friday 12th July, 2018 – Nation News

On July 10 and 11, the United States William J. Perry Centre for

Hemispheric Defence Studies co-hosted a Humanitarian Assistance and

Disaster Response Seminar with United States Southern Command and the

Caribbean Disaster and Emergency Management Agency (CDEMA) at

the Hilton Barbados.

The event brought together participants from 18 Caribbean and South

American countries, as well as British, Canadian, Dutch, and French

partners. The seminar provided an opportunity to consolidate lessons

learned from the 2017 hurricane season and to prepare Caribbean,

partner nations, and US humanitarian assistance forces for the 2018

hurricane season.

Opening remarks were provided by Gayle Francis-Vaughn, Permanent

Secretary at Ministry of Home Affairs, and Ronald Jackson, CDEMA

Executive Director. During the seminar panels and round-table discussions,

participants gained an understanding of partner nation procedures,

capacities, and gaps in humanitarian assistance and disaster response

efforts.

The forum also provided an opportunity to strengthen regional

coordination for mitigation, management, and coordinated response to

natural disasters. Last year's hurricane season highlighted the need for an

international approach to disaster preparedness and response. This

seminar served to further forge and strengthen relationships that will

ultimately help achieve this approach that will be critical to future

response efforts.

During the closing remarks, Ambassador Taglialatela expressed her

gratitude for the work that’s been done over the past year to synchronise

the collective lessons learned in the region and to improve disaster

preparedness. She stated that her hope is “we identify strategies to bolster

our areas for improvement, and further build on existing friendships, so that

when we are faced with a disaster, we know how and where to turn for

support”.

<< Back to news headlines >>

CE-Intelligence comes to the Caribbean Tuesday 12th July, 2018 – Nation News

The Caribbean Export Development Agency (Caribbean Export) in

collaboration with the European Union officially launched their market

intelligence portal, known as CE-Intelligence.

At the media launch held at the newly renovated Warrens Great House

on Tuesday, July 10, Executive Director Pamela Coke-Hamilton outlined

the importance of the CE-Intelligence portal for private sector firms

looking to grow their businesses through exporting to new markets.

“Trade, business intelligence and market research are key for the

successful entry into export markets,” explained Coke-Hamilton. The portal

will enable firms to “develop their own customised reports to learn more

about market entry requirements in any given country, important trade

data, and key business contacts” informed Coke-Hamilton.

Head of Cooperation at the Delegation of the European Union to

Barbados, Eastern Caribbean States, OECS and CARICOM/CARIFORUM

Luis Maia highlighted that market intelligence is an indispensable

commodity in today’s technology driven environment. Further the portal

will complement the EU’s Trade Helpdesk to enhance the business

opportunities of those looking to penetrate the EU markets. “For no longer

can business persons operate successful businesses, without adequate

knowledge of market requirements,” Maia explained to the attending

private sector.

The CE-Intelligence portal was conceptualised to assist firms in being more

strategic in their market entry plans as it provides an easily accessible

platform for the region’s Small and Medium Size Enterprises (SMEs) and

Business Support Organisations (BSOs) to access accurate and high-

quality data free of charge, which reduces the cost, time and effort

required to make strategic business decisions.

The question as to why many businesses did not make that move to export

was raised by Minister Sandra Husbands in her keynote. Charging that a

cultural fear of the unknown was often a reason for businesses not

venturing in to export, Husbands congratulated the agency for providing

a much-needed tool that will make it easier for firms to move out of their

comfort zones to explore export markets and benefit from the economies

of scale that are synonymous with larger markets.

Moreover, Husbands called on entrepreneurs to make it second nature to

include export as part of their business plans in view of the small market

typical of small islands.

The CE-Intelligence portal provides information for its users in the areas of

trade and business intelligence; access to finance with a listing of

financial institutions and opportunities across the region; step by step

export guides including a series of videos that explain the key elements of

the CARIFORUM-EU Economic Partnership Agreement (EPA); foreign direct

investment and a section on food safety providing information on the

market entry requirements of key markets such as the EU, the USA, and

Canada.

It is hoped that with the introduction of the CE-Intelligence portal the true

potential of regional brands is unlocked with the use of high-quality

information to aid in decision making.

<< Back to news headlines >>

Multi-sectorial approach recommended by WHO Thursday 12th July, 2018 – Nation News

Assistant Director General of the World Health Organisation (WHO), Dr Joy

St John, has urged Barbados to take a multi-sectorial approach to climate

change, health and other environmental issues.

She made these recommendations recently during a joint-ministerial

courtesy call on Minister of Foreign Affairs and Foreign Trade, Dr Jerome

Walcott. He was joined by Minister of Health and Wellness, Lt. Colonel

Jeffrey Bostic; Minister of Environment and National Beautification, Trevor

Prescod; and other government officials.

Dr St John explained that a multi-sectorial approach was critical in

assisting Barbados to assume a leadership role in the areas of climate

change, health and environment.

She noted that this approach was beneficial, especially when seeking to

access funding, suggesting that in the same way there was a clear

national agenda for HIV and a multi-sectorial approach to Non-

Communicable Diseases, there needed to be similar collaboration for

climate change, water sustainability, hygiene in health facilities and air

pollution, among others.

The Assistant Director General also pointed out that climate change was

a part of the Blue Economy and Barbados needed to ensure there was

suitable representation when new policies were created at the

international level.

Dr Walcott thanked Dr St John for her advice, and stated that he was

conscious of the value of an integrated approach, especially with health,

the Blue Economy and the environment. He concluded that he would

take her suggestions on board.

