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

▪ Home Mortgage Bank’s rating reaffirmed at CariA

▪ NCB Cayman Limited’s rating reaffirmed at CariA

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

▪ Government of the Republic of Trinidad and Tobago’s rating reaffirmed at CariAA+

▪ NCB Financial Group Limited’s rating reaffirmed at CariA-

▪ National Commercial Bank Jamaica Limited’s rating reaffirmed at CariBBB+

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

▪ TRINRE Insurance Company Limited’s initial rating assigned at CariA- ▪ NCB Capital Markets Limited’s rating reaffirmed at CariBBB

▪ Government of Anguilla removed from rating watch and reaffirmed at CariBBB+

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

▪ Mystic Mountain Limited’s initial rating assigned at CariBBB-

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REGIONAL

Trinidad and Tobago

Petroleum bills to be debated Wednesday

THE bill designed to vest the assets of Petrotrin in Heritage Petroleum

Company Ltd, Paria Fuel Trading Company Ltd and Guaracara Refining

Company Ltd will be debated in Parliament on Wednesday.

Political campaign financing still...'A major concern'

THE need for campaign finance transparency is now urgent, said Elections

and Boundaries Commission (EBC) chairman Mark Ramkerrysingh.

Trinmar retirees protest over medical plan woes

TRINMAR retirees held protest action over the effects they claim they have

been experiencing from the impending shutdown of the refinery at State-

owned Petrotrin.

Angostura procurement probe 'lawful'

CHAIRMAN of rum producer Angostura, Terrence Bharath says the

investigation by the company into procurement practices involving chief

executive Genevieve Jodhan is in 'accordance with the law'.

Statistics Act outdated

THE Statistics Act of Trinidad and Tobago is in dire need of being

revamped.

OMOs and Treasury Bills

OMO maturities totalled $100 MM last week compared to $1,746 previous

week.

Shares worth $11.9m traded

LAST week saw 1,288,374 shares traded on the First Tier Market, an

increase of 185.21 per cent on the previous week's total of 451,727 shares

crossing the floor.

CEO of new Petrotrin spin-off getting $2.9m a year

CHIEF executive officer of the Petrotrin Heritage Company Ltd, American

Mike Wylie, earns US$425,000 (TT$2.9 million) annually.

Trinidad and Tobago continued

T&T unveils shallow water bid round

THE much-anticipated 2018 shallow water competitive bid round has

been launched.

Republic profits hit $1.32 billion

REPUBLIC FINANCIAL HOLDINGS LTD (RFHL) yesterday reported profit

attributable to shareholders of $1.32 billion for the year ended September

30, 2018, which represents an increase of $70.7 million or 5.6 per cent over

the profit in the previous financial year.

WITCO jumps $3.90

OVERALL market activity resulted from trading in 12 securities of which six

advanced, three declined and three traded firm.

A hospital for women now opened for business

WOMEN now have a place to go to see about their every female health

issue, including pregnancy, cancer, obstetric/gynaecology problems and

even infertility, all under one roof.

Barbados

Former Prime Minister appointed UWI professor

Former Prime Minister Owen Arthur has been conferred with the title of

Professor of Practice: Economics of Development by the University of the

West Indies, Cave Hill Campus.

Caribbean hotelier calls for comprehensive review of regional airlift

A Caribbean hotelier is calling for a comprehensive review of airlift within

region.

IDB backs BERT

The implementation of the Barbados Economic Recovery and

Transformation (BERT) programme is a step towards correcting years of

Barbados living beyond its means.

Tourism looking up

MINISTER OF TOURISM Kerrie Symmonds is predicting a higher level of visitor

spend as a result of a projected 60 per cent increase in home-porting

business this cruise season.

Jamaica

JPS Promises Improved Power Supply After Spending US$116M On Grid

The Jamaica Public Service Company (JPS) is promising a more reliable

power supply with an improved grid in which it has invested US$116 million

this year.

Nestlé says on track to achieve 2020 zero-waste to landfill target

Nestlé Jamaica says it is on track to achieve its zero waste to landfill target

by 2020 at its new South Street Ferry Pen facility.

NCB eyes top three in the region

It came two years later than anticipated but it's nonetheless a milestone

for the National Commercial Bank Financial Group (NCBFG), which

reported its highest profit in history at $28.6 billion for its year ended

September 30, 2018.

The Dominican Republic

Dominican Republic to open 3 consulates in China, report

The Dominican Republic will open three consulates in China, after the two

countries established diplomatic relations on May 1.

Cuba

JetBlue inaugurates route from Boston to Cuba's capital

A JetBlue flight from Boston landed in Havana on Saturday last

(November 10, 2018), as the US airline expanded its routes to Cuba

despite a drop in American visitors amid tensions between the countries.

Cuba expected to reach four million tourists mark in the next few days

Cuba is expected to reach the four million tourist mark on November 10

and to end the year with 750,000 more, said Manuel Marrero in a meeting

with tour operators, travel agents, airlines and media in Milan, Italy.

St. Vincent & The Grenadines

The Caribbean island of Mayreau could be split in two thanks to erosion

As a child growing up in Mayreau four decades ago, Filius “Philman”

Ollivierre remembers a 70-foot-wide span of land, with the sea on either

side that made the rest of the 1.5-square mile island one with Mount

Carbuit.

Antigua and Barbuda

Serbia Grants Visa Exemption to Antigua & Barbuda Nationals

Nationals of Antigua and Barbuda no longer require a visa to visit the

southeast European country of Serbia.

Belize

Sanctuary Belize – biggest foreign real estate scam in US Federal Trade

Commission’s history!

The United States Federal Trade Commission (FTC) announced today,

Thursday, that it has uncovered the largest international real estate fraud

in its history.

British Virgin Islands

Willy T being booted again! Owners mull leaving BVI for good

Roughly five months after the William Thornton (Willy T) floating bar and

restaurant moved to Great Harbour, Peter Island after being ordered from

the Bight off Norman Island, the owners are facing yet another eviction

notice.

BVIAA railroading VI Airlink

The British Virgin Islands Airports Authority (BVIAA) is being put on blast over

its inability to put in place facilities to allow for the only locally registered

airline—VI Airlink—to utilize a maintenance facility at the Terrance B.

Lettsome International Airport.

Costa Rica

Wall Street Sours on Costa Rica

In a part of the world known for guerrillas, drug runners and fleeing

emigres, Costa Rica has long been the exception. It was an oasis of

tranquillity and stability -- the Switzerland of Central America, some took to

calling it. American retirees flocked to its beach towns, tourists to its rain

forests, investors to its bonds, and the economy churned out steady, if not

always spectacular, growth rates.

Panama

Comptroller surprised, and saddened by embezzlement ruling

Panama Comptroller Federico Humbert declared himself “saddened by

how difficult it is to get justice done in Panama” following the declaration

by a criminal judge on Thursday, November 8 that a $10.1 million

embezzlement case against a former cabinet minister was null and void

as the forensic audit was “ineffective”.

St. Kitts and Nevis

US Energy Independence and Security Act of 2007 prompts intended

closure of Lutron Liamuiga in March 2019

Senior Minister and Minister of Labour, the Honourable Vance Amory

issued a statement to the public on Wednesday, November 07,

announcing the intended closure of Lutron Liamuiga effective March 01,

2019 after 31 years of operation in St. Kitts.

Lutron employees to be well compensated following closure of facility in

2019

Employees of Lutron Liamuiga Ltd. are expected to be well compensated

when the facility closes its plant in St. Kitts, effective March 01, 2019, as

outlined by Senior Minister and Minister of Labour, the Honourable Vance

Amory.

Department of Labour to assist in transition of Lutron employees following

intended closure in 2019

The Department of Labour – and by extension the Government of St. Kitts

and Nevis – is working with partners in the field of labour to assist with the

transition process of Lutron Liamuiga employees when the facility closes its

doors on March 01, 2019.

SKELEC to launch “Power-up” prepaid service in 2019

While appearing on the Government’s Weekly Programme, “Working For

You,” on November 07, Public Relations Officer at the St. Kitts Electricity

Company (SKELEC), Gawain Fraites, said that the company will be

launching its “Power-up” initiative to offer a pay-as-you-go service in 2019

as a way to promote energy efficiency in households.

