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

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

▪ Trinidad and Tobago Unit Trust Corporation’s initial rating assigned at CariAA

▪ Massy Holdings Ltd. rating reaffirmed at CariAA+

▪ Sagicor Life Jamaica Limited’s rating reaffirmed at jmAAA

▪ National Flour Mills Limited’s rating reaffirmed at CariA-

▪ HMB Limited’s proposed collateralised mortgage obligation rating assigned at CariAA- (SO)

▪ NCB Capital Markets (Barbados) Limited’s initial rating assigned at CariBBB-

▪ Government of Barbados’s local currency rating upgraded to CariBB

▪ PanJam Investment Limited’s initial rating assigned at CariBBB+

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

▪ Endeavour Holdings Limited’s rating reaffirmed at CariA+

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REGIONAL

Trinidad and Tobago

NEL gains $0.45

Overall market activity resulted from trading in 18 securities of which eight

advanced, four declined and six traded firm.

New surgery for dialysis patients in Tobago

Dialysis patients in Tobago are being promised a better response and

prolonged life with the introduction of arteriovenous (AV) fistula surgery at

Scarborough General Hospital.

Khan: TT has 14 years of gas

The 2017 Ryder Scott Report said this country has gas reserves to last the

next 14 years and seven months, Energy Minister Franklin Khan told the

Senate yesterday (Monday) in reply to a question by Opposition Senator

Wade Mark.

Anguilla

Investors, Government, Port Authority Discuss Airport Project In Anguilla

The proposed expansion of the Clayton J. Lloyd International Airport in

Anguilla was the subject of discussion this week among top level

representatives of two investment groups, the Government, and the

Anguilla Air and Sea Ports Authority.

Government of Anguilla Launches Consultancy for Gaming In Anguilla

During this week, the Ministry of Tourism hosts representatives of U.S. based

consulting firm, The Innovation Group, an integrated gaming advisory firm

with public and private sector experience.

Plans Gearing Up For New Road Bay Project

There have been two recent developments as plans move ahead for the

construction of the Road Bay Project which will be a new and third jetty,

and other related facilities, at Sandy Ground.

Anguilla Continued

Anguilla Community College Signs Mu With The University Of The Virgin

Islands

On Thursday, April 4th, the University of the Virgin Islands (UVI) and Anguilla

Community College (ACC) signed a new, 10-year Memorandum of

Understanding (MOU) intended to advance the Human Resource

Development platform on Anguilla.

Radio Anguilla Commissions New Transmitter

The people of Anguilla, across the 35-square-mile territory, should no

longer experience difficulty in tuning in to Radio Anguilla to hear its much-

improved information and progamme broadcasts.

British Virgin Islands

VI better equipped to enhance tourism products – Premier Fahie -

…following attendance to Seatrade Global Trade 2019

Road Town, Tortola, VI – Following his attendance of the Seatrade Global

trade in Miami Florida, Premier and Minister of Finance, Hon Andrew A.

Fahie (R1) has indicated that the Virgin Islands (VI) is now in a better

position to enhance its tourism product.

Costa Rica

San Jose Airport Will Have The First Private Flight Terminal In Costa Rica

The San Jose airport (Juan Santamaria International airport – SJO) will soon

have a terminal exclusive for private flights, announced airport manager

Aeris Holdings, choosing a Universal Aviation Costa Rica to manage it.

Guyana

Public debt increases to US$1.7B-2018 growth rate revised upwards to 4.1

percent; highest since 2013

Government has released its revised figures on the 2018 performance of

the economy with the country’s growth rate pegged at 4.1 percent,

higher than the 3.4 percent that was forecast in November when the 2019

national budget was unveiled.

Guyana Continued

Aurora declares 36,600 ounces for first quarter

Guyana Goldfields Inc., which operates the Aurora mine in Region Seven,

has announced production of 36,600 ounces of gold for the first quarter.

Exxon installs first subsea tree for Liza Phase 1 development

ExxonMobil has successfully installed the first subsea tree for the Liza Phase

One Development Project.

The Bahamas

Govt ‘Narrowing’ Its $185m Revenue Gap

The government has narrowed its $185m revenue gap, the deputy prime

minister has revealed, as it “keeps a close eye” on its agencies’ spending

as the 2018-2019 fiscal year-end looms.

Barbados

BICO to rebuild State-of-the-Art Ice Cream Factory

Barbados’ “Heritage” ice cream company is preparing for a long-

anticipated homecoming with a new modern factory scheduled to be

ready and producing before the 2019 winter season.

Scotia to close Holetown branch

Scotiabank account holders on the West Coast will have to travel a bit

further to conduct business in the next few months.

Jamaica

EXIM plotting course to outperform its own target

Managing Director of EXIM Bank Jamaica Lisa Bell is looking to

Government’s promise that funds from dormant ­accounts could find their

way into the productive sector as low-interest loans.

JPS invests US$25m in storage facility to address power fluctuations

Power utility Jamaica Public Service Company, JPS, will commission a

US$25 million storage facility in phases this year as a safeguard against

power outages.

Sandals Resorts named UK Superbrand for 11th consecutive year

SANDALS Resorts has, for the 11th consecutive year, been awarded the

United Kingdom Superbrands, one of just nine travel companies in the

world to receive this distinction.

Dolphin Cove row taken to court

A plan by the operators of tourist attraction Dolphin Cove to establish a

dolphinarium in Discovery Bay, St Ann, is now the subject of a legal

challenge in the Supreme Court.

SCJ Holding accelerating housing, community programmes

SUGAR Company of Jamaica Holdings Limited (SCJH) will be accelerating

its housing development and community regularisation programme for

the benefit of displaced sugar workers and their dependents.

Ministry confirms joint bargaining policy at JISCO/Alpart

THE Ministry of Labour and Social Security (MLSS) has confirmed the

recognition of three leading trade unions as joint bargaining partners for

the staff of the JISCO/Alpart plant in Nain, St Elizabeth.

Jamaica gets $2.8B in budgetary support from EU

THE European Union (EU) is providing close to $3 billion in budget support

to strengthen Jamaica's public financial management structure and its

forest management/climate resilient projects.

INTERNATIONAL

United States

Bank of America profit tops estimates on growing loan book

Bank of America Corp reported a better-than-expected rise in quarterly

profit on Tuesday, as a growing loan book and cost cuts made up for a

drop in revenue in investment banking.

BlackRock profit beats estimates on strong net inflows

BlackRock Inc beat analysts’ estimates for quarterly profit on Tuesday, as

investors put money into its actively managed institutional and long-term

funds.

United States Continued

J&J beats estimates on pharma strength, raises sales forecast

Johnson & Johnson beat quarterly profit estimates on Tuesday and raised

its adjusted sales growth forecast for the year, driven by demand for its

treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex

and Imbruvica.

Goldman Sachs to layoff 98 bank employees in New York

Goldman Sachs Group Inc plans to lay off nearly 100 employees in New

York in the coming months, according to a filing the bank made with New

York state that was made public on Monday.

United Kingdom

UK wage growth at new decade high as employers hire in the face of

Brexit

British workers’ pay grew at its joint fastest pace in over a decade as

employers extended their hiring spree, adding to signs that uncertainty

about Brexit is prompting firms to take on workers rather than commit to

longer-term investments.

Europe

European shares rise for fifth day on banks boost

European shares gained for the fifth day on Tuesday, bolstered by bank

and retails stocks while data out of China added to hopes of stabilization

in the world’s second-largest economy.

Euro slips on report that ECB policymakers doubt euro zone growth

The euro fell on Tuesday after several European Central Bank

policymakers expressed doubt about a projected growth recovery in the

second half of the year.

Total CEO says company pledges 100 million euro to rebuild Notre-Dame

French energy major Total will make a 100 million euro ($112.98 million)

contribution to the reconstruction of the Notre-Dame cathedral, the

company’s Chief Executive Officer Patrick Pouyanne said on Tuesday.

China

Will upbeat economic data make China tap the brakes on monetary

easing?

China’s bond market sold off sharply this week as a slew of unexpectedly

strong economic indicators prompted investors to ask if country’s latest

round of monetary easing may be drawing to a close.

China's policy stimulus may worsen economic distortions

China’s stimulus measures will shore up economic growth this year and

next but may undermine the country’s drive to control debt and worsen

structural distortions over the medium term, the OECD said in a report on

Tuesday.

Rolls-Royce sees double-digit sales growth in China this year

Luxury carmaker Rolls-Royce expects to achieve double-digit sales growth

in China this year, although it will be lower than the 40 percent rate it saw

in 2018, its chief executive said on Tuesday.

Ex-KKR Asia veterans raise $2.5 billion for first China-focused funds

DCP Capital, co-founded by former KKR & Co Greater China head David

Liu, said it has raised about $2.5 billion in its debut U.S. dollar and yuan

funds, giving the private equity firm adequate firepower to invest in

Greater China.

Japan

Japan to require crypto exchanges to bolster internal oversight

Japan’s financial regulator will require cryptocurrency exchanges to

strengthen internal oversight of the so-called “cold wallets” used to store

digital money, a source with direct knowledge of the matter told Reuters

on Tuesday.

Japan and U.S. hold 'frank and good' trade talks: economy minister

Japan’s economy minister said he had “frank and good” trade talks with

his U.S. counterpart on Monday, but stressed that currency rates should be

discussed in a different context, between finance ministers.

India

India's Wipro fourth-quarter profit rises 38 percent

Indian software services exporter Wipro Ltd on Tuesday posted a 38

percent rise in fourth-quarter profit, helped by a strong performance from

its banking, financial services and insurance segment.

Global

Oil slips to $71, hit by talk of higher OPEC+ production

Brent oil slipped to around $71 a barrel on Tuesday, pressured by

expectations of higher U.S. inventories and concern about Russia’s

willingness to stick with OPEC-led supply cuts.

Stocks march to new highs as European volatility vanishes

Stock markets rose on Tuesday to new six-month highs after reassuring

data about the health of China’s economy and economic sentiment in

Germany helped investors brush aside disappointing bank earnings.

World economy, Brexit delay boost German investor morale

German investor morale improved for the sixth month in a row due to a

resilient global economy and a delay to Britain’s departure from the EU, a

survey showed on Tuesday, but the growth outlook for Europe’s largest

economy remains clouded by external risks.

NEL gains $0.45 Tuesday 16th April, 2019 – Trinidad Express Newspaper

Overall market activity resulted from trading in 18 securities of which eight

advanced, four declined and six traded firm.

The Composite Index advanced by 2.56 points (0.19 per cent) to close at

1,331.20. The All T& T Index advanced by 5.11 points (0.29 per cent) to

close at 1,766.84.

The Cross Listed Index declined by 0.01 points (0.01 per cent) to close at

120.84. The SME Index remained at 99.50.

Trading activity on the first tier market registered a volume of 345,784

shares crossing the floor of the Exchange valued at $2,497,409.07.

National Flour Mills was the volume leader with 180,293 shares changing

hands for a value of $297,381.84, followed by One Caribbean Media with

a volume of 119,300 shares being traded for $1,228,790. Sagicor Financial

Corporation contributed 13,754 shares with a value of $120,948.80, while

Massy Holdings added 9,550 shares valued at $507,047.53. National

Enterprises Ltd registered the day's largest gain, increasing $0.45 to end

the day at $7.25.

Conversely, Angostura Holdings Ltd registered the day's largest decline,

falling $0.20 to close at $15.80. CLICO Investment Fund was the only

active security on the mutual fund market, posting a volume of 26,572

shares valued at $611,879.04. CLICO Investment Fund advanced by $0.01

to end at $23.03. Calypso Macro Index Fund remained at $14.51.

The second tier market did not witness any activity.

The SME market did not witness any activity. CinemaOne remained at

$9.95.

The USD equity market did not witness any activity. MPC Caribbean Clean

Energy remained at US$1.

<< Back to news headlines >>

New surgery for dialysis patients in Tobago Monday 15th April, 2019 – Trinidad and Tobago Newsday

Dialysis patients in Tobago are being promised a better response and

prolonged life with the introduction of arteriovenous (AV) fistula surgery at

Scarborough General Hospital.

This has been made possible because the Tobago Regional Health

Authority (TRHA) has partnered with Bridge of Life.

Bridge of Life is a medical non-governmental organisation (NGO) based in

Colorado, USA, founded in 2006. The concept was inspired by DaVita Inc.,

a leading kidney care provider in the US, which launched DaVita Medical

Missions to improve kidney care in underserved areas of the world.

