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SME eSmart- Powering Your Potential Find out more today by calling: (868)-627-8879 ext. 228 or email: [email protected]
▪ 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+
▪ Island Car Rentals Limited’s initial rating assigned at jmBBB+
▪ The Pegasus Hotels of Guyana Limited’s rating upgraded to CariBBB
▪ The National Gas Company of Trinidad and Tobago’s rating reaffirmed at CariAA+
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REGIONAL
Trinidad and Tobago
NFM sacks four managers
STATE food manufacturer National Flour Mills (NFM) has sent home four
managers after eliminating their positions in a bid to become more
efficient.
South Campus to house medical school for foreign students
A MEDICAL school targeting foreign students is the new plan for The
University of the West Indies (The UWI) South Campus in Debe while the
future of the new Couva hospital, initially conceptualised as a children's
hospital, is still under review although it's likely to include a long-
demanded Burns Unit.
Espinet: No reason to keep Paria Fuel
PARIA, the fuel trading successor to Petrotrin, which was set up to secure a
steady supply of fuel to meet this country's needs, has been put on the
market for sale.
Sagicor leads advancers
LAST week saw 602,230 shares traded on the first-tier market, a decrease
of 24.39 per cent on the previous week's total of 796,512 shares crossing
the floor.
Excess liquidity hits $2.7b
OMO maturities totalled $1,271 million last week, compared to $829 million
the previous week.
US$1.6m to help refugees
DESPITE pulling out all its diplomats from Venezuela amid the political
unrest in that country, the United States government says it is still
committed to assisting the people of Venezuela.
CAL/Max 8 contracts up in the air
CARIBBEAN Airlines Ltd (CAL) will be seeking advice from aviation experts
to determine the best course of action regarding its lease arrangement
contract for 12 new Boeing Max 8 aircraft, following worldwide safety
concerns in the aftermath of the fatal Ethiopian Air crash last Sunday.
Trinidad and Tobago continued
No customers affected in Freeport Scotia ATM fraud attempt
Scotiabank TT managing director Stephen Bagnarol has assured that no
customers have reported their accounts being affected.
Barbados
US$85,000 a month
The Mia Mottley Administration will save more than a billion dollars in
principal and interest savings in its restructuring of Barbados’ debt, but it is
paying a high price for the advice to achieve it.
Changes in petroleum prices effective midnight Sunday
Consumers will pay more for gasoline and diesel effective midnight
Sunday.
Jamaica
Kingston Wharves to Build Third Warehouse
Port company Kingston Wharves Limited plans to set up its third logistics
warehouse this year at a cost of between $1 billion and $2 billion.
GK To Refinance Loans for Logistics Centre
Food and financial services conglomerate GraceKennedy Limited plans
to raise up to $500 million in a refinancing deal.
First Rock Snags $2.5b In Equity Capital
Start-up investment outfit First Rock Capital Holdings Limited has raised
$2.5 billion in equity capital from private investors, all of which it intends to
pump as equity into various real estate ventures and other companies.
Guyana
Guyana owes US$114.7M to Venezuela but US sanctions stalling payments
– Finance Minister
When it comes to Guyana’s financial relations with Venezuela, Finance
Minister, Winston Jordan has confirmed that at the end of 2018, Guyana
owed the Spanish speaking territory US$114.7 million.
Guyana continued
CGX Energy raises US$21.8M through Equity Rights Offering
CGX Energy Inc was able to raise approximately US$21.8M through the
completion of its previously announced Rights offering. Part of this money
would be used to settle outstanding company debt while providing more
resources to support its planned exploration work offshore Guyana.
US$40M MovieTowne complex officially opens
MovieTowne Guyana, the approximately US$40M cinema-plex and
shopping mall has officially opened its doors.
Haiti
$79 million from Canada for 6 projects
On Thursday, a memorandum of understanding was signed between
Jean Claudy Pierre, the Minister of Planning and External Cooperation,
and the Accredited Ambassador of Canada in Haiti, André Frenette,
regarding the financing of six development projects.
Bahamas
Bahamas Signs UK Aviation Deal
The Bahamas has moved to boost aviation links with the UK through the
signing of an Air Service Agreement (ASA) between the two countries.
St. Kitts and Nevis
Prime Minister Harris re-elected by party delegates to lead a highly
energized and dynamic PLP
The Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris,
was on Wednesday (March 13) evening re-elected unopposed as the
National Political Leader of the People’s Labour Party (PLP), following the
successful staging of the private session of the party’s third annual
National Convention.
Cuba
Cuba says US visa change impedes family visits
Havana accused Washington on Saturday of creating obstacles to US
travel by Cubans by reducing the duration of its tourist visas from five
years to three months.
St. Vincent and the Grenadines
Gonsalves not ‘fed up with LIAT’
Prime Minister Ralph Gonsalves has made it clear that he is not fed up of
regional carrier LIAT, which has asked eight Caribbean governments to
contribute US$5.4 million in emergency financing to help it out of its most
recent crisis.
Venezuela
Venezuela's Maduro plans 'deep restructuring' of government
Venezuelan President Nicolas Maduro is planning a “deep restructuring”
of his government, Vice President Delcy Rodriguez said on Sunday, as the
country recovers from a prolonged blackout amid a power struggle with
the opposition.
Antigua and Barbuda
CDB report says A&B economy rose by 3.5% in 2018
The economy of Antigua and Barbuda grew in 2018, mainly as a result of
activity in the tourism and construction sectors.
Government provides more financial assistance to LIAT
Within another week or so, the government of Antigua and Barbuda will
be digging deeper into its pocket to contribute its fair share to the US$5.4
million emergency fund which is aimed at keeping the Antigua-based
carrier LIAT in the skies.
British Virgin Islands
Forensic audit of finances to be completed in our first 100 days
A forensic audit to be done on the finances of government is expected to
be completed within the VIP government’s first 100 days in office,
according to Premier Andrew Fahie.
INTERNATIONAL
United States
Marriott to open 1,700 hotels, return $11 billion to shareholders by 2021
Hotel chain Marriott International Inc on Monday mapped out a three-
year plan to open more than 1,700 hotels around the world, return up to
$11 billion to shareholders and make a full-year profit of as much as $8.50
per share by 2021.
U.S. fintech to buy Worldpay as electronic payments business booms
U.S. fintech Fidelity National Information Services Inc (FIS) has agreed to
buy payment processor Worldpay for about $35 billion, the biggest deal
to date in the fast-growing electronic payments industry.
United Kingdom
Brexit boost for May as rebel Rees-Mogg signals he could back her
One of the most influential Brexit-backing lawmakers in Prime Minister
Theresa May’s party gave the strongest hint to date on Monday that
rebels might back her departure deal, saying that a bad exit accord was
better than staying in the European Union.
Europe
Deutsche, Commerzbank merger would put 30,000 jobs at risk
A merger of Deutsche Bank and its rival Commerzbank could result in as
many as 30,000 job cuts over the long term, a representative of German
union Verdi who is a Deutsche supervisory board member told n-tv
broadcaster.
China
China will promote stable and healthy development of property market
China will steadily implement a pilot scheme under plans to set up a long-
term mechanism in the property market, Vice Premier Han Zheng was
quoted by state television as saying on Monday.
India
India's RCom pays 4.6 billion rupees to Sweden's Ericsson
Swedish telecom equipment maker Ericsson has received 4.62 billion
rupees ($67.42 million) from Indian telecoms firm Reliance
Communications Ltd (RCom), a spokeswoman for Ericsson said on
Monday.
Global
Oil edges above $67 as OPEC-led supply cuts support
Oil edged further above $67 a barrel on Monday, supported by the
prospect of prolonged OPEC-led oil supply curbs though concern that an
economic downturn may dent fuel consumption curbed gains.
EU trade surplus with U.S. expands, deficit with China grows
The European Union’s trade surplus with the United States and its deficit
with China both increased in January, serving as potential fuel for trade
conflicts between the world’s largest economies.
Marriott to open 1,700 hotels, return $11 billion to shareholders by 2021 Monday 18th March, 2019 – Reuters
Hotel chain Marriott International Inc on Monday mapped out a three-
year plan to open more than 1,700 hotels around the world, return up to
$11 billion to shareholders and make a full-year profit of as much as $8.50
per share by 2021.
Marriott, which owns the Ritz-Carlton and St. Regis luxury hotel brands, said
it would add between 275,000 and 295,000 rooms over three years,
potentially adding $400 million in fee revenue in 2021 and $700 million
annually when stabilized.
The company also forecast a profit of $7.65 to $8.50 per share by 2021, the
midpoint of which was above $7.72 estimated by analysts, according to
Refinitiv data.
During the three-year period, the company plans to pay $1.9 billion to $2
billion in dividends and buy back $7.6 billion to $9 billion in shares, Marriott
said.
The company, which plans to hold an investor conference on Monday,
expects comparable hotel revenue per available room (RevPAR) growth -
a key measure of hotel health - between 1 and 3 percent on an annual
basis for the three-year period.
Last month, Marriott missed Wall Street estimates for fourth-quarter
revenue and forecast a lower-than-expected full-year profit, blaming
weak demand in North America, its largest market.
The company was hit by a massive data breach involving up to 383 million
guests in its Starwood hotels reservation system and Chief Executive
Officer Arne Sorenson earlier this month apologized before a U.S. Senate
panel and vowed to protect against future attacks.
<< Back to news headlines >>
U.S. fintech to buy Worldpay as electronic payments business booms Monday 18th March, 2019 – Reuters
U.S. fintech Fidelity National Information Services Inc (FIS) has agreed to
buy payment processor Worldpay for about $35 billion, the biggest deal
to date in the fast-growing electronic payments industry.