The Bahamas

BTC Eyes 2019 'Bottom' After 12,400 Client Loss

The Bahamas Telecommunications Company's (BTC) owner yesterday

said its mobile subscriber loss "will bottom out in 2019" after another 12,400

customers exited in this year's third quarter.

Water Supply Alert on Govts $16.1m Debt

Nassau's main water provider yesterday sounded an alert over potential

supply disruptions if the Government does not pay a $16.1m debt that has

increased by 76.9 percent this year.

Central Bank to Ban 'Anonymous' Crypto Assets

The Central Bank is proposing to ban its licensees from dealing with

"anonymous" crypto currency assets, with 84 percent of local institutions

saying they have no desire to enter this space.

Haiti

1.3 million for an agricultural adaptation project to climate change

This week, Development and Peace – Caritas Canada and its Haitian

partner the Institute of Technology and Animation (ITECA), launched a

project in Les Cayes to support peasant in the southern part of the country

in adapting their agricultural production systems to climate change. The

PROCLIMA Project is aimed at improving the food security of community’s

in Haiti’s Sud department (the communes of Cavaillon, Maniche, St-Louis

du Sud and Aquin) by introducing adapted agricultural techniques and

the sustainable development of the organic food sector.

Other Regional

Green Climate Fund affirms partnership with CDB

The Green Climate Fund and the Caribbean Development Bank (CDB) on

Friday signed a legal agreement to open doors for more climate finance

projects in the Caribbean region.

New study reveals record cruise tourism expenditures in the Caribbean

The Florida-Caribbean Association (FCCA), the trade group representing

the mutual interests of the cruise industry and destinations and

stakeholders in the Caribbean and Latin America, has announced that

the 2017-2018 cruise year brought record economic contributions to the

region, despite the historic hurricane season.

Other Regional continued

Study examines weaknesses and opportunities in intra-regional trade

Caribbean Community (Caricom) agriculture ministers have been

presented with a study that analyses the weaknesses and opportunities in

intra-regional food trade and transportation, the Guyana-based Caricom

Secretariat has said.

What now for the CCJ?

The prospects of the Caribbean Court of Justice (CCJ) expanding its

appellate jurisdiction beyond the four countries that have already signed

on (Barbados, Guyana, Belize, and Dominica) was dealt a severe blow

last week. The voters in Grenada as well as Antigua and Barbuda roundly

rejected the proposal for it to replace the Judicial Committee of the UK

Privy Council as their final appellate court.

INTERNATIONAL

United States

Dollar hits 16-month high; Brexit fears knock sterling

The dollar rallied to a 16-month high on Monday as investors positioned for

a Federal Reserve interest rate rise next month and concern about

political risks in Europe put pressure on the euro and the pound.

United Kingdom

Sterling sinks on report Brexit cabinet meeting cancelled

Sterling fell almost one percent on Monday against the dollar, as the

greenback strengthened broadly and doubts grew over UK Prime Minister

Theresa May’s ability to get the backing of the EU and her own party for

any Brexit deal.

Europe

Italian yields rise on Carige's woes, budget deadline

Italy’s government bond yields inched up on Monday as a deadline to

resubmit the country’s budget to the European Commission approached

and fears grew about the future of Italian bank Carige.

China

China calls for open world economy but work remains on landmark trade

pact

China will further open its economy in the face of rising protectionism,

Premier Li Keqiang said as he arrived in Singapore on Monday for

meetings with Asia-Pacific leaders that will focus on speeding up work on

a major new trade pact.

China Signals Tougher Yuan Management at Expense of Market Role

China signalled tougher management of the yuan, dropping a phrase

underlining the importance of market forces from a key policy report for

the first time in five years.

Global

Oil rises after Saudi warns weaker demand may warrant 1 million bpd

output cut

Oil rose by more than 1 percent on Monday, set for its largest one-day

increase in a month after Saudi Arabia said OPEC and its partners

believed demand was softening enough to warrant an output cut of 1

million barrels per day.

Gold falls to 1-month low as dollar soars

Gold fell for a seventh straight session on Monday, hitting its lowest in a

month as the dollar jumped to 16-month highs on the back of political

uncertainty in Europe and the U.S. Federal Reserve’s hawkish stance on

interest rates.

Former Prime Minister appointed UWI professor Sunday 17th November, 2018 – Barbados Today

Former Prime Minister Owen Arthur has been conferred with the title of

Professor of Practice: Economics of Development by the University of the

West Indies, Cave Hill Campus.

The appointment, which it took effect at the start of this month, was

confirmed at the University Appointments Committee meeting in October.

Arthur, who thanked the university during an Alumni Symposium to mark

the institution’s 70th anniversary, is the third person to be appointed

Professor of Practice at The UWI Cave Hill, following similar conferral on

CEO at the Queen Elizabeth Hospital, Dr Dexter James and former

banking professional Ian DeSouza.

With this title, he will deliver guest lectures in economics and related fields,

as well as present public lectures, a news release from the campus stated.

He will also assist with research projects and interface with international

agencies on behalf of the Department of Economics and the campus.

Arthur’s appointment will also see him providing mentorship to students of

economics, as well as the Young Economists Association.

Arthur, a noted economist, is Barbados’ fifth and longest-serving Prime

Minister and an alumnus of The UWI Cave Hill and Mona Campuses. He

also served as a Research Fellow at The UWI’s Institute of Social and

Economics Research in 1982.

< Back to news headlines >>

Caribbean hotelier calls for comprehensive review of regional airlift Saturday 10th November, 2018 – Barbados Today

A Caribbean hotelier is calling for a comprehensive review of airlift within

region.

Ralph Taylor, chairman of The Soco Hotel says the regional market is

missing out on dual destination bookings from visitors due to the exorbitant

cost of airline tickets and difficulties associated with travel.

The former president of the Caribbean Hotel Association was speaking

Saturday afternoon at the University of West Indies Alumni (Cave Hill)

Symposium entitled Taking the Region Forward: An Alumini Perspective.

He said travelling throughout the Caribbean is difficult and expensive for

islanders and international visitors.

“We need to address not only airlift to the region but airlift within the

region. There is the need for a comprehensive review of international airlift

to the region and the consideration of a regional carrier in international

markets,” Taylor said.

“There is a dire need for a regional carrier to operate at a competitive

price to drive regional business and create international linkages at a

price point and with realistic connections to be a force in the global

arena. Competitive pricing would encourage tourist to take duel

destination holidays, an opportunity that is largely lost at present due to

the complexities of booking . . . There is a huge opportunity that is being

lost because of the challenges that we have with regional travel.”

Taylor said the average airline ticket to travel to Barbados and an Eastern

Caribbean state is between US$250 to $500 and 50 per cent of the airline

cost is being sustained by regional governments, noting that this is

dampening regional travel.

He noted that in 2017, 660,000 visitors came to Barbados but only 103,000

of those visitors were from other Caribbean islands.

“This has been a killer in regional travel and the international connections.

This is a damper to regional travel when prices to Miami and New York

[are] at a competitive price to buying a ticket to St Lucia. Governments

should waive all taxes in regional travel in the interest of the big picture,”

Taylor said.

< Back to news headlines >>

IDB backs BERT Saturday 10th November, 2018 – Barbados Today

The implementation of the Barbados Economic Recovery and

Transformation (BERT) programme is a step towards correcting years of

Barbados living beyond its means.

“It is a sound programme. I think it is a significant adjustment to the

economy. Unfortunately there is no other way around,” said Moisés

Schwartz, Regional Economic Advisor for the Caribbean Country

Department of the Inter-American Development Bank (IDB).

“Once you face a crisis and once you start moving in the right direction

there are some costs and it is difficult. Now the Government is going to

spend less, taxes are increasing and people have to adjust to the new

situation. That is a difficult environment. But that happens when you start

living beyond your means so at some point you have to adjust. You can’t

go on forever just issuing debt and expecting others to finance your

expenses,” he said.

The bank official noted that his institution’s support for the BERT

programme, as evident by its approval of a US$100 million loan this week,

is an indication that the country is on the right track.

“The country has the support of international organizations so there is now

a programme with the IMF (International Monetary Fund), and there is

now a loan that has been approved by the IDB. So the country is moving

in the right direction and in our view it is time to solidify things that support

macro-economic development not only in the short-term but also in the

medium- and long-term,” he said.