<< Back to news headlines >>

China's trade surplus with U.S. hits record as exporters rush to beat tariffs Friday 13th July, 2018 – Reuters

China’s trade surplus with the United States swelled to a record in June as

its overall exports grew at a solid pace, a result that could further inflame

a bitter trade dispute with Washington.

But signs exporters were rushing shipments before tariffs went into effect in

the first week of July suggest the spike in the surplus was a one-off, with

analysts expecting a less favourable trade balance for China in coming

months as duties on exports start to bite.

The data came after the administration of U.S. President Donald Trump

raised the stakes in its trade row with China on Tuesday, saying it would

slap 10 percent tariffs on an extra $200 billion worth of Chinese imports,

including numerous consumer items.

China’s trade surplus with the United States, which is at the centre of the

tariff tussle, widened to a record monthly high of $28.97 billion, up from

$24.58 billion in May, according to Reuters calculations based on official

data going back to 2008.

The record surplus “won’t help already sour relations and escalating

tensions”, Jonas Short, head of the Beijing office at Everbright Sun Hung

Kai, wrote in a note.

Trump, who has demanded Beijing cut the trade surplus, could use the

latest result to further ratchet up pressure on China after both sides last

week imposed tit-for-tat tariffs on $34 billion of each other’s goods.

Washington has warned it may ultimately impose tariffs on more than $500

billion worth of Chinese goods - nearly the total amount of U.S. imports

from China last year.

The dispute has jolted global financial markets, raising worries a full-scale

trade war could derail the world economy. Chinese stocks fell into bear

market territory and the yuan currency has skidded, though there have

been signs in recent days its central bank is moving to slow the currency’s

declines.

China’s June exports rose 11.3 percent from a year earlier, China General

Administration of Customs reported, beating forecasts for a 10 percent

increase according to the latest Reuters poll of 39 analysts, and down

from a 12.6 percent gain in May.

China’s commerce ministry confirmed last month that Chinese exporters

were front-loading exports to the U.S. to get ahead of expected tariffs - a

situation that could exacerbate any slowdown in shipments toward the

year-end.

“Looking ahead, export growth will cool in the coming months as US tariffs

start to bite alongside a broader softening in global demand,” Julian

Evans-Pritchard, Senior China Economist at Capital Economics in

Singapore wrote in a note, though he noted a weaker yuan should help

offset some of the decline.

EXPORTS, ECONOMIC RISKS

China’s exports to the United States rose 13.6 percent in the first half of

2018 from a year earlier, while its imports from the U.S. rose 11.8 percent in

the same period.

Separate data suggested some Chinese retailers moved up orders to the

U.S. to insulate themselves from the intensifying trade war that threatens to

send up costs on a growing number of consumer products.

For January-June China’s trade surplus with the United States rose to

$133.76 billion, compared with about $117.51 billion in the same period

last year.

After a strong start to the year, growth in China’s exports has moderated

recently, and is expected to face more pressure from the initial round of

U.S. tariffs. Both official and private business surveys reported softer export

orders last month.

China’s foreign trade faces risks of slowing in the second half of the year,

General Administration of Customs spokesman Huang Songping told a

news conference - a view backed by analysts and likely to put more strain

on an economy already feeling the pinch from a multi-year debt battle

that has driven up corporate borrowing costs.

Investors fear a prolonged trade battle with the United States could harm

business confidence and investment, disrupting global supply chains and

harming growth in China and the rest of the world.

South Korea, Asia’s fourth-largest economy, warned on Thursday that

components and materials used in home appliances, computers and

communications devices could be caught in the crossfire of the trade

war.

SEEKING TO CUSHION TRADE BLOW?

Imports grew 14.1 percent in June, customs said, missing analysts’ forecast

of a 20.8 percent growth, and compared with a 26 percent rise in May.

The commerce ministry also said this week it will use funds collected from

tariffs charged on imports from the U.S. to help ease the impact of U.S.

trade actions on Chinese companies and their employees.

In a sign Beijing is seeking alternative supplies of the commodities as it hit

U.S. imports with extra tariffs, China had dropped import tariffs on a range

of animal feed ingredients from several Asian countries.

Separate customs data on Friday showed imports of commodities from

soybeans to crude oil eased compared with a year ago, but China’s steel

mills and aluminium smelters sold much more abroad spurred by higher

international prices amid growing concerns about slowing demand

growth.

The data could renew longstanding criticism from the United States and

Europe that the world’s top metal producer is selling its surplus product

abroad, hurting foreign rivals.

“We expect slowing export growth to put downward pressure on the

current account and RMB (yuan), and believe China is likely to be willing

to make concessions in future rounds of trade negotiations with the U.S.,”

Nomura analysts said in a note to clients.

<< Back to news headlines >>

Stock futures flat as JP Morgan kicks off earnings season Friday 13th July, 2018 – Reuters

U.S. stock index futures were little changed on Friday as robust results from

JP Morgan aided sentiment at a time of continuing fear over the trade

conflict between the United States and China.

JPMorgan’s shares (JPM.N) rose 0.4 percent in premarket trading after the

lender reported second-quarter profit that topped Wall Street

expectations on gains from higher interest rates, increased loan demand

and higher trading revenue.

Wells Fargo (WFC.N) and Citigroup (C.N), reporting results at 8:00 a.m. ET

(12 GMT), were up 0.4 percent and 0.7 percent respectively. PNC

Financial (PNC.N) rose 1.4 percent after the regional bank posted a

quarterly profit that beat analysts’ estimates.

The results from the banks kick off earnings season in earnest, with profits of

S&P 500 companies expected to have surged around 21 percent in the

second quarter, according to Thomson Reuters I/B/E/S.

However, investors and analysts will also keep an eye out for company

forecasts and management commentary to gauge the impact of the

U.S.-China trade war on results in the coming quarters.

