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▪ Telecommunication Services of Trinidad and Tobago rating downgraded to CariA-

▪ Trinidad and Tobago Mortgage Finance Company Limited rating reaffirmed at CariAA-

▪ The Government of Anguilla rating reaffirmed at CariBBB+

▪ NCB Financial Group rating upgraded to CariA+

▪ NCB Jamaica Limited rating upgraded to CariA-

▪ NGC’s rating reaffirmed at CariAA+ ▪ NCB Capital Markets Limited’s rating upgraded to CariBBB+

▪ NCB (Cayman) Limited’s rating reaffirmed at CariA

▪ Colonial Fire & General Insurance Company Limited’s rating reaffirmed at CariA

▪ Home Mortgage Bank’s rating reaffirmed at CariA ▪ Mystic Mountain Limited’s rating upgraded to CariBBB ▪ NiQuan Energy Trinidad Limited’s rating reaffirmed at CariA+

▪ Sagicor Financial Corporation Limited’s proposed bond issue initial rating assigned at CariAA

▪ Dominica Agriculture, Industrial and Development Bank’s rating reaffirmed at CariBB-

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REGIONAL

Trinidad and Tobago

NGC, Shell sign gas sales contract

National Gas Company of Trinidad and Tobago (NGC) and Shell Trinidad

and Tobago Ltd (Shell T& T) have concluded negotiations for a fully-

termed domestic gas sales contract ('DGSC'), NGC announced

yesterday.

Unilever climbs $.50

Overall market activity yesterday resulted from trading in 16 securities of

which six advanced, four declined and six traded firm.

NFM records drop in profit

National Flour Mills (NFM) has recorded a six per cent decline of $303.6

million for the first nine months of 2019.

HDC re-launches housing bid

The Housing Development Corporation (HDC) has sought to relaunch its

invitation to contractors to bid to build public housing units at two sites in

San Fernando and Port of Spain after the previous cancellation of

contracts given to China Gezhouba Group International Engineering.

Barbados

Govt $300m payout ‘for growth’

Government has paid out close to $300 million in debt for the financial

year so far, stimulating much-needed economic activity, Minister of

Economic Affairs and Investment Marsha Caddle has claimed.

IMF gives Barbados passing grade

The International Monetary Fund (IMF) has given Barbados a passing

grade following its latest review of the country’s economy recovery

efforts.

Barbados Continued

Dirty fuel, aging generators blamed for 13-hour blackout

The approximately 130,000 Barbados Light & Power Company Ltd (BL&P)

customers were left without electricity for most of Monday, following an

island-wide blackout that started around 7:29 a.m. and led to the early

closure of schools and several businesses by midday.

Businesses report mixed fortunes with national blackout

For some it was business as usual, while for others today’s power troubles

created all kinds of issues including dried taps.

Jamaica

Jamaica issues almost 100 mineral licences

The Jamaica government says it is has granted nearly 90 exploratory

licences for semi-precious minerals such as cobalt, copper, gold, silver

and zinc, since March last year.

Mailpac targets $495m from November IPO

Courier company Mailpac Group Limited, MGL, hopes to settle at least

$263 million in debt to its parent company, Norbrook Equity Partners,

through a $495 million initial public offering of shares on the junior stock

market.

PanJam and Portland Private Equity acquire minority stakes in itelbpo

PanJam Investment Limited (PanJam) and Portland Private Equity

(Portland) recently announced that they have entered into an

agreement to each acquire a 15 per cent ownership stake in Outsourcing

Management Limited (OML), which trades as itelbpo.

Profit up for VM Investments

Victoria Mutual Investments Limited (VMIL) reported on Wednesday an

unaudited net profit of $244.61 million for its third quarter ended

September 30, 2019, a 69 per cent increase when compared with the

corresponding period last year.

World Bank approves funds for Jamaica to boost rural agriculture

The World Bank has approved a US$40 million loan for Jamaica to boost

income opportunities and job creation in rural areas, through the second

phase of the Rural Economic Development Initiative (REDI II).

Jamaica Continued

Farmers get $200 million more to transport sugar cane

THE Government is providing an additional $200 million for the

transportation of sugar cane from Monymusk in Clarendon to Worthy Park

Estate in St Catherine and Appleton Estate in St Elizabeth for the 2019/2020

crop season.

Senate passes two more anti-money laundering legislation

THE Senate yesterday approved amendments to two anti-money

laundering legislation – the Proceeds of Crime Acts and the Terrorism

Prevention Act.

US$1-billion investment

Karisma Hotels and Resorts last week announced that it will be investing

near US$1 billion to build its 4,800 room multi-resort development project in

Llandovery, St Ann.

Guyana

Guyana to repay its single largest debt in history ($10B) in two years

The operators of the Stabroek block offshore Guyana are looking to

collect in excess of $10B from Guyana in the course of two years, in order

to pay off for the Liza 1 and 2 field Developments, including the cost of

two Floating, Production, Storage and Offloading (FPSO) vessels.

Trinidad-based ICON initiates LNG deliveries into Guyana for Dual Fuel

Power Generation

Trinidad based ICON LNG, as of last month end commenced deliveries of

liquefied natural gas (LNG) into Guyana using intermodal ISO containers,

marking the first LNG imports into the country.

Anguilla

Tourism Projects Announced for School children

The newly-appointed Tourism Education Coordinator in Anguilla, Mrs.

Candis Niles, has outlined the creation of a number of projects aimed at

involving schoolchildren in the island’s hotel and tourism sector.

Anguilla Continued

Heritage Collection Museum Reopens

The renowned Heritage Collection Museum, under the curatorship of

Colville Petty, OBE, an authority on Anguilla’s history, will reopen on

Monday 18th November after its annual break. Located in East End, next

to the East End Pond Bird Sanctuary, the museum’s operating hours are:

10.00 am to 5.00 pm – Monday to Friday.

Antigua and Barbuda

New Cab for Air Traffic Controllers to be ready in short order

Major progress has been made in the installation of a new Air Traffic

Control (ATC) Cab at the VC Bird International Airport, to the point that

the Ministry of Civil Aviation and the Antigua and Barbuda Airport

Authority (ABAA) have expressed satisfaction.

British Virgin Islands

Tuesday, Nov 19, 2019 is Budget Day in the Virgin Islands

Premier and Minister of Finance Honourable Andrew A. Fahie (R1) is

expected to deliver the Territory’s 2020 Budget Address tomorrow

Tuesday, November 19, 2019 during the Second Sitting of the Second

Session of the Fourth House of Assembly.

The Bahamas

Arawak Port Beats Profit Target By 23%

The Nassau Container Port’s (NCP) operator has beaten its first quarter

profit target by 23 percent despite forecasting that full-year net income

will be $763,155 less than it achieved in 2019.

The Dominican Republic

DR business climate remains low

The Association of Industries revealed that the Business Climate Index

continued to decline for the second consecutive quarter from 64.5 in

January-March 2019 to 61.7 in April-June 2019 and 57.3 in the July-

September quarter of this year. The AIRD indicated that this decrease was

due to a decrease in the balance of opinion of businessmen about the

Dominican economy, the international economy, the branch and the

climate to invest.

Economic activity grows in Colonial City after MITUR intervention

The Minister of Tourism, Francisco Javier García, reported that economic

activities in the Colonial City of Santo Domingo have grown after the

execution of the first phase of intervention carried out by MITUR, causing a

96% increase in new business.

Thousands of people benefit from buying low-cost plantains and bananas

implemented by the Government

More than 216,000 people have benefited from the Direct Food Sales

Program (PRODA) implemented by the Government through the Ministry

of Agriculture, the Institute for Price Stabilization (INESPRE) and Merca

Santo Domingo.

Dominican Republic to get more long-distance flights

The Dominican Republic successfully participated in the 40th version of

the WTM, recently held in London, where increases were reported on

long-distance flights to the Caribbean country.

Punta Cana beats Cancun as a favourite for Thanksgiving trips

Trips to the Dominican Republic have primarily recovered, with Punta

Cana beating Cancun, Mexico, for a long time as a favourite for

Thanksgiving trips, according to a new Allianz Global Assistance survey.

Top official: electricity sector debt exceeds US$13.0B

Finance minister, Donald Guerrero, on Monday said the national

electricity sector debt exceeds US$13.0 billion of the total public debt,

which, as of September, was US$34.2 billion.

Grenada

Government concludes Negotiations with another Union and Staff

Associations for Police and Prison Officers

Government’s Negotiating Team (GNT) has concluded negotiations with

another trade union as well as the staff associations which represent

prison and police officers.

INTERNATIONAL

United States

Kohl's cuts full-year profit forecast; shares fall

Department store operator Kohl’s Corp (KSS.N) cut its annual profit

expectations on Tuesday ahead of the all-important holiday shopping

season and missed same-store sales estimates for the third quarter,

sending its shares down nearly 10%.

United Kingdom

Manufacturers see orders rise after no-deal Brexit avoided

British manufacturers saw a pick-up in orders in November albeit from near

decade-low levels, helped by the avoidance of a no-deal Brexit at the

end of October, a survey by the Confederation of British Industry showed

on Tuesday.

Europe

German manufacturing output to shrink 4% this year, BDI says

Germany’s manufacturing production is expected to decline 4% this year,

with exports edging up just half a percentage point, because of to

weaker foreign demand, the BDI industry association said on Tuesday.

European car sales up 8.6% in October, driven by VW rebound

Passenger car registrations in Europe rose 8.6% in October, to their highest

level since 2009, driven by robust demand in Germany and France and a

rebound in demand for Volkswagen (VOWG_p.DE) which posted a 29%

gain.

China

China central bank governor says will step up credit support to economy

China will step up credit support to the economy and push real lending

rates lower, central bank governor Yi Gang said on Tuesday, as

policymakers keep monetary policy accommodative to prop up slowing

growth.

BOJ's Kuroda expects China's economy to sustain 6% growth

Bank of Japan Governor Haruhiko Kuroda said on Tuesday he expects

China’s economy to sustain growth of around 6% in coming years, thanks

in part to the effect of Beijing’s stimulus measures.

Japan

Tax revenue may fall short of $570 billion forecast for FY2019

Japanese Finance Minister Taro Aso said on Tuesday it was “very possible”

that tax revenue would fall short of the 62 trillion yen ($570 billion) forecast

for this fiscal year ending next March.

Global

Shares scale 22-month peak as focus turns to growth

World shares touched their highest in nearly two years on Tuesday on

predictions of future growth and bets the United States and China can

end their damaging trade war.

Oil slips to $62 as trade talks drag on

Oil fell for a second day on Tuesday, dropping to $62 a barrel on the

limited progress in efforts to resolve the U.S.-China trade dispute, higher

than expected Norwegian oil output and forecasts of rising U.S. crude

inventories.

Dollar snaps three-day losing streak as Fed minutes eyed

The dollar snapped a three-day losing streak against rivals on Tuesday

thanks to gains in the Swiss franc and the Japanese yen but remained

trapped within well-worn ranges before the release of minutes from the

latest U.S. central bank meeting.

Global Continued

Oil prices gain 2% despite concerns about rising supplies

Oil futures gained nearly 2% on Friday as comments from a top U.S. official

raised optimism for a U.S.-China trade deal, but worries about increasing

crude supplies capped prices.

UPDATE 1-Euro zone bond yields lift as investors bet on eventual trade deal

Euro zone bond yields rose slightly on Tuesday, while global shares

touched their highest in nearly two years, on rising expectations among

investors that the United States and China will eventually secure a trade

deal.

Shares scale 22-month peak as focus turns to growth Tuesday 19th November, 2019 – Reuters

World shares touched their highest in nearly two years on Tuesday on

predictions of future growth and bets the United States and China can

end their damaging trade war.