The deal is part of a wave of consolidation in the financial technology
sector as firms seek to bulk up on payment systems that are increasingly
used for online and high street sales.
“Scale matters in our rapidly changing industry,” said FIS Chief Executive
Officer Gary Norcross, who will lead the combined group.
Global payments are set to reach $3 trillion a year in revenue by 2023,
according to consulting firm McKinsey, as more people switch from cash
to digital payments.
The industry’s growth has kept deals for payment systems rolling even as
merger moves in other sectors have stalled on concerns about trade
tensions and a global slowdown.
U.S.-based Fiserv Inc bought payment processor First Data Corp in January
for $22 billion, while Italy’s Nexi plans to list in what could be one of
Europe’s biggest initial public offerings (IPOs) this year.
The FIS deal, valuing Worldpay at about $43 billion when debt is included,
comes a little more than a year after U.S. firm Vantiv paid $10.63 billion for
the payments firm, which was set up in Britain and spun off from Royal
Bank of Scotland in 2010.
The combination of FIS and Worldpay will become a global powerhouse
in the fintech sector, with annual revenue of about $12 billion and
adjusted core earnings of about $5 billion.
Worldpay is a major player in card payments, particularly in Britain, while
FIS focuses on retail and institutional banking, as well as payments.
BREADTH OF COVERAGE
“You need scale to win at payments processing and this deal certainly
gives the two companies incredible breadth of coverage,” said Russ
Mould, investment director at AJ Bell.
Worldpay shareholders will receive 0.9287 FIS shares and $11 in cash for
each share held, valuing the company at $112.12 per share, a premium of
about 14 percent based on the stocks’ Friday closing, according to
Reuters calculations.
Shares in Worldpay, which has provided payment processing services for
more than 40 years, were up 10.5 percent at $108.99 in premarket trading
on Monday.
The companies said the deal would result in an organic revenue growth
outlook of 6 to 9 percent through 2021, and $700 million of total core
earnings savings over the next three years.
The companies said they expected $500 million of revenue savings and
aimed to deliver nearly $4.5 billion of free cash flow in three years.
Under the deal, shareholders will own about 53 percent in the combined
firm and Worldpay shareholders about 47 percent.
Worldpay’s CEO Charles Drucker will become the executive vice-
chairman.
FIS, which has grown through a series of acquisitions in the past 15 years,
offering software and outsourcing services banks, asset managers and
insurers.
Centerview Partners and Goldman Sachs were financial advisers to FIS,
the companies said, adding that Willkie Farr & Gallagher LLP served as FIS’
legal adviser in the transaction.
<< Back to news headlines >>
Deutsche, Commerzbank merger would put 30,000 jobs at risk Monday 18th March, 2019 – Reuters
A merger of Deutsche Bank and its rival Commerzbank could result in as
many as 30,000 job cuts over the long term, a representative of German
union Verdi who is a Deutsche supervisory board member told n-tv
broadcaster.
A top investor in Deutsche Bank also expressed doubts about a potential
merger, according to a person close to the investor.
The fierce opposition from the union and shareholder reservations come
after both banks on Sunday confirmed talks about a merger and
underlines the obstacles to efforts to combine Germany’s two biggest
banks.
Most of the 30,000 positions at risk are based in Germany, Verdi’s Jan
Duscheck said, according to comments published by the TV station on
Monday. Over the short term there are 10,000 jobs under threat, Duscheck
added.
However, the initial market reaction was positive. Shares in Deutsche Bank
were up 3.3 percent at 0829 GMT while Commerzbank traded 4 percent
higher.
The supervisory boards of both banks meet on Thursday when the merger
is likely to be discussed.
The German government has pushed for a combination given concerns
about the health of Deutsche, which has struggled to generate
sustainable profits since the 2008 financial crisis.
The government, which holds a stake of more than 15 percent in
Commerzbank following a bailout, wants a national banking champion to
support its export-led economy, best known for cars and machine tools.
However, the jobs impact will be a big issue.
“In our opinion a possible merger would not result in a business model that
is sustainable in the long term,” Verdi’s Duscheck said.
A major Deutsche shareholder is not fundamentally opposed to a merger,
said a person close to the unnamed shareholder, but wants to hear a
compelling case for a deal.
“We have considerable doubts about the logic and the timing and want
to be convinced,” the person said.
A merged bank would have one fifth of the German retail banking
market. Together the two banks currently employ 140,000 people
worldwide - 91,700 at Deutsche and 49,000 in Commerzbank.
<< Back to news headlines >>
Oil edges above $67 as OPEC-led supply cuts support Monday 18th March, 2019 – Reuters
Oil edged further above $67 a barrel on Monday, supported by the
prospect of prolonged OPEC-led oil supply curbs though concern that an
economic downturn may dent fuel consumption curbed gains.
OPEC and non-OPEC ministers who met in Azerbaijan to monitor their oil
supply-cut accord said they planned to exceed their commitments. Saudi
Arabia signalled OPEC may need to extend the curbs until the end of the
year.
Brent crude, the global benchmark, rose 20 cents to $67.36 a barrel at
1207 GMT. It reached a 2019 high of $68.14 last week. U.S. West Texas
Intermediate crude added 5 cents at $58.57.
“The latest encouragement came from the Saudi energy minister,” said
Tamas Varga of oil broker PVM, referring to Energy Minister Khalid al-Falih’s
comments on possibly extending the OPEC-led output curbs.
Concern about weaker economies and demand limited the rally, as did a
recommendation from the OPEC panel in Azerbaijan that their April
meeting be cancelled, meaning the next meeting of the producer group
known as OPEC+ won’t be until June.
Japan’s exports fell for a third month in February and U.S. manufacturing
output fell. Analysts at Bernstein Energy said on Monday that while they
expect oil demand to rise by 1.3 million barrels per day (bpd) in 2019, a
global slowdown could limit growth to below 1 million bpd.
Nonetheless, Brent still has gained around a quarter since the start of the
year due to the supply cuts since Jan. 1 led by the Organization of the
Petroleum Exporting Countries and allies such as Russia, and U.S. sanctions
on Iran and Venezuela.
“The strategy of OPEC+ already appears to be bearing fruit,” said analysts
at Commerzbank in a report.
On Sunday, Saudi Arabia signalled the producers may need to extend the
supply curbs of 1.2 million bpd, which last until June, into the second half
of 2019.
“As long as the levels of inventories are rising and we are far from normal
levels, we will stay the course, guiding the market toward balance,” al-
Falih said.
Rising oil output in the United States has helped to offset the OPEC-led
curbs.
U.S. crude oil production [C-OUT-T-EIA] increased at the start of 2019,
hitting a record 12.1 million bpd in February, data from the Energy
Information Administration showed.
<< Back to news headlines >>
EU trade surplus with U.S. expands, deficit with China grows Monday 18th March, 2019 – Reuters
The European Union’s trade surplus with the United States and its deficit
with China both increased in January, serving as potential fuel for trade
conflicts between the world’s largest economies.
The EU surplus in goods trade with the United States expanded to 11.5
billion euros ($13.0 billion) in January, from 10.1 billion in January 2018, EU
statistics office Eurostat said.
With China, the EU deficit also increased to 21.4 billion euros, from 20.8
billion euros a year earlier.
U.S. President Donald Trump has complained repeatedly about Europe’s
trade surplus with his country, imposing tariffs to curb imports of EU steel
and aluminium and threatening to do the same for the much larger trade
in cars and car parts.
China’s trade surplus with the European Union is also a source of tension
between the two, with the bloc taking a firmer line toward Beijing, for
example setting out a 10-point plan to balance economic ties and
pushing China to open up
As a whole, the EU trade deficit in goods was 24.9 billion euros in January
from 21.4 billion euros in January 2018. For the euro zone, its trade surplus
dropped to 1.5 billion euros from 3.1 billion euros.
On a seasonally adjusted basis, the euro zone’s overall surplus rose slightly
on the month and the EU’s trade deficit dipped in January compared
with December 2018.
<< Back to news headlines >>
China will promote stable and healthy development of property market Monday 18th March, 2019 – Reuters
China will steadily implement a pilot scheme under plans to set up a long-
term mechanism in the property market, Vice Premier Han Zheng was
quoted by state television as saying on Monday.
China will promote stable and healthy development of the property
market and maintain a city-based property policy, Han said.
“We will steadily implement a pilot scheme under plans for a long-term
mechanism to ensure stable and healthy development of the real estate
market, and evaluate and track the implementation,” state television
quoted Han as saying.
The government will stabilize land and property prices and strive to resolve
property market risks, Han said but did not give further details.
Leaders have pledged to set up a “long-term mechanism” for the
property market, which is seen heralding a long-expected property tax.
Work on a draft property tax in China is “steadily advancing”, senior
Chinese parliamentary officials said this month during the annual
parliament meeting.
China has considered a property tax for more than a decade. Analysts
say the central government may be accelerating the process now as it
just pledged to slash trillions in taxes and fees to spur growth in the
economy, and as it enters the third year of a campaign against property
speculation.
Such a tax would boost local governments’ coffers as a much-needed
new source of revenue.
<< Back to news headlines >>
India's RCom pays 4.6 billion rupees to Sweden's Ericsson Monday 18th March, 2019 – Reuters
Swedish telecom equipment maker Ericsson has received 4.62 billion
rupees ($67.42 million) from Indian telecoms firm Reliance
Communications Ltd (RCom), a spokeswoman for Ericsson said on
Monday.