Earlier in the day, data showed China’s trade surplus with the United

States swelled to a record in June as its overall exports grew at a solid

pace, a result that could further inflame the bitter trade dispute with

Washington.

President Donald Trump, who has demanded Beijing cut the trade surplus,

could use the latest result to further ratchet up pressure on China. Treasury

Secretary Steven Mnuchin said on Thursday the countries could reopen

trade talks if Beijing was willing to make significant changes.

Trump also criticized British Prime Minister Theresa May’s Brexit strategy,

saying it had probably killed off hope of a trade deal between the

countries. Hours later he said the relationship between the countries was

“very, very strong”.

At 7:17 a.m. ET, Dow e-minis 1YMc1 were up 4 points, or 0.02 percent. S&P

500 e-minis ESc1 remained unchanged and Nasdaq 100 e-minis NQc1

were up 5.5 points, or 0.07 percent.

Among stocks, Johnson & Johnson (JNJ.N) fell 2.4 percent after a jury on

Thursday ordered the company to pay a record $4.69 billion to 22 women

who alleged its talc-based products, contain asbestos and caused them

to develop ovarian cancer.

AT&T Inc’s (T.N) shares fell 1.3 percent after the U.S. Justice Department

said it would appeal a federal judge’s approval of the telecom

company’s $85.4 billion acquisition of Time Warner, which has already

closed.

<< Back to news headlines >>

Oil falls for second week as supply concerns ease Friday 13th July, 2018 – Reuters

Oil prices fell on Friday and were set for a second straight week of decline

after Libyan ports reopened and on the view that Iran might still export

some crude despite U.S. sanctions.

Brent crude LCOc1 was down 36 cents, or 0.5 percent, at $74.09 per

barrel by 1125 GMT, having fallen earlier by 1.3 percent. It was heading for

a weekly fall of around 4 percent.

U.S. benchmark West Texas Intermediate crude CLc1 lost 12 cents to

$70.22, and was also set for a weekly decline of around 4 percent.

Oil approached $80 in late June and early July due to Libyan and

Venezuelan supply disruptions and fears the United States would press all

buyers of Iranian oil to cut imports to zero from November.

But prices weakened in recent days as OPEC member Libya reopened its

ports in the east and U.S. Secretary of State Mike Pompeo said

Washington would consider granting waivers to some of Iran’s crude

buyers.

Prices also slid amid broader market fears that a U.S.-China trade dispute

could hit global economic growth.

“While the oil market could not escape the mounting trade tensions and

souring sentiment in financial markets, the sell-off was more about signs of

rising supplies,” Julius Baer analyst Carsten Menke said.

“If Iran was blocked from the market, we believe oil prices would rise

toward $90 per barrel, which would cause significant fuel inflation, weigh

on consumer and business sentiment and eventually hurt the economy,”

he added.

The International Energy Agency (IEA) warned on Thursday that the world

was short of spare supply capacity and hence any new disruption could

further elevate oil prices.

“Underpinning this morning’s bout of malaise are downbeat oil demand

figures from China. The world’s biggest importer of crude curbed its

purchases last month to a 2018 low,” said Stephen Brennock from PVM

brokerage.

<< Back to news headlines >>

Global stocks rally before earnings, trade war jolt boosts dollar Friday 13th July, 2018 – Reuters

World stocks rose for a second consecutive week on Friday as investors

prepared for an expected run of strong earnings in the United States,

although fears about the U.S.-China trade conflict kept gains in check

and pushed the dollar higher.

Expectations of a bumper U.S. earnings season and news that China’s

overall global export growth beat expectations led European shares up

on Friday with industrials and technology sending the pan-European

STOXX 600 up 0.2 percent.

Markets appeared broadly risk-friendly as a weakening safe-haven yen

helped lift Japan's Nikkei stock index .N225 2 percent. That followed the

S&P500 hitting four-month highs on Wall Street overnight.

Yet fears about the impact of an escalating U.S.-China trade war

continue to cloud the outlook, encouraging investors into the safety of the

dollar.

Data showing China’s trade surplus with the United States swelling to a

record in June could further inflame a trade dispute with Washington.

“The record surplus with the U.S. will inevitably get top billing ... China’s

exporters have been front-loading exports to beat the imposition of tariffs,

implying a relatively sharp drop in coming months,” ADM Investor Services

market strategist Mark Otswald said.

With investors braced for the impact of tit-for-tat tariffs, one of China's

main indexes edged lower and China's yuan headed for its fifth straight

week of losses. CNH=EBS

While China has vowed to retaliate against the proposed new U.S. tariffs

— 10 percent on $200 billion of Chinese goods — the lack of a specific

response to date has sparked global relief.

On Friday, S&P500 e-mini futures ESc1 rose to a five-month high on

expectations of solid earnings growth among U.S. firms despite the trade

war concern.

RENEWED TALKS?

Offering some reassurance to investors, U.S. Treasury Secretary Steven

Mnuchin said on Thursday the United States and China could reopen

trade talks if Beijing was serious about structural reforms of its business

practices.

“Some have suggested that Chinese officials are easing back their

rhetoric with the intention of going back to the negotiation table, perhaps

in light of increased concerns about economic impacts,” ANZ analysts

wrote in a note on Friday.

The options available to Beijing include boycotting American goods,

selling off U.S. Treasury holdings or sharply devaluing the yuan.

In commodity markets, oil prices have had a wild week with both the

main benchmarks suffering heavy losses as traders focused on the return

of Libyan oil to the market.

Oil prices fell on Friday, with Brent crude LCOc1 dropping 35 cents to

$74.10 a barrel and heading for a weekly fall of nearly 4 percent.