He told Barbados TODAY the economic programme, which included a

slash in government spending, increased tax measures, a restructuring of

state enterprises and retraining of civil servants, would come at a cost that

would set the stage for Barbados to move towards economic recovery.

Pointing to the island’s extremely high debt of more than 150 per cent of

Gross Domestic Product (GDP) the economist said instead of using

revenue gained from taxes to carry out infrastructure work and deliver

social programmes over the years, that money was used to service debt.

“So one of the main elements of this economic programme, BERT, as we

call it, is to reduce the amount of debt,” he acknowledged.

In relation to the reform of state enterprises, Schwartz said it was a difficult

measure that had to be undertaken, adding that Government would

have to carefully examine which entities the country did not see as

necessary for the state to carry.

In addition, he said it was important for government to ensure state-

owned enterprises exercised greater fiscal prudence.

< Back to news headlines >>

Tourism looking up Sunday 11th November, 2018 – Nation News

MINISTER OF TOURISM Kerrie Symmonds is predicting a higher level of visitor

spend as a result of a projected 60 per cent increase in home-porting

business this cruise season.

He described the figures as “impressive”, with 45 000 cruise passengers

expected as opposed to 26 394 last year, and bed nights for people who

fly, cruise and stay going up to 5 000 from last year’s 3 000.

Explaining his optimism about the increased numbers, Symmonds said: “I

think that the industry locally has started to take notice of the need for us

to be a lot more assertive in the marketplace.”

Speaking to the NATION on board the cruise ship Marella Explorer, which

was making its inaugural call at the Bridgetown Port yesterday, he added:

“I am satisfied that there was in fact a little bit of complacency creeping

into Barbados’ tourism. I have been trying to send the signal [of] every

opportunity that we need to refresh what we are doing, reimagine what

we are doing, rethink our approaches and try to make ourselves as

relevant to the demands and expectations of the visiting community as

possible.”

While welcoming the ship’s captain Peter Harris and his 800-member crew

and over 1 700 passengers, the minister said Barbados had to look

beyond the numbers and focus on visitor spend, with a view to making

the translation from numbers coming into the country “into some value for

the investment we have been making in the whole tourism product”.

>

JPS Promises Improved Power Supply After Spending US$116M On Grid Sunday 11th November, 2018 – Jamaica Gleaner

The Jamaica Public Service Company (JPS) is promising a more reliable

power supply with an improved grid in which it has invested US$116 million

this year.

In a release, JPS said a major part of the improvement will come from the

construction of an energy storage facility at Hunts Bay, St Andrew at a

cost of US$17.3 million. It said this will help to improve reliability through the

creation of a more flexible grid, that can accommodate more

renewables.

When complete in 2019, the system will act as a battery back-up when

fluctuations in power supply occur, due to the intermittency of

renewables and other factors, JPS explained.

The energy company said it has spent some US$1.5 million to install

distribution automatic switches, including trip savers and fault circuit

indicators.

These devices are expected to further modernise the country's electricity

grid as they will detect faults, minimise their impact, and restore power

automatically to customers.

"Several customers across the island are already beginning to reap the

benefit of these investments, evidenced by fewer outages," JPS said.

Also, the country's sole electricity distributor said it has spent about US$2.6

million on a voltage standardisation project in St Andrew and St Ann. This is

expected to result in better power quality and improved reliability in the

power supply to customers in these areas when completed.

The resort town of Ocho Rios, in particular, is expected to have "a more

robust grid and improved power supply".

The light and power utility said it was committed to undertaking further

improvements to the grid with the use of advance technologies.

>

Nestlé says on track to achieve 2020 zero-waste to landfill target Monday 12th November, 2018 – Jamaica Observer

Nestlé Jamaica says it is on track to achieve its zero waste to landfill target

by 2020 at its new South Street Ferry Pen facility.

“The programme, which includes a raft of environmentally sustainable

tactics geared towards reversing the facility's carbon footprint, has

common ground across Nestlé's global operations,” the company said in

a news release.

It added that to date, the company has achieved zero waste to landfill

from its Distribution Centre operations. This comes amidst a plan

announced in the first quarter of 2018 by Nestlé SA to move away from

plastic in packaging, which has positioned the company's operations

towards attaining leading-edge sustainable environmental standards.

Nestlé explained that its pursuit to become a zero-waste production

facility has become entrenched in its policies and facilities. The company

said that resources provided for its team members will secure a reduction

in the carbon footprint inside and outside the office.

The Distribution Centre has been added to the list of sites that have

achieved the global objective for all Nestlé sites to eliminate waste to

landfill by 2020.

Globally, the company announced its intention to optimise packaging

material, strategically minimising resource use; increase the use of

materials from sustainably managed renewable resources through

support initiatives to recycle used packaging; and use recycled materials

wherever there is a clear environmental benefit.

“Garbage management is one of, if not the biggest environmental issues

facing Jamaica,” the release quotes Jamaica Environmental Trust CEO

Suzanne Stanley. “Jamaican companies not only have a responsibility to

manage their waste, “they also have the responsibility of setting a good

example for others to follow.”

Nestlé Jamaica's Safety, Health and Environment Manager Antoinette

Peart pointed to the company's waste-to-landfill figures prior to the

implementation of the Zero to Landfill programme.

“There has been marked improvement of approximately 70 per cent since

we streamlined our efforts with the company's recycling activities,” she

said, pointing out that the activities include recycle bins for glass, plastic,

cardboard, paper and aluminium waste; and the recycling of wooden

pallets.

“The most significant impact is really on CO2 emissions, since we make less

trips from site to landfill for disposal as the different items for disposal

accumulates at a slower rate, so they are collected at a lower

frequency,” Peart is quoted as saying.

The company also sends unused goods to farmers who are trained by

Nestlé to properly reuse them as animal feed.

In addition, the company said it has distributed to all its employees,

reusable coffee cups, water bottles, and tote bags for use in the on-

property staff shop. It has also reinforced these tactics with employee

training on Nestlé's Environmental Sustainability Policy.

“This policy has restricted the use of Styrofoam packaging products on

property and introduced ceramic plates, silverware and acrylic glasses for

use at all meal times,” the company said, adding that the programme

has been favourably received by staff.

Legal and Compliance Manager Rhona Morgan described as

“commendable” the measures implemented by Nestlé to reduce the

possible negative impact its operations could have on the environment.

“There are obvious investments being placed behind the conversation

about sustainability that is rare in the wider business landscape,” she said.

>

NCB eyes top three in the region Sunday 11th November, 2018 – Jamaica Observer

It came two years later than anticipated but it's nonetheless a milestone

for the National Commercial Bank Financial Group (NCBFG), which

reported its highest profit in history at $28.6 billion for its year ended

September 30, 2018.

The performance, which represents a 50 per cent increase in year over

year net profit, placed NCBFG among the top five financial institutions in

the English and Spanish speaking-Caribbean — an accomplishment the

company was hoping to achieve at year end 2016.

“A few years ago we had aspired to be among the top five, so in [a] real

sense we are there. In fact, if we look at our year end performance and

we look at how others are trending, our performance is likely — unless

something exceptional happens — to put us among the top three in the

region,” President and Group Chief Executive Officer Patrick Hylton told

stakeholders during NCBFG's investor briefing held at NCB Wellness Centre

in Kingston.

In 2011 the Group rolled out its “5 in 5” strategy which cited regional

expansion as a key objective for continued growth. A major goal outlined

in this plan was for NCBFG to become one of the top five financial

services institutions in the English and Spanish speaking Caribbean, within

five years – but up to last year NCBFG maintained its position among the

top 10 in the Caribbean as measured by net profit.

NCBFG, in an e-mailed response to queries from the Jamaica Observer,

said each year the Group does a comparative analysis with other

financial institutions in the English and Spanish-speaking Caribbean, based

on the availability of financial results.

The banks include the Popular Bank (Puerto Rico), Scotiabank, Republic

Bank, FirstCaribbean Bank, Banco BHD León (Dominican Republic), Banco

de Reservas (DR), First Citizens (Trinidad and Tobago), Oriental Financial

Group (Puerto Rico), and Commonwealth Bank Bahamas.

“This is by no means a small accomplishment and I wish to thank all our

stakeholders, in particular our staff, and our customers, who are giving us

the opportunity to serve them,” Group CFO, Dennis Cohen said.