Late last month, India’s top court had ordered Anil Ambani’s RCom and
two of its directors to pay Ericsson 4.5 billion rupees within four weeks or
face a three-month jail term for contempt of court.
RCom owes a total 5.71 billion rupees to Ericsson, including a one-time
settlement of 5.5 billion rupees and interest payments of 210 million rupees.
<< Back to news headlines >>
Brexit boost for May as rebel Rees-Mogg signals he could back her Monday 18th March, 2019 – Reuters
One of the most influential Brexit-backing lawmakers in Prime Minister
Theresa May’s party gave the strongest hint to date on Monday that
rebels might back her departure deal, saying that a bad exit accord was
better than staying in the European Union.
May has warned lawmakers that unless they approve her Brexit divorce
deal after two crushing defeats, Britain’s exit from the EU could face a
long delay which many Brexiteers fear would mean Britain may never
leave.
After two-and-a-half years of tortuous negotiations with the EU, the final
outcome remains uncertain - with options including a long delay, exiting
with May’s deal, a disorderly exit without a deal or even another EU
membership referendum.
May is scrambling to rally support ahead of a summit of EU heads of
government on Thursday and Friday where she has warned she will ask for
a long Brexit delay unless parliament ratifies the deal she struck in
November.
Rees-Mogg, chairman of the European Research Group of Eurosceptics in
Britain’s House of Commons, said he had not yet made up his mind how
to vote on May’s deal but any Brexit was better than staying in the bloc.
If Rees-Mogg did swing behind May, dozens of rebels could follow him,
although it is unclear if that would be enough to save her deal.
“No deal is better than a bad deal but a bad deal is better than
remaining in the European Union in the hierarchy of deals,” Rees-Mogg
told LBC radio. “A two-year extension is basically remaining in the
European Union.”
Rees-Mogg said his dream option would be a no-deal exit on March 29
but that he felt May - a former supporter of EU membership who won the
premiership in the turmoil that followed the 2016 Brexit referendum - would
seek to stop a no-deal.
“The question people like me will ultimately have to answer is: can we get
to no-deal instead? If we can get to no-deal instead, that is a better
option... but I am concerned the prime minister is determined to stop a
no-deal.”
May’s deal, a bid to keep close trading and security ties with the EU while
leaving the bloc’s formal political structures, was defeated by 230 votes in
parliament on Jan. 15, and by 149 votes on March 12.
If she could get the deal approved after the biggest parliamentary
defeat for a government in modern British history, it would mark a
spectacular and surprising turnaround and by far the biggest
achievement of her crisis-riven tenure.
To get her deal through parliament, May must win over at least 75
lawmakers - dozens of rebels in her own Conservative Party, some Labour
lawmakers, and the Northern Irish Democratic Unionist Party (DUP), which
props up her minority government.
The biggest issue is the so-called Northern Irish border backstop, an
insurance policy aimed at avoiding post-Brexit controls on the United
Kingdom’s border with EU-member Ireland.
Many Brexiteers and the DUP are concerned the backstop will trap the
United Kingdom in the EU’s orbit indefinitely, and have sought guarantees
it will not.
THIRD TIME LUCKY?
May’s finance minister, Philip Hammond, held talks with the DUP on Friday
but said the government did not yet have support it needed and would
only put the deal to a third vote if it felt it could win.
“There are some cautious signs of encouragement ... but there is a lot
more work to do,” Foreign Secretary Jeremy Hunt told the BBC on
Monday.
If May could swing the DUP behind her, along with several dozen more
Brexit supporters in her own party, she will be getting close to the numbers
she needs.
Stepping up the pressure on the prime minister, Jeremy Corbyn, leader of
the main opposition Labour Party, said he could trigger another
confidence vote in May’s government if she fails again to get her deal
adopted by parliament.
Former British foreign minister Boris Johnson said on Sunday it was not too
late for the government to get “real change” to May’s deal and
cautioned against holding another parliamentary vote on the agreement
this week.
Johnson, a prominent Brexit campaigner who might influence other
lawmakers on which way to vote over May’s deal, asked in his column in
the Telegraph newspaper whether there was a way forward to break the
impasse of Brexit in parliament.
“Perhaps,” he answered. “There is an EU summit this week. It is not too late
to get real change to the backstop. It would be absurd to hold the vote
before that has even been attempted.”
He also said May should outline her strategy for talks on the future
relationship with the EU to “reassure ... understandably doubtful MPs
(members of parliament) by answering some basic questions”.
EU leaders have said repeatedly that the terms of their Withdrawal
Agreement with May cannot be revisited.
<< Back to news headlines >>
Guyana owes US$114.7M to Venezuela but US sanctions stalling payments
– Finance Minister Monday 18th March, 2019 – Kaieteur News
When it comes to Guyana’s financial relations with Venezuela, Finance
Minister, Winston Jordan has confirmed that at the end of 2018, Guyana
owed the Spanish speaking territory US$114.7 million.
In a brief interview, the economist said that since September 2017,
Guyana has been unable to make cash payments to Venezuela, given
the US imposed sanctions. He said that a special account was established
into which these payments are transferred on a monthly basis. “As soon as
the situation normalizes, we will transfer the accumulated amount in the
account to Venezuela,” the Finance Minister expressed.
In his 2017 report, Auditor General, Deodat Sharma, had highlighted some
of the debt Guyana owes to Venezuela under the PetroCaribe deal.
The Auditor General noted that several agreements related to
PetroCaribe which were entered into during 2015, were not laid in the
National Assembly at the time of reporting. He said that these include
Compensation agreements between the Bolivarian Republic of
Venezuela and the Cooperative Republic of Guyana; and a draft sales
agreement for oil shipments to Guyana through the PetroCaribe
Agreement for the year 2015 with a total value of $5.293 billion or
US$25.632M.
Sharma said that the compensation agreements between the
Governments of Venezuela and Guyana provided for the cancellation of
the oil debt in compensation for white rice and paddy under the
Guyana/Venezuela Rice Trade Agreements.
According to the agreement, the Guyana Rice Development Board
(GRDB) would supply rice and paddy to the Bolivarian Republic of
Venezuela. During 2015, there was a cancellation of $9.038 billion or
US$43.766M of which there was no official agreement signed between the
Government of Guyana and Republic of Venezuela for the said
cancellation of the debt.
In response to this matter, the Finance Ministry had said that in 2015, the
seventh Oil Debt Compensation Agreement between Guyana and
Venezuela was not concluded.
The Ministry said that this Agreement specified that in 2015, the white rice
and paddy shipped to Venezuela from Guyana was intended to
compensate Guyana’s Oil debt to Venezuela.
It noted that oil shipments under the PetroCaribe Agreement from
Shipment №. 33 of 2013 to Shipment №. 27 of 2015 are included in the
Seventh Oil Debt Compensation Agreement. The Ministry said that there
has been no contract concluded between the Government of Guyana
and Venezuela for the 2015 Sales of Oil Shipment №. 1 of 2015 to Shipment
№. 27 under the PetroCaribe agreement.
The Ministry said that promissory Notes were prepared reflecting shipments
made in 2013 to 2015 through the sales contract. It said that the terms and
conditions outlined in the promissory notes are still valid and enforceable.
The Ministry further noted that money representing repayments to
Venezuela for oil shipments are currently being placed in an account held
at the Bank for International Settlements (BIS). It said that all such funds will
be placed on fixed deposits with BIS until sanctions against the
Government of Venezuela are lifted.
<< Back to news headlines >>
CGX Energy raises US$21.8M through Equity Rights Offering Monday 18th March, 2019 – Kaieteur News
CGX Energy Inc was able to raise approximately US$21.8M through the
completion of its previously announced Rights offering. Part of this money
would be used to settle outstanding company debt while providing more
resources to support its planned exploration work offshore Guyana.
Pursuant to the Offering, the Corporation issued to holders of its
outstanding common shares, an aggregate of 116,102,318 transferable
Rights. Each Right entitled the holder thereof to subscribe for one
Common Share upon payment of the subscription price of $0.25 per
Common Share.
Frontera Energy Corporation, an insider and the Corporation’s largest
shareholder, acquired an aggregate of 101,316,916 Common Shares in
connection with the Offering. Frontera now owns an aggregate of
157,383,129 Common Shares which represents approximately 67.78% of
the issued and outstanding Common Shares following closing. In
consideration for the standby commitment provided by Frontera under
the Offering, Frontera received five-year warrants to purchase up to
15,009,026 Common Shares at an exercise price equal to $0.415 per
Common Share.
As a result, Frontera holds an aggregate of 212,392,155 Common Shares
on a partially-diluted basis (assuming conversion of the US$8.8 million
principal amount under the bridge loan agreement between CGX and
Frontera), which represents approximately 73.95% of the issued and
outstanding Common Shares on a partially-diluted basis.
Kaieteur News understands that CGX will use US$ 7,904,036 of the net
proceeds of the Offering to settle its debt to Japan Drilling Co., Ltd. in
connection with historic legacy indebtedness. The remainder of the net
proceeds of approximately US$13,923,744, along with the additional
funding obtained through a farm-in joint venture agreement with Frontera
in respect to the exploration and development of the Corentyne and
Demerara blocks in Guyana, as previously disclosed, as well as additional
financing alternatives, are expected to provide the funds necessary to
meet all of the Corporation’s short-term liquidity requirements over the
next 12 months.
Professor Suresh Narine, Executive Chairman of CGX stated, “The
successful completion of the Offering, in which CGX sought to ensure that
its shareholders were provided an opportunity to participate in the
Corporation’s restructuring of its debt and advancing its exploration
programme in Guyana, signals strong support for CGX in its ongoing
operations and prospects.”