A warning on spare capacity by the International Energy Agency (IEA)

helped Brent recoup some losses on Thursday.

Copper eased about half a percent on Friday and was poised for a fifth

straight weekly fall, its longest decline since 2015, on concerns about

weaker demand in face of the U.S.-China trade dispute. CMCU3

The dollar, which has been a safe haven amid global uncertainty over

trade, touched 112.795 against the yen JPY=, its highest level in six months,

boosted by expectations of higher U.S. inflation.

The greenback was the strongest major currency this week and the dollar

index .DXY, which tracks the currency against a basket of six major rivals,

was up 0.4 percent at 95.142. The euro EUR=EBS fell to a nine-day low of

$1.1629.

Analysts said the dollar’s rally could soon run out of steam, however.

“The big risk (for the dollar) that we see is the potential for U.S. GDP growth

expectations to adjust lower as investors come to terms with the idea that

the U.S. economy is not immune to a global trade war,” Viraj Patel, a

currencies analyst at ING, said in a note.

Sterling fell 0.8 percent to a 1-1/2 week low on Friday of $1.3103 as a

resurgent dollar and comments by U.S. President Donald Trump that a

possible U.S.-British trade deal was probably dead sapped demand for

the pound.

There was plenty of pain for emerging market stocks and currencies,

including the biggest weekly loss for Turkey’s lira since the height of the

financial crisis a decade ago.

The lira has lost 22 percent of its value against dollar this year, reflecting

investor concern about monetary policy and economic management by

Turkish President Tayyip Erdogan, who appointed his son-in-law as finance

minister this week.

<< Back to news headlines >>

Euro, yuan dip as U.S.-China trade fears boost dollar Friday 13th Monday 6th July, 2018 – Reuters

The euro fell to a nine-day low on Friday and the Chinese yuan slid again

after data showing a record Chinese trade surplus stirred worries about

the U.S.-China trade row, encouraging investors to buy into the safety of

the dollar.

The yen - also traditionally bought in an uncertain market - fell to a new

six-month low, however, suggesting investors were relatively unconcerned

about the latest episode in the trade dispute, and European stock

markets rose before expected bumper corporate earnings.

Also supporting the dollar’s rally was U.S. inflation data on Thursday that

raised expectations of more interest rate rises to address faster rising

prices.

U.S. Treasury Secretary Steven Mnuchin said on Thursday that the United

States and China might reopen trade talks, briefly easing concerns about

the trade dispute.

But data showing China’s trade surplus with the U.S. swelled to a record in

June could further inflame tensions. U.S. President Donald Trump this week

pledged to impose tariffs on $200 billion more of Chinese imports. Beijing

has vowed to retaliate.

“The trade conflict is dominating concerns in the market,” Commerzbank

analyst Esther Reichelt said. “These are sentiment-driven moves.”

The single currency dropped to as low as $1.1613, down 0.4 percent. The

dollar index reached a two-week high at 95.241.

The Chinese yuan, which has suffered since April on concern that U.S.

tariffs on Chinese goods will hurt its economy, reversed gains made in

Asian trading and fell half a percent in offshore markets to as low as

6.7252, near an 11-month trough of 6.7333.

The yen fell to 112.775 yen. The dollar has advanced roughly 2 percent

versus the yen this week, the biggest weekly gain since mid-September.

INFLATION GAIN

The steady buildup of inflation pressure, while largely expected by

markets, will reinforce the view of a “widening in monetary policy

divergence” between the U.S. Federal Reserve raising rates and other

central banks, Rabobank FX strategist Piotr Matys said.

“The latest set of inflation data confirms that the Fed will stay well ahead

of other central banks,” he said. “We believe the dollar has the potential

to extend its rally.”

European Central Bank minutes published on Thursday also weighed on

the euro, showing that members remain a long way from normalising

policy.

Trump’s comments on Britain’s Brexit plan killing hopes of a U.S. trade deal

knocked sterling lower, pushing the dollar further ahead.

Sterling slid more than half a percent to as weak as $1.3103.

The Swiss franc slid to a 14-month low against a rallying dollar, down 0.3

percent on the day at 1.0068 francs per dollar. Against the euro the franc

was flat.

The Australian dollar, seen as a proxy for China risk given Australia’s

reliance on Chinese demand for its big mining exports, tumbled half a

percent to $0.7369. The currency has sunk more than 1 percent since

Monday.

<< Back to news headlines >>

China June new loans jump to 1.84 trillion yuan, above forecasts Friday 13th July, 2018 – Reuters

Chinese banks extended 1.84 trillion yuan ($274.91 billion) in net new yuan

loans in June, up considerably from the previous month and beating

analysts’ expectations, as policymakers step up support for the economy.

Faced with a slowdown in domestic demand and the potential fallout

from a trade war with the United States, Chinese policymakers have

recently boosted policy support and softened their stance on

deleveraging.

Analysts polled by Reuters had predicted new June yuan loans of 1.6

trillion yuan, significantly higher than May’s 1.15 trillion yuan. China’s banks

extended a record 13.53 trillion yuan in new loans last year.

Broad M2 money supply grew 8.0 percent in June from a year earlier,

central bank data showed on Friday, missing forecasts for an expansion of

8.3 percent and compared with 8.3 percent in May.

June’s M2 growth was the lowest since at least January 1996, when

Reuters data on the series began.

The People’s Bank of China has said a slowdown in M2 growth could be a

“new normal” due to official deleveraging efforts in the financial system.

Outstanding yuan loans in June grew 12.7 percent from a year earlier,

faster than an expected 12.5 percent and almost the same as May’s 12.6

percent rise.