Even higher than the 50 per cent growth in year-over-year net profit was

NCBFG's fourth quarter results which jumped 74 per cent over the

comparative quarter of 2017. The quarterly performance represents

NCBFG's second highest performance in history, topped only by its first

quarter of the 2018 financial year.

According to the financial institution, the growth was attributable to

operating income which grew by 29 per cent, or $17.1 billion, to $76.5

billion. Growth in income was primarily driven by gains from foreign

currency and investment activities which grew by 102 per cent to $7.9

billion, resulting from an improved macro-economic environment coupled

with high levels of liquidity in the local currency and declining interest

rates.

Net interest increased by 18 per cent or $5.4 billion, attributable to the

consolidation of Clarien's results and growth in the Jamaican portfolio. Net

fees and commissions also grew 15 per cent or $2.1 billion, while premium

income increased 14 per cent or $1.1 billion.

The Group's loans and advances, net of provision for credit losses, totalled

$372.6 billion an increase of $154 billion or 70 per cent. Credit card

receivables also increased by 14 per cent while NCB's Cayman portfolio

grew by 67 per cent.

Cohen noted that deposits at the institution jumped by $196.4 billion or 68

per cent to $484.4 billion, primarily driven by the consolidation of Clarien.

Locally, NCB's retail and corporate banking segment accounted for a

total combined increase of 18 per cent.

The record performance pushed stockholders' equity up $14 billion to total

$130 billion. Total assets of the company climbed to $978.6 billion, a 41 per

cent increase over last year's $693.7 billion.

Earnings per share of the financial institution rose to $11.39, a 46 per cent

increase over $7.76 in 2017.

On Thursday, NCB declared interim dividends of 0.70 cents per ordinary

stock payable on December 7. Shares of the company on Friday traded

at $133.00.

>

Dominican Republic to open 3 consulates in China, report Monday 12th November, 2018 – Dominican Today

The Dominican Republic will open three consulates in China, after the two

countries established diplomatic relations on May 1.

Quoting a source outlet Listin Diario reports that the steps to open the

consulates -in the cities of Shanghai, Guangzhou and Beijing- have

already been taken.

During his recent official visit to China, president Danilo Medina

inaugurated the Dominican Embassy in Beijing.

Trade and economic aspect were taken into account to install the first

consulate in Shanghai, a global financial centre.

>

JetBlue inaugurates route from Boston to Cuba's capital Monday 12th November, 2018 – Jamaica Observer

A JetBlue flight from Boston landed in Havana on Saturday last

(November 10, 2018), as the US airline expanded its routes to Cuba

despite a drop in American visitors amid tensions between the countries.

The plane with more than 120 passengers on board was received with

flags from both countries at the Jose Marti airport in Cuba's capital.

“From the first day we've been willing to commit ourselves to this island

long term,” said Giselle Cortes, director of international airports at JetBlue.

“We've been the only one who has not cancelled any routes but have

added Havana to Boston.”

Commercial flights between the countries were ended a half century ago

during the Cold War. But they resumed in 2016 amid the rapprochement

between Washington and Cuba that followed the 2014 return of

diplomatic relations under the Obama Administration.

However, Donald Trump took over the US presidency and placed new

restriction on travel to Cuba.

The number of US visitors to the island dropped. A Cuban report shows

that in the first quarter of 2018 the number of Americans visiting the island

fell by 43 per cent compared to the same period last year.

Airlines such as Alaska, Spirit, Frontier and Delta dropped service to Cuba

because of weak demand.

>

Cuba expected to reach four million tourists mark in the next few days Friday 9th November, 2018 – Caribbean News Now

Cuba is expected to reach the four million tourist mark on November 10

and to end the year with 750,000 more, said Manuel Marrero in a meeting

with tour operators, travel agents, airlines and media in Milan, Italy.

The Cuban minister made the announcement ahead of the opening of

the winter season, and took the opportunity to remember that Italy has

always remained among the top ten markets for Cuba in the tourism

sector.

He stressed that, as part of the development plan and the broad

investment process that is being carried out, this year Cuba will have

about 5,000 new rooms, including the recently opened Packard and the

International Hotel Varadero, which will open soon.

He announced that, by 2019, another 5,250 rooms are expected to be

completed, and said they are preparing to build a new five-star luxury

hotel in Cayo Largo.

Marrero stressed that the Cuban ministry of tourism supports the expansion

of hotel management contracts between Italian groups and national

chains, and said they have worked hard on several aspects that

contribute to raising the quality of the destination.

He noted that a contract has already been approved with the company

Aeropuertos de París (ADP) for the modernization and subsequent

administration of the José Martí International Airport in Havana.

Similarly, the addition of two Boeing 737s aircraft has been negotiated

with Blue Panorama, which will ensure international flights and the

improvement of domestic connections, so necessary for excursions and

tourist routes, said Marrero.

Although delayed, the negotiations and signing of contracts for the

acquisition of 8,000 new rental cars are being accelerated, he said.

He commented that Cuba, as a tourist destination, has designed and is

implementing a strategy for its digital transformation in order to maintain

its competitiveness at a global level and also in the Caribbean region.

To this end, a new official portal was created at www.cuba.travel,

developed on a platform of digital marketing and e-commerce, which

will become the main Internet channel to get to know Cuba.

He added that a site was developed and published for

www.cubamaps.cu, where currently more than 15,000 places of interest

are located, and continue to geolocate sites to reach the figure of

25,000.

According to Marrero, intensive work is being done to accelerate the

deployment of Wi-Fi coverage in tourist facilities, in order to offer Internet

access as part of the tourist package.

In the case of hotels, he said, it is planned to cover all common areas,

rooms and even reach the beach.

He commented that, to date, 147,900 Italian tourists have been received

in the country, and although it represents a decrease over the previous

year, he expressed confidence that the development of joint and timely

actions will ensure a good winter season with this market.

In 2017, there was a historical record of visitors from Italy, with more than

228,000 tourists.

>

The Caribbean island of Mayreau could be split in two thanks to erosion Sunday 11th November, 2018 – Caribbean

As a child growing up in Mayreau four decades ago, Filius “Philman”

Ollivierre remembers a 70-foot-wide span of land, with the sea on either

side that made the rest of the 1.5-square mile island one with Mount

Carbuit.

But now, after years of erosion by the waves, he, and the other 300 or so

persons living on Mayreau, are confronted with the real possibility that the

sea will split their island in two, and destroy its world-famous Salt Whistle

Bay.

At its widest part, the sliver of land that separates the placid waters of the

Caribbean Sea at Salt Whistle Bay from the choppy Atlantic Ocean, on

Windward Carenage Bay, is now just about 20 feet.

“There is a rise in the sea level with climate change. You can see that

happening, and not just in that area alone,” Ollivierre told IPS of the

situation in Mayreau, an island in the southern Grenadines.

The sliver of land near Salt Whistle Bay once had a grove of lush sea grape

trees.

“As the sea eroded the land, it washed out the roots and as it washed out

the roots, the plant could no longer survive, so they dried up,” Ollivierre

said.

Beneath the waves, the destruction is as evident.

“On the ocean bed in that area, it doesn’t have any coral. It is just a

mossy bottom. It doesn’t have anything there,” Ollivierre told IPS.

If the land separating both bays were to be totally eroded, St Vincent and

the Grenadines, an archipelagic nation, would see its number of islands,

islets and cays increase from 32 to 33.

But this could be potentially devastating for Salt Whistle Bay, which Flight

Network, Canada’s largest travel agency, ranked 16 out of 1,800 beaches

worldwide last November.

A major part of the economy on Mayreau is the sale of tee-shirts and

beachwear to the tourists that Salt Whistle Bay attracts. If the beach is

compromised, the islands might not be as attractive to visitors and its

economy would suffer.

“My fear is that if the windward side breaks through onto the other side, it

can actually erode that whole area… All of that area is sand and it not so

much sand separating both sides so we really have to be careful and

take the necessary measures to prevent that from happening,” Ollivierre

said.

Ollivierre’s fear is shared by tour operator Captain Wayne Halbich, who

has been conducting sea tours among the islands of St Vincent and the

Grenadines for almost three decades.

Halbich has witnessed the impact of rising sea level on Mayreau and he

often tells his guests, light-heartedly, that Mayreau has the shortest

distance between the Atlantic Ocean and the Caribbean Sea.