Speaking with Newsday Tobago during the launch on Monday at the

Scarborough General Hospital in Signal Hill, TRHA’s medical chief of staff

Dr Rufaro Celestine expressed her gratitude for the collaboration, which

began a few months ago.

“Both organisations have come together to partner to improve the lives of

renal patients, kidney patients on the island…all who have to have

haemodialysis, it’s a very lifesaving treatment that’s offered.

“Bridge of Life has helped thousands of people around the world and

we’re hoping that this joint programme can succeed and provide good

health care for kidney patients in years to come,” she said.

A team of three surgeons, two nurse teachers and an organisation

representative began screening patients on Monday morning, with plans

to begin treatments later in the day.

<< Back to news headlines >>

Khan: TT has 14 years of gas Tuesday 16th April, 2019 – Trinidad and Tobago Newsday

The 2017 Ryder Scott Report said this country has gas reserves to last the

next 14 years and seven months, Energy Minister Franklin Khan told the

Senate yesterday (Monday) in reply to a question by Opposition Senator

Wade Mark.

While the report contains sensitive information which for commercial

reasons cannot be disclosed, Khan promised an abridged version would

be made available.

The audit was done from March 2018-August 2018.

All three classes had increased since the year before.

The proven reserves increased from 9.92 trillion cubic feet (tcf) to 10.52 tcf,

up by six per cent. The probable reserves rose from 5.38 tcf to 6.13 tcf, up

by 13 per cent. The possible reserves were up from 4.72 tcf to 5.39 tcf, up

by 12 per cent.

Khan then presumably totalled the proven (10.52 tcf) and probable (6.13

tcf) reserves, and divided by an extraction rate of 1.14 tcf per year, to

calculate how long the reserves would last.

“The reserves-to-production ratio, based on 2P reserves, which are the

sum of the proved reserves and probable reserves, using a production

rate of 1.14 tcf for 2017, was 14.6 years.”

He said this period was an increase from 12.6 years, calculated the year

before.

“Year 2017 is the first year to reflect a year-on-year increase in reserves

since 2004,” he pointed out.

Mark, in a supplemental question, asked what factors had caused more

gas to be produced, but Senate president Christine Kangaloo disallowed

it

<< Back to news headlines >>

Investors, Government, Port Authority Discuss Airport Project In Anguilla Monday 15th April, 2019 – The Anguillian

The proposed expansion of the Clayton J. Lloyd International Airport in

Anguilla was the subject of discussion this week among top level

representatives of two investment groups, the Government, and the

Anguilla Air and Sea Ports Authority.

Commenting on the talks, the Honourable Chief Minister and Minister of

Finance, Economic Development and Tourism, Mr. Victor Banks, said the

expansion of the airport would be a major game changer for the island’s

economic growth and sustainable development.

He made the comment following the discussions which involved his

Government, the Anguilla Air and Sea Ports Authority and the

representatives of the ICA Group and the Vinci Airports Group.

The representatives of the ICA Group were: Messrs. Ali Nawaz Shaikh,

Chairman and CEO; Simon Strauss, Chief Financial Advisor; and John

Kane, Operations Officer. The ICA Group are the developers of the Conch

Bay Development Legacy Project. It is a multi-project which includes a

hotel, cruise ship terminal, marina, golf course and other tourism

amenities. Mr. George Lake is the family representative for the Conch Bay

Development Legacy Project.

The representatives of the Vinci Airport Group were Messrs. Massimo

Bruzzo, Project Director, Business Development; Joseph Bou Naadar,

Project Manager, Business Development; and John Green, Vice President

and Chief Operations Officer, TBI Airport Management Inc.

The Vinci Airport Group is the largest private airport operator in the world.

It develops finances, builds and operates 46 airports in 12 countries on

three continents. The Group operates motorways, airports, bridges,

tunnels, railways and stadiums in 20 countries. In December 2018, the Vinci

Airports Group acquired the majority shareholding of Gatwick Airport in

London.

A press release from the Chief Minister’s Office stated that the purpose of

the discussions was for the Vinci Airports Group, in particular, to see at first

hand the airport in Anguilla; and to discuss the process that the

Government of Anguilla has to undertake to obtain the necessary

approvals from the UK Government for the development of the airport.

The ICA Group outlined the importance of the development of the airport

to the Conch Bay Development Legacy Project – and to all the other

tourism sector projects in Anguilla.

Meanwhile, Anguilla’s Honourable Minister of Infrastructure, Mr. Curtis

Richardson, has underscored his commitment to seeing the expansion of

the airport becoming a reality for the people of Anguilla. He is confident

of its pivotal role for the overall development of Anguilla.

The Honourable Parliamentary Secretary, Tourism, Mr. Cardigan Connor,

said he was excited about the discussions and the benefits an expanded

airport would bring to Anguilla.

<< Back to news headlines >>

Government of Anguilla Launches Consultancy for Gaming In Anguilla Monday 15th April, 2019 – The Angullian

During this week, the Ministry of Tourism hosts representatives of U.S. based

consulting firm, The Innovation Group, an integrated gaming advisory firm

with public and private sector experience.

The Innovation Group is a premier provider of consulting services for the

gaming and hospitality industry, offering a full range of services including

Market Analysis and Feasibility; Financial Analysis; Marketing and

Operations Analysis; Economic, Social & Community Impact; Legislative

and Legal Services; Site Analysis & Project Development; and Data

Analysis, just to name a few.

The Innovation Group team is represented by Mr. Michael Soll, President of

the company, and Mr. Michael Vanaskie, Director of Operations Planning,

who will also be managing the project for Anguilla.

The initial visit to Anguilla is to conduct preliminary investigations and

engage a small cross-section of public and private sector stakeholders on

the potential social, economic and financial impacts of the gaming

market on Anguilla’s tourism economy.

To date, the group has provided the Government of Anguilla a scope for

work supporting Anguilla’s research into the feasibility of establishing

casino and related gaming activity under multiple scenarios, and the

effects such developments in the gaming market could have on tourism

volumes, spending, fiscal gains and on the local resident population.

The Innovation Group has experience in more than 100 market areas, with

private organizations, professional associations and government

agencies.

It has worked in almost all 50 U.S. States, and has completed projects in

Europe, South America, Africa, China, Canada, the Middle East, Mexico

and the Caribbean.

The Group has conducted a similar study for the Government of Bermuda,

where they were asked to recommend a gaming implementation

platform, assess market-wide gaming potential for casino, Video Lottery

Terminal (VLT) or lottery based gaming, and recommend what pattern of

distribution would best meet the economic development goals of the

island’s government.

The Government of Anguilla recognizes that there is a divergence of views

on the very sensitive matter of gaming and casinos in Anguilla, and is also

cognizant that Anguilla is in a very competitive international and regional

tourism marketplace – so there is need to provide a more diverse tourism

product for our visitors and varied sets of experiences that may help to

attract more visitors to our shores.

While the Government of Anguilla does not currently have a policy

position on gaming, it is taking an objective position to assessing the final

report on the findings of The Innovation Group, as well as to having

discussions with the various local stakeholders and other entities on the

way forward.

<< Back to news headlines >>

Plans Gearing Up For New Road Bay Project Monday 15th April, 2019 – The Anguillian

There have been two recent developments as plans move ahead for the

construction of the Road Bay Project which will be a new and third jetty,

and other related facilities, at Sandy Ground.

One of the developments is found in the Minutes of the Executive Council

Meeting dated March 21, 2019 – and published on April 2. The Council’s

EX MEM 19/76 relates to the acquisition of property in Registration Section

Road, Block 08412 B, Parcel 172, comprising 0.80 of an acre and

developed with Pelican Villa at Sandy Ground. The land there is part of

the space required for the new facilities to further make Road Bay

Anguilla’s main port of entry for cargo boats and other vessels.

The Executive Council noted that the above property was being

purchased by the Anguilla Social Security Board through its subsidiary, the

Anguilla Social Security Investment and Development Corporation

(ASSIDCO), at a price of US$630,000, on behalf of the Government of

Anguilla for the Road Bay Development Project. The sellers are Mr. William

J. McLaughlin and Mrs. Helen McLaughlin.

The Executive Council stressed that there should be “the exercise of best

efforts and necessary due diligence by the various officials of the

Government of Anguilla, the Anguilla Social Security Board/the Anguilla

Social Security Investment and Development Corporation and the

Anguilla Air and Sea Ports Authority, to achieve the closing of the sale and

purchase transaction.”

This is “to be followed shortly by the transfer and exchange of land with

the Government of Anguilla/Crown in an efficient and timely manner as

possible, cognizant of the target timeline for the implementation of the

Road Bay Development Project.”

The Council “encouraged the officials to work towards a tripartite

agreement and agreed that the Attorney General’s Chambers should be

involved in the agreement and process.”

The second recent development in the plans for the Road Bay Port Project

is the recent announcement by the Manager of the UK-funded Anguilla

Programme, Mr. Darren Forbes-Batey, MBE, that, under a different

arrangement, the UK Government had agreed to a further 6.5 million

pounds for the re-start of the project in 2019/20.

He said his office was “working in cooperation with the consultants, DLN

(based in Barbados), the Anguilla Air and Sea Ports Authority and the

Ministry of Infrastructure, Communications, Utilities and Housing (MICUH) to

deliver the much-needed new port facilities at Anguilla’s one and only

goods/freight port.”

As intimated above, the UK Government had already approved some 6.8

million pounds for the project. The total approved amount for the project

is in excess of 13 million pounds.

The UK Government earlier assisted in providing significant funding for the

repair and improvement of the current Road Bay jetty, which had badly

deteriorated since it was originally constructed by Royal Engineers in 1971.

The urgent repair work had stopped the closure of the jetty, thus giving it

many more years to continue in operation.

Meanwhile, there is a long-term objective to build a deep water harbor,

at Corito, on the southern coast of Anguilla. Little is being heard, however,

about that proposed development – suggesting that it might be

sometime in the distant future

<< Back to news headlines >>

Anguilla Community College Signs Mu With The University Of The Virgin

Islands Monday 15th April, 2019 – The Anguillian

On Thursday, April 4th, the University of the Virgin Islands (UVI) and Anguilla

Community College (ACC) signed a new, 10-year Memorandum of

Understanding (MOU) intended to advance the Human Resource

Development platform on Anguilla.

According to UVI’s Dr. Haldane Davies, Vice President for Business

Development and Innovation, the MOU is “…not just an educational

arrangement – it is also an economic development and sustainability

arrangement.”

The new MOU will diversify the education options available as it will

facilitate Anguillian students’ attendance at any of the UVI campuses. The

MOU will help establish a clear route for transfer of ACC credits to UVI, and

a seamless transfer from ACC Associate Degrees into UVI Baccalaureate

programmes. Additionally, the MOU will launch a UVI scholarship

assistance programme, for eligible students on Anguilla, that is expected

to offer approximately US $6,000 per annum per student, starting from Fall

2019.

Dr Dawson, President of the ACC, sees the new MOU as significant

because the ACC has the dual responsibility of preparing individuals for

the workplace as well as facilitating the achievement of higher degrees

for persons on Anguilla. The MOU allows motivated individuals to attain an

academic qualification at a more economical cost by starting locally on

Anguilla, at the ACC, before moving on to any of UVI’s campuses

including UVI Online.

Students will not be the only beneficiaries. The MOU offers the possibility for

collaborations on joint research projects financed through US government

grants – so that individuals and institu-tions on Anguilla can participate in

cutting edge research projects. Moreover, faculty and staff of the ACC

are expected to benefit from exchanges and attachments for

professional development.

The ACC-UVI partnership is poised to have a powerful educational and

economic impact on our island’s development.

<< Back to news headlines >>

Radio Anguilla Commissions New Transmitter Monday 15th April, 2019 – The Anguillian

The people of Anguilla, across the 35-square-mile territory, should no

longer experience difficulty in tuning in to Radio Anguilla to hear its much-

improved information and progamme broadcasts.

The Government-owned station, formally known as the Department of

Information and Broadcasting, has now commissioned a brand new state-

of-the-art transmitter at the island’s historic Crocus Hill. The equipment is

housed in a section of a small concrete building which also

accommodates, in the other section, equipment operated by the

Department of Information Technology & E-Government Services (DITES)

on behalf of itself and several other Government departments and

offices.

Both Radio Anguilla’s and DITES’ transmitters are linked to the nearby

communications large tower taking their signals across the island. Three

circular antennas, on the southern side of the tower, are owned by Radio

Anguilla. The station’s transmitter was purchased by the Government of

Anguilla at an affordable cost of US$11,000 from its manufacturers in the

United States.