The world’s two largest economies are in talks on an initial deal to end an

18-month trade dispute that has damaged supply chains and upset

global markets, with Washington due to impose a new round of tariffs on

Chinese goods from Dec. 15.

A lack of clear news on the progress of talks has not deterred investors

emboldened by a growing sense that the risks of a global recession have

receded.

Looser monetary policy from major central banks such as China have also

given investors further cause to focus on equities.

European shares climbed through the morning, with the broad Euro STOXX

600 adding 0.6% to move to its highest since July 2015. Indexes in Frankfurt

.GDAXI and London .FTSE gained 1% and 1.2% respectively.

Automakers .SXAP, sensitive to both trade and growth, climbed 1.2% on

robust demand in Germany and France, with Volkswagen (VOWG_p.DE)

jumping 1.9%.

The MSCI world equity index .MIWD00000PUS, which tracks shares in 47

countries, gained 0.2% to reach its highest since January last year. It is

away from a record high.

Wall Street futures ESc1 indicated a positive start, too, adding 0.3%.

Investors said assumptions that an initial trade deal would be reached

outweighed any creeping doubts that a lack of clear news on the talks

suggested a lack of progress.

A CNBC report overnight that Beijing was pessimistic about prospects of a

deal had buffeted the dollar. But that was balanced by signs of detente,

with Washington granting an extension to let U.S. companies keep doing

business with Chinese telecoms giant Huawei.

CHINA CREDIT

Unfazed by the lack of clarity on trade, markets focused on a growing

sense of positive economic fundamentals ahead.

Reflecting that growing bullishness, banks and asset managers have

upgraded their outlooks for some equity sectors and regions for next year.

“Consensus is assuming that there will be a cyclical upturn,” Stéphane

Barbier de la Serre, a strategist at Makor Capital Markets. “It’s like the

market lowered its guard on the big risk metrics — and that has triggered

a reweighting of funds from bonds to equities.”

Loose central bank monetary policy also gave further reasons to be

cheerful.

Following its surprise cut on Monday to a closely watched lending rate,

China’s central bank said it will step up credit support to the economy

and push real lending rates lower - a move that could boost banks’ ability

to increase lending and stoke consumption.

The ripples from easier credit and higher domestic demand in China

would likely be felt through supply chains in Asia, said Tim Drayson, head

of economics at Legal & General Investment Management.

“We are seeing signs that credit is becoming available to buy property

and consumer durables, and that’s a positive,” he said.

Australia’s central bank was among those also open to cutting rates. The

Reserve Bank of Australia “agreed a case could be made” for another

cut due to weakness in wages growth and inflation, minutes from a

November meeting showed.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS

rose 0.7%, with Shanghai blue chips .CSI300 gaining 1% and Hong Kong's

Hang Seng .HSI up 1.4%.

DOLLAR STABILIZES

In currencies, the dollar stabilized after three consecutive days of losses,

with investors awaiting the release of the minutes of the U.S. central bank

meeting at end-October when policymakers had cut interest rates.

The dollar index .DXY against six major currencies gained 0.1% to 97.868,

close to a two-week low after weakening 0.6% in the last three days.

“Trade headlines are dominating sentiment but in terms of the key event

risk, the release of the Fed minutes will be a big one for market

participants,” said Morten Lund, a senior FX strategist at Nordea.

The British pound GBP= slipped 0.1% to $1.2933 after hitting a one-month

high overnight as polls showed Prime Minister Boris Johnson's Conservative

Party on course for victory at the Dec. 12 election.

<< Back to news headlines >>

Oil slips to $62 as trade talks drag on Tuesday 19th November, 2019 – Reuters

Oil fell for a second day on Tuesday, dropping to $62 a barrel on the

limited progress in efforts to resolve the U.S.-China trade dispute, higher

than expected Norwegian oil output and forecasts of rising U.S. crude

inventories.

A Chinese government source was quoted by CNBC on Monday as

saying there was gloom in Beijing about prospects for a trade deal. The

long-running dispute has hit economic growth prospects and clouded the

outlook on oil demand.

Brent crude LCOc1, the global benchmark, was down 47 cents at $61.97

a barrel at 1131 GMT. It had reached $63.65 — the highest since Sept. 24

— on Thursday. U.S. West Texas Intermediate (WTI) crude CLc1 dropped 50

cents to $56.55.

“The less than promising reports coming from China on the trade war may

have taken some of the energy out of the rally,” said Craig Erlam, analyst

at brokerage OANDA.

“We’re certainly seeing less momentum in the recent rallies.”

Oil prices were also hit by a larger than expected rise in Norwegian oil

production and the prospect of a further increase in U.S. crude

inventories, suggesting ample supplies.

Norway’s production rose in October to beat the official forecast as

output from the Johan Sverdrup field began ahead of schedule. This is the

largest field to come on stream in the North Sea — home of the Brent

contract — for years.

The average estimate from six analysts polled by Reuters was for U. S.

crude inventories to have risen by about 1.1 million barrels in the week to

Nov. 15, representing a fourth consecutive weekly gain.

The American Petroleum Institute releases its supply report at 2030 GMT on

Tuesday and the government’s official figures are due on Wednesday.

Oil found some support from tension in the Middle East, home to top

exporter Saudi Arabia and other core OPEC members.

Protestors in Iraq blocked a commodities port on Tuesday and people

took to the streets in Iran to demonstrate against a rise in petrol prices.

The United States on Monday said it will no longer waive sanctions related

to Iran’s Fordow nuclear plant, while armed members of Yemen’s Iran-

aligned Houthi movement seized a vessel towing a South Korean rig over

the weekend.

Brent has rallied about 15% this year, supported by a supply pact between

the Organization of the Petroleum Exporting Countries and allies including

Russia.

Producers meet in Vienna over Dec. 5-6 and are expected to extend the

pact beyond March.


Dollar snaps three-day losing streak as Fed minutes eyed Tuesday 19th November, 2019 – Reuters

The dollar snapped a three-day losing streak against rivals on Tuesday

thanks to gains in the Swiss franc and the Japanese yen but remained

trapped within well-worn ranges before the release of minutes from the

latest U.S. central bank meeting.

At its end-October policy meeting, the Fed cut interest rates for the third

time this year, and hedge funds have ramped up bearish bets versus the

dollar in the last three weeks in anticipation of more greenback weakness.

Waning hopes of a preliminary trade deal between the United States and

China have also weighed on the dollar, knocking it from a one-month

high tested last week.

“Trade headlines are buffeting markets though there is a general feeling

the worst is behind us on the trade war front but there needs to be a firm

catalyst to move markets out of their ranges,” said Neil Mellor, a senior FX

strategist at BNY Mellon in London.

Expectations had grown that Washington and Beijing would sign a so-

called “phase one” deal this month to scale back their 16-month-long

trade war but those hopes received a setback on Monday after CNBC

reported that China is pessimistic about agreeing to a deal.

The dollar drifted 0.1% higher to 97.87 against its rivals after three

consecutive days of losses.

Its gains were most pronounced against the perceived safe-haven

currencies of the franc and the yen, rising 0.2% against both.

LOW VOLATILITY

Despite the gains, the dollar and the broader currency complex remained

mired within recent trading ranges.

Deutsche Bank estimates that currency market volatility for the major G10

currency pairs is at its lowest levels in 45 years.

Against the dollar, the major G10 currencies are on track for an average

annual range of nearly 8.5%, compared to a post Bretton Woods range of

15.2% and a peak of 30.7% in 2008.

A period of low inflation, limited changes to central bank policies and a

concerted push by global policymakers to stem any negative pressures in

global markets have all contributed to this ultra-low period of financial

market volatility.

Elsewhere, Australia’s central bank agreed “a case could be made” for

another cut to its 0.75% cash rate at its November meeting given

unwelcome weakness in wages growth and inflation, minutes published

on Tuesday showed.

The Australian dollar fell 0.16% to $0.6799 and declined 0.26% to 73.82 yen.

Sterling held firm around $1.2950 with the pound buoyed by polls pointing

to a victory by the ruling Conservatives in upcoming elections.

In the onshore market, the yuan fell to a two-week low of 7.0295 per

dollar.


Oil prices gain 2% despite concerns about rising supplies Tuesday 19th November, 2019 – Reuters

Oil futures gained nearly 2% on Friday as comments from a top U.S. official

raised optimism for a U.S.-China trade deal, but worries about increasing

crude supplies capped prices.

Brent crude gained $1.02, or 1.6%, to settle at $63.30 a barrel, while West

Texas Intermediate crude rose 95 cents, or 1.7%, to settle at $57.72 a

barrel.

Both benchmarks posted their second straight weekly gain. Brent rose

1.3%, and WTI gained 0.8%.

U.S. Commerce Secretary Wilbur Ross said in an interview on Fox Business

Network that there was a very high probability the United States would

reach a final agreement on a phase one trade deal with China.

“We’re down to the last details now,” Ross said.

U.S.-China trade talks were set to continue with a telephone call on

Friday.

A monthly report from the International Energy Agency weighed on

prices, after it estimated that non-OPEC supply growth would surge to 2.3

million barrels per day (bpd) next year compared with 1.8 million bpd in

2019, citing production from the United States, Brazil, Norway and

Guyana.

“Today’s monthly IEA release offered some bearish aspects in the form of

an unexpected upward adjustment in non-OPEC oil supply growth for

next year that briefly forced WTI values to below yesterday’s lows,” said

Jim Ritterbusch, president of Ritterbusch and Associates.

OPEC Secretary General Mohammad Barkindo had painted a more

upbeat picture earlier this week, saying growth in rival U.S. production

would slow in 2020, although a report by the group had also said demand

for OPEC oil was expected to dip.

The Organization of the Petroleum Exporting Countries said demand for its

crude would average 29.58 million bpd next year, 1.12 million bpd less

than in 2019, pointing to a 2020 surplus of about 70,000 bpd.

OPEC and its allies, known as OPEC+ which have cut supply this year to

prop up prices, are expected to discuss output policy at a meeting on

Dec. 5-6 in Vienna. Their existing production deal runs until March.

U.S. production has continued climbing. The country’s crude oil output hit

a record 13 million bpd this month and will grow more than expected in

2019 and 2020, the U.S. Energy Information Administration said in a

forecast issued on Wednesday.

However, rising U.S. output and competition from production in Brazil,

Norway and Guyana next year has been squeezing profits for U.S. shale

producers, which plan another spending freeze in 2020 and a slowdown in

production growth.

U.S. energy firms this week reduced the number of oil rigs operating for a

fourth week in a row, cutting 10 oil rigs in the week to Nov. 15, energy

services firm Baker Hughes Co said on Friday. The total count is now 674,

the lowest since April 2017.

Money managers raised their net long U.S. crude futures and options

positions by 39,995 contracts to 169,386 in the week to Nov. 12, the U.S.

Commodity Futures Trading Commission (CFTC) said on Friday.


UPDATE 1-Euro zone bond yields lift as investors bet on eventual trade deal Tuesday 19th November, 2019 – Reuters

Euro zone bond yields rose slightly on Tuesday, while global shares

touched their highest in nearly two years, on rising expectations among

investors that the United States and China will eventually secure a trade

deal.

The German 10-year Bund yield was up one basis point at -0.3240%.

French 10-year yields were similarly muted , recovering only slightly from

last week, when Germany and France recorded the biggest declines in

borrowing costs since September.

The yield spreads between 10-year German and peripheral government

bonds - such as Spain, Italy and Portugal - continued to retrace the

previous week’s steep widening .

Spanish 10-year yields fell around a basis point to a weekly low of 0.407%,

which it also hit on Monday, tightening their spread with German Bunds.