“That was actually a lot wider, and it was covered almost entirely by the

sea island grape trees. It is going slowly,” he told IPS.

“This is a serious problem. This is what I always say to people. We are

seeing really concrete signs in relation to global warming. It is also from

the fact that the reef is dying. The reef cannot produce sand and any

sand you lose is not coming back. That is the other story,” he said.

And, unless something is done quickly, one cyclone – which are now more

frequent and intense in the Caribbean – could cause the worst to happen

in Mayreau.

“If we have a storm this year, it would break away,” Halbick told IPS, as he

reiterated his fears that Mayreau could lose its famous Salt Whistle Bay.

The situation in Mayreau has captured the attention the national

assembly in the nation’s capital, with Terrance Ollivierre, Member of

Parliament, for the Southern Grenadines asking Prime Minister Ralph

Gonsalves what can be done quickly to remedy the situation.

Gonsalves said that his government has been working with a private

sector operator who has the resources and equipment nearby to be able

to do some remedial work.

He said there have been a number of suggestions by technical experts,

including a quick fix of putting some boulders at the beach at Windward

Carenage as a kind of mitigation.

“But much more is required than that and it is going to be a larger project.

So, the long and short of it, the fight which we are having on climate

change, is a fight which relates to what is happening at Salt Whistle Bay.

Rising sea levels, wave action, and then, of course, people moving away

a lot of natural barriers, which have been there.

“When we talk about climate change and some people deny it and

many of our own people scoff at it and when our people are not

sufficiently alert and have not been in respect of the sea grapes and the

manchineel, the mangrove, the coconut trees, even sand, we are paying

for it.”

The prime minister told lawmakers that some persons have suggested that

nothing be done at Mayreau and that the sea would return the land in

the natural course of things.

“That’s not a scientific approach. We have a difficulty and we are trying

to help.”

The lawmaker who called the situation to the attention of the parliament

also agreed that doing nothing is not an option.

He pointed out that some persons had suggested that approach at Big

Sand Beach in Union Island, another southern Grenadine island.

Residents are still waiting for the sea to return the sand to the once-

famous beach, which has been reduced from 50 feet to less than 10 feet

wide.

Among those who are taking action are Orisha Joseph and her team at

Sustainable Grenadines Inc., a non-governmental organisation, which

over the last year has been restoring the largest mangrove forest and

lagoon in St. Vincent and the Grenadines, located in Ashton, Union island.

The work will create breaches in strategic areas of an abandoned marina

to create water circulation in the area, which has been almost stagnant

for the last 20 years.

As part of the project, the group has planted 500 mangroves trees in

Union Island.

“Wherever you have those types of mangroves, you would not have

erosion as the roots help to filter silt and it also breaks the energy of the

wave, like around 70 percent.

“So you have your first line of defence, which is your seagrass, then your

coral reef, then your mangrove. So, by the time you have really strong

impact then you have a lot of buffer zones to break down that,” Joseph

told IPS.

“All in all, as we go into the blue economy, what we need to do is to see

how NGO and climate change organisations could really work with

government and let everybody know that we shouldn’t be on opposite

side,” she said, adding that government must insist that no construction

takes place less than 40 metres away from the coastline.

“Everything in the environment is there for a particular reason and we

have to be careful,” Joseph said, adding that coast vegetation prevents

soil erosion.

To illustrate, she said there is a vine that grows on the sand on some

beaches and people remove them to expose more of the beach.

“But when you remove that which is causing the sand to stay in place,

then you are creating a bigger problem. We have this problem where

people just go cutting down mangroves because they just want

beachfront land and not really understanding that this vegetation is there

for a reason,” she told IPS.

>

What now for the CCJ? Sunday 11th November, 2018 – Jamaica Observer

The prospects of the Caribbean Court of Justice (CCJ) expanding its

appellate jurisdiction beyond the four countries that have already signed

on (Barbados, Guyana, Belize, and Dominica) was dealt a severe blow

last week. The voters in Grenada as well as Antigua and Barbuda roundly

rejected the proposal for it to replace the Judicial Committee of the UK

Privy Council as their final appellate court.

This proposal has now been rejected on four separate occasions within

the last 10 years by the people in three Caricom countries. The

consistency of the numbers coming out of all these referenda is worth

noting.

The 2009 referendum in St Vincent & the Grenadines had embedded the

CCJ issue in a new draft Constitution that the voters rejected, leaving

open the question as to whether the people were against the CCJ move

specifically or were not in favour of other constitutional changes with

which it was packaged.

Prime Minister Keith Mitchell of Grenada, not wanting to suffer the same

fate, included the CCJ proposal as one of a number of changes put to

the people in 2016, allowing them to vote separately on each question.

They rejected all the proposals, including that related to the CCJ. This time

around Prime Minister Mitchell put the CCJ question as the sole

referendum issue, as did Prime Minister Gaston Browne in Antigua &

Barbuda. The voters again said no.

Prime Minister Browne declared after the referendum last Tuesday that he

has no intention of putting the issue to the people a second time. Prime

Minister Mitchell is unlikely to make a third try. The bar is very high. In both

countries the change requires a two-thirds majority in a referendum, an

almost impossible target. For all intents and purposes, therefore, Grenada

and Antigua & Barbuda are now off the table in terms of the CCJ as their

final appellate court — the people having spoken.

What is significant is that both these referenda were held shortly after the

governments seeking approval had been re-elected with crushing

parliamentary seat majorities — 15:2 in the case of Antigua & Barbuda

and 15:0 in the case of Grenada. That they were unable to persuade

many of their own supporters to toe the line suggests that the results

reflect more than just muscle flexing by the Opposition parties which, in

both countries, urged voters to vote no.

For whatever reasons, valid or uninformed, the people simply were not

prepared to ditch the Privy Council for the CCJ. Several of the voters who

were interviewed last Tuesday expressed the view that, in relation to the

Privy Council, “if it ain't broke, don't bother to fix it”. If justice is supposed to

be blind, they seem to be saying, what is wrong — indeed it may be

better — in having that justice dispensed by a bunch of foreign people far

removed from local culture and prejudices?

Now that Grenada and Antigua & Barbuda are out of the game, what of

Caricom is left? The Bahamas had long signalled that it had no intention

of abandoning the Privy Council. Haiti and Suriname operate under the

Napoleonic Code of law and so are not potential subscribers to the CCJ

as a final appellate court. This leaves Jamaica, St Kitts & Nevis, St Lucia, St

Vincent & the Grenadines, and Trinidad & Tobago.

Differing constitutional arrangements

The constitutional requirements for countries to join the CCJ differ. Belize

and Dominica were able to proceed because their constitutions do not

require the holding of a referendum and the governments there

controlled sufficient parliamentary seats to secure the required three-

fourths majority in the legislature.

St Kitts & Nevis does not require a referendum, but the enabling Bill must

be approved by a two-thirds majority in the House. In St Lucia, a three-

fourths majority in the House plus a simple majority in a referendum are

required. Despite the strong support for the CCJ by former prime ministers

of St Kitts & Nevis and St Lucia — Dr Denzil Douglas and Dr Kenny Anthony,

respectively — neither of them had the parliamentary majority to secure

the required legislative approval and so St Lucia was not able to even

advance to the referendum stage. Their successors, Dr Timothy Harris and

Mr Allen Chastanet, have made it clear that the CCJ, as their final court, is

not a priority for their governments.

St Vincent & the Grenadines requires a two-thirds majority in the House as

well as a two-thirds majority in a referendum. With its voters having

rejected the proposal in the 2009 referendum, and with similar rejections

subsequently in two other Caricom countries, it is highly unlikely that Prime

Minister Ralph Gonsalves would again try to swim against that current.

In the case of Trinidad & Tobago, no referendum is required, but an

enabling Bill would need a three-fourths majority in the House and two-

thirds in the Senate. In effect, it would require agreement between the

Government and Opposition, neither of which has shown any enthusiasm

for leaving the Privy Council.

The Jamaican situation

In Jamaica's case, no referendum is constitutionally required. An enabling

Bill would need a two-thirds majority in both the House and Senate and

up, which means that there would have to be consensus between the

Government and the Opposition. Prime Minister Andrew Holness has

made it clear that, although not a constitutional requirement, such a

decision would have to be endorsed by the people in a referendum.