The FM transmitter has an output capacity of 3,000 kilowatts. However, it is

presently operating at 1,700 kilowatts, making the station more powerful

than the other FM stations on the island, except the Caribbean Beacon.

Meanwhile, substantial renovation work is in progress at the studios of

Radio Anguilla and other sections of its broadcasting house. The work is

being funded under the UK Anguilla Programme.

Following that, new equipment, purchased by the Government of

Anguilla, will be installed in the studios to enhance the production of the

station’s news and current affairs programmes.

All of this is a most welcome improvement as Radio Anguilla celebrates its

Fiftieth Anniversary.

<< Back to news headlines >>

VI better equipped to enhance tourism products – Premier Fahie -

…following attendance to Seatrade Global Trade 2019 Monday 15th April, 2019 – Virgin Islands News Online

Road Town, Tortola, VI – Following his attendance of the Seatrade Global

trade in Miami Florida, Premier and Minister of Finance, Hon Andrew A.

Fahie (R1) has indicated that the Virgin Islands (VI) is now in a better

position to enhance its tourism product.

According to a public missive on the outcomes of the event held April 9 to

11, 2019, Premier Fahie who led the BVI delegation said it was crucial to

attend this event to better understand the needs of the Territory’s cruise

partners while nurturing a more beneficial partnership with them.

Productive Meetings

“Equipped with this understanding, the BVI will be better positioned to

enhance the tourism product, and take advantage of the vital training

and career opportunities available for our people,” Premier Fahie said

according to release.

The premier added, “I attended this cruise industry event with clear goals,

and through our productive meetings and the willingness of our valued

cruise partners, I’m pleased to say that I will be working closely with my

team and the cruise lines to address pre-existing challenges that were

highlighted during our meetings,” he added.

Mr Fahie further mentioned that the VI’s relevance and survival in this

industry demands that continuous two-way communication is maintained

with cruise partners, “My administration will ensure that these relationships

are effectively managed to maximize the benefits garnered,” he said.

The premier emphasized that the BVI will continue to work diligently to

maintain and advance its current position within the market, define and

improve its tourism product, and leverage these attributes to provide

opportunities for economic growth, with the people of the territory at the

forefront

<< Back to news headlines >>

San Jose Airport Will Have The First Private Flight Terminal In Costa Rica Monday 15th April, 2019 – Today Costa Rica

The San Jose airport (Juan Santamaria International airport – SJO) will soon

have a terminal exclusive for private flights, announced airport manager

Aeris Holdings, choosing a Universal Aviation Costa Rica to manage it.

Last year, the San Jose airport received more than 800 private flights, a

number that is expected to reach 1,000 for this year.

The facility will operate under the name GAT SJO General Aviation

Terminal and will be of exclusive use for international private operations,

being the first of its kind in the country.

“This project will drastically reduce the time of operators on the ground,

while the experience will be differentiated from the current entry and exit

process, in which commercial passenger lines are mixed,” said Adolfo

Aragón, vice president of Latin America & Caribbean, Universal.

The terminal is located next to the Domestic Terminal (west of the main

terminal) in a separate area that will be remodelled by September 2019.

At the moment, private flights take between 25 and 30 minutes in

procedures. However, hat time will be reduced by about 10 minutes when

the new facilities go into operation.

“The AIJS (Aeropuerto Internacional Juan Santamaría) has been

recognized for the increase in passengers year after year and the

improvement of its facilities; adding the first exclusive terminal for private

aviation operators,” said Rafael Mencía, Executive Director of Aeris Costa

Rica. “It is the culmination of a comprehensive project, which we started

several years ago at Aeris.

With it, we significantly improved the accessibility and attractiveness of

the country, which translates into more opportunities for investment and

development,” Mencía added.

A total airport renovation project, which includes the GAT SJO, is

underway.

Universal Aviation, the ground assistance division of Universal Weather and

Aviation Inc. has operations in more than 50 locations in 20 countries.

<< Back to news headlines >>

Public debt increases to US$1.7B-2018 growth rate revised upwards to 4.1

percent; highest since 2013 Tuesday 16th April, 2019 – Kaieteur News

Government has released its revised figures on the 2018 performance of

the economy with the country’s growth rate pegged at 4.1 percent,

higher than the 3.4 percent that was forecast in November when the 2019

national budget was unveiled.

In the ‘End of Year Outcome 2018’ report released by the Ministry of

Finance yesterday, it was also disclosed that at the end of 2018, Guyana’s

stock of public debt was higher than estimated at US$1,708.4 million, 1.5

percent higher than the projected 2018 figure of US$1,683.7 million at

Budget 2019.

However, the Ministry explained this rise in the public debt stock was due

to higher disbursements in the last three months of 2018, from the Inter-

American Development Bank (IDB) and the China EximBank.

For 2018, the total public debt-to-GDP ratio was 44.2 percent, 0.2

percentage points lower than the budget 2019 projection of 44.4 percent.

Again, the performance of gold was credited with helping the economy

along.

According to the report, belated improvements in gold declarations

during the last quarter of 2018, was a key driver.

The report warned that economic resilience going forward will be largely

dependent on the country’s ability to capitalize on institutional

strengthening and opportunities for diversification. On the fiscal side, there

continues to be challenges to implementing the Public Sector Investment

Programme – public spending on projects.

“More rigorous steps are being applied to project appraisals to ensure a

higher degree of project implementation readiness during 2019 and the

years ahead. Revenue collections remained high, but include a

significant level of arrears as improved compliance and the 9-month tax

amnesty bolstered revenue collections.”

According to the report, global growth, according to the International

Monetary Fund, in its 2019 World Economic Outlook Update, estimated

2019 growth to be 3.5 percent.

With regards to the December 21st no-confidence vote in the National

Assembly, the country is being affected.

“However, political developments in late December 2018, which spilled

into 2019, and unpredictable weather conditions, can pose threats to the

performance of our key sectors. This can be aggravated by the continued

influx of Venezuelans escaping deteriorating economic and social

conditions – in January 2019, it was reported that about 3,868

documented Venezuelan migrants are in Guyana – and the difficult

international conditions – trade tensions and uncertainty as well as

challenging financial circumstances.”

With regards to the sectors, the report said that the agriculture, fishing and

forestry sectors grew by 1.5 percent in 2018, 0.4 percentage points better

than the previous forecast.

This was due to significantly higher production of sugar, livestock and

timber, which resulted in growth in these industries being revised upwards

by 4.8 percentage points, 1.9 percentage points and 1.6 percentage

points, respectively.

Sugar improved?

“The upturn in sugar production was as a result of better-than expected

performance of the second crop, which saw the three operational sugar

estates – Albion, Blairmont and Uitvlugt – surpassing the production levels

achieved in 2017.”

In the forestry sub-sector, production in the last two months of 2018

surpassed expectations, it was reported.

The good news continued in the mining and quarrying sector, which

recorded growth of 2.9 percent in 2018, 5.2 percentage points above the

previous forecast.

“The reversal in this sector was primarily due to higher gold declaration,

which exceeded the previous projection by 7.9 percent. After lower-than-

expected production for much of the second half of 2018, Guyana

Goldfields saw an increase in December 2018, with output rising to its

highest level since August 2018.”

According to the ministry, the manufacturing sector realized growth of 1.0

percent in 2018, 0.1 percentage points higher than estimated in Budget

2019, due to the better-than-anticipated outturn in sugar production.

Other manufacturing, which comprises mainly light manufacturing,

performed in line with its projection, growing by 5.2 percent over 2017.

The construction sector grew by 11.0 percent in 2018, 1 percentage point

lower than projected in Budget 2019. This was primarily due to slower-

than-expected execution of the Public Sector Investment Programme

towards the end of 2018.

MORE LENDING

Over the 12 months, ending December 2018, net domestic credit in the

economy increased by 16.3 percent, to approximately $254.9 billion. This

was faster than the 14.6 percent growth rate projected in Budget 2019

and was supported by higher loans and advances to both the private

and public sectors.

“Credit to the former grew 0.3 percentage points faster than the 3.9

percent projected in Budget 2019, to reach $233.6 billion. This was driven

by a stronger-than-expected expansion in credit to business enterprises in

the agriculture sector, and a smaller-than-anticipated contraction in

credit to the mining and quarrying, and manufacturing sectors. Loans and

advances to the agriculture sector grew by 17 percent to $13.3 billion,

faster than the 12 percent projected in Budget 2019.”

However, credit to the mining and quarrying, and manufacturing sectors

declined by

4.1 percent and 0.3 percent to $5.1 billion and $24.5 billion, respectively,

more slowly than the anticipated contractions of 11.9 percent and 3.7

percent in Budget 2019.

On the other hand, loans and advances to the services sector grew by 5.9

percent to $69.8 billion, slightly less than the 6.1 percent estimated in

Budget 2019.

As it relates to individuals, credit to households expanded by 4.1 percent

to $31.7 billion, 2.0 percentage points above the Budget 2019 projection.

In December 2018, the 12-month inflation rate was 1.6 percent, instead of

the 2.0 percent reported in Budget 2019.

“This was due to all major components of the Consumer Price Index (CPI)

returning lower levels than previously estimated.”

<< Back to news headlines >>

Aurora declares 36,600 ounces for first quarter Tuesday 16th April, 2019 – Kaieteur News

Guyana Goldfields Inc., which operates the Aurora mine in Region Seven,

has announced production of 36,600 ounces of gold for the first quarter.

On January 14, 2019, the company, Guyana’s biggest gold mining

operation, stated that first quarter gold production would be similar to its

fourth quarter 2018 production of 42,750 ounces, based on the now

obsolete 2012 resource model.

“The Company’s balance sheet remains strong with an unaudited cash

balance of approximately US$73 million at March 31 and total debt

reduced to US$35 million. Under the current terms of the loan agreement,

the Company is scheduled to make seven additional quarterly payments

of US$5 million to retire the debt at the end of 2020. The Company is

reviewing options to restructure debt in order to boost its financial

flexibility.”

The disclosures would come as the Canadian-owned company, facing a

bid by a number of shareholders to sack the current board, citing poor

performance, will be holding an annual and special general meeting on

May 22nd.

Scott Caldwell, President & CEO stated: “Management is developing an

optimized production schedule that will, among other things, reduce the

stockpile build up that is currently part of the new LOM plan. Moreover,

management has identified several additional cost savings opportunities

not captured within the new LOM plan that will improve operating and

financial flexibility.”

“Looking ahead, we expect to set a new and higher standard in our

operating performance and provide consistent results based on our new

resource model. We have continued to strengthen our Board and senior

management and have brought on proven expertise to assist with our

operating plan.”

In the first quarter of 2019, the company said it significantly improved

mining and milling volumes compared with the prior year.

Gold recovery averaged 90.5% for the quarter, compared with 91.7% a

year earlier. The company completed the mill expansion, which is

anticipated to enhance capacity and redundancy of the primary

crushing circuit and expected to further lower per unit costs.

Work on the underground decline will resume in the second quarter.

“The contractor will complete and reinforce the collar at Mad Kiss and

extend the exploration decline 200 metres to fulfill the scope of the early

works phase. The Company expects this work will take approximately

three months to complete once the contractor is fully mobilized. A budget

of US$2.0 million has been approved for the early works phase.”

On April 4, 2019, a group consisting of senior Guyana Government officials

and media visited the Aurora Gold Mine.

“The tour successfully met its key objectives, highlighting the safety and

well-managed operations while familiarizing key stakeholders with the

opportunities that lie ahead if and when the Company obtains a permit

for underground mining.”

The Company has submitted an application for an underground mining

permit to the Guyana Geology and Mines Commission.

If approved, the Company proposes to commence commercial

underground mining in 2022. Underground operations would be expected

to add 300 people to the current work force of approximately 720.

<< Back to news headlines >>

Exxon installs first subsea tree for Liza Phase 1 development Tuesday 16th April, 2019 – Kaieteur News

ExxonMobil has successfully installed the first subsea tree for the Liza Phase

One Development Project.

In a missive to the media, the company noted that a subsea tree monitors

and controls the production of a subsea well. Fixed to the wellhead of a

completed well, it can also manage fluids or gas injected into a well.

The oil major said that the tree arrived in Guyana’s waters on the Chouest

C-Installer in February. It said that installation and testing began on April 11

and lasted for four days.

The American multinational said that it was lowered into the water from

the back deck of the multipurpose installation vessel via a crane, set in

1700 metres of water onto the first completed well, latched, and locked

into place using a Remote Operated Vehicle (ROV). The valves were then

pressure tested.

The next tree is expected to be installed in May, the company noted.