“Profit taking into year-end seems the dominant theme, and particularly

foreign investors should be reluctant to recommit in the face of increasing

political uncertainty in Spain as well as Italy,” Commerzbank strategists

wrote in a note to clients.

The MSCI world equity index, which tracks shares in 47 countries, gained

0.1% to touch its highest since January last year, as investors maintained

bets that the United States and China can reach a deal to end their

damaging trade war.

Trade tensions have dominated sentiment in recent days. Market

positioning means bond yields are especially receptive to positive trade-

war developments, said Lyn Graham-Taylor, a fixed income strategist at

Rabobank.

The next round of U.S. tariffs on Chinese goods takes effect on Dec. 15.

Hopes for a trade deal are diminishing amid reports the United States is

reluctant to roll back existing tariffs.

But in a positive sign for U.S.-China relations, the United States offered

Chinese tech company Huawei a 90-day license extension.

“The market has been trading trade-related headlines asymmetrically for

quite a long time. If it’s vaguely ambiguous or slightly positive it will be

traded in quite a positive fashion - yields will sell off,” Graham-Taylor said.

More turbulence in Hong Kong has so far had limited broader

ramifications for China or the global economy, he said.

Protests in Hong Kong escalated in recent days, with more than 200

people injured and pro-democracy protesters in a university surrounded

by police.

“It’s not fed through into the global economy as of yet - at the moment

it’s not playing a role in the trade war,” Graham-Taylor said.

Minutes are due on Wednesday from the October meeting of the U.S.

Federal Reserve’s federal open markets committee and the European

Central Bank’s new president, Christine Lagarde, will speak in Frankfurt on

Friday. Euro zone PMI data is also due on Friday.


Kohl's cuts full-year profit forecast; shares fall Tuesday 19th November, 2019 – Reuters

Department store operator Kohl’s Corp (KSS.N) cut its annual profit

expectations on Tuesday ahead of the all-important holiday shopping

season and missed same-store sales estimates for the third quarter,

sending its shares down nearly 10%.

Kohl’s said it now expects full-year adjusted earnings to be between $4.75

and $4.95 per share, compared to its previous forecast of $5.15 to $5.45.

Sales from stores open for at least a year rose 0.4% in the third quarter

ended Nov. 2, while analysts on average had expected same-store sales

to increase 0.76%, according to IBES data from Refinitiv.


German manufacturing output to shrink 4% this year, BDI says Tuesday 19th November, 2019 – Reuters

Germany’s manufacturing production is expected to decline 4% this year,

with exports edging up just half a percentage point, because of to

weaker foreign demand, the BDI industry association said on Tuesday.

Germany’s export-reliant manufacturers are being hit by international

trade disputes and China’s cooling economy, as well as uncertainty

linked to Britain’s decision to leave the European Union.

“After six consecutive years of growth, Germany’s industrial sector is stuck

in recession since the third quarter of 2018,” BDI Managing Director

Joachim Lang said in a statement.

The BDI expects global industrial output to rise only 1% this year after two

years with annual growth rates of 3%.

The projected export growth of 0.5% for 2019 follows a 2.1% expansion the

year before, marking the weakest rise in foreign sales since the world

financial crisis in 2009.

The 4% drop in manufacturing output expected for 2019 compares with

BDI’s initial forecast for stagnation. In 2018, manufacturing production rose

by 1.2% on the year.

The DIHK Chambers of Industry and Commerce said last month it

expected German exports to shrink next year for the first time since the

global financial crisis over a decade ago.

Berlin expects the German economy to grow 0.5% this year, suggesting

that the country has lost its position as the economic powerhouse of the

euro zone as trade tensions rise and protectionist measures spread around

the world.


European car sales up 8.6% in October, driven by VW rebound Tuesday 19th November, 2019 – Reuters

Passenger car registrations in Europe rose 8.6% in October, to their highest

level since 2009, driven by robust demand in Germany and France and a

rebound in demand for Volkswagen (VOWG_p.DE) which posted a 29%

gain.

Registrations rose to 1.214 million cars in the countries of the European

Union and the European Free Trade Agreement (EFTA), statistics published

by the European Auto industry association ACEA on Tuesday showed.

In the year-earlier period, registrations were depressed as carmakers

struggled to certify new vehicles to meet the Worldwide Harmonised Light

Vehicle Test Procedure (WLTP).

Volkswagen, which is also preparing to launch a new version of its Golf, is

whittling down inventories of the old model, helping the German brand to

outsell Renault (RENA.PA), which posted a 15.8% gain and Hyundai which

saw sales rise 13.4%.

A 12.7% overall rise in Germany and an 8.7% increase in France helped to

outweigh a 6.7% drop in registrations in Britain, ACEA statistics showed.


Tax revenue may fall short of $570 billion forecast for FY2019 Tuesday 19th November, 2019 – Reuters

Japanese Finance Minister Taro Aso said on Tuesday it was “very possible”

that tax revenue would fall short of the 62 trillion yen ($570 billion) forecast

for this fiscal year ending next March.

Asked about the possibility of issuing more deficit-covering bonds, Aso told

a news conference he was not sure on how to fill any shortfall since it was

not clear how big it might be.


China central bank governor says will step up credit support to economy Tuesday 19th November, 2019 – Reuters

China will step up credit support to the economy and push real lending

rates lower, central bank governor Yi Gang said on Tuesday, as

policymakers keep monetary policy accommodative to prop up slowing

growth.

Authorities will promote capital replenishment and boost banks’ ability to

increase lending, Yi told a meeting with representatives from commercial

banks, adding that lenders should reference the Loan Prime Rate (LPR)

when it comes to setting lending rates.

The People’s Bank of China (PBOC) is likely to lower the LPR on

Wednesday for the third time since it introduced the benchmark in

August, according to a survey of traders and analysts.

Pressured by slowing global demand and a bruising trade war with the

United States, China’s gross domestic product rose just 6.0% year-on-year

in the third quarter, the slowest clip in nearly 30 years and at the lower end

of the government’s 6.0% to 6.5% target range.

The meeting on Tuesday acknowledged challenges to the stable

operation of the macro economy and the financial sector and that

downward pressure on economic growth continues to increase while

credit contraction pressure still exists in some regions.

Yi said countercyclical adjustments to the economy will be stepped up

and the government will ensure growth in money supply and social

financing in line with nominal GDP growth.

Since authorities boosted support to the economy this year, the monetary

policy transmission mechanism has been improving and the growth in

money supply and social financing came in slightly higher than nominal

GDP growth, the meeting said.

Representatives from Industrial and Commercial Bank of China

(601398.SS), Agricultural Bank of China (601288.SS), China Construction

Bank (601939.SS) and others were present at the meeting.


BOJ's Kuroda expects China's economy to sustain 6% growth Tuesday 19th November, 2019 – Reuters

Bank of Japan Governor Haruhiko Kuroda said on Tuesday he expects

China’s economy to sustain growth of around 6% in coming years, thanks

in part to the effect of Beijing’s stimulus measures.

But he said the world’s second-largest economy would likely see growth

slow below 6% in the long run, as its working-age population starts to

decline.

“The effect of China’s policy measures is taking somewhat long to

appear. But China’s economy will likely sustain growth of around 6% for

the time being,” he told parliament.

Kuroda also said he did not expect China’s excess debt to trigger a crisis

that would cause financial disruptions, as banks are making some

progress reducing bad loans.


Manufacturers see orders rise after no-deal Brexit avoided Tuesday 19th November, 2019 – Reuters

British manufacturers saw a pick-up in orders in November albeit from near

decade-low levels, helped by the avoidance of a no-deal Brexit at the

end of October, a survey by the Confederation of British Industry showed

on Tuesday.

The CBI’s monthly orders balance rose to -26 from -37 in October, their

highest level since August and stronger than a median forecast of -31 in a

Reuters poll of economists.

October’s level of orders was the weakest in nine years.

“While the thick fog of uncertainty from a no-deal Brexit has lifted

somewhat, the manufacturing sector remains under pressure from weak

global trade and a subdued domestic economy,” Anna Leach, the CBI’s

deputy chief economist, said.

“It’s clear that the outlook for the sector remains precarious.”

Export orders picked up after touching their lowest level since the financial

crisis of 2008.

Manufacturers expected output to be flat over the next three months, the

CBI said.

The European Union has set a new Brexit deadline of Jan. 31 and Prime

Minister Boris Johnson has called an election for Dec. 12 in a bid to break

the impasse in parliament over the divorce deal he negotiated with

Brussels.


Govt $300m payout ‘for growth’ Thursday 14th November, 2019 – Barbados Today

Government has paid out close to $300 million in debt for the financial

year so far, stimulating much-needed economic activity, Minister of

Economic Affairs and Investment Marsha Caddle has claimed.

During debate Tuesday in the House of Assembly on a bill to amend the

Land Tax Act, the Minister outlined how the money was spent.

“At the beginning of this financial year Government’s arrears stood at

$577. 7 million dollars. And by September 30 it was at $316. 8 million dollars.

“So that over the last 17 months we saw that people received tax refund

arrears in cash in the amount of $40. 5 million dollars; that state-owned

enterprises trade creditors received in cash and bonds $176. 2 million

dollars; arrears from Government to the private sector were settled to the

amount of $29. 6 million dollars,” she said.

The Economic Affairs Minister declared that because of “good

governance” and a major stipulation in the IMF’s Barbados Economic

Recovery and Transformation plan Government must pay what they owe.

Caddle told the House: “Under the IMF programme there is to be the non-

accumulation of arrears quite simply you have to pay people what you

owe people.

“We have come to Government to show Barbadians that we are true to

good governance by simply paying for what you consume, paying

people what they are owed.

“I have been hearing some small noise in certain corridors that suggests

that this Barbados Labour Party Government is not focused on growth

and I think perhaps some may have missed it because what we have

been able to do is use the areas in which we must be compliant as part of

an IMF programme as a platform for growth.”

Explaining how people with more money will in turn spend and help the

economy, the MP for St Michael South Central said this was Government’s

strategy all along.

Caddle said: “What does this mean? It means where some might see this

as a restriction where some might see this as something that is difficult to

manage, we have actually been able to use the repayment of arrears to

be able to stimulate economic activity in the country.

“When you refund individuals and companies their tax refunds they are

able to take those resources and invest in their small businesses they are

able to take that new disposable income.

“It means you can engage self-employed people, people who work for

small companies you can engage those people to provide services.”

The Minister said Barbados was doing something “unheard of” by using

the BERT programme as a growth plan.

She said: “This Government has been able to use structural benchmarks

and other targets under an IMF programme to get a country growing

again.

“That is unheard of in any IMF programme. That is what creative

Government looks like.

“That is what happens when you understand that fiscal deficit starts with a

‘f’ and not a ‘ph’.”


IMF gives Barbados passing grade Friday 15th November, 2019 – Nation News

The International Monetary Fund (IMF) has given Barbados a passing

grade following its latest review of the country’s economy recovery

efforts.

The IMF’s Barbados Mission Chief Bert van Selm ended a two-week official

review visit here today with news that the Barbados Economic Recovery

and Transformation programme (BERT), supported by the IMF’s Extended

Fund Facility, “is on track”.

He said Government “continues to make good progress in implementing

its ambitious economic reform programme”, with the fiscal adjustment is

proceeding as planned, and the financial sector remaining sound

“despite a significant impact from the domestic debt restructuring”.

But van Selm also said “reducing transfers to state-owned enterprises is

key for sustainable fiscal consolidation”. He added that “structural reform

is necessary to unlock Barbados’ growth potential”, and “improving

resilience to natural disasters and climate change will help strengthen the

outlook”.


Jamaica issues almost 100 mineral licences Saturday 16th November, 2019 – Nation News

The Jamaica government says it is has granted nearly 90 exploratory

licences for semi-precious minerals such as cobalt, copper, gold, silver

and zinc, since March last year.