There does not appear to be any plan to hold such a referendum any

time soon. It would hardly surprise me if the results of such a referendum, if

held, were no different from those delivered in the other three Caricom

countries.

How would the lead-up to such a referendum in Jamaica play out? The

Jamaica Labour Party has not definitively said no to the CCJ as our final

court but it is clear that among their senior members reservations abound.

The People's National Party (PNP) would certainly encourage a yes vote

but, if the experience of the other countries that have held referenda is

anything to go by, it would be wise not to presume that all its supporters

would buy into it or that it would be able to persuade a significant number

of uncommitted voters to do so.

This is perhaps one of the reasons why the PNP is opposed to a

referendum. Apart from being haunted by the ghost of the 1961

referendum, it also fears that the vote will be 'partisanised' without any

real consideration of the issue itself. It may well be correct.

Yet Prime Minister Holness's position that such a fundamental alteration of

our judicial and constitutional arrangements should not be carried out

without consulting the people cannot reasonably be faulted. To do so

would be to suggest that, on an important issue like this, we should not

allow ourselves to be disturbed or influenced by the views of the people.

In an age where the people demand greater consultation and

involvement in critical decision-making, that position would be untenable.

Other impacting developments

The future prospects for the CCJ are also being impacted by other recent

developments. Barbados signed on smoothly in 2005 because the move

had the support of both the Government and Opposition and the Bill was

therefore able to secure the super majority required. However, just before

the elections earlier this year, Prime Minister Freundel Stuart declared that

if his party was re-elected, it would move to withdraw Barbados from the

CCJ's appellate jurisdiction. He was apparently upset by not only the CCJ

decision in the Shanique Myrie case but also its decision on the eve of the

elections regarding the right to vote by non-Barbadian Commonwealth

citizens resident in Barbados.

The Opposition in Guyana has also attacked the credibility of the CCJ

following its ruling earlier this year that the constitution does not allow

former President Bharrat Jagdeo to stand for election again.

For all intents and purposes, therefore, it appears that the CCJ's appellate

jurisdiction will remain confined to the four existing subscribers, at least for

the foreseeable future. What will this mean for the CCJ?

CCJ report card

The CCJ has a complement of seven judges. Its original jurisdiction is

limited to the interpretation and application of the Caricom Treaty. In that

dispensation, it has dealt with 22 matters since its inception in 2005.

In its appellate jurisdiction it has decided 160 cases in the last 10 years. As

a comparison, the Judicial Committee of the UK Privy Council has a

complement of 12 judges and has decided 409 cases over the same

period. Caricom countries accounted for 223 of these cases led by

Trinidad & Tobago (90), Jamaica (49), and The Bahamas (47).

This is not a fair comparison since the CCJ hears appeals from only four

countries, two of which signed on within the last 10 years. The Privy

Council, on the other hand, receives appeals from 24 countries (including

British Overseas Territories). What this means, however, is that the CCJ is

underworked, through no fault of its own, and will continue so to be for

the foreseeable future. But as a further comparison, the Jamaican Court

of Appeal, despite all its deficiencies, decided 247 cases in 2017 alone.

Although I have no competence in jurisprudence, it seems to me that the

CCJ decisions, some of which I have read, are of high quality. After some

initial struggles prior to its establishment, the independence of the judges

and their insulation from political influence or interference seem to be

intact. Its financial sustainability through the CCJ Trust Fund, to which

Jamaica contributed US$25 million, is holding, despite some losses

sustained during the global financial crisis 10 years ago. Its annual

operational cost is approximately US$6.5 million, which is adequately

provided by the Trust Fund.

A major concern, however, has to do with the development of its

jurisprudence because of the limited inflow of cases. Courts mature and

jurisprudence is advanced as more cases are heard and decided. Sixteen

cases per year do not provide the depth, expanse and diversity for the

robust advancement of Caribbean jurisprudence.

Continued access to the Privy Council

A concern frequently expressed is the possibility that the British

Government may one day decide that the Caribbean is too much of a

bother and their appeals will no longer be allowed. The pronouncement

in 2009 by Lord Phillips, who presided over the Judicial Committee of the

Privy Council, that appeals from independent Commonwealth countries

had become a burden and that they should devise their own final

appellate systems created quite a stir among pro-CCJ advocates.

That view was not supported by the British Government, and Lord Phillips'

successor, Lord Neuberger, indicated that appeals from Commonwealth

countries would continue to be welcomed. He obviously saw value in

hearing cases from these countries as a means of further developing

Commonwealth jurisprudence. The current president, Lady Hale, shortly

before she assumed office, was quoted in an interview as saying “there

always will be a need for the Privy Council to maintain its judicial function,

even if it will only concern a few small countries”.

The failure of the CCJ to achieve the inclusiveness and growth originally

envisaged should not be surprising. That has been the fate of so many

other regional initiatives. It is now facing a reality check given the recent

referenda results and their implications for its future. The debate about

Jamaica acceding to its appellate jurisdiction will most likely dissipate.

BTC Eyes 2019 'Bottom' After 12,400 Client Loss Friday 9th November, 2018 – Tribune242

The Bahamas Telecommunications Company's (BTC) owner yesterday

said its mobile subscriber loss "will bottom out in 2019" after another 12,400

customers exited in this year's third quarter.

Balan Nair, Liberty Latin America's (LiLAC) chief executive, told financial

analysts that while this point was getting "closer and closer", BTC was "not

there yet" in terms of stemming the bleeding of subscribers to its upstart

mobile rival, Aliv.

He downplayed, though, the continued erosion of BTC's mobile market

share as "natural" for a newly-liberalised market such as The Bahamas

where the former state-owned incumbent had enjoyed a 16-year

monopoly.

LiLAC's wholly-owned subsidiary, Cable & Wireless Communications

(CWC), through which it holds the controlling interest in BTC, also sought to

highlight the positive by noting that the rate of mobile subscriber loss

during the three months to end-September 2018 fell by 36.8 percent year-

over-year.

However, this rate of attrition represented a 2,000 customer increase on

the 10,400 subscribers who deserted BTC during the 2018 second quarter,

indicating that it has some way to go in countering Aliv's continued seizure

of market share.

Mr Nair, addressing LiLAC's 2018 third quarter results conference call, said:

"In The Bahamas remember we were an incumbent with 100 percent of

the mobile network there, and when a competitor showed up a year-

and-a-half ago, a couple of years ago, it's only natural that they would

take share, and it's only natural that if you own 100 percent you're going

to lose something.

"We think it will bottom out some time in 2019, where we've given up

share, and that number will either get stable or will now grow, and both of

us [BTC and Aliv] will certainly want to grow value through ARPU (average

revenue per subscriber) and bundles etc. To be honest with you, the

bottom is not there yet in The Bahamas, but it's getting closer and closer to

it."

Asked by one analyst as to whether LiLAC saw "a price war going on

there" in The Bahamas, Mr Nair replied: "It's not a price war, right. When

you own 100 percent of the market and the new entrant comes in, there

will be a percentage of your customers that would want to have a

different operator, and that's natural."

BTC's subscriber numbers at September 30, 2018, support Aliv's claim to

have seized more than one-third of all Bahamian mobile market

subscribers. BTC was shown to have 228,300 total subscribers at that date,

with 89 percent of 203,000 of that client base concentrated in pre-paid

customers.

Damian Blackburn, Aliv's top executive, last week pegged its subscriber

base at 125,000 which, when combined with BTC's numbers, gives The

Bahamas' second mobile operator a 35.4 percent market share - placing

it on track to hit its target of 39 percent share by end-June 2019.

CWC's 2018 third quarter results, which were broken out from LiLAC's,

confirmed that Aliv is continuing to pressure not only BTC's mobile

customer base but its pricing, margins and yields.

"In the Bahamas, competition continued to impact our operation, driving

subscribers 12,000 lower," CWC said. "However, this was an improvement

compared to the prior-year period loss of 19,000.

"[Overall] residential mobile revenue declined by 8 percent compared to

the prior-year period. The decrease was driven by lower subscription

revenue in the Bahamas and Panama, where continued competition

drove a decrease in the average number of subscribers and ARPU per

subscriber."

Chris Noyes, LILAC's senior vice-president and chief financial officer, said

BTC's mobile subscriber losses accounted for just under one-third of the

group's net 37,000 customer base decline during the three months to end-

September 2018.