Further to this, ExxonMobil said that the Liza Phase One development

includes a subsea production system and a Floating Production Storage

and Offloading (FPSO) vessel designed to have the capacity to process

up to 120,000 barrels of oil per day from four subsea drill centres consisting

of 17 wells, including eight producers, six water injectors, and three gas

injectors.

Production startup is scheduled for early 2020.

<< Back to news headlines >>

Govt ‘Narrowing’ Its $185m Revenue Gap Monday 15th April, 2019 – Tribune 242

The government has narrowed its $185m revenue gap, the deputy prime

minister has revealed, as it “keeps a close eye” on its agencies’ spending

as the 2018-2019 fiscal year-end looms.

KP Turnquest told Tribune Business that the traditionally revenue-rich first

quarter of the calendar year had helped “tighten” the difference

between the government’s actual and projected revenue collection

ahead of the upcoming 2019-2020 budget.

Suggesting this had further boosted confidence that the year-end

$237.6m deficit target will be achieved, Mr Turnquest said the Ministry of

Finance was closely scrutinising all ministries, departments and agencies

to ensure there are no last-minute spending binges “where there is no

legitimate need”.

He added that there were unlikely be to any “major” changes to

expenditure allocations in the 2019-2020 budget, with the Minnis

administration aiming to be “faithful” to a three-year consolidation plan

that targets elimination of the fiscal deficit and payment of $360m in total

unfunded arrears.

The International Monetary Fund’s (IMF) recent visit to The Bahamas for

the annual Article IV consultation had also “confirmed a lot of our

thinking”, Mr Turnquest said, with the concerns it identified already on the

government’s agenda to address.

He revealed that the Deloitte & Touche (UK) study of the Bahamas’ tax

structure, and potential reforms to make it more efficient and equitable,

had effectively been placed on hold by the need to enact reforms to

meet the European Union (EU) and Organisation for Economic Co-

Operation and Development (OECD) demands.

With The Bahamas having addressed their anti-tax evasion concerns, Mr

Turnquest said the Government would seek to “restart” the Deloitte effort

although he gave no dates for when this would happen.

The Government, meanwhile, had been counting on early 2019 to

compensate for the revenue slippage experienced during the 2019 first

half, and Mr Turnquest indicated that the period had not disappointed.

“I don’t have the final numbers yet,” he told Tribune Business of the three

months to end-March 2019, “but I know that what we’ve seen is a

tightening is a tightening of the actual versus the projected.

“I’m feeling good. We are still feeling confident that we will make our

budget based on our forecast for the end of the year, and will continue to

work towards that. The revenue numbers are tightening, which is positive,

and we continue to keep a careful eye on expenditure through the end

of the fiscal year.

“We feel pretty good about where we are, and unless something

completely unforeseen happens we feel comfortable we will be able to

bring it on budget.”

Mr Turnquest, in unveiling the mid-year Budget at end-February, revealed

that full-year revenues were due to come in $185.43m or seven percent

below the $2.649bn target due to a shortfall caused by VAT, gaming and

enforcement underperformance.

He attributed this to the delayed introduction of the increased 12 percent

VAT in key sectors such as construction and hotels, where concessions

were granted to enable them to honour existing contracts and bookings

at the old 7.5 percent rate for several months.

The anticipated increase in web shop taxes also failed to materialise due

to the sector’s resistance and legal action, while the delayed creation of

the Revenue Enhancement Unit (REU) threatened the collection of $80m

in projected revenues from enhanced compliance/enforcement.

However, the first calendar quarter - the third in the Government’s fiscal

year - is traditionally the most “revenue rich” period for the Public Treasury

and appears to have cut the projected $185m shortfall.

Besides coinciding with peak economic activity related to the winter

tourism season, the period features monthly and quarterly VAT

filing/payment; Business Licence fee payments; the bulk of real property

tax payments; and commercial vehicle licensing months.

Mr Turnquest, meanwhile, said the Ministry of Finance was guarding

against long-established practices where government ministries, agencies

and departments - possessing a surplus they had no need for - simply

spent it before fiscal year-end to ensure they received no reduction in

allocation in the upcoming budget.

“During this period agencies sometimes feel they have a need to spend

the money even though they don’t have a legitimate need to do so,” he

told Tribune Business. “If we’re not careful things happen, but we’re

keeping a close eye on it and will closely manage it through the end of

the year.”

Mr Turnquest added that the impending 2019-2020 Budget will be

“faithful” to the Government’s fiscal consolidation plan of trying to

achieve a balanced budget/small surplus by 2020-2021 and paying off all

unfunded arrears.

“I expect the upcoming Budget to be faithful to that with some minor

changes to reflect circumstances that happened in the year, and some

additional priority items that arise as a result of the Government’s plans,”

he said.

“I wouldn’t expect any any major changes to line item allocations in the

next Budget. We’ve projected three years out and want to be faithful to

that as best we can, making the necessary tweaks to to reflect current

circumstances and priorities.”

The IMF recently maintained The Bahamas’ 2019 GDP growth projection

at 2.1 percent, and Mr Turnquest said of the recent Article IV consultation:

“We’re very pleased with the IMF visit; they’ve confirmed a lot of our

thinking.

“Generally speaking, their thinking is in line with ours. They’ve pointed out

areas where there is concern and improvements have to be done, which

is in line with our agenda.”

The deputy prime minister, though, confirmed that the Deloitte UK taxation

study - which was supposed to assess options and alternatives to the

Business Licence regime among other issues - had been delayed as a

result of the need to address EU and OECD concerns.

“We hope to restart that project at some point,” Mr Turnquest said. “We

have our three-year plan already and will continue to work that. However,

as we’ve already said, the Ministry of Finance has to be armed with the

relevant research and forward-looking facts, and have the relevant

options looking into the horizon.

“While not a priority today, it’s important to have all the tools available to

us to address a situation that may arise.”

<< Back to news headlines >>

Bank of America profit tops estimates on growing loan book Tuesday 16th April, 2019 – Reuters

Bank of America Corp reported a better-than-expected rise in quarterly

profit on Tuesday, as a growing loan book and cost cuts made up for a

drop in revenue in investment banking.

The second-biggest U.S. bank benefited from 3 percent growth in

consumer loans and 4 percent growth in loans to businesses in the first

quarter, allowing it to capture more revenue from higher U.S. interest

rates. Revenue rose in two of the lender’s four main businesses.

The bank has benefited from the central bank’s four rate hikes in 2018,

while a strong job market has also kept bad loans in check and borrowing

healthy. BofA relies heavily on higher interest rates to maximize profits as it

has a large deposit pool and rate-sensitive mortgage securities.

Net interest income - the difference between what a lender earns on

loans and pays on deposits - rose 5 percent to $12.38 billion. Average

deposits also rose nearly 5 percent to $1.36 trillion.

However, BofA’s trading desks, like its peers, have had a slow start to the

year due to the U.S. government shutdown and a drop in volatility,

compared with a year earlier when changes in the U.S. tax code and

trade war concerns spurred more trading.

Overall trading revenue declined 17 percent, with equities trading

revenue falling 22 percent and fixed income trading revenue slipping 8

percent.

“ It was a challenging capital markets environment,” Chief Executive

Officer Brian Moynihan said in a statement.

Net income applicable to common shareholders rose 6 percent to $6.87

billion.

Excluding one-time items, the bank earned 71 cents per share, beating

the 66 cents per share analysts on average had expected, according to

IBES data from Refinitiv.

Revenue, net of interest expense, was flat at $23 billion and was below

analysts’ expectations of $23.30 billion.

Non-interest expense fell 4.5 percent to $13.2 billion.

<< Back to news headlines >>

BlackRock profit beats estimates on strong net inflows Tuesday 16th April, 2019 – Reuters

BlackRock Inc beat analysts’ estimates for quarterly profit on Tuesday, as

investors put money into its actively managed institutional and long-term

funds.

Total institutional fund net inflows rose nearly nine times to $29.12 billion in

the first quarter, from a year ago.

The company said it attracted total “long-term” net flows of $64.67 billion,

up from $54.63 billion a year earlier.

Calmer markets in the first quarter, compared to the year-ago period

when volatility was boosted by U.S. tax cuts, encouraged more people to

return to the markets, particularly after deep losses in December 2018.

Total net inflows across all product-types were $64.67 billion, up 13.6

percent from a year earlier.

BlackRock said its iShares-branded ETFs took in $30.69 billion in new

money, compared with $81.40 billion in the fourth quarter.

Net income attributable to BlackRock fell to $1.05 billion, or $6.61 per

share, in the three months ended March 31 from $1.09 billion, or $6.68 per

share, a year earlier. (bit.ly/2XenIdZ)

Analysts expected a profit of $6.13 per share, according to IBES data from

Refinitiv.

<< Back to news headlines >>

J&J beats estimates on pharma strength, raises sales forecast Tuesday 16th April, 2019 – Reuters

Johnson & Johnson beat quarterly profit estimates on Tuesday and raised

its adjusted sales growth forecast for the year, driven by demand for its

treatment for psoriasis and Crohn’s disease and cancer drugs Darzalex

and Imbruvica.

The company said it expects adjusted operational sales for the year to rise

between 2.5 percent and 3.5 percent, compared with its previous

forecast of a 2 percent to 3 percent rise.

Shares of the healthcare conglomerate rose about 1 percent to $137.50

before the opening bell.

J&J’s pharmaceuticals unit, which has been the primary growth driver in

recent years, was again a bright spot for the company, accounting for a

little more than half of its total revenue in the first quarter.

Sales from the business rose 4.1 percent to $10.24 billion, above analysts’

average estimate of $9.72 billion, according to three analysts polled by

Refinitiv.

J&J, the first major drugmaker to report first-quarter results, reported a

slight rise in quarterly sales to $20.02 billion, above the average estimate of

$19.61 billion, according to IBES data from Refinitiv.

The company’s net profit, however, fell 14.2 percent to $3.75 billion.

Excluding items, the company earned $2.10 per share, beating analysts’

estimate of $2.03 per share.

J&J recorded litigation expense of $423 million in the first quarter. The

company did not record litigation expense in the year-ago period.

<< Back to news headlines >>

Goldman Sachs to layoff 98 bank employees in New York Tuesday 16th April, 2019 – Reuters

Goldman Sachs Group Inc plans to lay off nearly 100 employees in New

York in the coming months, according to a filing the bank made with New

York state that was made public on Monday.

The 98 employees are being let go for “economic” reasons and their final

day will be between May 29 and Sept. 28, according to a Worker

Adjustment and Retraining Notification that the bank filed with the New

York State Department of Labor on Feb. 19.

It was not immediately clear in what division of the bank the employees

worked, but they have all been notified about the layoffs, according to a

source familiar with the filing.

Goldman Sachs is known for an annual all-staff review in which the bank

fires around 5 percent of employees for reasons like missing performance

targets. The bank has said that this allows it to make new hires.

The bank employs around 36,000 people worldwide.

Goldman Sachs reported a 13 percent slump in first-quarter revenue

earlier on Monday. Declines in trading, underwriting, investment

management and investing and lending revenues all contributed to the

bank missing analysts’ expectations.

<< Back to news headlines >>

Japan to require crypto exchanges to bolster internal oversight Tuesday 16th April, 2019 – Reuters

Japan’s financial regulator will require cryptocurrency exchanges to

strengthen internal oversight of the so-called “cold wallets” used to store

digital money, a source with direct knowledge of the matter told Reuters

on Tuesday.

The move by the Financial Services Agency (FSA) highlights the difficulties

in ensuring security of virtual currencies, as well as the broader risks for

Japan as it aims to leverage the fintech industry to stimulate economic

growth.

Following a series security lapses at exchanges last year, the FSA restricted

use of less-secure “hot wallets” - where virtual currencies are stored on

platforms directly connected to the internet - prompting exchanges to

shift to “cold wallets”, storage devices that are not connected to the

internet and therefore more secure.

But the FSA has since determined that there are risks of internal theft, even

with the cold wallets, the source said. Some exchanges failed to have

rules where the person in charge of the storage would be regularly

rotated out, the source said, declining to be identified because the

information has yet to be made public.

There are 19 registered cryptocurrency exchanges in Japan although that

includes some that are not yet operational.

The FSA will order the exchanges it deems to have security lapses to

improve their security, the source said. The FSA did not respond to a

request for comment.

Japan in 2017 became the first country to regulate cryptocurrency

exchanges at a national level. Last year hackers stole $530 million of

digital money from a Tokyo-based exchange.