“Right now, almost every square inch of Jamaica is under a prospecting

licence for some kind of mineral. The beauty of it, is that most of the

companies that are prospecting… are Jamaican-owned. So if [for

example] gold is found… in commercial quantities, the profits will stay

here,” said Transport and Mining Minister, Robert Montague.

He assured, however, that the government is encouraging and facilitating

the exploitation of minerals “in a very sustainable and structured way”

and that in a bid to encourage the mining of semiprecious minerals, the

Ministry’s Mines and Geology Division hosted a series of workshops and

training seminars for industry stakeholders.

He told a Corporate Governance Seminar that these formed part of the

three-year Euro 13.1-million African, Caribbean and Pacific-European

Union (ACP-EU) Development Minerals Programme.

This capacity-building initiative, conceptualised by the ACP Group of

States, aims to enhance the profile and improve the management of

development minerals. These include industrial minerals, construction

materials, and dimension and semiprecious stones.

The engagement is being implemented by the United Nations

Development Programme (UNDP), which jointly finances it with the EU.

According to a UNDP publication, development minerals provide crucial

inputs for domestic economic development, such as infrastructure,

manufacturing, construction and agriculture. Additionally, they have the

potential to be high value, in terms of national development.

Montague noted that the programme has benefited local jewellery

makers who are now utilising semiprecious stones, “which is a huge

market”.


Mailpac targets $495m from November IPO Sunday 17th November, 2019 – Jamaica Gleaner

Courier company Mailpac Group Limited, MGL, hopes to settle at least

$263 million in debt to its parent company, Norbrook Equity Partners,

through a $495 million initial public offering of shares on the junior stock

market.

Mailpac, which used the borrowings from its parent to revamp its

infrastructure, technology, and strategic positioning since 2017, is giving

up 20 per cent of the business to stock market investors at $1 per share.

Norbrook Equity will own the other 80 per cent.

The subscription period for 500 million shares on offer under the IPO runs

from November 22 to December 6. Shares in the invitation are split

between newly issued shares in Mailpac and existing shares for sale by

Norbrook Equity.

“Norbrook conducted two rounds of financing over the past three years,

and the proceeds were invested in the portfolio companies of Norbrook,

including $263 million into Mailpac Services. In addition to typical

repayment terms, the most recent financing requires that all net proceeds

from an IPO of any Norbrook subsidiary must be used to pay down the

facility,” the company said in its prospectus.

The remainder of the funds will be used by Mailpac for general corporate

purposes, including working capital, operating expenses and capital

expenditure.

If successful, Mailpac will come to market with $2.5 billion in capitalisation

at listing on the exchange. The company in September had total equity of

$27 million.

The delivery company’s offer, which was released on Wednesday, comes

in $5 million shy of the maximum capital raise of $500 million to list on the

junior market of the Jamaica Stock Exchange.

NCB Capital Markets has been selected as lead broker for the IPO.

As a pull to potential investors, Mailpac is pitching e-commerce as a

space poised for growth, and accordingly projects that its profit will grow

threefold over the next five years.

The company recorded revenue of $851 million for the first three quarters

of 2019 and net profit of $203 million.

“… While online shoppers in Jamaica have jumped from an assumed 0.2

per cent of the adult population in 2010 to approximately 6 per cent

today, this is a far cry from the penetration rates seen globally. A recent

study shows that 76 per cent of the US population shops online today.

Accordingly, we believe that the business has only begun to scratch the

surface of the opportunity it has in serving the country’s e-commerce

needs,” MGL said in its prospectus.

Through partnership with its sister company, ePayment Group, Mailpac is

also finalising the launch of its own prepaid Mailpac MasterCard that

persons can top up at different locations, and utilise for shopping online,

but only for items that are shipped through Mailpac.

“This solution is targeted for the significant base of unbanked and

underbanked consumers that have identified products online that they

want to purchase, but don’t have a transactional tool to do so. The

Mailpac MasterCard will enable this segment of the market to shop online

and will ensure their purchases are shipped through Mailpac,” the courier

company said.

Mailpac is a decade-old company that has grown organically and

through acquisitions. Its client base of online shoppers is estimated at

50,000.

Mailpac Group was newly formed to consolidate the operations of

Mailpac Services and Mailpac Local. Its directors are: Khary Robinson,

executive chairman; Mark Gonzales, executive director and CEO; Garth

Pearce; William Craig; and Tracy-Ann Spence.

Mailpac Services, formerly known as Mailpac Express, facilitates online

shopping and shipment to Jamaica using a mailing address hosted by the

company, while the local arm offers cross-country delivery for Jamaican

businesses.


PanJam and Portland Private Equity acquire minority stakes in itelbpo Sunday 17th November, 2019 – Jamaica Observer

PanJam Investment Limited (PanJam) and Portland Private Equity

(Portland) recently announced that they have entered into an

agreement to each acquire a 15 per cent ownership stake in Outsourcing

Management Limited (OML), which trades as itelbpo.

In release last week, Ricardo Hutchinson vice-president of investments at

Portland said that his company was thrilled about the partnership as

itelbpo is a significant contributor to regional employment.

“We are happy to partner with itelbpo given its contribution to regional

employment, which aligns with our strategy of fostering growth for the

enrichment of the local and regional economies. We believe that itelbpo

has a bright future, with further geographic expansion, technological

advances and strong relationships with some of the world's biggest

brands,” he shared.

Joanna Banks, PanJam's senior vice-president of new business

development and strategy, described the transaction as “a

representation of PanJam's commitment to invest in regional companies

that embody the entrepreneurial spirit. The burgeoning business process

outsourcing sector is a cornerstone of our economic growth, and itelbpo is

leading the charge by ensuring that Jamaican talent participates and

benefits at every level”.

intelbpo, which started off as a seven-member team is now considered to

be the region's largest, home-grown business process outsourcer boasting

some 2700 team members. The company, having operations in Jamaica,

the Bahamas, Mexico and the United States, offers voice and digital

contact centre services, as well as customer experience management.

Yoni Epstein, itelbpo's founding chairman and CEO also expressed elation

at the partnership with PanJam and Portland.

“Their investments will go a long way in enabling our pursuit of scaling the

business and building region's reputation as a destination for outsourcing.”

Epstein went on to state that itelbpo has been seeking a partnership of

this kind in order to achieve its corporate goals. Over the next five years,

the company expects to add 5,000 new seats from new and existing

clients, and through acquisitions,” he stated.

He further noted that it is an exciting time for itelbpo as it continues its

growth into a large, global business process outsourcing (BPO) player.


Profit up for VM Investments Sunday 17th November, 2019 – Jamaica Observer

Victoria Mutual Investments Limited (VMIL) reported on Wednesday an

unaudited net profit of $244.61 million for its third quarter ended

September 30, 2019, a 69 per cent increase when compared with the

corresponding period last year.

Revenues for the period under review totalled $537.27 million, a 52 per

cent increase when compared with the $354.10 million recorded in the

corresponding period in 2018.

VMIL's consolidated after-tax profit for the nine months ended September

30, 2019 was $497.39 million, reflecting an increase of $256.39 million or

106.39 per cent over the corresponding period of 2018.

Revenue for the nine-month period amounted to $1.36 billion, reflecting

an increase of $441.17 million over the $923.03 million recorded in the

corresponding period of 2018. According to VMIL, this significant 47.80 per

cent growth in revenue was driven by net fees and commissions and

gains on investment activities, which increased by $93.68 million and

$261.16 million, respectively.

As of September 30, 2019, VMIL's total assets stood at $24.39 billion, a $4.70

billion or 23.89 per cent increase when compared with the corresponding

period last year, mainly influenced by the increase in investment

securities.

Earnings per share as of September 30, 2019 ended at $0.33, an increase

when compared to the $0.16 recorded in the prior corresponding period.


World Bank approves funds for Jamaica to boost rural agriculture Saturday 16th November, 2019 – Jamaica Observer

The World Bank has approved a US$40 million loan for Jamaica to boost

income opportunities and job creation in rural areas, through the second

phase of the Rural Economic Development Initiative (REDI II).

The project will improve access to markets and resilience to climate

change for around 200 agricultural and rural tourism micro, small, and

medium enterprises. It will also provide training for relevant public sector

institutions and partners. Around 70,000 people are expected to benefit

from investments in productive activities, training, and capacity-building,

with inclusion of youth and women as a priority.

“Reducing rural poverty, creating jobs, and enhancing climate resilience

are critical priorities for Jamaica,” said Ozan Sevimli, World Bank

Representative for Jamaica.

“The World Bank is delighted to support the continuation of the REDI

project that will provide additional income opportunities for poor rural

households—with a focus on youth and women.”

The World Bank said nearly half of Jamaica's population lives in rural areas

and agriculture accounts for eight per cent of the country's gross

domestic product (GDP), employing more than 18 per cent of the active

population.

Tourism is another critical driver of the Jamaican economy, accounting

for more than nine per cent of GDP in 2016. REDI II will promote linkages

between these two key sectors by developing efficient tourism clusters,

with an emphasis on enhancing connections between producers, service

providers and buyers.

The impact of extreme weather events poses significant potential losses to

GDP and employment in Jamaica. Climate resilient approaches under

the REDI II project aim to incorporate increased access to climate-smart

technologies and infrastructure. It will also promote adaptation and

mitigation measures to improve productivity, boost resilience and build

sustainability, the World Bank noted.

The Jamaican Social Investment Fund will implement REDI II on behalf of

the Government of Jamaica. The first phase of the REDI project

successfully concluded in 2017.

It benefited more than 19,000 micro and small-scale rural producers as

well as providers of tourism products and services. Among them, 22 per

cent were younger than 30 and 51 per cent were women.


Farmers get $200 million more to transport sugar cane Saturday 16th November, 2019 – Jamaica Observer

THE Government is providing an additional $200 million for the

transportation of sugar cane from Monymusk in Clarendon to Worthy Park

Estate in St Catherine and Appleton Estate in St Elizabeth for the 2019/2020

crop season.

The assurance came from Minister of Industry, Commerce, Agriculture and

Fisheries Audley Shaw in a speech delivered on his behalf by senior

director in the ministry's Strategic Planning Division, Delroy Coley, at the

70th annual general meeting of the All-Island Cane Farmers' Association

held at Denbigh Showground in May Pen on Wednesday.

The support is part of short-term interventions to assist the small farmers

from St Catherine and Clarendon who operate in the Monymusk area. A

similar sum was provided for the 2018/19 crop.

“In addition, the Government has identified other areas of assistance for

our sugar cane farmers, including fertiliser, which will be provided to the

All-Island Cane Farmers' Association to boost your revolving loan scheme

for input supplies to members,” the minister said.

He said that the matter of irrigation is also being addressed.

“We are doing all of this in order to facilitate the planting of cane

because the factories need your cane,” Minister Shaw added.

He said that despite the challenges facing the sector, including factory

closures, the sugar industry, in 2018, contributed some 0.5 per cent to gross

domestic product (GDP); earned/saved some US$57 million in foreign

exchange; and accounted for some 20,000 direct jobs and 80,000

indirectly, or some 7.7 per cent of the active labour force.

He said that the industry still has an important role to play in the nation's

business, and neither the Government nor the various other stakeholders

can “simply abandon sugar. We want to see it succeed”.

Shaw said that the Government's goal is to “right-size the industry” and in

keeping with this objective, focus will be placed on:

• Matching production levels with demand;

• Product diversification, including molasses for rum production and

bagasse for energy generation;

• Employing the best agricultural practices in order to increase

productivity;

• Providing more and improved extension services to small farmers;

• Producing more cane for factory throughput;

• Stopping the illicit importation of sugar of all types into the country.