Household loans, mostly mortgages, rose to 707.3 billion yuan in June from

614.3 billion yuan in May, according to the central bank’s data.

Household loans accounted for 38.4 percent of total new loans in June,

versus 53.4 percent in May.

Corporate loans rose to 981.9 billion yuan in June from 525.5 billion yuan a

month earlier.

FEELING THE PINCH

The world’s second-largest economy has already felt the pinch from a

multi-year campaign to reduce debt risks, especially in the financial

system, that has driven up corporate borrowing costs.

A recent Reuters poll showed China’s gross domestic product growth was

expected to ease marginally to 6.7 percent in the second quarter from a

year earlier, versus the 6.8 percent seen in the previous three quarters.

Second quarter GDP data will be released on Monday.

Last month, China’s central bank announced its third reserve requirement

ratio cut this year, releasing 700 billion yuan in liquidity, in an effort to

accelerate the pace of debt-for-equity swaps and spur lending to smaller

firms.

China’s financial regulator has told banks to “significantly cut” lending

rates for small firms in the third quarter in comparison with the first quarter,

two sources with direct knowledge of the matter told Reuters on Monday.

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

in the economy, rose sharply to 1.18 trillion yuan ($176.30 billion) in June

from 760.8 billion yuan in May, and central bank data showed.

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

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

from trust companies and bond sales.

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

banking sector, which authorities have also been targeting in their

campaign to reduce systemic risks.

<< Back to news headlines >>

European shares look set for second week of gains Friday 13th July, 2018 – Reuters

European shares opened higher on Friday, and looked set for a second

week of gains as fears of a full-blown trade war were kept in check and

optimism about the next corporate earnings season grew.

The STOXX 600 was up 0.4 percent by 0824 GMT with a broad range of

sectors, from industrials to technology and financials, adding points to the

pan-European index.

Britain's FTSE .FTSE led European bourses with a 0.7 percent rise as dollar-

earning constituents were helped by a sliding pound after U.S. President

Donald Trump criticized Theresa May's Brexit strategy, saying it had

probably killed off hope of a U.S.-British trade deal.

“Unsurprisingly this was all too much for sterling to handle and cable

dropped below 1.32 (dollars),” said Bart Hordijk, an analyst at Monex

Europe.

Shares in French technology consultancy Altran Technologies (ALTT.PA)

tumbled more than 20 percent after the company said it had discovered

a case of forged purchase orders within its recently acquired U.S. design

and engineering services firm Aricent.

The forgery “relates to one individual, in his relation with one client” for an

amount of $10 million, Altran said, adding that an investigation into

Aricent’s internal control procedures had been launched.

British recruitment company Hays (HAYS.L) was the best performer with a

5.1 percent rise after saying it expected full-year operating profit to

exceed market expectations.

On the other hand, Switzerland’s GAM Holding (GAMH.S) fell about 9.1

percent as it said it would take an impairment charge of around 59 million

Swiss francs ($59 million) related to its 2016 acquisition of British hedge fund

Cantab Capital Partners.

Still in the financial sector, shares in Norwegian insurance group Gjensidige

(GJFS.OL) fell 9.2 pct after its second-quarter results disappointed.

Belgian telecom companies also suffered as the government considers

allowing a fourth mobile phone operator to enter the market.

Telenet (TNET.BR), Proximus (PROX.BR) and Orange Belgium (OBEL.BR) fell

5.2 percent, 2.9 percent and 1.2 percent respectively.

<< Back to news headlines >>

Sterling set for biggest weekly loss in nearly two months Friday 13th July, 2018 – Reuters

Sterling weakened on Friday, putting it on track for its biggest weekly drop

in nearly two months as a resurgent dollar and comments by President

Donald Trump that a possible U.S.-British trade deal was probably dead

sapped demand for the pound.

The pound GBP=D3 fell 0.6 percent on Friday to $1.3103 and has

weakened 1.2 percent for the week, its biggest weekly drop since late

May, according to Thomson Reuters data.

U.S. President Donald Trump, who is visiting Britain, said Prime Minister

Theresa May’s newly-announced Brexit blueprint had probably killed

hopes of a trade deal.

“Trump’s latest comments is a fresh source of headache for sterling after a

week of struggling with political headlines and Brexit concerns,” said

Olivier Kerber, a currency strategist at Societe Generale in Paris.

This week’s losses has more than erased last week’s modest gains on the

back of growing expectations of a interest rate hike from the Bank of

England in August. The British currency has fallen 9 percent from a near-

two year high hit in April.

Expectations of an August rate hike have increased after some positive

data in recent days, especially latest monthly growth numbers and

upbeat comments from Governor Mark Carney.

Market expectations of a rate hike in August have grown to 65 percent

from less than 50 percent two weeks earlier.

BUY ON DIPS

Trump’s comments follow a series of resignations from May’s government

over her strategy and also complaints from financial firms over its

provisions for the sector after Britain leaves the European Union in March.

May’s government outlined its proposals to retain the closest possible

trade relations with the bloc, although there was one major shift — the

government abandoned plans for close ties for Britain’s huge financial

services industry.

Markets are concerned that the EU will demand more concessions from

Britain before agreeing to a Brexit deal, spelling months of more political

uncertainty.

“Sterling looks to be still a buy on dips around 1.30 levels but with all this

news on the political front, investors are wary of taking aggressive

positions until some clarity emerges,” said Georgette Boele, a senior FX

strategist at ABN Amro Bank in Amsterdam.

Positioning indicators are more favourable towards sterling, as long bets

have been whittled down in recent days with overall net positions mildly

bearish on sterling.

Against the euro, the British currency EURGBP=D3 weakened a quarter of

a percent to 88.56 pence.