<< Back to news headlines >>

Japan and U.S. hold 'frank and good' trade talks: economy minister Tuesday 16th April, 2019 – Reuters

Japan’s economy minister said he had “frank and good” trade talks with

his U.S. counterpart on Monday, but stressed that currency rates should be

discussed in a different context, between finance ministers.

The meeting comes after U.S. President Donald Trump and Prime Minister

Shinzo Abe agreed last September to start trade talks in an arrangement

that protects Japanese automakers from further tariffs while talks are

underway.

Trump has made clear he is unhappy with Japan’s $68 billion trade surplus

with the United States - much of it from auto exports - and wants a two-

way agreement to address it.

Economy Minister Toshimitsu Motegi told reporters that most of the three-

hour meeting with U.S. Trade Representative Robert Lighthizer was

centered on goods.

Abe has stressed that the new framework would be a Trade Agreement

on Goods, or TAG, not a more wide-ranging free trade agreement that

included investments and services that Japan had resisted.

U.S. Treasury Secretary Steven Mnuchin said over the weekend he sees

good cooperation with Japan on exchange rates, looking to include a

currency provision in any trade agreement to avoid currency

manipulation.

When asked about exchange rates, Motegi said on Monday that Japan

and the United States have already agreed that currencies should be

discussed between respective finance ministers.

Motegi also said he confirmed with Lighthizer that new trade talks would

proceed based on the two nations’ joint statement issued last September.

It said talks “will respect positions of the other government,” drawing lines

on autos and Japan’s agriculture sector.

“We had a frank and very good exchange of views on trade issues,”

Motegi told reporters. He declined to be more specific, but said he would

explain the contents of their talks after the second day of talks on

Tuesday.

A spokeswoman for U.S. Trade Representative declined to comment.

“The U.S. probably doesn’t want to spend much time on trade talks with

Japan and wants an early achievement,” said Junichi Sugawara, senior

research officer at Mizuho Research Institute.

“The focus will be how Japan and the U.S. will find a common ground as

Japan doesn’t want to compromise on farm products and can’t accept

auto export restriction.”

Abe is scheduled to meet Trump in the U.S. in late April for talks on North

Korea and Japan-U.S. trade.

<< Back to news headlines >>

Will upbeat economic data make China tap the brakes on monetary

easing? Tuesday 16th April, 2019 – Reuters

China’s bond market sold off sharply this week as a slew of unexpectedly

strong economic indicators prompted investors to ask if country’s latest

round of monetary easing may be drawing to a close.

The first sign of trouble came when Chinese 10-year Treasury futures for

June delivery, the most-traded contract, fell as much as 0.7 percent in

initial deals on Monday.

While they recovered slightly by Tuesday afternoon, they were still down

0.6 percent from Friday’s closing price.

The yield on benchmark 10-year government bonds has risen more than 7

basis points so far this week, according to Refinitiv data, the latest stage of

a rout that has pushed the yield up around 33 basis points since the end

of March.

At 3.40 percent, the 10-year yield has now retraced to levels last seen in

December.

The latest selling pressure came after robust March credit data on Friday

raised hopes that China’s economy may be starting to stabilize.

Hit by a multi-year financial deleveraging campaign and the trade war

with the United States, China’s economic growth slowed to a near 30-year

low of 6.6 percent in 2018.

Data due on Wednesday is expected to show the weakest first-quarter

economic expansion in at least 27 years.

But March readings to be released at the same time (0200 GMT) are

expected to show faster growth in industrial output, investment and retail

sales, suggesting a flurry of policy support measures in recent months are

starting to kick in.

“The stronger-than-expected credit expansion together with a rebound

(in the) inflation reading reinforced market concerns that China may put

easing monetary policy on hold,” said Tommy Xie, head of Greater China

Research at OCBC Bank in Singapore.

China’s campaign to shore up slowing growth has seen it roll out billions of

dollars worth of additional tax cuts and infrastructure spending this year.

That fiscal stimulus has been accompanied by five cuts to banks’ reserve

requirement ratio (RRR) over the past year as the People’s Bank of China

(PBOC) worked to encourage lending and reduce borrowing costs for

small and private firms.

Economists polled by Reuters before Friday’s credit data had expected

three more RRR cuts this year in the current quarter and the next two, in

line with previous surveys. Many had penciled in the next cut for this

month, though Xie said after the strong lending data that there was no

urgency to roll out more measures at the moment.

A summary of a quarterly meeting of the central bank’s monetary policy

committee published late on Monday suggested a more cautious

approach.

The PBOC said it would maintain control of money supply “floodgates”, a

term absent from the previous quarter’s statement.

“When the central bank reiterates risk prevention, the easing cycle of

monetary policy might be ending,” said Qu Qing, chief economist at

Jianghai Securities.

The policy signal conveyed by the PBOC meeting suggested that

tightening is on the way, and a near-term reduction in reserve

requirement ratio (RRRs) or interest rates is unlikely, he said.

Nomura said in a note on Tuesday that there is much less room for easing

and stimulus in China this time because of surging debt, but added it

would be too early to start withdrawing easing measures as a sustainable

recovery is still in question.

Still, expectations of tightening pushed benchmark five-year interest rate

swaps (IRS) up to a high of 3.25 percent on Tuesday, up from 3.12 percent

at last week’s close.

Frances Cheung, head of macro strategy for Asia at Westpac in

Singapore, also cautioned that any signs of a bottoming out in the

economy were “preliminary”.

“At this junction, policymakers would not want to suffocate growth and

would not like to see funding costs materially higher,” she said.

However, some traders and market watchers said that liquidity conditions

were likely to tighten in mid-April as companies make first-quarter tax

payments, boosting demand for cash and sucking funds out of the

market.

Such liquidity concerns earlier this month had prompted some analysts to

predict an imminent cut to banks’ reserve requirements.

Iris Pang, an economist at ING in Hong Kong, said she maintains her

expectation for an RRR cut this month.

“As trade war uncertainties linger on, there is a need to keep the fast

yuan loan growth to help small private firms survive. An RRR cut is needed

to facilitate fast credit growth,” Pang said in a note.

“China may not need such fast ongoing credit injection into small private

firms. That said, we believe that the central government will allow speedy

credit growth to continue for some time, at least until it is satisfied that the

job market is stable.”

Investors looking for indications of a policy shift will be closely watching

the PBOC’s actions when medium-term lending facility (MLF) loans with a

value of 366.5 billion yuan ($54.65 billion) expire on Wednesday.

A total of 1.1855 trillion yuan worth of the loans is due to mature in the

second quarter, according to Reuters calculations based on official data.

<< Back to news headlines >>

China's policy stimulus may worsen economic distortions Tuesday 16th April, 2019 – Reuters

China’s stimulus measures will shore up economic growth this year and

next but may undermine the country’s drive to control debt and worsen

structural distortions over the medium term, the OECD said in a report on

Tuesday.

Beijing has stepped up fiscal stimulus to prevent a sharper slowdown in the

world’s second-largest economy, which is being squeezed by weaker

domestic demand and a trade war with the United States.

Local governments will be allowed to issue 2.15 trillion yuan ($320.60

billion) worth of special purpose bonds in 2019 to fund infrastructure

projects, a jump of 59 percent from last year.

But S&P Global Ratings estimated last year that local governments were

already sitting on hidden debt that could be as high as 40 trillion yuan.

“Infrastructure stimulus could lift growth over the projection horizon, but it

could lead to a further build-up of imbalances and capital misallocation,

and thereby weaker growth in the medium term,” the OECD said in its

latest survey on China’s economy.

“The stimulus risks increasing once again corporate sector indebtedness

and, more generally, reversing progress in deleveraging,” it said.

China’s corporate debt has fallen to about 160 percent of gross domestic

product (GDP) due to a multi-year clampdown on riskier types of

financing and debt, but the level was still higher than in other major

economies, the OECD said.

The government in March announced tax and fee cuts of 2 trillion yuan

for companies this year, which will lift its budget deficit to 2.8 percent of

GDP this year from 2.6 percent in 2018.

China’s fiscal stimulus could be as high as 4.25 percent of GDP this year,

up from 2.94 percent in 2018, the OECD added.

Easier monetary policy should help reduce the risk of liquidity strains which

could put further pressure on businesses, said Ludger Schuknecht, deputy

secretary-general of the OECD.

But he said Beijing should prevent any policy “overshooting”.

Fiscal policy should aim to support the economy while avoiding any side-

effects, he added.

“I’m sure government authorities and the PBOC are monitoring this

carefully. It’s a matter of implementing it (stimulus) in the right way,” he

told an event ahead of the release of the report.

New bank loans rebounded more than expected in March, and totaled a

record 5.8 trillion yuan for the quarter, as policymakers pushed lenders to

support struggling smaller, private companies, which are seen as higher

credit risks than state-controlled firms.

But there are concerns that looser lending standards may fuel a further

rise in bad loans as well as inefficient investment and speculation,

particularly in the property market.

Underscoring the OECD’s warning about debt risks, data on Tuesday

showed growth in new home prices accelerated in March after cooling

since November 2018.

Average new home prices in China’s 70 major cities rose 0.6 percent,

quickening from a 0.5 percent gain in February, according to Reuters

calculation of data released by the National Bureau of Statistics (NBS).

Home prices in China are expected to rise more this year than predicted

just a few months ago, a recent Reuters poll showed, as the government

urges banks to increase lending and lower interest rates to support the

economy.

The People’s Bank of China (PBOC) has already slashed banks’ reserve

requirement ratio (RRR) five times over the past year and is widely

expected to ease policy further in coming quarters to spur lending and

reduce borrowing costs.

But top officials have repeatedly vowed not to open the floodgates in an

economy already saddled with piles of debt - a legacy of massive stimulus

during the global financial crisis in 2008-09 and subsequent downturns.

China’s economic growth is likely to slow to 6.2 percent this year - the

weakest pace in nearly 30 years, and growth is expected to cool further

to 6.0 percent in 2020, the OECD said. The economy expanded 6.6

percent in 2018.

In March, the OECD cut its 2019 growth forecast from 6.3 percent.

The OECD’s outlook on China’s economy was in line with a Reuters poll

published last week.

Growth of China’s exports of goods and services could slow to 4.5 percent

this year from 5.1 percent in 2018, amid trade frictions with the United

States, the OECD predicted.

China’s current account may swing to a deficit of 0.1 percent of GDP this

year from a small surplus in 2018, amid its rebalancing towards domestic

demand, the OECD added.

<< Back to news headlines >>

Rolls-Royce sees double-digit sales growth in China this year Tuesday 16th April, 2019 – Reuters

Luxury carmaker Rolls-Royce expects to achieve double-digit sales growth

in China this year, although it will be lower than the 40 percent rate it saw

in 2018, its chief executive said on Tuesday.

Torsten Muller-Otvos made the comments to Reuters in an interview on the

sidelines of the Shanghai Autoshow.

“We are well set up for again quite a good growth rate in 2019. We

definitely see double-digit growth,” said the boss of the BMW-owned Rolls-

Royce Motor Cars.

He said growth would, however, unlikely reach the same level as last year.

“I don’t think so. That would be a little bit too much,” he said.

<< Back to news headlines >>

Ex-KKR Asia veterans raise $2.5 billion for first China-focused funds Tuesday 16th April, 2019 – Reuters

DCP Capital, co-founded by former KKR & Co Greater China head David

Liu, said it has raised about $2.5 billion in its debut U.S. dollar and yuan

funds, giving the private equity firm adequate firepower to invest in

Greater China.

The funds add to a massive pool of money for Chinese investment and

underscore investor confidence in the ability to cut deals in the world’s

second-largest economy in the face of economic slowdown and trade

tension with the United States.

DCP in a statement on Tuesday said it raised over $2 billion for its DCP

Capital Partner I dollar fund from investors, known as limited partners. The

fund was “significantly” oversubscribed due to strong demand from

investors such as pension funds, funds-of-funds and sovereign wealth

funds, it said.

Along with a concurrently raised yuan-denominated fund, committed

capital reached about $2.5 billion, putting DCP among several China-

focused investment managers that have funds in both U.S. and Chinese

currencies.

China-focused private equity and venture capital managers raised $37

billion last year in dollar-denominated funds, versus $40 billion in 2017,

according to data provider Preqin. Asia-focused dry powder - money

committed but not yet invested - was a record $291 billion at the end of

2018.

DCP’s investors include Singapore sovereign wealth fund GIC Pte Ltd and

state investor Temasek Holdings Pte Ltd, as well as Canadian public

pension fund Caisse de depot et placement du Quebec (CDPQ), said a

person with direct knowledge of the matter, declining to be identified as

the matter was private.