Senate passes two more anti-money laundering legislation Saturday 16th November, 2019 – Jamaica Observer

THE Senate yesterday approved amendments to two anti-money

laundering legislation – the Proceeds of Crime Acts and the Terrorism

Prevention Act.

However, while Opposition senators supported the Government in passing

the Proceeds of Crime (Money Laundering Prevention (Amendment)

Regulations Resolution, they revolted against the passing into law of the

Terrorism Prevention (Designated Reporting Entity) (Attorney-at-law)

Order, Resolution 2019, on the basis that the Jamaican Bar Association still

had issues with some of the proposed changes.

Leader of Opposition Business Senator Donna Scott Mottley, an attorney-

at-law, said that she did not feel satisfied with the assurances given by

Leader of Government Business Senator Kamina Johnson Smith, who is

also a lawyer, although she usually accepts her explanations.

“I am not questioning her word, but I am saying that I am not satisfied with

the assurances that she has given that this (legislation) is of such moment

that it could not await the deliberations of the court,” Senator Scott

Mottley said in reference to the fact that the bar association has already

taken its issues with some of the proposed changes to court.

She said that despite the fact that the leader of Government business

insisted that these were not the same proposals the local bar had

objected to, in terms of its impact on lawyer/client relationships, some

requirements were identical.

“I believe that [in terms of] the requirements, which are identical, the fact

that the Jamaican Bar Association is concerned enough to call an

emergency meeting, and the fact that it is already well established that

there is going to be a challenge from the bar association, I am not

supporting this,” Scott Mottley added.

She admitted, however, that without the Opposition's support the

Government could go ahead and approve the resolution. The Opposition

then called for a “divide”, which ended with the amendment being

carried by a 10-six government majority in favour of the changes, with four

senators absent.

Johnson Smith said that passing the two resolutions would be in keeping

with recent activities in both Houses of Parliament, in terms of seeking to

ensure that Jamaica complies with the asset guidelines and monitoring

regime which, essentially, govern anti-money laundering and counter-

financing of terrorism regimes within the financial system.

She noted that more recently the Senate passed the Proceeds of Crime

(Amendment) Act, 2019, the Terrorism Prevention (Amendment) Act, 2019,

and the United Nations Security Resolution Implementation (Amendment)

Act, 2019, all of which dealt with the issue.


US$1-billion investment Monday 18th November, 2019 – Jamaica Observer

Karisma Hotels and Resorts last week announced that it will be investing

near US$1 billion to build its 4,800 room multi-resort development project in

Llandovery, St Ann.

According to Karisma's Vice-President of Corporate Affairs and Business

Development Ruben Becerra, ground will be broken next year for the

Sugarcane Bay project, the latest addition to the popular luxury chain

which boasts 26 properties in Latin America, the Caribbean and Europe

under several brands, including El Dorado, Azul, Generations, Sensatori

and Nickelodeon.

“This has been a long story. We started three-and-a-half years ago and

the good news is that everything is ready. All the process that needs to be

done is already done,” Becerra said last Thursday, the opening day of the

two-day Caribbean Hotel Investment Conference and Operations Summit

(CHICOS), held at Secrets Wild Orchid in Montego Bay.

The 226-acre property is just 10 minutes outside of Ocho Rios.

Tourism Minister Edmund Bartlett welcomed Becerra's announcement.

“This has been a long-awaited announcement and I am pleased that with

all the necessary approvals granted this mega project will begin to get on

the way,” Bartlett said. “We are excited as this addition of rooms will

ensure we remain on target to securing 15,000 rooms by 2021, bring more

visitors, and create more jobs.”

Senior advisor and strategist in the tourism ministry Delano Seiveright noted

that Prime Minister Andrew Holness, ministers Bartlett and Daryl Vaz, Shovel

Ready Programme lead and Jamaica Tourist Board Chairman John

Lynch, JAMPRO and a raft of other key Government stakeholders worked

diligently in getting the large and multifaceted project to implementation

stage, thereby fully opening the door for the creation of thousands of new

jobs and lucrative contracts for many local stakeholders.

The eighth edition of CHICOS, the premier hospitality conference in the

region, brought together nearly 300 regional and international investors

and operators, as well as the region's leading decision makers.

“Jamaica is hot and the investment conference here is indicative of that.

We have never had this aggregation of serious investment prospects

congregated in one place for a long time in Jamaica. So we are

comfortable that the investment opportunities are not only about hotel

rooms. This is a good thing that now we are looking at people wanting to

invest on the supply side,” Bartlett said.


DR business climate remains low Sunday 17th November, 2019 – Dominican Today

The Association of Industries revealed that the Business Climate Index

continued to decline for the second consecutive quarter from 64.5 in

January-March 2019 to 61.7 in April-June 2019 and 57.3 in the July-

September quarter of this year. The AIRD indicated that this decrease was

due to a decrease in the balance of opinion of businessmen about the

Dominican economy, the international economy, the branch and the

climate to invest.

While the Industrial Confidence Index continued to increase slightly from

57.9 in January-March 2019, to 58.1 in April-June, and 58.3 in the July-

September period. This implies an increase in confidence to increase

industrial production in the near future.

When comparing the third quarter of 2018 with the third quarter of 2019,

the information reveals that the Industrial Confidence Index experienced

a rise, while the Business Climate Index remains similar.

The Industrial Confidence Index measures the perceptions that the

industrialists have regarding the behaviour of sales, production, and

inventories in the industries, thus indicating the existing probabilities that

the industrialists increase or not their production in the short term.

For the third quarter of 2019, the increase in real production was below

the expectations reflected in the survey for the second quarter of 2019.

While expectations for June 2019 were 31.0, the actual production report

was 16.0.

According to the report released by the AIRD, the balance of opinion was

positively at 19.0 compared to the same period of the previous year.

Production expectations for the fourth quarter of 2019 (October-

December) are 21.0, which implies a probable growth of the same.

In terms of the balance of opinion in relation to the value of sales in the

industries for the second quarter, they remained below expectations,

because while the expectations were 24.0, they remained in the real

perception in 19.0. The expectations for the first quarter of 2019 are at

16.0.

The percentage of companies that exported decreased in this third

quarter of 2019 from 79% (April-June 2019) to 76% (July-September 2019).

Technology

The number of companies that invested in “Technology” continued to

decline from 11% in the first quarter of 2019, to 9% in the April-June 2019

quarter and 8% in the July-September 2019 quarter.


Economic activity grows in Colonial City after MITUR intervention Saturday 16th November, 2019 – Dominican Today

The Minister of Tourism, Francisco Javier García, reported that economic

activities in the Colonial City of Santo Domingo have grown after the

execution of the first phase of intervention carried out by MITUR, causing a

96% increase in new business.

Likewise, Minister Garcia added that employment in this area increased

by 29%, while international tourist visits grew by 62%.

These statements were offered by the official at the Digital Tourism Forum,

with the theme “Colonial City,” First Intelligent Destination of the

Dominican Republic, which was developed jointly with the Dominican

Institute of Telecommunications (INDOTEL) and the Tourist Cluster of Santo

Sunday.

The Minister of Tourism described this event as transcendental because it is

about working the country’s first intelligent destination, accompanied by

five pillars, technology, sustainability, innovation, governance, and

accessibility.

“The concept of sustainability was first incorporated by the tourism industry

and in the field of sustainable tourism there are three aspects; economic,

environmental and social and in the Dominican Republic we incorporate

the cultural,” said Garcia.

He also stated that Puerto Plata is ready to be the second smart tourist

destination, as is Punta Cana.

Nelson José Guillén, president of INDOTEL, stressed that the incorporation

of the Colonial City in the list of creative cities in the world is a great push

for national tourism and must be concatenated with digitalization.

“In recent years we have seen how digitalization has become essential for

tourism, consolidating itself as a useful tool, not only for visitors but also for

hosts,” said Guillén.

This project aims to boost the development of new technologies in the

country’s tourism sector.

The event was attended by Enrique Lancis, an expert on the subject and

director of Tourism Innovation and Intelligence at Globaldit was in charge

of the main presentation at the meeting.

The Innovation and Technology panel Zoraima Cuello, Vice Minister of the

Presidency, Víctor Gómez, Vice-Chancellor of Intec, Armando García,

General Director (OPTIC) and Mite Nishio, ICT expert was also part of the

panel.

Meanwhile, the Accessibility and Sustainability panel was developed by

Claudia Francheca, director INTRANT, Magino Corporán, director

CONADIS and Maribel Villalona, director of Planning and Projects (DPP) of

MITUR.


Thousands of people benefit from buying low-cost plantains and bananas

implemented by the Government Saturday 16th November, 2019 – Dominican Today

More than 216,000 people have benefited from the Direct Food Sales

Program (PRODA) implemented by the Government through the Ministry

of Agriculture, the Institute for Price Stabilization (INESPRE) and Merca

Santo Domingo.

The products have been sold through the trucks of the Ministry of

Agriculture and the INESPRE Mobile Warehouse program, with the support

of Merca Santo Domingo.

Through this project, 2.6 million units of plantains and bananas have been

sold at low costs, impacting so far 245 sectors, through 420 operations

carried out in 24 days that the project has been developing.

In total 1, 201, 360 units of bananas and 1, 419, 700 bananas, totalling 2.6

million were sold to date.

The Creole banana is sold packed in meshes of seven units at 50 pesos,

that is, around seven pesos per unit, while the top size bananas cost 30

pesos the mesh of 20 units.

Jorge Zorrilla Ozuna, director of INESPRE, reported that the program is

being developed with the objective of stabilizing the prices of both high-

consumption products in the population, which in recent days have

experienced unusual increases attributed to drought and increases

applied by the chain of intermediation.

Ozuna thanked the Ministry of Agriculture for taking into account the

institution to jointly execute this project and Merca Santo Domingo who

have contributed with the staff that stores, purifies and packages the food

that is taken to the population.

Among the neighbourhoods where plantains and bananas have been

sold at popular prices are Enlarge Espaillat, Los Guandules, February 27,

Guachupita, Villa Acevedo, Nuevo Amanecer, Los Sanjuaneros, Los

Farallones, Palavé, Manoguayabo, San Francisco, Arroyo Bonito, Villa

Esfuerzo and Support Villa Carmen.


Dominican Republic to get more long-distance flights Monday 18th November, 2019 – Dominican Today

The Dominican Republic successfully participated in the 40th version of

the WTM, recently held in London, where increases were reported on

long-distance flights to the Caribbean country.

TUI increased its capacity in the winter from 2019 to 2020 to Punta Cana

International Airport with routes from Birmingham, Gatwick and

Manchester, a 16% jump in passengers compared to the winter of 2018 to

2019.

For the summer of 2020 TUI will increase its capacity from Birmingham,

Gatwick and Manchester by 33%, announcing that sales are above 35%

in relation to last year for this same date.

The announcement was made by Magaly Toribio, Marketing Advisor of

the Ministry of Tourism (MITUR).


Punta Cana beats Cancun as a favourite for Thanksgiving trips Sunday 17th November, 2019 – Dominican Today

Trips to the Dominican Republic have primarily recovered, with Punta

Cana beating Cancun, Mexico, for a long time as a favourite for

Thanksgiving trips, according to a new Allianz Global Assistance survey.

The number of Americans traveling internationally to the Dominican

Republic for Thanksgiving has quadrupled in size since last year,

according to the index of Allianz’s top 10 Thanksgiving destinations.

It is a surprising change for a destination beset by sensational reports of

tourist deaths in recent times.

“It is a radical change for the fortunes of the Dominican Republic,” said

Daniel Durazo, director of marketing and communications for Allianz

Global Assistance USA.