He said that the completion of the Offering, which was oversubscribed,
along with the joint venture that was previously announced between CGX
and Frontera, one of the company’s largest shareholders, also further
enhances CGX’s position in the Guyana basin.
“I wish to thank our loyal shareholders and the Government and People of
Guyana for their continued support for CGX, which is widely regarded as
Guyana’s “indigenous” oil company. CGX is delighted with this latest
endorsement of its activities in the basin,” the Chairman concluded.
<< Back to news headlines >>
US$40M MovieTowne complex officially opens Friday 15th March, 2019 – Guyana Chronicle
MovieTowne Guyana, the approximately US$40M cinema-plex and
shopping mall has officially opened its doors.
As the evening’s festivities began, various animated characters walked
the Chinese inspired decorated lobby area of the cinema-plex, giving
special guests and patrons an insight as to what to expect from the state-
of-the-art facility.
Minister of Foreign Affairs, Carl Greenidge, who is performing the duties of
Prime Minister, lauded the magnitude of the investment in his keynote
address. “The Government of Guyana wishes to emphasise that it is happy
to encourage and welcome investment of this kind that we can look at
today… not to mention the magnitude and nature of the investment” he
stated.
The minister said the government sees it as an effort specifically aimed
and designed to bring significant benefit to Guyana. “Through job
creation, supply of diversified recreational services and a unique shopping
experience,” Minister Greenidge said. He said Guyana is quickly
becoming a competitive market place and investment of this type and
magnitude brings a broader choice of goods and services, and in this
regard pledges government’s support to investors.
“I would like to say to you that we have a commitment to you and other
investors. The fortitude that you have shown in pursuing this public project
to completion and in sticking to your investment, in spite of the
challenges, you can be assured that the confidence that you have
shown in this country and the efforts that you have made to see this
project through to fruition, will be matched by the government’s efforts to
ensure that you work within a predictable and welcoming environment”
stated Minister Greenidge.
Chairman of the MovieTowne franchise, Guyana-born Dereck Chin said
the facility is a safe, friendly and family-oriented environment of which
Guyanese can be proud. He said Guyana is worth the investment and
indicated that in a further show of confidence in the local economy
several well-known international restaurant franchises have signed up to
set up their branches in the complex.
With its enormous reputation in Trinidad and Tobago, the multi-million-
dollar cinema-plex and mall will be the parent company’s first branch
outside of the twin island state – a definite boost to the local economy
that will see the creation of hundreds of jobs.
Meanwhile, as MovieTowne Guyana opens its doors, 1,000 jobs have been
created within the theatre operations of the multimillion-dollar facility. In
the coming months, this figure will increase, as businesses within the
MovieTowne mall open their doors. During the official opening of the
facility, Minister of Business, Dominic Gaskin noted that MovieTowne is
poised to be one of the top competitors in Guyana’s entertainment
sector. Minister Gaskin expressed his satisfaction in having this form of
investment in Guyana. “Good business is what creates jobs and
opportunities, generates tax revenues, and provides good services, and
experiences that can enhance people’s lives”, he stated.
He emphasised that the APNU+AFC Government is positioned to cultivate
an atmosphere that promotes growth in the business sector. “Good
business requires an enabling environment.” The Minister of Business also
said that even as profit is the ultimate aim, “safe, secure, responsible [and]
legitimate” practices are central to the government’s mandate. “We will
see [in Guyana] the emergence of both a stronger private sector and an
improved public sector that are better coordinated in their pursuit of
common goals”, said Minister Gaskin. The MovieTowne entertainment mall
is set to open its doors to the public on March 19.
<< Back to news headlines >>
$79 million from Canada for 6 projects Saturday 16th March, 2019 – Haiti Libre
On Thursday, a memorandum of understanding was signed between
Jean Claudy Pierre, the Minister of Planning and External Cooperation,
and the Accredited Ambassador of Canada in Haiti, André Frenette,
regarding the financing of six development projects.
In his intervention, Minister Pierre thanked Ambassador Frenette for
Canada's contribution in support of the Haitian Government's efforts and
explained that the contribution of his ministry would be to facilitate the
implementation of these projects, in particular by appointing the
necessary interlocutors and approving the broad directions of the
implementation plans.
For his part, Ambassador Frenette said that these 6 projects totalling 79
million Canadian dollars over a period of 5 years, will provide a response
to the real concerns expressed by both the authorities and the
population. These 6 projects will be carried out will be executed in the
departments of Artibonite, South and Grand'Anse and in the sectors of
Energy, Agriculture, Hospitality and Tourism and the Equity of Kind.
<< Back to news headlines >>
Bahamas Signs UK Aviation Deal Friday 15th March, 2019 – Tribune 242
The Bahamas has moved to boost aviation links with the UK through the
signing of an Air Service Agreement (ASA) between the two countries.
Dionisio D’Aguilar, minister of tourism and aviation, executed the
agreement on The Bahamas’ behalf on March 5 during a signing
ceremony at the Great Minister House in London. Baroness Sugg, the UK’s
parliamentary under-secretary of state for transport, officially signed for
the UK.
The agreement with the UK takes the number of ASAs that The Bahamas
has signed with other International Civil Aviation Organisation (ICAO)
states to 20.
Mr D’Aguilar said the agreement with the UK is designed to drive future
economic growth and stimulus through the aviation sector. Air service
agreements provide financial incentives, and internationally-agreed rules
and regulations, which govern how foreign airlines from a specific country
can provide service to The Bahamas - either directly or via a code share
arrangement.
As a result, when a foreign carrier expresses an interest in launching air
services to The Bahamas, the regulatory regime is already in place and
service can commence quickly without encountering undue
bureaucratic delays.
This will also make travel easier for Bahamians who are visiting, in greater
numbers, destinations throughout the world, and for the growing number
of persons across the globe who wish to come to The Bahamas.
Other members of the Bahamian delegation included Ellison Greenslade,
The Bahamas’ high commissioner to the UK, and Juliea Brathwaite-Rolle,
manager of safety oversight for the Bahamas Civil Aviation Authority.
<< Back to news headlines >>
Prime Minister Harris re-elected by party delegates to lead a highly
energized and dynamic PLP Friday 15th March, 2019 – Skn Vibes
The Prime Minister of St. Kitts and Nevis, Dr. the Honourable Timothy Harris,
was on Wednesday (March 13) evening re-elected unopposed as the
National Political Leader of the People’s Labour Party (PLP), following the
successful staging of the private session of the party’s third annual
National Convention.
The private session of the convention was held at the St. Kitts Marriott
Resort and was attended by more than 300 party delegates, who left the
meeting energized and with a renewed vigour to continue their work on
behalf of the PLP and the broader tripartite Team Unity administration.
While delivering remarks, Prime Minister Harris reminded the party
supporters of the strides and progress being made in St. Kitts and Nevis
under the leadership of his Team Unity-led Government.
Dr. Harris made special reference to initiatives such as the Government
Employees Mortgage Programme, the Poverty Alleviation Programme
and the highly successful Hurricane Roof Repair Programme that
impacted the lives of close to three thousand households in the country.
“This has never happened before Team Unity,” Prime Minister Harris said.
“And when you see things like these happening, you say for that alone this
Government has done something good in every community.”
Senator the Honourable Akilah Byron-Nisbett was returned as the party’s
Deputy National Political Leader.
Attention is now being turned to the public session of the party’s annual
convention, which is scheduled to take place on Saturday, March 16, at
the Patsy Allers Playing Field, starting at 4pm.
A wide cross section of society is expected to attend this weekend’s
event including members of the two other parties that make up the Team
Unity coalition, namely, the People’s Action Movement (PAM) and the
Nevis-based Concerned Citizens Movement (CCM). Representatives of
the diplomatic and consular corps, the business community and party
supporters from across the length and breadth of the country are also
expected to be in attendance.
The PLP National Convention takes place against the backdrop of two
recent scientific polls carried out by reputable pollsters in the region.
A national survey by prominent pollster and Director at Caribbean
Development Research Services (CADRES), Mr. Peter Wickham, between
May and June 2018 showed that Prime Minister Harris is the preferred
leadership option in St. Kitts and Nevis with the support of 37 percent of
those polled. Some 1,000 persons across all eleven constituencies in the
Federation were surveyed during that poll using face-to-face interviews
by a team of interviewers.
The results of a different poll conducted by respected Jamaican pollster
Don Anderson between November 15 and December 10, 2018, came to
similar conclusions. That survey showed that 57 per cent of the persons
interviewed are of the view that things have gotten better in the country
over the last three years under the Dr. Harris-led Team Unity Government.
On the performance of the Government itself, Mr. Anderson said that
more persons rated the Team Unity administration positively than those
who rated it negatively. When asked how they would rate the
performance of the Dr. Timothy Harris-led Unity Government, 38 per cent
viewed this positively, rating it either very good or good.
The People’s Labour Party’s third annual National Convention is being
held under the theme, “Improving our communities with PLP in Unity.”
<< Back to news headlines >>
Cuba says US visa change impedes family visits Saturday 16th March, 2019 – Jamaica Observer
Havana accused Washington on Saturday of creating obstacles to US
travel by Cubans by reducing the duration of its tourist visas from five
years to three months.
The United States, which announced the change on Friday, said it was
matching the island's own visa rules for US visitors.
The so-called B-2 tourist visa allowed Cubans multiple entries to the United
States for periods up to five years. As of Monday, they will be eligible only
for three-month, single-entry tourist visas.
The Cuban foreign ministry issued a statement objecting to the change,
saying "it increases the obstacles for family and other visits."