DCP declined to comment on the investors.

The Hong Kong and Beijing-based private equity firm said it will primarily

seek buyout and significant minority investment opportunities in sectors

that benefit from consumption upgrade and industry consolidation in

Greater China, such as consumer, industrial technology and healthcare.

DCP was set up in 2017 by Liu who was also a co-head of KKR’s Asia

private equity business, and Julian Wolhardt, a former senior KKR

executive in the region after both worked with the U.S. buyout firm for 11

years. Prior to KKR, Liu and Wolhardt led Morgan Stanley’s private equity

business in Asia.

Both had led investments for KKR including in raw milk producer China

Modern Dairy Holdings Ltd, home appliance maker Haier Electronics

Group Co Ltd and leasing firm Far East Horizon Ltd.

DCP has invested about 30 percent of the capital raised in six firms mainly

in China, including COFCO Meat, a unit of state-owned grain-to-real

estate conglomerate COFCO, domestic medical device firm Venus

Medtech, and Singapore-based electronic component maker MFS

Technology, said the person.

<< Back to news headlines >>

Oil slips to $71, hit by talk of higher OPEC+ production Tuesday 16th April, 2019 – Reuters

Brent oil slipped to around $71 a barrel on Tuesday, pressured by

expectations of higher U.S. inventories and concern about Russia’s

willingness to stick with OPEC-led supply cuts.

Analysts on average expect U.S. crude stockpiles to have risen by 1.9

million barrels last week, the fourth straight increase. The first of this week’s

stockpile reports is due at 2030 GMT from the American Petroleum

Institute.

“We have already seen these inventories going higher in the last week’s

print,” said Naeem Aslam, chief market analyst at TF Global Markets in

London.

“The rising inventory data has raised many questions for investors - no one

wants to see the oil glut again.”

Brent crude, the global benchmark, was down 4 cents at $71.14 a barrel

at 1104 GMT. U.S. West Texas Intermediate (WTI) crude gained 6 cents to

$63.46.

While OPEC-led supply cuts have boosted Brent by more than 30 percent

this year, gains have been limited by worries that slowing economic

growth could weaken demand for fuel.

Oil also fell on Monday after comments from Russia raised concern the

OPEC-led supply-cutting pact may not be renewed. Russia and the

producer group may decide to boost output to fight for market share with

the United States, TASS news agency сited Finance Minister Anton

Siluanov as saying.

The Organization of the Petroleum Exporting Countries and other

producers including Russia, an alliance known as OPEC+, have been

cutting output since Jan. 1. They decide in June whether to continue the

arrangement.

“There is a growing concern that Russia will not agree on extending

production cuts and we could see them officially abandon it in the

coming months,” said Edward Moya, senior market analyst at OANDA.

Russian officials sent mixed signals over renewal of the deal with OPEC last

time it was being renegotiated in December, before finally agreeing to

remain on board.

<< Back to news headlines >>

Stocks march to new highs as European volatility vanishes Tuesday 16th April, 2019 – Reuters

Stock markets rose on Tuesday to new six-month highs after reassuring

data about the health of China’s economy and economic sentiment in

Germany helped investors brush aside disappointing bank earnings.

The latest leg higher in a three-month long global rally comes as a degree

of calm has descended across financial markets, with European stock

volatility falling to its lowest since January 2018, exacerbated by a

shortened trading week for the Easter holidays.

The pan-European STOXX 600 topped its strongest since October, and the

MSCI world equity index also rose to a new six-month high.

Germany’s DAX extended its gains to rise 0.66 percent after the monthly

ZEW survey showed the mood improved among German investors for the

sixth consecutive month, while Britain’s FTSE 100 also strengthened.

Wall Street was set to open higher.

The broader moves were tempered, however, after a Reuters story

quoted European Central Bank sources expressing doubt about a

projected euro zone growth rebound.

Italian assets sold off after the Bank of Italy warned that the country’s

deficit would breach European Union regulations in 2020.

Natixis Cross Asset Strategist Florent Pochon said investors were mainly

focused on U.S. earnings, especially after the first flurry of bank results

made for mixed reading.

“After the strong rally we have seen in equities, people are now waiting

for the next catalyst,” Pochon said. “We do expect some more positive

data from Europe which should give a bit of fresh air (to European assets)”

The U.S.-China trade dispute, signs of slowing global corporate earnings

and fears about an economic downturn have weighed on riskier assets in

the past year, but investors have been quick to seize on positive news to

keep the bull-market running.

All eyes are now on Chinese quarterly economic growth data due on

Wednesday. After a worrying start to the year, Chinese numbers have

been more positive as authorities ramped up stimulus measures, soothing

investor fears about a slowdown in the world’s second-biggest economy.

German government bond yields rose 3 basis points to 0.058 percent,

reflecting the positive sentiment as investors bought into riskier assets.

LIRA UNDER PRESSURE

Turkey’s lira was stuck near its weakest levels since October, with tumbling

industrial production numbers adding to concerns about the country’s

economy. The lira was off 0.2 percent at 5.8150 by 1050 GMT.

After a rally to five-month highs on tightening global supplies, crude oil

paused on the prospect of Russia and OPEC boosting production to fight

for market share with the United States. [O/R]

U.S. West Texas Intermediate rose slightly to $63.5 per barrel, while Brent

crude, the global benchmark, was little changed at $71.22 a barrel.

Spot gold prices dipped as risk appetite dented demand for the precious

metal’s save-haven credentials.

In currency markets, the euro dipped 0.2 percent after the Reuters story

on ECB sources questioning forecasts for an economic rebound. The

single currency later recovered to $1.1301, down marginally, while the

dollar was unchanged.

The Australian dollar dived after the central bank said an interest rate cut

would be appropriate should inflation stay low and unemployment trend

higher.

The Aussie shed 0.4 percent to $0.7144.

Many investors are now waiting on Chinese gross domestic product

(GDP). A Reuters poll forecast first-quarter growth to have cooled to 6.3

percent, the weakest pace in at least 27 years, but a flurry of measures to

boost domestic demand may have put a floor under slowing activity in

March.

Stephen Gallo, European Head of FX Strategy at BMO Capital Markets,

said investors should scrutinize price moves in oil, emerging market equities

and base and precious metals for the remainder of this week.

“For the most part, those indicators demonstrate that the global ‘reflation

and growth stabilization trades’ have already come a long way,” he

wrote in a research note to clients.

“This further emphasizes the fact that, broadly speaking, investors are

waiting for catalysts, which will take the form of either 1) big news on

trade talks, 2) a sustained and convincing shift in the economic data one

way or another or 3) new central bank action.”

<< Back to news headlines >>

World economy, Brexit delay boost German investor morale Tuesday 16th April, 2019 – Reuters

German investor morale improved for the sixth month in a row due to a

resilient global economy and a delay to Britain’s departure from the EU, a

survey showed on Tuesday, but the growth outlook for Europe’s largest

economy remains clouded by external risks.

The German government is expected to slash its 2019 growth forecast

later this week as exporters struggle with weaker demand from abroad,

trade tensions triggered by U.S. President Donald Trump’s “America First”

policies and Brexit uncertainty.

ZEW President Achim Wambach said the slight improvement in economic

sentiment was largely based on the hope that the global economy would

develop less poorly than previously assumed.

“The postponement of the Brexit deadline may also have contributed to

buoy the economic outlook,” Wambach said.

The ZEW research institute said its monthly survey showed economic

sentiment among investors improved to 3.1 from -3.6 in March. Economists

had expected a smaller increase to 0.8.

A separate gauge measuring investors’ assessment of the economy’s

current conditions fell to 5.5 from 11.0 in the previous month. Markets had

predicted a dip to 8.0.

Recent German data has painted a mixed picture of the economy.

Industrial orders tumbled and manufacturing output stagnated in

February while construction boomed and retail sales rose more than

expected in the same month.

Chancellor Angela Merkel’s government will update its growth forecasts

for this year and next on Wednesday.

A government source told Reuters on Friday that Economy Minister Peter

Altmaier will halve the estimate for 2019 to 0.5 percent, lower than a

recent estimate of 0.8 percent by Germany’s leading economic institutes.

The government’s last forecast in January was for 1 percent growth in

2019.

Bundesbank President Jens Weidmann and Finance Minister Olaf Scholz

both said at the sidelines of the International Monetary Fund and World

Bank spring meetings in Washington last Friday that they expected the

economy to rebound after its soft patch.

<< Back to news headlines >>

UK wage growth at new decade high as employers hire in the face of

Brexit Tuesday 16th April, 2019 – Reuters

British workers’ pay grew at its joint fastest pace in over a decade as

employers extended their hiring spree, adding to signs that uncertainty

about Brexit is prompting firms to take on workers rather than commit to

longer-term investments.

Contrasting with other sluggish readings of Britain’s economy, total

earnings, including bonuses, rose by an annual 3.5 percent in the three

months to February, official data showed, in line with a Reuters poll of

economists.

That was the joint highest rate since mid-2008 although in the month of

February on its own the pace of wage growth slowed.

Britain’s labor market has defied the approach of Brexit, helping

households whose spending drives the economy. Last week, Britain’s exit

from the EU was delayed until October.

Employment grew by 179,000 in the three months to February, in line with

the Reuters poll forecast, helping to keep the unemployment rate at 3.9

percent, its lowest since early 1975, the Office for National Statistics said.

However, the jobs surge could reflect nervousness among employers

about Brexit and risks aggravating Britain’s long-standing productivity

problem, the Achilles heel of the world’s fifth-biggest economy.

Workers can be hired and then fired if the economy takes a hit, whereas

investment in technology and new machinery — which helps the

economy over the long term — fell throughout 2018.

PRODUCTIVITY PROBLEM

“The elongated period of uncertainty has kept businesses in a hiring

cycle,” Tej Parikh, an economist at the Institute of Directors, an employers

group, said.

“Without a pick-up in investment, low productivity will also keep wages

from growing further, particularly when considering the higher regulatory

costs businesses are facing this tax year.”

Data earlier this month showed output-per-hour rose by only 0.5 percent in

2018, well below the annual average of 2 percent before the global

financial crisis.

Accountancy firm Deloitte said on Monday that large British-based

businesses were increasingly focused on cashflow as they worried about

the long-term economic hit from Brexit.

The ONS said the increase in jobs over the past year was all coming from

full-time workers, both employees and self-employed.

Average weekly earnings, excluding bonuses, rose by an annual 3.4

percent, the ONS said, in line with the Reuters poll and down from 3.5

percent in the three months to January.

It was the first fall in that measure of pay growth since the middle of last

year.

The strength of the labor market is pushing up wages more quickly than

the Bank of England has forecast, leading some economists to think it

might move quickly to raise interest rates once the Brexit uncertainty lifts.

The BoE forecast in February that wage growth would slow to 3.0 percent

by the end of 2019 with the overall economy likely to grow at its slowest

pace in a decade.

<< Back to news headlines >>

European shares rise for fifth day on banks boost Tuesday 16th April, 2019 – Reuters

European shares gained for the fifth day on Tuesday, bolstered by bank

and retails stocks while data out of China added to hopes of stabilization

in the world’s second-largest economy.

The pan-European STOXX 600 index gained 0.2 percent by 0928 GMT led

by Germany’s DAX 0.6 percent rise while Spanish and Italian bourses were

flat to modestly lower.

Also encouraging investors was a ZEW survey showing the mood among

German investors improved in April, as the growth outlook for Europe’s

largest economy brightened amid a resilient global economy and a

delay to Britain’s departure from the EU.

Zalando jumped more than 10 percent, making it the top performer on

the STOXX and pushing the retail sector 0.7 percent higher after the e-

commerce company said it expected to post an operating profit for the

first quarter.

Another major boost to STOXX 600 were banks, the best performing sector

this month after auto stocks.

Big Wall street banks Goldman Sachs and Citigroup reported

disappointing revenue estimates on Monday, sending their shares lower.

Still, both lenders beat quarterly profit estimates.

“We saw a sort of a selloff in Wall Street giants Goldman Sachs and

Citigroup but if you look at the earnings, you can clearly see the earnings

were really really strong,” said Naeem Aslam, chief market analyst at TF

Global Markets (UK) Ltd in London.

“This optimism is really feeding into the European banking sector as well.

When they will start to announce their earnings, the expectations are high

that we are going to see some good numbers coming out of the

European banks after a long time.”

Italy’s top bank, UniCredit SpA, gained after it and two subsidiaries agreed

to pay $1.3 billion to U.S. authorities to settle investigations of violations of

U.S. sanctions on Iran and other countries.