“I think the story about the mysterious deaths has run its course. People

have already moved on from it, there has been no more, and people

understand that nothing sinister was happening,” he added.

Discounted prices for flights and resorts also helped. “It’s a fabulous

destination: prices are excellent, and people are flooding,” Durazo said in

an interview with TravelPulse.

“Our survey shows that people will return in droves, and it’s great to see

them,” he said.

Allianz Global Assistance reviewed the travel plans of Americans around

Thanksgiving, with one-way trips scheduled between Saturday, November

23, and Thanksgiving, Thursday, November 28.

Since the survey began in 2015, Cancun dominated as the number one

international destination for Thanksgiving Travelers. While the Mexican

access point remains on this year’s global list, the destination has been

dethroned by Punta Cana, which rose seven positions to the top of the

international index.

Allianz analysed the number of customers who went through the online

booking process for airline tickets and packages for members offering

Allianz Global Assistance travel insurance. In total, 2.4 million itineraries

were analysed using this methodology.

The return of Americans to the Dominican Republic comes at a critical

time for the country’s tourism industry, a vital sector for the local economy.

The island nation, which suffered a decrease in the number of tourists

earlier this year due to growing suspicion of a series of tourist deaths, was

recently encouraged by the toxicology report of the Federal Bureau of

Investigation ( FBI ) that deaths were unrelated and were the result of

natural causes.

Remember that the Dominican Republic has the largest economy in the

Caribbean, attracting visitors from all over the world to experience its rich

culture and beautiful beaches.

The other ten main international destinations in order of popularity are

London, Paris, San Juan, San José Del Cabo, Nassau, Puerto Vallarta,

Montego Bay, and Mexico City.

For the fifth consecutive year, New York City is the preferred national

Thanksgiving destination among American travellers, followed by Atlanta,

Orlando, Los Angeles, Boston, Dallas, Seattle, Detroit, Chicago, and

Phoenix.

Chicago joins the list this year, eliminating Minneapolis as one of the top

10 destinations.

“No matter where one may go this Thanksgiving Day, it is incredibly

important to buy travel protection when you book your trip. It will certainly

provide peace of mind, especially during this busy travel period,” said

Durazo.

According to the Allianz survey, the day before Thanksgiving (Wednesday,

November 27) is still the most active departure day for national

destinations, and travellers usually take four-day trips. International

travellers are starting their Thanksgiving trip, and the most popular

departure date is Saturday, November 23.


Government concludes Negotiations with another Union and Staff

Associations for Police and Prison Officers Friday 15th November, 2019 – Government of Grenada

Government’s Negotiating Team (GNT) has concluded negotiations with

another trade union as well as the staff associations which represent

prison and police officers.

The agreements with the Grenada Manual, Maritime and Intellectual

Workers Union; Police Gazetted Officers Association; Police Welfare

Association and Prison Officers Welfare Association were brokered during

talks late Thursday and early Friday morning. The respective agreements

will be signed on Monday.

All public officers represented by the unions and staff associations which

have concluded negotiations, will benefit from annual increases of 4% for

each of the years covered in the new collective labour agreement.

The 12% increase over three years is the largest settlement for public

sector employees in the last 20-years. The overall cost of the settlement is

$43.5 million which means Government will have to undertake extensive

reallocation to fund the agreed wage increases.

Another union, the Bank and General workers Union will seek the approval

of its membership before agreeing to the proposed increases.

Agreement with the joint negotiating team from the Technical and Allied

Workers Union and the Public Workers Union is still outstanding.

The joint TAWU/PWU team is demanding increases of 5% for each of the

three years.

This would add $59.6 million to the Government’s wage bill, an amount

which is not affordable or sustainable and which will breach the Fiscal

Responsibility Law.

Additionally, effective January 2020, Government is expected to meet the

increase in NIS rates for all of its employees

The GNT awaits the recommendations of the Labour Commissioner who is

conciliating in the dispute. The GNT remains hopeful that there will be an

amicable resolution.

The Grenada Union of Teachers has already signed its collective labour

agreement with the GNT following the conclusion of talks earlier this week.


Top official: electricity sector debt exceeds US$13.0B Monday 18th November, 2019 – Dominican Today

Finance minister, Donald Guerrero, on Monday said the national

electricity sector debt exceeds US$13.0 billion of the total public debt,

which, as of September, was US$34.2 billion.

He said faced with the problem, president Danilo Medina’s administration

“has attacked in two ways;” that are generation and distribution.

As for the generation, the official estimated that with the construction of

the Punta Catalina power plant, the State would save about 400 million

dollars, “due to the decrease in the average cost of purchasing energy

that this would cause.”


Dirty fuel, aging generators blamed for 13-hour blackout Tuesday 19th November, 2019 – Barbados Today

The approximately 130,000 Barbados Light & Power Company Ltd (BL&P)

customers were left without electricity for most of Monday, following an

island-wide blackout that started around 7:29 a.m. and led to the early

closure of schools and several businesses by midday.

Barbados Light & Power (BL&P) later blamed the outage on

contaminated fuel compounded by aging generator equipment, half of

which is past its “retirement age”.

Although restoration began just over an hour after the power outage

started, up until 3 p.m. as officials provided an update, only about 50 per

cent of the power had been restored, and officials said they were

expecting full restoration “by late afternoon, post 6 o’clock”. However,

customers were reporting intermittent service while others remained

without service for close to 15 hours.

Speaking to members of the media via conference call, Managing

Director of the BL&P Roger Blackman said the problem was mainly due to

contamination in the imported fuel.

Full return came around 11:10 p.m.

Apologizing to customers for the outage and the inconvenience, he

explained that the fault originated at a substation adjacent to the

company’s Spring Garden Generation plant and a team was able to

isolate the issue.

“During the restoration effort, some of our generators experienced

challenges similar to what we encountered last week. We have fuel

equipment issues on two of our largest generators, which is delaying full

restoration. Those two units we had fuel pump challenges and we have

been having discussions with our fuel suppliers with relation to addressing

that issue,” said Blackman.

Without identifying the contaminant that was found in the fuel, Blackman

further explained that of the samples tested from the last three shipments,

two of them “tested positive for contaminants”.

He explained that there was still “quite a bit of fuel in the system now” that

will be used up, adding that the shipment that is currently on island to be

used is free of contamination.

“That will dilute what we currently have in the system. We have been

managing this for the last couple weeks and what we will be doing is

having our teams in place to do the repairs very quickly and get the units

back on when they are affected. We do have things in place to address

the issues when they come up,” said Blackman, who was unable to

guarantee there would be no more blackouts as a result of contaminated

fuel.

He said testing was now being conducted on fuel samples going back as

far as August to see if this contaminant that has been detected would

have been present at that time.

He said the BL&P was working with the island’s fuel supplier, the Barbados

National Oil Company Ltd (BNOCL), to put measures in place to resolve

the issue over the short and medium-term.

“We know that it would be a challenge for BNOCL as well because it is

not fuel that is produced in Barbados, it is imported. So there will be a

need to follow up with those suppliers that we rely on externally,” he said.

“Right now our focus is on addressing the issue and ensuring that we

restore the reliability levels to adequate levels,” he added.

The power outage on Monday was also blamed for water outages across

the island, which forced the closure of schools and businesses.

Blackman said he acknowledged the frequency and severity of the

power outages, while giving the assurance that the BL&P was working

closely with the Barbados Water Authority (BWA) to ensure that water was

at least back on in the more heavily populated areas.

The BL&P boss explained that investigations were ongoing in relation to

the fuel challenges to determine what corrective measures need to be

taken.

“Until that is fully resolved we are in a delicate situation with that plant

(Spring Garden),” said Blackman.

The affected units represent about 70 per cent of the utility’s total

generation, which make it even more critical for the issues to be ironed

out quickly so that reliability can be fully restored.

In addition to the fuel contamination, Blackman acknowledged that an

aging generation plant was “a part of the issue”. He pointed out that

“Right now about 50 per cent of our generating capacity has passed its

retirement age and that certainly is a factor.”

He said the aging units made it more challenging to forecast the outrage

rates resulting in a longer time for restoration to occur.

He further pointed out that the reason the company was not investing in

replacement of the generator plants was simply because the country was

moving to a 100 per cent renewable energy, which the company

supported. BL&P would therefore be retiring all its fuel plants by 2030.

He gave the assurance that customers should not expect any rate

increase as a result of any loss to the company from the outages and

challenges related to the fuel, saying there was no connection to the

outages and any rate increase.


Businesses report mixed fortunes with national blackout Tuesday 19th November, 2019 – Barbados Today

For some it was business as usual, while for others today’s power troubles

created all kinds of issues including dried taps.

On Upper Swan Street, a representative from Sewing World said they were

not adversely affected. They opened at 8:30 and by that time their

electricity was back up and running.

Manager of Woolworth Martin Bryan said when his staff reported for work

at 7:30 this morning, “We found the electricity and the air-conditioning off,

but our generator kicked in so by the time we were ready to open at 8:30,

everything was up and running, so we did not lose out on any business

because of this situation. However, I know a couple of neighbouring stores

opened later than we did.”

One of those stores was the island’s leading department store, Cave

Shepherd. Store Coordinator Mark Clarke said, “When we discovered

there was no electricity from the time we came in this morning, our

generators came on, but it took a while before everything, such as the

elevators and escalators, got fully powered up, so we kept our doors

closed until everything was in good working order and opened for

business at 10:45.

“Thankfully, we had some customers who waited outside until we opened,

and our Worthing branch also had its share of challenges this morning.”

Meanwhile, the owner of Madame of London Boutique, located just

opposite the rear entrance of Cave Shepherd, said he opened his doors

at 8:30 and some of those who had grown impatient waiting for other

stores to open came in and did business with his company.

At the Bank of Nova Scotia’s Broad Street branch, customers waited in line

for over an hour in some instances for service. While the branch opened

at the usual time, the computer systems malfunctioned at all the

branches. By midday service had begun to return to normal.

Nakita Abed, the Manager of Abed’s on Swan Street, said that the lack of

a power created a variety of issues. “Our generators came on and we are

operating as normal for the most part, but since the schools closed at

midday today, our staff members with children had to leave early to

collect them, as well as to see after their homes.”

“We have had delays with our suppliers whose power was down and their

servers out of commission,” she added. “In fact, a supplier with whom we

were supposed to meet this afternoon called and cancelled because

their water is off.” Abed also said the store’s Sheraton Mall branch opened

late because of the power outage.

Outside of the city, the Sol gas station at Bank Hall was unable to supply

fuel because of the power outage, while at Mia Mart on Green Hill, the

store was in darkness and cashiers resorted to writing up transactions in a

book since the cash registers were not in service.


NGC, Shell sign gas sales contract Tuesday 19th November, 2019 – Trinidad Express Newspaper

NATIONAL Gas Company of Trinidad and Tobago (NGC) and Shell

Trinidad and Tobago Ltd (Shell T& T) have concluded negotiations for a

fully- termed domestic gas sales contract ('DGSC'), NGC announced

yesterday.

The milestone was formalised with the signing of the contract recently at

Shell's head office in Port of Spain.

In the statement, NGC and Shell T& T described the signing of the gas

sales contract as 'this new phase of its long-standing partnership, which

has been and will continue to be beneficial to their respective businesses

as well as the people of Trinidad and Tobago.'

The contract follows the term sheet signed in June 2019, which allowed

Shell T& T to successfully take the final investment decision regarding the

Barracuda (Block 5C) Project on the East Coast of Trinidad. The contract

will ensure continuity of gas supply by Shell to NGC, bolstering the supply

outlook for domestic consumers.

Mark Loquan, president of NGC, described this agreement as key since it

allowed NGC to achieve 'one of its main strategic goals by securing its

obligations to the downstream, power and light industrial customers with

improved stability and availability'.