"If the United States really wants to apply reciprocity, it should immediately
open its consulate in Havana, and resume the process of issuing visas,
which it arbitrarily and unjustifiably interrupted more than a year ago, and
eliminate the prohibition on US citizens traveling freely to Cuba," it said.
US relations with Cuba, which were restored under former president
Barack Obama, have soured under Donald Trump.
The United States evacuated diplomatic staff and their families in 2017
after at least two dozen people suffered brain injuries that resembled
concussion, but with no exterior signs of trauma.
The US accused Cuba of carrying out "health attacks" using some sort of
acoustic or microwave device, a charge Havana angrily rejected.
Cuba insisted the US move was "politically motivated."
<< Back to news headlines >>
Gonsalves not ‘fed up with LIAT’ Friday 15th March, 2019 – iWItness News
Prime Minister Ralph Gonsalves has made it clear that he is not fed up of
regional carrier LIAT, which has asked eight Caribbean governments to
contribute US$5.4 million in emergency financing to help it out of its most
recent crisis.
The airline’s four main shareholder governments — Barbados, Antigua and
Barbuda, St. Vincent and the Grenadines and Dominica – have adopted
what is called “the Restructuring Option”, which will require US$152 million
in funding.
Speaking in Parliament on Monday, Gonsalves said there are people who
are in love with problems or are stuffed with learned helplessness.
“I happen to be in love with solutions. Air transport in the region is in a
state of flux and change. We must not be dinosaur-like and reject
adaptations and alterations, and inertia in the face of challenges is a
menace to progress.”
He said that in all of the discussions he has avoided polemic posturing.
“People have called me, all about, the journalist want a story. Well, there
are enough people talking out of turn,” Gonsalves said.
He was speaking in apparent reference to his earlier comments about
public statements by some persons who attended last month’s CARICOM
meeting, after they were briefed about LIAT’s latest challenges.
Gonsalves said the comments had damaged LIAT’s reputation.
“I wanted a meeting of the shareholders, because a CARICOM meeting
or an OECS meeting is a meeting for information to be provided,”
Gonsalves said about his silence, until Monday, on the issue.
“Good corporate governance demands that the decisions are taken in
LIAT even though you would give information to your colleagues and you
would give information, because of the regional nature of this service, to
the OECS Authority and also to CARICOM, but we have to observe good
corporate governance. And I am only talking after we have gone
through that particular structure,” Gonsalves said.
“One prime minister has said even Ralph is fed up with LIAT. I am not,” he
said, apparently referring to comments that Prime Minister of Grenada
Keith Mitchell had made in 2016 when the airline was facing another crisis.
The comments re-emerged after the developments over the past few
weeks, when Prime Minister of Trinidad and Tobago, Keith Rowley,
immediately on returning home from the CARICOM meeting, told the
media that LIAT only had enough cash to last 10 days.
Gonsalves said:
“I’m fed up with some governments who fail and or refuse to contribute to
the funding of this vital regional service. I am fed up, too, with some other
stakeholders who cling to ‘legacies’, whether at the workplace, in
management or procurement.
“I helped to save LIAT and regional air transportation from Allan Stanford
when others were in bed fully with him. So I am not fed up with LIAT. But
further significant changes in and of it are on the immediate horizon.”
Gonsalves told lawmakers that there are three possible paths for LIAT: an
orderly dissolution and bankruptcy; a disorderly dissolution and disruptive
bankruptcy; or a sensible restructuring.
He said that SVG is advocating a sensible restructuring and seeking to
implement it along with the other shareholders.
“But stakeholders must step up to the plate in this exercise,” Gonsalves
said.
He urged that CARICOM leaders be “more circumspect in addressing the
business of a company which has its own structure of corporate
governance.
“Further unwise outbursts would scare LIAT’s lessors, disturb the air transport
regulators, create uncertainty among staff and alarm the public,
contribute to disorderliness in the company, agitate creditors to hustle for
payment of debts owed to them by LIAT, prompt passengers to seek
refunds, and push air travellers to seek other travel options or cancel travel
altogether,” Gonsalves said.
“Let us all be mature in addressing a serious challenge before us,”
Gonsalves further said, adding that he would make public the details of
the minimum revenue guarantee agreements with LIAT’s destinations
when they are finalised.
“I shall provide, too, further relevant updates,” Gonsalves said.
<< Back to news headlines >>
Venezuela's Maduro plans 'deep restructuring' of government Sunday 17th March, 2019 – Reuters
Venezuelan President Nicolas Maduro is planning a “deep restructuring”
of his government, Vice President Delcy Rodriguez said on Sunday, as the
country recovers from a prolonged blackout amid a power struggle with
the opposition.
“President @NicolasMaduro has asked the entire executive Cabinet to put
their roles up for review in a deep restructuring of the methods and
functions of the Bolivarian government, to protect the fatherland of
Bolivar and Chavez from any threat,” Rodriguez wrote on Twitter, referring
to independence leader Simon Bolivar and former President Hugo
Chavez.
The possible reshuffling comes on the heels of a nearly weeklong blackout
that paralyzed the OPEC nation, which had already been experiencing a
hyperinflationary economic collapse, shortages of food and medicine
and the emigration of millions of citizens.
Maduro has blamed the blackout on a cyber-attack perpetrated by the
United States and sabotage by the domestic opposition, but local
electrical engineers told Reuters it was the result of years of
underinvestment and lack of maintenance of the country’s power plants
and electricity grid.
He is facing a challenge to his presidency from Juan Guaido, head of the
opposition-controlled National Assembly who invoked the constitution in
January to assume an interim presidency, arguing that Maduro’s May
2018 re-election was illegitimate. Most Western countries have recognized
Guaido as the country’s rightful leader.
Maduro has repeatedly changed Cabinet members since taking office in
2013, with members of the military rising to posts heading the oil, interior
and electricity ministries.
In a visit to electricity workers in southern Bolivar state on Saturday,
Maduro pledged a restructuring of state power company Corpoelec and
promised to create a unit in the armed forces focussed on protecting key
infrastructure from cyber-attacks.
<< Back to news headlines >>
US$85,000 a month Monday 18th March, 2019 – Nation News
The Mia Mottley Administration will save more than a billion dollars in
principal and interest savings in its restructuring of Barbados’ debt, but it is
paying a high price for the advice to achieve it.
According to the engagement letter available on Parliament’s website,
Government has agreed to pay White Oak Advisory Ltd US$85 000
(BDS$170 000) per month to help Barbados navigate the situation.
The engagement letter, dated last May 30, between the globally-
recognised company and Government was laid in Parliament at the start
of the recently concluded annual Estimates Debate on February 18. It was
laid by Minister in the Ministry of Finance Ryan Straughn, for public record
in response to Opposition Leader Bishop Joseph Atherley’s request for
information about it.
<< Back to news headlines >>
Changes in petroleum prices effective midnight Sunday Sunday 17th March, 2019 – Barbados Today
Consumers will pay more for gasoline and diesel effective midnight
Sunday.
The retail price of gasoline will be adjusted from BDS $3.56 per litre to $3.57
per litre, an increase of 0.01 cent. The price of diesel will increase by 0.20
cents per litre, moving from $2.89 per litre to $3.09 per litre.
Meanwhile, the price of kerosene and liquefied petroleum gas remain
unchanged.
Kerosene will continue to retail at $1.40 per litre. Liquefied petroleum gas
will continue to retail as adjusted at December 2, 2018. The 100lb cylinder
will retail for $163.07, the 25lb cylinder at $45.87, the 22lb cylinder at
$40.53, and the 20lb cylinder at $36.84.
These price adjustments are in keeping with Government’s policy of
allowing retail prices to be reflective of those on the international market.
<< Back to news headlines >>
Kingston Wharves to Build Third Warehouse Friday 15th March, 2019 – Jamaica Gleaner
Port company Kingston Wharves Limited plans to set up its third logistics
warehouse this year at a cost of between $1 billion and $2 billion.
The warehouse will cater to companies trading within the Caribbean, said
Kingston Wharves Chairman Jeffrey Hall.
“We are looking to develop logistics centres for companies looking to use
Kingston as a hub for the region,” said Hall. “Our goal is to identify
opportunities for key regional partners.”
In 2017 and 2018, Kingston Wharves opened two new logistics facilities: Its
Global Automotive logistics facility, which regionally distributes cars, and
its Total Logistics facility, which distributes pallet-sized cargo.
The existing warehouses both have strong occupancy, with prominent
clientele, Hall said, without naming them.
“We want to develop a third facility and we are currently looking for
clients. It takes nine months for a facility to be up and running. It would
cost between $1 billion and $2 billion to build, and the focus would be on
regional distribution of cargo,” he said.
Kingston Wharves, whose stock trades on the Jamaica Stock Exchange,
reported positive performance for 2018, which it attributed to increased
trading volumes aided by the buoyancy in the economy.
The port company earned $7.25 billion in revenue and a 19 per cent spike
in net profit to $1.97 billion or $1.36 per share.
“So, when you see construction, increased motor sales and other capital
items in the island, we benefit from that,” Hall said.
Kingston Wharves is classified as a subsidiary of Jamaica Producers Group,
which Hall leads as CEO.
Food and logistics conglomerate Jamaica Producers owns 42 per cent of
the port company, acquired in separate transactions in 2012 and 2016.
Hall said Jamaica Producers has already made back its investment
several times over. The conglomerate acquired the KW shares at an
average price of $5, and the stock is currently trading within a band of
$70 to $75.
“It has done really well for JP and other shareholders. The success is due to
a multiplicity of factors, including the strong management, the services
and strong balance sheet. We intend to continue the same strategic drive
to build on the blocks that achieved success to date,” he said.