Steel pipe maker Tenaris also led gains on the pan-region index after an

Argentine court reversed a decision against the company’s chief

executive and chairman.

Security company G4S gained after it reported a 4.8 percent rise in first-

quarter revenue and said it had made good progress in a review to

separate its cash business.

Italian utility Ascopiave rose after A2A and other utilities made a joint non-

binding bid for its assets.

Lufthansa reversed early losses to edge up 0.4 percent. Germany’s

biggest airline posted a loss in the first-quarter hurt by rising fuel costs and

overcapacity in Europe.

Hays Plc tumbled 4 percent as the British recruiter missed expectations for

quarterly net fee growth below due to weakness in its biggest market,

Germany.

Oil stocks including BP, Total and Royal Dutch Shell were the biggest

weights on the STOXX 600, tracking declining crude prices.

Investors breathed a sigh of relief last week after central banks in the

United States and Europe maintained their dovish stance and Britain

lawmakers got an extension on their country’s exit from the European

Union.

Signs that Sino-China trade talks are in their final stages have aided the

recent buoyant mood. Closer to home, the European Trade Commissioner

said late Monday that the European Union is ready to start talks on a

trade agreement with the United States and aims to conclude a deal

before the end of the year.

The index of STOXX 50 volatility, the main gauge of market anxiety in

Europe, fell for the sixth day to touch its lowest since mid-January 2018.

<< Back to news headlines >>

Euro slips on report that ECB policymakers doubt euro zone growth Tuesday 16th April, 2019 – Reuters

The euro fell on Tuesday after several European Central Bank

policymakers expressed doubt about a projected growth recovery in the

second half of the year.

The concerns about the euro zone’s economy come five weeks after the

ECB pushed out the timing of its first post-crisis rate hike until 2020.

The single currency fell 0.2 percent to $1.128 after sources told Reuters

that ECB policymakers think the bank’s economic projections are too

optimistic as growth weakness in China and trade tensions linger.

Major currencies traded within narrow ranges.

Traders are waiting for Chinese gross domestic product data on

Wednesday, which may indicate the worst is over for the global

economy.

Chinese exports and credit data last week signaled some stabilization in

economic conditions.

Market volatility has eased to multi-year lows in recent weeks, though

optimism over U.S.-China trade talks and strong Chinese economic data

seem to be pushing investors out of safe havens and into riskier currencies,

seeking higher yields.

The Australian dollar was the surprise loser after Australia’s central bank left

the door ajar for a possible interest rate cut.

The Reserve Bank of Australia believes cutting interest rates would be

“appropriate” if inflation stays low and unemployment rises, the central

bank’s April board meeting minutes showed.

“That fuels expectations that not only will the next move be a cut, but that

it will come this year,” Societe Generale analyst Kit Juckes said.

The Australian dollar lost 0.4 percent to $0.7144 after the release of the

minutes, coming off Friday’s near seven-week high.

The Japanese yen remained close to 2019 lows against the U.S. and

Australian dollars.

The dollar held steady against a basket of other major currencies on

Tuesday, with investors cautious as they looked for signs of stabilization in

the global economy.

The dollar index traded flat on the day at 96.950 after ending the previous

session little changed.

“The higher-yielding dollar, with its interest rate differential versus the

average of G10 foreign exchange being close to a two-decade high,

continues to retain support,” analysts at ING said in a note to clients.

“For low-yielding major currencies it is difficult to go against the dollar’s

meaningful interest rate differential at this point,” said the note.

<< Back to news headlines >>

Total CEO says company pledges 100 million euro to rebuild Notre-Dame Tuesday 16th April, 2019 – Reuters

French energy major Total will make a 100 million euro ($112.98 million)

contribution to the reconstruction of the Notre-Dame cathedral, the

company’s Chief Executive Officer Patrick Pouyanne said on Tuesday.

Total’s pledge joins that of billionaire businessman Bernard Arnault’s family

and his LVMH luxury goods group and other French industry tycoons who

have promised funds for the rebuilding of the cathedral.

<< Back to news headlines >>

India's Wipro fourth-quarter profit rises 38 percent Tuesday 16th April, 2019 – Reuters

Indian software services exporter Wipro Ltd on Tuesday posted a 38

percent rise in fourth-quarter profit, helped by a strong performance from

its banking, financial services and insurance segment.

Net profit rose to 24.84 billion rupees ($356.54 million) in the three months

to March 31, from 18.03 billion rupees in the same period a year earlier,

the company said.

Wipro also said it will buy back shares worth up to 105 billion rupees.

Revenue from its mainstay IT services business grew 11.1 percent, driving

the Bengaluru-based company’s total revenue to 150.38 billion rupees

from 138.24 billion rupees last year.

Earlier in the day, Wipro said some of its employee accounts may have

been hacked due to an advanced phishing campaign without revealing

which clients had been affected.

($1 = 69.6700 Indian rupees)

<< Back to news headlines >>

EXIM plotting course to outperform its own target Sunday 14th April, 2019 – Jamaica Gleaner

Managing Director of EXIM Bank Jamaica Lisa Bell is looking to

Government’s promise that funds from dormant ­accounts could find their

way into the productive sector as low-interest loans.

Industry, Commerce, and Agriculture Minister Audley Shaw committed last

September that the $45 billion of estimated dormant funds would be

made available to micro and small businesses as financing.

Last fiscal year, EXIM Bank distributed a record $9.47 billion in loans,

according to Bell, who is looking to top that performance this fiscal period,

ending March 2020, even though the agency’s budget for ­disbursements

falls below that.

“Our target stands at $9.36 billion. It may sound counter-intuitive, but we

only can lend as much as we have. The only way around that is whether

we are lending short term or medium term,” Bell told the Financial

Gleaner.

That is why she is hoping for movement on the initiative around dormant

funds, saying that those resources could buttress EXIM’s holdings, which

would mean more funds to lend to the productive sector.

“Although we’ve cast a budget of $9.36 billion, we really are hopeful that

once we get those funds, we’ll be able to project even higher levels of

loan utilisation,” Bell said.

POSITIVE ECONOMY

EXIM has already seen an uptick in loan utilisation in the last two quarters.

Bell pins the take-up of funds to a sense of “positivity” about the

economy, which is pushing businesses to invest and expand. Additionally,

the environment around interest rates, which are still falling, has spurred

SMEs to do projects like retooling, she added.

Loan utilisation, or take-up, at EXIM Bank moved from $7.3 billion in fiscal

2018 to $9.47 billion in 2019, a 239 per cent increase. Bell said that the

bank experienced loan growth in tourism, especially in the linkages sector,

but there was also an uptick in disbursements in the mining, coffee, and

agro-processing sectors.

In July 2018, the bank launched a loan sale in addition to the special loan

fund targeted at the tourism sector. In an update on the facility backed

by the Tourism Enhancement Fund, Bell said that up to March this year, it

had attracted $1.47 billion in proposals with $884 million in loans approved

and $717 million disbursed.

EXIM loans are currently priced within a range of seven-13 per cent for

debt denominated in Jamaican dollars, and six-eight per cent for USD

loans, according to Bell. The delinquency rate on repayments is currently

at 2.16 per cent, less than half the industry standard of five per cent.

<< Back to news headlines >>

JPS invests US$25m in storage facility to address power fluctuations Sunday 14th April, 2019 – Jamaica Gleaner

Power utility Jamaica Public Service Company, JPS, will commission a

US$25 million storage facility in phases this year as a safeguard against

power outages.

The 24.5 megawatt plant, the first of its kind for Jamaica, will be installed

at the company’s Hunt’s Bay power station in Kingston.

“We expect to get some of it functional by the second quarter of this

year,” Blaine Jarrett, JPS vice president of energy delivery, said Thursday.

That period would be anywhere between now and June.

The full commissioning of the storage facility will occur before year end. It

will act like a giant battery that charges when solar or wind-energy plants

generate energy, and release power during low periods of renewable

power generation, arising from cloud cover or low wind speeds.

Renewables as a source of electricity, both generated by JPS and its

independent power providers, have been incorporated into the national

grid since 2016. The result was cleaner fuel but fluctuating power during

low periods.

The storage facility will allow the company to maintain consistent power

supply and curtail the power fluctuations. Jarrett said customers in

Manchester and its environs will benefit from less power cuts following the

installation of the storage facility.

Peak energy usage in Jamaica occurs between 6.30 p.m. and 9.30 p.m.,

which matches the time that solar plants reduce power generation,

according to previous disclosures by JPS. Additionally, wind farms

optimally generate power at nights but after peak periods. The energy at

the new facility would be brought into play at peak periods, utilising the

power already stored.

The project arose out of board discussions at JPS in mid-2017, on the need

to develop a hybrid energy storage solution in consultation with the Office

of Utilities Regulation.

The addition of renewable to the grid is part of a energy diversification

programme that sees JPS moving away from heavy fuel oil and

rebalancing the energy mix with natural gas as well as cleaner fuels.

JPS currently generates 11 per cent of its power from renewables, and 50

per cent from LNG. The power utility expects to increase its reliance on

LNG to some 80 per cent in five years.

<< Back to news headlines >>

Sandals Resorts named UK Superbrand for 11th consecutive year Monday 15th April, 2019 – Jamaica Observer

SANDALS Resorts has, for the 11th consecutive year, been awarded the

United Kingdom Superbrands, one of just nine travel companies in the

world to receive this distinction.

The Consumer Superbrands survey has been tracking the perception of a

wide-range of brands in the United Kingdom since 1995. This year's survey

featured 1,596 companies across 78 different categories, ranging from

'Automotive Products' to 'Vitamins & Supplements'. The research process,

managed by The Centre for Brand Analysis (TCBA) and Dynata, one of

the world's largest survey and market research companies, followed a

voting process involving a national representative sample of 2,500 British

consumers.

Sandals Resorts joins Hilton Hotels & Resorts, Marriott Hotels & Resorts,

Premier Inn, Holiday Inn, Travelodge, Centre Parcs, Radisson Hotels and

Crowne Plaza as the other travel companies to receive this designation in

2019.

Managing director of Unique Vacations UK Ltd, representatives of Sandals

Resorts in the UK and Europe, Karl Thompson, said of the achievement,

“We are extremely proud that our Sandals Resorts brand has maintained

the coveted Superbrands status for another year. This is a testament to our

innovative product and strong brand values that we strive to continually

build on.”

His sentiments were echoed by Adam Stewart, Sandals' deputy chairman,

who said, “It is indeed an honour to receive this accolade for the 11th

consecutive year. Our UK market is very important to us and it is rewarding

and exciting to know that our consumers there think highly of our brand.

We are truly humbled and remain committed to continuously providing

the products and unmatched service that our brand is known and loved

for.”

Brands do not pay or apply to be considered for Superbrands status but

instead, all the key players in each sector are voted on. Voters were

asked to judge brands against the three core factors inherent in a

Superbrand: quality, reliability and distinction. Additionally, a range of

both short and long-term factors influence the way consumers vote. This

includes the brand's current profile, its latest marketing activities and new

product and service developments.

In addition to the British public vote, which was weighted to reflect the

breadth of opinion across the whole country, all brands awarded

Superbrand status were also highly rated by an objective and voluntary

council of senior industry experts to provide a secondary quality control

mechanism.

Stephen Cheliotis, CEO of The Centre for Brand Analysis and chairman of

Superbrands, said: “UK consumers have a rich, abundant choice of

brands for almost everything they might wish to purchase. The

commercial success of a given brand is, therefore, highly correlated to

consumer sentiment, perception and desirability. Being highly regarded

and deemed a Superbrand by the public is an important indicator of a

brand's market strength, competitive position and prospects. As we enter

increasingly unsettled times, possessing a strong Superbrand provides

businesses with a vital and valuable asset.”

<< Back to news headlines >>

Dolphin Cove row taken to court Tuesday 16th April, 2019 – Jamaica Observer

A plan by the operators of tourist attraction Dolphin Cove to establish a

dolphinarium in Discovery Bay, St Ann, is now the subject of a legal

challenge in the Supreme Court.

The action — which names Dolphin Cove Ltd, National Environment and

Planning Agency (NEPA), Natural Resources Conservation Authority

(NRCA), the Town and Country Planning Authority, and the St Ann

Municipal Corporation as respondents — was filed on April 2 by Erica

Downer Hamilton, Discovery Bay Community Development Committee

(CDC) Ltd, Alloa Fishermen Co-operative Society Ltd, John Greaves, and

Jennifer Greaves.

Essentially, the applicants have filed for leave to be granted to apply for

judicial review in anticipation of the decision of the NRCA and the Town

and Country Planning Authority to renew Dolphin Cove's beach licence,

which expired on March 31.