ING strategists said the much-awaited Brexit white paper published on

Thursday had not quite solved the UK’s future trading relationship, and

markets would be waiting to see if the EU can work with latest proposals.

“It’s a working paper rather than a final paper,” said Savvas Savouri at

hedge fund Toscafund Asset Management, which has $4 billion under

management.

“This is not going to be the form that the deal takes because she has won

over the Remain camp of the Tory party but she has created resentment

amidst Leavers and that resentment has to be pacified somehow.”

<< Back to news headlines >>

Nikkei posts best weekly gain since March; Fast Retailing jumps Friday 13th July, 2018 – Reuters

Japan’s Nikkei surged to three-week highs on Friday, helped by a weaker

yen and gains from index-heavy stock Fast Retailing after it jumped on the

back of strong third-quarter results.

Tech shares also attracted buyers after tracking strength in their U.S.

counterparts, which sent the Nasdaq index to a record high.

The Nikkei share average soared 1.9 percent to end at 22,597.35, its

strongest close since June 21. The benchmark index gained 3.7 percent

for the week to snap a three-week losing streak. It was the biggest weekly

gain since late March.

Fast Retailing, operator of Uniqlo clothing stores, jumped 7.0 percent after

its third-quarter operating profit surged 37 percent to a record 68.4 billion

yen thanks to brisk sales at its overseas Uniqlo stores.

The stock added about a hefty 130 positive points to the Nikkei.

The broader Topix, however, was just up 1.2 percent at 1,730.07.

The Nikkei’s outperformance led the Nikkei versus Topix, the so-called NT

ratio, to 13.06, the highest since December 1998.

Analysts attributed the Topix’s underperformance to large-cap banks as

their profits have been squeezed amid the country’s low-interest rate

environment. They also said index-heavy stocks included in the Nikkei,

such as Fast Retailing Co and SoftBank Group, tend to influence the

benchmark index’s direction, when there is specific news linked to the

companies.

Yutaka Miura, a senior technical analyst at Mizuho Securities, said that a

weaker yen had also provided support to the Nikkei’s performance over

the past few days.

“When the yen weakens, the Nikkei futures are bought automatically. It is

much like Pavlov’s dog,” Miura said referring to Russian physiologist Ivan

Pavlov’s theory of classical conditioning, when dogs automatically

salivate when they hear a bell.

The dollar hit a fresh six-month high of 112.775 yen and last traded at

112.66. A weaker yen tends to help Japanese exporters’ profits made

abroad when repatriated.

Also supporting sentiment was strong U.S. stock futures, with S&P500 e-mini

futures rising 0.3 percent, pointing to a strong opening in U.S. stocks later in

the day.

Yaskawa Electric was volatile, falling 4.0 percent before rising as much as

3.7 percent in early trade as its March-May results were seen containing

both positives and negatives.

The company’s operating profit jumped 30 percent on the year to 17.2

billion yen helped by strong sales in motion controller and robotics

automation products. However, it disappointed the market by having a

negative outlook on orders for AC servo motors, which have high margins,

hit by the impact of slowing smartphone demand in China.

“The overall result was neutral, but the stock seems to have reacted to the

negative risk,” said Yoshihiro Okumura, general manager at Chibagin

Asset Management.

Tech shares gained ground, with Advantest Corp rising 2.7 percent and

Kyocera Corp advancing 2.0 percent.

<< Back to news headlines >>

NGL ends day higher at $29.75 Friday 13th July, 2018 – Trinidad and Tobago Guardian

Overall market activity resulted from trading in 11 securities of which two

advanced, one declined and eight traded firm.

Trading activity on the First Tier Market registered a volume of 213,347

shares crossing the floor of the Exchange valued at $2,976,938.90.

NCB Financial Group Limited was the volume leader with 110,000 shares

changing hands for a value of $588,506, followed by Massy Holdings

Limited with a volume of 24,475 shares being traded for $1,150,325.

Unilever Caribbean Limited contributed 20,000 shares with a value of

$535,000, while National Enterprises Limited added 20,000 shares valued at

$191,000.

T&T NGL Limited registered the day’s largest gain, increasing $0.04 to end

the day at $29.75. Conversely, Guardian Holdings Limited suffered the

day’s sole decline, falling $0.10 to end the day at $16.50.

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

Market, posting a volume of 1,237 shares valued at $25,395.61.

It remained at $20.53.

In yesterday’s trading session the following reflect the movement of the

TTSE Indices:

• The Composite Index declined by 0.17 points (0.01 per cent) to close at

1,220.12.

• The All T&T Index declined by 0.34 points (0.02 per cent) to close at

1,719.26.

• The Cross Listed Index remained at 96.79.

<< Back to news headlines >>

Plipdeco gets ‘good’ ratings from CariCRIS Friday 13th July, 2018 – Trinidad and Tobago Guardian

The Point Lisas Industrial Port Development Corporation Limited (Plipdeco)

has maintained its ratings of CariA+ on the regional scale and ttA+ on the

national scale, in its latest ratings by Caribbean Information and Credit

Rating Services Limited (CariCRIS)

The regional ratings agency said this includes a “single notch up for the

likelihood of support, if needed, from its majority shareholder, the

Government of the Republic of Trinidad and Tobago.”

CariCRIS said in a release: “The ratings indicate that the level of

creditworthiness of this obliger, adjudged in relation to other obligers in

the Caribbean is good.

The agency also maintained a negative outlook on the ratings based on

expectation that prevailing economic and foreign exchange challenges

in T&T will continue to persist and could negatively impact trade activity

and by extension containerised cargo traffic over the next 12 - 15 months.