Kingston Wharves’ shareholder equity amounted to $24.9 billion at year
ending December 2018. Jamaica Producers’ share of that tops $10 billion.
<< Back to news headlines >>
GK To Refinance Loans for Logistics Centre Sunday 17th March, 2019 – Jamaica Gleaner
Food and financial services conglomerate GraceKennedy Limited plans
to raise up to $500 million in a refinancing deal.
The facility will replace a US dollar-denominated loan utilised to fund the
build-out of its logistics centre in the United States, said Group CEO Don
Wehby.
GK Capital Management Limited, a member of the GK group, will act as
lead broker and arranger for the 36-month private placement, and
Sagicor Bank will act as the registrar and payment agent.
The note, which will swap out USD borrowings for Jamaican currency
debt, is expected to pay interest quarterly at a rate of 5.65 per cent per
annum and mature in March 2022.
GraceKennedy will be investing $455 million in a logistics centre in New
Jersey, United States, as one of several projects being rolled out in 2019
under a $3.7 billion capex programme.
<< Back to news headlines >>
First Rock Snags $2.5b In Equity Capital Friday 15th March, 2019 – Jamaica Gleaner
Start-up investment outfit First Rock Capital Holdings Limited has raised
$2.5 billion in equity capital from private investors, all of which it intends to
pump as equity into various real estate ventures and other companies.
First Rock, which arrived on the scene last year, has two prongs to its
strategy – as an equity investor in income-producing real estate, whether
commercial or residential; and doing private equity deals in which it takes
a “majority” equity stake in other companies, according to co-founder
and CEO Ryan Reid.
The majority 80 per cent of the new funds raised by First Rock will be
poured into real estate, while the other 20 per cent will be used for equity
investments.
“We wanted to raise a minimum of $1.3 billion to effectively commence
operations. Our offer allowed us to go to a maximum of $3.9 billion,” said
Reid.
“We raised in excess of what we required to commence operations and
to execute the deals we have in the pipeline,” he told the Financial
Gleaner.
The First Rock equity raise was arranged by Sygnus Capital, which said it’s
normally difficult to raise capital for a start-up, but that investors found First
Rock’s business pitch intriguing.
“To raise capital for a start-up is never easy, and the fact that they
crossed the $2 billion mark is very commendable. It speaks to the hard
work put in by us as lead arranger, with help from others such as Sagicor
and JNFM, and Proven as selling agent,” said Sygnus’ corporate advisory
head, Greg Samuels.
Both Reid and his partner Pierre Shirley, who holds the title of head of real
estate business at First Rock, both worked for Proven before launching into
their own business.
“I think First Rock put together a very solid business proposition and the
investors basically liked and bought into the vision. It is really a compelling
business strategy. With real estate doing well and First Rock investing
beyond Jamaica into the Caribbean and North America, investors liked
the diversity offered by this investment,” Samuels said.
Reid says the company has a deal pipeline of $10 billion lined up from
which to “cherry-pick” investments for the cash it just raised.
First Rock’s first investment picks should be known by April, he said.
“There are two significant development opportunities that the market will
be very excited about, and, additionally, on the private equity side, there
are two entities that we are looking at to acquire a stake in. Those entities
are known entities and should send a very clear signal as to our strategy,”
Reid said.
He adds that for the projects that don’t make it out of the pipeline, that
are not selected for financing, First Rock has a process for managing the
expectations of the entities looking for cash infusions.
On the matter of First Rock’s approach to funding the deals: “It’s purely an
equity play for us,” said Reid.
“It is equity financing and participation. We’re not in the business of debt
financing, and those deals that we speak of are majority positions,” he
said.
<< Back to news headlines >>
NFM sacks four managers Sunday 17th March, 2019 – Trinidad Express Newspapers
STATE food manufacturer National Flour Mills (NFM) has sent home four
managers after eliminating their positions in a bid to become more
efficient.
They are Pamela Niamath, general manager-Business Support Services;
Cheryl Lee Konggeneral manager, Sales and Marketing; Cheryl Edwards-
general manager, Operations; and Robert Subryan-general manager,
Finance.
In a statement yesterday, NFM said it recently completed a job evaluation
exercise that 'revealed the company's organisational structure has too
many layers-11-from top to bottom'.
'Best practice within manufacturing companies however suggests an
optimum design of much fewer layers. The current structure at the
executive and management levels is not aligned with these objectives. As
a result, NFM's Board of Management decided to flatten the organisation
by first eliminating the General Manager layer.
'Consequently, and effective immediately, the General Manager positions
have been made redundant facilitating the widening of the span of
control of the Chief Executive Officer and the Chief Operating Officer.
Additionally, remaining managerial positions will be amended to better
reflect their revised responsibilities and accountabilities within NFM's value
chain,' the company said.
It said it has been working to resolve several challenges including
decreasing profitability caused by increased competition, rising raw
material prices and increasing staff costs.
'NFM has already started to increase its efficiency with the
implementation of continuous improvement initiatives. Significant work on
a new strategic direction has also been completed, which will focus on
growth through expansion supported by the development of a lean, cost-
conscious, competency- based organisational structure. NFM's existing
functional architecture is very costly relative to the value created for its
customers. As a result, the company has decided to reduce the number
of layers and increase managerial spans of control. This will include
upskilling at the lower levels and delayering at the top,' it said.
It said no further layoffs are expected and NFM will soon commence an
exercise working along with its employee representative unions to upskill
the workforce through a competency development programme.
'This will benefit both employee and employer from the value that would
be created through a more effective workforce,' it said.
<< Back to news headlines >>
South Campus to house medical school for foreign students Sunday 17th March, 2019 – Trinidad Express Newspapers
A MEDICAL school targeting foreign students is the new plan for The
University of the West Indies (The UWI) South Campus in Debe while the
future of the new Couva hospital, initially conceptualised as a children's
hospital, is still under review although it's likely to include a long-
demanded Burns Unit.
After a series of delays, the opening date for the South Campus in Debe is
now set for September, five years behind schedule.
Under the latest plan, the first resident of the $500 million- plus campus will
be the UWI-Roytech Programme, followed by a South-based branch of
The UWI's arts programme.
However, the core faculty of the South Campus is now to be a Faculty of
Medicine geared towards foreign students.
This was confirmed on Friday by Principal Prof Brian Copeland, who said
research had revealed a strong market among overseas students
interested in studying medicine in the Caribbean.
Offshore schools in demand
The decision means that The UWI will be entering the large field of offshore
medical schools based in the Caribbean.
Among them are the St George's University School of Medicine in
Grenada, Ross University School of Medicine in Barbados, American
University of Antigua and Medical University of the Americas in St Kitts and
Nevis.
All of these schools offer a dual programme, with coursework in the
Caribbean and clinical studies and clerkships at hospitals in the United
States.
Offshore schools are in demand for foreigners who intend to work in their
home countries. In the Eastern Caribbean, offshore medical schools have
spawned socio-economic hubs due to student demand for housing,
entertainment and other social amenities and activities.
However, the plan for a school of medicine in Debe is still in the
development stage, with no date as yet for delivery.
A Faculty of Law was originally planned as the centrepiece of the South
Campus when the construction contract was signed in August 2002
between The UWI and China Jiangsu International. The initial delivery date
was 2014/2016, with first student intake planned for September 2014.
A series of delays, which eventually led to the termination of China
Jiangsu's contract, led to the opening being repeatedly pushed back, first
to January 2016, then to August 2017, then to late 2018.
The UWI Projects Office is now in charge of the project, with a batch of
new contractors.
Last year, Opposition Leader Kamla Persad-Bissessar called for a forensic
sciences centre at the campus.
Meanwhile, the future of the other medical property which was
unexpectedly acquired by The UWI last year is still under consideration.
Initially designed as the Couva Children's Hospital, the property along the
Solomon Hochoy Highway is likely to incorporate a Burns Unit, an idea
mooted since the launch of the Point Lisas Industrial Estate in the 1980s.
A team from The UWI Faculty of Medicine has been assigned to develop
the plan.
<< Back to news headlines >>
Espinet: No reason to keep Paria Fuel Sunday 17th March, 2019 – Trinidad Express Newspapers
PARIA, the fuel trading successor to Petrotrin, which was set up to secure a
steady supply of fuel to meet this country's needs, has been put on the
market for sale.
Chairman of Trinidad Petroleum Holdings (TPH), Wilfred Espinet, said that
two Requests For Proposal's (RFPs) have been issued - one for the sale of
the refinery and another for Paria Fuel.
'I can think of no strategic reason for the State to keep Paria Fuel as long
as T& T's security of fuel supply and competitiveness of fuel pricing can be
guaranteed,' Espinet said in interviews with the Sunday Express on
Wednesday and last night.
When Petrotrin closed last year, TPH was established with three
subsidiaries: Heritage Petroleum, which will oversee the exploration and
production (E& P) business; Paria Fuel Trading Company; and Guaracara
Refining Company, which is responsible for the Pointe-a-Pierre refinery.
Paria's predicament, according to Espinet, is that it is importing fuel to
supply the local market as well as Petrotrin's former Caricom's customers,
which is not necessarily a profitable venture.
In an interview with the Sunday Express on Wednesday to discuss the
transition from Petrotrin to Heritage after three months, Espinet outlined his
vision for Heritage and the steps being taken to deal with Petrotrin's assets.
He believes the sale of the refinery and Paria should go hand in hand.
He observed that one of the immediate consequences of the closure of
the refinery on November 30, 2018 was 'the need to ensure security of fuel
supply for the country which was formerly done by Petrotrin.'