CWC's 47,000 mobile subscriber losses were offset partially by a 10,000

gain by LiLAC's Chile subsidiary, and Mr Noyes said: "Forty-one thousand of

this loss was in pre-paid, which can exhibit higher volatility from quarter-to-

quarter, and is accounted for primarily in the competitive markets of The

Bahamas and Panama."

BTC's 12,400 third quarter subscriber loss was driven by the departure of

11,700 pre-paid customers, although just 700 of the higher margin, higher-

yielding post-paid customers departed the network.

Other data shows the former Government-owned monopoly continues to

find it tough going to make inroads into the TV and broadband Internet

market long dominated by its main rival, BISX-listed Cable Bahamas,

which has Board and management control at Aliv.

BTC suffered a net 200 subscriber, or revenue generating unit (RGU), loss in

this area during the three months to end-September 2018. While it gained

100 TV/video subscribers it also lost 300 fixed-line phone customers.

And, while BTC's fibre-to-the-home network infrastructure passed some

128,900 Bahamian homes at September 30, this has to-date translated into

just 80,200 customers or RGUs outside of its mobile client base. At that

date, BTC was said to have 6,800 TV/video and 26,400 Internet customers,

plus a further 47,000 fixed-line voice subscribers.

LILAC earlier this year hired Garry Sinclair, a Jamaican, as BTC's chief

executive with a "top line growth mission" to turn around BTC's slumping

top-line revenues during the 2018 second half. No mention was made

yesterday, though, either in the conference call or LiLAC results

announcement of whether any success has yet been seen here.

Tribune Business earlier this year revealed how BTC's net profits fell by at

least $30 million, or 75 per cent, year-over-year in 2017 as a result of

competition's pressure on not just subscriber numbers but pricing and

margins.

BTC's 2017 full-year net earnings were down 71.3 per cent at $11.4m,

compared to the $39.7m profit it enjoyed for the last nine months of 2016 -

the final period in which it enjoyed a mobile monopoly prior to Aliv's

launch in November 2016.

This suggests that BTC's full year-over-year profits comparison could have

been down by as much as 80 per cent, given that the

telecommunications carrier was likely on track for a near-$50m "bottom

line" in 2016 based on its nine-month performance.

The figures also revealed that the Government and 'BTC Foundation', as

non-controlling BTC shareholders, received no dividend in 2017 compared

to the $12.6m payout they collectively enjoyed in 2016.

>

Water Supply Alert on Govts $16.1m Debt Friday 9th November, 2018 – Tribune242

Nassau's main water provider yesterday sounded an alert over potential

supply disruptions if the Government does not pay a $16.1m debt that has

increased by 76.9 percent this year.

Consolidated Water, the BISX-listed entity that produces virtually all the

Water & Sewerage Corporation's New Providence water supply, warned

that it will lack the financing "to continue normal operations" unless the

Ministry of Finance sticks to a proposed payment plan to settle what is

owed.

The Blue Hills and Windsor reverse osmosis plant owner, in its 2018 third

quarter results filings, said the $7m increase in the corporation's debts to it

during the nine months to end-September 2018 had already "adversely

impacted the liquidity" of its Bahamian subsidiary.

While conceding that successive governments had always made good

on such outstanding bills, which have peaked at similar amounts in the

past, Consolidated Water's latest filing with the US Securities & Exchange

Commission (SEC) struck a more urgent tone - and effectively amounted

to a warning to the Minnis administration.

It added that if the Ministry of Finance "does not adhere" to the proposed

payment plan submitted to it, and/or the corporation continues to be

"significantly delinquent" in paying its bills, its Bahamian subsidiary would

suffer several adverse consequences that could impact water supply to

thousands of New Providence homes and businesses.

"Consolidated Water (Bahamas) accounts receivable balances due from

the Water & Sewerage Corporation amounted to $16.1m as of September

30, 2018, as compared to $9.1m as of December 31, 2017. The increase in

these accounts receivables has adversely impacted the liquidity of this

subsidiary," Consolidated Water warned in its SEC filings.

"Consolidated Water (Bahamas) has also experienced similar delays in

collecting its accounts receivables from the Water & Sewerage

Corporation in prior years, and at times has held accounts receivable

balances from the Water & Sewerage Corporation in amounts

comparable to the September 30, 2018, balance.

"During these periods we arranged meetings, and held discussions, with

representatives of the Water & Sewerage Corporation and the Bahamas

government to formulate a payment schedule for Water & Sewerage

Corporation's delinquent accounts receivable, and such amounts were

subsequently paid in full."

Consolidated Water added: "Based upon this payment history we have

never been required to provide an allowance for doubtful accounts for

any of Consolidated Water (Bahamas) accounts receivables, even

though Consolidated Water (Bahamas) periodically has been owed

substantial delinquent balances.

"In October 2018, the Ministry of Finance provided CW-Bahamas with a

proposed payment schedule to pay Water & Sewerage Corporation's

delinquent accounts receivable balance as of September 30, 2018, in full

by June 2019."

Then came the warning: "If the Ministry of Finance does not adhere to this

proposed payment schedule, or the Water & Sewerage Corporation

continues to be significantly delinquent in paying Consolidated Water

(Bahamas) invoices, then in the coming months one or more of the

following events may occur.

"One, Consolidated Water (Bahamas) may not have sufficient liquidity to

continue normal operations. Two, we may be required to cease the

recognition of revenues on Consolidated Water (Bahamas) water supply

agreements with the Water & Sewerage Corporation, and three, we may

be required to provide an allowance for Consolidated Water (Bahamas)

accounts receivable. Any of these events could have a material adverse

impact on our results of operations, financial position and cash flows."

Adrian Gibson, the Corporation's chairman, who was thought to have

been in Long Island at the Business Outlook conference, did not return

Tribune Business's calls and messages seeking comment before press time

last night.

However, it will not only be Water & Sewerage Corporation customers

feeling the effects if this worst-case scenario comes to pass. Bahamian

shareholders of Consolidated Water, who hold its shares through

Bahamian Depository Receipts (BDRs) listed on BISX, may also see an

impact on their investment's earnings and dividends.

The Consolidated Water filings may also shed new light on the reasons

behind the Water & Sewerage Corporation's recent mass disconnection

exercise across New Providence and the Family Islands, as its bids to

recover up to $45m in accounts receivables owed to it by delinquent

customers - a significant chunk of which will likely have to be written-off -

to improve its financial position.

They also indicate that a further taxpayer 'bail out' of the cash-strapped

Water & Sewerage Corporation may soon be forthcoming on top of the

annual $20-$30m it typically receives in the annual Budget, which is a

product of operational inefficiencies and the continued selling of water

'below cost'.

On a more positive note, Rick McTaggart, Consolidated Water's president

and chief executive, hailed the recent re-commissioning of its Windsor

facility, the smaller of its two New Providence reverse osmosis plants, the

company having spent $13.7m between that and a similar upgrade in the

Cayman Islands.

"Subsequent to the quarter end, we re-commissioned our Windsor plant in

the Bahamas, which is our second largest facility in our plant portfolio. This

facility, which provides 2.6 million US gallons per day to the government-

owned Water and Sewerage Corporation, was refurbished with

equipment manufactured by us and designed with embedded operating

efficiencies," Mr McTaggart said.

The Bahamas remains a key revenue and earnings driver for Consolidated

Water, with its two New Providence reverse osmosis plants generating a

material amount of revenue for it.

Unveiling its results for the three months to end-September 2018, it said:

"Bulk segment revenues were $8.577m and $7.881m for 2018 and 2017,

respectively.

"The increase in bulk revenues from 2017 to 2018 is attributable primarily to

Consolidated Water (Bahamas) and Consolidated Water (Cayman),

which generated approximately $632,000 in incremental revenues

primarily as a result of a significant increase in the prices of diesel fuel and

electricity from 2017 to 2018, which increased the energy component of

our bulk water rates in The Bahamas and Cayman Islands."

The water supplier added: "Gross profit for our bulk segment was $2.919m

(34 percent of bulk revenues) and $2.299m (29 percent of bulk revenues)

for 2018 and 2017, respectively.

"Gross profit as a percentage of revenues increased in 2018 as compared

to 2017 due to a charge of approximately $430,000 recorded in 2017

relating to the refurbishment of a fixed asset used in our Bahamas

operations."