Loquan said: 'The company has been working tirelessly with upstream

producers in this regard, and the DGSC with Shell T& T concludes one of

the last rounds of NGC's major upstream negotiations.'

VP and country chair of Shell T& T, Eugene Okpere, said: 'This agreement is

a significant milestone for Shell, underscoring our commitment to supply 20

to 30 per cent of our production to the domestic gas market and re-

affirming our strategic focus to invest in Trinidad and Tobago's continued

growth and development.

We are particularly pleased that through collaboration, we have arrived

at terms and conditions which stand to benefit both parties and, more

importantly, Trinidad and Tobago.'

Both parties will continue to work closely at the strategic and operational

levels along with the Ministry of Energy and Energy Industries and other

stakeholders to create value, the statement added.


Unilever climbs $.50 Tuesday 19th November, 2019 – Trinidad Express Newspaper

Overall market activity yesterday resulted from trading in 16 securities of

which six advanced, four declined and six traded firm.

Trading activity on the First Tier Market registered a volume of 399,782

shares crossing the floor of the Exchange valued at $2,478,839.24. JMMB

Group Ltd was the volume leader with 300,000 shares changing hands for

a value of $750,000, followed by NCB Financial Group Ltd with a volume

of 69,148 shares being traded for $750,255.80. First Citizens Bank Ltd

contributed 6,199 shares with a value of $259,949.70, while GraceKennedy

Ltd added 6,173 shares valued at $21,255.12.

Unilever Caribbean Ltd registered the day's largest gain, increasing $0.50

to end the day at $24. Conversely, Trini- dad And Tobago NGL Ltd

registered the day's largest decline, falling $0.49 to close at $23.

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

Market, posting a volume of 67,002 shares valued at $1,621,382.46. CLICO

Investment Fund advanced by $0.05 to end at $24.20. CALYPSO MACRO

INDEX FUND remained at $15.90. Eppley Caribbean Property Fund Ltd SCC

- Development Fund remained at $0.67. Eppley Caribbean Property Fund

Ltd SCC - Value Fund remained at $1.70. Praetorian Property Mutual Fund

remained at $3.05. The Second Tier Market did not witness any activity.

Mora Ven Holdings Ltd (Suspended) remained at $12.

The SME Market did not witness any activity. CinemaONE Ltd remained at

$6.80.

The USD Equity Market did not witness any activity. MPC Caribbean Clean

Energy Ltd remained at $1.


NFM records drop in profit Tuesday 19th November, 2019 – Trinidad and Tobago Newsday

NATIONAL Flour Mills (NFM) has recorded a six per cent decline of $303.6

million for the first nine months of 2019.

In a newspaper advertisement dated November 16, the company’s

chairman, Nigel Romano, said despite the implementation of new

initiatives, including a new sales and marketing structure, NFM continues

to feel the challenges[posed by the ‘tough economic environment” and

increased foreign competition.” “This is reflected in the six per cent

decline in year to date turnover of $303.6 million for the nine months

ended September 30, 2019 compared to the prior year.”NFM also noted

that it was “particularly concerned” about a 25 per cent fall in its gross

profit margins over the same period.

“The bottom line is that our net profit after tax as at September was $3.9m,

79 per cent less than 2018 principally because of the unexpected decline

in our gross profit margins.” Romano said the decline was being

investigated and had been recorded in the company’s financial

statements. However, he said it is not all doom and gloom as global

wheat processing had stabilised over the past nine months of 2019 as

compared to 2018.NFM said its overhead costs continued to be “tightly

managed,” with 2019 levels coming in six per cent lower than 2018. The

company said it had begun “structural changes” for a “leaner operation,”

including an upskilling and competency improvement initiative for

employees. Its core business has to be “continuously improved,” it said,

while it moves towards diversification.

Romano concluded by assuring shareholders that the company remains

committed to the transformation process to ensure NFM remains a

commercially viable enterprise through “good governance and value

creation.”


HDC re-launches housing bid Tuesday 19th November, 2019 – Trinidad and Tobago Newsday

THE Housing Development Corporation (HDC) has sought to relaunch its

invitation to contractors to bid to build public housing units at two sites in

San Fernando and Port of Spain after the previous cancellation of

contracts given to China Gezhouba Group International Engineering.

Sunday Newsday carried a paid press advert by the HDC titled, “Request

for proposal: For the provision of design-build-finance (DBF) services for the

TT Housing Development Corporation Lady Hailes and South Quay

Developments.”

The advert said the HDC was seeking proposals from qualified local and

international DBF forms – individual companies or joint venture – for the

construction of two apartment building complexes.

“The successful DBF contractor will be chosen using a competitive

selection process as outlined in the request for proposal (RFP) and will be

required to demonstrate adequate DBF experience.” The RFP package

can be bought for $5,000, following which applicants will be invited to a

bid clarification session and then a site visit. Bids must be sent to the

tender box at the HDC at South Quay by January 6, 2020.

On Sunday, a separate HDC press advert invited bids for the provision of

design-build-finance services for the construction of an apartment

complex for Tragarete Road, Port of Spain. The bidding process was

identical to the first RFP.

In September, the Prime Minister cancelled a US$72 million contract

between the HDC and the China Gezhouba Group to build 5,000 housing

units across TT, including 235 units at Lady Hailes and 204 at South Quay.

Each unit was reported to cost on average $1.1 million. Days later Rowley

reaffirmed the project would be re-tendered, but for less than the original

US$72 million.

He had related Cabinet had approved a "non-binding and non-detailed"

framework agreement after which the HDC proceeded to a contract.

“HDC has been instructed to go back out to tender, because there were

some parts of that contract which did not meet the Cabinet’s

acceptance and approval, structurally and legalistically,” Rowley had

said.

“So that contract has been stopped. We are not going forward with it in

the way in which it was produced.” Rowley suggested the first contract

had been too accommodating to a foreign entity, as he said a new

contract could have “significant local participation.”

Newsday was yesterday unable to contract HDC chairman Newman

George or CEO Brent Lyons or Housing Minister Edmund Dillon. However,

HDC communications manager Dike Noel invited us to email our queries,

for which we were awaiting a reply up to press time.


Tourism Projects Announced for School children Monday 18th November, 2019 – The Anguillian

The newly-appointed Tourism Education Coordinator in Anguilla, Mrs.

Candis Niles, has outlined the creation of a number of projects aimed at

involving schoolchildren in the island’s hotel and tourism sector.

“Our people have historically been a pillar of our industry, and every effort

should be deployed to ensure that our people of tomorrow, who are our

children of today, are equipped with the tools they need to excel in a

highly competitive, global, labour, tourism and hospitality market,” she

said.

Speaking at the Hotel and Tourism Association Annual General Meeting,

on November 8, Mrs. Niles continued: “These tools are embedded in four

principles: Attitude, Skills, Knowledge and Experience. The Tourism

Education Coordination Unit envisages a cohesive and integrated

approach that starts at the beginning of our children’s educational cycle

– and continues straight through every grade and form level of the pre-

primary, primary and secondary levels. The aim is to teach children about

who they are as people called Anguillians; what Anguillian-styled

hospitality looks and feels like; and ensuring that they have a well-defined

grasp of why visitors choose Anguilla as a destination and why they return

again and again.”

In providing other aims and objectives of the tourism programme for

schoolchildren, Mrs. Niles went on: “We are proposing the formalisation of

a partnership between the primary schools, and the various hotel

accommodation partners on the island, through an Adopt-a-School

Programme. It is to create a relationship between the students, teachers

and the entire community that the school serves and a particular hotel

property.

“This is expected to generate a level of trust, loyalty and understanding

between both partners of the programme culminating in a shared vision

of quality service and excellence that is the cornerstone of our visitor

experience as one that is truly beyond extraordinary. Under this project a

number of projects will be pursued but there are two programmes which I

wish to mention specifically.

They are the AHTA School Beautification Project which is based on the

establishment of a learning and facilitating relationship between a school

and its partner hotel. It is whereby the landscaping departments’ staff will

work actively with the students and their teachers to teach techniques of

grafting, propagation, irrigation etc which the students will be able to use

later on to gain meaningful employment in the sector.”

She further explained that hotels will also work with the schools to design

and create flower and vegetable gardens using containers and

traditional methods. It is also proposed that schools will select a heritage

theme for their projects so that a variety of gardens can be created as

photo worthy-locations for visitors and locals alike to capture and enjoy.

According to her, the project would also provide for the beautification of

school grounds, the creation of vegetable gardens for the sale of

produce and the teaching of skills for future employment.

Another project Mrs. Niles highlighted was the Hello Tourist Programme

(which previously existed). She described it as a special tourism awareness

programme geared to children aged 11-12 years to foster greater

understanding of the world of tourism. She explained that children would

learn about tourism in a classroom setting, visit partner hotels, meet

hospitality personnel and guests, have overnight stays and opportunities

to dine.

The Tourism Education Coordinator also spoke about an Adopt-A-School

Boat-race project of no cost to the school or the Hotel and Tourism

Association. “We are simply creating an avenue of interest for the children

and possibly their parents and teachers and sponsor hotels in our national

sport,” she stated. “Children, parents and teachers will also have an

opportunity to raise funds for their school by printing and wearing t-shirts

representing the colours of their adopted boat and school. Food and

drinks can also be sold by each school to raise more funds. It is expected

that similar initiatives will be designed to raise awareness and interest in

other facets of our culture and heritage.”

Mrs. Niles also mentioned other school-led fund-raising initiatives. She

explained one of them as follows: “On a designated day in each term,

the children, their parents and friends of the school will be invited to

donate EC$1.00 to the school [or alternatively one US$1.00]. The funds

raised should be devoted to tourism-based projects.”


Heritage Collection Museum Reopens Monday 18th November, 2019 – The Anguillian

The renowned Heritage Collection Museum, under the curatorship of

Colville Petty, OBE, an authority on Anguilla’s history, will reopen on

Monday 18th November after its annual break. Located in East End, next

to the East End Pond Bird Sanctuary, the museum’s operating hours are:

10.00 am to 5.00 pm – Monday to Friday.

Heritage Collection provides a stimulating insight into the Anguilla of old.

It is a journey through time. Its impressive array of archaeological and

historical artefacts spans many years of Anguillian history from the golden

age of the Arawak Indians (who had a rich culture and established about

forty villages here) to the 1967 – 1969 Anguilla Revolution which was a

turning point in the history of Anguillian people.

The museum covers a broad sweep of Anguilla’s history, including

plantation and slavery, migration to the Dominican Republic and Britain –

and twentieth century life.

Because of the island’s limited land mass and natural resources its people

were forced, during the latter years of the 1800s and throughout the first

half of the 1900s, to take to the sea to supplement their slender earnings

from their provision grounds and from labouring in the salt ponds. As a

consequence, they became expert sailors, fishermen and boat builders.

The museum highlights the island’s fishing and boat building industries as

well as the salt industry which collapsed in the 1980s.

Apart from its interest to students, researchers and the public in general,

Heritage Collection Museum has been a great attraction to visitors in

search of a better appreciation of the Anguillian people and their culture.

It has also caught the attention of the international media and received

excellent reviews from the travel trade press.

A visit to Heritage Collection is an education in Anguilla’s history. There is

no better place to get it.


New Cab for Air Traffic Controllers to be ready in short order Tuesday 19th November, 2019 – The Daily Observer

Major progress has been made in the installation of a new Air Traffic

Control (ATC) Cab at the VC Bird International Airport, to the point that

the Ministry of Civil Aviation and the Antigua and Barbuda Airport

Authority (ABAA) have expressed satisfaction.