He said: 'This wasn't something we determined we wanted to do as a
business. We had to do it as an obligation so that the State, and the
Government at large, could be comfortable there would have been no
disruption.'
He noted that in the transition period of closure and restart, from producer
to importer, there were no lines at gas stations and the company
effectively met the demand for fuel and jet fuel.
'Paria was not a determination to be a business. Paria was a reaction to
the fact that you needed to have ongoing supplies. What we did was
form Paria quickly,' he said, explaining that it happened after the decision
to close down the refinery.
To satisfy the local market, Espinet said, the equivalent to 25,000 barrels of
oil is needed.
With regard to Caricom's customers, Espinet explained: 'Because I have a
Caricom base, I was satisfying out of my refinery, I continued to satisfy my
customers. So, 50 per cent of the total amount of fuel that I buy on world
market, I sell to Caricom region. The problem is I am competing against
the people I am buying from because I don't refine. I am buying from
traders, and those people can sell directly to the people I am providing. I
have a very little chance of being competitive.'
He said a lot of smaller islands in the region are already sourcing fuel from
traders such as Simpson Oil Limited (SOL).
'We, as a board, looked at situation and determined, this is not a good
business. You are competing against the people you are buying from. In
looking at it, there is no margin in it and you are likely to lose money,' he
said.
He said it was a board recommendation that TPH not continue in the fuel
importation business.
'We recognise the need for there to be a continued supply situation for
the local market. But that could be something that is taken over by
people eventually,' he said.
To this end, the company has issued two RFPs - one for the refinery and
the other for Paria but Espinet believes that they could be conjoined.
'Somebody working on the refinery will likely need the assets we are using
for the importation of fuel. Again, somebody working on the refinery will
have to have a market approach to things - and they will probably need
to put the assets together. So we've gone out with an RFP which is wide in
scope - we have asked for it separately but it can be an offer for both
items to be brought together,' he said.
'In my view, Paria is not an activity you want to own because more likely
or not, you will lose money the way we do it. To someone in that trading
business, it might be worth something to them,' he added.
Heritage's future
For Espinet, dealing with all of the outstanding issues of TPH, would free it
to become a leaner, efficient, profit-driven entity which can stand up or
partner with the international oil companies.
In Heritage, Espinet, a self-professed capitalist, sees the future and
evolution of Petrotrin.
'It's purpose designed to compete,' he said.
At just three months, with a staff of under 100, Heritage is solely focused on
getting production levels up and dealing with Petrotrin's debt.
Espinet and his board managed the transformation away from Petrotrin,
which involved him being in the news on a daily basis for several months
and having to work on the companies simultaneously, which involved
settlements with workers, the hiring of new staff with a new work culture
and the mothballing of the refinery.
He acknowledged it has been quite a feat.
'I don't think people recognise the extent of what went on, because it is
huge,' Espinet said, referring to the process of managing the closure of the
refinery, with the termination of thousands of unionised workers, and
starting the successor companies in a tight timeframe.
He credited the large number of people who worked on managing those
issues.
'The people involved did a seriously good job. An amazing feat. It has
been done carefully and thoughtfully,' he said.
Last week, Reuters reported that TPH was in advanced debt restructuring
talks with banks to secure new loans of up to US$1.4 billion based on oil
reserves.
Espinet said the goal is to have financing in place before the US$850
million bullet bond becomes due in August.
He said Heritage has a team of people working full time to ensure that
finances are secured as 'it's not feasible for us to continue' without that in
place.
'We want to do it independent of the state,' he said.
'We have been on a programme, and have made it public, the re-
financing of the enterprise is the major undertaking that the board and
the company has to achieve. Without finance, you don't have a
company. We have done a number of things, where we are redesigning
the company from what it used to be to what it should be. All of that
could only be sustained if we put the financing in place to sustain it.
'You would be aware of the overhang of a number of debt obligations
which are coming due and that has impacted on the company's ratings
and how it is viewed by financial organisations. Its attachment to the
Government also has the potential to bring the Government's reputation
into the scheme of things. One of the first courses of action- remove it (the
debt) from the Government's portfolio,' he said.
His vision for Heritage?
'I would like to believe in order to preserve its independence we must put
a structure in place and surely there are opportunities for the state to own
a substantial part of it plus to have other partners in it and for the local
population to participate. There have to be opportunities for locals. We
don't have that many of them,' he said.
But while that is his vision for the entity, it would have to be sanctioned by
the Government. For now, the goal is to produce oil and pay bills.
'We felt that the mandate the Government gave to the board was to
make this a company that operates on the basis of being competitive
and it should be sustainable and profitable.
'We want to have the best company in T& T,' he said.
<< Back to news headlines >>
Sagicor leads advancers Sunday 17th March, 2019 – Trinidad Express Newspapers
LAST week saw 602,230 shares traded on the first-tier market, a decrease
of 24.39 per cent on the previous week's total of 796,512 shares crossing
the floor.
The value of shares traded was down by 53.45 per cent to $10,265,156.72
from the previous week's value of $22,050,294.76.
The volume leader last week was JMMB Group Ltd (JMMBGL) capturing
18.26 per cent of the market activity or 109,989 shares traded, followed by
Angostura Holdings Ltd (AHL) with 16.77 per cent or 100,969 shares traded.
In third place was NCB Financial Group (NCBFG), with 14.98 per cent or
90,241 shares traded.
The Indices ended the week in mixed territory. The Composite Index
decreased by 0.06 per cent or 0.75 points to close at 1,330.52. The All
Trinidad and Tobago Index was up by 0.06 per cent or 1.07 points to end
at 1,763.92. The Cross Listed Index closed at 121.07 down by 0.30 per cent
or 0.36 points and the Small and Medium Enterprise Index ended at 99.50.
Last week there were six stocks advancing and seven stocks declining,
while three stocks were at their 52-week high and four stocks at their 52-
week low.
Massy Holdings Ltd in second place Sagicor Financial Ltd (SFC) was the
major advance, up 2.89 per cent or $0.25 to close the week at $8.90. In
second place was Massy Holdings Ltd (MASSY) with an increase of 1.29
per cent or $0.66 to close at $52, followed by First Citizens Bank Ltd (FIRST)
up 1.17 per cent or $0.41 to close at $35.51.
The major decline was GraceKenndy Ltd (GKC), down 3.69 per cent or
$0.12 to end at $3.13, followed by Guardian Holdings Ltd (GHL) down by
3.26 per cent or $0.62 to close at $18.38. In third place was National
Enterprises Ltd (NEL) with a decrease of 2.63 per cent or $0.21 to end at
$7.79.
There was no activity on the second-tier market last week.
On the TTD Mutual Fund Market 412,467 CLICO Investment Fund (CIF) units
traded with a value of $8,355,912.80. CIF's unit price closed at $20.80, an
increase of 2.97 per cent or $0.60 from the previous week. Also, 5,100 units
in Calypso Macro Index Fund shares (CALYP) traded with a value of
$70,222.00. CALYP's unit price ended at $13.95, up 2.57 per cent from the
previous week.
CinemaOne Ltd (CINE 1) on the Small and Medium Enterprise Market
closed at $9.95 with no shares traded last week.
On the USD Equity Market, MPC Caribbean Clean Energy Ltd (MPCCEL)
closed at US$1 with no shares traded.
<< Back to news headlines >>
Excess liquidity hits $2.7b Sunday 17th March, 2019 – Trinidad Express Newspapers
OMO's and Treasury Bills
OMO maturities totalled $1,271 million last week, compared to $829 million
the previous week.
OMO maturities for this week total $805 million.
Government Bonds
There was no government bond trading on the Trinidad and Tobago Stock
Exchange last week.
Corporate Bonds
Liquidity
The commercial banks closed last week with an excess reserve of $2.7
billion compared to $2.9 billion the previous week, down by $200 million.
US Treasury Bills
The yield on two-year United States treasury notes opened at 2.48 per
cent and closed last week at 2.44 per cent, down four basis points (bp).
The yield on ten-year notes opened at 2.64 per cent and closed last week
at 2.59 per cent, down five basis points (bp).
<< Back to news headlines >>
US$1.6m to help refugees Saturday 16th March, 2019 – Trinidad Express Newspapers
DESPITE pulling out all its diplomats from Venezuela amid the political
unrest in that country, the United States government says it is still
committed to assisting the people of Venezuela.
As such, the US has made available US$1.6 million ($10.8 million) to
Trinidad and Tobago to help Venezuelans fleeing their homeland.
Representatives of the Government met with US Agency for International
Development (USAID)officials, along with officials from the US Embassy
and other stakeholders, this week to discuss how the US can assist in
managing the impact of the political and humanitarian crisis in
Venezuela.
The funds were given by USAID. Venezuelan President Nicolas Maduro cut
ties with the US in January after the US Government recognised the
country's opposition leader, Juan Guaido, as the country's self-declared
interim president. More than 50 other countries have recognised Guaido
as the country's president. On Thursday, the US announced that all its
diplomats in Venezuela have left the country.
American Airlines suspended all flights to and from Venezuela, and
Maduro has refused all aid from the US for Venezuelan citizens.
USAID said yesterday a decision was taken to implement programmes
using the funds to 'strengthen community resilience and capacity to
address the recent influx of Venezuelan refugees and migrants to Trinidad
and Tobago'.
'Funds will not be distributed directly to persons in need, but will be used to
assist the people of T& T as they assist the people of Venezuela who have
been forced to flee their homeland,' a statement from the agency said.
The programmes are to begin by September.
According to the United Nations Refugee Agency (UNHCR) some three
million people have fled Venezuela since 2015, many of whom have
landed in Trinidad.