It cited Plipdeco’s strong market position in industrial real estate

management and port operations in T&T and the company’s reliable

earnings stream attributed to stable and high credit quality tenant base

at the industrial estate.

“The ratings further reflect the company’s good financial performance

supported by good capitalization and healthy debt protection metrics

despite falling revenue for a second consecutive year. These rating

strengths are tempered by the company’s high exposure to the fortunes

of the contracting oil and gas industry at the industrial estate,” CariCRIS

said.

<< Back to news headlines >>

$42m in fees for NIF bonds Friday 13th July, 2018 – Trinidad Express Newspapers

Government has agreed to pay about $42 million in fees and expenses in

connection with the distribution and securing of the $4 billion in bonds to

be issued by the National Investment Fund Holdings Company, according

to the prospectus for the bond offering.

The prospectus of the bond issue states: 'The total of all expenses to be

incurred by the company in connection with the distribution and securing

of the bonds is approximately $42,000,000. These expenses will be met by

GORTT.'

The $42 million in fees is being shared among bankers First Citizens Bank,

the lead stockbroker First Citizens Brokerage and Advisory Services,

registrar and paying agent, T& T Central Depository, auditors PKF

Chartered Accountants and Business Advisors as well as the attorneys,

Fitzwilliam, Stone, Furness- Smith and Morgan.

The $42 million in fees and expenses is just over one per cent of the $4

billion that the Government expects to raise from the issue of asset-

backed, fixed-rate corporate bonds.

Questioned on the quantum of fees that the Government is being

required to pay out for a simple prospectus, one of the advisers to the

bond issue explained that while the prospectus might be simple, the bond

transaction involves a large sum of money.

The adviser also noted that the fee structure in the recent Additional

Public Offerings (APOs) of First Citizens and NGL shares was also pitched at

about 1 per cent of the value of those transactions. First Citizens paid an

estimated $18.4 million in expenses for its APO of shares valued at $1.5

billion in March 2017. That is about 1.23 per cent of the total proceeds in

fees and expenses. NGC paid 1.7 per cent of its total proceeds for

advisory and listing fees from its Initial Public Offering of shares in August

2015. For its APO of NGL shares in June 2017, NGC was 'expected to incur

expenses in relation to this offering of approximately 1.4 per cent of total

proceeds from the offer.'

Non-resident investors

The prospectus also makes clear that the bond offering is open to non-

resident individual and institutional investors. While the prospectus does

not explicitly say that the issue is open to non-resident investors, the

document informs non-resident investors as follows: 'Interest paid to non-

resident companies carrying on a trade or business in Trinidad and

Tobago will be exempt from corporation tax and business levy but may be

subject to green fund levy. 'Capital gains arising from the sale of the

bonds will not be subject to tax unless the investor is deemed to be

trading in bonds or other securities in Trinidad and Tobago.' On the issue of

non-resident investors, the prospectus also states: 'Interest paid to non-

resident individuals will be subject to withholding tax at the applicable

statutory rate. This is subject to tax relief which may be afforded by an

applicable double taxation treaty which may exist between Trinidad and

Tobago and the country of residence of the investor.

'Interest paid to non-resident companies not engaged in a trade or

business in Trinidad and Tobago may be subject to withholding tax at the

applicable statutory rate. This is subject to tax relief which may be

afforded by an applicable double taxation treaty which may exist

between Trinidad and Tobago and the country of residence of the

investor.'

Asked who were the non-resident investors that the Government was

looking to target, the adviser to the bond issue said: 'National insurance

schemes in some of our Caribbean neighbours had expressed an interest

in the last two Additional Public Offerings that had been done here.' While

those schemes were excluded from the APOs, the Government decided

to accommodate them for the bond issue, the adviser told the Express.

<< Back to news headlines >>

“Efficient property tax collection system coming soon,” says Deputy

Commissioner Friday 13th July, 2018 – The Antigua Observer

Jermaine Jarvis, deputy commissioner at the Inland Revenue Department

(IRD), says that a synchronised computerised system will make for the

efficient collection of property taxes.

“The ultimate goal is to ensure that at the end of the exercise there will be

one single database in terms of lands in Antigua and Barbuda. A system

would have been installed at the Inland Revenue Department that is

compatible with the system at the Survey and Mappings office and also

the Land Registry department. Now all three systems are being

synchronised,” Jarvis explained.

The deputy commissioner added that the synchronisation of these systems

will help the IRD ensure that the property tax that is payable is indeed

correct. The synchronised system will also allow for the production of a list

of all the outstanding taxes for this year and previous years as well.

Anomalies within the three systems have resulted in inefficient collection

of taxes over the years, and this exercise will put an end to all irregularities.

Jarvis led a three-member team to make a presentation to cabinet on

Wednesday. The other two members of the team included the chief

valuation officer of the IRD and a computer engineer representing the

Tremble Tech Company.

According to the notes released from the latest Cabinet meeting,

although the quantum of property tax which goes un-collected can only

be estimated, the top 100 properties owe the IRD more than

EC$19,000,000 (nineteen million dollars) in outstanding taxes.

<< Back to news headlines >>

Prince’s foundation to donate disaster-resistant homes in Barbuda Friday 13th July, 2018 – The Antigua Observer

Twenty-two houses will be donated to families in Barbuda whose

properties were destroyed during the passage of hurricane Irma 10

months ago.

Information about the donation came from government’s Chief of Staff,

Lionel “Max” Hurst.

He said the homes will be hurricane and earthquake-resistant and are to

be donated by The Prince’s Foundation which is headed by Prince

Charles of Wales.

“They are going to be built to withstand Category 5 hurricanes, winds up

to 185 mph, and they will also be earthquake resistant. They are going to

be prefab so you put them together, but they are durable and are very

handsome. They are going to look very much like houses in Barbuda, if not

even better,” Hurst said.