The new facility is vastly improved over the present area from which the

air traffic controllers operate in directing airline traffic over Antigua and

Barbuda’s airspace and Minister of Public Utilities and Civil Aviation, Sir

Robin Yearwood said, “we have finished installing all of the equipment

back in it and we should have it up and running within the next couple of

weeks.”

More specifically, a recent press release stated that “the ABAA expects

that by February 1st next year,” and “all systems will be on the ready for

the air traffic controllers to assume their positions in the brand new

modern facility to continue the incredible work they have been doing in

keeping the country’s air space safe.”

The project is reportedly now at an advanced stage and officials are said

to have been fully apprised of the progress.


Tuesday, Nov 19, 2019 is Budget Day in the Virgin Islands Monday 18th November, 2019 – Virgin Island News Online

Premier and Minister of Finance Honourable Andrew A. Fahie (R1) is

expected to deliver the Territory’s 2020 Budget Address tomorrow

Tuesday, November 19, 2019 during the Second Sitting of the Second

Session of the Fourth House of Assembly.

The Premier will speak about the state of the Territory in terms of its

economic performance, fiscal performance, the 2020 fiscal strategy and

outlook, and the way forward through reform.

Director of Communications, Mrs Arliene T. Penn said the Premier has

declared the year 2020 the year of vision, and will deliver the Territory’s

Budget under the theme: Transformation for Resilience: SMART Strategies,

Stability, Green Development and Empowered People.

Mrs Penn said, “The Minister of Finance will speak about Government’s

strategy to accelerate transformation for resilience to create opportunities

for empowerment of the people of the Virgin Islands.”

The Director of Communications also added that the reform in the Budget

Address is closely aligned with the Going Green, Going SMART pieces of

legislation that the Government intends to bring forward during the

Second Session of the Fourth House of Assembly to benefit the people of

the Virgin Islands, their wellbeing, socially and economically.

The Budget Address will also touch on several sectors of the economy and

Premier Fahie will outline how the public and private sectors, Non-

Governmental Organisations, leaders past and present working together

can drive green innovation, green diversification, and green expansion of

the Virgin Islands economy.

The public is invited to tune in tomorrow to the live broadcast as the

Department of Information and Public Relations (GIS) will cover the

address live on Facebook @BVIGovernment beginning at 10:00am. The

coverage will feature onsite interviews, and analysis of the budget

address.


Guyana to repay its single largest debt in history ($10B) in two years Tuesday 19th November, 2019 – Kaieteur News

The operators of the Stabroek block offshore Guyana are looking to

collect in excess of $10B from Guyana in the course of two years, in order

to pay off for the Liza 1 and 2 field Developments, including the cost of

two Floating, Production, Storage and Offloading (FPSO) vessels.

This, in order to see a healthy return on its cash flows, as confirmed by 30

per cent stakeholder in the Stabroek Block, Hess Corporation.

Chief Executive Officer (CEO) John Hess confirmed this during the recently

concluded 2019 Global Energy Conference that was held in Miami,

Florida.

Hess was at the time speaking to any changes in the company’s

proposed investments in the coming years.

He told the confab any upward revision to the projected Capital

Expenditure for Hess Corporation would be had from 2022, at which point

in time the company is looking to begin seeing positive returns on

investment in Guyana.

According to Hess, once the second ship comes on in 2022 and in

Guyana, Hess will be producing over 100,000 barrels a day which will

recoup “all our cost from first ship and second ship”

He told investors that the company is looking at 2022 and beyond as the

time when the company will be generating significant free cash flow.

Lauding the decision by Hess’ Board of Directors, he pointed out that the

investment in Guyana was made at a time when industry leaders were

not investing in the offshore sector.

According to Hess, the company managed to purchase a 30 per cent

stake in ExxonMobil’s Stabroek Block for US$30M and has since seen the

discovery of more than six billion barrels of oil.

He told investors that investments in the Permian did not give the desired

returns that the company was looking for and that blocks were being

returned in the Gulf of Mexico.

Hess said “we looked at the Permian and were all about returns and we

looked at where the return would be best.”

He explained that companies had been paying as much as US$40,000 for

an acre which could only give a 10 per cent return on the investment,

calculated at a price of US$60 a barrel.

According to Hess, offshore opportunities were being deserted.

He said the company was looking to secure substantial growth not only in

production but in cash flow, something it achieved in Guyana.

Speaking to upward changes in the Capital Expenditure plans for the

company, he said that this will be determined by the post-2022 returns.

Hess divulged that the company, with its Guyana investment is looking to

see a 10 per cent growth in production while receiving a 20 per cent

growth in cash flow returns.

This, he said, is a unique value position that has a rate of change that is

competitive anywhere, “The best rocks for best returns…at end of the day

we are on track for that.”

According to Hess, the company is looking at a $3B a year investment

primarily in its operations in the Bakken and Guyana, an outlook that will

change come 2022 when the company expects a surge in cash flow as a

result of the recouping of investments in the first two field developments.


Trinidad-based ICON initiates LNG deliveries into Guyana for Dual Fuel

Power Generation Tuesday 19th November, 2019 – Kaieteur News

Trinidad based ICON LNG, as of last month end commenced deliveries of

liquefied natural gas (LNG) into Guyana using intermodal ISO containers,

marking the first LNG imports into the country.

Working closely with one of Guyana’s leading companies, Demerara

Distillers Limited (DDL), ICON is delivering the LNG under a multi-year

contract as a fuel source for power generation and process heating at

DDL’s industrial compound located in Plantation Diamond, East Bank

Demerara.

DDL also contracted with ICON to convert two Cummins diesel generators

to dual fuel, running on a blend of diesel and natural gas, and to design

and install Guyana’s first LNG regasification terminal specifically for LNG

ISO containers.

“We are extremely pleased with the start-up of dual fuel operations and

LNG deliveries to DDL’s manufacturing facility in Guyana”, remarked

Stephen Scoon, Chairman of ICON LNG.

“Our ability to provide customers a complete LNG equipment and supply

solution sets us apart in the market and allows smaller customers access to

LNG, an environmentally friendly and affordable fuel, without having to

make significant investments in new power generation equipment.”

LNG, or natural gas in its frozen form, is currently the world’s fastest

growing fuel given its lower levels of greenhouse gas emissions compared

to existing petroleum based fuels such as diesel and heavy fuel oil (HFO).

When used for power generation, heating or for transportation, natural

gas emits significantly less carbon dioxide (CO2), less sulphur and nitrogen

oxides, and almost zero particulate matter, making it the cleanest

available fossil fuel.

Freezing natural gas into LNG allows it to be shipped almost anywhere

using existing methods at competitive prices.

Under the fuel supply contract with DDL, ICON will deliver approximately

80 LNG tanks per year and grow to over 100 LNG tanks per year by the

second half of 2020 with the addition of a gas fired boiler to DDL’s

production lines. By substituting diesel with natural gas, DDL will achieve its

goal of reducing greenhouse gas emission from its power generation and

industrial production operations.

“We are very excited to be the first Guyanese company to use LNG for

our energy needs,” said Chief Financial Officer, Mr. Vasudeo Singh.

“As part of our efforts to diversify our fuel supply to cleaner alternatives we

studied the options and concluded that LNG is a safe and proven fuel

globally as well as here in the Caribbean region where it is already being

used in operations similar to ours. We are pleased to partner with ICON

LNG who provided us turnkey equipment and a supply solution for regular

LNG deliveries that will reduce both our annual fuel expenditures as well

as our emissions output.”

ICON is the exclusive distributor throughout the Southern Caribbean

region of dual fuel systems manufactured by Heinzmann GmbH & Co.

based in Schönau, Germany. With over 100 years of history designing and

manufacturing engine and turbine management systems, Heinzmann’s

dual fuel equipment is a cost effective solution for customers to maintain

their existing diesel generators while accessing the benefits of natural gas,

such as cost savings, emissions reductions and multi-fuel security. Low and

high speed reciprocating engines from 1MW to 10MW can benefit from

Heinzmann’s dual fuel technology.


Arawak Port Beats Profit Target By 23% Monday 18th November, 2019 – Tribune 242

The Nassau Container Port’s (NCP) operator has beaten its first quarter

profit target by 23 percent despite forecasting that full-year net income

will be $763,155 less than it achieved in 2019.

Arawak Port Development Company (APD), unveiling its 2019 annual

report, said its bottom line for the three months to end-September 2019

was $398,510 ahead of internal forecasts despite projecting that full-year

profits will be down 9.5 percent year-over-year.

The BISX-listed operator of New Providence’s main commercial shipping

port, through which almost all cargos must pass, said that it remained

both “conservative and optimistic” and did not see any “significant”

increase in volumes passing across its bulkhead despite the presence of

investments at Hurricane Hole, GoldWynn and The Pointe, along with

Atlantis’s upgrades and expansion at Albany.

“For the 2020 fiscal year we are budgeting gross revenue of $30.158m or

two percent less than the prior year’s actual gross revenue [of $30.913m],”

APD revealed. “Net income is projected to be $7.267m or $763,155 less

than the 2019 actual net income of $8.030m. Our net income is currently

23 percent or $398,510 over budget as at September 30, 2019.”

The forecast declines in both APD’s top and bottom lines comes despite

expectations that container throughput volumes at Arawak Cay will

increase by 3,000 or a modest 2.3 percent to 133,000 twenty-foot-

equivalent units (TEUs) for the 12 months to end-June 2020.

“Our total revenues as at September 30, 2019, are over budget by

approximately $593,527 or eight percent,” the port operator added.

“Nassau Container Port’s TEU volumes as at September 30, 2019 are

tracking 4 percent over budget. Total expenses as at September 30, 2019

were over budget by $156,987.

“Operating expenses, including depreciation and amortisation of $20.92m

for the period ended June 30, 2019 were $574,328 or 3 percent lower than

our 2019 budgeted operating expenses of $21.485m.”

APD’s projections come after it exceeded its 2019 full-year profit target by

9 percent or $634,355, coming in at $8.03m compared to the forecast

$7.396m. The former was some 7 percent lower than 2018 figures due to

the fall-off in container import volumes as Baha Mar’s construction

ceased, together with a decline in storage and reefer fees.

“For the year ended June 30, 2019, NCP had processed 131,734 in-

bound/outbound TEUs,” APD’s annual report revealed. “This represents a 1

percent decline in container volumes under 2018 volumes of 132,692 TEUs.

“Our direct operating margin (DOM) for 2019 was 42 percent (2018: 44

percent). Our budgeted direct operating margin for 2019 was 42 percent.

For the period ended September 30, 2019, our direct operating margin is

43 percent which is 3 percent more than our budgeted direct operating

margin for the same period.

“Actual TEU volumes for 2019 of 131,734 were over-budget by 1,734 TEUs or

1 percent compared to our budgeted 2019 volumes of 130,000 TEUs.

Additionally, bulk car volumes of 14,138 were 2,862 or 17 percent less than

2019 budgeted car volumes of 17,000. This resulted in revenues of

approximately $3.003m from landing and security fees for vehicles.”

The annual report continued: “Additionally, revenues from storage fees

were approximately $137,172 under budget during financial year 2019.

Reefer revenue was under budget by $139,100 during financial year 2019.

Total current assets decreased from $23.558m to $20.692m or a decrease

of 12 percent.

Cash and cash equivalents decreased by $2.964m. During the year the

spare inventory increased by $7,893. Gross accounts receivable

decreased by $76,657 during financial year 2019. Property plant and

equipment of $82.801m as at June 30, 2019, represents port development

costs inclusive of works in progress related to the BPL substation and other

capital projects.

“Current liabilities decreased by $4.925m from $10.169m to $5.244m. This

was largely driven by the current portion of the long-term debt principal

which became due at the end of financial year 2019.”


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