Over the past two years, the US has given more than US$150 million in
assistance to help countries in the region manage the impact of the crisis
in Venezuela.
<< Back to news headlines >>
CAL/Max 8 contracts up in the air Friday 15th March, 2019 – Trinidad and Tobago Newsday
CARIBBEAN Airlines Ltd (CAL) will be seeking advice from aviation experts
to determine the best course of action regarding its lease arrangement
contract for 12 new Boeing Max 8 aircraft, following worldwide safety
concerns in the aftermath of the fatal Ethiopian Air crash last Sunday.
This does not mean the contract, which stipulates the first plane be
delivered by December, has been cancelled.
Finance Minister Colm Imbert, in his capacity as line minister for CAL, as
well as Corporation Sole, announced yesterday at the post-Cabinet
media briefing that he gave the state airline a directive to review the
contract and “get international assistance from aviation experts,”
particularly lawyers specialising in aviation law to look at the terms and
conditions of the contract.
“One of the obvious conditions must be that the aircraft must be certified
as fit for purpose. In the current situation, with the (US regulator) Federal
Aviation Authority grounding the aircraft, clearly these aircraft would not
be fit for purpose today. We do not know what it will be like in December.
GET LEGAL ADVICE
"CAL has been instructed by me to get the best legal advice in the world
regarding these leases and also to put contingency arrangements in
place with the aircraft leasing companies (for) alternative aircraft in the
event that, as we get closer to December, the FAA decides there is a
permanent problem with the aircraft,” he said, noting that decision by the
FAA to ground these jets is temporary.
There’s also a psychological issue, with passengers wary about flying in
these planes, but Imbert said even if the FAA did determine the Max 8 was
a good aircraft, “I’ve asked CAL to examine all options and make sure at
the end of the day whatever happens, citizens of TT, the travelling public
will be protected.”
CAL’s current fleet comprises 12 Boeing 737-800s, one of the most popular
and safest planes ever made. In November, the airline had announced its
plans to upgrade and replace its fleet with the more modern Max 8.
The airline has already made a US$7 million down payment for the new
planes, but, Imbert said, that would be contingent on the successful
delivery of planes that have been deemed airworthy by the relevant
authorities.
LAWYERS WILL ADVISE
Communications Minister Stuart Young added that while the government
was not yet in any position to make a definitive legal interpretation of the
contract, “as a lawyer,” he would be surprised if the country was locked
into the contract should there be any proven issues with the planes.
Imbert said he spoke with the CAL chairman (Shameer Mohammed) on
Wednesday night and was told that, at first read, the contract “speaks to
certification and airworthiness being precedent to the acceptance of the
aircraft.” “The preliminary view is the planes can’t be delivered if they are
not declared to be airworthy. We are not playing by guess. I am not
advising myself. We are going to get best aviation lawyers in the world to
determine what are our rights and options and how we can protect
ourselves from any loss of revenue. I can certainly give you the assurance
that CAL will not be flying any aircraft that is deemed to be not airworthy
by any regulatory authority,” the minister said.
<< Back to news headlines >>
No customers affected in Freeport Scotia ATM fraud attempt Sunday 17th March, 2019 – Trinidad and Tobago Newsday
Scotiabank TT managing director Stephen Bagnarol has assured that no
customers have reported their accounts being affected.
This came after a video showing police dismantling an alleged recording
device designed to steal personal identification numbers (PINs) from one
of the bank’s automated teller machines (ATM) in Freeport went viral on
local social media on Thursday.
Bagnarol, who spoke to Newsday briefly during a break at the American
Chamber of TT’s Women’s Leadership Conference yesterday at the Hyatt
Regency, Port of Spain, said it was the bank’s own security that had
detected the device and alerted the police.
“Our security teams visit our ATMs every day. They went (to that branch)
during the day and then went back at night and they found it, so that
thing was recording for a couple hours,” he said. A Scotiabank TT
representative confirmed to Newsday that the events in the video took
place on Thursday.
It was the first time the bank had experienced this problem, he added.
The video shows a supplemental police officer dismantling the alleged
recording device.
The perpetrators had created a dummy cover to resemble the vents on
the original machine hardware. Taped to it is a phone and other
equipment in the video, police said, was designed to record PINs.
Bagnarol told Newsday that the cover of the keypad had been removed.
“So make sure that you check that. If you see that is missing that should
be an alert for you not to use the ATM or cover your hand when you use it.
That’s my recommendation,” he said.
Scotiabank is always very concerned about people’s safety and money,
he added, and has policies and procedures to take diligent care of ATMs.
The bank also has mobile and online apps that give real-time account
alerts. On Monday, 13 new ones will be added to the existing suite, he
said.
“Our system works. We are around and we are constantly monitoring to
make sure, so I was really happy that security was able to check it.
“All of our machines have anti-skimming, every single one. And with the
alerts, now we have a really robust security system. So it’s really good that
people watched and are aware,” he said.
The bank said in a release that investigations into the scam are
continuing.
<< Back to news headlines >>
CDB report says A&B economy rose by 3.5% in 2018 Monday 18th March, 2019 – The Antigua Observer
The economy of Antigua and Barbuda grew in 2018, mainly as a result of
activity in the tourism and construction sectors.
This was according to the Caribbean Development Bank (CDB), which
has released its report on the economic development of Antigua and
Barbuda.
According to the report, the Gross Domestic Product (GDP) of Antigua
and Barbuda rose to 3.5 percent in 2018, compared to 2.8 percent to
2017.
The improvement in GDP was as a result of upward movement in tourism
and construction.
The Caribbean Tourism Organisation reported that tourist stayover arrivals
grew by 9.1 percent.
Furthermore, cruise passenger arrival grew in 2018 by 13.5 percent due to
investments in port infrastructure and the increase in cruise calls, following
devastation to other countries in the region from Hurricanes Irma and
Maria.
The report states that the rise in hotel development, the reconstruction
effort in Barbuda and the major road rehabilitation and expansion work
were significant to the economic development of the country.
However, the CDB noted that the fiscal deficit for Antigua and Barbuda
increased in 2018, following a rise in recurrent expenditure, capital
spending and a reduction in non-tax revenue collection.
Recurrent expenditure grew by 1.7 percent, due to increases in personal
emoluments of 16.1 percent, a pay rise of 5 percent for civil servants and
seven percent interest payment.
Capital expenditure increased by 26.7 percent, owing to the road
rehabilitation project on the Friars Hill Road and the Sir George Walter
Highway, which has been delayed on multiple occasions.
According to the Caribbean Development Bank, a reduction in travel
demand to the island may cause an economic growth slowdown.
They predict a 3 percent growth outlook for 2019.
<< Back to news headlines >>
Government provides more financial assistance to LIAT Monday 18th March, 2019 – The Antigua Observer
Within another week or so, the government of Antigua and Barbuda will
be digging deeper into its pocket to contribute its fair share to the US$5.4
million emergency fund which is aimed at keeping the Antigua-based
carrier LIAT in the skies.
Earlier this month, the regional airline asked the 11 regional territories it
serves to contribute the monies so that it could remain in operation, and
during a meeting last Monday, the four main shareholders – Barbados,
Antigua and Barbuda, Dominica and St. Vincent and the Grenadines, as
well as Grenada, committed to contributing to the emergency fund to
deal with the immediate challenges facing the airline.
Prime Minister Gaston Browne said Antigua will be contributing US$1 million
to the US$5.4 which is needed overall and such funds will be available in
about a week.
“The reality is that a failed LIAT will have monumental consequences for
Antigua and Barbuda. Whereas other countries are in a position to hold
LIAT at ransom, in terms of putting in funds, we have no choice. We have
to continue to support LIAT,” Browne said during an interview on his radio
station on the weekend.
Chairman of the shareholder governments, Dr. Ralph Gonsalves, told
reporters in Barbados last week that the contribution from each country is
based on the percentage of flight departures per week.
He said Antigua has 69 flight departures per week, which is more than 17
per cent of the departures across the eight countries.
Antigua is being asked to contribute US$960,310.
Barbados, with the most departures per week, 116, is asked to contribute
US$1.614 million while Grenada, with 35 departures per week, is being
asked to contribute US$487,113.
The St. Vincent and the Grenadines Prime Minister also stated that there
are 52 departures per week from that country, which accounts for 13.4
percent of the flights among the eight countries. And LIAT management is
asking St. Vincent to contribute US$723,711.
Dominica, which has 25 departures per week, is asked to contribute
US$347,938.
Gonsalves added that no other government of the eight potential
contributors have committed to contributing as yet. These other countries
are Guyana, St. Kitts /Nevis and St. Lucia.
<< Back to news headlines >>
Forensic audit of finances to be completed in our first 100 days Friday 15th March, 2019 – BVI News Online
A forensic audit to be done on the finances of government is expected to
be completed within the VIP government’s first 100 days in office,
according to Premier Andrew Fahie.
Government is hiring an unspecified firm to conduct the audit.
Speaking at the House of Assembly on Tuesday, Premier Fahie said the
“comprehensive forensic audit” will not be exclusive to the territory’s
finances but is promised to reveal the “overall status” of the Government
of the Virgin Islands.
“This process of assessment will allow us an accurate assessment of where
we are so that we can better manage the expectations [of residents] and
build a strong foundation on which to build upon as your new
government,” the Premier said.
Since Fahie said the audit will be completed within his administration’s first
100 days, the completion date of the process would be around June
2019. Fahie and is ministers were all sworn into office by March 2 but were
only sworn into the House of Assembly March 12.
<< Back to news headlines >>