The applicants are also seeking a declaration requiring Dolphin Cove Ltd

to conduct an environmental impact assessment on the Discovery Bay

area, prior to any application by the company for a renewal of the

beach licence and/or prior to the granting of a renewal of the licence.

They also want the court to restrain NEPA, NRCA and the Town and

Country Planning Authority from renewing the beach licence on the basis,

they said, that “there has been a complete failure to assess the

environmental impacts that the dolphins will have on the bay, which is in

breach of several of the conditions indicated in the licence”.

In addition, the applicants are charging that their right, under the

constitution, “to enjoy a healthy and productive environment free from

the threat of injury or damage from environmental abuse and

degradation of the ecological heritage” has been breached, and as

such they are asking the court for an order for constitutional redress, by

way of damages.

According to the applicants, the development and operation of a

dolphinarium “will result in the complete and/or catastrophic loss of the

marine resources at Discovery Bay, based on the scientifically proved

effects of holding dolphins in captivity within a lagoon area and special

fisheries conservation area”.

They are also claiming that the environmental permit and beach licence

were “granted without proper consultation with the immediate

community”, or without “first having an environmental impact assessment

done, which would include the necessary and required scientific studies

for the ecologically sensitive area”.

Last month, Discovery Bay residents staged a protest metres from

Parliament in downtown Kingston, demanding that the Government

withdraw its approval for the construction of a new Dolphin Cove

attraction in the bay.

According to CDC President Lee Arbouin, the Government had granted a

restricted permit for a new Dolphin Cove attraction at Puerto Seco Beach,

despite objections raised by scientists at The University of The West Indies

marine lab, Jamaica Environment Trust, the CDC, and the Fishermen's Co-

op.

Arbouin said that while the current proprietor of Puerto Seco has done a

wonderful job with the beach, he has “extended this to include a dolphin

cove, which is a disaster environmentally to the reef, to the seagrass, and

to human beings” .

She also expressed concern that the waste from the dolphins will likely

pollute the bay, as there is little forward movement in bays to quickly get

rid of contaminants.

“Because of the water circulation it will stay in the bay, it will damage the

bay; and we, the people, will soon not be able to swim because it will be

polluted. So our children will have nowhere to swim, our elderly will have

nowhere to swim; and so we are saying to the people, 'Stand with us and

make your voices heard',” Arbouin said, adding that the group has

gathered 21,000 signatures for a petition against the dolphinarium.

<< Back to news headlines >>

SCJ Holding accelerating housing, community programmes Tuesday 16th April, 2019 – Jamaica Observer

SUGAR Company of Jamaica Holdings Limited (SCJH) will be accelerating

its housing development and community regularisation programme for

the benefit of displaced sugar workers and their dependents.

Some five communities are targeted for the 2019/20 financial year, with

the programme expected to continue for the next four years.

SCJH is also seeking to attract new investments across the six parishes in

which the entity owns land.

It is anticipated that this initiative will contribute to the production of

renewable energy from biomass and solar; enhance agricultural

production; and facilitate further housing developments, thereby creating

new jobs.

The information is contained in the 2019/20 Public Bodies Estimates of

Revenue and Expenditure.

Focus is also being placed on improving the land management plan,

which is expected to provide a framework to guide the day-to-day land

and resource management operations of SCJH's assets, and identify new

joint ventures for lease and development of sugar lands.

The SCJH, which was incorporated in June 2009 and tasked to complete

the divestment of the Government sugar assets, projects a net surplus of

$255.91 million this year, up from $142.54 million during the 2018/19 fiscal

year.

On completion of the privatisation of the sugar companies, SCJH was

mandated to manage the post-divestment obligations, which involved

fulfilling the contractual obligations of the Government as set out in

various sales and purchase agreements.

Other major responsibilities include the management of lands located in

several sugar-dependent communities, relocation of displaced sugar

workers, data archiving, social welfare services, and the monitoring of

new investors in the implementation of the business plans.

<< Back to news headlines >>

Ministry confirms joint bargaining policy at JISCO/Alpart Tuesday 16th April, 2019 – Jamaica Observer

THE Ministry of Labour and Social Security (MLSS) has confirmed the

recognition of three leading trade unions as joint bargaining partners for

the staff of the JISCO/Alpart plant in Nain, St Elizabeth.

The ministry last week acknowledged receipt of a letter from the

company to the minister, Shahine Robinson, indicating its decision to

voluntarily recognise the three unions — Bustamante Industrial Trade

Union, National Workers Union, and the Union of Clerical, Administrative

and Supervisory Employees — as joint bargaining partners at the Alpart

plant.

The ministry had written to the unions seeking to confirm their acceptance

of the proposal from JISCO/Alpart for the company's voluntary

recognition of their presence. The unions have since responded,

confirming their agreement with the proposal and their intention to work

jointly in representing the workers.

JISCO made the suggestion in January, fearing that a growing rivalry

between the unions for bargaining rights on behalf of more than 800

employees at the plant could lead to an unstable industrial relations

climate, and setback the Chinese parent company's efforts to have the

plant in full production mode as soon as possible.

JISCO (Jiuquan Iron and Steel Company Limited) signed an agreement in

July 2016 with UC Rusal for the transfer of ownership of Alpart. JISCO plans

to invest more than US$3 billion to undertake the development of the Nain

plant, where it now operates a refinery which had been closed for close

to nine years under UC Rusal's ownership. In addition, JISCO plans to invest

another US$3 billion in the Jamaican economy to generate approximately

60,000 jobs, including the development of a special economic zone (SEZ),

all of which were expected to have started in January and roll out over

the next two to eight years.

However, ground has not yet been broken for the project. A framework

agreement for the undertaking was signed in February last year by

minister without portfolio in the Ministry of Economic Growth and Job

Creation, Mike Henry. The industrial park and SEZ will focus mainly on

fabrication, processing and assembly for export.

In the meantime, chairman of JISCO, Chuming Chen, who had taken a lot

of interest in the developments in Jamaica, has left the post and there has

been no statement from the company as to whether the plans are still on

track.

Chairman of the Jamaica Bauxite Mining Limited, Ambassador Clifton

Stone, told the Jamaica Observer that although he was aware of the

change in leadership at the company, he was not aware of any changes

in the investment plans for the Nain area.

However, JISCO has insisted that the next 24 months of the operations at

Alpart are “a particularly sensitive period” for the investment.

<< Back to news headlines >>

Jamaica gets $2.8B in budgetary support from EU Tuesday 16th April, 2019 – Jamaica Observer

THE European Union (EU) is providing close to $3 billion in budget support

to strengthen Jamaica's public financial management structure and its

forest management/climate resilient projects.

Agreements for the two projects were signed at the Jamaica Pegasus

hotel in New Kingston yesterday, as a prelude to the start of the

Cariforum-EU Regional Consultations on a successor agreement to the

current African, Caribbean, and Pacific (ACP)-EU Cotonou Partnership

Agreement at the same venue.

The Cotonou agreement has covered trade relations between Europe

and its former colonies and departments for the past 18 years, after being

signed in 2000 in Cotonou, Benin, by 78 ACP countries and the then 15

member states of the EU.

However, it will end in 2020, and the parties are currently discussing a

successor agreement in Kingston under the chairmanship of Minister of

Foreign Affairs and Foreign Trade Senator Kamina Johnson Smith. The

discussions also include Caricom Secretary General Irwin LaRocque and

representatives from the member states.

The EU funds include €3.65 million ($509.1 million) to be used to boost the

Public Financial Management (PFM) programme in the Ministry of Finance

and the Public Service. The programme was initiated in 2015, on the

recommendation of the auditor general, to improve oversight of

government budgetary expenditures. However, it did not take off until the

visit of a Caribbean Regional Technical Assistance Centre (CARTAC)

technical assistance mission in April, 2017.

The other agreement was for €16.55 million ($2.3 billion) to improve the

country's sustainable climate resilience projects, primarily in the area of

forestry.

Senator Johnson Smith noted that the EU represents the largest provider of

grant resources to Jamaica, through its cooperation programme in

support of Jamaica's national development plan, Vision 2030.

She said that the Finance Management Reform Programme has been an

important element of Jamaica's macroeconomic stabilisation

programme.

The minister also welcomed the assistance for the climate resilience

projects, noting that the programme is aimed at better utilising forest

resources for economic and social purposes.

“Over the years, the EU has provided in excess of €1 billion in financial and

technical assistance to Jamaica. This consistent support has positively

impacted the lives of Jamaicans in so many ways. The reach and breadth

of the EU assistance over the years has been significant,” Senator Johnson

Smith noted.

European Union Commissioner for International Cooperation and

Development Neven Mimica hailed the Public Finance Management

Reform Programme for its efforts to identify breaches and weaknesses in

public spending.

He noted that the reform programme is assisting the Government in

building the necessary structures of a modern integrated financial

management system to improve public governance, transparency,

accountability, and delivery of public services.

“Under the forestry programme we want to support the government's

vision of maximising natural resources, including biodiversity, and to adapt

to environmental and socio-economic changes with a special attention

to low emission and climate resilient economies,” he said.

<< Back to news headlines >>

BICO to rebuild State-of-the-Art Ice Cream Factory Sunday 14th April, 2019 – Barbados Today

Barbados’ “Heritage” ice cream company is preparing for a long-

anticipated homecoming with a new modern factory scheduled to be

ready and producing before the 2019 winter season.

BICO Executive Chairman, Edwin Thirlwell said architects, engineers and

suppliers are already fully engaged with the project. The original factory

was destroyed by fire in 2009.

In announcing the good news, Thirlwell thanked government for its

support, confirming that the new facility would retain the BICOs

manufacturing status that would be vital for the factory’s competitiveness

in markets, local, regional and beyond.

He said customer satisfaction remained BICO’s top priority and confirmed

the new facility would be equipped to produce a wider range of

products and flavours to meet customers demand. The new facility will

also include a visitor gallery to enable factory visits by groups, without

compromising HACCP food safety standards, with a hospitality room to

sample and entertain locals and visitors.

Thirlwell added that in the meantime, customers can expect new lower

prices across the full range of BICO products beginning from Friday, April

12, and available island wide from participating retailers, BICO mobilers,

and from the BICO Direct Outlet.

In addition to continued support from customers and government, the

Executive Chairman emphasised the importance of enforcing a “level

playing field” being essential for the viability of local manufacturing. He

noted that by law imported ice cream products from outside CARICOM

are subject to duties and a bound rate in order to encourage regional

manufacturers in various industries. Added to that, large overseas

producers in the US, Canada, the UK and Latin America enjoy subsidies

and economies of scale which are not available in Barbados or the

region.

At the same time, Thirlwell said, packaging and labelling standards

compliant with the Barbados National Standards Institution (BNSI) and

those of the Ministry of Consumer Affairs must be “consciously and

consistently applied for the protection of consumers by the regulatory

agencies”.

<< Back to news headlines >>

Scotia to close Holetown branch Saturday 13th April, 2019 – Barbados Today

Scotiabank account holders on the West Coast will have to travel a bit

further to conduct business in the next few months.

That’s because the bank is closing its Holetown branch on July 19, the

bank said in a release today.

It however said that an automatic banking machine will be maintained at

the Rubis service station in Holetown.

While the Canadian bank continues to shrink its regional footprint by

exiting some countries altogether, it is closing branches where it remains

including Barbados where it has been since 1956.

Yet it said its decision to close the Holetown branch was as a result of its

customers’ changing behaviour.

The Holetown operations are to be consolidated into the bank’s newest

branch at Warrens, St. Michael, it said.

But Scotiabank is promising no job losses as a result of the closure and that

all of its affected workers would be integrated into its other branches.

Scotiabank said: “The decision reflects a change in the way customers

are banking. There was careful consideration of several factors including

an aging branch with space constraints, and how and where we can

best serve our customers.

“There will be no jobs lost as a result of this consolidation. Some employees

will be reassigned to other positions within the business.

“Scotiabank remains committed to Barbados. The bank continues to

invest significantly in digital banking and to deliver a sustainable branch

network for the long-term.

“We continue to be an employer of choice, valued corporate citizen and

reliable business partner. We appreciate the loyalty of customers and will

ensure the transition is a smooth one.

The consolidation will result in the transfer of all customer accounts at the

Holetown Branch to the Warrens location, the release added.

While Scotiabank assured it was in the process of contacting its customers,

those customers not in agreement with their accounts being moved to

Warrens, are asked to visit the branch to discuss alternative options, the

bank said.

<< Back to news headlines >>