As for the performance for the first nine months, Consolidated Water

added: "Bulk segment revenues were $25.295m and $23.616m for 2018

and 2017, respectively. The increase in bulk revenues from 2017 to 2018 is

attributable primarily to Consolidated Water (Bahamas) and

Consolidated Water (Cayman), which generated approximately $1.5

million in incremental revenues due to a significant increase in the prices

of diesel fuel and electricity from 2017 to 2018, which increased the

energy component of our bulk water rates in The Bahamas and Cayman

Islands.

"Gross profit for our bulk segment was $8.446m (33 percent of bulk

revenues) and $7.865m (33 percent of bulk revenues) for 2018 and 2017,

respectively. Bulk segment gross profit dollars increased due to the

increase in revenues."

Gross profit for our bulk segment was $2,919,083 (34% of bulk revenues)

and $2,299,063 (29% of bulk revenues) for 2018 and 2017, respectively.

Gross profit as a percentage of revenues increased in 2018 as compared

to 2017 due to a charge of approximately $430,000 recorded in 2017

relating to the refurbishment of a fixed asset used in our Bahamas

operations.

>

Central Bank to Ban 'Anonymous' Crypto Assets Friday 9th November, 2018 – Tribune242

The Central Bank is proposing to ban its licensees from dealing with

"anonymous" crypto currency assets, with 84 percent of local institutions

saying they have no desire to enter this space.

The regulator, unveiling a "discussion paper" on proposals for regulating

what it called "crypto assets", said it "will likely prohibit" its bank and trust

company licensees from handling products "intentionally designed to hide

details about end users' identity".

With The Bahamas already under scrutiny from the Financial Action Task

Force (FATF) over "structural deficiencies" in its anti-money laundering and

counter-terror financing (AML/CFT) regime, the Central Bank said the risk

of such instruments being exploited to facilitate financial crime and tax

evasion was simply too great.

The Central Bank said this applied to both clients' crypto assets and

investments in these products by Bahamian bank and trust companies

themselves, with the latter barred from using customer deposits and

restricted to shareholder monies (its own capital) only.

"SFIs (supervised financial institutions) may only invest in crypto assets

and/or entities heavily exposed to crypto assets with shareholder funds -

not client deposits. When doing so, they will be precluded from holding

instruments that are designed to remain anonymous," the Central Bank

paper said.

"Banks are not to accept 'cryptocurrency' deposits on balance sheet, or

to extend such loans to customers. Also, given the price volatility and

uncertainties around valuation, crypto assets held 'in custody' cannot be

pledged as collateral for other loans. Similarly, banks are not to extend

credit to clients for the purchase of crypto assets.

"SFIs will likely be prohibited from conducting transactions involving crypto

assets (such as Monero, Particl, Dash and Zcash) that are intentionally

designed to hide details about end users' identity. When new clients wish

to use custodial services, they must satisfy enhanced customer due

diligence (CDD) requirements and, where applicable, provide their public

key to confirm that they are the beneficial owner of the crypto asset," the

regulator continued.

"These and other safeguards are to ensure that all banks operating in and

from within The Bahamas do not facilitate crypto assets 'in custody' from

clients wishing to engage in tax evasion, money laundering, terrorism

financing or other illicit activity."

Emphasising that it wants to develop "a Bahamian approach" to regulate

this sector and the wider blockchain and financial technology (FinTech)

industry, the Central Bank said Bahamian banks and trust companies will

be restricted to "custodial arrangements" when dealing with client crypto

assets.

It added that "comprehensive due diligence" will be required, with

licensees mandated to obtain information on how such assets originated

and the source of funds used to acquire them. Beneficiaries and

signatories on such custody accounts will also have to prove their

identities.

The Central Bank's regulatory proposal follows swiftly behind an October

17-26 survey conducted to gauge industry interest in participating in the

"crypto asset" space. Drawing 49 response from around half the regulator's

supervised institutions, the findings suggest the banking industry's typically

conservative, risk averse nature is deterring many from embracing this

innovation.

"The results indicate extremely minimal involvement and very limited

intentions to engage in crypto asset exposures or activities. A limited

number of institutions have already adopted corporate level policies

suggesting minimal appetite for entering the space," the Central Bank

concluded.

"Virtually all of the respondents (94 percent) indicated that their institution

had no exposure to crypto assets. Only one entity disclosed some

involvement on a custodial basis for clients. Two other SFIs reported that

they had facilitated the purchase of crypto assets on their trading

platforms and over-the-counter.

"Generally, even where a corporate level policy was not present,

Bahamian banks and trust companies did not plan to venture into the

crypto asset space. In particular, approximately 84 percent of the

respondents (41 SFIs) indicated that they were not planning to become

exposed to crypto assets in the future," the Central Bank added.

"There were eight respondents that wanted to have exposure to crypto

assets, but six of them had no corporate policies in place to govern these

intended activities."

Turning to these eight institutions, the Central Bank said three were

interested in providing client services through financing the purchase of

crypto assets; holding these in custody; and accepting crypto deposits.

"There was an interest by four respondents in facilitating clients in their

purchase of crypto assets through the issuance and promotion of an initial

coin offering (ICO) of payment tokens, trading platforms and over-the-

counter transactions," the Central Bank added.

"Further, two respondents indicated that their institutions planned to act

on their own behalf by investing directly in payment tokens and, to a

lesser extent, indirect exposure through investments in companies heavily

exposed to crypto assets."

The Central Bank added that only 17 percent of respondents, or eight

financial institutions, had corporate policies in place to deal with crypto

assets. Of those, two planned to have crypto exposure in the future, while

a further six had decided to avoid the sector entirely.

Acknowledging that it was taking a "conservative approach", the Central

Bank said the existing exchange control regulations would govern the

ability of Bahamians to invest in initial coin offerings (ICOs) and other

crypto assets.

"The [Central] Bank will also prohibit direct convertibility between

Bahamian dollar (B$) currency or officially sanctioned B$ crypto

instruments and foreign currency denominated crypto assets or non-

resident sponsored instruments," it emphasised.

"This is consistent with the current exchange control requirements. For

transactions involving Bahamian residents and non-residents, commercial

banks (authorised dealers) are still charged with conversion into and out

of domestic currency."

Expanding on this theme, the Central Bank added: "Bahamian residents

will not have the ability to buy tokens or coins on any exchange and settle

in Bahamian dollars.

"Subject to the range of domestic (Bahamian dollar) instruments

permitted by the Securities Commission, residents will be allowed to invest

in local crypto assets. However, for exchange control purposes, direct

investments in such assets by non-residents will remain prohibited, aside

from general accommodations that already apply for 'like' portfolio

instruments under exchange controls...... Non-fiat-based payment tokens

are impermissible Bahamian dollar crypto instruments."

With ICOs leaving consumers "susceptible to fraud" because they are

largely unregulated, the Central Bank nevertheless said it will support

offerings of "asset tokens and security tokens that have similar properties

as shares". The direct issuance or sponsorship of tokens that are not linked

to, or backed, by normal currency will not get backing.

The Central Bank acknowledged the potential for crypto assets to aid

access to financial services and electronic payments in remote Family

Islands, and added: "The Central Bank supports a modernised financial

services sector, with focus on financial technology (fintech) innovations.

"The regulatory framework must evolve in an appropriate and

proportionate fashion to support these developments. In so doing, the

sector's competitive posture must be enhanced - without compromising

the integrity or international reputation of The Bahamas. Or undermining

the financial safety of Bahamian households."

>

1.3 million for an agricultural adaptation project to climate change Saturday 10th November, 2018 –Haiti Libre

This week, Development and Peace – Caritas Canada and its Haitian

partner the Institute of Technology and Animation (ITECA), launched a

project in Les Cayes to support peasant in the southern part of the country

in adapting their agricultural production systems to climate change. The

PROCLIMA Project is aimed at improving the food security of community’s

in Haiti’s Sud department (the communes of Cavaillon, Maniche, St-Louis

du Sud and Aquin) by introducing adapted agricultural techniques and

the sustainable development of the organic food sector.

“To prepare ourselves for the impacts of climate change, the Sud

department must increase its food production. We will do this by adopting

cultivation practices that will enable the agricultural territory to strengthen

its resilience to the variability of rainfall, floods, hurricanes and storms. But

to ensur