He added that each house will have the foundation, cistern and septic

tank built on the site then the prefab houses will then be assembled. The

homeowner will be taught how to assemble them and will be charged to

teach other house owners how to do so as well.

This donation comes as a result of Prince Charles’ visit to the twin-island

state following the hurricane last year. According to Hurst, having seen

the desolation of Barbuda first-hand, the Prince wanted to do something

good for Antigua and Barbuda. However, he said that given the

foundation’s limited capabilities, it could only build 22 homes.

Wade Burton, Chairman of the Barbuda Council said that the council met

with representatives of the Prince’s Foundation on Wednesday in Barbuda

to discuss the details of the project. He also expressed his gratitude for the

gesture.

“We welcome it, it is a good offer by the Prince’s Foundation. There are

people who need homes. They showed us the house plans. They are two-

bedroom prefab homes,” Burton said.

Representatives of the foundation returned to the sister isle yesterday to

do site visits. Burton also indicated that all 22 houses to be constructed are

already spoken for.

The topic of disaster-resilient housing became an issue of national interest

after two superstorms, Irma and Maria, ripped through the Caribbean in

September of 2017 leaving a trail of destruction. Prime Minister Gaston

Browne pledged publicly to rebuilding Barbuda better than before with

special emphasis placed on climate change and resilience.

<< Back to news headlines >>

Antigua and Barbuda to implement GEF IWEco project Friday 13th July, 2018 – The Antigua Observer

Antigua and Barbuda and other Eastern Caribbean countries will look to

implement the Global Environment Facility funded Integrating Water,

Land and Ecosystems Management in Caribbean Small Island Developing

States Project (GEF IWEco) over the next four years.

At the 5th Council of Ministers Meeting of Environment Sustainability

(COMES 5) held in Montserrat on Wednesday, the island’s Minister of

Health, Molwyn Joseph signed an agreement with other Ministers of the

Environment in the Organisation of Eastern Caribbean States (OECS) to

commit to implementing the US $20 million project.

In his remarks, Joseph said that OECS countries must look to become a

“zone of environmental integrity.”

“I believe that we can, in addition [to] presenting ourselves as a zone of

peace, we can present ourselves, as small countries, as a zone of

environmental integrity, where we demonstrate to the whole world that

we can lead in the area of respecting and preserving our environment,”

said Joseph.

GEF IWEco is a five-year regional multi-focal area project financed under

the GEF Focal Areas: International Waters, Land Degradation, Biodiversity,

Sustainable Forest Management and the GEF Small Grants Programme.

The project was established under the Convention for the Protection and

Development of the Marine Environment of the Wider Caribbean Area

(known as the Cartagena Convention), a legally binding environmental

treaty for the Wider Caribbean.

Ten countries are currently participating in the project, including Antigua

and Barbuda, Grenada, St. Kitts, and Nevis and St. Lucia among others.

<< Back to news headlines >>

Spanish mogul announces ambitious tourism projects Thursday 12th July, 2018 – Dominican Today

Spanish mogul Juan José Hidalgo on Wed. announced the construction

of apartments in Boca Chica, plans a 1,000-room hotel in Bayahibe and

aims to create a new tourism development in Cumayasa.

The CEO of Air Europa and Globalia is the first Spanish hotelier to join the

new model of tourism development of high-rises that Tourism minister

Francisco Javier García is trying to promote.

Hidalgo, 77, said 3.0 million square meters will house a project of 18 hotels,

of around 20 floors, an artificial lake and a beach, excavated in the same

property.

In a press event, the business leader said the project is a resumption of a

proposal made over 10 years ago: a planned real estate tourism project

and as a second residence, more similar to Casa de Campo or Punta

Cana than the proposal he now presents.

<< Back to news headlines >>

Building permits issued in just 60 days as of next Dec. Thursday 12th July, 2018 – Dominican Today

President Danilo Medina on Wed. issued three executive orders aimed at

developing Dominican Republic’s exports, trade, construction and

productivity by cutting red tape.

Order 259-18 creates the One-stop Window for Building Permits, as a

“multi-channel instrument that integrates all the procedures required by

natural or legal persons, national and foreign, into a single digital and

interconnected platform.”

The measure integrates the various govt. agencies to obtain permits and

licenses to develop construction projects.

The current process to obtain a construction permit takes 188 days, which

as of next December 1, the 20 the agencies that lead the process will

issue them in 60 days, according to Public Works minister, Gonzalo Castillo

.

Order 258-18 quantifies and analyses the various costs associated with

current regulations, as well as their impact on the productive activity and

the national economy, and launch the first stage of a National Regulatory

Improvement Plan, to convert the State into an ally of the economic

sectors and eliminate unnecessary costs.

Meanwhile Order 260-18 modifies article 65 of the regulations to enforce

Law 20-00 on registration, and article 66 on trademark registration

procedure.

<< Back to news headlines >>

Dominican Republic launches US$1.3B 10-year bond amid concern: report Thursday 12th July, 2018 – Dominican Today

The specialized finance outlet International Financing Review, on Thur.

reported that the Dominican Republic launched a US$1.3B 10-year bond

with a 6% yield

The announcement comes just six months after rival agency

Bloomberg.com reported that the Caribbean country, “seeks to tap

‘massive appetite’ for 9% yields.”

The subscriber -only outlet, of the Reuters wire service didn’t provide

further information.

The launch also comes amid spreading concern over the spiralling debt

which, according to outlet diariolibre.com surpassed 54% of GDP in 2017,

in addition to rampant govt. corruption that eats away at taxpayers’

money.

<< Back to news headlines >>